WEDNESDAY 24TH NOVEMBER 2021 by THISDAY Newspapers Ltd

Emefiele Rules Out Further Forbearance Extension for Intervention Loans

Says it’s time to pay back as economy recovers Urges customers to challenge discretionary bank charges Leaves MPR unchanged at 11.5%

James Emejo in Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin

Emefiele, yesterday foreclosed further extension of the regulatory forbearance on its intervention facilities instituted by the apex

bank to cushion the impact of the COVID-19 pandemic on companies and businesses. He said the global economy has

since opened up with lockdowns lifted while companies and businesses have witnessed improved revenues, hence the need for bor-

rowers to start repaying their loans. Emefiele, while addressing journalists after the two-day meeting of the CBN’s Monetary Policy

Committee (MPC) in Abuja, said he does not envisage a likelihood Continued on page 8

Nembe Oil Spill: Buhari Expresses Concern, Sends Sylva to Community... Page 50 Wednesday 24 November, 2021 Vol 26. No 9725. Price: N250

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FG Rejects Lagos #EndSARS Panel's Report over Inconsistencies, Innuendoes Maintains stance on Lekki incident Panel concocted ‘massacre in context,' Lai Mohammed insists

Emmanuel Addeh and Olawale Ajimotokun in Abuja

The federal government yesterday officially reacted to the report of the Lagos Judicial Panel

of Inquiry (JPI) set up by the Lagos state government to probe the October 20, 2020 #EndSARs protest, insisting that there was nothing in the document to compel it to change its stand

on the matter. The government which had long held that there was no evidence of the killing of protesters, who among others, were demanding an end to

police brutality, dissolution of the Special Anti-Robbery Squad (SARS) and harassment of young people, stated that the report was based on social media “tales by moonlight”.

Speaking through the Minister of Information and Culture, Mr. Lai Mohammed, in Abuja, the President Muhammadu Buhariled administration maintained that the report was riddled with

errors, inconsistencies, discrepancies, speculations, innuendoes, omissions and conclusions that were not supported by evidence. Continued on page 10

W’Bank: FG, States Won’t Be Able to Pay Salaries in 2022 If Fuel Subsidy is Retained Kyari: NNPC may start invoicing the federation to maintain subsidy Finance Minister reveals plan to introduce transport grant for vulnerable Nigerians El-Rufai: Despite oil prices rising globally, there is no windfall Obinna Chima in Lagos and Ndubuisi Francis in Abuja The World Bank yesterday sounded the alarm bells to Nigeria, saying further delay in removing the fuel subsidy which had been described as a major drain and waste on the economy could see the federal and state governments unable to pay salaries from 2022. The Lead Economist, Nigeria Country office of the World Bank, Marco Antonio Hernandez, painted a gloomy picture of Nigeria if the country decides to continue with the controversial fuel subsidy, while unveiling the Nigeria Development Update (NDU), a bi-annual report of the multilateral institution, at an even that held in Abuja as well as virtual. Also, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, during a panel Continued on page 10

STANDING FOR PIA... L-R: Chief Executive Officer, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe; Minister of State for Petroleum Resources, Chief Timipre Sylva; President Muhammadu Buhari; Chief Executive Officer, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed PHOTO: SUNDAY AGHAEZE and Chief of Staff to the President, Prof. Ibrahim Gambari, during a meeting with the President at the State House, Abuja...yesterday

MTN Gets SEC's Approval for 575 Million Shares’ Oﬀer for Sale... Page 8

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

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

INSTITUTE OF DIRECTORS' ANNUAL CONFERENCE... L-R: Head of the Civil Service of the Federation, Folashade Yemi Esan; President/Chairman of Governing Council, Institute of Directors (IOD), Dr. Ije Jidenma; Chairman, BUA Group, Alhaji. Abdulsamad Rabiu and First President, IOD, Tijjani Borodo, during the 2021 Annual Directors Conference in Abuja...yesterday PHOTO: ENOCK REUBEN

Osinbajo: Coca-Cola's Planned $1bn Investment Will Positively Impact Nigeria’s Economy Deji Elumoye in Abuja The Vice President, Prof. Yemi Osinbajo has said the plan by the multinational beverage company, Coca-Cola, to invest $1 billion in Nigeria in the next five years testifies to the possibilities in the economy despite challenges. Osinbajo, who spoke on Monday evening in Lagos, at the 70th anniversary gala of the Nigerian Bottling Company (NBC) said, “your ongoing investment in the country, which I am told will be in the order of $1 billion

in the next five years, testifies to your faith in the possibilities of Nigeria.” “And you can rely on the partnership of the Nigerian government, (and I dare say the Nigerian people too) as you make these great strides,” he assured. While narrating his personal and family stories about drinking Coke, including how he drank two bottles of Coke a day up until 2017, the Vice President reiterated the Buhari administration’s commitment to creating an environment that allows the private sector innovate and

thrive remains active and sincere, despite the challenges. According to him, government would continue to work with businesses across the broad spectrum of the economy to ensure this is done with a clear view of the opportunities and problems of the day. Osinbajo further stressed that in the 70 years that the company has operated in Nigeria, it has demonstrated, “commitment to the Nigerian people with repeated investments, in the building of production facilities across the

country, in creating thousands of jobs but also in your active support of every aspect of our national life, from health to education, from women and youth empowerment to sports. All done with conscious respect for the environment.” "I think it is fair to say that the commitment has been met with the enthusiastic patronage of generations of Nigerians; families who have been supported by the stable careers of staff who have grown with the company through the years.” He also explained that, “young

2022 Appropriation Bill: Senate Gives Committee Today's Deadline to Conclude Budget Defence To pass budget by Dec 14

Deji Elumoye in Abuja The Senate yesterday gave its Committee on Appropriation up till today to conclude its defence on the 2022 Appropriation Bill. President of the Senate, Dr. Ahmad Lawan, who handed down the deadline at plenary, gave the Committee the next 24 hours to conclude budget defence by sub-committees of the upper chamber. According to him, the ultimatum became necessary in keeping with the December 14 timetable for the passage of the 2022 budget by the National Assembly. He added that working to the contrary may mar the timely passage of the budget as planned while assuring Nigerians that the National Assembly would work assiduously in ensuring that it resolves any likely hitch that may interfere with the quick passage of the budget next month. Lawan commended ministries, departments and agencies (MDAs) of government for appearing before the committees of the Red Chamber to defend their respective budget estimates. “According to our timetable for the budget defense and subsequent processing by out committees or subcommittees of the Appropriations Committee,

tomorrow will be the last day for the budget defense. “Tomorrow will be the last day for the budget defense by subcommittees for appropriation before the committee on appropriations. “It is gladdening that all our committees have finished their budget defense with ministries, departments and agencies as programmed by this Senate. But we have a little bit of a hitch, we are behind schedule with some of our committees. “So, I'm sure that those committees that should have appeared before the committee on appropriation, but could not might have had some challenges with getting some details from the MDAs. “Tomorrow, no matter what, we have to conclude with the budget defense by the subcommittees before the committee on appropriations, and it is very important,” he added. Explaining why work on the budget must be concluded in good time, the Senate President said, “In fact, it is very, very essential that we keep to our timetable, otherwise, we may run into a very serious problem with our time for the budget to be considered and passed by the 14th of December. “I’m sure that our committees will be able to appear before the

committee on appropriations by tomorrow. “And I will also add that the committee on appropriations should make itself available to our subcommittees for appropriation. “We have up to the weekend to conclude on the work of defense by the subcommittees before the appropriations committee, so that the appropriations committee is able to also work to compile the document for us to work with, when we come to the next segment for the budget processing – that is the laying, consideration and

passage of the budget proposal by the grace of God. “I want to take this opportunity to thank all our committees for doing very well so far, and I'm sure that this little hitch is not something that we cannot deal with. “On the whole, the program is going on, and I’m particularly glad that we have been able to finish the defense by the MDAs, and also commend the MDAs for coming forward to defend rather than leaving us to do what we think they want.”

people who have found successful careers in sports and entertainment inspired by your support; consumers from Lagos to Kano, Rivers to Plateau, linked by distributors in every region of the country, who have built enduring businesses getting Coca Cola into the hands of millions; a robust value chain that includes service providers and marketing agencies, creators of the iconic Coke adverts that have

formed part of our individual and collective memories all these years.” Also speaking, the Chairman of NBC Board, Ambassador Segun Apata, recalled the company’s growth and contribution to the economy and noted that the company will continue in its 70 years tradition of investing in the economy as well as impacting its host communities through several initiatives, especially for the youth.

Buhari Suspends Inauguration of Newly-constituted NNPC Board Olawale Ajimotokan and Emmanuel Addeh in Abuja President Muhammadu Buhari yesterday directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC) scheduled for today until further notice. No reason was given for the directive. On September 19, 2021, Buhari in his capacity as minister of petroleum, directed the incorporation of the NNPC Ltd and thereafter constituted a board for the organisation. He further approved the appointment of the board and management of the NNPC Ltd, with effect from the date of incorporation of the company. The President named Senator

Ifeanyi Ararume as Chairman of the board while Mallam Mele Kyari and Umar Ajiya were appointed as Chief Executive Officer, and Chief Financial Officer, respectively. Other board members were: Dr. Tajudeen Umar (North East), Mrs Lami Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba-Okadigbo (South East), Constance Harry-Marshal (South South), and Chief Pius Akinyelure (South West). But a statement issued yesterday by the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, said a new date for the inauguration of the board will be announced in due course. He expressed deep regret by the inconveniences caused to members by the suspension.

FG Supports Reforms in Defence, Says Malami Alex Enumah in Abuja The Attorney General of the Federation (AGF) and Minister of Justice, Malam Abubakar Malami, SAN, yesterday, said the federal government was vigorously pursuing processes for the immediate implementation of reforms strategy for national security architecture with a view to providing enhanced institutions for effective service delivery. Malami hinted at this when he received members of the Presidential Committee on the Implementation of the Recom-

mendations of the Reform Committee on Ministry of Defence and Armed Forces of Nigeria. In a statement by his media aide, Dr. Umar Gwandu, he emphasised the need for robust legal and legislative framework, effective inter-ministerial support and up-to-date training as well as enhanced capacity building approaches. He further assured them of government’s determination to ensure the military and security institutions carry out their duties in the ever-changing and complex society and in compliance with

international best practices. He said for the implementation of the reform to be meaningful, existing legislations are put in place to ensure result-oriented delivery of the mandate of the Ministry of Defense and Armed Forced of Nigeria. Malami assured the committee of the total support of the justice ministry in achieving the objectives of the committee. Earlier, Chairman of the Committee, Major General Alwali Kazir (rtd), noted that the national and global strategic environments within which

the armed forces operated had changed significantly in the last two decades. Kazir said the end of the cold war has enhanced globalisation with its attendant features of interdependence and internationalisation, adding that there was the need to reposition the AFN to meet its national and international obligations. “Our goal is to improve capacity and capability of the Armed Forced of Nigeria for rapid deployment to counter wide spectrum of both internal and external threats,” he said.

WEDNESDAY, NOVEMBER 24, 2021 • T H I S D AY

NEWS

Pakistan-Africa Trade Development Conference...

L-R: Consul-General of Pakistan to Nigeria, Ahmed Yakasai; High Commissioner of Pakistan in Nigeria, Major General (Rtd) Muhammad Tayyab Azam; Federal Minister for Commerce & Investment, Pakistan, Abdul Razak Dawood; Lagos State Governor, Mr. Babajide Sanwo-Olu and Minister of Industry, Trade & Investment, Adeniyi Adebayo, during the 2nd Pakistan-Africa Trade Development Conference and Single Country Exhibition held at Lagos ... yesterday

NNPC: PIA's Implementation Will Revolutionise Nigeria’s Oil, Gas Industry Peter Uzoho The Nigerian National Petroleum Corporation (NNPC) has stated that the implementation of the Petroleum Industry Act (PIA) will revolutionalise the nation's oil and gas industry The Group General Manager, National Petroleum Investment

Management Services (NAPIMS), an arm of the NNPC, Mr. Bala Wunti, stated this yesterday while presenting a paper at the Society for Petroleum Engineers (SPE) Lagos Section Annual Technical Symposium held in Lagos. Wunti spoke as lead presenter on the theme, “Operationalising the Petroleum Industry Act – An

Opportunity for Revolutionising Nigeria’s Oil and Gas Industry.” The PIA which was signed into law by President Muhammadu Buhari on August 16, 2021 after it was passed by the National Assembly is targeted at reforming the oil and gas industry in Nigeria. The Act is also aimed at promoting transparency and attracting

capital flows into the oil and gas industry. The NAPIMS boss said the operationalisation of the PIA would bring about certainty, competitiveness and cost optimisation in Nigeria’s oil and gas industry. Wunti, who gave an overview of the major issues impacting the oil and gas industry, stated that

UNICEF: 25 Attacks on Schools, 1,440 Students Abducted this Year in Nigeria Onyebuchi Ezigbo and Michael Olugbode in Abuja

The United Nations Children’s Fund (UNICEF) has estimated that there have so far been 25 attacks on schools this year, with 1,440 students abducted in Nigeria. This statistics was given yesterday, even as UNICEF revealed that over the past five years, the West and Central Africa region has consistently had some of the highest numbers of United Nations-verified grave violations against children in armed conflict. A statement from the UN agency also claimed that since 2016, the West and Central Africa region ranks first in the world in terms of number of children verified as recruited and used by non-state armed groups and victims of sexual violence; second in terms of abduction and as one of the regions most affected by attacks on schools and hospitals, with more than 1,500 verified incidents. According to the statement, the data was revealed in a new UNICEF publication that calls for increased support for efforts to prevent and respond to grave violations against children, as well as for scaling-up the documentation of such violations. It stated: “Since 2016, West and Central Africa has recorded more than 21,000 children verified by the United Nations (UN) as recruited and used by armed forces and non-state armed groups, and more than 2,200 children victims of sexual violence. More than 3,500 children were abducted and more than 1,500 incidents of attacks on schools and hospitals were recorded.” It decried that a protracted conflict has been raging in northeast Nigeria for 12 years now, with thousands of children in the region killed, maimed, abducted, displaced, and experienced multiple violations of their human rights. UNICEF recalled that in 2005, the

United Nations Security Council had passed Resolution 1612 to establish a United Nations mechanism for monitoring and reporting on the following six grave violations against children during armed conflict: which include killing and maiming of children, recruitment and use of children, abduction of children, rape and other forms of sexual violence committed against children, attacks on schools and hospitals, and denial of humanitarian access. It further lamented that since 2005, one out of four United Nations’ verified grave violations in the world was committed in West and Central Africa, insisting that last year alone, over 6,400 children (32 per cent of whom were girls) were victims of one or more grave violations in the region. The statement quoted UNICEF Chief of Maiduguri Field Office in Nigeria, Phuong Nguyen to have said: “Nigerian children – whether they are the direct targets of violence or collateral victims of conflict - are caught up in the ongoing insecurity we are seeing across the country. This is unacceptable. “This important report shows the extent of the grave violations of children’s rights in Nigeria and across the West and Central Africa region – violations that must be ended by all parties to conflict. Children must have an opportunity to grow, learn, work and contribute to the healthy future of this country. That can only happen if they are protected from violence and the worst impacts of conflict.” Major humanitarian crises continue to unfold across West and Central Africa. The situation in Cameroon, the Central African Republic and the Democratic Republic of Congo, and multicountry emergencies, including crises in the Central Sahel and the Lake Chad Basin region, are having devastating consequences on children and communities. It stated that with a surge in armed conflicts and the COVID-19

pandemic, 57.5 million children in West and Central Africa were in need of humanitarian assistance, a figure that has almost doubled since 2020. 5.1million of those children in need of humanitarian assistance are in Nigeria. In response to the spike in children’s unmet essential needs, including protection, UNICEF stated that it had been working

with governments, local authorities and partners to strengthen the monitoring and reporting mechanism, support the release and reintegration of children from armed forces and groups, reunite separated children with their families, provide medical and psychosocial care for conflictaffected children, and provide care for survivors of sexual and gender-based violence.

tremendous progress had been made in tackling the issue of security and cost. He added that the implementation of the Nigeria Upstream Cost Optimisation Programme (NUCOP) and an industry wide tripartite security framework would address cost and security issues respectively thereby brightening the oil and gas outlook for the country. Highlighting the thematic areas of the PIA, he stated that the Act delineates clearly, the roles and responsibilities of all stakeholders. This, he stated, would catalyse the growth of the industry in line with the aspirations of government for the sector as encapsulated in the PIA. On the PIA implementation plan, Wunti stated that the incorporation of NNPC Limited and the inauguration of the NNPC Board

had been completed and all hands are on deck to implement other requirements of the PIA within the set timelines. He further stated that the 3E’s – Energy Transition, Energy Investment and Energy Crisis, were key game changers in revolutionising the oil and gas industry. Specifically, Wunti explained that the recent energy crisis evidenced by the highest ever gas price was as a result of the global drive to achieve a net zero emission future buoyed by stringent Environmental, Social and Governance (ESG) requirements and activist investors. He urged stakeholders in the industry to adopt the 3C’s – Critical Thinking, Collaboration and Compliance, as they are key to maximising the benefits of the PIA for all stakeholders – regulators, investors, operators, contractors, host communities and Nigeria.

To Counter OPEC, US, UK, Others Collaborate to Release Emergency Oil Reserves Emmanuel Addeh in Abuja The United States and other high oil-consuming nations, including China, Britain, India, Japan and South Korea, yesterday made good their threat to counter a slower-than-expected release of oil barrels by the Organisation of Petroleum Exporting Countries (OPEC) in a coordinated bid to cool rising crude prices. OPEC+ producers have repeatedly ignored calls for more crude by the US President, Joe Biden, prompting the country to mobilise a handful of high oil consuming nations to release the commodity from their Strategic Petroleum Reserves (SPR). Crude oil prices recently touched seven-year highs and although still some way short of levels reached between 2011 and 2014, when they broke through $100 a barrel, many consumers are feeling the pain of a dramatic increase from a year ago. The US announcement was for a release of 50 million barrels, the equivalent of about two and a half days of the country’s demand; India would release five million barrels, while Britain would allow the voluntary release of 1.5 million barrels of oil from privately held reserves, according to a Reuters

report. The decision to collectively discharge stockpiled crude after OPEC countries rebuffed calls to significantly boost production marks a temporary diplomatic win for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers have on the market. Details on the amount and timing of the release of oil from South Korea, Japan and China were not announced. Seoul said it would decide after discussions with the United States and other allies, while the Japanese media said Tokyo would detail its plans today. Officials said it was the first time that the United States had coordinated such a move with some of the world's largest oil consumers. OPEC+ meets again on December 2, to discuss policy but has so far shown no indication it will change tactics. The group has been struggling to meet existing targets under its agreement to gradually increase production by 400,000 barrels per day (bpd) each month - a pace Washington sees as too slow - and it remains worried that a resurgence of coronavirus cases could once again drive down demand.

Recent high oil prices have been caused by a sharp rebound in global demand, which slumped early in the pandemic in 2021, and analysts have said that releasing reserves may not be enough to curb further rises. But the market largely ignored the development, with benchmark Brent crude still traded above $80 a barrel on Tuesday, up from its levels before the announcement but still well below last month's three-year high of more than $86. The release from the US SPR would be a combination of a loan and a sale to companies, US officials said. The 32 million barrels loan would take place over the next several months, while the administration would accelerate a sale of 18 million barrels already approved by Congress to raise funds for the budget. "We will continue talking to international partners on this issue. The president stands ready to take additional action if needed, and is prepared to use his full authorities working in coordination with the rest of the world," a senior US administration official told reporters. An OPEC+ source and several market analysts said the release was not as big as the headline

figure suggested. They said Britain and India were releasing modest amounts and the United States had already announced some releases, and so the additional quantity was less than expected. But the effort by Washington to team up with major Asian economies to lower energy prices sends a warning to OPEC and other big producers that they need to address concerns about high crude prices, up more than 50 per cent so far this year. Under a swap from U.S. reserves, oil companies taking crude must return it - or the refined product - plus interest. Swaps are typically offered when oil firms face supply disruptions, such as a pipeline outage or damage from a hurricane. Outright sales are less common. U.S. presidents have authorized emergency sales three times, most recently in 2011 during a war in OPEC member Libya. Sales also took place during the Gulf War in 1991 and after Hurricane Katrina in 2005. Nigeria, an OPEC member had said even if prices fall to between $50 to $60, it won’t be much of an issue, with the country’s oil benchmark for the 2021 budget being $40.

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

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LIBYA ENERGY AND ECONOMIC SUMMIT... L-R: Senior Crude Oil Trader, Sahara Energy Int'l Geneva, Hakim Ben Lagha; Executive Director, Sahara Group, Wale Ajibade; Libya Oil and Gas Minister, Mohamed Oun; Head of Trading, Sahara Energy Int'l Geneva, Jérôme Espinasse, and Head, Business Development, Central Africa, Sahara Group, Alex Cole, at the Libya Energy and Economic Summit 2021 in Tripoli, Libya…yesterday

MTN Gets SEC's Approval for 575 Million Shares Offer for Sale Emma Okonji MTN Nigeria Communications Plc (MTN Nigeria), yesterday disclosed that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in the telecommunication company held by MTN International (Mauritius) Limited. The offer for sale would be executed by way of a bookbuild to qualified investors also known as institutional offer and a fixed price to retail investors (retail offer).

MTN Nigeria disclosed this in a statement signed by its Company Secretary, Uto Ukpanah. According to the statement, the institutional offer opened at 12.00 noon on 23 November, 2021, and would close at 2.00pm on 26 November, 2021, after which a fixed price would be determined for the retail offer. It further stated that the retail offer was proposed to open after the institutional offer, and MTN promised to make further announcement and publish same after obtaining clearance from the

SEC. MTN Nigeria is one of Africa’s largest providers of communications services, connecting approximately 68 million people in communities across the country with each other and the world. Guided by a belief that everybody deserves the benefits of a modern connected life, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant since its launch in 2001. MTN Nigeria had earlier disclosed the successful completion

of the issuance of its N89. 9 billion Series II 10-Year 12.75 per cent Fixed Rate Bonds due 2031, known as “Series II Bond”, under the N200 billion Bond Issuance Programme. The Series II Bond was the second issuance in 2021 by MTN Nigeria following the successful debut in May 2021. It completed MTN Nigeria’s N200 billion bond issuance programme, which was fully subscribed. According to MTN, the successful bond issuance reflected MTN Nigeria’s strong credit ratings, which

was recently upgraded to AAA, investor confidence in its ability to maintain market leadership in the telecoms industry, and the depth of the domestic capital market. The net proceeds was expected to be used to optimise MTN Nigeria’s capital structure and finance network expansion. Commenting on the bond issuance, the Chief Executive Officer of MTN Nigeria, Mr. Karl Toriola had said: “We continue to be grateful for the immense investor support, as the domestic debt capital market has yet again given us the

opportunity to raise long-term financing to aid investments in our network. “In line with the company’s strategy, the bonds issued this year enable us to diversify funding sources and extend the maturity profile of the company’s debt portfolio. “We are very proud of this landmark transaction and thank the investor community for their continued confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry."

development around policy tapering and normalisation by advanced economies.” He said the CBN’s Targeted Credit Facility (TCF) was particularly highlighted by the Committee for its contribution to alleviating poverty at the grassroots adding that the MPC urged the bank to continue its support through the TCF to ensure that more people benefit from this programme. He also said that with the announcement to commence monetary policy normalization by the US Fed and impending interest rate liftoff by central banks in some advanced economies, the MPC called on the federal government to intensify its drive towards a counter-cyclical fiscal policy in view of the imminent tightening of external financial conditions. Committee members, therefore, noted with concern that the gradual normalisation of monetary policy by this group of economies would dampen the recovery of several emerging market and developing economies in the short to medium term due to the sharp reversal of capital flows. The committee also evaluated the developments in China relating to the reoccurring pandemic, power outages and crisis in the property market, noting the likely impact these could have on Nigeria as a major trading partner. The committee, therefore, called on the CBN to ensure that the necessary buffers are put in place to shield the economy from the downside risks associated with these developments. In general, members expressed confidence in the ongoing policies of both the monetary and fiscal authorities which in their view was the hallmark of the current recovery and restoration of macroeconomic stability in the country as well as called on both authorities to look beyond the current position and plan towards attracting sustainable investment flows to Nigeria.

We are Excited Investors Are Scrambling for First Bank Shares, Says CBN Gov

EMEFIELE RULES OUT FURTHER FORBEARANCE EXTENSION FOR INTERVENTION LOANS of loan default resulting from the forbearance programme. This is just as the MPC yesterday resolved to leave all monetary policy parameters unchanged, retaining the Monetary Policy Rate (MPR) otherwise known as the interest rate at 11.5 per cent with the asymmetric corridor of +100/-700 basis points around the MPR. The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy. The MPC also voted to maintain the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent. Emefiele said the existing policy stance had so far supported growth and recovery and expressed satisfaction at the moderation in inflation rate which had declined for six consecutive months. In an effort to ameliorate the adverse effects of the pandemic on Nigerians and businesses, the apex bank and other financial institutions had reeled out forbearance packages for companies to help them weather the storm. Part of the programme was the restructuring of the loan repayment plans, moratorium as well as the CBN reducing interest rates on all its intervention programmes to five per cent from nine per cent till March 2022. The CBN had extended the moratorium twice following threats posed by the Delta variant of the virus. However, as the forbearance regime draws to a close in March next year, the CBN governor, citing improvement in economic activities, urged businesses to resume loan repayment. He said: “If you recall from our standpoint, we granted a forbearance regime from just two areas. "One primarily had to do with the fact that we said all loans that companies and businesses that are impacted adversely by COVID-19, that they should be given about two years, we first started by saying one

year, from 2020 to March 2021 and by February 2021, we extended it by one more year when the Delta strain of the pandemic continued. That made it two years that would expire by March 2022. “Another aspect had to do with the fact that we said for CBN interventions, that there is a need for us to reduce the interest rate from nine to five per cent. Indeed, another aspect of the intervention or forbearance is that because we knew that the adverse consequences of COVID-19 were resulting in a reduction in the revenue-generating capacity of businesses and companies, we also granted the banks an opportunity to allow their customers to ask for a restructure of their facilities. Maybe if it's a two-year facility, it would be extended to four years so as to reduce the burden of the cash flow on them.” Emefiele added: “And those were the periods when there was unprecedented lockdown of the global economy. All countries with no exception were on lockdown. Travels came to zero, people were not allowed to leave their homes and in Nigeria, this persisted for about three to four months. “Now, from around September/ October 2020, Nigeria began a process of easing the lockdown and notwithstanding the fact that we still saw that around February/ March of 2021 that the Delta strain now reared its head. We still said that businesses should have this forbearance. “At this time, we believe that the global economy has opened up; the lockdowns have been lifted and of course, we know the economic damages and fatalities that were caused as a result of the that and I am so sure that not too many counties if at all will in the midst of this pandemic want to embark on a wholesome lockdown any longer. “Particularly because most countries are all administering vaccines that they think should

assist in reducing the impact of the strain of the virus. “So we believe that in Nigeria, businesses/companies are back to business, revenues have improved and if revenues have improved then companies or businesses that took loans. If we say the loans for intervention facilities moved from five to nine, if we see that the moratorium of two years expires in March 2022 and of course, the restructure that you have benefitted remains, then naturally we should expect that companies should be able to pay back their loans. “So as a result, we do not see any likelihood of an increase of NPLs. Indeed, we have worked so hard to bring the NPLs down from as high as nine, ten per cent about two years ago to the level that it is today which is 5.3 per cent and we are gratified that we are aggressively working NPLs down to the maximum threshold that has been set by the CBN. So I don't think there's any need for anybody to worry at all.” Also commenting on the concerns over the arbitrary transaction charges by banks, the CBN governor urged bank customers to study the Guide to Bank Charges- and challenges any discretionary deductions which are not in tandem with the guide. He said: “Talking about bank charges, the CBN insists that consumers of bank services, in this case, customers must insist and indeed, if it's not on CBN website, I am going to ask that we place it on our website- the Guide to Bank Charges- go and read your guide to bank charges. “You should not allow any bank to just pass on any discretionary charges on your account that is not contained in the guide to bank charges. Hold it as your bible as you deal with the bank. If you find any that is not consistent, raise an alarm. “We have our consumer protection department and we have always advertised our

hotlines and emails where you can always reach us and indeed, we have been cases in the past where people have raised an alarm and it has resulted in hundreds if not billions of naira reversal back to customers’ accounts. “So, I can say that if you are being charged by any bank for transactions that did not happen or charges that are not inside or stated in the guide to bank charges, you have to ask the bank to reverse it because it is not meant to be there.” However, Emefiele, who read the committee’s communiqué, explained that the MPC was gratified that its policy actions in the past had started to yield positive results given the remarkable improvement in GDP which stood at 4.03 per cent during Q3 of 2021 and the 6th consecutive month moderation in inflation to 15.99 per cent in October 2021. He said given the level of its conviction about the efficacy of its actions on macroeconomic variables, MPC felt that whereas tightening would further help to rein in inflation aggressively, it nevertheless feels that tightening will increase the cost of funds and constrain output growth. He said on the other hand, whereas loosening will lower policy rates, ease liquidity pressures, and stimulate additional credit creation which will boost output growth. According to him, “MPC also thinks that loosening will further widen the negative real interest rate gap and compound the price distortions in the money markets which could fuel inflationary pressures. As for whether to hold its existing stance, MPC believes that the existing monetary policy stance has supported the growth recovery and should be allowed to continue for a little longer for consolidation to achieve the MPC mandate of price stability that is conducive for sustainable growth. The Committee also feels that a hold stance will enable it to carefully appraise the implications of the unfolding global

Also, responding to a question about the ongoing development at FirstBank Nigeria Limited, Emefiele in commenting on tussle for majority stake in the bank, said the financial institution was too big to be owned by a single individual. He also expressed satisfaction that, “people are scrambling today for the shares of First Bank,” which he said had been deserted six years ago, largely because of the burden of non-performing loans. The CBN governor said, “I think it's good for us to cast our minds back to the position of First Bank six years ago. Six years ago, when the CBN started its programme of looking at the bank to reposition it; let's not forget that FBN remains the oldest bank in Nigeria - 1894. It is a strong, aggressive, domestically important bank in Nigeria. “If anything happens to First Bank, it means something has happened to the Nigerian banking system. And that is why we are taking our guidance on how to get the bank back afoot very seriously. Six years ago like I said, because of the aggressive build-up of nonperforming loans in the books of First Bank, the share price of First Bank was about N2 per share.” Continuing, Emefiele said: “We took it on - everybody was running away from the shares of First Bank. But because we have cleaned the bank's balance sheet now, the NPLs have dropped significantly, people are seeing that this money making machine, First Bank is back again on the race for profitability and they are now competing for the shares of First Bank. “So, why should I quarrel that people are competing for the shares of First Bank? The last time I looked at it, it was N11.55 kobo during the weekend and I was happy to see that they are competing for the shares.

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

TEN W’BANK: FG, STATES WON’T BE ABLE TO PAY SALARIES IN 2022 IF FUEL SUBSIDY IS RETAINED session at the event, lamented the huge burden the continuous retention of the subsidy on petrol had been to the corporation, warning that going forward, “the NNPC may have to start invoicing the federation to be able to maintain subsidy.” This is just as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, reiterated that the government was working on introducing measures that would cushion the impact of fuel subsidy on vulnerable Nigerians. Speaking further, the Hernandez, in the report, urged Nigeria to remove subsidy on petroleum motor spirit (PMS) in February 2022, as prescribed by the Petroleum Industry Act (PIA), warning that further delay could worsen the precarious revenue situation confronting the country. The report also warned that the present fiscal condition of the sub-national governments would take a turn for the worse in 2022 with 35 of the 36 states unable to meet their financial obligations. Hernandez stated that a situation where N250 billion goes into fuel subsidy monthly was unsustainable as the paucity of revenue confronts the country, especially the sub-national governments. Hernandez who provided insights into the NDU report, titled “Time for Business Unusual,” stated that should the current revenue challenge continue till 2022, only Lagos State would be able to meet its financial obligations. The report pointed to mounting

fiscal pressures due to lower-thanexpected revenues in 2021 and the rising cost of PMS subsidy. It stated: “Because most states rely heavily on inter-governmental transfers, diminished revenue inflows to the Federation Account are jeopardising fiscal sustainability at the state level. "For example, in the oilproducing State of Bayelsa federal transfers account for 91 per cent of revenues, and declining transfers caused a 22-percent drop in Bayelsa’s revenues per capita during the year. "Even in the state of Lagos, which relies the least on Federal transfers, transfers accounted for 29 per cent of revenues in 2020. Most State expenditures cover salaries and administrative expenses, and given their rigid (i.e., nondiscretionary) nature, State-level expenditures are difficult to cut. "Consequently, lower revenues are likely to intensify pressure on states’ debt stocks and undermine their fiscal sustainability.” According to the report, in contrast to past periods of high oil prices, the Nigerian government has this time not been able to fully benefit from the oil boom because oil production has fallen below Nigeria’s estimated capacity and the Organisationof Petroleum Countries (OPEC) quota due in part to rising insecurity and the higher cost of the PMS subsidy. It stated: “In 2022 the federal government plans to spend about 3,000 naira (US$7) per person for health, while the cost of the PMS subsidy for next year could reach 13,000 naira (US$32) per person. Not only is the PMS subsidy

costly, but it mainly benefits richer households. "Nigeria has the opportunity to establish a “compact” with citizens that eliminates the subsidy and uses the savings to provide targeted cash transfers to lower-incomehouseholds, invest in job-creating programs, and improve its fiscal position." It stated that the insufficient supply of foreign exchange (FX) issues related to the predictability of exchange rate management, the unsustainable subsidy on premium motor spirit (PMS), burdensome trade restrictions, and the sizeable fiscal deficit financing by the Central Bank of Nigeria (CBN) are undermining the business environment, compounding underlying constraints on domestic revenue mobilisation, foreign investment, human capital development, and the delivery of public services. The report noted that despite a strong initial recovery and resurgent global oil prices, Nigeria’s pre-crisis challenges were threatening its post-crisis recovery, highlighting the need to depart from business-as-usual policies. “Even though Nigeria’s economy exited a pandemic-induced recession, several challenges persist including double-digit inflation, declining incomes, and rising insecurity. “While the government took bold policy measures to mitigate the impacts of the COVID-19 crisis, the reform momentum has slowed which hinders Nigeria’s ability to reach its growth potential,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.

The report prescribed policy options for Nigeria, including addressing fiscal pressures. “Urgent priorities for the next three to six months include reducing inflation, improving exchange-rate management, mobilising additional oil and nonoil revenues, eliminating the PMS subsidy and redirecting expenditures towards targeted cash transfers and other priority investments, fostering competitive markets, and improving infrastructure. “While Nigeria’s macroeconomic projections have been updated since the previous edition of the NDU, the government’s fundamental policy challenges remain unchanged,” it added. In his contribution, Kyari, pointed out that while all over the world, subsidies are introduced to bring cost control and less pains to citizens, in Nigeria, fuel subsidy has become a major fiscal burden that must be eliminated. The NNPC boss explained: “Today, we are evacuating about 60 million litres of gasoline from all the depots in the country. It is not national consumption and it is very understandable because of issues such as cross-border smuggling. “As long as you have arbitrage, traders don’t see it as a crime, they just take advantage of that and exploit it. What we are dealing with is about N243 billion of fuel subsidy monthly. So, there is no magic around that. “This is the reality that we are facing. Going forward in 2022, we simply cannot afford this, we just don’t have the resources. As a matter of fact, the NNPC may have

to start invoicing the federation to be able to maintain subsidy. “When you take out N243 billion from your total income every month, you are not able to fund your operations and so you can’t meet your other fiscal obligations. Clearly, there is a challenge in the ability to pay. So, there is a reform going on, particular in the energy sector and no one can stop.” Also, the Governor of Kaduna State, Mallam Nasir El-Rufai wondered why the country would continue to allocate more monies to fuel subsidy compared with the allocations to education, roads and the health sectors. “Is subsidising petrol more important than our health as even in a year we spent significant amount on health due to the pandemic, the budget for subsidy was still higher? Does it make sense? “Is subsidising petrol about thrice as educating our children and preparing them for the future more important? The capital budget for roads is five times less than our budget for subsidy. We have to ask ourselves as Nigerians whether this makes sense at all,” he added. According to El-Rufai, “this is the first time in Nigeria that oil prices are rising globally, yet, there is no windfall. In fact, we are getting less. Why? Because according to Kyari, subsidy is taking N250 billion per month.” He disclosed that this month, what the NNPC paid to the federation account, as part of its contribution to the amount to be shared by the Federation Account Allocation Committee (FAAC),

FG REJECTS LAGOS #ENDSARS PANEL'S REPORT OVER INCONSISTENCIES, INNUENDOES The report which was leaked last week, had revealed that at least 11 persons were killed during the peaceful demonstration at the Lekki Tollgate. The report had described as, “atrocious, the maiming and killing of unarmed, helpless and unresisting protesters, while sitting on the floor and waving their Nigerian flags and singing the National Anthem , stressing that the act could be equated to a “massacre in context.” According to the report, aside the 11 confirmed dead, four others were presumed dead, while in all, 48 were casualties of the Lekki incident which shook the entire country last year. In the 309-page report, the panel had also stated that of the 48 casualties, 24 sustained gunshot injuries, while 15 others were assaulted by soldiers and police, and specifically indicted the army and the police for shooting directly at fleeing protesters who had run into the shanties and the Lagoon. But Mohammed, in his assessment, argued that what had been circulating in the public space remained simply a rehash of the unverified fake news that had been playing on social media since the incident last year. He posited that it was simply incredible that a judicial panel set up to investigate an incident had submitted a report laden with allegations, the same allegations it was set up to investigate in the first instance. The minister opined that instead of sitting for all of one year, the panel could have just compiled social media stories on the incident and submitted, saving taxpayers’ funds and everyone’s time. “That report is nothing but the triumph of fake news and the intimidation of a silent majority by a vociferous lynch mob,” he maintained. In what he said was a “critical analysis” of the document, Mohammed alleged that the panelists threw away the testimony of ballistic experts who testified before it. Quoting the experts, he said

the team had told the panel that from the medical data examined and the nature of the injuries sustained by the “victims”, no military grade live ammunition (high-velocity) was fired at the protesters at Lekki Tollgate on 20th October 2020, within the timeframe of reference, which was 18.30- 20.34 hours. Furthermore, the minister maintained that the panel did not consider the experts’ position that gunshot wounds sustained, four in number, between 19:05 and 19:45 hours, which were examined by the team, were identified as being discharged by either low velocity calibre and/ or artisanal/12-gauge firearms. He pointed out that the team of experts had told the panelists that had military personnel deliberately fired military grade live ammunition directly at the protesters; there would have been significantly more fatalities and catastrophic injuries recorded. The minister added that the same panel that said it deemed as credible the evidence of the Forensic Pathologist, Prof. John Obafunwa, that only three of the bodies on which post mortem were conducted were from Lekki and only one had gunshot injury went on to contradict itself by saying “nine persons” died of gunshot wounds at Lekki. He contended that the man whose evidence that he counted 11 bodies in a military van where he was left thinking he was dead, before he escaped, was said to be crucial by the panel, never testified in person. “Rather, the video of his ‘testimony’ was played by someone else. It did not occur to the panel to query the veracity of the testimony of a man who said he was shot and presumed dead but still had time to count dead bodies inside a supposedly dark van at night. “The panel said trucks with brushes underneath were brought to the Lekki Tollgate in the morning of October 21, 2020, to clean up bloodstains and other evidence, but still found bullet casings at the same site when it visited on October 30, 2020.

