MONDAY 28TH NOVEMBER 2022 by THISDAY Newspapers Ltd

Stakeholders Extol Ovia as Zenith Names Iconic UNILAG Alumni Building in Honour of Late Ibidapo-Obe Peter Uzoho The memory of late Prof. Oyewusi Ibidapo-Obe, a former Vice Chancellor of the University of Lagos (Unilag) came alive as Zenith

Bank Plc named the iconic building housing its Unilag branch and the University of Lagos (Unilag) Alumni in his honour last Friday. In his opening remarks at the inauguration ceremony, the Group

Managing Director/CEO of Zenith Bank Plc and Chairman of the Body of Banks' CEOs in Nigeria, Mr. Ebenezer Onyeagwu, lauded the Founder and Chairman of the bank, Jim Ovia, for being physically

present at the commissioning of the building to honour the memory of his late friend, Prof. Ibidapo-Obe, who served on the board of Zenith Bank as a Non-Executive Director, and for his passion for youth

education and digital learning. He noted the remarkable and continued commitment of Ovia to education and youth development in Nigeria, especially through the setting up of the James Hope

College, a co-educational institution which offers a combination of British and Nigerian curricula, and the James Hope University, which Continued on page 5

NUJ to Honour Osoba, Obaigbena, Amuka-Pemu, Dokpesi, Momoh, Kalu, Others...

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Tinubu is a Comedian, Says Atiku Calls for his replacement Chuks Okocha in Abuja and John Shiklam in Kaduna L-R: Group Managing Director/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu; President, Unilag Alumni Association, Dr. John Momoh; Executive Governor, Akwa Ibom State, Mr. Udom Emmanuel; Founder and Chairman, Zenith Bank Plc, Jim Ovia, CFR; Deputy Managing Director, Zenith Bank Plc (2nd Right - 2nd Row), Dr. Adaora Umeoji; Wife of Late Prof. Oyewusi Ibidapo-Obe, Mrs. Sola Ibidapo-Obe, and Vice Chancellor, University of Lagos, Prof. Folasade Ogunsola, during the inauguration of the Iconic Building (Oyewusi Ibidapo-Obe House) housing Zenith Bank Unilag Branch and Unilag Alumni at Lagos…Friday

The presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, mocked his counterpart in

Adeleke Assumes Ofﬁce, Abolishes State of Osun, Reverses Oyetola’s Appointments Continued on page 5

Freezes all government accounts Promises to correct past injustices, corrupt acts, bad policies PDP governors congratulate new Osun helmsman, welcome him to forum Ex-governor explains how he sustained state without borrowing Pays N97bn out of inherited debt, leaves over N14bn in cash PDP governors congratulate Adeleke, welcome him to forum

Chuks Okocha in Abuja and Yinka Kolawole in Osogbo Senator Ademola Adeleke, yesterday, took the oath of office and assumed power as the sixth democratically elected governor of Osun State. Chief Judge of Osun State, Justice Adepele Ojo, administered the oath of allegiance and oath of office to Adeleke and his deputy, Kola Adewusi, at the Osogbo township

stadium. In his first official acts as governor, Adeleke, a member of the Peoples Democratic Party (PDP), announced changes on a broad range of policies and issues. He abolished the “State of Osun” appellation, which was promulgated by one of his predecessors, Rauf Aregbesola, froze all state accounts, reversed all appointments made by his predecessor, Adegboyega

Oyetola, from July 17, when he was declared governor-elect, and promised to correct past injustices, corrupt acts, and bad policies of the immediate past administration. PDP Governors' Forum (PGF), yesterday, congratulated Adeleke, on his inauguration as governor of Osun State and welcomed him to the forum. Continued on page 5

IN OSUN IMOLE TAKES OVER...

Senator Ademola Adeleke taking the oath of oﬃce to become the sixth democratically elected Governor of Osun State... yesterday

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 28, 2022

PAGE FIVE TINUBU IS A COMEDIAN, SAYS ATIKU the ruling All Progressives Congress (APC), Bola Tinubu, as a clown, who was only fit to contest the post of “Grand Comedian of the Federal Republic”. Atiku advised APC to immediately replace Tinubu following his unceasing helpless gaffes, to avoid further embarrassments. Atiku spoke in a statement by his Special Assistant on Public Communications, Phrank Shaibu. The PDP candidate alleged that Tinubu was only suitable for the position of comic chief, and never president of Nigeria, going by his error-ridden utterances, which signify failing health. Relatedly, in Kaduna State, director-general of the PDP campaign council, Haruna Sa'eed, dismissed Governor Nasir El-Rufai's recent apology to the people of the state as "meaningless", because it would not "reverse the hardship and pain he had inflicted on the people". Atiku said in the statement that it was common knowledge that Tinubu goofed every time he came out in public to speak. The statement said, “If he is not saying that voter’s card has expiration date; he is saying that young Nigerians are Tweeting on WhatsApp or that 50 million youths should be recruited into the Nigerian Army and be fed with cassava in the morning, and Agbado in the night. How can you say Nigerians are Tweeting on WhatsApp? “Common, is that the kind of person we want to hand 21st Century Nigeria over to? In his latest gaffe at the Lagos rally, he asked Nigerians to get their APV in order to vote for APC, when even primary school children know that the PVC is the only item that admits a voter into a polling unit. “Without mincing words Tinubu’s gaffes already supply comedians, skit

makers, meme-makers, and TikTokers with content. He is a self-writing joke and will make Nigeria a bye-word for scorn among the comity of nations, which is why he shouldn’t get close to power. "Truth be told, lack of mental depth complicated by dementia occasioned by old age is the most mis-recommending criterion against a Tinubu presidency. And examples abound to buttress this point. Just listen to any of his extempore speeches and what you find is lack of coherence, logic and verve. “It is for the purpose of unmasking the real Tinubu and exposing him for who he really is, that we have challenged the APC standard bearer to an hour-long television interview."