“It said soldiers picked up bullet casings from Lekki Tollgate on the night of October 20, 2020, yet claimed that policemen came to the same spot to pick the same bullet casings on October 21, 2020! “The panel was silent on the family members of those reportedly killed, merely insinuating they were afraid to testify. Even goats have owners who will look for them if they do not return home, not to talk of human beings. “Where are the family members of those who were reportedly killed at Lekki Tollgate? If the panel is recommending compensation for the families, what are their identities and addresses? Who will receive the compensations when no family members have shown up to date? “How did a man who reported seeing the lifeless body of his brother himself ended up being on the list of the panel’s deceased persons? How can a judicial panel convince anyone that the names of some casualties of the Lekki Tollgate incident listed as numbers 3 (Jide), 42 (Tola) and 43 (Wisdom) are not fictitious names. “Why did the judicial panel feel compelled to concoct a ‘massacre in context' as a euphemism for massacre? A massacre is a massacre. What is massacre in context?” he queried. According to him, the report never mentioned cases of police personnel who were brutally murdered or the massive destruction of police stations, vehicles, e.t c during the EndSARS protest, arguing that it is possible the panel didn’t consider policemen and women as human beings. In addition, the minister stated that the report never made any recommendation on the innocent people whose businesses were attacked and destroyed during the protest in Lagos, “because it was too busy looking for evidence to support its conclusion of ‘massacre in context” “It is clear, from the ongoing, that the report of the panel in

circulation cannot be relied upon because its authenticity is in doubt. Besides, the Lagos State Government, being the convening authority, has yet to release any official report to the public. Neither has the panel done so. “The cowardly leakage of an unsigned report to the public is not enough. Assuming the report in circulation bears any iota of genuineness, it is basic knowledge that the report of such a panel is of no force until the convening authority issues a White Paper and gazette on it. “It is therefore too premature for any person or entity to seek to castigate the federal government and its agencies or officials based on such an unofficial and ‘unvalidated’ report,” he posited. The minister also took on the CNN for what he said was the celebration of the leaked report, insisting that in its rush to claim vindication, CNN apparently didn’t read the report before rolling out the drums in celebration. “By that action, CNN has celebrated prematurely and has now committed a double faux pas: First, by relying on unverified social media stories and videos to carry out an investigation of the October. 20th 2020 incident at Lekki, where it did not have a correspondent on ground. “CNN goofed in its report on the findings of the panel, which fell below the main standards of journalism. Secondly, CNN rushed to the air to celebrate an unsigned and unverified report that is riddled with inconsistencies, errors, discrepancies, innuendoes. That’s double faux pas by a news organisation that is eager and willing to compromise standards just to claim vindication,” he emphasised. The minister added: “There is absolutely nothing in the report that is circulating to make us change our stand that there was no massacre at Lekki on October 20, 2020. For us to change our stand, a well-investigated report of the incident that meets all required standards and will

withstand every scrutiny must be produced and presented to the public. “The report in circulation does not meet those requirements. We also appeal to the families of those allegedly killed in Lekki to speak out. It’s untenable to say that some families did not come out because they are afraid. Any parent who is afraid to testify about the death of his or her child is not worth to be called a parent. “We reject the notion that our soldiers and policemen massacred innocent Nigerians at Lekki on October 20, 2020. That conclusion is not supported by the weight of available evidence. Indictment for murder is a very serious issue that cannot be done on the basis of allegations and corroborations, as the panel did. “Such allegations must be proved beyond a reasonable doubt. The report in circulation is calculated to embarrass the federal government and its agencies without fool-proof evidence.” Mohammed maintained that the federal government had never condoned the abuse of the rights of Nigerians by security agencies under any guise, hence it disbanded SARS and encouraged states to set up the panels to investigate reports of human rights abuses allegedly committed by the disbanded personnel. “The 37 policemen and six soldiers who died across the country during the EndSARS protest are also Nigerians and should not be forgotten. “Those who have engaged in premature celebration of the report in circulation should now go back and read it thoroughly and tell Nigerians whether it can pass any serious scrutiny. “We are saddened that anyone died at all during the Endsars protest as the life of every Nigerian and indeed every human is sacrosanct. As we have disclosed many times, 57 civilians, 37 policemen and six soldiers were killed across the country during the protest, and we commiserate with their families,” the minister stressed.

was only N14 billion as against the N120 billion stipulated in the budget, and, “with the threat that next month they would ask the federation account to give them a cheque to cover subsidy.” “So, we have to ask ourselves if this subsidy still makes sense. Who is benefiting from it other than the smugglers and neighbouring African countries and some rich people? We have to stop this thing that will bring Nigeria to its knees,” the state governor added. Earlier, in her opening remarks, Ahmed expressed optimism that recent developments in the oil sector, such as the Petroleum PIA 2021, the full reactivation of the four public refineries in the country, and the completion and coming on stream of the three private refineries under construction in 2022, would significantly boost contribution from the sector to economic growth. According to her, subsidies’ regime in the sector remained unsustainable and economically disingenuous. She disclosed that ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, the government was working with its partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom, which she estimated to be 40 per cent of the population. “One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 – 40 million deserving Nigerians. “As a government, we remain committed to our broad objectives of stimulating broad-based growth through diversification and the active participation of the private sector to ensure that our growth is inclusive. “We will continue to prioritise investment in critical infrastructure needed to unlock production and supply constraints, to create adequate productive employment and preserve jobs, and to ensure macroeconomic stability and promote poverty reduction and equity. “I agree with the Report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the PMS subsidy while utilising cash transfers to safeguard the welfare of poor and middle-class households. “Towards this end, we intend to accelerate our structural reforms, particularly in the power sector, in governance, in business environment to unlock the huge potentials of the economy, scale up social safety net and deepen financial inclusion to reduce poverty and inequality gaps. We will carefully calibrate the sequencing of these reforms to manage their attendant political fallouts,” she added. Ahmed pointed out that digital revolution was looming in Nigeria and waiting to happen spontaneously. “I agree that Nigeria’s digital economy can transform economic activities by unleashing new productivity gains, offering new services, and improving the government’s efficiency. We see enormous opportunity for our theming youth population in this sector which has largely remained unharnessed with isolated progress and possibilities. “We need greater investments in newer and competitive technologies to be made for the provision of critical infrastructure in the telecoms sector to unleash potentials. “To protect such investments, government has been mobilising national security outfits, and even local ‘vigilantes’ to provide added layers of security for the infrastructure, while at same time engaging local communities towards addressing the likely root causes of cases of infrastructure vandalisation,” she added.

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

T H I S D AY •WED ESDAY, NOVEMBER 24, 2021

COMMENT

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

WITH DIALOGUE OUR WOUNDS ARE HEALED Sonnie Ekwowusi writes that dialogue is the way forward

have always been somewhat fascinated by the healing power of dialogue. A dialogue is a discussion or communication between two or more persons. Dialogue is a precondition for positive change in society. In contrast to dialogue, a discussion in which each party is unresponsive to what the others are saying is called a monologue, or, better still, a dialogue of the deaf. For words to have meaning they require response and rebuttal. From the perspective of therapy experience, silence kills, dialogue heals. What we cannot deny is that the Nigerian people are always willing to take advantage of any opportunity to discuss how they want to live together as a people in one country. Call that opportunity whatever you like; the fact remains that it is an opening for the people to express their views about the goings on in the country. If democracy still means “government of the people by the people and for the people” then the Nigerian people must always have the final say in matters affecting their interests. Since the representatives of the people exercise power on behalf of the people, they cannot impose their will on the people; rather they should also listen to the people to ascertain the best way of serving them. Therefore the will of the people in all cases ought to prevail. How should the leaders ensure that this happens? One of the ways is through dialogue. We can overcome hate through dialogue. We can overcome violence through dialogue. We can overcome nepotism and discrimination through dialogue. Last Friday a delegation of respected Igbo leaders led by the First Republic parliamentarian and Minister Chief Mbazulike Amaechi had a fruitful dialogue with President Muhammadu Buhari at the State House to explore an amicable political solution to Nnamdi Kanu issues in order to nip in the bud IPOB violent secessionist threats as well as reconcile Kanu and all his estranged followers and sympathizers to the path of peaceful co-existence in Nigeria. Suffice it say that the August delegation included former Anambra State Governor Chief Chukwuemeka Ezeife, Methodist Church Bishop Sunday Onuora, former Aka-Ikenga President Chief Goddy Uwazurike. Present in the parley were some Igbo Ministers and some members of the President’s cabinet excluding the Federal Attorney-General and Minister for Justice Abubakar Malami SAN. Speaking ex-tempore and with remarkable scholarship even at the age of 93, Amaechi first spoke about the difficult times in Nigeria: the “painful and pathetic” insecurity in the South East, about the possibility of releasing Kanu to him with the assurance that he (Amaechi) will get him to renounce his violent secessionist threats. Thereafter he paused and said to the President, “I don’t want to leave this planet without peace returning to my country. I believe in one big, united Nigeria, a force in Africa. Mr. President, I want you to be remembered as a person who saw Nigeria burning, and you quenched the fire”. Evidently moved by Amaechi’s presence of mind, age, and perhaps his charm, President Buhari put aside the prepared speech he was clutching in his right hand and was about to read to his guests. He cleared his voice, and, responded, inter alia, “You’ve made an extremely difficult demand on me as a leader of this country. The implication of your request is very serious. In the last six years, since I became President nobody would say I have confronted or interfered in the work of the Judiciary. God has spared you, and given you a clear head, at this age, with sharp memory. A lot of people half you’re your age are confused already. But the demand you made is heavy. I will consider it.”

PRESIDENT BUHARI MUST INITIATE MORE DIALOGUES ESPECIALLY THE MUCHVAUNTED DIALOGUE ON RESTRUCTURING OF NIGERIA. SILENCE KILLS, DIALOGUE HEALS

The first thing I find impressive about the parley with the President is the recognition of Buhari, Amaechi and probably others present that we are all members of the same human family though tongue, political affiliation and political posts may differ. The understanding that this world is like a stage in which everyone of us acts his or her part and thereafter leaves the stage for other actors. Perceiving nonagenarian Amaechi as one who has acted his own part and now about to leave the stage for other actors, President Buhari waxed philosophically and told Amaechi, “God had spared you, and given you a clear head at this age with very sharp memory.” The second impressive thing, for me, is the closing words of the President, “I will consider it”. This is dialogue or the beginning of a dialogue even if later Mr. President, as some suspect, fails to keep his promise. This is the first time President Buhari is officially dialoguing on IPOB and Nnamdi Kanu issues. While the President is wont to dialogue with murderous Boko Haram, Fulani herdsmen, bandits, Miyetti Allah, he has refused to dialogue with/on Kanu and his followers. Instead of initiating dialogue with IPOB as he did with other murderous criminals operating in the country, Mr. President went ahead to proscribe IPOB. And subsequently the military was dispatched to kill pro-Biafra peaceful demonstrators. Without holding a brief for IPOB, I find the killing of those IPOB peaceful demonstrators (just like the October 20 massacre of unarmed young demonstrators at the Lekki Toll Gate, Lagos) very barbaric and inexcusable. How can fully-armed soldiers be dispatched to kill defenceless civilians embarking on a peaceful rally? Look, what is sauce for the goose is equally sauce for the gander. If the federal government had extended the same hand of dialogue to IPOB as it did to the aforesaid criminal elements in the country, the IPOB mayhem and bloodshed probably would have been averted a long time ago. And it is not that IPOB does not have a listening ear. Of course they do. The successful Anambra Governorship Election has shown that IPOB can listen to the voice of reason at the right time. Amid the sounds of boycott and disruption of Anambra Election spearheaded by IPOB, some ex-Anambra public office holders, traditional rulers and church leaders forged a common front and talked IPOB and other groups out of election boycott and disruption. Since then Anambra comparatively has remained peaceful. Those who had predicted that Anambra would be ignited with fire during and after the election are somewhat surprised that the state is back to reckoning as a peaceful state. President Buhari has said that he does not want to leave office a failure. In other words, Buhari is conscious of his place in history. He wants history to judge him well. Grandpa Amaechi alluded to this when he told Buhari, “Mr. President, I want you to be remembered as a person who saw Nigeria burning, and you quenched the fire”. Every man, every woman is answerable to his or her conscience. He or she may escape the judgment of a human tribunal but he or she cannot escape the pernicious and penetrating judgment of his or her conscience. Even though, externally, Mr. President may appear unperturbed on how the public assesses his performance, but deep down the recesses of his conscience it pains him that he is leaving behind a bruised, disorganized, disoriented and divided country. This is why Mr. President must initiate more dialogues especially the much-vaunted dialogue on restructuring of Nigeria. Silence kills, dialogue heals.

GOVERNOR ABIODUN’S STRATEGIC BUILD-UP Dapo Abiodun is poised to take the Gateway State to the next level, writes Funmi Branco

n the coming months, preparations for the 2023 general election will enter the critical phase. Already, aspirants eyeing various positions have begun subterranean moves to undercut their potential opponents and tilt the pendulum in their favour. It is taken for granted that most of the things that would happen in the build-up to the general election would happen in 2022. As aspirants mobilize and prepare for the forthcoming primaries, inter and intra-party alignments and realignments would take place. And winners and losers will also emerge in 2022. As gladiators for presidential, governorship and National Assembly elections make their case, there are indications of the shape of things to come. And Ogun, the Gateway State where Prince Dapo Abiodun holds sway as the fifth democratically elected governor, is no exception. Indeed, talking about political intrigues and, until very recently, violence, Ogun ranks high among the states with the most drama. Within the ruling All Progressives Congress (APC), in-fighting and internecine conflicts are indicative of the seriousness with which the major camps view the 2023 contest. Gradually, though, Governor Dapo Abiodun is becoming the rallying point for APC faithful and fortunes in the state even though his predecessor, aware of the shift of power away from his base, has been deploying every trick in his political book to achieve a paradigm shift. Observers seem to be quite agreed that what has been giving Abiodun leverage over Amosun is his character and Omoluabi principles. They point to how the Iperu-born prince has been able to manage the complex party issues that have arisen since May 29, 2019 when he took

over the Oke Mosan, Abeokuta, top office. Nigerians are well aware of how he came to office amid bottlenecks and barricades. Having lost out at the governorship primary, the then Governor Ibikunle Amosun nurtured his succession plan through another party. During his campaign, Abiodun’s posters were destroyed and his convoy pelted with stones. The situation was in fact so terrible that when President Muhammadu Buhari took his re-election campaign to the Gateway State, he was pelted with stones by people believed to be supporters of the then governor. And even after Abiodun won, a barrage of court cases came up, over which he ultimately triumphed. And while some gladiators were reported to have canvassed a fire-for-fire approach that would have made it difficult for the former governor to even visit the state, he chose the path of peace, believing that he was duty-bound to demonstrate his Omoluabi credo. Indeed, until recently when he was apparently provoked by the political violence that took place in the state, it had been difficult to draw him out into the political arena. Indeed, the events of Saturday, October 16, when the former governor and some of his aides were fingered in the crisis that occurred at the palace of the Alake of Egbaland, Oba Adedotun Gbadebo, during a factional congress of the APC were disturbing. The police paraded about six suspected thugs who were said to have revealed the sources of the ammunition found on them. While the Ogun State chapter recognized by the National Working Committee of the party held its congress at the MKO Abiola Stadium, Abeokuta, the faction loyal to Amosun held a parallel congress

at the Palace of the Alake of Egbaland, contrary to the directives of the national caucus of the APC. While the faction loyal to Senator Amosun elected Chief Derin Adebiyi as the chairman, the Abiodun camp produced Chief Yemi Sanusi. Apprised of the violence at the Ake palace grounds and the arrest of the perpetrators, Abiodun had to come out and read riot act to political desperadoes, warning that he would not allow anyone to throw the state into chaos. One highlight of Abiodun’s strategic build-up to 2023 is the quality membership he has been able to attract to the party. Among many others, he has been able to bring former Speaker Dimeji Bankole, former Governor Gbenga Daniel and his arch rival, Gbeyega Nasir Isiaka, into the APC fold. Given the place of the new recruits in the Ogun political calculus, there are many who hold the view that Ogun has effectively become a one-party state, and that the re-election bid of the Iperu prince would be smooth-sailing, as he is not likely to face serious challenge in getting the APC ticket. The story is that having built a solid political base, Governor Abiodun can count on his allies to deliver the coveted prize. Beyond the political structures, many have pointed to the governor’s strides in various sectors, including education, roads, housing and agriculture. They point to road projects like the 10-lane Epe/Ijebu expressway, the floating of tech hubs to drive youth engagement in the Ogun economy, the massive enrolment in schools following the abolition of tuition, the repositioning of the state’s tertiary institutions and the massive promotion and reward of outstanding teachers with cars and houses.

Analysts also point to his two-time recognition by the Nigeria Agricultural Award as Governor of The Year in agriculture, having initiated landmark projects like the cargo airport, given over 10,000 farmers fertilizers, palliatives and continued support across the state; supported young farmers with over 900 hectares of land preparation in 17 locations, with some 2,500 unemployed youths and farmers engaging in cassava production; and set up strategic partnerships with international development partners and farmers in large-scale cultivation of rice and cassava in 36 locations in 11 local government areas. Abiodun is also credited with empowering 54 pilot youths in broiler production with each making a profit of at least N150,000 per cycle for three cycles. Observers point to the linkage of 4,462 participants to inputs and credit to the tune of N700m in the cassava value chain, the linkage of 1,065 participants to inputs and credit to the tune of N300m in the rice value chain; the linkage of 800 participants to inputs and credit to the tune of N360 million under the Ogun State Government/Federal Government/IFAD Assisted Value Chain Development Programme (VCDP), with 394 maize farmers, 54 rice farmers and 21 poultry farmers benefitting from the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) through the CBN; the construction of14 solar-powered water schemes in select local government areas, and the establishment of a rice processing centre in Eggua, among others. The contention is that anyone who undermines him does so at his own peril, as he seems poised to take the Gateway State to the next level. Branco wrote through funmibranco@naver.com

T H I S D AY • WEDNESDAY, NOVEMBER 24, 2021

EDITORIAL HARVESTING DEATHS FROM AIR POLLUTION Regulators should enforce the law

he United Nations Children’s Fund (UNICEF) has again shaken the table with grave statistics that children below five years old in Nigeria are dying, needlessly, of (outdoor) air pollutionrelated pneumonia and of household air pollution-related pneumonia. UNICEF’s staggering figures put Nigeria as having the highest number of air pollution-related child pneumonia deaths in the world. The signs and symptoms of pneumonia, according to scientists, may include cough, fever, shortness of breath, sharp or stabbing chest pain, loss of appetite, low energy, and fatigue. The grim revelation by UNICEF, at this year’s World Pneumonia Day, is that almost 185 children under the age of five die every day from pneumonia due to air pollution in Nigeria – the majority of them from air pollution in the household, including that from cooking over open fires or cookstoves in the home. According to Peter Hawkins, UNICEF Representative in Nigeria, “this is a travesty – for their families and for A REPORT BY STAKEHOLDER Nigeria – especially because the vast maDEMOCRACY NETWORK, jority of these deaths AN INTERNATIONAL are preventable.” RESOURCE WATCHDOG The Global GROUP, SAID NIGERIA HAS Burden of Disease SOME OF THE WORST AIR said that 78 per cent POLLUTION IN THE WORLD, of air pollution-related WITH DENSE CLOUDS OF pneumonia deaths CHOKING SOOT HANGING in Nigeria are among OVER GRIDLOCKED children under-five – CITIES, LEADING TO A the highest proportion RISE IN SERIOUS HEALTH across all countries. In 17 countries across CONDITIONS Africa, air pollution contributes to more than 50 per cent of pneumonia deaths. Most of these deaths are among children and due to household air pollution – though deaths from outdoor air pollution are rising, according to the GBD. Deaths of Nigerian children under-five due to overall air pollutionrelated pneumonia were 67,416 in 2019, while deaths of Nigerian children under-five due to household-specific air

Letters to the Editor

pollution-related pneumonia were 49,591 during the same year.

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

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COMBATING HIV AND AIDS IN NIGERIA

deally, the response to HIV/AIDS is one that demands concerted efforts across vertical and horizontal angles; involving all segments of the society - from governments at all levels to civil society organizations (CSOs), professional bodies particularly the media, religious, traditional, community leaders, individual support down to market leaders. The reason is that HIV/AIDS still exists, and could be contracted by persons of all ages including infants, and with no cure. It entails that a person that is diagnosed of HIV will live with it, or manage it with medication if detected at an early stage. According to the World Health Organization (WHO), HIV/AIDS is a major cause of infant and childhood mortality and morbidity in Africa. This is why sensitization down to rural areas is a necessary. In particular, the roles of CSOs is critical and cannot be overemphasized as the fight against HIV and AIDS shifts from an emergency response to a long-term response as the virus remains with the society. In fact, the roles of CSOs, both community-based, non-governmental and faith-based organizations become even more important. With good coordination and support, civil society can play a good role in HIV and AIDS advocacy and service delivery. And without it, fewer services would be accessible only by key populations which implies that people in remote areas would have to travel a distance for services and therefore hinder the targeted population from benefitting from provided remedy. In fact, CSOs and other stakeholders can explore extensively

nly recently, a report by Stakeholder Democracy Network (SDN), an international resource watchdog group, said Nigeria has some of the worst air pollution in the world, with dense clouds of choking soot hanging over gridlocked cities, leading to a rise in serious health conditions. Cities that the report listed as mostly affected are Port Harcourt, Aba, Onitsha, and Kaduna where poor air quality has reached crisis levels of pollution in recent years. There is irrefutable evidence of cause to effect, considering the rising cases of asthma, and respiratory diseases. Researchers also focus on the bad quality of fuel imported and used in the country, as well as the equally bad quality fuel refined illegally in the creeks of Port Harcourt and Bayelsa, which, from investigation, is of higher quality than the imports. Regardless, the unsophisticated refining process adopted in the creeks sends up impurities into the atmosphere and this is driven by strong sea wind to where it can do damage to unsuspecting residents. In most Nigerian cities, vehicles with unacceptable emission standards clog the streets, oozing impurities unchecked. Majority of these are used vehicles that are close to end-of-life, meaning they are forbidden in the streets of the European and American cities from where they were exported to Nigeria. More of these vehicles are expected on the shores of the nation in the years ahead, as the developed world increases its switch to electric vehicles that are more fitting for the global quest for a reduction of emissions of CO2 that is implicated in global warming. Nigeria’s air quality is expected to be governed by the National Environmental (Air Quality Control) Regulations, 2014. The purpose of these regulations, according to the government is to provide for improved control of the nation’s air quality to such an extent that would enhance the protection of flora and fauna, human health and other resources affected by air quality deteriorations. The regulation is expected to guarantee everyone’s right to clean air. But the government seems hesitant to enforce the regulations or lacks the political will to do so.

in advocacy when properly equipped on the response to HIV/ AIDS. Aspects of advocacy on HIV/AIDS in which civil society could effectively be engaged will include monitoring to ensure accountability and transparency of government’s commitment; reducing legal and policy structural barriers to a quality HIV response; reducing stigma and discrimination for key populations; supporting civil society networks and coalitions; and promoting the ability of citizens to recognize and demand quality services in their communities. Nigeria reported the first case of AIDS in 1986. Since then, national HIV prevalence was 1.8% in 1991; 5.8% in 2001; 4.4% in 2005; 3% in 2014, and 1.4% in 2018 (for individuals aged 15-64 years). The prevalence varies across regions and states with the highest prevalence being in the south-south (3.1%) while the north-west has the lowest prevalence (0.6 %). The 2018 HIV/ AIDS Indicator and Impact Survey (NAIIS) reveals that 1.9 million people live with HIV in Nigeria. The prevalence of HIV in 2018 was estimated at eight per 10,000 persons. Prevalence of HIV among adults aged 15-64 years was 1.4%, while prevalence of HIV among children aged 0-14 years was 0.2%. The global estimate in 2018 was 37.9 million, of which 1.8 million were children below 15 years. From records, heterosexuality (sexually attracted to members of opposite sex) still accounts for the majority of transmissions of HIV/AIDS in Nigeria with over 90% of transmissions through unprotected sexual intercourse. Carl Umegboro, umegborocarl@gmail.com

DAVIDO’S ACT OF CARE FOR THE NEEDY

t all started like a prank on 17th November, 2021, when David Adeleke, popularly known as Davido, tweeted on his official Twitter page, “If u know I’ve given you a hit song … send me money.” Davido created a new Wema Bank account for this purpose and within the first 10 minutes he had realised N7million. In what appears like comedy, Davido kept on calling out his friends, colleagues and fans telling them he needed N100m to clear his newly acquired Rolls Roy’s from the port. In less than 24 hours Davido had realised above N150m and above N200m in less than two days. Notwithstanding, Saturday 20th November 2021, Davido, announced that he would be using all the money realised for charity. He said, “I am always passionate about giving back and helping people. In view of this I am delighted to announce that all the funds received, totalling N200m will be donated to orphanages across Nigeria as well as the Paroche Foundation. In addition, I will be making a personal donation of N50m, bringing the total amount to N250m.” To ensure adequate disbursement, Davido, instituted a five-person disbursement committee in which Mrs. Titi Adebayo, will serve as the Chairman, Prof. Jonathan Nwosu as the secretary, and three other members who are Professor Yahana Joel of the Northern Nigeria Seventh Day Adventist Union Conference, Pastor (Dr) Oyalabu of the Spring Time Development Foundation and Professor Uloma Onuoha. The committee is to work on the number of orphanages in Nigeria, determine their needs and share the funds accordingly. It was also noted that Wema Bank will be the official bank in charge of disbursement as they also played a vital role in making this a reality. Davido reiterated that his goal is to raise funds for the needy every year on his birthday. Let me at this point appreciate this Godly act of care and love for humanity demonstrated by Davido. I encourage others to do same. Qudus Owolola, Jabi, Abuja

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

MIDWEEKPOLITICS

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

Why Nasarawa Supports Al-Makura’s Quest for APC Chairmanship Igbawase Ukumba reports that Nasarawa State is ready to support Senator Umaru Tanko Al-Makura in his journey to contest the All Progressives Congress national chairmanship

Governor Abdullahi Sule

n October 4, 2021 in Lafia, to the elation of his teaming supporters, Senator Umaru Tanko Al-Makura made a solemn declaration, unequivocally throwing his hat in the ring as he expressed in very clear terms his decision to vie for the exalted position of the national chairman of the All Progressives Congress (APC). Al-Makura said during the declaration that his desire to campaign for the national chairmanship of the APC was borne out of his conviction to safeguard the good tenets of President Muhammadu Buhari’s administration. Making his desire to vie for the exalted position of the APC national chairman public in Lafia, Al-Makura said: “Today, I take this opportunity to make a declaration about my aspiration to contest for the office of the APC national chairman in the coming convention. I consider this important because this is my base. This is my Local Government Area where my ward and even the zonal headquarters are. This is where my umbilical cord that gave rise to my political aspiration lies. “I, Umaru Tanko Al-Makura, wish to contest for the position of APC chairman. I am doing this to ensure cohesion, party unity. To ensure that those values and attributes that came with the emergence of the legacy parties have been kept alive.” The erstwhile Nasarawa State governor was optimistic that he knows as a matter of fact that he was one of those who participated in the merger exercise that Nigerians have shown unity and commitment to national harmony, to inclusiveness, to Nigeria politics. He maintained that the reason all the legacy parties abandoned their tendencies of ACN in the South-west, APGA in the East, ANPP in the North, and CPC in the North. “But because of our quest, desire to ensure unity of purpose, direction, focus and vision for every Nigerian, we came together to form APC, and abandoned all those premodial sentiments. I believe at this material time that people who should manage the affairs of this party are people who know where the party was coming from, where the party is going. I can assure you if I become the national chairman, I will ensure equity, fairness, justice and ensure that those of our supporters who joined the party; even if it is today, they are given a sense of belonging and participation,” Al-Makura maintained. Perhaps, it was against this backdrop that, when interacting with select journalists recently in the Goverment House, Lafia, Governor Abdullahi Sule said he had since commenced campaign across the country on the desire of the erstwhile governor to contest the national chairmanship of the APC. “I think we have gone beyond advice now.

Senator Umaru Tanko Al-Makura So, now we are campaigning. I have been encountering with major stakeholders in the APC that we strongly believe that what we are asking for is fair. What we are asking for is not too much for the party to do. What we are asking for will actually keep the party together. So that is what we have been saying. “I have gone far beyond just making a plea. I have gone to the stage of making consultations, speaking with the right people who are supposed to be part of this. Speaking with all the decision makers. Speaking with the highest authority of the party, especially speaking with my colleagues; the governors. I have been trying everything to ensure that we plead for this position to come to Nasarawa State,” Governor Sule disclosed during the interactive session with the journalists. Apart from agitations that the APC national chairmanship position should go to Nasarawa State, the Nasarawa governor said the Congress for Progressives Change (CPC); one of the independent political parties that birthed the APC, was agitating that the position of the APC national chairman be zoned to the North-central before coming to Nasarawa State. Sule continued: “I am going on the full swing. I don’t want to go half and stop. I am saying that I strongly believe it should come to North-central, and Nasarawa State; I always add that. I don’t want to stop at coming to North-central without mentioning Nasarawa State, because that is why I said I am going full swing. And we have justification for that. We are not just saying that for the sake of saying it. “APC is actually a product of an alliance. An alliance between three former independent political parties. The ACN, ANPP and the CPC. The two former

members of the alliance have all produced the national chairman of the party twice. But the only one that has not produced so far is the CPC. And if you are talking of the CPC, Nasarawa State is the only state with the CPC that went into the alliance. So, that is the justification that we have. “But I don’t want to just stop at that. I keep saying let it come to Nasarawa State because I don’t want people to feel that the person I am looking for the position for, may be because of one reason or the other, is not the right person. So, let it come to Nasarawa State. Give us in Nasarawa State.” The Nasarawa governor maintained that Nigerians have to be fair to CPC first, and then Nasarawa because it was the only state that joined the alliance. He added that when the chairmanship position comes to CPC, Nasarawa would look for it. “But Right now, I think we have gone out full swing; we are campaigning for people. We want people like Tanko AlMakura to take it. And we are not hiding it,” Sule re-echoed. The speaker of the Nasarawa State House of Assembly, Ibrahim Balarabe Abdullahi, expressed optimism that the APC will reclaim states of the federation it lost to the opposition only if Senator Al-Makura gets the national chairmanship position of the party during the forth coming national convention. The Nasarawa Assembly speaker expressed his optimism of APC reclaiming the lost states under the watch of Al-Makura in Lafia at an event endorsing senator for the national championship position of the APC which was organised by a political group, Progressives for Umaru Tanko Al-Makura (PUTA). The

Senator Al-Makura had won his governorship contest in 2011 on the platform of the CPC; a political party that at that time had no single councillorship seat in the country. It was CPC that produced Senator Al--Makura in 2011; a new party at that time that had no structure on ground. It was that Al-Makura’s CPC that merged with other political parties to form the APC that won the presidential election in 2015. If Al--Makura is elected as the national chairman of the APC, the APC will take over the whole country in future elections

Nasarawa speaker, who was represented at the endorsement ceremony by the Majority Leader of the Nasarawa House of Assembly, Umar Tanko Tunga, reminded everyone that Senator Al-Makura had won his governorship contest in 2011 on the platform of the CPC; a political party that at that time had no single councillorship seat in the country. “It was CPC that produced Senator Al-Makura in 2011; a new party at that time that had no structure on ground. It was that Al-Makura’s CPC that merged with other political parties to form the APC that won the presidential election in 2015. If Al--Makura is elected as the national chairman of the APC, the APC will take over the whole country in future elections,” Speaker Abdullahi insisted. Abdullahi, therefore, assured Senator AlMakura of the Nasarawa lawmakers’ support at all times to enable him succeed in his political aspiration. He also urged Nigerians to support the aspiration of Al-Makura to lead the party and take it to greater heights, even as the speaker also called on Nigerians to continue to support the APC government at all levels to succeed. To a political group, Progressives for Umaru Tanko Al-Makura (PUTA), the declaration of Al-Makura to contest for the national championship seat of the APC was, no doubt, in tandem with the group’s clarion call and several other similar calls across the length and breadth of the country, directed at the senator. The group said the declaration of Al-Makura, popularly referred to as “The Lafia Declaration”, like a thunderbolt, shook the political landscape of the country, particularly the North-central geopolitical zone and his home state of Nasarawa. PUTA continued that “consequently, critical stakeholders, opinion moulders, party leaders and indeed the entire APC family in the state received the declaration with untold excitement. Addressing a mammoth crowd that thronged the Ta’al Conference Hotel, Lafia to witness the endorsement of Al-Makura for the national championship seat by critical stakeholders in the state on November 8, 2021, the convener of PUTA, Hon. Makpa Malla, said the PUTA strongly believes that the unanimous and very positive reception for Al-Makura by party stalwarts in the state was not unconnected with his (Al-Makura’s) love for the APC, “a party he midwifed, nurtured and strengthened, right from the days of the CPC, into the merger that culminated in the formation of the APC and afterwards as Executive Governor and Distinguished Senator of the Federal Republic.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

POLITICS

As Ikpeazu Commissions Enyimba Shoe Company

GOVERNANCE IN PHOTOS

Onyebuchi Ememanka, Chief Press Secretary to the Governor of Abia State, captures the highlights of the recent launch of the Enyimba Automated Shoe Company

L-R: Mr. Tomoyoshi Maehira; Chairman, House Committee on Nigeria-Japan Parliamentary Friendship Group, Rep. Mukhtar Ahmed; Japanese Ambassador to Nigeria, Amb. Matsunaga Kazuyoshi; Speaker, House of Representatives, Hon. Femi Gbajabiamila; and Namikawa Hokuto after a courtesy visit to the Speaker by a delegation from the Embassy of Japan at the National Assembly

Senate President, Dr. Ahmad Lawan (right) in the company of Governor Okezie Ikpeazu admiring a product at the Enyimba Shoe Company

istory was made when the first ever Enyimba Automated Shoe Company (ENASCO) with two million pairs of shoes annual production capacity built by the administration of Governor Okezie Ikpeazu was formally commissioned by the Senate President, Dr Ahmad Lawan. Speaking while performing the ceremony at the company premises in Umukalika Village, Obingwa LGA, Senator Lawan commended Governor Okezie Ikpeazu for his vision in establishing the company, adding that he has shown that nothing is impossible despite the lean resources available to the state. According to him, the Governor has shown how prudent, economic and efficient he is with resources at his disposal, adding that if the project is the only thing the Governor leaves behind he would have achieved a lot. The Senate President said Abia is lucky to have Dr Ikpeazu as Governor and assured that he will push for more support from the Federal Government and its agencies to enable the company thrive. Dr Ahmad Lawan said that to have a prosperous nation the country must embark on import substitution, adding that we must Nigerianize what we consume. The Senate President while noting that the future belongs to the youths, pointed out that the stability of any country rests on providing the youths opportunity to put their energy into productive ventures. In his remarks, the Governor Okezie Ikpeazu who disclosed that about one million youths are engaged in the leather and garment sub-sector of the state said his Government has been able to tie end to end issues of power, machine automation and marketing of products which have remained major challenge to the Aba shoe makers. The Governor restated that it is through the use of Made-in-Nigeria products that the economy of the

country can be enhanced. He further said that the essence of setting up the company is to have a greater share in the growing shoe enterprise as ENASCO will produce five thousand pairs of shoes daily. The Governor also revealed that in the next six months, machines for the Enyimba Garment Factory will arrive the state from Turkey, adding that the company will provide the state the leverage to contribute its quota in the competitive global garment market. The Commissioner for SMEs Development, Mrs Adaku Adaku Uwaoma Onusiriuka Oseiza who described the project as a dream come true as it has provided the state the opportunity to sharpen and improve the productive capacity of Aba shoe makers through automation. Earlier in an address, the Chairman of the Board of the Enyimba Automated Shoe Company, ENASCO, Mr Mark Atasie said that the vision of ENASCO is to be one of the most recognized leather companies out of Africa in the next five years while its mission is to elevate to a world class reckoning the Aba shoe Industry. He listed the company’s take off products to include work boots, school shoes, military desert boots, police shoes, dress shoes for men among others , adding that the company has distributors in Lagos, Abuja and Abia in addition to online sales platforms. The event was attended by the Deputy Governor Sir Ude Oko Chukwu, the Senate Chief Whip, Dr Orji Uzo Kalu, the Senator representing Abia Central, Senator T.A Orji, Speaker of the State Assembly, Rt Hon Chinedum Orji and members of the Abia State House of Assembly, a former Chief of Army Staff, General Azubuike Ihejirika, Senator Chris Adighije, Senator Yakubu Husseini ,some APC Chieftains including Chief Nyerere Anyim, Executive Secretary NALDA, Prince Paul Ikonne , members of the State Executive Council ,the Abia State traditional institution led by Eze Joseph Nwabeke, captains of industry and various PDP groups.