The statement added that APC’s seven and a half years reign was a sad reminder of Nigeria's arrested development since 2015, when they came to power. It said Lagos State Governor Babajide Sanwo-Olu’s claim at the Lagos rally that Tinubu would lift Nigerians out of hardship and hunger was an indictment on the APC, an admission that, indeed, over 133 million Nigerians now live in abject poverty, as reported by the National Bureau of Statistics (NBS). Atiku stated further regarding Tinubu and his party, “Now they are selling a message of a renewed hope. It is common knowledge that darkness cannot cure darkness and sickness cannot cure sickness. How

to do with governance, especially, with the February 25 election fast approaching. “I must confess that I consider the remarks credited to the APC presidential candidate, Bola Ahmed Tinubu, on Saturday, November 26th, 2022, where he laboured, albeit unsuccessfully, to paint the Peoples Democratic Party (PDP) presidential candidate as ungrateful and overambitious as not only offensive but reckless. "Instead of attacking Atiku, he should have dissipated that energy on telling Nigerians about himself, especially, at this time, when it is said at various fora that the only thing that is real about Tinubu is his person and that every other ascription on

him is a borrowed robe. "To be sure, Nigerians believe that Tinubu should come in the open to effectively disclaim the allegation that his name, as it appears on public documents, is not his name; that the parents he claimed were not his; that the certificates he claimed to be his are not and that the schools he claimed to have attended didn’t know him. "The issue of which schools he attended is already in the public domain, as only few months ago, he told the Independent National electoral commission (INEC) that he didn’t attend primary and secondary schools. The former Lagos governor, Continued on page 49

ADELEKE ASSUMES OFFICE, ABOLISHES STATE OF OSUN, REVERSES OYETOLA’S APPOINTMENTS Adeleke had beaten then incumbent governor, Oyetola of All Progressives Congress (APC), to win the July 16 governorship election in Osun State. Oyetola, at the weekend, disclosed that his administration left behind for the new government a total of N14 billion cash in the state's coffers. He also revealed that his government had successfully paid out some N97 billion from the total debt inherited in 2018, when he assumed office. In his inaugural speech, Adeleke said, "Since Osun people elected me as your governor on the 16th of July 2022, which the INEC announced on July 17th 2022, the former governor, Alhaji Isiaka Gboyega Oyetola, maliciously started putting roadblocks to make things difficult and almost impossible for the new administration to serve you." Adeleke stated that mass employments were carried out without budgetary provisions for salary payments for the new employees, even when the state was

struggling to pay salaries and deliver other services. He said contracts were hurriedly awarded without budgetary provisions, while some were criminally backdated. The new governor alleged that appointments of several Obas were also hurriedly done without following due process, stressing that all efforts to get his predecessor to set up a transition committee and submit hand-over notes proved abortive. "It is, therefore, this administration’s desire to ask for people’s patience and understanding,” Adeleke said. He said his administration would in a few weeks review and sort out all actions and mischievous confusions the immediate past administration had created since July 17. He said those actions were vindictive measures against the people of Osun State for voting APC out of office. Adeleke issued directives, which would be backed by Executive Orders, freezing all Osun State government accounts in banks and other financial institutions,

STAKEHOLDERS EXTOL OVIA AS ZENITH NAMES ICONIC UNILAG ALUMNI BUILDING IN HONOUR OF LATE IBIDAPO-OBE is billed to commence academic activities next year. He also extolled his philanthropy through the setting up of the Jim Ovia Foundation and Mankind United in Total Support for Education Initiative, which has awarded scholarships and produced over 1500 graduates from among indigent people who would not have had the benefit of having a university education. Onyeagwu also recalled how the bank’s partnership with the University of Lagos began in 2001 with the donation of the first ICT centre, when the Founder and Chairman was the Group Managing Director/ CEO of the bank. According to him, "Today, Zenith Bank has built not less than 15 ICT centres in various tertiary institutions and cities all over the country. And I just want to say that no single institution or individual has been able to accomplish what we have done in that respect. “And this is a demonstration of the passion our Founder and Chairman has, not just for education, but also for digital learning and computer literacy. This is in addition to several other support to the university, including the institution of Academic Excellence Awards in 2001, where the best graduating students from selected departments – Banking & Finance, Business Administration, Economics and Accounting, receive awards with financial rewards (currently NGN500,000) and employment opportunity, and the donation of 3,500 tablets to enable indigent students of the university to learn online effectively in 2020 during the Covid-19 pandemic.” Onyeagwu noted that the building was a strong statement of Zenith Bank’s sustainability initiatives as a signatory to several global sustainability frameworks including the United Nations Principles for Responsible Banking, as it incorporates many of the elements that make a facility environmentally friendly and sustainable. Speaking at the commissioning of the iconic building, Governor of Akwa Ibom State, Udom Emmanuel

can the APC be promising to fix problems exacerbated by the APC? This is balderdash.” According to the statement, the most compelling reason for APC to be de-registered is the fact that it has driven millions of Nigerians deeper into poverty since 2015, when it came to power, and spent trillions of naira procuring hunger, darkness, and insecurity. Atiku stated further in the statement by Shaibu, “If the APC are not keen on replacing this disaster of a candidate, they should in the alternative apologise to all Nigerians for bringing them nothing but suffering of unquantifiable proportion since 2015, and proceed to make a solemn pledge not to have anything

noted the huge contributions of Zenith Bank and, in particular, Ovia, a man he described as a father to the development of Nigeria. In his words,” when you see things being done consistently in the right way, there is always a man pointing in that direction. A lot of people ask me how come you are doing so much in public service; I say I come from a background where my mentor told me that you don't report efforts, you don't give excuses, but you report results. “So no matter the situation, even in the midst of an economic recession, in the midst of Covid-19, you should not stop development and performance. As far as you are from the Zenith family, you are expected to have that creativity and ideas that can make you produce results. “In Zenith, we say only the paranoid survive. So I really want to appreciate what I am seeing here today.” Whilst thanking the alumni association and the school authority for their collaborative efforts towards achieving capacity development, which he described as the bane of Nigerian society, he expressed delight and honour to commission a building named after the revered Late Prof. Oyewusi Ibidapo-Obe, who touched and impacted so many people while he was alive. In his address, the National President of Unilag Alumni Association, Dr. John Momoh, thanked the Founder and Chairman of Zenith Bank as well as the management of the bank for the magnificent building and Mrs. Sola Ibidapo-Obe for accepting the association’s request to name the building after her husband as a lasting legacy in his honour. He encouraged everyone to take good care of and maintain the building to serve the university community for years to come. In her remarks, the Vice Chancellor of the University of Lagos, Prof. Folasade Ogunsola, acknowledged the invaluable contributions of Zenith Bank to the development of the school, promising to work with the Alumni