Widow of the late Dr Nnamdi Azikwe, Professor Uche Azikiwe (left) pictured with business mogul, Valentine Ozigbo, the ﬂag-bearer of the Peoples Democratic Party in the November governorship election in Anambra State, at the Combined 9th & 10th Annual Zik Lecture series held at Nnamdi Azikwe University in Awka, the capital of Anambra State

L-R: Prevention Branch Chief, Centres for Disease Control (CDC), Dr Jerry Gwamna; CEO, The Centre for Integrated Health Programs (CIHP), Dr Bola Oyeledun; Deputy. Director. Epidemiology, Surveillance and S.I, Dr Ibrahim Dalhatu; CEO, Lagos State AIDS Control Agency (LSACA),Dr Monsurat Adeleke; Deputy. Director. Programs, CDC, Dr Solomon Odafe; Medical oﬃcer, CDC, Dr Snigdha Vallabhaneni;and State Program Manager, CIHP, Lagos, Dr Shola Oguntona,during a Courtesy Visit to Solicit the Agency’s Collaboration on the Community model on the Prevention of Mother To Child Transmissions (PMTCT) and also towards the total eradication of Vertical transmission of Mother to Child in Lagos recently PHOTO: ETOP UKUTT

L-R President, Dangote Group, Alhaji Aliko Dangote; Ekiti State Governor, Dr Kayode Fayemi; Osun State PDP Chieftain, Senator Ademola Adeleke; and Minister of Youth and Sports Development, Chief Sunday Dare; during the Governor’s condolence visit to the Dangotes on the death of his brother, Alhaji Sani Dangote in Kano

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

FEATURES

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

COP26: A Growing Consensus Towards Adaptation, Mitigating and Financing Climate Change As curtains dropped on the recently held 26th Conference of Parties championed by the United Nations Framework Convention on Climate Change in Glasgow, Scotland, Chiemelie Ezeobi reports that the overarching objective of climate adaptation, mitigation and financing, which are the three pillars of collective climate action, was somewhat achieved, but with the consensus that all 197 nations involved walk the talk

President Muhammadu Buhari ﬂanked by Prime Minister Boris Johnson and Antonio Guterres, Secretary-General of the United Nations

he 2021 Conference of Parties (COP26) of the United Nations Framework Convention on Climate Change (UNFCCC) ended on November 13 in Glasgow, Scotland, with about 200 countries agreeing to the Glasgow Climate Pact to keep 1.5°C alive and finalise the outstanding elements of the Paris Agreement. Conference of Parties The Conference of Parties, also known by its acronym COP is an annual meeting of Parties to the UNFCCC. Annually, stakeholders from 197 member countries known as "Parties" to the Convention come together at predetermined venues to avert dangerous climate change. At each COP, the mandate is to monitor, review and implement issues agreed upon by Parties and this has been the trend since its inception in 1995. The first conference was held in 1995 in Berlin, Germany. In 1996, 1997, 1998, 1999 and 2000, it was held in Geneva, Switzerland; Kyoto, Japan; Buenos Aires, Argentina; Bonn, Germany; and The Hague, Netherlands, respectively. In 2001, 2002, 2003, 2004, 2005, 2006 and 2007, it was held at Bonn, Germany; Marrakech, Morocco; New Delhi, India; Milan, Italy; Buenos Aires, Argentina; Montreal, Canada; Nairobi, Kenya; and Bali, Indonesia, respectively. While the 2008 COP was held in Pozna , Poland, the 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, were held in Copenhagen, Denmark; Cancún, Mexico; Durban, South Africa; Doha, Qatar;

Warsaw, Poland; Lima, Peru; Paris, France; Marrakech, Morocco; and Bonn, Germany, respectively. From 2018, 2019, 2020 and 2021, the COP held at Katowice, Poland; Bonn, Germany; Madrid, Spain; and Glasgow, United Kingdom, respectively. For next year, it will be held in Sharm El Sheikh, Egypt, while that of 2023 and 2024 would be held in United Arab Emirates and Odessa, Ukraine, respectively. COP26 in Glasgow Already, a total of 26 annual conferences have been held in different countries. But this year, the annual conference touched down in Glasgow, Scotland. According to COP26 President, Alok Sharma, "climate change is the biggest challenge of our time and we need to work together to deliver a cleaner, greener world. We must work together and agree on ambitious emission reduction targets that lead us to net-zero by 2050." Objectives

Essentially, the objectives of COP26 was streamlined into four goals and they were: securing global net-zero by the middle of the century; adapting to protect our communities and natural habitats; mobilising $100bn in climate finance per year; and working together to meet the challenges of the climate crisis. Climate Pact After two weeks of intense talks and negotiations at the just concluded 2021 Conference of Parties (COP) 26, of the United Nations Framework Convention on Climate Change (UNFCCC) at Glasgow, Scotland, nearly 200 countries agreed to keep 1.5°C alive and also finalised the outstanding elements of the Paris Agreement. The Glasgow Climate Pact, combined with increased ambition and action from countries, means that the goal of limiting global temperature to 1.5°C above pre-industrial levels remains in sight, but it will only be delivered with concerted and immediate global efforts. Also, the Glasgow Climate Pact will

We can now say with credibility that we have kept 1.5 degrees alive. But, its pulse is weak and it will only survive if we keep our promises and translate commitments into rapid action

speed up the pace of climate action. All countries agreed to revisit and strengthen their current emissions targets to 2030, known as Nationally Determined Contributions (NDCs), in 2022. This will be combined with a yearly political roundtable to consider a global progress report and a Leaders summit in 2023. While the COP agreed on phasing down unabated coal power, the first time such move was seemingly successful, Africa also benefitted from Clean Transport, Adaption and Resilience, Finance and Nature based programmes, and Nigeria introduced Climate Change Bill into Law just days after COP26. UK's Contribution For the United Kingdom (UK) government, the final COP26 text followed two years of intense diplomacy and campaigning undertaken by its Presidency to raise ambition and secure action from almost 200 countries. Accordingly, when the UK took on the COP26 mantle, in partnership with Italy, nearly two years ago, only 30 per cent of the world was covered by net zero targets. This figure is now at around 90 per cent. Over the same period, 154 Parties have submitted new national targets, representing 80 per cent of global emissions. Contributing to the discussion, British High Commissioner to Nigeria, Catriona Laing CB said: “Nigeria is highly vulnerable to climate change and although it has been ambitious in developing adaptation and mitigation plans, these plans need to be transformed into action – by the federal

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

FEATURES

COP26 in Glasgow and state governments working closely with local communities, civil society and other stakeholders, and with the support of development partners. “We will continue to support Nigeria make progress on decarbonisation of the power sector and stay the course on power sector reforms, creating the enabling environment for offgrid solar at scale by, for example, removing high VAT and customs on domestic solar equipment. “We will also continue to support efforts that will see Nigeria take action to reduce greenhouse gases such as black carbon and methane from the atmosphere by ending gas flaring as well as adopting climate smart agro-forestry and agricultural reforms as sustainable solutions for Nigeria’s people, nature and biodiversity.” Derivables for Nigeria While other nations recorded impressive milestones, for Nigeria, COP26 was an avenue to boost its efforts. President Muhammadu Buhari pledged that Nigeria would cut its emissions to net zero by 2060 and called on developed countries to support countries like Nigeria which require adequate and sustained technical and financial support to attain climate goals. To demonstrate commitment to Nigeria’s international ambition and to support the implementation of Nigeria’s adaptation and mitigation measures, the President signed Nigeria’s Climate Change Bill into Law just days after COP26. Finance-wise, developed countries outlined how the $100bn per year climate finance goal will be delivered by 2023 at the latest that it will continue on a rising trajectory through to 2025 and the UK committed a further $1bn taking our total to £12.6bn by 2025. This means Nigeria and other vulnerable countries can continue to access support for their national climate plans and mitigation measures. On Adaptation, the UK pledged £290 million in new funding for adaptation and £143.5 million of programmes to support African countries to adapt to the impact of extreme weather and changing climate. The plan is to support African governments to roll-out critical adaptation projects so that at-risk communities can adapt to the impact of extreme weather and changing climates – including boosting weather forecasting and early-warning systems so people living at risk of droughts or floods can take action in advance of climate shocks. Helping vulnerable communities in Nigeria where c.70 per cent of the population rely on agriculture and livestock for an income – to be more resilient to cope with climate shocks. And getting drought and storm insurance so that people can respond quickly when disasters strike. In innovation, 42 countries covering >70 per cent of global GDP and including Nigeria endorsed the Breakthrough Agenda committing to work together, including through public-private collaboration and by mobilising finance at scale, to make the global transition to a clean economy faster, lower cost and easier for all, while

Alok Sharma making solutions to adaptation more affordable and inclusive by 2030. For nature, 128 countries including Nigeria, covering almost 90 per cent of the world’s forests, committed to more urgent action to protect our land and make our agriculture and food systems more sustainable for the future. And the UK will be providing a £500m boost to protect over five million hectares of tropical rainforests and create thousands of green jobs across Africa, Asia and Latin America; and a £65m ‘Just Rural Transition’ support programme to help communities move towards more sustainable methods of agriculture and food production. UK’s Climate Change Support to Nigeria Considerably, the UK government is working with Nigeria to build a greener economy with greater resilience to climate shocks through the use of financial, nature and community solutions. According to Press & Public Affairs Officer | Comms Lead, Prosperity and Economic Development | Foreign Commonwealth and Development Office, Ndidiamaka Eze, this includes supporting Nigeria to: improve access to reliable power; manage a transition from dependence on fossil fuels to more financially viable and cleaner energy supply; develop infrastructure which is more climate smart, higher quality, better planned and value for money; and boost the uptake of climate-smart agriculture. They include finance where "Our programmes PACT/UKNIAF (Partnering for Accelerated Climate Transitions and Nigeria Infrastructure Advisory Facility) have committed £1.5m of funding for a suite of advisers within the Ministries of Finance and Environment to boost the inflow of green finance into Nigeria, help green Nigeria’s infrastructure and tag potential projects, and create a climate finance and project database. "Financial Sector Deepening Africa programme is supporting Nigeria on the issuance of green bonds – it has facilitated a corporate green bond in 2021 for offgrid energy (which was also a sukuk green bond). It supports Nigeria’s green bond committee; "On energy transition: UKNIAF is supporting Nigeria’s efforts to put more renewables on the grid. Nigeria has been actively involved in the COP26 Energy Transition Council (ETC) which aims to make clean and

sustainable power the most affordable and reliable option for countries to meet their power needs efficiently and accelerate their clean energy transition – moving away from coal and other fossil fuels – while ensuring a just transition and improved energy access for all; "Nature: Nigeria has been engaged in the COP26 Forest, Agriculture and Commodity Trade (FACT) Dialogue and the Sustainable Agriculture Dialogues. It has endorsed both the FACT Roadmap and the Policy Action Agenda for Sustainable Agriculture. "The dialogues focus on two areas of long-term action: 1) global action to protect and restore forests and critical ecosystems; 2) global transition to sustainable agriculture and land use. The challenge here will be ensuring there are sufficient financial incentives on the States to preserve forests. The UK is supporting Edo State with sustainable forestry and we are trialling the growing of rice in a way which uses less water and produces less methane in Kano, Kaduna and Jigawa; "Adaptation and Resilience: We have supported more than 600,000 people to be more resilient to climate change in Northern Nigeria through our Propcom programme. We also support increased financial inclusion so that people can save against shocks and have enabled more than 200,000 excluded people to have access to finance through financial programmes. Our FSDA programme is advising Lagos State on flood mitigation measures; "Transport: Lagos State endorsed the COP26 Zero Emissions Vehicles Declaration which aims to accelerate the transition to cleaner transport. UKNIAF is supporting 2 bus rapid transit systems and the Future Cities programme has supported studies for Lagos Waterways." Pledges At the end of COP26, the UK pledged significant new funding to priority programmes on finance, adaptation and resilience, innovation and nature which Africa stands to benefit from. Also, the Paris Rulebook, which are the guidelines for how the Paris Agreement will be implemented, was finalised after six years of discussions. This Rulebook will now allow countries to be held to account as they deliver on their targets. This includes Article 6

Nigeria is highly vulnerable to climate change and although it has been ambitious in developing adaptation and mitigation plans, these plans need to be transformed into action

of the rulebook, which establishes a robust framework for countries to exchange carbon credits through the UNFCCC. Also in the bag was agreed action on phasing down fossil fuels, heeding calls from civil society and countries most vulnerable to climate impacts while decisions made went further than ever before in recognising and addressing loss and damage from the existing impacts of climate change. Commitments Aside the pledges, the participating nations also made binding commitmentsone of which was to significantly increase financial support through the Adaptation Fund as developed countries were urged to double their support to developing countries by 2025. Also, many more countries and organisations committed to phase down unabated coal power and ending international coal financing. Reﬂections Reflecting on the task ahead, COP26 President Alok Sharma said: "We can now say with credibility that we have kept 1.5 degrees alive. But, its pulse is weak and it will only survive if we keep our promises and translate commitments into rapid action. I am grateful to the UNFCCC for working with us to deliver a successful COP26. “From here, we must now move forward together and deliver on the expectations set out in the Glasgow Climate Pact, and close the vast gap which remains. Because as Prime Minister Mia Mottley told us at the start of this conference, for Barbados and other small island states, ‘two degrees is a death sentence’. “It is up to all of us to sustain our lodestar of keeping 1.5 degrees within reach and to continue our efforts to get finance flowing and boost adaptation. After the collective dedication which has delivered the Glasgow Climate Pact, our work here cannot be wasted.” United Nations Framework Convention on Climate Change The United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty with the goal of averting dangerous climate change and stabilising greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system, in a time frame which allows ecosystems to adapt naturally and enables sustainable development. Essentially, the UNFCCC was adopted in 1992 by 197 countries referred to as Parties to the Convention. Meanwhile, the UNFCCC is the highest decision making body on issues relating to the goals of the convention and has near universal membership and is the parent treaty of the 2015 Paris Climate Change Agreement. The main aim of the Paris Agreement is to keep a global average temperature rise this century well below 2 degrees Celsius and to drive efforts to limit the temperature increase even further to 1.5 degrees Celsius above pre-industrial levels.

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, NOVEMBER 24, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

2 3 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

14.00%

CALL

INDEX LEVEL

565.29%

1/4 TO DATE

6.06%

N412.08/ 1 US DOLLAR*

OVERNIGHT

14.50%

1-MONTH

1-DAY

–0.11%

YEAR TO DATE

– 15.66%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.41%

At N464.35bn, MTN, NB, Dangote Cement May Exceed Trade & Other Receivables in 2021FY

Kayode Tokede On the heels of reporting N464.35billion trade and receivable in nine months ended September 30, 2021, the likes of MTN Nigeria Plc, Nigerian Breweries Plc, among other companies might exceed 2020 receivables in this year’s financial results. Trade and receivables are the amount owed to a business by its customers following the sale of goods or services on credit. THISDAY checks revealed that companies operating in the country have enhanced loan loss provision amid growing trade & receivables in the period under review.

Specifically, MTN Nigeria in the period under review reported 92 per cent increase in Trade and other receivables to N97.62billion from N50.77billion reported in full year ended December 31, 2020. The primary contribution to the telecommunication giant’s trade and other receivables was N35.96billion “other non-financial receivables” in nine months of 2021 from N5.9billion reported in 2020. MTN Nigeria in its unaudited result and accounts to the Nigerian Exchange Limited (NGX) had explained that: “Other non-financial receivables includes the placement of minimum capital with Central Bank

of Nigeria (CBN) for Payment Service Bank license and withholding tax receivables.” In the same vein, Dangote Cement closed nine months of 2021 with N52.19billion trade & other receivables, an increase of about 48 per cent from N35.19billion reported in 2020. The breakdown of Dangote Cement trade & other receivables revealed Value added tax receivables increase of about 97 per cent to N5.17billion in nine months of 2021 from N2.63billion reported in 2020, while “Other receivables” rose by 101 per cent to N30.85billion in nine months of 2021 from N15.3billion reported in 2020. The cement manufacturing

company reported N226 million impairment of financial assets in the period under review as against N188 million reported in 2020. On the contrary, BUA Cement reported 33 per cent decline in trade & other receivable to N38.79billion in nine months of 2021 from N83.3billion reported in 2020, while Nigerian Breweries Plc closed nine months with 104.05 per cent increase in trade & other receivables to N23.3billion in nine months of 2021 from N11.42billion reported in 2020. Analyst at PAC Holdings, Mr. Wole Adeyeye explained that increasing trade & other receivables is an indication of growth in companies

operations in the period, stressing that demand in supply often impact on company’s receivables. According to him, ”Trade & other receivables are an indication that the company is producing the more in a move to meet customers demand. When customers refused to payback, these companies will have to impair such receivable and it becomes a bad debt. For me, the growth recorded by these companies trade & other receivables is a reflection of growing economy.” Other market analysts attributed hike in trade & receivables to adverse impacts of the Covid-19 pandemic and hike in cost of goods and services.

An Economist & Private Sector Advocate, Dr Muda Yusuf blamed hike in companies’ trade & other receivables on the adverse impacts of the Covid-19 pandemic on businesses and inflation rate. He noted that all sectors in the nation’s economy was affected by pandemic inflicted shocks that continued to mount pressure on receivables by companies. According to him: “This reflected in the unaudited financial statements of these companies in 2020FY and nine months ended September 30, 2021. Some businesses are even yet Continued on page 26

NACCIMA Commences Collection of Data on Nigerian Insolvent Industries Dike Onwuamaeze The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has announced its decision to commence the collection of data that would provide empirical report on insolvent industries in Nigeria. This was disclosed by the Director General of NACCIMA, Ambassador Ayo Olukanni, in the communiqué of the 4th Quarter Council Meeting of the NACCIMA, which was held

recently in Benin City, Edo State. The communiqué read: “Council announced the decision to commence data collection on insolvent industries across the country through the NACCIMA Secretariat. This is to help drive private sector activities, in collaboration with member-chambers, for advocacy, business development, and trade promotion activities. These activities will focus on promoting market access opportunities, as well as, develop an empirical report on the state of insolvent industries and

factories within each state of the federation.” The fourth quarterly meeting, which was presided over by the National President of NACCIMA, Mr. Ide J. C Udeagbala, also highlighted the need to enhance skill development and promotion of technical and vocational education in Nigeria in order to bridge the gap in the supply of semi-skilled and skilled technical manpower in the country’s labour market. The NACCIMA also called for the full implementation of the Executive

Order 5 of the federal government, which would foster the promotion of Technical and Vocational Education and Training (TVET) and increase the pool of skilled technical workers that the private sector could tap into to improve productivity. It said: “The council deliberated extensively on skills gap in Nigeria and particularly shortage of technical and semi-skilled labour, which is crucial to industry and domestic production. It drew attention to the high unemployment rate of 27.1

percent, which is a reflection of the fact that those who are unemployed lack the skill to fill open job positions. “Consequently the council strongly recommended the full implementation of Executive Order 5 of the federal government, specifically, the ‘Presidential Executive Order for Planning and Execution of Projects, Promotion of Nigerian Content in Contracts and Science, Engineering and Technology.’ “This is to help promote TVET and also increase the pool of skilled

technical workers which the private sector can tap into to improve productivity. In this regard the council reiterated that the private sector must play a more important role in policy formulation and various activities of the National Board for Technical Education as it work towards finding enduring solution to the nations technical man power needs.” The communiqué also harped on the need for the public and Continued on page 26

M A R K E T D ATA A S AT T U E S D AY, N O V E M B E R 2 3 , 2 0 2 1 FGN BONDS DESCRIPTION 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.19

3.79

0.00

NTB 11-Nov-21

3.74

3.74 0.00

100.31

3.79

0.00

NTB 25-Nov-21

3.82

3.83 0.00

100.54

3.96

0.00

NTB 13-Jan-22

4.10

4.13 0.00

101.02

3.97

0.00

NTB 27-Jan-22

4.18

100.59

4.17

0.00

NTB 10-Feb-22

4.26

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS NOV 24 2021 420.93

NGUS DEC 29 2021 422.38

NGUS JAN 26 2022 423.83

4.22 0.00

NGUS FEB 23 2022 425.28

4.31 0.00

NGUS MAR 30 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

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

5.69

5.71

0.00

7.06

7.08

0.00

6.56

6.59

0.00

9.29

9.35

0.00

6.71

6.74

0.00

WEDNESDAY, NOVEMBER 24, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PRISM OF BRAND…

L-R: Group Marketing Director, Jotna Nigeria Ltd, Mr. Emmanuel Agu; Founder/CEO, Centre for Values in Leadership (CVL), Prof. Pat Utomi;Publisher, Brand Communicator and Convener of Brandcomfest, Mr. Joshua Ajayi;Managing Director, Nitro 121, Mr. Lampe Omoyele;Marketing Director/Country Project Lead, Unilever West Africa,Mrs. Nsima OgediAlakwe;and Group CEO, Hazon Holdings, Mr. Victor Afolabi, at the Brandcomfest 2021 seminar on Dissecting the Prism of brand in Building a Volatile Economy organised by Brand PHOTO: ETOP UKUTT Communicator in Lagos… recently

Insurers Solicit for FG’s Support through Increased Patronage, Pledge Support to Govt Initiatives Ebere Nwoji Operators of insurance sector have solicited for federal government’s support to the sector in the area of increase patronage by ministries, departments and agencies of the government through adequate insurances of government properties and in the speedy passage into law, of the Consolidated Insurance Bill 2020, which has just been laid on the floor of the National Assembly. The insurers made the request during a recent visit of the industry delegates to President Muhammadu Buhari in his office in Abuja. During the visit, umbrella body of insurance underwriters the Nigerian Insurers Association (NIA), also pledged its support to President Buhari’s administration especially in the area of developmental initiatives. Among the industry’s delegates who visited the president include the Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori; the President, NIA, Mr Ganiyu Musa; the Nigerian Council of Registered Insurance Brokers, and the regulator, the National Insurance Commission (NAICOM). Speaking during the event, the President/Chairman, CIIN, Muftau Oyegunle, said, “In recognition of the laudable initiatives and programmes of your administration, it is our great privilege and with much delight that we confer on you, the highest honour of the institute. “We also want to assure you that the institute and indeed the Nigerian insurance industry would continue to support your administration. We once again appreciate your excellency for the rare privilege of having us

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)

on this courtesy visit and your acceptance of the conferment of the grand patron and fellowship awards by the institute.” The team acknowledged and appreciated Buhari for his presence at the recently held African Insurance Organisation conference in Nigeria. They thanked the administration’s sustained support to the insurance industry in Nigeria.

“We seek more of such support in the area of increase patronage by ministries, departments and agencies of the government through adequate insurances of government properties and also in the area of speedy passage into law, of the Consolidated Insurance Bill 2020, which has just been laid on the floor of the house,” he said. Oyegunle stated that the CIIN

collaborates with the other arms of the industry to ensure a high standard of ethical behaviour, promote awareness of insurance as a service offering, as a career while also engendering understanding and cooperation among all stakeholders in the industry. While assuring the President of the sector’s support, he recalled that the insurance industry under

the regulatory coordination of the National Insurance Commission and collaborative efforts of the Nigerian Insurers Association and Nigerian Council of Registered Insurance Brokers supported the administration with N500m at the onset of the COVID-19 pandemic. The insurance industry also provided the much-needed insurance cover for 5,000 federal

government (and some state government) health frontline workers engaged in the fight against the pandemic, he added. While mentioning that Buhari had introduced many poverty alleviation programmes, which have impacted Nigerians, he urged the president to include insurance in the formulation of the initiatives, which would guarantee sustainability.

NIMASA Seeks Korea’s Support for IMO Elections, Sign MoU with Coast Guard Eromosele Abiodun The Director General of the Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has called on the Korean Government to support Nigeria’s quest to return to council of the International Maritime Organisation (IMO) during the elections scheduled for the first week of December this year in London. He said Nigeria as a leading maritime nation in the West and Central Africa region is seeking election into council in category C at the IMO. He stated this yesterday in Lagos when Nigeria, through the NIMASA

and the Republic of Korea signed a Memorandum of Understanding (MoU) of cooperation in the field of Maritime Security and Safety. Jamoh signed on behalf of NIMASA while the Director General, International Affairs and Intelligence Bureau, Korean Coast Guard, Seonggi Kang signed on behalf of Korea. The MoU, which provides a framework for NIMASA and the Korean Coast Guard is to develop, Coordinate and Monitor the implementation of Maritime Security and Safety between both organisations. Speaking at the occasion, Jamoh said that the MoU will be

implemented to the best interest of both countries adding that it will ultimately enhance safety and security in the Gulf of Guinea. According to Jamoh, “The relationship between Nigeria and Korean spans over many decades. This MoU which started with a statement of intent in 2018 is designed to reinforce the commitment of both countries to grow bilateral trade through maritime.” Commenting on the emergence of Nigeria’s Dr Paul Adalikwu as the newly elected Secretary General of the Maritime Organization for West and Central Africa, MOWCA, Jamoh said that it is another testimony of the trust

the international community now bestow on Nigeria’s leadership role in the African maritime sector. On his part, the Director for International and Intelligence Bureau of the Korea Coast Guard (KCG) Seonggi Kang commended Nigeria for its commitment to the growth of the maritime industry. He said, “we are impressed with Nigerian Government commitment to safety and security in Nigerian waters and the Gulf of Guinea. We shall convey your message seeking support for return to council at the IMO to our home country based on conviction.” Seonggi Kang expressed optimism that the MoU will

assist in addressing some issues in the Nigerian Maritime domain. According to him, “there are a lot of concerns in the Gulf of Guinea, especially with piracy and illegal fishing. We hope by signing this MoU, these challenges and others will be resolved”. The NIMASA, Korean Coast Guard MoU which is for an initial period of 5 years and will be automatically renewed for another 5 years unless either participant withdraws 6 months before the expiration, covers Capacity Building, Information Sharing, Search and Rescue Liaison and establishment of hotlines for direct communication at all times.

NACCIMA COMMENCES COLLECTION OF DATA ON NIGERIAN INSOLVENT INDUSTRIES private sectors to be committed to the promotion of the application of technology in the conduct of business in the Nigerian economy. It stated that the council’s “attention was drawn to the contribution of technology and telecom sector which made significant contribution of 14.2 per cent in Q3 2021 to the growth of the economy even in the midst of COVID-19 pandemic.

“Consequently it was resolved that the NACCIMA will pay more attention to the application of technology for the growth of businesses and in the pursuit of its vision to develop technology co-creation centers and industrial parks in its three geo business zones. “Notably, the council also expressed its willingness to work with the Ministry of Communications

and Digital Economy and its agencies such as the National Communication and National Information Technology Development Agencies (NITDA), to key into the National Broad Band Plan in other to take advantage of the digital infrastructure, which received a boost with the launch of the 5G network not long ago.” The council also adopted recommendations on how to

strengthen and support the activities of its women wing, the NACCIMA Women Business Group (NAWORG), which has been working actively working on a series of programme on Affirmative Procurement and Inclusion Programme (APIP) for women owned businesses that have been negatively impacted by Covid-19. It also made a case for encouraging

the youth to join NACCIMA Youth Entrepreneurs as part of strategy to encourage young people into the chamber movement. NACCIMA also harped on the need for the promotion of “resolution of issue of payment of VAT and issue of payment of FIRS Practice Direction by FIRS both of which can have negative effect on the businesses.”

AT N464.35BN, MTN, NB, DANGOTE CEMENT MAY EXCEED TRADE & OTHER RECEIVABLES IN 2021FY to recover from these shocks. “Across all sectors, payment defaults increased, sales dropped, contractual obligations were breached, some companies declared a force majure, supply chains were disrupted, foreign credit lines were lost and servicing offshore obligations became very difficult for most businesses. “The macroeconomic shocks were also very profound- sharp depreciation in the exchange rate, liquidity challenges in the forex market and high inflationary pressures.” He noted that the good news is the economy is on a positive trajectory, domestically and globally over improved global oil prices and total ease of businesses. He added, “But the good news is that we are gradually getting out

of the situation. Economic activities are gaining momentum domestically and globally. Commodity prices are also recovering which has positive implications for macroeconomic outlook. But there are still lingering issues around some desirable reforms in the economy.” Speaking from shareholder’s perspective, the Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie said the growing trade & other receivables of these companies is a reflection of the bad economy despite growth in Gross Domestic Product (GDP). According to him: “Cost of products & services are on increase and it is affecting on purchasing power. As a shareholder, I expected customers to pay on trade & receivables because

these are funds borrowed from shareholders to run the operations of these companies. “Companies giving out goods and services to customers are doing it based on trust and once a company fails to payback, it becomes an issue to the company and shareholders return. “These companies with growing trade & receivables must intensify their recovery mechanism and recover these funds before the close of 2021 financial year. These are funds a customer’ borrowed from a company and must be refunded otherwise, these they (customer) should be blacklisted from transacting businesses.” Stanbic IBTC Bank Nigeria in its recent Purchasing Manager Index (PMI) report noted that material

scarcity and unfavourable exchange rate movements exerted upward pressures on costs, however, leading to a record rate of purchase price inflation. “Subsequently, this fed through to a steep rise in selling prices, ”the report stated. The report explained further that central to the improvement was a solid and accelerated rise in new orders, which panelists mostly linked to the securing of new clients. It added, “Contrary to the improvement in domestic sales, exports fell, and at the quickest rate since December amid persisting international COVID-19restrictions. Nevertheless, to meet demand firms increased their output levels, but the pace of expansion was only modest,

and much softer than the rate of new order growth. “Cash and material shortages reportedly hindered some firms’ ability to raise output. All four of the monitored sub-sectors recorded expansions, with manufacturers seeing the strongest uplift, followed by wholesale & retail, services and agriculture, respectively. “Higher raw material and commodity costs as well as unfavourable naira-dollar exchange rate movements led to a substantial increase in input expenses. In fact, purchase costs rose at the quickest rate in nearly eight years of data collection. Firms were able to pass on part of the increase to clients however, with charge inflation the second-strongest in the series to date.”

T H I S D AY ˾ WEDNESDAY, NOVEMBER 24, 2021

BUSINESSWORLD

ECONOMY

Despite GDP Growth, Economic Po te nti al Remain Subdued James Emejo writes that in spite of the positive economic performance in the third quarter of the year, critical sectors of the Nigerian economy, particularly agriculture remain largely under siege due to persistent insecurity

he gradual recovery of the Nigerian economy from recession and the impact of the COVID-19 pandemic have been a source of hope to Nigerians, indicating that the economy would soon be out of the woods. The present administration has a key agenda to diversify the base of the economy away from the perils of oil into agriculture in particular where the potential and capacity to create jobs is huge. Besides, economic recovery and sustainability remain key to the administration’s plan to lift 100 million Nigerians out of poverty over the next 10 years. There had been sustained positive growth over the last four quarters since the recession witnessed in 2020, which contracted by 6.10 per cent and 3.62 per cent under the pandemic. According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) growth rate slowed to 4.03 per cent in the third quarter of the year (Q3 2021) compared to 5. 01 per cent in the preceding quarter. The Q3 growth rate was higher than the -3.62 per cent in Q3 2020 by 7.65 per cent and lower than 5.01 per cent in Q2 2021 by 0.98 per cent which showed a continuous recovery. Nevertheless, quarter on quarter, real GDP grew at 11.07 per cent in the period under review compared to Q2, reflecting a higher economic activity than the preceding quarter. The GDP measures the country’s economic performance from time to time. Statistician General of the Federation (SGF)/Chief Executive, National Bureau of Dr. Simon Harry, said despite the slower growth, the Q3 performance was considered as a tremendous improvement over both Q1 and Q2 of the year, adding that there had been steady growth of the economy instead of a decline. In nominal terms, aggregate GDP increased to N45.11 trillion in the period under review compared to N39.12 trillion in Q2 and N39.09 trillion in Q3 2020. Real GDP which shows volume of economic activities, stood at N18.54 trillion, higher by N1.85 trillion compared to N16.69 trillion in Q2 as well as higher by N718.57 billion when compared to N17.82 trillion recorded in the corresponding quarter of last year.

KEY INDICATORS

The economy remained largely driven by the non-oil sector, which accounted for 92.51per cent of GDP while the oil sector contributed 7.49 per cent to growth in Q3. Daily oil production averaged 1.57 million barrels per day (mbpd) compared to 1.61mbpd in Q2 and 1.67mbpd in Q3 2020. Oil growth rate stood at -10.73 per cent in real terms in the review period. The SGF explained that the negative GDP figures recorded in 2020 as a result of the COVID-19 pandemic have had serious base effects on output figures for Q2 and Q3.

He added that the base effects continued to Q3 2021 recording a growth of 4.03 per cent. Harry said, “I must state that the improvement being seen in the output growth over the last four quarters depicts a steady progress made in stemming the COVID-19 pandemic and the associated negative impact on livelihood, well-being, and the economy. “Globally, many countries have witnessed an improvement in economic performances compared to 2020 when COVID-19 was endemic.” He said economic recovery remained a gradual process that requires consistent collective efforts to improve economic activities across the institutional sectors. He said, “However, in Nigeria the prospect of full recovery is glaring provided the current trend of improved economic performance is sustained in the rest of the year and beyond.” “You might be looking at the 5.01 per cent as being higher than the 4.03 per cent but when you look at the base effects, you discover that the margin between the two, certainly that of the third quarter is a higher figure compared to the 5.01 per cent as released in the second quarter of the year,” he added. He insisted the economy is growing rather than declining. Harry also noted, “There was serious base effects affecting the figure because Q3 2020 recorded negative rate while Q2 2020 recorded negative rate. And so if you consider the margin between the two figures, you will discover that the economy certainly is growing rather than decreasing. It is the base figures that have influenced the figure for this year.”

ECONOMY STILL STRUGGLING

Notwithstanding the positive growth recorded in successive quarters, analysts believed that the potential of the economy is grossly untapped, largely due to the worrisome security situation in the country, which continues to deter the required investments to propel the economy to greater heights. Analysts particularly noted that growth in Q3 was aided by improvement in oil sales during the period as the growth rate in the non- oil sector was 1.30 points lower than the record in Q2. They also expressed worry that priority sectors of the economy, which have greater potential for growth, appeared to be struggling due to the unfriendly investment climate as well as insecurity. Although agriculture contributed 29.94 per cent to real GDP, higher than the 23.78 per cent recorded in Q2, its growth rate decreased by 0.08 per cent to 1.22 per cent from 1.30 per cent in the preceding quarter. The sector continued to show weaknesses

despite the increased funding largely because of the security challenges, which had limited farmers’ access to their farmlands. While manufacturing accounted 8.96 per cent higher than the 8.69 per cent recorded in the preceding quarter. Also, trade’s contributed 14.93 per cent to GDP, lower than the 16.66 per cent recorded in Q2. However, Harry said the Q3 performance was considered as a tremendous improvement over both Q1 and Q2 of the year.

WAY FORWARD

Following the inherent weaknesses in economic performance however, analysts said the federal government must deepen its poverty alleviation programmes and ensure that impact on vulnerable Nigerians. They also tasked the government to initiate policies that could enhance real growth and “not paper growth” as well as curb the rising insecurity across the country.

ECONOMY STILL IN DIFFICULTY

The analysts who spoke in separate interviews with THISDAY, said the economy is still not out of danger. Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Abuja Branch, Prof. Uche Uwaleke, said the growth was indicative of the fact that the economy is gradually recovering from the negative economic impact of COVID-19. He said about same time last year, the negative growth rate of -3.62 per cent confirmed the country’s economic recession status. He said, “Unlike in Q2 of 2021 during which the economy contracted on Quarter on Quarter basis despite a 5.01 real GDP growth rate, year on year, this time around both in terms of YoY and QoQ, the GDP growth rate is positive. “It is cheering to note that the non oil sector which grew at over 5 per cent has continued to power real GDP growth rate. This is especially visible in sectors like Manufacturing, Construction, ICT, Trade and Financial services.” According to him, the Q3 report also showed relative improvements in education sector which grew by 1.37 per cent compared to a negative growth of -20.74 per cent about same time last year. However, he said, “All is still not well as growth may not impact food inflation significantly given that agriculture recorded a decline from previous quarter, year on year. “There is hope though since its Quarter on Quarter performance was positive at 39.83 per cent which partly explains the disinflation recorded during the third quarter of 2021.” On his part, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the economic performance

showed that the country is still growing, adding that the government should continue to maintain the growth trajectory. He said, “Recall that year on year measurement was involved in determining the GDP growth. “About this time 2020, the COVID-9 restrictions eased off and businesses peaked again. “So whereas Q3 performance of 2021 grew year to date in real terms, the year on year comparism with Q2 of 2021 is expected to decline because of the base year effect.” Also, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the performance was as a result of the policies of the federal government currently being implemented by the Central Bank of Nigeria (CBN). He said the federal government needed to look inwards to create a conducive environment for the economy to thrive by curbing the rising cases of insecurity and ensure that the CBN maintains its interventions in foreign exchange to reduce cost of production. He said the government should also deepen the poverty alleviation programmes to reach the original beneficiaries in order to make real impact. Gbolade said, “The maintenance of the MPR at 11.5 basis point caused the economy to witness a higher economic performance. “However, the headwinds of continuous hike in cost of commodities coupled with the rising cost of cooking gas and impending hike in petrol prices are a major concerns.” Further commenting on the GDP performance, Managing Director/Chief Executive, Credent Investment Managers Limited, Mr. Ibrahim Shelleng said the government should look at further encouraging real sector growth noting that the CBN had tried its best to directly fund the real sector through direct developmental funding “but its ability to permeate to all corners of the country tends to be the problem”. He said, “Government may consider expansionary monetary policy to further boost economic growth. Ge said, “The positive GDP figures shows that economic activities remain on the rise and the economy is continually rebounding from the Covid-19 induced recession. “The slight dip in the GDP rate in Q3 is not significant and in fact the NBS report shows that real GDP grew at 11.07 per cent in Q3 2021 compared to Q2 2021, which indicates a higher economic activity than Q2. This certainly bodes well for growth. “It should be noted that IMF and World Bank predictions at the beginning of the year had placed our GDP growth predictions around 2-3 per cent so it is positive that we are outperforming those predictions.” However, Nigerians are yet to make a meaning out of the GDP figures until it translates to better economic well-being, more jobs and opportunities.

WEDNESDAY, NOVEMBER 24, 2021 ˾ T H I S D AY

BUSINESSWORLD

INSURANCE

PFAs and N5bn Share Capital Challenge As April 2022 deadline given to Pension Fund Administrators (PFAs) to meet the new N5 billion minimum share capital regime draws closer, Ebere Nwoji reports that operators are no longer at ease in their struggle to hit the mark

he National Pension Commission (PenCom), in April last year announced increase in the minimum share capital of pension fund administrators from the present level of N1 billion to N5 billion. The PenCom, gave the operators 12 months to meet the new capital regime. Official statistics from the commission shows that before the pronouncement, about four firms have already surpassed the new capital margin while currently no less than seven out of the existing 22 firms have surpassed the new minimum share capital huddle. For instance, Stanbic IBTC Pension Managers which according to the financial report of pension fund operating managers for the 2020 business year published by the National Pension Commission (PenCom), has successfully accumulated a total share holders’ fund of N64.45 billion against N50.42 billion shareholders fund it accumulated in 2019. Stanbic IBTC pension Managers’ total assets during the year stood at N80.72 billion against 2019 total assets of N64.93 billion On its part, Trustfund Pension Plc has a shareholders’ fund of N12.49 billion as against N10.78 billion recorded in 2019. Total assets under its control in the year stood at N13.75 billion against N12.02 billion of 2019. ARM Pension Managers Limited has also surpassed the threshold with N9.03 billion shareholders’ fund; against N7.48 billion in 2019. ARM total assets stood at N13.70 billion against N11.32 billion of the preceding year. The NPF Pension Limited, followed suit with shareholders’ fund of N8.012 billion as against 2019 total figure of N5.48 billion; Assets under its control stood at N10.493 billion First Guarantee Pension Limited has a shareholders’ fund of N7.26 billion against 2019 figure of N10.86 billion. Total assets for 2020 stood at N7.265 billion against N10.86 billion of 2019. The next in line was Leadway Pensure Limited with shareholders’ fund of N7.05 billion as against 2019 figure of N6.10 billion, Its total assets stood at N8.67 billion for the period under review against N7.331 billion in 2019. The next among the seven firms that have crossed the N5 billion minimum share capital is Premium Pension Limited, with N5.31 billion shareholders’ fund.

RACING AGAINST TIME

The firms currently racing to meet the N5 billion minimum share capital according to the regulator’s report are; Crusader Sterling Pension Limited, with N4.67 billion; Sigma Pension Limited, N4.34 billion; Pension Alliance Limited, N4.29 billion; FCMB Pension Limited, N3.48 billion; Fidelity Pension Managers Limited, N3.44 billion and NLPC Pension Fund Administrators Limited, N3.23 billion. Others are; APT Pension Fund Managers Limited, which has N2.68 billion; AIICO Pension Fund Managers Limited has N1.76 billion while OAK Pension Limited, has N1.73 billion. AXA Mansard Pension, now Tangerine Pension Limited, has N1.70 billion; Veritas Glanvill Pension Limited, has N1.53 billion; IEI Anchor Pension Managers Limited, has N1.37 billion; while Investment One Pension Managers Limited, has N1.26 billion and Radix Pension Managers Limited, N985.68 million. The increase in the share capital of PFAs from N1 billion to N5 billion, according to PenCom was aimed at boosting their capacity in terms of operational efficiency and service delivery. Six months to the expiration of

the deadline, tension has become high among the operating firms who are yet to meet or come closer to the minimum capital. From the report of the commission on the level of shareholders’ fund accumulated by operators, it is glaring that many are still far from meeting the minimum as a good number of operators are still below N2 billion in terms of their shareholders’ fund accumulation based on December 2020 report released by the regulator. But at a recent post recapitalisation summit, the Chief Executive Officer of PenOp, Mr Oguche Agudah, said as at present, about 50 percent of the operators have made it. Industry analyst said 50 per cent of the operators making it less than six months to the expiration of the deadline is not a pass mark as this would lead to serious chaos in the industry if the regulator insists on ringing its wind up bell for the firms in April next year.

STAKEHOLDERS VIEW

Observers of the pension sector said the share capital increase will really shake the industry considering the fact that since the inception of the Contributory pension scheme 17 years back, operators have not really faced much pressure. Looking at the structure of the scheme, operators have been easily and coolly going about their businesses without pressure while funds in form of contributors’ money were smoothly flowing into Retirement Savings Accounts of various workers whose contributions they are managing. Indeed, in the observers’ views, the PFAs and their employees have not faced any tough or turbulent times since inception except that of convincing contributors and retirees to choose between receiving their retirement benefits through Programme Withdrawal and buying annuity plan from insurance firms which was the first competition they faced. But this did not last long before PenCom ran to their rescue by ordering insurance firms to pay to the PFAs retirees’ funds in their custody. Analysts viewed that the only challenge ever faced by the PFAs since inception was that of pushing the micro pension scheme which has to do with their workers going into the market to convince the informal sector operators to willingly register and key into the Contributory Pension scheme. They observed that even with this they have not been able to achieve remarking success prompting the Director General of PenCom, Aisha Dahir Umar, to raise alarm recently that she was not impressed with the very slow pace of growth of the micro pension scheme two years after its launch. At one of the media fora, the former president of PenOp and Chief Executive officer Leadway Pensure, Ronke Adedeji, said she was not surprised at the slow pace of penetration of the micro pension scheme. She said operators from the onset knew it would not be as easy as the conventional Contributory Pension scheme which has an element of compulsion built into it by the law establishing it but that the micro pension scheme was optional therefore it would take time for operators to get through to the heart of the target market. The pioneer Director General of PenCom, Muhammad Ahmad, in one of the pension

workshops for lawmakers and stakeholders in pension sector said the masses needed conviction and confidence building from the PFA operators before they could consider saving their hard earned money in their hands. This, he said, demand sincerity and improved service delivery by the operators especially with the commencement of the pension transfer window. All these in the view of the sector analysts point to the fact that the PFAs should not only gird up their belt for the new capital base but should be prepared for future challenges especially in the area of not as usual sitting down and be monitoring easy money flowing into contributors’ retirement savings account but should be prepared to hit the market with various ideas and marketing strategies that would make the informal sector operators who are out of pension savings to see the value and key into pension plan to save them from old age poverty. They also said the PFAs should put on their thinking caps on what to do with the money that would be raised so as to ensure good returns on investment to the new investors that would stake their money in their operations. At the PFAs post recapitalisation summit, some of the options suggested by the financial experts, advisors and legal luminaries who spoke to the operators were raising money through private equities in addition to the possibility of the umbrella body of operators, the Pension Operators Association (PenOp) engaging the regulator PenCom for a possible extension of the deadline.

POST RECAPITALISATION SUMMIT

This being the case, PenOp in organising the post recapitalisation summit said its target was to provide an avenue for decision makers and executives in the pension industry to engage various advisers to discuss strategies for raising additional capital and to analyse the outlook of the pension industry post recapitalisation. The event, was attended by shareholders and executive management of a number of Pension Fund Administrators, Sponsored by leading advisory firms in Nigeria, namely, Ernst and Young, FBNQuest Merchant Bank, Stanbic IBTC Capital, Detail Commercial Solicitors and Agusto & Co, it featured professionals from leading investment banks and legal firms in Nigeria who highlighted various strategies for raising capital. The issue of recapitalisation was addressed from different angles and the panelists also gave examples and pointers from various industry that had gone through similar exercise before. Overall, all the panelists were of the view that the Pension Fund Administrators should leverage the recapitalisation exercise as an opportunity to restrategise and reposition their operations to compete better in a more recapitalised and competitive industry. PenOp said its goal was to use the forum to answer some of the questions in the minds of its members and ensure they were well equipped for issues they might encounter as they work on different strategies towards meeting the recapitalisation requirement. The PenOp CEO Oguche Agudah, noted that a well-capitalised industry would enable the sector

to affect its various shareholders and the Nigerian economy in a positive way. while insisting that one of the options is for PenOp to engage PenCom in discussion for possible extension of the deadline to ensure that no firm falls by the wayside while saving more Nigerians from the pangs of unemployment, finance experts at the forum insisted that there was need for the operators to go back to the drawing board, agree within their various firms’ management personnel what they would do with the fund when raised. They were also advised to quickly meet their financial advisors for heart to heart discussion on how to go about raising the money and the use into which they would put the money when it is raised. In her presentation on Post Recapitalisation Strategy at the workshop, Wonuola Kunle-Bello,Head, Funds and Investment Manager Ratings Augsto &Co, noted that the new capital regime was most likely going to impact operators in many ways among which were operators would scout for additional capital injection. She said operators would seek to raise funds directly or indirectly. According to her, for those that would have to raise funds, directly, there would be additional pressure to sweat capital and they would play more aggressive to retain and get new customers. She said indirectly, operators would gun for higher profit retention and lower dividend payout. They would opt for business combinations in form of merger and acquisition, they would give room for new entrants through investments by allowing both foreign and local investors to inject money into their Operators She said these would give room for various considerations in post recapitalisation era especially among firms that would go into mergers. According to her, these considerations may be in the areas of Culture and Risk Management practices of the firms in question as they might differ therefore the firms in question would have to arrive at agreement point.

BOARDROOM CULTURE

She said, “There may be differences in their boardroom culture as well as corporate governance behaviour and they would therefore arrive at point of equilibrium.” She however projected that despite the recapitalisation challenges, the pension sector would continue to maintain the current growth track at the rate of 18 percent per annum. She projected that after the sector had overcome the general challenges posed by the COVID-19 pandemic, the pension assets, which at present stands at N13 trillion would hit N20trillion mark by the year 2023 at a projected annual growth rate of 18 percent. “Given the increase in the minimum share capital requirement for pension companies to N5 billion from the N1 billion, we expect to see business combinations and strategic partnerships in the near term. “We expect that industry operators would explore investments in the foreign markets to provide real returns to contributors, given the dearth of investible assets and the rising inflation rate in Nigeria. Focus will be on quality of enrollees not just number, “Bello stated. CEO Stanbic IBTC Capital, Mr Funso Akerele, noted that before the PFAs think about going into the available options left for them to meet the new capital, they should first set their objectives right in terms of usage of the money.

WEDNESDAY, NOVEMBER 24, 2021 ˾ T H I S D AY

BUSINESSWORLD

DEVELOPMENT

Appraising Infrastructural Devt in Osun State Yinka Kolawole writes that the Osun State government under Governor Gboyega Oyetola is fast driving infrastructural development across the state.

ne of the reasons the Osun State Governor, Gboyega Oyetola has remained in the good books of Osun people is the massive infrastructural development that the state has witnessed since the governor assumed office in November, 2018. At the beginning of his administration as incumbent governor, he commissioned four projects as part of the activities marking his taking over. The commissioned projects were: upgraded Technical College, Oba Sir Adesoji Aderemi East Bypass, Obafemi Awolowo Motorway and Fakunle/ Unity High School, all in Osogbo. Prominent among the projects is the Awolowo Motorway, which is the dualisation of 40km Osogbo–Ikirun–Ila odo, Kwara State Boundary. The road construction projects created over 5,000 direct jobs in the state and 12,000 indirect jobs for welders, plumbers and bricklayers, as well as food vendors. Though a good number of projects were completed by the governor, the flagship is the dualisation of the 45 kilometer Osogbo-Ikirun-Kwara State Boundary road. The Federal Executive Council (FEC) recently approved NNPC’s request to fix 21 federal roads at N621 billion. Southern Nigeria got a total of 228.22km while rehabilitation and expansion of Lagos-Badagry Expressway (Agbara Junction-Nigeria/Benin border) in Lagos State, 62km was equally involved Also Dualization of Ibadan-Ilorin road (Route A2) Section II in Oyo State (Oyo-Ogbomosho), a 52km stretch of road. Consequently the people of Osun state are equally urging the governor to make move on NNPC,s roads projects so that Osun could benefit on the project as to assist in the completion of Osogbo (Old-garage) to Ikirun junction road (20.5 kilometers) and Ikirun-Ila Odo- Kwara State Boundary road (16.55 kilometers). Since the state government signed a N17.8 billion contract agreement with SAMMYA Construction Company Limited for the Dualisation of the 45kilometer road, the project segmented into three of Osogbo-Dagbolu (International market) to Alamisi Market in Ikirun (9.52 kilometers); Osogbo (Old-garage) to Ikirun junction road (20.5 kilometers) and Ikirun-Ila OdoKwara State Boundary road (16.55 kilometers), the state government has been receiving a lot of commendations from both the people living in the state and road users using the ever busy Osogbo-IIorin road.

STAKEHOLDERS’ COMMENTS

The project contractor, SAMMYA Construction Company Limited has not only demonstrated its capabilities in executing the project technical wise, but it has also displayed a rather solid financial war chest that only few construction companies can boast of, thereby clearing any doubts about the success of the project. This is the submission of one Kunle Folorunsho who resides in Ota-Efun, Osogbo the state capital. Chairman of the rulling All Progressives Congress (APC) in the state, Prince Gboyega Famodun, who commented on the dualisation old garage to Kwara State boundary, said the contractor handling the project was very much on site and doing well. Famodun stated that there is tremendous achievements and the work is getting to the outskirts of Ikirun town already. He however submitted that funding was the bane to full actualisation of the project, saying it was affected by fund but that the government would address it, not withstanding. The APC chairman stressed that it was a federal government road but that the state government took over in the form of collaboration, saying

that the government of Governor Gboyega Oyetola will not relent untill he completes the project. Also an APC chieftain, Mrs. Adeola Egbedokun, contended that the contractor handling the project had remained committed to its speedy completion. She urged the state government to make available everything that is needed to complete the project in a very shortest period. Equally a civil servant who does not want his name mentioned, told THISDAY that the contractor handling the project should be mobilised with funds for its full completion. He remarked that the contractor is doing good job on site and urged the state government, to as a matter of urgency, make adequate funding a watchword.

COMMENDATIONS.

About Eight years down the line since work commenced on the multibillion naira project, opinions of people of the state about the performance of the contractor on the job has been nearly the same, with people praising the technical knowhow that has never been seen in the state before now being employed by SAMMYA in executing the project. However, Adeyi Olakunle who spoke with THISDAY, said: We are celebrating an enduring legacy, a legacy that has been through storms, insult and many other challenges. “Oyetola has done what Awolowo aimed to do. The dream of Awolowo was to ensure every Nigerian is literate. All what Oyetola have been doing in fulfilment of Awolowo’s dream. Aregbesola’s behavior is similar to

that of Awolowo. He has transformed Osun in spite of the financial and political challenges. I thank God for Oyetola,s success.” Speaking, Aderonmu Kunle said Oyetola remained a great man, adding that his projects are unforgettable because they are developmental. “Oyetola is the first Nigerian politician to bring back history and honour Nigerian past leaders like Oba Aderemi and Awolowo. Oyetola has laid wonderful foundation for the progress of the state,” Kunle said. Commenting on the project vis-a-viz the quality of technology being employed by SAMMYA, a trader at Igbona Market in Osogbo, Madam Sinatu Layoonu, said the contractor SAMMYA has proven strong capablity in handling the job

with the deployment of brand new machineries for road construction, adding that the workers handling the project have also demonstrated sense of dedication to the admiration of people of the state. “Many of these machines that SAMMYA workers are using for the construction are new to many of us in Osogbo. They are not only new, but are also very appropriate, at least to some of us, who have never seen such huge construction machines, for the quality of work people of the state are expecting them to deliver. We in deed very grateful to the governor for given such a project to a serious company like SAMMYA”, she said. Similarly, a shop owner at Ayeitoro area of the state capital, Chuks Ezemokuai, noted that despite the rain, the uncompromising spirit of

SAMMYA has ensured work progress steadily on the project and urged Governor Gboyega Oyetola to fund the project. He added, “when the company initially commenced on the project and the contractor, SAMMYA Construction started work on the road, I, like many others doubted the capability of the construction firm because we were not familiar with that name, but it was not long before we were all proved wrong and SAMMYA won our hearts with the quality of machines and the expertise of its men constructing the road. Indeed, we are pleased with SAMMYA.” NOTE: Interested readers should continue in the online edition on www.thisdaylive. com

WEDNESDAY, NOVEMBER 24, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Samsung Receives Forbes Award, Says Future is Bright in Nigeria Peter Uzoho Global shipbuilding giant, Samsung Heavy Industries Nigeria (SHIN) has received the Forbes’ Best of Africa Offshore Oil and Gas Facilities Development Award at the prestigious 7-star Burj Al Arab, Dubai, United Arab Emirates (UAE). Delivering a speech at the Forbes Oil and Gas Roundtable session of the Africa-UAE Trade Investment Forum held on November 21 at the UAE, the representative of SHIN, Mr. Youngkwon Lee passed on SHIN’s appreciation to the Federal Government of Nigeria and its Agencies for their effort to support foreign investors. He also noted that with all the major and exciting oil and gas

projects expected to come on stream in the coming years, the future is well lit for Samsung in Nigeria and Africa in general. He listed some of the several deep offshore projects that are critical to Nigeria’s economic development to include the Bonga Southwest Project, HA project, Agbami FPSO project and many others coming on stream in the coming years. Lee thanked Forbes and Foreign Investment Network for selecting SHIN as the winner of Forbes Best of Africa Offshore Energy Facilities Development Award. He recalled that the company’s partnership with Africa started well over 20 years ago during the execution of Shell’s Sea Eagle FPSO in Nigeria.

“This was shortly followed by the Shell Bonga Main FPSO, which was hailed at the time to produce over 200,000 barrels of crude a day, the first of its kind in Nigeria. “Following these two major milestones Samsung further went on to work on the ExxonMobil East Area as well as the Bonny Gas transport LNG carrier,” he said. Lee disclosed that it was in recognition of Nigeria’s limitless potentials that SHI of Korea made an investment of over $300million in Nigeria in 2014 to construct the SHI-MCI yard, a world-class fabrication and integration facility in Lagos Free Trade Zone to carry out the in-country aspect of Egina FPSO project as well as other large scale offshore projects in Nigeria.

According to him, this successful venture with NNPC and Total enabled SHI to engage thousands of Nigerians, directly and indirectly, and also train them in its world-class training Welding Qualification Centre (WQC). “Samsung believes in the future of Africa; we have a Pan African vision; Nigeria is a key element in this vision looking at its centralised location and the access to serve markets in the West African region and beyond. Africa in particular has among the biggest youth population in the world with the biggest natural resources reserves. Our intention and goal is to turn our yard as the African hub for ship building, repair, and maintenance; Youth Empowerment including, capacity training

and development,” Lee explained. Lee noted that over the last few years, SHIN has trained and certified hundreds of Nigeria youth in world class accreditation of key skill sets such as welding, blasting, painting, fitting and scaffolding height access. “We have shown our ability to deliver in the most demanding terrains in the world. Our teams are ready to take the next phase of our African journey, working together with the Federal Government of Nigeria and its Agencies and international oil companies to develop the most efficient and sustainable projects in the continent,” Lee added. Speaking while receiving the award on behalf of SHIN, Lee said: “Our winning at Forbes Award is yet another proof of our

corporate philosophy that responsible investment, powered by a belief in people, unlocks potentials that can drive real change.” He said the award was a proof of the company’s vision for a future of extraordinary growth and opportunity. Lee said SHIN believes in a future, which builds capacity and capabilities within local companies and the local workforce. According to Lee, the company also believes in, “a future where the combination of Korean efficiency and expertise, fused with Nigerian talent and passion, presents limitless possibilities for the future of ship building, repairing and maintaining high value-added ships to serve the needs in Africa and beyond.”

Sovereign Trust Insurance Grows Proﬁt by 17% in Q3 Sovereign Trust Insurance Plc, has said that it recorded 17 per cent growth in profit in its unaudited financial Statement for the third quarter 2021. The Managing Director and Chief Executive Officer of the Company, Mr. Olaotan Soyinka said the result reflected the realities of the times and that the company was undaunted and would continue to remain focused in ensuring that it kept up with its obligations as a very dynamic and responsive corporate entity. The company recorded a growth of 10 per cent in its Profit Before Tax totaling N701million as against N600 million recorded in the corresponding period in year 2020 while profit after tax increased by 13per cent from N537 million to N606 million in the period under review. The gross premium written also grew by 17 per cent from N8.4billion in 2020 to N9.8bilion in 2021 third quarter. Olaotan, said one other very significant highlight of the 2021 Q3 unaudited result was the increase in the net premium of Sovereign Trust from N3.2billion in 2020 third quarter to

N4.3billion in third quarter of 2021 representing a 31 percent growth rate in the net premium written of the company. The Company’s total assets also grew by 11 per cent in the period under review from N12.6billion in September of 2020 to N14billion in the corresponding period of 2021. Total equity also grew by 12 percent from N8.2billion in the corresponding period of 2020 to N9.2billion in third quarter of 2021. Earnings per share of the underwriting firm increased from 5.28k in September 2020 to 6.18k in September 2021. Net assets per share also took a leap from 57k in the corresponding period of 2020 to 81k in the same period of 2021. The Managing Director while briefing newsmen in Lagos said the management of the company was committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the company remained focused on her strategic objective of accelerating the growth of the company through asset base, revenue, and profitability in the years ahead.

AIICO Bags 2021 BAFI Awards AIICO Insurance Plc, has emerged winner of the Life Insurance Company of the Year and Digital Insurance Company of the Year Award in the recent Banks and Other Financial institutions (BAFI) award organised by the BusinessDay Newspaper in Lagos. The keenly contested categories had top-performing competitors jostling for the win. The awards were in recognition of the industry’s leading position and the exemplary role played by AIICO in the insurance sector based on its sound strategy, disciplined execution, and impressive governance. According to the organisers, the Life Insurance Company of the Year Award was presented to AIICO for having demonstrated market leadership through innovation in products and best practices, outstanding customer service, diversity of product lines, claims processing excellence, stability, reliability, and cost/fees. In like manner, the Digital Insurance Company of the Year Award (Global Awards Category) was in recognition of AIICO as an insurance company that has led the way in technology adoption

across sales, marketing, product innovation, client experience, and customer service. According to the organisers, AIICO emerged the winner of the award based on how successfully it has harnessed technology and digital solutions to improve its business, aid its employees, and improve the overall client experience over the past 12 months. Speaking on the achievements. AIICO Managing Director, Mr. Babatunde Fajemirokun, represented by Mr. Olusanjo Shodimu Divisional Head, Shared Services, appreciated the leadership of BusinessDay, and AIICO’s esteemed customers, employees, the Board, and other stakeholders to whom the awards were dedicated. He promised that the company would not rest on its oars and would continue to do better at what it does—creation and protection of wealth for its customers. The BAFI Awards, backed by BusinessDay’s Research and Intelligence Unit, recognises the achievements of players in the financial services industry in several categories that cut across banking, insurance, and other financial services.

WELL-DESERVED HONOUR…

Chairman, Foreign Investment Network (FIN), Mrs. Yinka Fayomi (left), and Chief Human Resources Oﬃcer, Samsung Heavy Industries Nigeria Limited (SHIN), Mr. Youngkwon Lee, during the handing over of the Forbes’ Best of Africa Oﬀshore Oil and Gas Facilities Development Award won by SHIN at the Forbes Oil and Gas Roundtable session of the Africa-UAE Trade Investment Forum held at the prestigious 7-star Burj Al Arab, Dubai, United Arab Emirates (UAE)… recently

Stop Scaring Away Foreign Investors, Businessman Advice DeltaYouths Sylvester Idowu in Warri Chairman of DAS Energy Services in Udu, near Warri, Delta State, Sunny Onuesoke has advised youths of the State to stop indulging in acts that scare away foreign investors from the state. Onuesoke, who gave the advise while addressing some youths who paid him a courtesy visit in his office in Warri weekend, observed that there were no employment for Delta State youths because they were indulged in activities like extortion, harassment and other community vices that scare away foreign investors from investing in the state.

“If you keep harassing investors, extorting them and occupying their premises under one little excuses or the other, how do you expect them to invest in your communities so as create enabling environment for employment and other socioeconomic activities?, “Onuesoke queried. He stated that the government meant well for foreign investors, but unfortunately, the obnoxious activities of youths seemed to be their obstacles, advising that the only way to attract foreign investment to the state is that the youths have to comply to Government directives on peaceful co-existence between them and foreign investors.

“They are complaining that there are no employment, no jobs, no investors or industries in the state, but they are scaring them away over claim of development fees popularly known as ‘Deve’, extortion, harassment of workers and other criminal activities. This is the only way employment could come to them. But if the environment is not conducive for investment, no investor will come to the state. I am appealing to Delta youths to accommodate foreign investors so as to benefit from its socio-economic development,” he appealed. Onuesoke advised Delta Youths to imbibe the culture of youths

in Western states of Nigeria who are working in collaboration with foreign investors to bring socioeconomic development to their states and environs. The Peoplee Democratic Party (PDP) Chieftain emphasized that foreign investment will contribute to the growth and development of the host state in diverse ways which include contributing to the growth of the real output direct investment in the production of tangible goods, generation and expansion of business through stimulation of employment, raising of wages and replacement of declining market sector among others.

Udeme Ufot Receives Brandcom Award At an evening to celebrate marketing communications excellence, Brand Communicator Magazine held its prestigious BrandCom Awards to recognize distinguished personalities including renowned advertising icon, Udeme Ufot MFR, who was honoured with the BrandCom Hall of Fame award for his remarkable contributions and dedication to the growth of the Integrated Marketing Communications (IMC) industry in the country and Africa as a whole. According to the organizers of the BrandCom awards, “Mr. Udeme Ufot’s contributions to the industry

over the years has stood him out for excellent leadership in the creative advertising and Integrated Marketing Communications sector. “Known for his strict work ethics, passion, doggedness and persistent drive for excellence, Udeme Ufot an outstanding achiever, who at the relative young age of 41, became the President of Advertising Agencies Association of Nigeria (AAAN). He was also appointed, Chairman, Advertising Practitioners Council of Nigeria and also recognized for his contribution to sector with a national honour – Member of the

Federal Republic in 2014.” They added, “The mentor to many even outside the industry continues to provide leadership in diverse areas of the marketing communication spectrum. He has been at the helm of affairs at the SO&U Group for over 30years, achieving success and paving his way through the industry while creating a path for many others to follow. “He is an enforcer of excellence with 6 highly successful subsidiaries under his wing, each handling a specialized component that gives the Group an edge in

the entire spectrum of marketing communications. They are, SO&U, Soulcommunications Limited, Maximedia Global Limited, Vyrus Digital Engagement, Lucid Audio Visuals and Iris Exposure. “Surviving the tough year, each of this agency has continually also gained landmark achievement by contributing their quota to the growth of the industry rendering their services to both local and international clients delivering top notch strategic communication outputs aligning with standard global best practices.

T H I S D AY ˾ WEDNESDAY, NOVEMBER 24, 2021

BUSINESSWORLD

ECONOMY

Government Borrowings: Any End in Sight? Ugo Aliogo examines federal government incessant borrowings and suggests measures to address it

ith a total debt stock of N35.465 trillion as of June 30, 2021, an amount that is growing with each passing day, and has been serviced with N11.679 trillion within five years, there seems to be no end in sight to the borrowing spree by the federal government. However, the arguments from economists and financial analysts are that Nigeria’s huge debt burden is of significant concern right now given its debt service outlay, the seeming stagnant state of the economy, its anaemic income generating capacity and the consistent increase in recurrent expenditure whilst existing inadequate infrastructure is mostly rapidly dilapidating. In the 2021 budget, N3.12 trillion was allocated to debt service, accounting for 24 per cent of the annual budget. The total debt stock reported by the Debt Management Office (DMO) represents an 8 per cent increase from the debt stock value of N33 trillion as at December 31, 2020. According to the Federal Ministry of Finance’s budget implementation report, the debt service-torevenue ratio was approximately 98 per cent for the fiscal period January to May 2021. These numbers are dire and are justifiably of extreme concern. To provide deeper understanding on the country’s debt profile, THISDAY spoke to the Chief Executive Officer, AVA Capital Group, Mr. Kayode Falasinnu, who noted that the way out of the current crisis facing the country isn’t something that is either novel or complex, it is something that we have talked about consistently as a nation over the years but have not been able to do. He stated that there is the urgent and imminent need for a diversified revenue base through the revival of the country’s lagging non-oil sectors. He further explained that the diversification of revenues can be achieved by creating an enabling environment for business and entrepreneurs through implementation of effective policies that enhance domestic production and promote import substitution. Falasinnu affirmed that sectors such as on manufacturing, agriculture, information technology, financial services and natural resources are extremely important to improve income generation and diversify revenue. The AVA boss urged government to create an environment where businesses can thrive and create incentives for FDI in the country, adding that such efforts would bring improvement in the economy and be able to comfortably service, “our debt whilst improving the lives of Nigerian citizens.” Also, lending a voice to the discourse was the Chief Executive Officer, Cowry Asset Management, Johnson Chukwu, who noted that the country’s debt is getting to a level that it is no longer sustainable, “not that the debt to the GDP is too high, but the revenue to the GDP is low.” He affirmed that the country has low revenue profile unlike other countries, and the economic structure of the country shows low productivity. His argument that since employment is weak, there is no direct link between the GDP and government revenue, therefore if the weak revenue is not well managed, the debt to GDP would not be sustainable. On the flipside of the discourse, President Muhammadu Buhari argued that the federal government’s debt was within sustainable limits, stating that the nation’s borrowings were tied to specific strategic projects. The President said the projects for which the funds were secured could be publicly verified, and the deficit arising from the N16.39 trillion 2022 budget would be

financed by new borrowings. Buhari also stated that the two economic recessions witnessed by his administration necessitated the debt. According to the President, “We plan to finance the deficit mainly by new borrowings totaling N5.01 trillion, N90.73 billion from privatization proceeds and N1.16 trillion drawdowns on loans secured for specific development projects. “Some have expressed concern over our resort to borrowing to finance our fiscal gaps. They are right to be concerned. However, we believe that the debt level of the Federal Government is still within sustainable limits. Borrowings are to specific strategic projects and can be verified publicly. “As you are aware, we have witnessed two economic recessions within the period of this administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt. “It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt. Very importantly, we have endeavored to use the loans to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people. “We focused on the completion of major road and rail projects; the effective implementation of power sector projects; the provision of potable water; construction of irrigation infrastructure and dams across the country; and critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centers across the six geopolitical zones.”

RECURRENT AND CAPITAL EXPENDITURE

In shedding light on the conversation that bulk of federal government’s borrowing is going into recurrent expenditure, rather than capital expenditure, Falasinnu noted that while recurrent expenditure is a necessary cost at all levels of government, borrowing to fund it is just sub-optimal fiscal policy and outrightly unfortunate. His stance is that the use of debt should mostly be focused on building infrastructure and enhancing the economy through investments in key sectors including education, health care, energy, and others. He further argued that in the 2021 budget N5.65 trillion was allocated to non-debt recurrent expenditure whilst N3.12 trillion was allocated to debt servicing, noting that on the other hand, the capital expenditure budget allocation was N3.85 trillion, constituting approximately 29 per cent of total 2021 budgeted expenditure, “this was only 2 per cent more than the money allocated to personnel costs.” He revealed that the high budgetary allocation to recurrent expenditures is not sustainable in the long term and government must start focusing on investing in things that would improve the living standard of Nigerians in the short, medium and long term. According to him, “A growing population and a stagnant economy where inflation has been significantly high (especially food inflation) coupled

with high unemployment cannot spend all its earnings and borrowings on recurrent expenditure items most of which comprise of unnecessary expenses, bloated personnel cost and huge debt service costs. To fund recurring budget items, the federal government must ensure expenses are managed in a sustainable way whereby revenue is at least 2-3X expenditure. That way the government can service the existing debt conveniently whilst also addressing the infrastructure dearth in the country. “It is important that we cut our spending (especially those frivolous items we see annually in our budget that cost multiple billions) and focus on investing in key sectors of the economy. It is also important the government has a strategy to engage some of our debtors to start to explore the potential of debt forgiveness given the impact of the pandemic on the Nigerian economy. Finally, there must be transparency in the execution of the projects the government had borrowed money for such that the funds are optimally deployed to the projects and all potential leakages are blocked. “A lot of analysts focus on our debt to GDP ratio and highlight that some developed countries have higher ratios than we do. The important point to note here is the quality of our GDP is not the same as developed countries. This is because whilst we do have a huge population, a lot of economic activity occurs on a subsistence basis with little revenue generating potential for the government thereby having little effect on the government’s ability to effectively service its debt. Hence a more relevant ratio is the debt service to revenue which is currently too high. The immediate focus has got to be revenue diversification through enhancing of other key economic sectors and fostering a friendly business environment attractive to investors and entrepreneurs.” Judging with the present economic realities, Chukwu said every monies government spends on infrastructure is borrowed, noting that with such arrangements, the capacity of the economy is not likely to increase. The Cowry Asset Management CEO advised government to invest in physical infrastructure that has the capacity to capitalize stronger economic activities, “infrastructure includes rail lines, highways, airways and seaports.” Chukwu’s suggestion is that logistic infrastructure such as the airports and seaports are critical to improving the capacity of the economy to drive efficiency and productivity. He noted that power and medical infrastructure are two critical investments that government needs to build to improve productivity and reduce the cost of doing business in the country. Chukwu said: “The starting point is for government to eliminate the expenditure that are absolutely not necessary in the economy such as fuel subsidies. By all standards, we spend three trillion naira on fuel subsidy. Just imagine the impact of the 3 trillion going on infrastructure development, you will realise the level of infrastructural growth will rise astronomically. If we are able to implement such an effort, it will help to cut down the cost of doing business in the country and make taxation more efficient. “The starting point should be to eliminate

those expenditures that are not necessary and that are supporting productive activities which are supporting products that you don’t produce and hampering some sectors of the economy. Transport and energy infrastructures are critical and it is the starting point for the Central Bank of Nigeria (CBN) to take away subsidies on petroleum products.”

ECONOMIC OUTLOOK

Falasinnu is delighted that while the GDP grew marginally by 0.51 per cent year-on-year in Q1, there was a more impressive rebound of 5.01 per cent in Q2. His viewpoint is that whilst NBS is yet to release Q3 numbers, there is expectation that the year-on-year figure for Q3 and Q4 would be decent as the global and local economy seems to be finally rebounding from the impact of the COVID-19 pandemic and vaccine administration seems to be getting more successful with more people getting vaccinated. The economist said there is likely not going to be a decline in GDP, if the country doesn’t experience another COVID-19 wave as a result of the vaccine resistant variant. According to him, “We need a more aggressive growth to attract the kind of investments needed to drive further growth and development. I think the Nigerian government should be targeting double digit growth in 2022 and enacting policies (fiscal and monetary) that would ensure the achievement of this.” On his part, Chukwu expressed assurance that the economy would experience marginal improvement, but it’s not going to be strong enough. He added that the economy would continue to see post economic growth at the end of the year, “and once you see that economic growth is below population growth rate, you would observe that the level of poverty in the country will continue to increase and growth per capita will be lower.” “One is expected to see some level of moderation in inflation rate, some level of improvement in exchange rate because of the monies the Europe government has accessed. And this will ensure that stability meets demand,” Chukwu noted.

HEADWINDS

Analysts are of the view that the major headwinds affecting the investment climate in Nigeria are high inflation, exchange rate instability, insecurity and others. Falasinnu takes a similar position by arguing that with inflation at 17 per cent which is an improvement from earlier months, an FDI has little incentive to invest given the negative spread or negative return on investment in the country. He further explained that the exchange rate instability remains a huge deterrent to foreign direct investment in the country, noting that there is need to adopt a foreign exchange policy that fosters confidence in the economy. Continuing, he added: “Insecurity and incessant news around criminal activities of cattle rustlers, bandits and kidnappers are a huge problem with respect to attracting investments especially in the less commercial States and cities in the country. A conscious effort to tackle and successfully alleviate these problems is important for Nigeria to once again be an attractive economy for investors both locally and internationally.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

IMAGES

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Head of Human Resources and Administration, Intercontinental Distillers Limited (IDL), Mr. Peter Edore; Head of Plant Operations, IDL, Mr. Sina Adegoke; Managing Director, IDL, Mr. Patrick Angebe; Managing Director, Ogbohu Enterprises, Mrs. Dorothy Anegbe; Pere of Big Brother Naija; Head of Internal Audit and Control, IDL, Mr. Umoren Akpan; and Head of Finance and Accounts, Mr. Emmanuel Oluwabiyi, during the unveiling of the new look Confam Bitters in Lagos...recently PHOTO: UKUTT ETOP

L-R: President, Manufacturers Association of Nigeria (MAN), Alhaji Mansur Ahmed; Head of Communication and External Relations, Bank of Industry (BOI), Mabel Ndagi; Executive Director, Small and Medium Enterprises, BOI, Omar Shekarau; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Executive Director, Nigerian Export Promotion Council (NEPC), Segun Awolowo; and Executive Director, Micro Enterprise, BOI, Toyin Adeniji, at the BOI stand of the ongoing Intra-African Trade Fair in Durban, South Africa…recently

L-R: Principal Partner, Uyaego and Uyaegbo Legal Practitioner, Anthony K. Uyaebo; Nollywood veteran actor, Chief Victor Osuagwu; Supervising Director, C&F Porter Novelli, Kelechi Nwosu; and Group Accounts Director, C&F Porter Novelli, Tony Ajero, during the signing of the ‘Purpose and Legacy’ project for Victor Osuagwu in Lagos…recently

L-R: Divisional Head, Sales and Business Development, Mr. Adeyinka Shonekan; Head, Communications and Marketing, Mrs. Tomilayo Aluko; Managing Director/Chief Executive Oﬃcer, Mr. Haruna Jalo-Waziri; Divisional Head, Business Services and Client Experience, Mrs. Onome Komolafe; Chief Financial Oﬃcer, Mr. Peter Medunoye; and Team Lead, Communications and Marketing, Mr. Johnson Onowugbeda, all of Central Securities Clearing System (CSCS) Plc, at the presentation of the Depository and Custody Company of the Year Award to CSCS Plc, during the Banks and other Financial Institutions’ Awards (BAFI) 2021 held in Lagos…recently

L-R: TREM Evangelist, Eric Taylor; musician, King Wadada; Deputy Controller of Prisons in charge of Female Security Prisons, Kirikiri, Lagos, DCP Lizzie M. Ekpendu; a guest, Mrs. Foluso Abederin; musician, Zaaki Azzay; Nollywood producer, Chief Lancelot Imasuen; Rev Fr. Kingsley Agada of St. Monica Catholic Church, Mashamasha, Lagos; and Chief Missioner/Imam of Jamsod Society of Nigeria, Jubril Salahudeen, during the thanksgiving service for the female inmates of the Female Custodial Centre, Kirikiri, Lagos...recently PHOTO: KOLAWOLE ALLI

L-R: Director, West Africa IE University, Onyekachi Eke; Convener, FlexnLearn, Teju FolaAlade; Chief Operating Oﬃcer, Crayon Development, Bolanle Ibitola; Founder, Proten International, Ope Onaboye; and Chief Corporate Service Oﬃcer, Seven-up Company, Yemi Faseun, during the FlexnLearn 2021 conference held in Lagos...recently

L-R: Discussant/General Manager, External Relations and Sustainable Development, Nigeria LNG Limited, Mrs. Eyomo Fatati Williams; former Economic Community of West African States (ECOWAS) Information Director, Mr. Adama Gaye; Chairman of occasion, Mr. Oti Ikomi; Guest Speaker/Executive Secretary, Nigerian Content Development and Monitoring Board(NCDMB), Mr. Simbi Wabote; Discussant/Consul-General, Ghana Consulate, Mrs. Samata Gifty Bukari; and Publisher/Editor, Realnews, Ms. Maureen Chigbo, during the Realnews ninth anniversary lecture and investiture into the Realnews Hall of Fame in Lagos....recently PHOTO: ABIODUN AJALA

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

EDUCATION Flip Side of Proposed Poly Upgrade

With the increasing quest for status upgrade among Nigerian polytechnics, the Director, Polytechnic Education and Allied Institutions, Federal Ministry of Education, Adeleye Adeoye, has expressed fears of drifting from their mandate. He explained why becoming a university may not be in their interest. Uchechukwu Nnaike writes

he quest by Nigerian polytechnics for status upgrade has heightened in recent times. Some of them are waiting for the president’s approval to actualise the goal, having completed the necessary legislative process. To allay public concerns that the polytechnics will jettison their core mandate when upgraded, the Yaba College of Technology rector once stated that they would not operate like conventional universities, but technology universities. Perhaps these polytechnics have not considered the flip side of a possible upgrade to degree-awarding status. One of the effects of the conversion, according to Adeoye, will be the scrapping of National Diploma and Higher National Diploma programmes because universities are not to produce those levels of students anymore. So he argued that polytechnics should maintain the status quo, as they are already awarding a degree, in addition to ND and HND. “It is like shooting yourself in the leg because you are reducing your capacity. They should rather increase their carrying capacity, enrol more students and improve on the facilities they have,” he said. Adeoye stated that universities and polytechnics have different roles to play in the education system, adding that polytechnics were established to meet the middle-level manpower needs of the economy. “All over the world, the polytechnic sector is critical to economic development.” He stressed that it is not about conversion but performing the roles for which they were established. He said the polytechnic is a skilloriented system, and when it is changed to university, that attribute could be lost. He expressed concern that the country currently employs expatriates for major construction projects because it lacks skilled manpower. “We are not producing enough ab

Minister of Education, Mallam Adamu Adamu initio. If we eventually abandon it, it means the gap between demand and supply will increase more. So I think we should strengthen what we are doing and make sure we are doing it well. If a polytechnic is noted for one particular thing, local and foreign companies will be sourcing their staff from that institution.” For instance, according to him, only one polytechnic in Nigeria trains students in underwater welding. “So if there is a burst oil pipe, it is

only from that polytechnic that the welders will be sought. Otherwise, they will be brought from other countries. So the polytechnics just need to look for a need in the society that can meet.” He said most polytechnics are already offering degree programmes, so changing to university will not be adding anything new, except the award of masters and PhDs. “But if you need a PhD, it doesn’t necessarily mean that you will produce

them. You lecturers and staff can go and acquire PhDs from other universities.” Instead of seeking an upgrade, he said they should continue their affiliate programmes and step up and even produce more graduates. As the country’s population is increasing, so is the need for technical manpower. With the number of developmental projects across the country and advancement in technology, the polytechnics owe it to the country to produce the skilled workforce to handle these. Asked if the clamour for upgrade is a result of the discrimination against polytechnic graduates, he said the discrimination is only a perception because the majority of the people meeting human needs daily are those at the middle level. On the issue of lopsided funding favouring universities, he said there are more universities in the country than polytechnics, and universities have more staff and students, so they are likely to get more funds. Instead of complaining about poor funding, he said the polytechnics should come out of their shells and let people know what they can do and seek support. “Funding cannot be enough. What we need to do is to start exploring more avenues around the world. There are a lot of hanging funds around the world for staff of student training or for the provision of modern equipment. The training will be at no cost to the institution. “Funding is not enough, but polytechnics should maximise the little they have. Let a polytechnic be known for a particular field and perfect it so that it will be sought after. He also advised polytechnics to concentrate on a few courses they would master and make their institutions a destination for such programmes.” That way, he said their graduates will be experts in those fields and will be able to work anywhere. He assured them of the government’s continued support for technical education.

FCE Umunze Partners Afreximbank on Job Creation The Provost of the Federal College of Education (Technical) Umunze, Anambra, Dr. Tessy Okoli, says focusing on entrepreneurship and skills acquisition can curtail the high rate of unemployment among graduates. She urged skills acquisition centres to generate employment for youths in the country. Okoli disclosed this at the opening session of a four-day workshop organised by the School of Business Education of the college, in partnership with Afreximbank. The programme featured training sessions on computer graphics and design, photography, bricklaying, and carpentry with many participants from the college. Okoli said the programme would bridge the skills gap among participants and expose them to the vast opportunities in the world of entrepreneurship. “The new college modern bakery would soon commence production. Other vocational areas like tailoring, bead making, fashion and knitting will continue to receive deserved attention,” said Okoli. “The College Agribusiness Venture has also reached an advanced stage, with the completion and equipping of our college poultry, piggery, hatchery and others. We continue to seek partnership with relevant bodies to make our agribusiness viable.” The provost urged the first batch of trainees to spread the knowledge they

The Deputy Provost, Dr Christopher Chuks Ugwuogo (4th from left), Dean, School of Business Education, Dr Dave Okoli and others after the conference acquired from the workshop to multiply the programme’s value chain. The Dean School of Business Education, Dr. Dave Okoli, described small and medium scale enterprises as the engine of economic growth and

expressed concern that the sector has not been fully tapped in the country. He said SMEs, when fully explored, would generate employment and boost economic growth. He charged the participants to

put on their thinking caps and create a business plan for employment creation and wealth generation. He noted that the college would continue to organise such training workshops to impart life-changing skills to youths and expose them to vast opportunities in entrepreneurship. He also thanked Afrexim Bank for supporting the initiative, which he said would impact positively on local economies. In a keynote speech, the Head of the Department of Economics, Enugu State University of Science and Technology (ESUT), Prof. Nicholas Attamah, explained the importance of trade financing to SMEs. Attamah said banks should be encouraged to allocate more resources to SMEs and enhance their participation in international trade. He said encouraging banks to serve SMEs would require implementing mechanisms to de-risk trade finance transactions and eventually bring banks to tailor their underwriting processes to serve SMEs better. Speaking on the topic, ‘Stimulating Entrepreneurial Thinking’, the Chief Executive, Cutix Plc, Nnewi, Mrs. Ijeoma Oduonye, encouraged the participants to develop an entrepreneurial mindset and refuse to quit in the face of teething challenges. She urged them to develop positive perspectives and values that would propel them to success.

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

EDUCATION

Augustine Varsity VC Urges Govt to Support Private Universities The Vice-Chancellor of Augustine University, Ilara-Epe, Prof. Christopher Odetunde, says the recent announcement by the Federal Government that it will start paying bursary and teaching allowance to education students in tertiary institutions should be extended to students in private universities too. He also urged the government to extend the Tertiary Education Trust Fund (TETFund) to private institutions. He stated this while outlining the activities lined up for the third convocation ceremony of the university. “Both public and private institutions are producing graduates for our country and even the world at large. The quality of the graduates would show where they work. Also, all of us contribute to the purse from which the funds to execute these things are drawn,” he stated. “TETFund should support everybody. The recent gestures by the government regarding teaching allowance and bursary for education students should also not be limited to public schools. We are all Nigerians and deserve to be adequately taken care of.” Odetunde further noted that Nigerian universities are not ranked high

globally because of some peculiar factors militating against their growth in the country. “We can all see it that when Nigerians go abroad, they excel, even with what was used to train them here. We just need to be encouraged, and things will work out well. We don’t lack the talents here, but the conducive atmosphere is not there,” he said. Odetunde added that since the establishment of the university seven years ago, it has grown greatly and commended the Lagos Diocese of the Catholic Church for its vision and support. “AUI commenced operation with 13 programmes across nine departments and got approval from the National Universities Commission (NUC) to run additional seven programmes in 2021. The programmes are Mass Communication and Political Science in the Faculty of Humanities, Management and Social Sciences. Biotechnology, Fisheries and Aquaculture, Cyber Security, Information Technology and Software Engineering in the Faculty of Science,” he stated. As part of the ceremony, a Nigerian in the diaspora, Edward Okpa, would deliver the convocation lecture, and 45 students will be awarded degrees in various fields.