association to ensure that the facility serves not only the Alumni but also the entire students populace. She thanked the Founder and Chairman of Zenith Bank, Ovia, for donating 3,500 tablets to the university, which ensured that students who could not afford laptops for e-learning during the covid-19 pandemic were not left behind. In her remarks, Mrs. Sola Ibidapo-Obe, thanked the Founder and Chairman of Zenith Bank for immortalising her late husband with such a great edifice named after him. Recalling how close he was to her late husband, Mrs Ibidapo-Obe said: “You are my husband’s friend. Dr. Jim Ovia has demonstrated the love that does not die in his friendship with my beloved husband. When he fell ill, Dr. Jim Ovia was there from day one till the last moment. I could feel the way he felt. From then, I knew that he was a genuine friend. He tried his best to ensure my husband survived, but he did not.” The iconic building, which sits on a total site area of 950m2, was constructed by a team of world-class builders who had the mandate of delivering the best quality possible. The iconic structure is a smart building that incorporates many of the elements that make a facility environmentally friendly and sustainable, including a grid-tie solar system that sustains power load on solar and not on a generator or national grid, an inverter-driven VRF air conditioning system and motion sensor lighting to enhance energy efficiency, perforated aluminium composite panels for natural lighting and ventilation, free Wi-Fi system to provide internet access for students, fire management systems, including fire hydrant, smoke detector, and fire alarm system, and a LED screen installed on the building for the dissemination of information. The iconic building would house the Unilag Branch of Zenith Bank Plc and the operations of Unilag Alumni. Of the total 1,665m2 of floor area designated for office use in the four-storey building, 585m2 will be used by Unilag Alumni.

and establishing a panel to carry out an inventory and recover all government assets. He reverted to the constitutionally recognised name of Osun State, from the State of Osun, adding that all government insignia, correspondence, and signage should henceforth reflect Osun State rather than State of Osun, which he claimed was unknown to the Nigerian constitution. Adeleke said he was aware of the fact that his responsibility as governor and chief security officer of Osun State entailed meeting the legitimate expectations of the people. He promised that the expectations of workers, traders, artisans, farmers, business owners, students, pensioners, traditional, religious leaders, and indeed, all residents of Osun State would be met. He stated, “Let me state here that from the education, health, mining sector, agriculture, road infrastructure and supply of potable water, let it be known to all that it is no longer going to be business as usual. And I repeat, it is no longer business as usual. "Our administration will demonstrate a high sense of urgency, transparency, justice and innovation to tackle and solve the problems of poverty, illiteracy, disease, and poor infrastructure. "Your governor will be a people’s governor. I will be accessible, responsive, consultative and proactive in handling small and big matters of state governance. I know that as a product of the collective will of you, my people, there is a heavy weight of history on my shoulders and I accept the urgency of your expectations, the depth of your aspirations and your conviction in me to build a better state." Adeleke also listed his development agenda for the state, which included welfare of workers and pensioners, boosting the state’s economy, home-grown infrastructure policy, people-focused policy on education, affordable healthcare, security and social welfare, agrobased industrialisation for wealth and job creation. On his priorities, he said, "It was disheartening to see our state at the bottom of the national educational ratings, especially, in public primary and secondary schools examinations. My administration will launch reform with direct focus on improvement of learning environment and outcome. Our target is to reverse the poor performance of students in public examinations within the next few years. "To achieve this target, we will prioritise in-service training and welfare of teachers, enhancement of school environment, entrenchment of discipline in the school system as well as involvement of the ParentsTeachers Association in our school administration system." He said his administration would soon convene an emergency education conference to articulate its blueprint on the restoration of the state’s education glory. The governor saluted the founding fathers of the state, all the past administrators and governors of Osun State, as well as everyone, who had contributed to the growth, stability and progress of the state in the last 31 years. He promised development with a target on agriculture export earnings.

But Oyetola, who gave a brief account of his administration, disclosed that he did not borrow anywhere in the world to run his government. He said he maintained fidelity with his electoral promises since assumption of office. Oyetola made the disclosures in his farewell statement to the people of the state indicating the expiration of his first term in office. He stated that his administration put Osun's economy on a surer footing through many people-centred and masses-focused projects timely and promptly implemented to make life worthwhile for the people. He said Osun on his watch was stable economically, as manifested in the astronomical increment in the Gross Domestic Product (GDP) of the state since he assumed office. Oyetola stated that he left Osun State more stable economically than he met it in 2018, saying despite all the visible socio-economic challenges, he was able to take care of the fears and evil of fiscal indiscipline and lack of implementation, which hamper projects and services in the nation's public service. He stated, "As I step aside today, following the conclusion of the fouryear tenure you freely gave me, I thank God and I thank you for your support, cooperation and prayers over the years. I recall how the journey began four years ago; how by your belief in me and your conviction in the plans and programmes of our party, you exercised your right to vote for me. "As we draw the curtains on this first tenure, we are convinced that we neither reneged on our promise nor disappointed you. We kept faith with you and maintained fidelity with our electoral promises. It was our wish to continue to serve you but we are constrained by the outcomes of the July 16 governorship election, which we are already challenging in court. "As a law-abiding citizen and government, we are stepping aside to allow the law take its course. However, we look forward to continue to serve you in no distant future. We have absolute trust in God that we shall be back soon, as we have implicit trust and confidence in the judiciary to do justice in the case before it. "We are confident that this period of temporary political eclipse shall pass. The sun shall shine again, brighter and warmer and the sustainable development and participatory governance that we enthroned, which have been applauded by local and international organisations, shall be restored and put on a surer and better footing. "There can be no substitute to people-oriented and developmentsavvy governance in a democracy. The taproots of the unprecedented good governance, inclusive and participatory governance that we introduced, which delivered massive equitable projects and programmes, are too strong to be uprooted. "As we end our first term, rest assured that Osun is more stable economically than we met it in 2018 and it remained the most peaceful state in the country under our leadership. "For four years, we did not take any bank loan facility. But we benefitted from the N3billion monthly intervention from the federal