Lagos SUBEB Partners Women Affairs Ministry to Tackle Out-of-School Children Manace Funmi Ogundare

As part of efforts to reduce the increasing number of out-of-school children, the Lagos State Universal Basic Education Board recently paid a courtesy visit to the Ministry of Women Affairs and Poverty Alleviation to seek its support in achieving its mantra of leaving no child behind in accessing basic education. During the visit led by the Chairman of SUBEB, Wahab Alawiye-King and members

of the board, he disclosed that the purpose of the visit was to see how they could tackle the menace of OSC in the state. He revealed that curtailing the number of children out of school goes beyond the distribution of school kits. He said the board observed that most children drop out of school due to socio-economic reasons. Alawiye-King appealed to the ministry to provide succour to the parents of these children of school

age through its various empowerment initiatives, as this will boost enrollment and retention rates in public primary schools. “Education is a social good, the demand always outweighs its supply, as such, there must be some sort of intervention, but if the intervention is not structured, coordinated and managed, it can further lead to imbalances,” he said. The SUBEB boss also sought the ministry’s intervention in combatting cases

of violence against children in society, particularly child labour, molestation, and rape. In her response, the Commissioner, Ministry of Women Affairs and Poverty Alleviation, Mrs. Cecilia Bolaji Dada, pledged her support in the aspect of empowerment for parents of the pupils, adding that the ministry is always ready to partner with the board in addressing issues related to violence against the children among other issues bedevilling children.

Winners of the 2021 Corona inter-schools quiz competition, at the grand ﬁnale in Lagos... recently

Corona Schools CEO Makes World Bank Delegation Lauds EdoBEST Initiative Case for Knowledge-based A delegation of the World of Edo State Universal Basic her board would welcome contributed to improving Bank, led by its Managing Education Board (Edo SUBEB), collaborations that could learning outcomes, as many Activities Director of Development Mrs. Ozavize Salami. further deepen the gains of regions in the world lost out The Chief Executive Officer, Corona Schools’ Trust Council, Adeyoyin Adesina, has called for investment in educational activities like quiz competitions to help sharpen pupils’ knowledge, speed and accuracy in academics. Adesina said a competition such as a quiz, among other things, is important given the demands of the ever-changing educational landscape. Speaking at the 2021 Corona inter-schools quiz competition in Lagos, Adesina said the movement of the competition from a pen to paper activity to a fully computer-based testing event speaks to the school’s advancement in technology. “The whole idea of introducing pupils to this kind of competition is to develop the spirit of good sportsmanship which means being fair and ethical to those you are playing with; teammates and opponents before, during and after the competition.” On her part, the Director of Education, Mrs. Amelia Dafeta, said the idea behind the inter-school quiz was to encourage the pupils to

go outside their comfort zone, conduct research and get themselves prepared to compete in a healthy manner. She said the annual event is another avenue by the Corona Schools Trust Council to measure quality across all its schools. The Head, Corona School Ikoyi, Mrs. Adenike Onafeso, while expressing delight about the feat achieved by her school, said the secret behind its success is a strong team that worked together towards the competition. The 2021 competition, held at Corona School, Victoria Island, witnessed a display of intelligence, composure and skills from pupils as they tackled quiz questions in English Language, Mathematics, science, mixed basket, digital word puzzle, mine craft and impromptu speech. At the end of the keenly contested exercise, Ikoyi School emerged the overall winner with 88.5 points; Victoria Island came second with 77.8 points; while Lekki School with 76.7 points and Gbagada School with 75.1 points came third and fourth respectively.

Policy and Partnership, Mari Pagestu and its Nigeria Country Director, Shubham Chaudhuri, has commended the progress made by the Edo government in improving basic education through EdoBEST. The delegation, which was on a study visit to Family Support Primary School in Benin City, was received at the school by the Commissioner for Education, Dr. Joan Osa Oviawe and the Chairman

During the visit, the EdoBEST pedagogy and its impact were emphasised by teachers, parents, School-Based Management Committee (SBMC) members and pupils. The World Bank team also had the opportunity to examine teachers’ tablets, books, character boards and other items used to facilitate the learning process. Addressing the delegation, the Chairman of SUBEB, Mrs Ozavize Salami, noted that

the EdoBEST programme and improve learning outcomes among pupils. Teachers demonstrated how their teacher-computers (tablets) work and how they are used to record attendance, teach, mark scripts and record assessments. Parents and pupils also had the opportunity to explain how EdoBEST@Home, an initiative of EdoBEST that was introduced following the outbreak of Covid-19,

because of school lockdowns. Edo State is the only sub-national beneficiary of the World Bank accelerator programme. The bank pledged $75 million support to the EdoBEST programme and its initiatives, such as the EdoBEST@Home initiative. Mari’s visit was concluded as her team, alongside Family Support Primary School pupils, planted a tree to commemorate the visit.

NUC Approves PG, Additional Undergraduate Programmes at SSU Onuminya Innocent ÓØ ÙÕÙÞÙ

The National Universities Commission (NUC) has approved postgraduate programmes and 16 additional undergraduate programmes at Sokoto State University. In a statement, the University Information Officer, Zayyanu Shehu, quoted the Vice-Chancellor, Prof. Sani Mohammed Dangoggo, saying that the development followed the commission’s successful resource verification visit. The statement further disclosed that the NUC had

in a letter dated November 8, 2021, signed by its Director of Academic Planning, Dr. N. B. Saliu, on behalf of the Executive Secretary, Professor Abubakar Rasheed, considered and approved the establishment of postgraduate programmes for the university, with effect from the 2021/2022 academic session. In a related development, the commission also approved 16 additional undergraduate programmes for the university. Reacting to the development, Dangoggo said the outcome of the visit did not

come to them as a surprise. He promised that the efforts would continue to be geared towards making the university an enviable institution. Prof. Dangoggo further explained that the university was established in 2009 and commenced academic activities in 2013. It is currently offering 23 undergraduate programmes with full accreditation. The VC thanked the commission for its continued efforts towards maintaining the standard of university education in the country.

Dangoggo has similarly expressed the institution’s warm appreciation to the visitor to the university, Governor Aminu Tambuwal, for his unflinching support towards uplifting the university’s standard, in particular, and the education sector of the State as a whole. He specifically applauded the commitment of the Dean, School of Postgraduate Studies, Prof. Aminu Salihu Mika’ilu, Deans of the Faculty and the entire members of staff towards the success of the exercise.

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

EDUCATION

Don Advocates Adequate Use of ICT Experts to Speak on Youth Employment at in Education Mgt FEGOCOOSA End-ofYear Celebration

Uchechukwu Nnaike

The Director, Centre for Information and Technology and Management, Yaba College of Technology, Dr. Oyeranmi Adigun, has called for massive funding and deployment of ICT in the education sector for improved performance. Adigun, who was the guest speaker at the recent graduation ceremony of Bafuto Institute of Management and Information Technology, Lagos, regretted that the country has not fully embraced ICT in the sector, that is why cases of corruption, fraud, injustice, and delay still persist. In a paper titled ‘ICT: Panacea to Institutional Maladministration’, he said there is a broad consensus that ICTs have the

potential to make a significant contribution to fight fraud both in Institutional and organisational sectors. “By facilitating the flow of information between government institutions and citizens, new technologies can promote transparency, openness and accountability and civic participation.” He said dissemination and making information available in public domain to students, staff, parents and guests about the institution, curriculum, programmes, tuition fees, among others hell to curb hoarding of information thereby reduce inflow of people into offices and restrict third-party agent from exhorting money from innocent individuals.

He stated that ICT in education changes the view of learning from teacher-centered to studentcentered learning system. “It enables students to interact and receive quicker feedback from instructors and gives access to external educational resources and assists administrators in performing their duties effectively.” With ICT, Adigun said teachers and learners no longer have to rely on printed books and other materials in physical libraries and bookshops to meet their educational needs. “Student information on their academics’ performance, fees and administration can be tracked accurately in real-time, accurate reports to assist the management in strategic and

policy decisions.” He stated that CBT has made the examination process smoother than ever and offers multiple benefits to candidates and administrators in administering, grading and scaling up the process. In research, he said it encourages creativity and reduces plagiarism. He added that e-payment will solve accounting errors. The Director of Studies, Adekunle Banjo described technology as the new oil. He said about 50 per cent of the world’s population is below the age of 25, youths will be key in the future of ICT. He urged youths to seek to use ICT tools for the benefit of the nation and environment.

QC Old Girl Highlights All-Girls School Beneﬁts Uchechukwu Nnaike

An old girl of Queen’s College, Lagos, Mrs. Ukonwa Ojo, has stated that girls express themselves better and are smarter in all-girls secondary schools. According to her, studies have shown that girls pretend not to be as smart as they are because they want the boys to like them. But with all-girls school, they can open themselves

to all the knowledge and learning which stays with them for the rest of their careers. Ojo graduated from the college in 1992 and is currently the Global Chief Marketing Officer at Amazon. She was recently in Nigeria on a working visit with her team members and visited her Alma mater to discuss possible areas of support. The visit was also an

opportunity to relive her experience at the school and mentor the current students. She stressed the importance of regular visits of old girls to the school was to inspire current students. She urged the students to always aim for the best because they have all it takes to succeed. She also commended the management and the Principal, Dr. Tokunbo Yakubu-Oyinloye,

for the growth the college has witnessed over the years and for putting more emphasis on the arts, in addition to sciences. She also expressed delight that the students are thriving and expanding what they are learning. Her team members also took turns to commend the school management for grooming confident, goaloriented, and well-behaved young women.

The Principal, Queen’s College, Lagos Dr. Tokunbo Yakubu-Oyinloye (third from right); an old girl of the school, currently the Global Chief Marketing Oﬃcer at Amazon, Mrs. Ukonwa Ojo (third from left), with students of the school during Ojo’s recent visit

12,586 Teachers Take Qualifying Exams Nationwide Kuni Tyessi in Abuja

Twelve thousand five hundred eighty-six candidates sat for the Teachers Professional Qualifying Examination (PQE) conducted by the Teachers’ Registration Council of Nigeria in 35 States, including the Federal Capital Territory. Director, Certification, and Licensing at the TRCN, Dr. Jacinta Ogborso, who announced this, also disclosed that no candidate registered for the PQE in Zamfara State because of the security challenge. She spoke while monitor-

ing the exercise in the FCT with the Minister of State for Education, Chukwuemeka Nwajiuba, and the Permanent Secretary of the ministry, Sonny Echono. Ogborso attributed the reduction in the numbers of candidates who registered for the November 2021 PQE to the previous surge the council had registered. Nwajiuba revealed that plans were underway to begin the Teachers Exchange Programme with the Federal Ministry of Communication and Digital Economy to develop the digital literacy capacity of teachers in

Nigeria. According to the minister, the education and communications ministries are working out details to use digital bridge institutes across the six geopolitical zones to enhance the computer knowledge of teachers. Nwajiuba also disclosed that the TRCN had been mandated to work with the Nigeria Union of Teachers (NUT) to activate the One Teacher One Computer programme. Echono, who also monitored the PQE at SASCON International School Maitama Abuja, hinted that the career

path progression for teachers in Nigeria had been approved at the government and National Council on Establishment level. “We decided to resuscitate teaching profession in Nigeria through additional incentives and career paths. This is to ensure that teachers are actually specialised in specific areas; individuals in the teaching profession will now follow through a particular career path, we will now have people who will make specialise in school administration, curriculum, and special skills.”

Funmi Ogundare

Experts in the human capital development sector are set to empower youths on how they could secure jobs and employment at the End of Year celebration of Federal Government College Ogbomoso Old Students Association (FEGOCOOSA) themed, ‘Building Bridges’. The programme, which will kick off with a Fun Day on November 27 at The Stables in Surulere, will witness outdoor games and sports among members of the association atmosphere. The Global President of the association, Mr. Abidemi Oni, who briefed journalists recently on the activities, said the fun day would be followed by a virtual symposium tagged, ‘The FEGOCOOSA Job Fair’ on November 28, when experts will be speaking on jobs and employment-related topics. The programme will climax with a dinner and awards night on December 4 at the Academy Inns and Hotels, Ikeja. The Chairman 2021 EOY

Committee, Mr. Temitope Asiwaju, who emphasised the efforts the association has taken to impact the college and students, said it was developing a technology hub where students can develop their skills, adding that it will also serve as an e-learning centre where students will be able to sit for UTME Computer Based Test (CBT) after it must have made arrangements with JAMB. He stressed the need for unity colleges in the country to be supported, saying that government alone cannot shoulder the responsibility of funding them. “A lot more funds are allocated to these schools by the associations, as there are areas of interventions. If we over-rely on the government, things may not happen. If you want quality education, you will have to pay for it,” Asiwaju said. The Chairman, BoT of the association, Mr. Don Edozien, expressed delight about the efforts of successive administration in ensuring unity of members and positively impacting the college.

IEIEPC Organises Talent Hunt for Special Needs Children A non-governmental organisation for children with special needs, the Inclusive Education and IEP Centre (IEIEPC) recently held a first-of-its-kind talent hunt for children with special needs in special and inclusive schools in Lagos. Eleven special and inclusive schools across the state participated in the one-day event which held at Modupe Cole Memorial School for Children with Disabilities, Yaba. The event featured special recitation, dance by individual students and the cultural troupe of the host school, instrument play, singing, and exhibitions of crafts in painting and drawings, hair braiding, make-up and head gear tying and cloth making. The Vice-Principal, Modupe Cole Memorial School for Children with Disabilities, Mrs. Cole said her school was elated to host the participating schools from across the state just as she applauded the IEIECP team for organising the programme as part of activities marking the golden year celebration of its founder, Dr. Oyeyinka David Oluwawumi. While noting the special abilities of the children from the participating schools, she called on members of the public to collaborate with parents and care givers in developing the special abilities of children with special needs. Also speaking, a public servant in Lagos said the plight of children with special needs should be of national interest and not limited to

affected parents, guardians, care givers and teachers. While charging all participating students to further strengthen their efforts to explore opportunities in life, she commended teachers of special needs children whom she described as ‘semi-gods’ “And to all the special needs teachers out there, saying thank you doesn’t seem to be enough. You deserve so much praise for your adaptability, collaboration, communication, compassion, devotion to improvement, the assessment skills you possess, the knowledge theory and listening skills. You are nothing but a semi- god. Thank you for giving us our babies back, for your hard work and endless love.” The IEIEPC is a nongovernmental organisation devoted to improving lives of special needs children or persons through advocacy and enlightenment campaigns for inclusion, as well as provision of services and trainings for teachers, parents and stakeholders on issues of inclusive education, special education and individualised educational planning in using a multi-disciplinary approach that maximizes ability and facilitate learning. The organisation is credited with lots of success in creating the enabling environment for identifying and nurturing special needs individuals for maximized potential, improved quality of life and contribution to national life.

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

EDUCATION

NSE Awards Scholarship to UTME Investment One Promotes Financial Literacy with Engineering Candidates Funmi Ogundare

For their outstanding performance in the 2021 Unified Tertiary Matriculation Examination (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB), the Nigeria Society of Engineers (NSE) has awarded scholarships to the engineering candidates to enrich the management and practice of the profession in the country. The NSE last year had instituted a scholarship award of N16 million to encourage candidates who intend to study engineering-related courses in the university. The beneficiaries will enjoy a scholarship of N1,000,000 each for five years after gaining admission into the

university of their choice studying Engineering. The beneficiaries include Miss Agnes Maduafokwa, who scored 365 in UTME and is currently studying Mechanical Engineering at Duke University, USA. Master David Nwobi got 363, studying Mechanical Engineering at Covenant University, Ota, Master Osom Akan scored 353, studying Computer Engineering at Covenant University. Others are Miss Favour Ogundele, who had 352, studying Civil Engineering at the University of Ilorin, and Master Fejiro Akakabota, who also scored 352, studying Mechanical Engineering in Obafemi Awolowo University (OAU), Ile-Ife. Speaking at the

presentation of cheques in Lagos, the President of NSE, Babagana Mohammed, expressed excitement about the initiative. He said, “It is also a furtherance of the society’s strategic mission and objective of incentivising young, bright minds to study engineering.” He recalled the 2020 programme when 16 top UTME candidates were awarded, saying as a way of keeping track of their progress, they were attached to engineering icons for mentorship to bridge the gap. The beneficiaries expressed excitement about the scholarship, saying it will spur them to work hard, adding that both boys and girls can study courses in Engineering so

far you have passion for it. Mrs. Maduafokwa, who received the cheque on behalf of her daughter, thanked God for what Agnes had achieved. “We are happy about it, and we pray that she would even do much more. She has always wanted to study Mechanical Engineering and help solve problems, and she is excited to be doing that now.” She advised parents always to encourage their children, as they need the motivation to take them to a higher level to become the very best they want to be. “School is not a scam. It sets you apart and prepares you for the journey ahead. They shouldn’t take it likely, but aspire to get the best out of school.”

Investment Education Mary Nnah Investment One Financial Services Limited, one of Nigeria’s leading investment groups, has renewed its commitment to build a financial literacy community. The move, following the report by the Nigeria Inter-Bank Settlement System (NIBSS) about the negative impact of the COVID-19 that had launched a new wave of digital activities and financial fraud, which was at its peak in the year 2020 with a 186 per cent increase against 2018 and, 2019 where its growth rate was low. The Group Strategy Officer, Investment One, Tomiwa Owodunni, said to address the problem in the financial sector, Investment One has embarked on a financial enlightenment initiative through financial literacy

called ‘Investment Education’ aimed to build a community of financial literate individuals who, in whatever phase of their career can sustainably earn, grow, manage and preserve their wealth. This way, fraudsters’ chances of getting swayed are lessened, and they are armed with tools to aid their financial freedom. “As a movement, we began learning sessions in September 2021, virtually on the telegram group where subject matter experts take on varied topics, teaching in detail and addressing questions and concerns of the public. This is done at no cost. The topics of the classes range from treasury bills, foreign investment options to financial instruments, money and your mind, and so much more,” he added.

PAU Names School of Science, Technology after Felix Ohiwerei

L-R: Akakabota Fejiro Simeon; Osom Akan Awesome; President Nigerian Society of Engineers, Babagana Mohammed; and Miss Favour Ogundele, during the presentation of N200,000 each to ﬁve best UTME engineering candidates in Lagos... recently

Group Flags off School Visitations on Tolerance, Diversity The HUT (Heart of Unity and Tolerance) Foundation has flagged off its visitation programme to primary and secondary schools in the Federal Capital Territory (FCT) and neighbouring states to espouse the virtues of tolerance, non-discrimination and beauty of diversity. Speaking during the ceremony at JIP Heritage Academy, Jikwoyi Abuja, the foundation’s Executive Director, Barrister

Precious Nkem Ogbuenyi, said its goal is “to re-orientate the general public on the need to cultivate and encourage factors that unify us and actively pursue positive social change wherever we find ourselves.” The Proprietress of JIP Heritage Academy, Dr. (Mrs.) Joy Imaji commended the NGO for its patriotic mission stressing that it is important to note the timeliness of the message of the HUT

foundation against the background of the current realities of the country as they concern its unity and stability. During the visit, members of the HUT Foundation carried out a sensitization programme during which they had access to over 60 students ranging from primaries 3, 4, and 5. The Head Teacher of the school, Mrs. Blessing Uche assisted in moderating the interactive session by guiding

the students on maximising the gains of the sensitization programme. The students were taught the importance of being good citizens by looking out for one another and being nondiscriminatory. During the visits, students of secondary and primary schools are given lessons that will help kill poisonous biases and foster a true sense of nationhood in their hearts.

Edo School Gets Lift with Sickbay, Audio-visual Library The victory alumni association worldwide of Victory Primary School in Oredo local government area of Edo State has donated an audio-visual library and a sickbay to its alma mater. A member of the alumni association, Andrew Agenmonmen, donated the facility on behalf of the association at the launch of the audio-visual library, sickbay and Dame Agatha Agenmonmen 2021 annual prize for mathematics quiz for primary school pupils in

Benin City. Speaking at the inauguration of the facility, Agenmonmen, a student of class 1982 of the school, said the gesture was to invest in the future, adding that a better foundation laid for pupils would go a long way to determine what they become in time to come. Ozavize Salami, Executive Chairman of the Edo State Universal Basic Education Board (SUBEB), commended the alumni association for the support just as she said the initiative was in line with what the Edo State

government is doing under the Edo Basic Education Sector Transformation (EdoBEST) programme to support teaching and learning. Salami, represented by Jerry Ogah, an official of the board, said, “We are extremely excited that the alumni have decided to support us. As we know, teaching and learning in schools are not what we will leave for the government alone,” Salami said. Kessignton Osifo, Head of Local Government Administration and acting

chairman of Oredo LGA, in his remarks, said, “This is a paradigm shift, and it is in our vision for the transformation of education in Edo State which is the EdoBEST. Meanwhile, schools that won the mathematics quiz competition conducted among public primary school pupils in Oredo LGA are Government Model Primary School with a cash prize of N30,000, Community Primary School clinched (N20,000), and Victory Primary School with (N10,000) prize came second and third, respectively.

It was a moment of tributes, as Pan-Atlantic University (PAU) formally named its School of Science and Technology building after Felix Ohiwerei, Nigerian Breweries ex-Managing Director. Speakers took time to celebrate the foremost business and boardroom guru, who served the company with distinction for 45 years before retiring as chairman in 2007. During the inauguration of the building at the university in Ibeju-Lekki, Lagos, the ViceChancellor, Prof. Juan Elegido, disclosed that the newly built state-of-the-art building was named after Ohiwerei in recognition of his contribution to the development of education in Nigeria and service to humanity. Elegido explained that the school would contribute greatly to nurturing the requisite manpower needed to boost industrialisation that would consequently impact the Nigerian economy in line with the university’s goal. In his remarks, the Chairman of the company, Chief Kolawole Jamodu, described the naming of the edifice after Ohiwerei as an honour well-deserved, given his passion and contribution towards the advancement of

education in Nigeria. Also speaking, the Chairman of the Nigerian Breweries, Felix Ohiwerei Education Trust Fund and Managing Director, Nigerian Breweries Plc, Hans Essaadi, thanked the management and staff of the university for accepting to name the edifice after the company’s former managing director. “On behalf of the management and staff of Nigerian Breweries, let me say how grateful we are to Ohiwerei for your leadership and your immense contributions to our great company,” said Essaadi. “We are very proud of you, and we wish you the very best in life, every day. It is our hope that the school will continue to provide the best quality education, comparable with international standards, to produce the next generation of future leaders.” Responding, Ohiwerei attributed all his achievements to the blessings of God. The event was attended by members of the board and faculty of the university, led by the Pro-Chancellor, Odein Ajumogobia, SAN, past ViceChancellor, Prof. Albert Alos and incoming VC, Enase Okonedo, as well as friends and family

UNIZIK Mass Comm Dept Hosts ACCE AGM, Solicits Support Kasie Abone Mass Communication Department of Nnamdi Azikiwe University, Awka has won the hosting right for the 23rd Annual General Meeting (AGM) of Nigeria chapter of the African Council for Communication Education (ACCE). With the theme ‘Communicating Science, Technology and Innovation in Times of Economic Distress, Terror, and a Global Pandemic,’ the event’s pre-conference research workshop focuses on ‘Mainstreaming Child Rights into the

Unbundled Communication Programmes of Nigerian Universities- prospects and Challenges’. It will hold in October 2022. In a statement, the Head of the Department, Prof. Chinwe Uzochukwu, said the conference was primed to explore the place of science, technology and innovation, including the emerging ones such as genomics, biotechnology, synthetic biology, Nanotechnology, artificial intelligence and robotics to remedy Nigeria’s security, food, health, environmental and economic crises.”

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

CITYSTRINGS

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

Grooming Proficient Weapon Marksmen in the Navy To enhance professionalism, groom proficient marksmen and reduce accidents from weapon handling, Chiemelie Ezeobi writes that the Western Naval Command recently held its annual Small Arms Firing Exercise

Rear Admiral Gbassa at the ﬁring range

The personnel taking shots at the plates

Some of the 500 personnel that participated in the ﬁring exercise

The FOC in position to ﬁre

o enhance professionalism, groom proficient marksmen and reduce accidents from weapon handling, the Western Naval Command (WNC) recently held its annual Small Arms Firing Exercise (SAFEX), also known as range classification. Held at the Nigerian Army firing range of the 192 Battalion in Owode, Ogun State, the three-day exercise saw 500 naval personnel test their marksmanship in one of the oldest programmes in the military. Range Classiﬁcation The exercise as the name implies put personnel to test at the shooting range in terms of accuracy of shots and efficiency in handling weapons. Therefore, to ensure that the Nigerian Navy (NN) personnel especially those drafted to battle insurgency and other pockets of insecurity, are combat ready, the need to constantly train and retrain them especially in weapon handling for improved shooting skills and professional efficiency in line with global best practices, came to bear as the service flagged off its annual SAFEX for 2021. Also, the exercise is aimed at developing personnel intuitive skills and response initiative under battle-like conditions. SAFEX also covers training on higher calibre weapons and gunnery exercises at sea. Shooting at the Range This year, the exercise had naval personnel from all units and formations under the command test their skills in weapon handling and marksmanship. The exercise was declared open by the Flag Officer Commanding (FOC), WNC, Rear Admiral Jason Gbassa. Following the arrival of the participants, the next step was the registration and mustering of the firing party before the reading of range safety rules and regulations. The commencement of firing began after the arrival of guests and special guest of honour. Leading by example, the FOC took to the

gun like fish to water as he aimed for target at the ceremonial shot and falling of plates, which was done within the 100metres radius. The firing parties were made to lie and take their firing position with the target being the white small plates, which they are supposed to bring down with their bullets. After the first team brings down their five plates, both teams switch sides for another go at the plates. After that, other batches took positions, some hitting the target while others missed the bulls eye. During the course of the exercise, the participants who were made to fire different weapons at different positions, all had safety instructors attached to them, to ensure all kept in line with safety rules and regulations. At the end of the exercise, the scores were tallied and the professional marksmen were noted down as they would participate on a larger platform later in the year with other personnel of different commands nationwide. The FOC's Address Commending the Chief of the Naval Staff, Vice Admiral Awwal Zubairu Gambo for providing the necessary logistics support, leadership and guidance, the FOC in his speech said the training package is aimed at improving officers weapon handling skills and reducing numbers of accidents. According to FOC, “the Western Naval Command Small Arms Firing Exercise is

a yearly event aimed at improving the competence of Nigerian Navy personnel in small arms handling and shooting skills thereby enhancing operational efficiency. The exercise was affected last year due to the outbreak of COVID-19 but hope to organise more training that would build confidence to defend the nation. “The exercise forms part of individual and group training packages and it has in the past afforded the Navy the opportunity of identifying marksmen for inter-command and inter-Service Competitions. "This is part of our training package whose objective is to enhance weapon handling skills of our men, their firing skills as well as to reduce incidences of fire accidents and it is part of inculcating discipline in the men.” While thanking the GOC 81 Div for approving the request to use the shooting range, the FOC said: " History teaches us two profound and important lessons about marksmanship, the first is that it is an acquired skill only developed through practice and training. "The second is that the battlefield is a very unforgiving classroom. Therefore, it is imperative for all to note that success and survival in real combat is dependent on hard work during exercises of this nature. "Training exercises all over the world is conducted to correct weaknesses and sustain strength. In achieving these objectives, training exercises will always be tough and physically challenging. "This exercise therefore will not be an

This is part of our training package whose objective is to enhance weapon handling skills of our men, their ﬁring skills as well as to reduce incidences of ﬁre accidents and it is part of inculcating discipline in the men

exception considering the processes you must have passed through right from the point of selection. I therefore enjoin you all to apply yourselves during this exercise. "This exercise would not have been possible without the timely approval of the Chief of the Naval Staff to our arms and logistics request. Thus, I enjoin everyone to take advantage of this unique opportunity to enhance their weapon handling proficiency and knowledge." About the SAFEX Undoubtedly, such firing exercises are designed to ensure a combat- ready force, better positioned to tackle contemporary challenges and as such, the aim of the exercise is usually to test the proficiency of officers and men in the command. Also, the operation is deemed as a form of fitness exercise, which in turn leads to physically fit officers and men. The firing exercise is also important and strategic to naval operations so that whenever they are deployed for operations, they will not see the weapons they are carrying as a visitor. Another objective of the exercise is to test the proficiency of the personnel of the command in weapon handling with a view to selecting the best to represent the command at the general NN Small Arms Firing Competition. It is noteworthy to state that SAFEX also exerts discipline on the men because once a weapon is handed over to you, it takes discipline to control your anger and not respond wrongly. The end goal however is that the lesson learnt from the exercise would be a rewarding one in the field. In closing, Gbassa, who commended the officers and men who participated, expressed satisfaction that the objectives of the exercise were achieved based on the satisfactory performance of those that participated. But before the FOC and his team left the range, all were declassified to ensure none left the area with empty cartridges or empty live rounds, as being found with such outside the range is a criminality punishable by law.

T H I S D AY ˾ WEDNESDAY NOVEMBER 24, 2021

CRIME&SECURITY

Scorecard of Explosive Ordnance Disposal at 45 Gbolahan Samuel Moronfolu Brief History and Formation he Command was established on 1st June, 1976 as an offshoot of the Nigeria Civil War with a mandate to perform specialized technical functions of responding to the threat of explosive remnants of war (ERW) which characterised the post-civil war era. In addition, the Command was saddled with the responsibility of technically executing procedural enforcement of the Nigeria explosives Act of 1964 and Regulations of 1967. Over the years, EOD has metamorphosed from Unit in 1976 to Squadron in 1982 and now Command since 2008. As a Command under the Department of Operations, it has Bases in all the States of the Federation and the FCT – Abuja, Units at critical national infrastructures across the States/FCT and major international entry/exit points in the country.

Mission To combat the misapplication of explosives and allied accessories by unauthorized and criminal minded persons against national security and economic interest. Vision To make Nigeria safe and secured through effective and efficient prevention of illicit use and threat of Chemical, Biological, Radiological, Nuclear and explosive materials. Objectives To reduce/eradicate the criminal use of explosives and radioactive materials. To assist other departments of the Force and governmental agencies in reducing crime and violence through effective enforcement of the Explosive Laws and Nigerian Nuclear Regulatory Agency (NNRA) legislations. To promote public safety by reducing or eradicating the criminal use of explosives, radioactive materials, and reducing safety hazards caused by improper or unsafe storage and transportation of explosives, radioactive sources and other dangerous/hazardous goods. Proper record keeping and monitoring of explosives/radioactive materials on the shores of the Nation to stem illegal dealings/usage of same. Key Duties/Functions: The detection, identification, field evacuation, rendering safe of unexploded ordnance (UXO) and Improvised Explosive Devices (IEDs). Discovery and disposal, by demolition of explosives which have become hazardous due to deterioration. Inspection and identification of commercial explosives legally imported into the country, and its control to ensure appropriate application and ensure that all such importation are in accordance with the specifications in the Import Permit as issued by the Federal Ministry of Mines and Steel Development (Mines Inspectorate Division) Identification, recovery and neutralization/ disposal of commercial explosives in the event of wrong application by terrorists/criminals or unauthorized persons. Liaise and coordinate with the Office of the National Security Adviser (ONSA), other security agencies and relevant stakeholders to monitor, detect, neutralize and analyze bomb/ IED threats. Render safe scene of bomb threat/explosion to facilitate response, rescue and recovery operations by relevant actors. Investigate incidents involving the use of explosive, chemical, biological, radioactive and nuclear materials. Provide expert opinion in the prosecution of criminal cases involving explosive, chemical, biological, radioactive and nuclear materials/ other hazardous chemicals. Escort explosive and radioactive materials to end users to prevent illegal transfer and unauthorized usage Provide specialized EOD security services at Airports, Seaports and International land borders Provide security at key and vulnerable points such as explosive magazines, oil and related facilities, as well as, government installations to prevent sabotage. Sweep and screen persons, baggage and vehicles at access control points of “hard targets” and sensitive security infrastructures to identify threats and deter security violation Deploy personnel and equipment during major public events to forestall any act of terrorism General enforcement of Explosive Act and Regulations, as well as, Nigerian Nuclear Regulatory Authority (NNRA) Laws and Regulations Public enlightenment on the hazardous nature of explosive, radioactive and nuclear materials, as well as, other toxic chemicals and the relevant safety/precautionary measures. Public enlightenment on “bomb threat awareness”. Past/Present Heads Of The Command INSPR. U.I ANKOH - 01/06/1976

CP Shettima

A member of the bomb squad – DEC. 1976 AG. DSP A. A. ABUUL - DEC. 1976 – DEC. 1984 CP S. G. BALOGUN - DEC. 1984 – 15/03/2009 CP. CHRIS A. OLAKPE (JP) 15/03/2009 – 31/01/2011 CP AMBROSE AISABOR (mni) 31/01/2011 – 9/03/2012 CP FOLUSO A. ADEBANJO 9/03/2012 – 2/05/2013 CP ABDULMAJID ALI 2/05/2013 – 6/2/2014 CP DANLADI MSHELBWALA (mni) 6/02/2014 – 16/2/2015 CP MOHAMMED A. MUSTAFA 9/02/2015 – 18/05/2016 CP MUAZU ZUBAIRU HALILU 18/05/2016 – 22/07/2016 CP HARUNA HUZI MSHELIA 22/07/2016 – 11/01/2017 CP CHIKA ABUBAKAR MAIDAMA - 11/01/2017 – 4/01/2018 DCP GABRIEL AYODEL OGUNTUASE 4/01/2018 – 2/09/2018 CP KAYODE EGBETOKUN 2/09/2018 – 27/03/2019 CP MAIKUDI A. SHEHU 27/03/2019 – 27/05/2020 CP ETIM ENE OKON 27/05/2020 – 14/02/2021 CP HUSSAINI RABIU 15/02/2021 – 14/05/2021 CP ABUBAKAR A. ALHAJI 18/05/2021 – 5/06/2021 CP ZANNAH SHETTIMA, (psc) - 29/07/2021 – TILL DATE Key Achievements in 2021 FESTAC 1977 In the year 1977, Nigeria hosted all Black Festival of Art and Culture (FESTAC) in Lagos. DSP A.A Abuul and his men put up a brilliant performance during the event and this brought the Unit to limelight. Ikeja Bomb Blast of January 27, 2002 The EOD Command also played a unique role during the Ikeja Cantonment bomb blast of 2002. Men of the Command were immediately on ground on rescue mission to curtail the loss of lives of victims. The Command was also involved in evacuating detonated and undetonated bombs and explosives to prevent future recurrence. IED/UXO Incidents 7/1/2021 at about 0904hrs - Recovery of explosives outside government house, Jos, Plateau State; Recovery of 150g of Ammonium Nitrate, 250g of High Explosive and 3inches of Detonating Cord. 08/01/2021 at about 1345hrs - Recovery of IED Components at Presidential Road, Independence Layout, Enugu, Enugu State; comprising 9 pieces of metallic pipes containing gun powder, ball bearings and electric conductor. 21/01/2021 at about 1000hrs - Recovery of UXOs and 1 rocket propelled grenade at Bama Sport Center, Maiduguri, Borno State. 28/01/2021 about 0850hrs- Recovery of 12m Firing Cable and one cartridge of substance inscribed as high strength density cap explosive; Recovery of explosive materials from hoodlums in Uyanga, Akamkpa LGA, Cross River State by Operation Puff Adder. 05/02/2021 at about 1415hrs - Recovery and demolition of UXO at Aguobuowa forest in Ezeagu LGA Enugu State. 23/02/2021 at about 1800hrs - Multiple

Explosion at Gwange general area and Bulabulin division of Borno State Twin explosion caused by fired military projectiles. 09/03/2021 about 1430hrs- Recovery of UXO at PHCN facility in Kakana General of Maiduguri, Borno State. 19/03/2021 at about 0500 hrs. - Recovery of remote control improvise explosive device (RCIED) at Aujirawa Alkali village, Gezawa, Kano State. 21/03/2021 at about 1731hrs - Recovery of UXO at Oye Agu of Abagana, Anambra State recovered at scrap metal site. 02/04/2021 at about 1556hrs- Recovery of IED component from a driver at Nsude, Udi LGA, Enugu State. 03/04/2021 at about 0900hrs - Recovery of IED in the house of one Alh. Manu Girgir of Gashua town in Yobe State. 07/04/2021 at about 0750hrs - Recovery of 8 UXOs under the bridge at Etim Ekpo, Akwa-Ibom State. 08/04/2021 about 1753hrs- Recovery of 5 IEDs at union primary school, Afaraukwu, Umuahia, Abia State. 22/04/2021 at about 1200hrs - Recovery of Land Mine at Kamuya village, Gujba LGA during Joint Taskforce clearance operations. 28/04/2021 at about 1200hrs - Recovery of 2pcs of Molotov cocktail at Orualla waterfront Diobu, Rivers State. 06/05/2021 at about 1221hrs - Recovery of IED at Delta State Secretariat, Asaba; Recovered 5pcs of metal pipes containing gun powder and 1ltr plastic bottle containing liquid believed to be petrol. 12/05/2021 at about 0930hrs - Recovery of two hand grenades at Jidari Polo area, Jere LGA, Borno State. 24/05/2021 at about 1900hrs - Recovery of UXO at an explosion site in Nung Iko Anaga community of Aruk Anam LGA, Akwa Ibom State. Post Blast Investigation (PBI) conducted and 27 mortar bombs, 39 (122mm) howitzer bombs and 248 various calibres of artillery shell. 03/06/2021 at about 1100hrs - Recovery of IED in an abandoned Bus at Police Divisional Headquarters - Awo-mama, Imo State during an attack by hoodlum; PBI conducted and recovered of one IED. 06/06/2021 at about 0600hrs- Recovery of IED in an abandoned bus at Owerri, Imo State during an attack by hoodlum, PBI conducted and recovered of one IED. 03/07/2021 at about 1530hrs- Explosion at a residential building at Shagari Close, Kaduna. PBI conducted and 1 unexploded IED fabricated in Nutri-C plastic container with remnant of exploded objects recovered. 27/08/2021 at about 1200hrs - Recovery of UXO at a farm land belonging to one Modu Ali at Ngoro Soye, Borno State; Insitu demolition conducted on a recovered GR 66 SUB Munitions. 8/09/2021 at about 1600hrs - Recovery of UXO at welding line, timber market, Uratta in Osisioma LGA, Abia State. 12/09/2021 at about 1835hrs - Recovery of explosives/accessory at Okobo Police Division, Akwa Ibom State from suspects believed to be Cameroonians separatist. Recovery of 32 carts of Super Power Explosives and 10pcs of Electric Detonator. 16/09/2021 at about 1100hrs- Recovery of Pressure plate activated explosively formed projectile (EFP), fabricated with 105mm artillery shell at Transmission Company of Nigeria during reconstruction work at Jacana along Maiduguri road, Borno State.

Managing of radiological emergencies Monitoring the usage, storage and transportation of hazardous chemical, biological agents and radioactive sources. Collecting data on the end-users of hazardous chemical/biological agent and radioactive sources together with their clearing agents. Liaising and synergizing with relevant local and international agencies like Nigerian Nuclear Regulatory Authority (NNRA), Nigeria Biosafety Management Agency (NBMA), National Emergency Management Agency (NEMA), International Atomic Energy Agency (IAEA), National Agency for Food Drug Administration and Control (NAFDAC) with a view to developing the framework for preventing and responding to CBRN incidents. Training and enlightenment of stakeholders on potential threats inherent in CBRN materials. It is worthy to note that EOD Command has achieved immeasurable strides from inception till date and the Command is grateful to the Inspector-General of Police for his magnanimity in providing support. As the Command looks forward to the next 45 years of dedicated responsibility/duty, modern equipment and training /retraining are keys to effective and efficient EOD specialized service delivery in line with global best practices.

Participation in Joint Task Force Operations

-Moronfolu is the spokesperson of the Anti-bomb command.

Personnel of the Command regularly participated in various security operations across the country as may be necessary like; Operation Restore Peace, Puff Adder, Lafiya Dole, Hadan Kai, Zaman Lafiya, etc. Their participations effectively enhanced Counter-IED and Clearance operations. Training and Retraining From inception, EOD personnel have attended diverse local and foreign courses which include Basic Training; Chemical, Biological, Radiological, Nuclear (CBRN) Security, Detection and Response; Explosive Incident Counter Measures – USA; Post-Blast Investigations at USA, Botswana and Egypt; ECOWAS Regional Table Top Exercise on Chemical Incidence - Cote d’Ivoire; Basic Assistance and Protection on Chemical Security Switzerland and Ghana; Swiss Laboratory Course on Assistance and Protection on Chemical Security – Switzerland; International Response Training Course on Radiological Security – Austria; Network of Frontline Officers and Organizations for Nuclear Security Detection, Chemical Security Program – Chad; International Mines Action Service EOD Level 1 - 3 Maiduguri – Borno State; Transportation Security by International Atomic Energy Agency (IAEA) Experts – Lagos; Terrorist Crime Scene Investigation, etc. Establishment of EOD Training School EOD Training School is under construction at Maiduguri, Borno State. Instructors would be drawn from serving/retired EOD senior officers, experts from relevant security institutions/development partners and visiting lecturers from tertiary institutions. The school will serve as EOD training hub for the West Africa sub-region when completed. Establishment of CBRN: The Chemical Biological Radiological Nuclear (CBRN) Section of EOD was officially established on 6th August, 2015 by the then Commissioner of Police EOD, CP Mohammed Mustapha. This was borne out of the need to have a dedicated Section to handle CBRN related matters with a view to monitoring the movement and supervision of related substances. The Command has also established CBRN offices in Lagos, Port Harcourt and Abuja. These centers are saddled with the core professional responsibilities of:

T H I S D AY ˾ ˜ NOVEMBER 24, 2021

BUSINESS/MONEYGUIDE

CBN Targets 25,000 Ebonyi Women,Youths in Digital Financial Inclusion Drive Benjamin Nworie ÓØ ÌËÕËÖÓÕÓ The Central Bank of Nigeria (CBN) yesterday said it was targeting about 25,000 women and youths in Ebonyi State in its digital financial inclusion drive. According to the central bank, its digital financial inclusion drive gives it an opportunity to actively engage with the unbanked population and to provide them with necessary tools for economic empowerment and inclusion. The Director, Development Finance Department, CBN, Mr. Philip Yila Yusuf, said this during the unveiling of the digital financial inclusion drive for women and youths at the Onueke Township Staduim, Ezza

South Local Government Area of the state. Yusuf who was represented by the Branch Controller, CBN, Abakaliki, Mr. Adayi Christopher, assured that the women and youths would also have opportunities to learn about investment opportunities and how to sustainably grow their finances. Entitled: “Open Account, Get Beta Life,”Yusuf said throughout the week, financial service providers would be available to help unbanked women and youths to make informed decisions about products uptake which includes savings accounts, micro pensions, micro insurance, Bank Verification Number (BVN) registration and

NIN registration amongst others. Yusuf said the women and youths would also have the opportunity to learn about investment opportunities and how to sustainably grow their finances. According to him, “financial inclusion is also important for household and businesses because interacting with formal systems allows individuals keep their finances safe in saving accounts.” Ebonyi State Governor, Chief David Umahi commended the CBN over the initiative, saying it he would support the program so that women and youths in the state would have the opportunity of benefitting from any intervention from the apex bank.

LCFE Harps onYouths Financial Literacy Determined to equip the youths with the basic knowledge of financial literacy, Lagos Commodities and Futures Exchange (LCFE) has leveraged 2021 World Investors Week to advise youths in Nigeria to imbibe the culture of savings as a step towards investment. The Securities and Exchange Commission (SEC) declared yesterday, the Day of Ringing Bell in all securities exchanges in Nigeria as part of the ceremony marking the World Investment Week. By this directive, the Management of LCFE hosted students of Pan Atlantic University, King’s College and Queen’s College, Lagos.

Addressing the participants, the LCFE’s Managing Director, Mr Akin Akeredolu-Ale explained that lack of financial literacy among the youths had created opportunities for fraudsters to swindle unsuspecting investors. According to him the LCFE shall continue to support financial literacy among as it has youths to enable them to cultivate the habit of savings and investment. Corroborating him, the Chairman, Technical Committee on Financial Literacy in the Nigerian Capital Market, Mrs Toyin Sanni enlightened the students on the need for an investor to understand

his personal risk profile in order to mitigate risk. The Head, Lagos Zonal Office, SEC, Mr Stephen Falomo who represented the Commission’s Director General, Mr Lamido Yuguda said the International Organisation of Securities Commissions (IOSCO) initiated the World Investors Week to promote Investor Education and Protection. He stated that the overall goal of the Commission was to ensure fair and orderly market. According to him, a lot of measures. including Investor Protection Fund (IPF) have been put in place to ensure investor protection.

Access Bank, Others Launch Platform for Female Entrepreneurs Kayode Tokede SME.NG in partnership with Access bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham, and the Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs. The Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female

entrepreneurs in Nigeria seeking to digitize their businesses. Conceptualised and developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s digital literacy and financial inclusion, while providing access to capital and markets. The brain behind the Ebi Marketplace, Thelma Ekiyor stated that SME.NG is committed to investing in facilitating female

entrepreneurs’ profitability, so that they are positioned for infusion of capital. According to her, this innovation is supported by Nigerian investors for the Nigerian market. “We at SME.NG see ourselves as an indigenous solutions provider in Nigeria’s SME ecosystem. Women in Nigeria establish businesses more than men but struggle to grow beyond a certain point. We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

Futureview woos Investors on Public Offer As part of its customer-focused policy, a leading investment group in Nigeria, Futureview Group has urged its clients to take advantage of the planned Offer for Subscription of 575 million shares of MTN Nigeria through book-building to beef up their portfolios. Futureview Securities Limited is one of the accredited Stockbrokers to the Offer. The Group Managing Director (GMD) Mrs Elizabeth Ebi, advised the clients to watch out for the Offer this month. In a statement signed the Head,

Corporate Finance, Futureview Financial Services, Mr Solomon Amicki, says MTN’s value would double after the Offer because of the parent company controls over 85 percent of the mobile money market in Ghana. “ The Central bank of Nigeria recently granted an approval in principle to MTNN and Airtel to operate Pay Service Banks (PSB) with final approval to follow in 6months subject to specific requirements.The value of MTN is tipped to double as MTN already has this blueprint

running in Ghana and this has been very successful.The Parent company controls 85% of the Mobile money market in Ghana and they raked in revenues of N84.9bn in 9months through 2021 according to its financial statements.The MTN Momo business in Ghana is similar to what MTN would be able to do in Nigeria. Futureview Analysts are of the opinion that the huge Subscriber base in Nigeria would shift the projected revenue up to N300bn within 12months, “he said.

LASMAYA 2021: CEPODEPS Honours Chemstar Group Boss Funmi Ogundare For his exemplary leadership qualities, outstanding personal achievements, as well as selfless service to humanity, the Centre for Policy Development and Political Studies (CEPODEPS), has honoured the Chairman/ Chief Executive Officer, Chemstar Group, Dr. Emmanuel Awode, with the Lagos State Man of the Year

Award (LASMAYA) 2021. He was selected and nominated alongside other 9 nominees by a 9-man selection committee comprising researchers, writers, academics and media practitioners after a vigorous assessment and rating exercise using opinion polls of the public, consistent high moral standard and integrity. He scored 6,150 votes (being more than 50 per cent of the total number of valid votes cast) to

emerge the winner of the 9th edition of the award. Speaking at the award ceremony held recently, in Lagos, the Chief Organiser, CEPODEPS, Dr. Aderemi Aderemi affirmed that it is noble to acknowledge and reward excellence in a country like Nigeria where cynicism prevailed in many quarters, adding that there is need to appreciate those who strive to make positive changes in the society.

L-R: Callistus Obetta, Group Executive, Technology & Services, FirstBank and Ademola Mumuney, Chairman, Ikoyi Club 1938, presenting the Ambulance donated by FirstBank at the FirstBank 60th Lagos Amateur Open Golf Championship held at Ikoyi Club 1938 on Sunday

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

T H I S D AY ˾ ˜ ͰͲ˜ ͰͮͰͯ

Stock Market Appreciates Marginally by N596.41m as CBN Retain MPR Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) appreciated marginally by N596.41 million amid the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retaining all policy parameters in order to further boost the nation’s economic growth. The MPC members unanimously voted yesterday to retain Monetary Policy Rate (MPR) at

11.5 per cent; Asymmetric corridor around the MPR at +100/-700bps; Cash Reserve Ratio (CRR) at 27.5 per cent; and Liquidity Ratio (LR) at 30 per cent. The overall market capitalisation value gained N596.41 million to close at N22.577 trillion from N22.576trillion it opened for trading while on the contrary, the NGX All-Share Index (ASI) dropped 4.99 basis points, or 0.01 per cent, to close at 43,255.14 points from 43260.13 basis points. Analysing by sectors, the

P R I C E S MAIN BOARD

F O R

DEALS

Insurance (-2.0 per cent), Oil & Gas (-0.2 per cent), and Consumer Goods (-0.2 per cent) indices recorded declines, the Banking index (+0.2 per cent) gained, and the Industrial Goods index closed flat. However, the market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Sugar Refinery, NEM Insurance, International Breweries, UACN Property Development Company (UPDC), and AXA

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

Mansard Insurance. However, market breadth was positive as 19 stocks gained relative to 15 losers. Honeywell Flour Mills recorded the highest price gain of 9.95 per cent to close at N4.09, per share. University Press followed with a gain of 8.70 per cent to close at N2.50 and Consolidated Hallmark Insurance went up 7.41 per cent to close at 58 kobo, per share. Glaxosmith up by 5.79 per cent to close at N6.40, while FTN Cocoa

T R A D E D MAIN BOARD

A S

processors appreciated by five per cent to close at 42 kobo, per share. On the flip side, UPDC led the losers’ chart by 9.35 per cent to close at N1.26, per share. NEM Insurance followed with a decline of 9.27 per cent to close at N1.86, while AXA Mansard Insurance lost 5.11 per cent to close at N2.23, per share. Chams declined 4.55 per cent to close at 21 kobo, while Royal Exchange shed 4.08 per cent to close at 47 kobo, per share.

O F

The total volume of trades decreased by 90.9 per cent to 217.973 million units, valued at N2.908 billion, and exchanged in 4,158 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 36.187 million shares valued at N919.633 million. FBN Holdings (FBNH) followed with 31.544 million shares worth N387.278 million, while Zenith Bank traded 13.434 million shares valued at N327.245 million.

2 3 / 1 1 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

Wednesday, November 24, 2021

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĚĞĐůŝŶĞĚ ϭďƉ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĨĞůů ďǇ ϭϰďƉƐ dŚĞ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĨĞůů ϭďƉ ƚŽ ĐůŽƐĞ Ăƚ ϭ͕ϴϱϯ͘ϱϮ ƉŽŝŶƚƐ ĚƵĞ ƚŽ

dŚĞ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĚĞĐůŝŶĞĚ ďǇ ϭϰďƉƐ ƚŽ ƐĞƩůĞ

THISDAY AFRINVEST 40 INDEX

ƐĞůůͲŽīƐ ŝŶ 'd K ;ͲϬ͘ϮйͿ͕ h ;ͲϬ͘ϲйͿ͕ ĂŶĚ /Ed Z t ;ͲϮ͘ϳйͿ͘ dŚĞƐĞ

Ăƚ ϭ͕ϲϳϰ͘ϴϵ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƐĞůůͲƉƌĞƐƐƵƌĞ ŽŶ E/d, ;ͲϬ͘ϲйͿ͕

ƐƚŽĐŬƐ ĐƵŵƵůĂƟǀĞůǇ ĂĐĐŽƵŶƚ ĨŽƌ ϭϬ͘ϳй ŽĨ ƚŚĞ ŝŶĚĞǆ͘

t W K ;Ͳϭ͘ϯйͿ͕ ĂŶĚ h ;ͲϬ͘ϳйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ ĐƵŵƵůĂͲ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƟǀĞůǇ ĂĐĐŽƵŶƚ ĨŽƌ ϭϯ͘Ϯй͘

>ŽĐĂů ŽƵƌƐĞ ZĞĐŽƌĚƐ DĂƌŐŝŶĂů >ŽƐƐ͘͘͘ ^/ ĚŽǁŶ ϭďƉ

zĞƐƚĞƌĚĂǇ͕ ƐĞůůͲƉƌĞƐƐƵƌĞ ŽŶ /Ed Z t ;ͲϮ͘ϳйͿ͕ &/ >/dz ;Ͳϯ͘ϵйͿ͕ ĂŶĚ E'^h' Z ;Ͳϭ͘ϮйͿ ǁĞŝŐŚĞĚ ŽŶ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ ďĞŶĐŚͲ

^/ ƵƉ ϭϭďƉƐ ĂƐ E' D 'ĂŝŶƐ ϯ͘ϯй

ŵĂƌŬ ŝŶĚĞǆ ĨĞůů ϭďƉ ƚŽ ϰϯ͕Ϯϱϱ͘ϭϰ ƉŽŝŶƚƐ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ͕ ƚŚĞ zd ƌĞƚƵƌŶ

ĂĐƟŽŶ ǁŚŝĐŚ ďŽŽƐƚĞĚ ƚŚĞ ĐĂƉŝƚĂůŝƐĂƟŽŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ĂďĂƚĞĚ ĂƐ ƚŚĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ϰϵ͘ϳй ĂŶĚ ϯϳ͘ϲй ƌĞƐƉĞĐƟǀĞůǇ ƚŽ Ϯϭϴŵ

ƌŽƐĞ

1,853.52

-0.01%

915.00

0.0%

32.3%

74.50

0.0%

10.4%

-3.7%

25.40

-0.2%

7.0%

-21.5%

5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC

ƐƚĞƌĞĚ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĂƐ ƚŚĞ ůůͲ ŝŶĚĞǆ

THISDAY AFRINVEST 40

3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC

േϱϵϲ͘ϰŵ ƚŽ േϮϮ͘ϲƚŶ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĞǆĐŚĂŶŐĞ ŝƐ ǇĞƚ ƚŽ ĚŝƐĐůŽƐĞ ƚŚĞ ƚƌĂŶƐͲ ;нϵ͘ϴйͿ͕ E' D ;нϯ͘ϯйͿ͕ ĂŶĚ & E, ;нϬ͘ϳйͿ ďŽůͲ

^ŚĂƌĞ

Ticker

1 Airtel Africa PLC 2 BUA Cement Plc

zĞƐƚĞƌĚĂǇ͕ ƉƌŝĐĞ ,KEz&>KhZ ƌĞŵĂŝŶĞĚ ƵŶĐŚĂŶŐĞĚ Ăƚ ϳ͘ϰй ƵƉƟĐŬ ǁŚŝůĞ ŵĂƌŬĞƚ ŝŶ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŐƌĞǁ ďǇ

ďǇ

ƵŶŝƚƐ ĂŶĚ േϮ͘ϵďŶ͘ 'd K ;ϯϲ͘Ϯŵ ƵŶŝƚƐͿ͕ & E, ;ϯϭ͘ϱŵ ƵŶŝƚƐͿ͕ ĂŶĚ EͲ

ϭϭďƉƐ ƚŽ ϯϵ͕ϱϱϬ͘ϯϲ ƉŽŝŶƚƐ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ zd ;േϵϭϵ͘ϲŵͿ͕ ůŽƐƐ ŝŵͲ /d, ;ϭϯ͘ϰŵ ƵŶŝƚƐͿ ůĞĚ ƚŚĞ ǀŽůƵŵĞ ĐŚĂƌƚ ǁŚŝůĞ 'd K

8 Lafarge Africa PLC 9 Access Bank PLC

& E, ;േϯϴϳ͘ϯŵͿ͕ ĂŶĚ E/d, ;േϯϮϳ͘ϮŵͿ ůĞĚ ďǇ ǀĂůƵĞ͘ ƉƌŽǀĞĚ ƚŽ Ͳϭ͘ϴй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ

10 United Bank for Africa PLC 11 FBN Holdings Plc

ƌŽƐĞ ďǇ

േϮϯ͘ϰďŶ ƚŽ േϮϬ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ǁĂƐ ŵŝǆĞĚ ĂƐ ǀŽůƵŵĞ DŝǆĞĚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

ƚƌĂĚĞĚ ƌŽƐĞ ďǇ ϴϴ͘ϱй ƚŽ േϯ͘ϭďŶ͘ dŚĞ ŵŽƐƚ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ůŽƐƚ͕

ŝŶĚĞǆ

ŐĂŝŶĞĚ͕

ǁŚŝůĞ

ƚŚĞ

&ZͲ/ d

ĂŶĚ

/ŶĚƵƐƚƌŝĂů

ďǇ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϭϭ͘ϵŵ ƵŶŝƚƐͿ͕ & E, ;ϭϭ͘ϭŵ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞǆ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͕

ƐŚĞĚ ϮϬďƉƐ ĂŶĚ ϭďƉ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƉƌŝĐĞ ĚĞĐůŝŶĞ ŝŶ K E K ;Ͳϭ͘ϬйͿ͕

ŝŶŐ ŝŶĚĞǆ ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶĞƌ͕ ƵƉ Ϭ͘Ϯй ĨŽůůŽǁŝŶŐ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ Ͳ ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ^^ ;нϭ͘ϳйͿ ĂŶĚ h E ;нϭ͘ϬйͿ͘

28 PZ Cussons Nigeria PLC 29 United Capital PLC

ŝŶĚĞǆ ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŽƉƉŝŶŐ ƚŚĞ ůĂŐŐĂƌĚƐ ĂƌĞ ƚŚĞ ŽŶƐƵŵͲ

30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ

Ğƌ 'ŽŽĚƐ ĂŶĚ ƚŽ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ͕ ĚŽǁŶ ĂĚǀĂŶĐĞĚ ϰ͘ϲй ǁŚŝůĞ ĂŶĚ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ ϭ͘ϯǆ ĨƌŽŵ ϭ͘Ϯǆ ĂƐ ϭϵ ƐƚŽĐŬƐ ,/W> ;нϳ͘ϰйͿ ůĞĚ ŐĂŝŶĞƌƐ ǁŚŝůĞ hW ;Ͳϵ͘ϰйͿ͕ E D ;Ͳϵ͘ϯйͿ͕ ĂŶĚ D EͲ

ϵ͘ϭйͿ͕

hE/> s Z

;Ͳϯ͘ϱйͿ͕

>/E< ^^hZ

;Ͳϲ͘ϰйͿ͕

^ Z ;Ͳϱ͘ϭйͿ ůĞĚ ĚĞĐůŝŶĞƌƐ͘ /Ŷ ƚŽŵŽƌƌŽǁΖƐ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ

ĂŶĚ D E^ Z ;ͲϮ͘ϮйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬͲ ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ƚŽ ŝŵƉƌŽǀĞ ŵŝůĚůǇ͕ ĂƐ ŝŶǀĞƐƚŽƌƐ ƚƌĂĚĞ ŽŶ ďĂƌŐĂŝŶ ŽƉͲ

ŝŶŐ ŝŶĚŝĐĞƐ ĨĞůů ďǇ Ϭ͘Ϯй ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƐĞůůͲ ƉŽƌƚƵŶŝƟĞƐ͘

3.5%

14.7%

5.2%

0.8x

5.2%

15.2%

-3.7%

19.1%

11.2%

35.8x

6.7x

-21.5%

24.8%

3.9%

3.8x

1.0x

11.8%

26.0% 30.5%

2.0% 2.8%

-2.4%

20.9%

2.8%

3.3x

0.6x

12.3%

14.3%

40.4%

16.7%

13.9x

5.4x

6.0%

7.2%

190.00

0.0%

5.2%

11.8%

179.2%

14.1%

13.7x

20.8x

5.6%

7.3%

1,390.00

0.0%

3.5%

-7.6%

106.8%

15.6%

27.0x

31.7x

4.4%

3.7%

24.45

0.0%

3.7%

16.2%

11.6%

8.4%

9.1x

1.0x

4.1%

10.9%

9.25

1.6%

2.9%

9.5%

17.0%

1.4%

2.6x

0.4x

9.1%

38.5%

8.15

-0.6%

2.4%

-5.8%

2.0x

0.4x

6.7%

48.8%

12.30

0.0%

4.0%

72.0%

10.6%

1.0%

5.7x

0.6x

3.7%

17.4%

50.60

0.0%

1.8%

-9.6%

5.3%

1.9%

46.6x

2.4x

2.2%

2.1%

39.00

0.0%

2.0%

3.3%

15.4%

2.0%

9.0x

1.4x

10.5%

11.2%

-10.3%

-3.9%

5.35

-2.7%

1.3%

-10.1%

29.75

1.7%

1.1%

14.4%

721.20

0.0%

1.8%

79.3%

3.4%

1.0x

-10.6%

4.6x

0.7x

5.5%

21.8%

1.9%

16.6x

0.6x

6.3%

6.0%

142.00

0.0%

1.2%

56.0%

38.8%

25.2%

9.7x

3.4x

5.3%

10.3%

2.50

-3.8%

0.7%

-0.8%

12.0%

1.1%

2.2x

0.3x

8.8%

45.2%

8.75

0.6%

0.9%

45.8%

1.5%

0.1%

28.9x

0.4x

16.30

-1.2%

0.5%

-7.4%

3.05

0.0%

0.5%

-8.4%

1.48

0.0%

0.3%

-27.5%

10.1%

0.9%

14.15

0.0%

0.4%

-2.4%

21.3%

6.9%

0.97

1.0%

0.4%

7.8%

-1.3%

-0.3%

88.90

0.0%

0.3%

25.3%

13.70

1.5%

0.2%

-1.4%

-1.3%

-0.8%

6.10

0.0%

0.2%

15.1%

3.5%

1.6x

9.2%

3.2x

0.3x

3.4%

13.3x

2.7x

2.8%

7.5%

0.6x

1.0%

-2.2%

2.1x

1.1%

4.9%

1.2x

31.1%

-1.1% 4.1%

9.80

0.5%

0.4%

108.1%

2.2x

7.1%

36.50

0.0%

0.4%

92.1%

8.1%

3.8%

13.0x

1.0x

1.3%

7.7%

7.75

0.0%

0.2%

32.5%

24.7%

7.5%

3.8x

0.9x

7.1%

26.2%

7.2%

1.1%

297.6x

0.5x 1.9%

20.3%

1.25

0.0%

0.2%

10.6%

216.80

0.0%

0.3%

66.8%

0.3%

4.9x

24.80

0.0%

0.2%

40.7%

18.3%

2.4%

4.3x

0.8x

1.6%

23.1%

35 Wema Bank PLC 36 Union Bank of Nigeria PLC

0.83

2.5%

0.2%

20.3%

13.7%

0.8%

3.9x

0.5x

4.8%

25.5%

1.0%

0.0%

7.1%

0.8%

5.6x

0.6x

5.1%

37 Oando PLC 38 Notore Chemical Industries Ltd 39 Beta Glass PLC

5.10

-1.0%

0.2%

37.8%

14.5%

2.6%

2.2x

0.3x

4.7x

0.6x

40 Transcorp Hotels Plc

ŽīƐ ŝŶ K E K ;ͲϬ͘ϴйͿ͕ E/d, ;ͲϬ͘ϮйͿ͕ ĂŶĚ 'd K ;ͲϬ͘ϮйͿ͘

15.0%

7.4%

-2.4%

32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC

ϭϱ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ ,KEz&>KhZ ;нϵ͘ϵйͿ͕ hW> ;нϴ͘ϳйͿ͕ ĂŶĚ ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚͲƚĂŬŝŶŐ ŝŶ E ^d> ;Ͳ

85.4%

7.4%

0.0%

ďĞĂƌŝƐŚ ĂƐ ϰ ŝŶĚŝĐĞƐ ůŽƐƚ͕ ϭ ŝŶĚĞǆ ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ &ZͲ/ d /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ

26.3%

14.3%

26 Presco PLC 27 Unilever Nigeria PLC

ĐƌŽƐƐ ƐĞĐƚŽƌƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ

Divindend Earnings Yield Yield

6.6%

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

/Ed Z t ;ͲϮ͘ϳйͿ͕ ĂŶĚ E'^h' Z ;Ͳϭ͘ϮйͿ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĂŶŬͲ

5.4x

P/BV

6.3%

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

P/E

0.0%

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ E' D ;േϭϰϱ͘ϬŵͿ͕ ĂŶĚ 'd K ;േϭϯϰ͘ϴŵͿ ůĞĚ ďǇ ǀĂůƵĞ͘

ROA

0.0%

17 11 PLC 18 Okomu Oil Palm PLC

ƵŶŝƚƐͿ͕ ĂŶĚ ƵŶŝƚƐͿ ǁŚŝůĞ ĚŽǁŶ Ϯ͘Ϭй ŽŶ K E K ƐĞůůͲŽīƐ ŝŶ ;ϳ͘ϯŵ D E^ Z ;Ͳϱ͘ϭйͿ ĂŶĚ E ^d> D E &/d ;േϮ͘ϮďŶͿ͕ ;Ͳϯ͘ϴйͿ͘ /Ŷ

ROE

24.20

14 International Brew eries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

ĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝǆĞĚ ĂƐ ϯ ŝŶĚŝĐĞƐ

Price Change Index to Date

280.00

12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC

ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ďǇ Ϯϭ͘ϲй ƚŽ ϭϭϬ͘ϴŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ

Price Previous Current Change Price YTD Weighting Change

Current Price

ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶͲ ŽƌƉŽƌĂƚĞ ŝƐĐůŽƐƵƌĞ

37.8%

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

14.8%

10.1%

5.38

0.0%

49.4%

T ic k er

ŶǇΗͿ ĂŶŶŽƵŶĐĞĚ ƚŚĂƚ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ŚĂƐ ĂƉͲ ƟŽŶ ŝŶ E' D ;нϯ͘ϯйͿ͘

H ON YF LOUR

ƉƌŽǀĞĚ ĂŶ ŽīĞƌ ĨŽƌ ƐĂůĞ ŽĨ ĂďŽƵƚ ϱϳϱ ŵŝůůŝŽŶ ŽƌĚŝŶĂƌǇ ƐŚĂƌĞƐ ŚĞůĚ ďǇ

UP L C H IP LC

2.1x

-20.1% 2.0%

21.4%

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

T o p 10 G a i n e r s

Ğƌ͕ ƵƉ DdE ϭ͘ϴй ĚƌŝǀĞŶ ďǇ ƉƌŝĐĞ Žƌ ΗƚŚĞ ĂƉƉƌĞĐŝĂͲ zĞƐƚĞƌĚĂǇ͕ EŝŐĞƌŝĂ ŽŵŵƵŶŝĐĂƟŽŶƐ WůĐ ;ΗDdEEΗ ŽŵƉĂͲ

17.9% 45.5%

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

4.09

9.9%

GT C O

36.2

-0.2%

2.50

8.7%

FB NH

31.5

0.0%

0.58

7.4%

Z EN IT H B A N K

13.4

0.0%

GLA XOSM IT H

6.40

5.8%

A C C ESS

13.1

1.6%

F T N C OC OA

0.42

5.0%

H ON YF LOUR

9.8

9.9%

ǁŽƵůĚ ŽƉĞŶ ĂŌĞƌ ƚŚĞ ŝŶƐƟƚƵƟŽŶĂů ŽīĞƌ ǁŚŝĐŚ ŽƉĞŶƐ Ăƚ ϭϮ͗ϬϬ ŶŽŽŶ ŽŶ

/ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

SOVR EN IN S

0.23

4.5%

OA N D O

8.8

-1.0%

ϮϯƌĚ ŽĨ EŽǀĞŵďĞƌ͕ ϮϬϮϭ ĂŶĚ ĐůŽƐĞƐ Ăƚ Ϯ͗ϬϬƉŵ ŽŶ ϮϲƚŚ ŽĨ EŽǀĞŵďĞƌ͕

A B CTRA NS

0.30

3.4%

UP L

8.1

8.7%

ϮϬϮϭ͘

J A P A ULGOLD

0.40

2.6%

F LOUR M ILL

7.8

1.7%

ĨƌŽŵ ϭ͘ϯǆ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ Ϯϰ ƐƚŽĐŬƐ

WEM A B A N K

0.83

2.5%

UP D C

6.7

-9.4%

NP FM CRFB K

1.75

1.7%

T R A N SC OR P

6.0

1.0%

DdE /ŶƚĞƌŶĂƟŽŶĂů ;DĂƵƌŝƟƵƐͿ >ƚĚ ŝŶ ƚŚĞ ĐŽŵƉĂŶǇ͕ ďǇ ǁĂǇ ŽĨ ďŽŽŬďƵŝůĚ

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ ƚŽ ƋƵĂůŝĮĞĚ ŝŶǀĞƐƚŽƌƐ ĂŶĚ Ă ĮǆĞĚ ƉƌŝĐĞ ƚŽ ƌĞƚĂŝů ŝŶǀĞƐƚŽƌƐ͘ dŚĞ ƌĞƚĂŝů ŽīĞƌ

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ͕ ƐĞƩůŝŶŐ Ăƚ ϭ͘ϲǆ ůƐŽ͕ & D 'ƌŽƵƉ WůĐ ;Η& D Η Žƌ ΗƚŚĞ 'ƌŽƵƉΗͿ ƌĞůĞĂƐĞĚ ŝƚƐ ϵD͗ϮϬϮϭ

ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ǇĞƐƚĞƌĚĂǇ ǁŚŝĐŚ ϭϱ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ DZ^ ;нϵ͘ϵйͿ͕ D zͲ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ƐŚŽǁĞĚ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽƌĚĞĚ Ă

P ric e

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

T o p 10 L o s e r s

ϰ͘ϯй ǇͬǇ ŐƌŽǁƚŚ ŝŶ ŐƌŽƐƐ ĞĂƌŶŝŶŐƐ ƚŽ ƉƌŝŶƚ Ăƚ േϭϱϮ͘ϳďŶ͕ ƐƵƉƉŽƌƚĞĚ ďǇ Ă < Z ;нϵ͘ϴйͿ͕ ĂŶĚ ,KEz&>KhZ ;нϵ͘ϴйͿ ůĞĚ ŐĂŝŶĞƌƐ ϯ͘ϯй ǇͬǇ ŝŶĐƌĞĂƐĞ ŝŶ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ;Ăƚ േϭϭϱ͘ϴďŶͿ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ & D

ǁŚŝůĞ dZ E^ ;Ͳϴ͘ϯйͿ͕ > ^ K ;Ͳϲ͘ϳйͿ͕ ĂŶĚ >/s Ͳ

ŐƌĞǁ ŝƚƐ W d ĂŶĚ W d ďǇ ϮϬ͘ϰй ĂŶĚ Ϯϯ͘ϯй ǇͬǇ ƌĞƐƉĞĐƟǀĞůǇ ƚŽ ƌĞĂĐŚ

^dK < ;Ͳϰ͘ϴйͿ ůĞĚ ůŽƐĞƌƐ͘ zĞƐƚĞƌĚĂǇ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ

േϭϵ͘ϭďŶ ĂŶĚ േϭϳ͘ϭďŶ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ 'ƌŽƵƉΖƐ ĂƐƐĞƚ ďĂƐĞ ƌŽƐĞ ϭϳ͘ϱй

ƐĞŶƟŵĞŶƚ ƚŽ ƌĞŵĂŝŶ ŵŝǆĞĚ͕ ĂƐ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ ŐƌĂĚƵĂůůǇ ǇͬǇ ƚŽ ƉƌŝŶƚ Ăƚ േϮ͘ϰƚŶ͕ ůĂƌŐĞůǇ ĚƌŝǀĞŶ ďǇ ƚŚĞ ϭϳ͘ϲй ĂŶĚ ϲϯ͘ϲй ǇͬǇ ŐƌŽǁƚŚ ŝŶ ůŽĂŶƐ Θ ĂĚǀĂŶĐĞƐ ;േϵϲϳ͘ϲďŶͿ ĂŶĚ ĐĂƐŚ ĂŶĚ ŝƚƐ ĞƋƵŝǀĂůĞŶƚƐ ;േϯϲϭ͘ϲďŶͿ͘ ǁŝŶĚƐ ƵƉ͘

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

UP D C

1.26

-9.4%

GT C O

919.6

-0.2%

N EM

1.86

-9.3%

FB NH

387.3

0.0%

M A N SA R D

2.23

-5.1%

Z EN IT H B A N K

327.2

0.0%

CHA M S

0.21

-4.5%

F LOUR M ILL

240.6

1.7%

213.6

0.0%

R OYA LEX

0.47

-4.1%

A IR T ELA F R I

M B EN EF IT

0.25

-3.8%

A C C ESS

121.5

1.6%

M TNN

80.8

0.0% -1.0%

F ID ELIT YB K

2.50

-3.8%

IN T B R EW

5.35

-2.7%

OA N D O

45.3

-2.5%

UN ILEVER

43.6

1.5%

-2.4%

UC A P

43.1

0.5%

C OUR T VILLE LIVEST OC K

Afrinvest West Africa Limited

0.39 2.05

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com Robert Omotunde | romotunde@afrinvest.com Abiodun Keripe | AKeripe@afrinvest.com Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu| dasimiyu@afrinvest.com

WEDNESDAY NOVEMBER 24, 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 22Nov-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 167.19 168.65 3.28% Afrinvest Plutus Fund 100.00 100.00 9.00% Nigeria International Debt Fund 319.36 319.36 -16.22% Afrinvest Dollar Fund 102.38 103.43 -7.40% 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 10.54% AIICO Balanced Fund 3.32 3.38 -3.84% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A info@anchoriaam.com Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.59 21.21 13.51% ARM Discovery Balanced Fund 455.39 469.12 13.74% ARM Ethical Fund 39.73 40.93 17.86% ARM Eurobond Fund ($) 1.08 1.08 -1.63% ARM Fixed Income Fund 0.99 0.99 -5.74% ARM Money Market Fund 1.00 1.00 8.55% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.43 107.43 5.62% AVA GAM Fixed Income Naira Fund 1,055.37 1,055.37 5.54% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.31 2.31 22.44% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.89% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.10% Paramount Equity Fund 17.24 17.56 7.81% Women's Investment Fund 142.10 140.50 5.57% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.71% Cordros Milestone Fund 133.07 133.91 13.37% Cordros Dollar Fund ($) 109.94 109.94 5.44% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.58% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.32% EDC Nigeria Fixed Income Fund 1,165.19 1,188.56 1.40% 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 8.72% Emerging Africa Bond Fund 1.04 1.04 3.25% Emerging Africa Balanced Diversity Fund 1.11 Emerging Africa Eurobond Fund 104.16 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,375.44 FBN Balanced Fund 174.14 FBN Halal Fund 114.56 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

121.87 150.34 Bid Price 1.00 3.99 1.73 1.20

1.11 10.41% 104.16 4.11% invest@fbnquest.com Offer Price 1,375.44 175.42 114.56 100.00

Yield / T-Rtn 11.43% 4.43% 9.24% 8.91%

121.87 3.98% 152.37 13.63% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.77 1.20

Yield / T-Rtn 7.08% 3.13% 13.95% 5.70%

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 1.23% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 155.19 155.47 -0.20% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.31 0.93% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 4.17% 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 1.50 1.52 9.72% Lotus Halal Fixed Income Fund 1,150.40 1,150.40 7.82% 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 11.82 11.89 12.94% Meristem Money Market Fund 10.00 10.00 10.09% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.02 101.03 7.50% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.79% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.62 13.09% PACAM Fixed Income Fund 11.06 11.08 -8.96% PACAM Money Market Fund 10.00 10.00 7.70% PACAM Equity Fund 1.46 1.47 -7.75% PACAM EuroBond Fund 111.92 114.12 2.05% 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 133.66 135.96 11.99% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.05% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,390.79 3,419.08 5.46% Stanbic IBTC Bond Fund 234.73 234.73 4.39% Stanbic IBTC Ethical Fund 1.27 1.29 8.47% Stanbic IBTC Guaranteed Investment Fund 311.00 311.00 5.55% Stanbic IBTC Iman Fund 239.77 243.40 9.88% Stanbic IBTC Money Market Fund 100.00 100.00 7.73% Stanbic IBTC Nigerian Equity Fund 11,103.68 11,264.71 5.82% Stanbic IBTC Dollar Fund (USD) 1.29 1.29 4.82% Stanbic IBTC Shariah Fixed Income Fund 116.46 116.46 4.84% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.47 105.47 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 1.34 1.37 5.01% United Capital Bond Fund 1.94 1.94 6.06% United Capital Equity Fund 0.92 0.95 15.74% United Capital Money Market Fund 1.00 1.00 8.93% United Capital Eurobond Fund 121.60 121.60 6.21% United Capital Wealth for Women Fund 1.09 1.10 6.44% United capital Sukuk Fund 1.07 1.07 6.93% 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 13.09 13.20 10.29% Zenith ESG Impact Fund 14.56 14.72 19.31% Zenith Income Fund 24.74 24.74 3.09% Zenith Money Market Fund 1.00 1.00 6.04%

REITS

NAV Per Share

Yield / T-Rtn

124.98 54.20

10.62% 7.24%

Bid Price

Offer Price

Yield / T-Rtn

14.28 131.11 104.93 17.62 21.16

14.38 134.37 107.24 17.72 21.26

8.00% 9.04% 5.77% -0.69% 17.94%

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 5.56 18.05 1.00 21.81 157.70

4.00 5.66 18.25 1.00 22.01 159.70

3.96% -2.11% 11.38% 6.61% 6.27% -15.05%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

WEDNESDAY, NOVEMBER 24, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

India Arrests Kashmir Rights Activist Indian authorities have arrested a prominent rights activist in Indian-controlled Kashmir. The National Investigation Agency arrested Khurram Parvez late Monday while also conducting searches of his home and office in Srinagar. He is being held under India’s Unlawful Activities Prevention Act, which allows authorities to detain someone for up to six months without trial. Mary Lawlor, the UN special rapporteur on human rights defenders, criticized the arrest on Twitter, calling it “disturbing.” “He’s not a terrorist. He’s a human rights defender,” Lawlor wrote Monday. Parvez heads the Jammu and Kashmir Coalition of Civil Society, a rights group that reported violence involving Indian troops in the region. US Tells Citizens to Leave Ethiopia Before War Escalates

The US State Department is stepping up its push for Americans in Ethiopia to leave the country immediately amid fears that the country’s internal war will escalate. At a news briefing Monday, Senior State Department officials said US citizens in Ethiopia should leave the country now while commercial flight options are still available. “Our core message is: Do not wait until the situation gets worse to decide to leave; leave before things change,” said one official, speaking on condition of anonymity. “The US embassy is unlikely to be able to assist US citizens in Ethiopia with departure if commercial options become unavailable.” The official said there are no plans to bring the US military into Ethiopia to facilitate evacuations, as the military recently did in Afghanistan. “There should be no expectation, particularly after we have issued so many warnings that advise departing immediately, that the US will be able to facilitate evacuations via military or commercial aircraft in a non-permissive environment, including Ethiopia,” said the official. Officials said they did not know how many Americans are in the East African country. Pakistan Rebukes India on Claim of Downing F-16 Plane

Pakistan rejected as “entirely baseless” India’s renewed claims that an Indian pilot shot down a Pakistani F-16 fighter jet during a February 2019 aerial skirmish between the two nuclear powers.