government to all the states for six months to cushion the effect of deductions of budget support facility and salary bailout accessed by the previous administration, just as we have paid N97 billion from the total debt we inherited in 2018. "We are leaving behind cash of over N14 billion. In addition to the N14 billion cash, another N8 billion is being expected between December and January from our performance in SFTAS and the IGR. Also, another Seventy-Two million Dollars will come to the state soon from RAMP 3, NG-CARES, Nigeria for Women Project and Ease of Doing Business. “These are earned, based on performance. And we have, indeed, performed to earn them. It was part of the same performance that earned us the award of Best Governor on Efficiency of Public Expenditure and TOP Performer on Domestic Revenue Mobilisation by the World Bank’s States’ Fiscal Transparency, Accountability and Sustainability (SFTAS), recently. "We have gone this length to let you know that Osun under our leadership was sustainable. It was done through fiscal discipline and personal sacrifices. "On behalf of our team, I appeal to you all to continue to be law abiding and to work assiduously to build the Osun of our dream. Together, we shall continue to mend the broken walls of our dear state and restore her glory for our collective good and that of posterity. “Thank you all and may God continue to bless Osun." Meanwhile, no fewer than seven men of the Western Security Outfit, otherwise known as Amotekun, were weekend wounded by some suspected thugs, who were at the Osogbo Township Stadium during the swearing in ceremony of Adeleke. Sources told THISDAY that the thugs, who were following the new governor behind while he was entering the venue inside his vehicle, on sighting men of Amotekun, descended on them injuring about seven in the process, who were taken to an undisclosed hospital for medical attention. The hoodlums, who came in large number, were prevented from causing further trouble by armed policemen and other security agencies during the inauguration of the governor. An eyewitness told THISDAY that the suspected thugs were on a mission of revenge against Amotekun, which they considered part of Oyetola’s government. A competent police source, who confirmed the story, hinted that the police were on the trail of the hoodlums and they would soon be brought to book. But Adeleke has promised to embark on a security sector reform that would target crime prevention, detection, neighbourhood policing, and better synergy among security agencies. He said Amotekun would be strengthened under his administration and would ensure operational linkage between local hunters and the Amotekun Corps. PGF, in its congratulatory message to Adeleke, noted that his victory at the polls was a testimony to the gallant efforts, hard-work, teamwork, skilful campaigns, efficient resource allocation, openness, and humility he had exhibited over the years.

T H I S D AY • MONDAY, NOVEMBER 28, 2022

NEWS

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

PRESIDENT OF THE YEAR AWARD… L-R: Luxury Panel member, Luxury Hospitality and Lifestyle awards 2022, Ece Vahapoglu; Group President, Transnational Corporation, Owen Omogiafo; and Chairman/Founder, Seven Stars Luxury Hospitality and Lifestyle Awards, Khalil El-Mouelhy, where Omogiafo becomes the ﬁrst woman to receive the President of the Year Award at the Luxury Hospitality and Lifestyle awards 2022, held in Istanbul, Turkey at the weekend.

Probe Buhari's Social Investment Programme, CSOs in Northern Nigeria Tell EFCC, ICPC Wonder why poverty level in region remains high despite N500bn disbursed annually To grill presidential candidates over plans to tackle poverty Sokoto faults NBS rating of state with highest level of poverty Sunday Aborisade in Abuja and Onuminya Innocent in Sokoto The Conference of Northern States Civil Society Networks has said the over N500 billion disbursed by the President Muhammadu Buhari's administration annually for the National Social Investment Programme did not achieve the desired objective going by the high rate of poverty in the northern part of Nigeria. The group, made up of 3,000 various civil society organisations in the 19 northern states and the Federal Capital Territory, stated this at a news conference in Abuja yesterday. The Vice President, Prof. Yemi Osinbajo had at the Emir of Dutse’s palace in 2018, said the federal government was spending N500 billion annually on poverty alleviation programmes. He had said the programme included the N-Power, Conditional Cash Transfer, CCT, Home Grown School Feeding among others, meant to assist petty traders, university graduates, NCE holders and other less-privileged Nigerians. Owing to this and considering a recently released report by the National Bureau of Statistics (NBS) that showed that no fewer than 133 million Nigerians, representing 63 per cent of the population were currently living in multidimensional poverty, with the highest rate in northern Nigeria, the group called on the anti-graft agencies in the country to probe the NSIP programme with a view to prosecuting those who handled the funds disbursement. The President of the Coalition, Ambassador Ibrahim A. Waiya, who addressed journalists on behalf of his colleagues, lamented that the poverty level was too high despite the N500 billion injected into the NSIP every year. He said all the 18 presidential candidates must explain to Nigerians their plans to tackle poverty.

The group said, "Considering the huge investment of this government on social investment programmes, and the report released by the National Bureau of Statistics on the increased rate of poverty in the country, we beseech the leadership of anti- graft agencies such as the EFCC and the ICPC to conduct a discrete investigation on the funds claimed to be disbursed by some federal government Ministries and Agencies to find out what has gone wrong. "The EFCC and the ICPC should ensure that all those involved in the mismanagement of the over N500 billion fund should be arrested and prosecuted. "The investigation into this matter is significant, as there is no correlation between the funds invested in the social protection programmes and the increased rate of poverty in the country. "The most recent figures made available by the National Bureau of Statistics referred to as Multidimensional Poverty Index (MPI) Survey, has unambiguously indicated that things are worse than what they were formerly observed and predicted in 2015. "The results of this survey amongst other issues have exposed in detail the effects of corruption in the national economic lives of the people, as 63 per cent of persons living within Nigeria representing 133 million people, are multi-dimensionally poor. "Sixty-five per cent of the poor representing 86 million people live in the north. Similarly, 35 per cent of this figure representing nearly 47 million live in the south. "The report also stated clearly that poverty levels across states vary significantly, with the incidence of multidimensional poverty ranging from as low as 27 per cent in Ondo (south) to a high level of 91 per cent in Sokoto (north).” He added: "This survey which was carried out by a governmentowned agency even proved beyond reasonable doubt that the world