Tuesday’s reaction came a day after the Indian president awarded pilot Abhinandan Varthaman the country’s third-highest honour for displaying “exceptional resolve in dealing with the adversary in a brave and dignified manner.” The ceremony in New Delhi was also attended by Prime Minister Narendra Modi and top military officials. “The citation of the award to the downed Indian pilot is a classic case of Indian fabrications and pure fantasy to appease domestic audience and hide the embarrassment,” said a Pakistan Foreign Ministry statement. Indian Air Force officials at the time said that Varthaman managed to shoot down a Pakistani F-16 during the February 27 aerial battle before his own plane took a missile hit, and he ejected safely into the Pakistan-ruled part of the disputed Kashmir region. Islamabad swiftly denied Indian claims. Korean Conservatives Vow to Get Tougher on China

South Korea’s main conservative party is signalling it will take a firmer stance on China and place a bigger emphasis on human rights in its foreign policy if it wins back the presidency in a hotly contested March election. South Korea faces a delicate balancing act with the world’s two most powerful countries. It relies on the United States, its longtime treaty ally, for protection. But it is also deeply intertwined with next-door neighbour China, its biggest trading partner. In many important ways, Seoul has already chosen to be closer to Washington. The country’s outgoing president, Moon Jae-in, has expanded South Korea’s participation in several US-led multilateral forums, including some that exclude or have criticized Beijing. But notably, Moon has appeared reluctant to directly criticize China over issues such as its crackdown on Hong Kong’s pro-democracy movement or abuse of Uighur Muslims in the western region of Xinjiang. Journalists Released after Arrest at Canadian Pipeline Dispute

A photojournalist and a documentary filmmaker have been released by a Canadian judge three days after being arrested while covering police enforcement of an injunction against pipeline protests in northern British Columbia. Amber Bracken, who had been on

assignment for B.C.-based outlet The Narwhal, and documentarian Michael Toledano were released on the condition that they appear in court in February. “My arrest and incarceration were punitive and a blatant attempt to repress images of police violence against Indigenous people in Canada,” Toledano tweeted. “I have no doubt that my arrest was targeted. One officer who I encountered many times on Wet’suwet’en territory gloated about the arrest.” The Royal Canadian Mounted Police said in a statement that two people who “later identified themselves as independent journalists” were arrested after refusing to leave “building-like structures” near a drilling site for the natural gas pipeline, which is under construction. The arrests came after members of the Gidimt’en clan, one of five in the Wet’suwet’en Nation, set up blockades along a forest service road on November 14. Police said the road was cleared on Thursday. Botswana Earns $2.7m from Elephant Hunting

Botswana has earned $2.7 million from elephant hunting this year, say officials, more than double the last full hunting season seven years ago. Botswana lifted a five-year ban on trophy hunting in 2019, and this year the government issued 287 licenses for elephant hunting. Critics say the practice should be stopped. The minister of Environment, Natural Resources Conservation and Tourism, Philda Kereng, told parliament Monday that hunting revenues rose from about $1.3 million in 2014 to $2.7 million this year. Botswana opened the sport to international hunters, who pay up to $43,000 to shoot a single elephant. “My ministry remains optimistic that the revenue accruing to the communities will continue to grow once restrictions on international travel are fully relaxed. The intensive vaccination programs across the world against COVID-19 will also facilitate more interest and more travel,” she said. In lifting the hunting ban in 2019, President Mokgweetsi Masisi said the aim was to address growing humanwildlife conflict, and crucially, provide income for local communities. Red Cross: Sanctions, Freeze in Donations Add to Afghan Humanitarian Crisis

A senior Red Cross official has voiced anger at continuing sanctions and freezes in international aid to Afghanistan, preventing basic services from being delivered to the population. Dominik Stillhart, the director of operations for the International Committee of the Red Cross, said in a statement Monday that he is “livid” after a six-day day visit to field hospitals, where he said he witnessed first-hand suffering of Afghans. “When you’re standing in the pediatric ward in Kandahar’s largest hospital, looking into the empty eyes of hungry children and the anguished faces of desperate parents, the situation is absolutely infuriating,” Stillhartsaid. Earlier this month, the United Nations warned that more than half of Afghanistan’s estimated 40 million population is likely to go hungry this winter unless more funds are forthcoming from donors. The World Food Programme said that fuel costs are up, food prices are soaring, fertilizer is more expensive, and all of this feeds into the unfolding Afghan crisis. Stillhart said the situation is angering, given that civilians’ suffering is “manmade” and the result of the international community’s choice to impose sanctions on the Taliban regime, which assumed power in Afghanistan in August. Pakistan’s Truce with Militants Holds Amid Skepticism about Future Progress

A month-long truce between Pakistan and the outlawed militant alliance known as the Tehrik-i-Taliban Pakistan (TTP) largely held into a 15th day Tuesday as the two adversaries negotiate a peace deal, with neighbouring Afghanistan’s ruling Taliban mediating the talks. The TTP, commonly known as the Pakistani Taliban, comprises about two dozen banned militant groups and has been waging deadly terrorist attacks against security forces as well as civilians in Pakistan for many years. The militant leaders and fighters have taken refuge in Afghanistan after fleeing army-led counter-militancy operations against their strongholds in Pakistani border areas. Thousands of militants were also killed in the process. Officials in Islamabad say TTP continues to pose a threat from its sanctuaries on the Afghan side and approached the neighbouring country’s new Taliban government to help contain the threat.

WEDNESDAY NOVEMBER 24, 2021 • T H I S D AY

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

INNOVATIVE SENATOR MUSA... L-R: Sen. Bamidele Opeyemi; Senator Solomon Adeola; Borno State Commissioner for Home Aﬀairs, Information and Culture, Baba Kura Abba-Jato and the awardee, Senator Sani Musa, receiving his award (Most Innovative Senator), during the New Telegraph 2021 Awards in Lagos…recently

2023: Saraki Begins Consultation for Presidency, Meets Ortom Says charity must begin at home You’ve contributed to democracy in Nigeria, Benue governor declares George Okoh in Makurdi A former Senate President, Dr. Bukola Saraki has begun consultations in view of his presidential

ambition, starting with a visit to Benue State in North Central, his home zone, where he met with Governor Samuel Ortom and the State Working Committee mem-

bers of the Peoples Democratic Party (PDP). Saraki, who claimed starting with Benue was imperative, because charity must begin at

home, however, commended the Benue people especially, PDP stakeholders for supporting and standing by the Governor Ortom-led administration to

succeed and survive the kind of siege the state has been put into under the present All Progressives Congress (APC)-led government. He noted that the nationwide

Access Bank Refurbishes School Building in Lagos Community Partners SME.ng on female empowerment solution

Peter Uzoho Access Bank Plc has successfully completed the refurbishment of dilapidated educational infrastructure at Akodu Primary School, a rural school in Mushin, a suburb in Lagos State. Also, the last phase of the renovation exercise was inaugurated yesterday. The newly refurbished and inaugurated block of four classrooms was the final phase of a three-year intervention project undertaken by the Internal Audit Group of Access Bank as its Corporate Social Responsibility (CSR) that started in 2019. The bank also donated 70 sets of tables and chairs in the final phase of the project to enhance the pupils' learning experience. The project, according to the bank, was carried out in collaboration with its consulting non-governmental organisation (NGO), Mushin to the World. Speaking at the inauguration ceremony, the Chief Audit Executive, Access Bank, Mr. Yinka Tiamiyu, who was represented by the bank's Head of Risk Audit, Mr. Martins Ogbu, said the project was carried out to improve the learning environment for the children and the staff.

Tiamiyu said, "The project started in 2019 with renovation works on the restrooms of two schools within this locality, namely, Akodu Primary School and Mainland Model Primary School, both in Mushin Local Government Area. "In 2020, we followed up with the renovation of three dilapidated classrooms in Akodu Primary School. This was done to improve the learning environment for the children and the staff. "The final phase, which we are here to commission today involves completion of the renovation of a block of four classrooms which commenced in 2020, and the procurement of 70 sets of tables and chairs for use by the pupils to further enhance the quality of their learning environment." He expressed the bank's enthusiasm about the successful completion of the project, adding that they trust that the school would put the faculties to good use and facilitate excellent maintenance of them. He explained that the bank chose to intervene in the education sector because of its fundamental place in the development of human. He stressed that apart from

the basic necessities of life which include security, protection of lives and property, food, clothing and shelter, education comes second, as an enlightened mind is capable of constructing and solving society's problem. Tiamiyu added, "So, that informed our decision to intervene in the education sector. And in doing this, we looked around and asked, where can we make the most impact? Could it be in the established schools in the cities? We said no, these are already established schools and they are running. "So, we decided that we have to go to the rural communities that are deprived, where the opportunities are few and far between; where the amenities are likely to be lacking or dilapidated. "We set out to search the various communities within Lagos State which is our major area of operation. By the time our searchlight got to Akodu Primary School, we knew we didn't have to look further. "The state of this school before our intervention was a sorry sight. Our heart bled when we saw the condition of the six blocks of classroom. In fact, out of the six, only two were in use because the roof of the rest had completely

cave in. "So, over a two-year period -2020 and this year 2021, we set out to intervene to completely renovate these classrooms, we reroofed and painted the entire structure completely.” Appreciating the bank for the gesture, the Head Teacher of Akodu Primary School, Mrs. Caroline Adewewe, said: "I thank the Internal Audit Group of Access Bank and their partner, Mushin to the World, for working tirelessly, daily and night, to make this project and it’s commissioning a reality. "I must say that the dedication and contribution of the Access Bank Audit team towards this project is worthy of emulation by other corporate organisations. They thought it wise to give back to the public in their own way of lifting the lives of the less-privileged. May God bless you all." Meanwhile, SME.NG in partnership with Access bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham, and the Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs.

A statement yesterday explained that the Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitise their businesses. “Conceptualised and developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women's digital literacy and financial inclusion, while providing access to capital and markets,” it added. Thelma Ekiyor, the brain behind the Ebi Marketplace stated that SME.NG was committed to investing in facilitating female entrepreneurs' profitability, so that they are positioned for infusion of capital. According to her, the innovation was supported by Nigerian investors for the Nigerian market. “We at SME.NG see ourselves as an indigenous solutions provider in Nigeria's SME ecosystem. Women in Nigeria establish businesses more than men but struggle to grow beyond a certain point. We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

defection of loyalists from the APC into the PDP was an indication of the manner of leadership the ruling party has provided, noting that before the election, he was not sure anyone would still remain in the APC. "A party that cannot organise its affairs has no business leading this country; a party that has organised its affairs is ready in leading this country and that is the PDP," he said. Saraki said the North Central Zone paid its due by working so hard in keeping the country together as one united entity, saying, "This time we must stand for our own and charity begins at home". He said they have come to Benue to seek the advice and support of the governor, having led the party credibly well in the zone. Receiving Saraki and his entourage, Ortom said the former senate president was one of those Nigerians that have contributed to the development of democracy in Nigeria. Ortom, who noted that it was time to rescue the country from the bottom, a position he claimed it was placed by the APC government, to the top, said Saraki deserved the seat and promised to support his candidacy to enable him salvage the country from the current mess. Chairman of Benue PDP, Mr. John Ngbede, through his deputy, Mr Isaac Mfo, said the party in the state was intact reiterated that the presidential hopeful was in the right domain. Saraki was accompanied by a former governor of Kogi State, Idris Wada; former National Chairman of the PDP, Kawu Baraje; Senator Suleiman Adokwe and Chairman of Council, Saraki for President Campaigns, Prof Iyorwuese Hagher, among others.

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

A SOUVENIR FOR CHARITY... Katsina State Governor, Aminu Bello Masari (L), presents a souvenir to the Qatar Charity Organisation Country Director, Hamid Assayed, when the later paid a courtesy visit to the former at the Katsina Governor’s Lodge, Asokoro, Abuja...yesterday

Ayu: PDP Under Obasanjo Inherited a Pariah Nation, But Turned the Tide

Accuses APC of destroying, making Nigeria world’s poverty capital It’s too frightening to contemplate another four years of ruling party, says Tambuwal

Chuks Okocha in Abuja

National Chairman-designate of the Peoples Democratic Party (PDP), Dr. Iyorchia Ayu, yesterday, reminded Nigerians that the party inherited the last years of military rule, which was unstable, crisis-ridden, debt-ridden and shunned by the rest of the civilised world as a pariah state, but turned the tide around through the quality leadership provided by one of its presidents, Olusegun Obasanjo. Ayu, who spoke at the party’s two-day retreat for the newly elected members of the National Working Committee (NWC) in Abuja, however, claimed that from being the biggest economy on the continent under the PDP government, the ruling All Progressives Congress (APC) administration, has destroyed the country and turned Nigeria into the headquarters of poverty in the world. Also, speaking at the retreat, the Sokoto State Governor and chairman of the PDPGovernors’ Forum, said, it was too frightening to contemplate another four years of the APC administration, given the current state of the nation. However, Ayu, who believed the PDP could repeat such feats, even though it was convenient for many people to forget those years, said, "No other party in this country is better equipped and placed to rescue and rebuild this country than the PDP. We did it before. While memories may be short sometimes, most of us still remember the last years of military rule in Nigeria and the unstable, crisis-ridden and

debt-ridden country that PDP inherited; a country shunned by the rest of the civilised world, a pariah state. "However, within a few short years, the PDP government led by Chief Olusegun Obasanjo reversed the economic collapse, stabilised the exchange and interest rates, made strides in the provision of infrastructure, secured us relief from foreign creditors, and restored faith in our country both by its citizens and foreign investors. "Many of our citizens in the diaspora returned and set up businesses here or contributed in other ways. Foreign investors trooped in. Abuja and other cities transformed from sites of abandoned projects to thriving construction sites and livable cities. "Do we remember what our telephone system was like before the PDP government gave us GSM? From the biggest economy on the Continent the APC administration destroyed the country and turned Nigeria into the headquarters of Poverty in the world. "My friends, we can do this again. However, we have to do the first things first. Nigerians are not going to vote for us just because we had done well before. People do not vote for the past but for the present and the future. We have to demonstrate that we can do better than the current APC government. But we must start with putting our own house in order. Insisting the PDP must offer a credible alternative to rebuild Nigeria, Ayu said, "We must offer a clear, workable alternative to rebuild our country. Just

recently, the US Council on foreign relations published a study by two experts, which said Nigeria is already a failed state, that has reached a point of no return and would collapse. "That is where the APC government has brought us to. We need not waste our energy arguing whether the American researchers are right or not. Rather, we should focus our energies, imagination and creativity towards ensuring that their prognosis does not come to pass. We must work to reverse that march towards collapse." He explained that it was why the theme of the retreat was very apt, saying, "Surely Nigeria needs rescuing and rebuilding. The damage done by the APC is pretty obvious – insecurity everywhere, including shared sovereignty with criminal and terrorist gangs, a collapsed economy with a comatose manufacturing sector, soaring prices, naira near worthless, interest rates very high, with the Central Bank of Nigeria picking and choosing winners and losers and virtually running a parallel government, (which even leaves the Vice President confused), collapsed infrastructure, terrorist sympathisers in government, and confusion everywhere, as Fela would say. "Think about this for a moment: at no point did the elites or leaders of the countries that collapsed come together and agree to collapse their countries. No, they never did. Rather, it is a combination and cumulation of words and actions by individuals and groups that led to their collapse. "We are a big tent, indeed a big umbrella. Yes, within

the party we have different tendencies, worldviews and lived experiences. But our overriding interest should be Nigeria. To bring it back from the brink. To make it better. To present Nigeria to the world again as a country of serious, competent and committed people. When we rebuild it, we will all benefit,” he said. He, therefore, urged members to, "Let us put behind us the quarrels of yesteryears. Let us not fight yesterday's wars but instead recognise the APC as the real obstacle and danger to Nigeria's progress as a developed, united and forward-looking country. Let us, therefore, direct our energies towards defeating that party and implementing a programme of rebirth, growth and opportunity for our country." On his part, Tambuwal, who was worried about another four years of the APC, said, "Nigeria must embrace restructuring to survive. It must restructure its polity, economy, security and ways of doing things. It must embrace relative autonomy and decentralisation of power. This will unleash the energies of our people, especially, the young. It is time to allow Nigeria blossom. It is doable with all hands on deck," he said. Continuing, he asked: "Can Nigeria survive another 4 years of APC? The answer is a resounding No. It is too frightening to contemplate," adding that, the PDP remained the only credible alternative to APC and the opposition party could not afford to fail Nigerians. "We must keep hope alive. We can do it. Yes, we can, as Obama would say," he said,

explain that a revitalised PDP would be true to the words of the national anthem, “To build a nation, where peace and justice shall reign.” Tambawul explained that, Nigeria must embrace innovation and technology as a way of life, explaining that technology would solve the youth unemployment time tomb. "Technology will improve our agriculture, health, industralisation, education and indeed, it has implications and impacts on all facets of our lives. It is in this respect that we continue to condemn the twitter ban as a retrogressive action that should never have happened." The Sokoto governor noted that, the retreat came on the heels of the highly acclaimed successful 2021 PDP National Convention and that it was a time to think, plan, ponder and strategise on the way forward. Quoting Benjamin Frankin, Tambawul said, “By failing to (plan) and prepare, you are preparing to fail. It shows unmistakably that the PDP is back. PDP is ready. PDP is poised to write a new positive chapter for Nigeria; a new Nigeria. "A rickety vehicle cannot take Nigeria to its destination as the nation with possibilities for greatness and progress. PDP is now once again a well-oiled, serviced vehicle that will midwife the Nigeria of our dreams. It is indeed time to rescue and rebuild Nigeria. Nigeria is in an urgent need for a surgical operation. Nigeria is in a permanent emergency. "We all know what the problems are. They are man-made.

And is therefore resolvable. It requires a focused, determined, knowledgeable and patriotic organisation of like-minds to build the critical mass necessary for a great leap forward. Yes, it requires leadership, with vision and discipline. "We suffer from a crisis of Governance. The unity of Nigeria is facing unprecedented challenges. Life in Nigeria is increasingly becoming brutish and short as insecurity ravages the land. Poverty is the forte of the ordinary Nigerian. The health and education of our people have not improved. Our people are in want. The economy is in dire straits with the exchange rate now about N540 to a Dollar from the N150 to a Dollar when PDP left office. Prices of food stuff and essential commodities are unsustainable. Clearly beyond the reach of the average Nigerian. "Corruption still stalks the land. Nepotism, ethnic and religious bigotry reign supreme in today’s APC’s Nigeria. Our infrastructure is still comatose. Trust and hope in Nigeria is at its lowest. Our lamentations can go on, ad infinitum. But the test of leadership is the ability to solve problems. What solutions will PDP offer? What is the way forward? "Well, this is why we have gathered here, to brainstorm and offer policy options for Nigeria. We cannot only criticise, we must provide workable solutions and clear policy alternatives. This will be presented to the Nigerian people. A sharp contrast must be drawn with the ruling incompetent and rudderless APC administration," he lamented.

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

FOCUS

Nembe Oil Spill: Buhari Expresses Concern, Sends Sylva to Community FG shuts down operations at Santa Barbara oilfield Upstream commission outlines strategy for clean up Minister of State for Petroleum: We have no control over cooking gas price hike Deji Elumoye, Michael Olugbode and Emmanuel Addeh in Abuja President Muhammadu Buhari yesterday gave a marching order to the Minister of State for Petroleum Resources, Timipre Sylva, to immediately proceed to Nembe, Bayelsa State to investigate the level of damage occasioned by the recent oil spillage in the area. This is just as the federal government has directed that operations at the Santa Barbara oilfield be shut down. In the same vein, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday outlined action plans to deal with the situation. Also, yesterday, the federal government gave an indication that there might be no immediate halt to the upswing in prices of cooking gas across the country as the government declared that it has no control whatsoever over the rising cost of the product, saying gas prices are determined in the international market. Briefing newsmen at the State House, Abuja after a visit to Buhari to introduce the CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), Faruk Ahmed and the CEO, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, Sylva while responding to a question on what the federal government was doing to minimise damage caused by the oil spillage in Nembe, disclosed that the president had directed that he should visit the community today to assess the situation. He said, "And the question which is on the spillage at OML 29, we are quite aware of it. Unfortunately, it has happened. It is also one of the issues I discussed with the president as minister and he has actually asked us to go and visit the site to assess the situation and report back. "Definitely, we are quite concerned with what is happening in Nembe and will be going there very tomorrow, to look at what is happening and report back. "Mr. President is very personally interested and we have discussed it and he said we should go there and come back and report to him because environmental degradation issues are things that we are not going to condone. Of course we'll work with the operators of OML 29 to ensure that this spillage is brought under control as quickly as possible." FG Shuts Down Operations at Santa Barbara Oilfields However, in a statement yesterday, by the Director, Press and Public Relations, Ministry of Environment, Saghir el Mohammed, the government announced the shutdown of the Santa Barbara oilfield. It explained that the suspension of activities at the oilfield would be effected until proper investigation was concluded and adequate measures put in place to ensure safety of lives and property in the area. The statement read: “In a proactive measure to address the recent unfortunate oil spillage at Santa Barbara in Nembe Local Government Area of Bayelsa State, the federal government has directed the exploration company, Aiteo Eastern Exploration and Production Company Limited (AEEPCo) to halt operations in the area until proper investigation is carried out and adequate measures put in place to ensure the safety of lives and property in the area.”

Nembe oil spill The statement recalled that the spill occurred on November 5, 2021, in a form of fountain-on within the proximity of Opu Nembe Community at Well 1, Well Head located at the Southern Field of Sant Barbara. It revealed that upon receipt of the report of the incident, a Joint Investigation Team (JIT) comprising the National Oil Spill Detection and Response Agency (NOSDRA), Nigerian Upstream Petroleum Regualtory Commission (NUPRC), Bayelsa State Ministry of Environment, Community representatives and Aiteo Eastern Exploration and Production Company was set up on November 6, 2021, to immediately address the situation. The exercise was inconclusive because of inaccessibility to the well head location due to the hydrocarbon fumes that saturated the atmosphere in the area. The statement added that the JIT directed AEEPCo to shut in the impacted asset (well head) for appropriate oil II response, and accordingly, AEEPCo deployed booms and skimmers to contain the spill crude oil from spreading. According to the statement, as of November 10, 2021, efforts to shut in the well had proven difficult due to inaccessibility. But as part of efforts to safeguard the environment and livelihood, staff from the NOSDRA’s Yenagoa Field Office were deployed to the site to monitor and give progress report on the measures being taken to address the issue. There was further directives to AEEPCo to engage all relevant stakeholders in the spilled oil recovery process. The statement revealed that 3000 barrels of emulsified crude oil had been recovered and held in a recovery barge. It also stated that additional booms were deployed by the Clean Nigeria Associates, a Tier II response (CNA) System to work with the on-site recovery contractor. It added that further effort yielded result as containment and recovery within the leak area had been reinforced as of November 15, with Clean Nigeria Associates (CNA) mobilising to site for enhanced containment and recovery. Also Boot & Coots, mobilised for well control and securing. The statement further revealed that AEEPCo has secured temporary Work Permit for expatriates expected in the country for the activity.

Logistics support and arrangement build-up for the Well kill activity is currently ongoing, and based on JIT reports, a well control company (Kenyon International) was at the incident location for an on-site assessment. It however said containment and recovery were still on-going, with the well head experts now in Nigeria and work expected to be commenced on the clearing of the well However, in order to ensure safety and guaranty future operations in the area by AEEPCo, NOSDRA has mandated the company to carry out concrete actions to address the situation that include clean-up of impacted areas, remediation of spill site as well as damage assessment and post spill impact assessment.

Upstream Commission Outlines Strategy to Curb Oil Spill

Also, the NUPRC has outlined action plans to deal with the recent oil spill. It stated that when followed, the plan would help curb the leak at the AEEPCO facility, as investigations into the cause of the spill continues by the newly-created commission. Chief Executive Officer of the NUPRC, Mr. Gbenga Komolafe, in a statement in Abuja, listed the action plans as a directive to Aiteo to activate emergency Environmental Management Plan (EMP). In addition, it noted that the company would also carry out Post Impact Assessment (PIA) study of the spill; and a Joint Investigation Team (JIT) to determine cause of spill and to convey the extent of impact and quantity of crude spilled. Komolafe said that the measures would be put in place as the commission continues to investigate and monitor the situation. He stated that the commission had received a report of the spill, which occurred at the Santa Barbara well via the statutory regulatory requirement of submission of form “A” by Aiteo, and immediately swung into action to investigate the incident in conjunction with other stakeholders. He assured that the commission would ensure that all necessary steps are taken in line with global best practices, which will be deployed in the management of the situation. He added that the NUPRC would ensure that the spill has the least impact on the environment and

the livelihood of the people of the community as remediation will be done as soon as possible. Komolafe reiterated that the result of the investigation into the incident will be communicated to the public when concluded.

Technical Advisor to the Ijaw Diaspora Council, Prof. Rick Steiner

Meanwhile, Technical Advisor to the Ijaw Diaspora Council, Prof. Rick Steiner, a scientist specialising in oil spill issues globally, has asked Aiteo and its partner, the NNPC to make an initial deposit of $500,000 to ameliorate the suffering of the impacted communities. Steiner stated that after reviewing the video of the outflow rate, it was occurring under extremely high pressure, estimating that the flow rate from the failed well is at least 10,000 barrels of toxic hydrocarbons (methane and crude oil) per day, and possibly twice that. “Thus, after 15-20 days of continuous flow, the spill has already released a minimum of 150,000 barrels – 200,000 barrels of toxic hydrocarbons into the sensitive mangrove ecosystem in Nembe LGA, and possibly twice that much. “Even by international standards, this constitutes a major hydrocarbon spill, and its impacts are likely to be serious, extensive and long lasting,” he said in a letter copied a number of Nigerian authorities. He stated that having been appointed as technical advisor to the council to assess and advise, he was deeply concerned that the responsible parties did not have in place a rapid “well kill” capability to promptly stop the blowout as required by Nigerian law. He recommended that Aiteo/ NNPC must immediately kill the blowout, either fitting a capping stack to the failed wellhead, drilling a relief well nearby to conduct a bottom kill of the well, or other kill techniques, as required by Nigerian law, and retain the failed wellhead structure for future independent analysis to ascertain the cause of the failure. “Aiteo/NNPC must immediately deploy sufficient oil spill containment and clean-up equipment and personnel to collect as much of the spilled hydrocarbon pollutant as possible, hiring local community members as possible.

“This is clearly a Tier III oil spill (the largest category), well beyond the capability of local clean-up assets such as Clean Nigeria Associates, and Aiteo/NNPC should contract Oil Spill Response Limited (OSRL) in Southampton UK to conduct a large-scale Tier III spill response. “Aiteo/NNPC must provide immediate, interim financing to the affected communities of at least $500,000 , to be used by the communities in their initial response to the spill. “It should be made clear that this initial funding will in no way prejudice future community claims for compensation for the spill. This initial compensation will allow the community to purchase alternative food resources during the spill. “This is because fish from the spill area are contaminated and must not be caught and consumed; it must purchase Personal Protective Equipment (PPE); and conduct its overall response to this emergency,” the Ijaw group insisted. In addition, it stated that Aiteo/ NNPC, Bayelsa State, and the federal government must agree to support a technical advisor for the Ijaw communities to join the JIT. Furthermore, the group stated that Aiteo/NNPC must immediately commission an independent, scientific environmental damage assessment by a credible, independent scientific institution. “Aiteo must preserve all evidence, including documents, video and photographs, and actual equipment (e.g. the failed Christmas Tree structure) that may be relevant to determining the cause of the wellhead failure and spill. “Aiteo must provide the community with all records pertaining to this well, including its design and installation date, any/all inspection and maintenance the company has performed on the well, any deficiencies the company has noted, all corrective/remedial actions the company has taken on the well, etc. “The Nigerian federal government should convene an independent inquiry as to the cause, response, and impact of this major oil spill,” the diaspora group stated.

FG Says It Has No Control over Cooking Gas Price Hike

Speaking further during the visit to the president, Sylva said the government has no control over

the hike in gas price and cannot subsidise the product since it had been fully deregulated. "You you all are aware that in Europe, today, gas prices have gone up, there was even crisis in Europe relating to gas prices. So the pricing of gas internationally now affects also the price of gas in the country. "Apart from that, there are some issues around Value Added Tax charges on imported gas, and of course, taxes on imported gas, which we are handling. But of course, quite frankly, these taxes on imported gas, you must also juxtapose it side by side with the local producers of gas,” he added. On the purpose of his visit to President Buhari, the Minister said it was to formally present the CEOs of Oil Downstream and Upstream companies to him. "As you are all aware that Mr. President is also the Minister of Petroleum and, as its characteristic of Mr. President, he did not even see the people he appointed before he approved the appointment. "He appointed them based on their documentation and the competence that he saw in their credentials that were submitted. So after the appointments, of course, you know, that the PIA is in force now. And the agencies that have been created by the EPA are not functional, Upstream Petroleum Regulatory Commission, and the Mid and Downstream Petroleum Regulatory Authority, they are fully functional, their Chief Executives and some of the executive directors are in place. "So, I had to bring the Chief Executive of these two agencies to Mr. President, so that at least he can see them for the very first time so that on occasions as Minister, when he meets them, he will recognise them,” he explained. Commenting on what was responsible for the resurfacing of queues in some filling stations in the Federal Capital Territory, the CEO of the Midstream and Downstream Petroleum Regulatory Authority, Ahmed said, “Basically what happened is that some of the depot owners are selling PMS, above the official ex-depot price of N148, they are selling at N156, N157. "And the reason they adduced is that they are paying for their logistics like shipping in US dollars, they're paying for NPH, port charges and NIMASA charges in US dollars. "They have to go to black market to source these US dollars. And that differential between the official and the black market they buy that is why they added about N9 to N10 to N15 and it depends on whether you are in Lagos, Calabar, Port Harcourt, or Oghara.” Also speaking, Komolafe said, "the full implementation of the Petroleum Industry Act has commenced by our appointment. And indeed, we have resumed in the office. Like for the Nigeria Upstream Petroleum Regulatory Commission, which I am the Chief Executive, I’ve been in office in the past 30 days. “And in the process, we've been able to come up with six point agenda in line with prescriptions of the way the Act, with which we intend to transform and add value to the Nigeria upstream activities in a manner that we can optimize value across the value chain of the Nigerian upstream activities. "Among these, is we intend to basically work towards enhancing our daily production, which at the moment, hovers around 1.6 million barrels a day.”

WEDNESDAY NOVEMBER 24, 2021 ˾ T H I S D AY

NEWS

Govt Confirms Presence of ISWAP, Boko Haram in Niger State Laleye Dipo in Minna Niger State Government has confirmed the presence of members of the Islamic State of West Africa (ISWAP), and the dreaded Boko Haram elements in some parts of the state. Government said the ISWAP members have already set up their camp in Babana in the Borgu Local Government Area of the state while the Boko Haram elements are now in communities in Shiroro LGA. The Secretary to the State Government (SSG) Alhaji Ibrahim Ahmed Matane, who confirmed this while briefing newsmen on the security situation in the state yesterday, said the ISWAP elements are operating in the periphery of Nigeria and Benin Republic specifically in the areas of the Kainji National park. “Now they have made some audio recordings saying that they are there, that they are not kidnappers that they are a religious organisation that is poised to establish a caliphate that will deal with issues of criminality and other related issues.They are the same people that kidnapped the Dodo of Wawa, they assured us that they are not bandits that they are there because they are God send” Matane said, adding

that “ We are not negotiating with them. The government scribe said that the ISWAP members “cannot enter into Benin Republic because Benin Republic has put a barrier on their border so they are only operating along the periphery

of Nigeria and Benin republic”. Explaining the presence of the Boko Haram elements in Shiroro Local Government Area Matane said they (Boko Haram) “are persuading the people to join their group, they are instigating the villagers

against the government they are indoctrinating the people.” Matane, however, did not disclose the steps being taken by the state government to eliminate these ISWAP and Bokoharam members from their enclaves but said: “Government is looking into

the issues.” Matane also confirmed the kidnap of 22 young girls from Sarkin Daji in the Kurebe area of Rafi local government area of the state last week saying that government was working hard to secure the release of the girls.

The girls were reported to have been abducted by suspected Boko Haram members who threatened to marry them out to their members just as it was learned that the Boko Haram elements have also set up a camp in the area.

ALL FOR GOD…

L-R: Governor Ifeanyi Ugwuanyi of Enugu State; Commissioner for Culture and Tourism, Hon. Ugonna Ibe; Enugu-based Highlife Musician, Fortune Eze Ike (Tension); Chairman, Christian Association of Nigeria (CAN), Enugu State Chapter, Rev. Emmanuel Edeh, and the State Chairman of Performing Musicians Association of Nigeria (PMAN), Pastor Dan Orji, during PMAN’s Six-hour Atmosphere of Praise in Enugu…recently

Varsity Students Warn House Urges DSS, Police, Others to End Killings, Kidnappings and report back to the House in South-east and in Anambra State has also been heard till date. Police against Cover-up in UdoraOrizuinAbuja six weeks for further legislative in particular. According to him, these with The lawmaker, who made numerous other unresolved cases The House of Representatives action. Murder of OAU Postgraduate at the plenary yesterday urged The resolutions followed the reference to one Mr. Obiora create a high level of sense of VictorOgunjeinAdoEkiti The National Association of University Students(NAUS) has warned the Nigerian Police Force, Osun State Command against subverting facts in the gruesome murder of a student of Obafemi Awolowo University(OAU), Ile Ife, Mr. Timothy Adegoke. NAUS, a vibrant arm of the National Association of Nigerian Students(NANS), said the matter relating to the sudden demise of Adegoke must be investigated thoroughly and culprits punished, saying this could only be possible if the police are diligent and firm in their actions. Adegoke, an OAU Master’s degree student was allegedly killed and buried in a shallow grave beside Hilton Hotel, Ile Ife last week. Reacting to the alleged gruesome murder, NAUS National Director

of Contact and Mobilisation, Mr. Abioye Oluwagbenga, in a statement, yesterday said Nigerian students would monitor the investigations and the autopsy being carried out by the police on the matter, maintaining that any subversion would be stoutly resisted. “NAUS condemns the gruesome killing of Adegoke Timothy, who happened to be a Master’s degree student of Business Administration at OAU. “It has come to our notice that the deceased was gruesomely killed while residing in Hilton Hotels and Resort, Ile-Ife, after which they proceeded to give him a ridiculous, unbefitting, illegal and evil -motivated burial at a dumping ground.It is highly appalling and unspeakable that a place like Hilton hotels, which supposed to be a safe haven for travelers and lodgers had become unsafe for promising Nigerians.

the Department of State Services (DSS), Police, Civil Defence and other security agencies to quickly get to the root of all unresolved cases of kidnappings and other crimes across the country. The lower chamber also mandated its relevant committees to work with the security agencies

adoption of a motion of urgent national importance, titled, ‘need to look into cases of unresolved kidnap, insecurity in the Southeast’, sponsored by Hon. Chris Azubogu. Moving the motion, Azubogu noted that there have been a lot of cases of missing persons in the

Agbasimalo, the candidate of Labour Party for the Anambra governorship election, who was kidnapped on 18th September 2021 in Anambra State, lamented that about five engineers working with Melan Consultants in Effium Ebonyi state were kidnapped since 3rd November, 2021 and nothing

insecurity in the Southeast. He said: “Concerned that till today, many weeks after and still counting, nothing has been heard about most of these cases. Cognisant that these persons have families and loved ones who are already broken and left in perpetual agony.”

Fulani Herdsmen Clash with Vigilance Group in Kwara Hammed Shittu in Ilorin Palpable tension has enveloped Oko Obbo lle town in the Ekiti Local Government Area of Kwara State on Monday night following the invasion of yet to be identified herdsmen, armed with dangerous weapons and ambushed men of the local vigilance group who were on patrol around 20:30am. THISDAY checks revealed

that, members of the vigilante patrol team were patrolling along Obbo Ile-Isapa axis when they were attacked by the herdsmen. It was also gathered that one of the vigilance team, Mashud Taye, was injured with matchete cuts before the attackers disappeared into the bush. According to a release signed by the spokesman of the NSCDC in the state, Mr.

Babawale Afolabi, the incident occurred when men of the Obbo Ile vigilance team were on routine patrol. “On Monday, November 22, 2021, two armed herdsmen attacked a vigilance team of the Obbo Ile community who were on a routine patrol and left one of them with a serious injury as a result of the matchete attacks”, he said. He also said that efforts

of the NSCDC operatives in Ekiti Divisional Office and the vigilance team yielded dividends as one of the assailants, Abdulkadir Ali Doogo, 23, from Omu Aran, was arrested and currently helping NSCDC in further investigations. “The other herdsman is still at large and efforts are ongoing to capture him while the victim is responding to treatment in the hospital,” he said.

Imposes 24-hour Curfew on Ikare-Akoko Women Barricade NDDC Akeredolu pervaded the ancient town as intelligence arising from the wards. Fidelis David in Akure the community marked the situation in Ikare. Security In the same vein, the Headquarters, Demand agencies, especially the Police governor has lifted the24Governor Oluwarotimi Ikare Day celebration. In a statement made and Amotekun have already hour curfew on Igbara-Oke, Akeredolu of Ondo State has Substantive Board imposed of a 24-hour curfew available to Journalists in been directed to ensure full headquarters of Ifedore Local

Blessing Ibunge in Port Harcourt

Hundreds of women under the aergis of Wailing Women of Niger Delta (WWND) yesterday barricaded the headquarters of the Niger Delta Development Commission (NDDC) in Port Harcourt, Rivers State. The women in their black attires and with their placards and banners, demanded for the inaugurate the substantive board of the commission. The women, who stressed that what is going at the commission is illegal, called on President Muhammadu Buhari to ignore the antics of the Minister of Niger Delta Affairs, Senator Godswill Akpabio and inaugurate the

board. Some of the inscriptions on the banners were: “Niger Delta Women insist on a board for NDDC”, “Enough of illegal Sole Administrator”, “80 per centof our women are vulnerable due to negligence.” The women, who wore mourning faces, sat on bare ground blocking the main entrance of the headquarters lamenting that Akpabio had arrogated his personal ambition above the collective interests of the Niger Delta. The women, who also requested the publication of the audit report, demanded slots allocated to women in the coming board of the commission.

on Ikare Town, headquarters of Akoko North East Local Government Area of the State. THISDAY gathered that some deaths have been recorded as a result of sporadic gunshots that have

Akure by the Commissioner for Information and Orientation in the state, Donald Ojogo, the curfew is with immediate effect. “This comes on the heels of security reports and credible

compliance and enforcement of the curfew imposed. All traditional rulers, opinion and religious leaders are enjoined to give maximum support to this order just as they are to rein in their subjects and

Government Area of the State. The earlier curfew was sequel to the violent dimension of what was initially considered a peaceful protest in the town following the outcome of a Councillorship bye-election.

Abia North Accuses Kalu of Non-performance

Emmanuel Ugwu-Nwogoin Umuahia

The people of Abia North Senatorial District have begun to express worry over the extra-legislative activities of the Senate Chief Whip, Orji Uzor Kalu, saying he was losing focus, as his voice was no longer being heard in the Red Chamber.

This concern was expressed by a group under the aegis of Abia North Restoration Movement (ANRM) in a statement made available to journalists in Umuahia, lamenting that Abia North has been programmed into silent mode in the ninth Senate. The group blamed the Senate chief whip For the receding voice of Abia

North in the Senate unlike what was obtained in the previous sessions of the Senate, noting that Kalu has not been vocal enough on issues that affect the zone he represents. In the statement signed by the duo of Chief Don Ikwuagwu and Maduka Okorie, president and secretary of ANRM respectively, they regretted that the senator

has saddled himself with a lot of distractions, especially his rumoured 2023 presidential ambition as well as amassing chieftaincy titles. According to the group, the distractions that Kalu has been attracting to himself have impacted negatively on his legislative duties as he was no longer concentrating on fulfilling his mandate of giving Abia North quality representation.

WEDNESDAY NOVEMBER 24, 2021 ˾ T H I S D AY

NEWS XTRA

Arms Embargo Threat: US Can’t Treat Nigeria Like Israel, Says Akinyemi Emmanuel Addeh in Abuja Former Minister of Foreign Affairs, Prof. Bolaji Akinyemi, yesterday argued that Nigerians would be disappointed if they were expecting the United States to treat the country same way it treats Israel. Akinyemi was speaking against the backdrop of a “threat” by the United States to invoke the Leahy statute against Nigeria if there are established cases of human rights violations against the military, as opposed to its measured silence on alleged cases of similar breaches by the Israeli government. He said this during an interview on ‘The Morning Show,’ a programme monitored on Arise News Channel, THISDAY’s broadcast arm. The renowned professor of international affairs, stated that the dynamics of the relationship between the United States government and those of Nigeria could not be compared. Some security experts recently described the development as a clear case of double standard, as the United States had said Nigeria risked arms embargo for alleged violation of the laws on armed conflicts in the fight against banditry, terrorism, and other forms of violence in different parts of the federation. Speaking in an interview

with CNN International after a tour of some African nations, including Nigeria recently, the US Secretary of State, Antony Blinken, had said that his country would apply the laws against Nigeria if the allegations were found to be credible. However, while being very critical of Nigeria, the United States was said to have vetoed

over 50 United Nations Security Council (UNSC) resolutions critical of Israel since 1972. During the last escalation of violence between Israel and the Palestinians, the US had, according to reports, stuck to the same playbook, blocking a joint statement calling for an immediate ceasefire between Israel and Hamas.