had underestimated the poverty rating of Nigeria, as reported on World Poverty Clock. "Riding on the above, it is becoming more evident that, the crusade against corruption in Nigeria, is most needed now more than ever, as most of the factors that contribute to the level of poverty in Nigeria, are attributed to the high level of corruption in governance as well as in other sectors of the economy. "It is on this note, we feel the imperative need to specially acknowledge the efforts of the current leadership of the EFCC led by a focused, energetic and vibrant young man, Abdulrasheed Bawa, who in his ingenuity has gradually institutionalised a whistle blowing system that has exposed several conduits of financial embezzlement among government officials (civil servants and elected officials) across

the country. "The north seemed to be taking a lead in this, no wonder the just concluded multidimensional poverty index survey which placed northern Nigeria at 65 per cent representing 86 million people, out of the total estimated multidimensional poor which stood at 133 million people in Nigeria," Waya said. While stating that they would engage all the 18 presidential candidates and know what they would do to address the poverty level, the CSOs encourage the leadership of EFCC to continue on its current path of chasing the corrupt elements in and out of power irrespective of tribe, religion and region to rid our society of corruption, and to bring them to book. He said, "We equally encourage the Commission to continue to

uphold the best practices of professionalism and neutrality, and also to implore the Commission to continue to remain focused and should not allow itself to be distracted by noise makers and politically motivated sentiments. "While EFCC currently focuses keenly on ensuring effective trail and arrest of currency speculators and those who stashed funds for illicit purposes, we call on the attention of the EFCC leadership to be alert on the after-currency redesign effects, to avoid hoarding of the new notes and other misgivings by financial institutions and politicians across the country. “We wish to implore the leadership of the EFCC to consider using the plea bargain option to dispose of the old and long pending litigations that have been in the Courts, from five years above, to save public resources wasted on

hiring lawyers for ligations, which many at times the defendants are set free in the end. "As Nigerians yearn for a better Nigeria, Civil Society Organisations and International Community are closely monitoring the unfolding political happenings in the country. "It is our prayer that INEC shall do everything possible to uphold its integrity to conduct credible, free, fair and transparent elections come 2023. "Consequently, as part of resolve to promote the advocacy for good governance in Nigeria, the conference is planning to engage some selected Presidential candidates for setting a development agenda that shall have the bearing of some critical issues of concern to northern Nigeria, such as: out of school children which Continued on page 50

NDPHC Blames Power Sector's Under-performance on Improper Execution of BPE, World Bank's Privatisation Template Osinbajo, Oyedele bag UNILAG's alumni awards Peter Uzoho The Executive Director, Engineering and Technical Services, Niger Delta Power Holding Company Limited (NDPHC), Mr. Ifeoluwa Oyedele, has attributed the persistent underperformance and crisis rocking the Nigerian power sector to the failure of the past administration to properly executive the sector's privatisation programme in line with the template offered by the Bureau of Public Enterprise (BPE) and the World Bank. The NDPHC Executive Director stated this in Lagos, at the weekend, during an interview with journalists at the University of Lagos (UNILAG) 2022 Distinguished Alumni Awards and 60th Anniversary Dinner, where

the Vice President, Prof. Yemi Osinbajo and him were honoured with distinguished awards. While Osinbajo was honoured with the Diamond Jubilee Distinguished Alumnus award, Oyedele was conferred with the Distinguished Alumnus award along with eight others including the wife of Kwara State Governor, Mrs. Olufolake Abdulrazaq; wife of Lagos State Governor, Dr. Ibijoke Sanwo-Olu; and former Minister of Justice and Attorney General of the Federation, Senator Kanu Agabi, amongst others. The vice president's award was received on his behalf by the Minister of Information and Culture, Alhaji Lai Mohammed. Oyedele, who stated that the failure to properly implement the

privatisation policy is now hurting the country and that the sector is currently challenged by lots of disjoints in the system currently being operated, added that he was one of those that believe that the privatisation was not properly done. Since the privatisation of the generation and distribution chains of the nation's power sector some nine years ago, with the transmission arm still left 100 per cent in the hand of the federal government, Nigerians have not witnessed any remarkable improvement in power supply. With a population of over 200 million people and in its 62 years of existence as an independent nation, Nigeria cannot boast of providing commensurate volume of electricity to homes and businesses.

Due to the incapability of the generation, transmission and distribution value chains of the Nigerian Electricity Supply Industry (NESI), Nigeria currently struggles or manages to supply about 4000 megawatts (MW) of electricity to the people, with the national grid collapsing almost on a monthly basis. "I think the problem is that over the years, we didn't do what we were supposed to have done and that is hurting us now. I'm one of those who think that the privatisation, though well intended, was not properly executed, even the government at the time didn't follow the template that was provided by the then BPE and with the support of the World Bank.

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 28, 2022

NEWS

CHURCH SERVICE TO COMMEMORATE 2022 WORLD AIDS DAY CELEBRATION... L-R: Deputy Director, Communication, National Agency for the Control of HIV/AIDS (NACA), Mrs. Toyin Aderibigbe; Director, Management and Resource Mobilisation, Dr. Josephine Kalu, Pastor in-Charge of Praise Church Radio House Chapel, Abuja, Francis Agbor and Deputy Director, Resource Mobilisation and Performance Management NACA, Mrs. Jane Ezenekwe, during the Church Service to Commemorate 2022 World AIDS Day Celebration in Abuja...yesterday

One Billion Barrels Kolmani Field Drilling Excites Oil Industry Stakeholders Experts describe oil discovery as spread of national wealth to north PENGASSAN expresses satisfaction with FG, NNPC's war against oil theft Nigerian leaders still fixated on natural resources, says Moghalu Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The commencement of oil drilling campaign in the north following the presidential flag off of the Kolmani Field Integrated Development Project straddling Bauchi and Gombe States has continued to generate excitements and positive comments from stakeholders in the Nigerian oil and gas industry. Some of the industry experts, who shared their views with THISDAY, said the successful discovery of oil in the northeast and the swift move by the Nigerian National Petroleum Company Limited (NNPC) and its partners to develop the asset up to production would lead to the spread of the national wealth and economic development to the

northern part of the country. This was just as the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has given a thumbs up to the federal government, the NNPC and other stakeholders for the efforts taken so far to end the oil theft and vandalism menace in the industry. The industry experts, who spoke to THISDAY in separate phone chats, included the immediatepast Chairman of the Petroleum Technology Association of Nigeria and marginal field operator, Mr. Bank Anthony Okoroafor; Chief Executive Officer, NCGAP Limited, Mr. Tajudeen Adigun; and the Lagos Zonal Chairman of PENGASSAN, which is made up of the six Southwest states and Kwara State, Mr.

Eyam Abeng. The Kolmani River Field, located in-between Bauchi and Gombe States in the Upper Benue trough, has been estimated to hold about one billion barrels crude oil reserve and 500 billion cubic feet of gas deposit. Also, the Kolmani Integrated Development Project, which has reportedly attracted foreign direct investment (FDI) of about $3 billion already, houses a 120,000-barrels per day refinery, a 500-million standard cubic feet per day gas processing plant, a 300-megawatt capacity power plant, and a fertiliser plant of 2,500 tons per day. NNPC is developing the field in partnership with the Northern Nigeria Development Company Limited (NNDC), a company owned by the 19 northern states,

and the asset operator, Sterling Global, a Nigerian affiliate of the Indian Sandesara Group. Speaking to THISDAY, Okoroafor, who is the Chief Executive Officer of CB Geophysical Solutions Limited, an oil service firm, described the commencement of the drilling campaign at the Kolmani Field as a good move. He added that the development of any of the frontier basins was a positive action for Nigeria's oil and gas reserves' enhancement as well as the economic growth of country. "It's a good move. I think we still need to go ahead and explore the entire frontier basins. We need to ring-fence their budgets to explore them and to develop them. This will assist in getting our reserves to the acceptable levels, and we

FG: Ticketing Process Disrupted Planned Resumption of Abuja-Kaduna Train Service Insists on no NIN, no travel policy Kasim Sumaina in Abuja The federal government through the Minister of Transportation, Mu'azu Jaji Sambo yesterday said the planned resumption of the Abuja-Kaduna train services previously scheduled for tomorrow was no longer feasible, explaining that some ticketing process needed to be sorted out. He stressed that the corridor has been fully secured and ready for operations but with the new requirements for ticketing. He said there was need for a little extension of time maybe by days or at most, one week. Sambo, who stated this while on an inspection train ride from Abuja to Kaduna, with other dignitaries, said resumption would be extended by one week to allow the passengers to be properly enlightened on the new process of obtaining tickets and other requirements. Speaking on the number of trips, he said: "The number of trips will be reduced. Naturally, you should expect that a certain

number of passengers will not be comfortable to board the train for obvious reasons. "We are human beings; we are bound to feel a little bit uncomfortable until we can see that every security measure has been put in place. So, we will reduce the number of trips and as the travelling population picks up, we will increase the number of trips but we will certainly not travel at night for now. "Please, expect increase in fares. I am having final consultation with the management of NRC and the management of the ministry to see whether it will be immediate or we will take a little time." The Transportation Minister further said, "The issue of whether the train will start tomorrow or not, we have not said the train services will start tomorrow (Monday) I want to be very categorical about that. Now, we have introduced a new system before you buy a ticket. “The purchase of a ticket requires you to provide a phone number and a National Identification Number

(NIN) in order to profile because that is the beginning of the security checks. "So, at any point in time when a train moves from one station to another we know who and who are on board. If you don't have NIN you are not going to board our train. After buying the ticket, you will be given a barcode that would help you gain access into the lounge, when the machine reads the barcode on your receipt, it shows your complete profile only then will you be allowed to into the the lounge. “This kind of security measures is according to global best practice as profiling of the passenger is necessary to know who is coming on board." He said for minors, an adult would only register not more than four minors before using the train service. "It is as simple as that. If you are a minor, an adult will pay for you and will register for you and an adult can only register for not more than four minors. "Now, we want to give sufficient

time for the Nigerian public to listen to these and assimilate this new system? Because if we start Monday, a lot of people will be disgruntled. You may start hearing things like, “why didn't they tell us that this is the new way of doing it? Why didn't they give us adequate time to do it? “So we want to give you adequate time. Definitely between three, four, five days, certainly not more than a week." On the security of the rail-line, the minister said " We have increased number of security personnel and without mincing words, some of these security personnel may not be in uniform in order to guarantee to safety of the traveling public. There are other sensitive measures that we have deployed which I will not reveal. "Also, on every journey, the train is monitored every second on a screen and the train driver can see up to a certain distance if there is any threat on the track, that will enable him match the brakes long before getting to the perceived threat."

have to do this quickly as long as fossil fuel is still relevant. "So, it's a good progress, forget what anybody says. It's going to create employment, it's going to create revenue for goverment, new infrastructure will spring up in that area. So it is positive," he said. He noted that since the past decades when investors like the international oil companies (IOCs) were not willing to invest and explore at the frontier areas, the federal government through the NNPC had been the one exploring and footing the bill. He said those efforts have now resulted in the volume of oil and gas discovered, with the country now, "moving to the development phase, which is positive and I give kudos to the tireless efforts of everybody who has worked very hard to actualise this." Okoroafor also commended the strategic development plan, which provided for co-locating a refinery, gas processing plant and other facilities at the field to address the challenge of evacuation and getting greater value from the resources. According to him, "The key thing is this, if you do not put a power plant or a refinery there, how are you going to evacuate the crude you produce? So this is an integrated development. It has taken care of evacuation which is refining it. If we refine it, we can provide petrol and diesel to the entire north and then that will lessen the pressure on the entire south. “So it's a win-win for everybody. People should look at it from the positive side. I see it as a win-win and I hope every other person will look at it that way." He, however, made a case for Nigerian indigenous oil service firms to be given maximum consideration for service contracts in the field development project, expressing reservations on the possibility of local firms being given opportunity to participate, with Sterling Global being the operator of the asset. "If you look at what they reported, it looks like Sterling Global is going to run it and we just hope all the services will be given to local players. That's just