Several resolutions condemning violence against Palestine protesters, and the illegal Israeli settlements in the occupied West Bank, were also reportedly thwarted by the US. “Of course, we also have laws in place – the Leahy law, for example. That makes sure that if there are units that have committed abuses; we are not

going to provide equipment to those units. “If there is genuine transparency, accountability, and change that follows from these incidents and these abuses, I think that is very important, not only to our administration. It is also important to the US Congress in making judgments about continuing to assist the

security forces,” Blinken had explained. But Akinyemi, during the interview maintained that Nigeria would continue to be disappointed if it expected the same treatment given by the United States to Israel, stressing that the Jewish people in America are a very strong force to be reckoned with.

PROMOTING NIGERIAN BUSINESSES…

L-R:Vice President, International Relations & Business Development, Federation of Isreali Chambers of Commerce; Mr. Ze’ev Lavie; National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. John Udeagbala, and the First National Deputy President, NACCIMA, Mr. Dele Kelvin Oye at the 12th World Chambers Congress in Dubai, United Arab Emirates…yesterday

COVID-19: FG Tasks Financial 2022: Senate Rejects Report on NDLEA’s Managers to be Prudent N4.5bn Budget for Police Barracks Okon Bassey in Uyo Worried by the effect of the COVID-19 on the economy, the federal government yesterday tasked financial managers to be prudent, transparent and efficient in the handling of the scarce resources in the country. The Minister of Finance, Zainab Ahmed, gave the task at the 4th National Treasury Workshop organised by the Office of the Accountant General of the Federation going on in Uyo, Akwa Ibom State capital. The three-day workshop has as its theme, “COVID-19 and the Global Economy: Implications on Nigeria’s National Treasury”, The finance minister, who was represented by Minister of State, Budget and National Planning, Prince Clem Agba,

stressed that financial managers should devised better and more effective administrative plans to enlighten the subordinates on the reality of funds paucity staring on the face of the nation. Federal Government, she said has spent N2.3 trillion as stimulus package to cushion the effects of COVID-19 pandemic in the country. The minister noted that the workshop would examine policies and measures to enhance economic recovery under this COVID-19 era. “In spite of the impact of COVID-19 and dwindling revenue from oil, our strategy was to expand government’s activities to cushion the effect of the pandemic with the total estimated stimulus package by the federal government of Nigeria of N2.3 trillion.

Elumoye and Juliet Akoje in Abuja

The Senate yesterday turned down the report of its Committee on Drugs and Narcotics after it uncovered the document contained N4.5 billion meant for the construction of police barracks in the 2022 budget estimate for National Drug Law Enforcement

Agency (NDLEA). Speaking while presenting the report, the Chairman of the Senate Committee on Drugs and Narcotic, Senator Hezekiah Dimka said his Committee uncovered the anomaly in the course of scrutinizing the budget document presented to it by the Ministry of Finance and quickly raised the alarm. It was on the basis of this that

the Committee on Appropriation chaired by Senator Barau Jubrin, turned down the report on the budget for NDLEA and asked the Committee to go and correct the padded N4.5billion. The N4.5 billion padding in the budget for NDLEA was coming a day after the Senate Committee on Environment chaired by Senator Ike Ekweremadu uncovered

a whopping N16 proposed in the 2022 Appropriation Bill for the repayment of the Nigeria Erosion and Watershed Management Project, NEWMAP. Making his own presentation, Chairman of Senate Committee on Sports and Youth Development, Senator Obinna Ogba called for greater investments by government in sports infrastructure.

Insecurity: Bayelsa Re-imposes Curfew on Waterways, Other Gateways The Security Council who took glasses and covered number prosecution. Olusegun Samuel in Yenagoa

Following recent upsurge in incidents of armed robbery, kidnapping and other violent crimes in the State, the Bayelsa State Police Command and the State Security Council have re-imposed curfew in the state capital, particularly the entry and exit points along the East-West Road from 10pm to 6am daily.

the drastic security measures to curb the menace, also reminded residents and visitors to the state that the curfew from 7pm to 6am in the waterways in the State is still in force. The measures also reiterated the ban on the use of speedboats with 200 Horse Power Engines in all waterways in the state while vehicles with tinted

plates are banned from operating throughout the State. A statement by the Spokesman of the Bayelsa State Police Command, Asinim Butswat, however, said owners of vehicles with factory fitted tinted glasses with police permits are warned to revalidate the permits at the Police Headquarters Yenagoa to avoid subsequent arrest and

The statements reads: “Ban on the use of Sienna cars with tinted glasses throughout the State from 7pm to 6am . “Ban on use of motorcycles within Yenagoa Capital City is still in force. Owners of motorcycles are advised to adhere to the ban or stand the risk of being arrested, prosecuted and the motorcycles impounded.

Retirees Shut Govt Secretariat over Non-payment of 29 Months Pension Buhari Rejoices with Nigeria’s Osun secondary school teachers, with the inscriptions that the protests, it gathered that Kolawole in Osogbo who were owed by previous addressed the state Governor, they accused the governor of Ex-High Commissioner to UK, Yinka Over one thousand pensioners administration of Governor Gboyega Oyetola, read: “Gov. receiving billions of naira, but in Osun State yesterday shut Rauf Aregbesola under the Oyetola, Stop this lying and still defaulted in payment of Dalhatu Tafida, at 81 down the state government Contributory Pension Scheme. fake promises’. Pay us our pensions of retirees.

Deji Elumoye in Abuja

President Muhammadu Buhari has felicitated Nigeria’s former High Commissioner to the United Kingdom, Dr. Dalhatu Sarki Tafida, as he marks his 81st birthday anniversary on November 24, 2021. The President, in a release issued yesterday his Media Adviser, Femi Adesina, warmly rejoiced with the dedicated public servant, who had variously worked for a greater nation, serving variously as medical doctor, consultant physician/permanent secretary, chief consultant physician to a

president, commissioner of education and minister of health. President Buhari noted the wisdom and experience that the former High Commissioner had always brought to every national assignment, setting standards, motivating others to achieve goals, and uplifting many in his community and across the nation. As a member of the Constituent Assembly, 1988-89 and Senate Majority leader, the President affirmed that Dr. Tafida also played a major role in shaping political developments in the country, and has remained relevant in inspiring many leaders.

secretariat in Osogbo, the state capital, to protest against the non-payment of their entitlements. The protesters were drawn from retirees of primary and

The aggrieved pensioners stormed the state government secretariat at Abere, holding placards that displayed their agitations. Some of the placards

money’. ‘We are dying of hunger’. ‘Masses help us we are dying’. ‘Dead people cannot enjoy infrastructure,” among others. When THISDAY monitored

While speaking, one of the protesters, Adebayo Michael, said Oyetola has refused to give them their gratuity/pensions and 29 months half salary arrears since 2016 till date.

Lady Dies Three Weeks after Death of Sister in Ikoyi Collapsed Building A lady identified as Ms. Amaka Enekwe, has reportedly passed on three weeks after losing her sister, 26-year old Ms. Onyinye Enekwe, at the Ikoyi building collapse a month to her wedding. This was revealed yesterday via an Instagram post from a

close associate of the family identified as Blessed Eriamah. The post reads: “Exactly three weeks after the death of your younger sister at the Ikoyi building collapse, you followed her. “Losing two daughters in a space of three weeks is a pain

too terrible for a mother to bear. “When we visited you on Monday, you were recovering only to hear of your death today. Amaka why did you follow your sister? “Your mother is trying to be strong, she is trying to hide her pain by singing praises to God

and laughing when we visited today but she is losing it. “Amaka! Amaka! Amaka! Please wake up! The death of Onyinye is enough; you can’t allow your mother to bury two children in a day. It is too much for her. Please wake up.”

WEDNESDAY NOVEMBER 24, 2021 ˾ T H I S D AY

NEWSEXTRA

Ecobank Warns against Acquisition of Honeywell Flour Mills, Alleges Company Facing Winding Up Proceedings Wale Igbintade Following media reports on the move by Flour Mills Nigeria Plc to acquire 71.69 per cent stake in Honeywell Flour Mills Plc, Ecobank Nigeria Limited has issued a 7-day ultimatum to Flour Mills to desist from consummating the agreement on the ground that the company was hugely indebted to the bank. Ecobank alleged that the debt owed by Honeywell had been a subject of litigation. Ecobank in a statement issued by his lawyer, Kunle Ogunba, stated that consequent upon a press release circulated in several online publications and contained on Honeywell Group Limited’s website, there was need to caution members of the general public and corporate bodies on the danger inherent in dealing in any shares of the company. Ecobank while narrating it’s interest in the company, stated that it advanced several loan facilities which included working capital to Honeywell Flour Mills Plc and that due to the failure of the company to liquidate the said loan facilities, the bank was constrained to commence winding up proceedings against Honeywell Group Limited at the Federal High Court, Lagos in suit no: FHC/L/CP/1571/2015; Furthermore, Ecobank said

Honeywell Group Limited, being the respondent to the winding up petition, objected to the jurisdiction of the trial court to preside over the suit, this the bank said was upheld by the trial court. Aggrieved with the decision of the trial Court, Ecobank revealed

that it had filed an appeal, with appeal No: CA/L/1041/2016) at the Court of Appeal, Lagos Division, adding that upon review of its case, the appellate court had found merit in the appeal, and held that the winding up proceedings against Honeywell Group Limited was properly

commenced and that the Federal High Court had jurisdiction to hear the said petition. Ecobank also explained that while the said decision of the Court of Appeal has been appealed to the Supreme Court, by Honeywell Group, the Court of Appeal’s judgment remains valid and

subsisting till date. The bank stated that the effect of the Appeal Court judgment was that there is currently a windingup action/proceeding pending against the said Honeywell Group Limited. Ecobank added that the provisions of Section 577 of the

Companies and Allied Matters Act 2020 “CAMA” stated that “Where a company is being wound up by the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the company after the commencement of the winding up is void”

MARKING FOUNDER’S DAY…

L-R: Members, Thursday Business Group(TBG), Niyi Dada; Ayo Olayemi; Olayinka Junaid; Femi Adeyeye; Diran Bello; Guest Speaker, AIG Johnson Kokumo; Guvnor of TBG, Gbolana Dixon; past Guvnor,Temitope Akande; immediate past Guvnor, Niyi Oyedeji and Olangoke Okesanjo, during the Club’s Founder’s Day ceremony in Lagos…recently

CJN Warns New Judges against Lawan: Nigeria Must Seek Diversified Acquisition of Wealth Solution to Security Challenges Alex Enumah in Abuja

The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad, yesterday warned 22 newly sworn-in Judges of the High Court of the Federal Capital Territory (FCT) to shun corruption since their appointment as Judges was not for them to make personal wealth. According to Justice Muhammad, “The Bench is neither for the prosaic, the greedy nor those with questionable character who can easily fall for a plate of porridge offered by desperate litigants,” hence, the new judges should endeavour to rise above temptations and trials that might obstruct or

even halt their rise to the pinnacle of their career. The CJN gave the warning shortly after he administered the oath of office on the Judges at the complex of the Supreme Court in Abuja. He said: “Appointment to the Bench is not an appointment to wealth; vain glory, dishonest disposition or ostentatious lifestyle through corrupt acquaintances. “The searchlight of the National Judicial Council (NJC) beams on all judicial officers across the country. Our radar is sophisticated enough to detect every form of corruption and wrong doings. The remoteness of your location of adjudication can never blur our sight on you.

President of the Senate, Ahmad Lawan, has said for Nigeria to overcome its security challenges, efforts must be made to seek diversified solutions besides the military option to the problems of banditry, militancy and insurgency. Lawan made this known in his remarks after a point of

order raised by Senator Rochas Okorocha to draw the attention of the Senate to the heightening spate of insecurity in Imo state. According to the Senate President, the National Assembly has equally been consistent with the approach in coming up with legislative interventions needed to address the security challenges

of the country. He explained that such interventions include job creation, and the introduction of required legislation to promote economic development from local and foreign investments. “This Senate and, indeed, the entire National Assembly has been very consistent in trying to

find some kind of solution – a more permanent solution to ending the security situation in the country and, of course, we will continue to do so. “[And] I agree that we need to diversify our means of getting the solution to the numerous myriads of security challenges across the country”, Lawan said.

Navy: Maintenance of Seized Vessels Affecting our Finances Udora Orizu in Abuja The Nigerian Navy has stated that maintenance of seized vessels is affecting its finances due to huge amounts of funds being expended on their maintenance and operations to keep them in good shape. The Chief of Operations, Nigerian Navy, Rear Admiral

A.O Adaji, who made the disclosure while addressing members of the House of Representatives Adhoc Committee investigating the status of recovered movable and immovable assets during a visit to the Navy in Abuja yesterday, lamented that court processes are delaying the disposal of seized vessels in their custody.

He, therefore, called on the lawmakers to provide legislation for the establishment of an Admiralty or Maritime Court to deal exclusively with maritime cases for speedy dispensation of justice. Adaji commended the lawmakers for enacting the anti-piracy law, which according to him, has helped to a couple

of ‘bad guys’ in jail. He said: “The procedure adopted is that once there is any suspicion of commission of crime or illegal activities, the vessels are arrested by patrol units and then a preliminary investigation is carried out. As soon as a case is established, the vessel is handed over to the appropriate prosecution agency.”

Development Bank (FG, AFDB) Financed Inclusive Basic Service delivery and livelihood empowerment integrated Programme (IBSDLEIP) in Bauchi. Represented by the Secretary to the State Government (SSG), Alhaji Ibrahim Kashim, the governor said despite efforts of government and the loan facility

allocation of $44.83 million by the FG/ AFDB for the IBSDLEIP, “There is a huge gap in funding to address the devastating impact of the insurgency alone”. “Not to talk of already existing poor socio-economic conditions, this becomes more daunting if the current deteriorating and precarious economic situations continues.

Mohammmed urged the stakeholders to make useful decisions at the Mid-term review meeting that will not only address programmatic issues and challenges. “But also consider the possibility of providing more funding to North-east particularly Bauchi state,” Mohammmed said

Insecurity: Monarch Seeks Constitutional Role for Royal Fathers Gap in Funding North-east Infrastructure Worries Bauchi Gov The Olojudo of Ido-Ekiti, Ekiti State, Oba Ayorinde Ilori-Faboro, yesterday stated his desire for monarchs across the country to play constitutional role in affairs of their communities. According to him, the traditional institution should be considered in the ongoing amendment to the constitution for such role to resolve some of the lingering challenges confronting Nigeria, including insecurity. Oba Ilori-Faboro stated this at a meeting with journalists in Ido-Ekiti ahead of the ‘Ajodun Ido Oganganmodu 2021’, during which he called on sons and daughters of the community to support the celebration. He pointed out that traditional rulers are often times blamed for the insecurity bedeviling their subjects, saying they should have a role in resolving the challenge. The monarch stated that despite

working assiduously to checkmate criminal activities in different communities in Nigeria, there are still challenges as the government is the only body empowered by the constitution to provide security for the people. Ilori-Faboro appealed to the state Governor, Kayode Fayemi, to reconstruct township roads in Ido-Ekiti, as according to him, most of the roads had become impassable. On the week-long Ajodun Ido Oganganmodu 2021, which will end on November 27, the Chairman of the Planning Committee, Mr. Abiodun Abe, and the National President, Ajodun Ido, Dr. Sola Ogunsina, said the activities, including traditional cuisine (Arin and Alamo), free medical checkup, Arewa Ogangan beauty contest, which star prize is a Toyota Camry car, presentation of honorary chieftaincy titles, religious functions and sanitation had been lined up.

Segun Awofadeji in Bauchi

Governor Bala Mohammad of Bauchi state has decried the huge gap in funding devastating structures caused by insurgency in the North-east region. Mohammmed stated this yesterday at the Mid-term Review Meeting of the Federal Government and African

APGA: Uba’s Threat to Challenge Soludo’s Victory Disrespectful to Buhari David-Chyddy Eleke in Awka The All Progressives Grand Alliance (APGA) has described the avowed intention of the Governorship Candidate of the All Progressives Congress (APC), Senator Andy Uba, to challenge the declaration of

APGA’s Candidate, Professor Chukwuma Soludo, as the winner of the November 6 Anambra governorship election, as a show of disrespect to President Muhammadu Buhari. Uba had told his supporters a day after Soludo was declared winner that he would recover

his “stolen mandate” through the court. But the APGA, through the Director of Media and Publicity of APGA Campaign Council and Commissioner for Information and Public Enlightenment, Mr. C. Don Adinuba, has said that Uba

had no mandate to recover. Adinuba said that any move to challenge the result in the law court by Uba after President Buhari had congratulated Soludo for winning the election, would amounts to disrespect for the President.

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Osimhen Confirmed to Miss AFCON, Doubtful for World Cup Playoff Professor Anugweje says: “If there are no post-surgery complications such as infection and scarring, healing is expected to take an average of about six weeks Femi Solaja The possibility of Victor Osimhen playing for Super Eagles at the next Africa Cup of Nations tournament in Cameroon was dashed yesterday as doctors who operated the cheekbone injury he sustained Sunday night against AC Milan insisted it may take 90 days for the Nigerian international to return to action. Osimhen’s club, Napoli, posted the news on their club website almost immediately after the successful surgery to the cheekbone and eye socket by top Italian doctor, Gianpaolo Tartaro on Tuesday morning. Tartaro was assisted by Dr Mario Santagata and Dr Raffaele Canonico. "Titanium plates and screws were used in the operation," said a statement on the Napoli website. "The player (Osimhen) is doing well and will remain under observation for the next few days,” Napoli statement stressed. The news will be a blow for both club and country, with Osimhen in a rich vein of form at the moment. Speaking on the injury and the surgery carried out yesterday, Nigeria’s foremost sports medicine expert, Professor Ken Anugweje, told THISDAY yesterday that facial surgery is a safe procedure when it is used for cosmetic purposes i.e. facelift. “However, when it is used for the treatment of injuries, it is a bit more complicated. “From the medical report posted on Napoli website, Victor's injury involved several structures. If there are no postsurgery complications such as

Victor Osimhen...surgery successful but to miss AFCON and likely the 2022 World Cup Playoﬀ in March next year

Union Berlin Ready to Let Awoniyi Make AFCON Debut if Selected by Nigeria With fading hope of Victor Osimhen making an AFCON appearance for Nigeria at AFCON 2022 in Cameroon, another inform striker, Taiwo Awoniyi, is guaranteed by his German side, Union Berlin to allow him play for Super Eagles during the tournament. The Nigerian forward has been on good run for his club and playing crucial role in the club’s antecedent to the top in the Bundesliga but should he get a call to play for Nigeria during the tournament, he is sure to miss between four to six matches depending of the progress Super Eagles make during the event. Club’s coach, Urs Fischer confirmed yesterday that the club will not stop the player from representing Nigeria if he gets called up by Eagles handlers and that they will be happy for him because it is his wish to play for Nigeria. The 24-year-old has been the star player for Union Berlin and has scored eight goals in 12 league

appearances in the on-going season with the latest goal against rivals, Hertha Berlin in 2-0 win at Stadion An der Alten Forsterei. “We don’t worry about it and of course we have it on our radar,” Fischer said to German Newspaper, Berliner Kurier. “What could be nicer than representing your colours? Even if it doesn't help us, we would be happy for Taiwo,” the coach commented. He also talked of how the Nigerian star has developed to become a deadly striker since joining the club. “This week, too, graduation was on the agenda. He has learned to stay calm on the pitch and can withstand the pressure better. I do believe that Taiwo has worked on itself,” he added. If Taiwo eventually makes the squad to AFCON, he will miss out on four matches against Bayern Leverkusen, Hoffenheim, Borussia Monchengladbach and Audsburg and in addition to the derby against Hertha in the DFB Cup.

Taiwo Awoniyi....dreams AFCON debut for Nigeria

infection and scarring, healing is expected to take an average of about six weeks. The face heals fast,” observed Professor Anugweje of the University of Port Harcourt who is also a former board member of the Athletics Federation of Nigeria (AFN). He concluded that Osimhen should be able to return to action in three months wearing a protective mask. “He should be able to return to participation in 90 days, possibly wearing a protective mask,” concludes Professor Anugweje. With the next AFCON kicking off on January 9 in Cameroon, Osimhen is effectively ruled out of the Nigerian squad. The Super Eagles camp is due to open in Lagos on December 27. It is not yet certain if he will be fit enough to be part of Eagles 2022 World Cup final playoff scheduled for March , barely one month after the AFCON in Cameroon. For Napoli chasing a third Italian Scudetto in the club history, Osimhen’s absence appears to have thrown spanners into the works. The Naples side presently share same 32 points from 13 matches at the top of Serie A with AC Milan but better on goals aggregate. Osimhen has scored crucial five Serie A goals and four more in the Europa League for Napoli this season. He netted four times in six games to help Nigeria reach Africa's World Cup play-offs scheduled for next March. The former Lille player also finished as joint-top scorer in qualifying for the delayed Nations Cup with five goals.

Ibom Icon Hotel Spices up First Bank Sponsored Lagos Amateur Golf Open The management of Ibom Icon Hotel & Golf Resort, in Uyo, Akwa Ibom State has deepened their commitment to the game of golf through their strategic partnership with First Bank at the just concluded Lagos Amateur Open at Ikoyi Club (1938) Golf Section, over the weekend. Represented by Head of Operations, Gilbert Thinji, Ibom Icon, adjudged the best golf resort facility in Nigeria and West Africa, partnered First Bank for both the Corporate Golf Challenge for Charity and Lagos Amateur Open. Ibom Icon donated two-night Weekend Packages for the winning team (4 players) of the Corporate Golf Challenge and provided unique refreshments for 600 golfers over the four-day period of the tournament.” Thinji said, “It is our own way of showing support to the Lagos Amateur Open, unarguably the oldest and biggest golf tournament in Nigeria. We celebrate First Bank for sustaining this tournament for 60 years running and identify

with the values of the brand”. He said that since Icon Hotel Group took over the management of the Uyo facility, they have been able to revamp the golf facility and given it a unique feel with the professionalism that Icon Hotels Group is fast being known for. “We are eager to showcase the excellent golf course and golfing experience that Ibom Icon is renowned for and we are committed to having a 1-on-1 with golfers all over the country since the Icon Group take over. The 54-hole, Lagos Amateur Open concluded last weekend with scratch player, Aminu Kabir of Ilorin Golf Club emerging the winner beating a field of 180 players drawn from different parts of the country. President of IGOLFMDC, Sola Lawson, said that “Nigeria’s frontline golf management consultancy believes that the transformations and service upgrade being occasioned by the Icon Hotels Group will prime the facility to be the rallying point for major events soonest.”

WEDNESDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Ronaldo Helps Carrick Guide Man Utd into Last 16

Lewandowski’s overhead kick goal maintains Bayern Munich’s clean record

Manchester United moved into the UEFA Champions League last 16 last night thanks to two late goals against Villarreal in Michael Carrick's first game as caretaker manager. Cristiano Ronaldo maintained his record of scoring in every game in this season's competition when

he lifted the ball over goalkeeper Geronimo Rulli in the 78th minute, after Fred had dispossessed Etienne Capoue. Jadon Sancho then sealed the victory in injury-time when he blasted a shot that went in off the underside of the crossbar.

CHAMPIONS LEAGUE United, who sacked Ole Gunnar Solskjaer on Sunday are top of Group F with one round of matches left.

However, they were indebted to goalkeeper David de Gea, who produced two superb one-handed saves, one in each half, to keep

out well-struck efforts from Manu Trigueros when it was goalless. United will be guaranteed to progress as group winners with a game to spare if Atalanta fail to win away at Swiss side Young Boys in last night’s other Group football fixture. Elsewhere, Robert Lewandowski scored for the ninth successive Champions League game as Bayern Munich maintained their 100% record in Group E against Dynamo Kyiv. Poland striker Lewandowski gave Bayern the lead with an overhead kick after the ball fell loose in the area. Kingsley Coman, who scored the winner in the 2020 final against Paris St-Germain, slotted home the second in the 2-1 victory. Denys Harmash scored Kyiv's first goal of this year's tournament but they were unable to find an equaliser.

RESULTS Dynamo Kyiv 1-2 B’Munich Villarreal 0-2 Man Utd Barcelona 0-0 Benfica Y’ Boys 3-3 Atalanta Lille 1-0 Salzburg Sevilla 2-0 Wolfsburg Chelsea 4-1 Juventus Malmo 1-1 Zenit TODAY Club Brugge v Leipzig Man City v PSG Atletico v AC Milan Liverpool v Porto Besiktas v Ajax Sporting CP v Dortmund Inter v Shakhtar Sherrif v Real Madrid EUROPA Spartak Moscow v Napoli

Spanish Great, Ramos, Finally Poised for PSG Debut Tonight Spanish great, Sergio Ramos, could make his long-awaited first appearance for Paris Saint Germain in tonight’s UEFA Champion League Group A match with Manchester City at Etihad. The 35-year-old defender has not played for the French side since joining from his long-time club Real Madrid in July due to a recurring problem with a calf muscle. Ramos is likely to be on the bench for the clash between

Cristiano Ronaldo was in his ruthless self as Manchester United defeated Villarreal 2-0 to qualify for the Last 16 stage of the Champions League

NBA: LeBron, Stewart Suspended for Roles in Bloody Fracas Los Angeles Lakers star LeBron James was suspended one game without pay and Detroit Pistons centre Isaiah Stewart was suspended two games without pay following a bloody fracas on Sunday, the league announced yesterday. James missed yesterday’s nationally televised game against the New York Knicks. It's the first suspension in his 19-year career. Wile Stewart also missed Tuesday's home game against the Miami Heat and tonight’s game at the Milwaukee Bucks. The Lakers and Pistons will meet Sunday at Staples Center. Stewart was suspended for what the NBA deemed was "escalating an on-court altercation by repeatedly and aggressively pursuing" James "in an unsportsmanlike manner." James was suspended "for recklessly hitting Stewart in the face and initiating an on-court altercation." James was ejected after his elbow and what appeared to be his fist connected with Stewart, beginning an altercation where Stewart repeatedly charged James. The two got tangled up on a free throw in the third quarter of Sunday’s 121-116 Lakers win before James made contact with Stewart’s face, drawing blood. Stewart, a second-year centre, got in James’ face in the aftermath before players on both sides had to be separated.

Los Angeles Lakers star, LeBron James (centre) walking away after he was ejected from the game with Detroit Pistons on Monday night at the Little Caesars Arena in Detroit

the top two in the group with Marquinhos and Presnel Kimpembe starting in central defence. Ramos arrived at PSG with a glittering CV, having won the 2010 World Cup, two European Championships and four Champions League trophies with Real. City top the group on nine points, a point clear of PSG with Belgian outfit Club Brugge four points further adrift with two matches remaining.

Closed Door Season Costs Spurs £80m Loss Tottenham announced pre-tax losses of £80.2 million ($107.7 million) for the financial year ending June 2021 on Tuesday with the club's total debts a rising £100million to £706million. Spurs have counted the cost of the coronavirus pandemic more than most as it struck shortly after the club opened a new 63,000 capacity stadium at a cost of £1.2 billion. Due to games being played behind closed doors during lockdown, match receipts were down to £1.9m compared to £94.5m in 2020. "The financial results published for our year ended 30 June, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of Covid-19 coinciding, as it did, with the opening of our stadium in April, 2019," said Tottenham chairman Daniel Levy. "With no less than three lockdowns our operations were

severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives." Tottenham's overall revenue was down to £361.9m from £402.4m despite an increase in money generated from broadcasting rights. Despite the losses, new manager Antonio Conte is expected to be handed funds in January to strengthen his squad as Spurs aim to get back into the Champions League. The Italian was recruited by his former colleague at Juventus, Fabio Paratici, who was appointed Tottenham's managing director of football in June. "The appointments of Fabio and Antonio are a clear demonstration of our intent and ambition," added Levy. Spurs sit seventh in the Premier League, four points adrift of the top four.

Work & Play Challenges Youth to e-Sports with Motorsports As part of the activities marking the launch of the Nigeria’s first motorsports racing app, Work and Play, owners of the right have announced plans to host a select Nigeria’s e-sports players to duel on the new platform for cash prizes. Speaking on the new motorsport app, Adeoye Ojuoko, said the November 26th launch of this first

motorsports app on the continent would also be a good ground to help deepen support for the e-sports community in the country. “Our app is bringing a new flavour to the Nigerian e-sports landscape and we would love to get more youths to participate in it and help grow the industry, which we believe holds a lot of potential

for youth empowerment and connects easily with a number of other industries,” he said. Already, the app has received rave review among top e-sport players in Nigeria and also had some corporate support from brands including, Toyota, SMT Volvo, Elizade, JAC Meristem, Argotios Bikes, Dinkkiia, among others. Ojuoko further stressed that

the incursion into the e-sports world was an attempt to get more lovers of motorsports engaged while the racing calendar is off. “Our live events started in Shagamu in 2017, and later garnered and supported others in, Ilara - mokin, Akure, Kebbi, Nasarawa, Kano, Abuja, Ibadan and Lagos. Our game, the first in the country in this dimension

looks to simulate what our live events has to offer.” Adeoye said the launch of the app which is scheduled for Friday, November 26th at MUSON Centre in Lagos will have selected players from the growing e-sports community in Nigeria to compete as part of test-running of the software and cash prizes will be awarded to players during the event.

Wednesday, November 24, 2021

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MISSILE House of Representatives to Security Agencies “… Many weeks after and still counting, nothing has been heard about most of these cases (of kidnapping)….These persons have families and loved ones who are already broken and left in perpertual agony.” --The House of representatives asking security agencies to step up eﬀorts to rescue kidnapped persons across the country.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Zik as National Symbol D

oes symbolism have a role to play in resolving the crisis of nationhood caused by the cumulative mismanagement of Nigeria’s diversity? This question appeared to be unwittingly thrown up by a video of Dr. Nnamdi Azikiwe that surfaced in the social media a few days ago. The video is essentially a snippet of the history of the tragic civil war fought to keep the breakaway Republic of Biafra within the Federal Republic of Nigeria. In the 1969 video, Azikiwe known in his younger days as the “Zik of Africa,” denounced the head of state of Biafra, General Chukwuemeka Odumegwu-Ojukwu, as foisting a “tyranny” on the people of Biafra. Azikiwe accused Ojukwu of being recalcitrant in the course of peace-making. In particular, Azikiwe drew attention to the humanitarian disaster already caused by the war in Biafra at the time he was addressing the media in London on the crisis. The footages of malnourished children in the war-torn areas had caught the attention of the world. It has been estimated that between 500,000 and two million people died of starvation during the war. Now there is certainly something problematic about the reactions to the video across the generations of those who actually experienced the tragedy and the generation born years after the war. The contradictory responses should again be a reminder of the problem in dealing with the Nigerian history especially the period of the war. This situation is made worse by the contempt with which the study of history is officially treated. For instance, one perspective is that the question was more much complex than Azikiwe posed it in the video. After all, there are critics who still accuse Azikiwe of being part of the problem of the First Republic that led to the civil war, in the first instance. Azikiwe was also accused of initially endorsing the idea of Biafra before parting ways with Ojukwu. For some members of the younger generation now in support of a Biafra Republic as enunciated by Mazi Nnamdi Kanu (who is standing trial on myriad charges), the action of Azikiwe in the video, was a simply a betrayal of the real Republic of Biafra that existed between May 30, 1967 and January 20, 1970. So on both sides of the conflict, Azikiwe hardly emerged a unifying figure. The perception of ambiguity of Azikiwe’s role in the war still persists despite efforts by Azikiwe himself and his followers in the past to make clarifications on the historical period. It is, therefore, within the context of this alleged ambiguity of Azikiwe’s place in history that the call by the Anambra State government on Nigeria to declare November 16, the birthday of Azikiwe, as a national holiday should be examined. By the way, November 16 is also the birthday of the accomplished novelist, Chinua Achebe. Azikiwe was born in Zungeru, Niger State, in 1904 of Onitsha parentage. Indeed, Azikiwe died as the Owelle of Onitsha, Anambra State. Governor Willy Obiano of Anambra State legitimately recounted Azikiwe’s unimpeachable nationalist credentials to support the advocacy for November 16 as a public holiday in honour of the memory of the great nationalist and widely acknowledged pan-Africanist. As Anambra state observed November 16 as public holiday for the third time, Obiano said: “It is a huge national embarrassment that Nigeria has yet to declare November 16 a national holiday.” It is also intriguing that a week after, neither the federal government nor any other state government has responded to the charge of Obiano. This silence is consistent with the levity with which the soft elements including the inherent power of symbolism needed for nation-building are treated in Nigeria. Instead of the call generating vigorous intellectual efforts on the interpretation of the nation’s history everyone simply ignores the topic and moves on to the “more urgent issues.” Yet for all-round development a nation should

Dr. Nnamdi Azikiwe never ignore aspects of its history, however problematic. The areas of disagreement should be debated to draw lessons for the present and the future. Perhaps, President Buhari should table Obiano’s proposal before the National Council of States for advice. So, it was only Anambra, the home state of Azikiwe, that observed Azikiwe’s birthday last week as a national holiday. The supreme irony in the silence that has followed the advocacy of the Anambra state government should not be lost on all those who believe that national symbols could be employed in cementing national integration. National symbols could be inanimate objects such as emblems, flags, geographical features, artifacts, stamps and coat of arms. Symbolism could also be expressed through historical personalities – monarchs, heads of state, nationalists, political figures, sages, moral forces and cultural icons. The common attribute of these human beings and physical objects is that a nation could summon their historical essence as a rallying point. The spirit of the symbol constitutes a force for unity. The celebration of Azikiwe’s well-documented heroism in nationalism should not just be the programme of his home state, Anambra. Beyond Nigerian nationalism, Azikiwe was a distinguished pan-Africanist who inspired other pan-Africanists both on the continent and in the diaspora. This much was acknowledged by the first president of Ghana, Osagyefo Kwame Nkrumah, in his autobiography. Contemplating “the future of pan-Africanism” in 1962, Zik was theoretically critical of an ethnocentric definition of pan-Africanism. He put the matter this way:, “It would be useless to define pan-Africanism in racial and linguistic terms, since the obvious solution would be parochial. And chauvinism, by whatever name it is identified , has always been a disintegrating factor in human society at all known times of human history.” Five years after this statement, Biafra happened and the role of Azikiwe in the crisis that erupted still remains a matter of debate as demonstrated by the different responses to the video referred to above. After his education in the United States, Azikiwe established newspapers in Gold Coast now Ghana) and Nigeria to pursue the cause of pan-Africanism. In Nigeria, he assumed the leadership of the nationalist movement after the death of Herbert Macaulay in 1946. It was certainly no accident that although Azikiwe

was never the chief executive officer of state in the independent Nigeria, yet he was the president of the republic. Ordinarily, such a ceremonial position ought to carry with it the weight of the symbolism of a national moral force the way monarchs are viewed in some non-republics. That was not to be in the unfortunate circumstance of the First Republic. Yet as a historical personality, Azikiwe’s greatest strength was that of the moral force of inspiration. Perhaps the following recall from the history of the Second Republic could help demonstrate the power of Azikiwe as an inspirer. In the ferment of party formation in 1978/79, the political elements who later formed the National Party of Nigeria (NPN) which later produced President Shehu Shagari were not comfortable that Azikiwe with his immense political stature would not be on their side. Although NPN chose Dr. Alex Ekwueme (among the Igbo political giants in the party) as the running mate to Shagari in the 1979 presidential elections, the rival Nigerian Peoples Party (NPP) was consolidating the southeast for Azikiwe to be a presidential candidate of the party. The following proposition suddenly emerged on the political horizon: Zik should maintain a supra-partisan dignity of purpose by being the “father of the nation.” The argument of the proponents of this ill-defined concept of the “father of the nation,” was that as the nationalist of unrivalled stature, Azikiwe, who was then 75 years old, should be above the political frays. He should remain neutral and provide guidance to poltical gladiators. Azikiwe’s allies and followers, of course, pooh-poohed the idea of “the father of the nation” and fielded him as the candidate of the NPP, which eventually came third in the election. Yet, 42 years after some politicians crowned him unsolicitedly as the “father of the nation,” only Azikiwe’s home state of Anambra is proposing that his memory should be honoured by declaring his birthday a public holiday. Still on the role of Azikiwe as an inspirer, the following testimony of Chief Obafemi Awolowo may also be instructive. This is because in many of the fables of Nigeria’s political history, Azikiwe and Awolowo never saw anything good in each other; the two remarkable historical figures were not only rivals; they were also sworn enemies. Well, that is as far as fables go. But in November 1978, Awolowo eulogised Azikiwe even while still throwing some political jibes. There was a huge rally on the ground of the African Club in Calabar. Amidst the shouts of Awooooo, Awolowo assessed his fellow candidates at the election. On Azikiwe, he said inter-alia that “over and above all, Zik is an inspirer.” In the political negotiations among political parties for formation of government in the build -up to independence, Awolowo offered to be the finance minister in a government in which he proposed Azikiwe as the prime minister. At that rally, Awolowo praised Azikiwe as a leading light of the Nigerian nationalist struggle and a pan-Africanist. Significantly, Awolowo said on that occasion that it was no happenstance that his own newspaper, the Nigerian Tribune, was first published on November 16, 1949, Azikiwe’s birthday. He, however, said that it was a “deep decline” that the Zik Africa of the 1930s and 1940s had been politically reduced to the

“As a historical personality, Azikiwe’s greatest strength was that of the moral force of inspiration”

Owelle of Onitsha in 1979. Five months later, Azikiwe was at the same venue in Calabar where he read out at a rally a very charitable birthday letter addressed to Awolowo urging him to embrace the cause of national unity along with other leaders. Just like Awolowo did earlier, Azikiwe also threw a verbal missile to his opponent as the audience hailed him as Zeeeek. He reminded his audience that while as an old boy of Hope Waddel secondary school in Calabar he was no stranger to the serene city, “some other persons” were in Calabar as “prisoners.” Azikiwe was, of course, referring to the period between 1963 and 1966 when Awolowo served his jail term in Calabar, having being convicted of “treasonable felony.” Political rallies of the yore were indeed theatres of wits and charisma. These were the things that drew the crowds to the rallies. If Azikiwe’s historical role as an inspirer of pan-Africanism and Nigerian nationalism was never denied by his contemporaries, how come the present generation seems so oblivious of that role? Indeed, the disappointment of the post-colonial generations of Africa about the state of things often make them downplay the great efforts the generation of Azikiwe put into the nationalist struggle. However, the important inspirations for nation-building could be drawn from the heritage of nationalist struggles. The lack of this inspiration could be one of the reasons for the fissiparous impulse that defines the politics of a large segment of the present generation. Many of the important figures of nationalist struggles are yet to be accorded their pride of place in history. All told, the question still persists: why is Zik not accorded in the Nigerian national consciousness the equivalent of, for instance, the place of Nkrumah in Ghana’s history? In the course of nation-building some figures emerged and were generally accepted as national leaders and never pigeonholed into sectional enclaves of ethnicity, region or religion - Mahatma Ghandi as moral force in India, Julius Nyerere as a model of modesty in governance in Tanzania, Kemal Ataturk as a moderniser in Turkey and Abdel Nasser as a lesson of developmental leadership in Egypt etc. Why Nigeria is reluctant to accord Azikiwe the status of a true symbol of nationalism would remain a matter of historical conjectures. In this respect, a number of historical ifs come readily come into the fore. Would the history of Nigeria be different if Zik, an Igbo man, emerged in 1951 the first leader of government and premier in the old Western Region, dominated by the Yoruba? As a matter of fact, he nearly became the first premier of the region because his party (largely a confederation of many organisations) almost pulled the majority to form the government. What exactly happened that Zik’s National Council of Nigeria and the Cameroons (NCNC) lost out to the Action Group (AG) of Awolowo, who emerged as the first premier of the region? The answer to this question is one the most disputed stories of Nigeria’s political development. Those who believe the NCNC’s version would tell you that Azikiwe was rigged out of sheer ethnic chauvinism. The AG’s story is that practical politics played out and the party won democratically. The second question: would the course nation -building be different if Zik didn’t return to the east to solidify his home political base after the disappointment of 1951? Another question: would the course of Nigeria’s political development be different if Zik became the nation’s prime minister given his nationalist background in 1960? In the crisis of the immediate post-independent era, Azikiwe simply lacked the executive powers to make any difference. The foregoing and many other questions will continue to crop up as long as national integration is the topic. For now, despite his assured place in history Zik is yet to be accepted as a national symbol for nation-building.

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