our prayer because you know how Sterling Global works. So we just hope all the services will be given to local players," For Adigun, the eventual discovery of oil in the north and the move to develop the oil field up to production, "means that the effort to spread the wealth in Nigeria is becoming realistic." He, however, pointed out that the wealth would only make meaning in the life of the people if lessons could be learnt from what happened in the Niger Delta by ensuring the utilisation of the resources for the benefit of the people. According to him, "that (the oil resources) should be enough to spread the wealth, for governance to improve people's welfare and living condition. So that is one thing I think that can happen." Adigun observed that the successful discovery of oil in the north by the NNPC after the IOCs had tried and failed was a vindication that technology is now improving lives and making people to live a more certain life. "Now there is more certainty. You can now go in and say, what 2D and 3D did last time that we were not sure, the new technology has shown that we can be sure that there is oil there and no more guesses. So this is kudos to the technology-driven society, which means that we can now be more than our nature unlike before," he explained. Also, PENGASSAN has given a thumbs up to the federal government, the NNPC and other stakeholders for efforts taken so far to end the oil theft and vandalism menace in the nation's oil and gas industry. The Lagos Zonal chairman of PENGASSAN, Eyam Abeng, said the group was highly satisfied with the response of the government, the NNPC and other industry stakeholders with the results seen so far in the fight against oil theft and vandalism. Abeng said at the height of the alarming oil losses due to the massive theft and resultant shutdown of operations by oil companies, PENGASSAN activated its advocacy tool and drew stakeholders' interest to the menace confronting the industry.

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 28, 2022

NEWS

NCC GETS 'REGULATOR OF THE DECADE AWARD'... L-R: Managing Director, THISDAY Newspapers, Eniola Bello; President, African Public Relations Association, Yomi Badejo-Okusanya; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu, and Chairman, STB-McCann, Steve Omojafor, during the annual conference of the Brand Journalists Association of Nigeria (BJAN), where NCC received “The Regulator of the Decade Award” in Lagos… recently

Africa Requires $190bn Annual Investments to Achieve Energy Goals, Says Egbin Power Boss Adesina, Ikeja Electric honoured at power sector awards Peter Uzoho Sahara Power Group has projected that Africa would require about $190 billion worth of investments annually between 2026 and 2030 to meet its energy and climate goals and boost socio-economic prosperity of the continent. The Head, Capital Projects, Egbin Power Plc, a Sahara Power Group company, Seyi Sobogun, made the projection while delivering a paper titled, "Energy Mix - The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions," at the recently concluded West Africa Power Pool Conference in Dakar, Senegal. Relatedly, Ikeja Electric Plc (IE) has emerged the Best Electricity Distribution Company of the year and Most Gender Diverse Utility Company at the maiden edition of

the Nigeria Power Sector Awards organised to recognise outstanding individuals, organisations and laudable achievements in Nigeria’s power sector. Also, the Board Chairman of IE and Executive Director of Sahara Group, Mr. Kola Adesina, was conferred with the Power Sector Lifetime Achievement Award at the award ceremony held in Abuja recently. Citing the International Energy Agency's (IEA) Africa Energy Outlook for 2022, Sobogun said, "Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190 billion each year from 2026 to 2030, with two-thirds going to clean energy." Noting that Africa’s energy generation would continue to be

SERAP Drags Buhari to ECOWAS Court over Failure to Probe Oil Theft

Udora Orizu in Abuja

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the government of President Muhammadu Buhari over their failure to probe the operations of illegal oil pipelines between 2001 and 2022. Precisely, SERAP is probing the president over his inability to name and prosecute those suspected to be involved and to recover proceeds of crime. The suit was filed by SERAP, Chief Eric Dooh, (who is suing for himself as a leader of the Goi Community in Gokana Local Government Area of Rivers State, and on behalf of the Goi Community), and 15 other concerned Nigerians. The suit followed recent reports of the discovery of at least 58 illegal oil pipelines used to steal the country’s oil wealth. In the Suit No ECW/CCJ/ APP/53/22 filed last week before the ECOWAS Court of Justice in Abuja, the plaintiffs are seeking an order directing and compelling the Buhari government to immediately probe the reports of operations of illegal pipelines and oil theft, name and prosecute suspected perpetrators.

The plaintiffs are also seeking an order directing and compelling the Buhari government to fully recover any proceeds of crime and to respect, protect, and fulfil the human rights of the people of Niger Delta that have continued to suffer the effects of oil theft by non-state actors. In the suit filed on their behalf by their lawyer Kolawole Oluwadare, the plaintiffs contended that, “the plundering of the country’s oil wealth has resulted in the downward trend in revenue and increasing level of borrowing, with reports of a projected N11.30 trillion deficit budget for 2023. “The unaddressed plundering of the country’s oil wealth has for many years contributed to shrinking revenue, chronic underfunding of public goods and services such as education, health, and safe drinking water, recurring budget deficits, growing level of borrowing, and unsustainable debt profile. “There are violations of the economic and social rights of the people of the Niger Delta including the rights to an adequate standard of living, and to economic and social development – as a consequence of the plundering of the country’s resources through the operations of illegal pipelines by non-state actors.

from natural gas, as renewables was expected to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030, he said Africa would require about $2.64 trillion, roughly the size of her Gross Domestic Product (GDP) to rely 100 per cent on renewable energy sources for electricity generation by 2050. He said the funds would be required to drive the installation of the renewable energy sources, as well as the infrastructure needed for the generation, network and storage system, and other enabling costs. According to Sobogun, solar, wind and hydro power generation are the most viable renewable energy solutions in Africa. He pointed out that Nigeria's photovoltaic power potential made solar energy very feasible for both investors and consumers. "Sahara Power is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects. "Sahara has begun the

implementation of solar energy in Nigeria through large-scale renewables, such as the construction of a 5MW solar farm in North East Nigeria and the deployment of mini-grid solutions to locations that commenced with three pilot projects within Sahara Power's Ikeja Electric franchise in Lagos", he added. According to him, the solar solution in Lagos was expected to benefit over 20,000 households, with far reaching positive impact on economic activities. Public and private investors have been the sources of funds to Africa’s renewable energy investments, including international donors, banks and development finance institutions. Between 2000 and 2019, Africa received a total of $109 billion in public commitments in the energy sector. Almost $60 billion of that was committed to the renewable energy sector. Meanwhile, Ikeja Electric Plc (IE)

has emerged the Best Electricity Distribution Company of the year and Most Gender Diverse Utility Company at the maiden edition of the Nigeria Power Sector Awards organised to recognise outstanding individuals, organisations and laudable achievements in Nigeria’s power sector. Also, the Board Chairman of IE and Executive Director of Sahara Group, Mr. Kola Adesina, was conferred with the Power Sector Lifetime Achievement Award at the award ceremony held in Abuja. Receiving the prestigious award for her company, the Chief Executive Officer of Ikeja Electric, Folake Soetan, attributed the firm's achievements to the collective efforts of the management and staff of the organisation. “It is our collaborative efforts and teamwork that earned us these worthy awards. As the largest electricity distribution company in Nigeria, we will continue to set the pace in the industry.

“We are committed to bringing energy to life responsibly to ensure a better life for our customers as they depend largely on electricity to carry out their entrepreneurship", she said. She said since nine years when the company took takeover the distribution facilities, they have witnessed significant transformation and achievements despite the challenges confronting the sector as a whole, expressing the company's strong belief in continuous improvement. Folake noted that the company consistently champions gender diversity at the workplace, pointing out that as a company, they promote gender diversity and live it. “Sustainability Development Goal five (SDGs) speaks to gender equality, aimed at empowering all women and girls. And gender equality is not only a fundamental human right but a necessary foundation for a peaceful, prosperous and sustainable world.

Atiku Promises Fundings, Support for Creative Industry Segun James The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has promised to support the creative sector with necessary incentives if elected as president in the 2023 general election. Atiku who made the commitment in Lagos, during a roundtable discussion with stakeholders in Nigeria's creative, cultural and innovative industry, said no government can afford to ignore such a vital industry that has contributed in no small way to the development of the country. Atiku said the industry has what it takes to crash the unemployment rate and generate huge revenue for the country if the necessary support is given. Among other things, Atiku pledged to create an enabling environment for players in the industry by providing proper funding, training and capacity development. He said the funding would be liberalised and distributed through banks or agencies in order to make it easily accessible for players in the industry. “This industry is a livewire for

our economy. A sector that provides employment, especially for the youth, is not one to be toyed with. This sector can provide us with huge revenue if well harnessed. “The way forward is to increase funds for the arts and liberalise the process of acquiring that fund, if you give me the opportunity, I will do it because it is essential. “I reject direct CBN intervention and encourage the private sector to be part of this, the government cannot develop all the funds needed,” he said. While saying that he understands the challenges in the industry because he owns radio and television outfits, Atiku called for collaboration with stakeholders on how to address identified loopholes in the sector. He commended the stakeholders for their patriotism which he noted had kept them to keep providing jobs and contributing to the economy despite the many challenges and lack of sufficient support for them. His commitment followed some speakers at the discussion panel, including top entertainment entrepreneur, Ayo Animashaun; award-winning film director,

Kenneth Gyang; ace creative director, Papa Omotayo; Talent Manager and Music Executive, Efe Omorogbe, media entrepreneur, Agatha Amata among others who lamented the neglect of the industry by government. While noting that the government alone can’t provide the funding needed to grow the sector, the former vice president promised to collaborate with the private sector to grow the creative industry. “I commend the presentations so far, I understand your challenges which I am also facing because I own a television and radio station, I face the same problem of access to water and electricity as well as bad roads, so I want you to regard me as one of you. “I look forward to a close collaboration with you on how we can develop the sector and explore its potential, it is a multi-billion income-creating sector. “If we work together, we can make it, I look forward to another meeting before the elections to agree on some modalities on how things will be done,” he said Atiku’s running mate and Delta state governor, Ifeanyi Okowa, commended the experts who spoke

at the session for identifying and proposing solutions to the challenges in the sector. While assuring them that Atiku was a promise keeper, Okowa said Nollywood would manage the Delta state-owned film village in Asaba which would be commissioned by the former vice president in December. He urged Nigerians to turn out en masse to vote during the forthcoming elections in February. “There would be a new Nigeria if we work together to defend our land and take pride in it. “We can make Nigeria work again through collaboration to rebuild the foundation,” he said. Earlier, creative entrepreneur, Omorogbe, said major challenges confronting the music industry were piracy and Nigerians’ unwillingness to pay music royalties. He said less than 10 per cent of music consumers paid royalties which were not encouraging. According to him, the Nigerian music industry remains so huge, yet to be properly tapped. On his part, Animashaun noted that the enabling environment for the creative industry must be created for businesses to thrive.

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 28, 2022

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As CAN Grills Tinubu, Atiku, Obi, Adebayo... The leadership of the Christian Association of Nigeria recently interfaced with presidential candidates of All Progressives Congress, Peoples Democratic Party, Labour Party and Social Democratic Party. The meeting turned out to be an interesting, mind-rubbing opportunity for the Christian leaders to hear the candidates unveil their agenda and respond to the strong positions of CAN on national issues. Onyebuchi Ezigbo reports

Okoh

Tinubu

our presidential candidates namelybAsiwaju Bola Tinubu of the All Progressives Congress (APC), Atiku Abubakar of Peoples Democratic Party (PDP), Peter Obi of Labour Party (LP), and Adewole Adebayo of Social Democratic Party (SDP) recently held court on different days with the leadership of CAN. The meetings discussed extensively issues, such as same faith candidacy, restructuring, economy, and security, among others. President of CAN, Most Rev. Daniel Okoh said the interaction was to collectively review the understanding of the Nigerian crisis of development and governance and to seek a lasting solution to them. Okoh said CAN had consulted widely with Nigerians of diverse religious, ethnic and social identities on the problems of Nigeria and had come up with position on how most the contentious issues could be resolved. The solutions to the problems have been articulated in the association’s strategic document called: “Charter for Future Nigeria’’. “The Charter begins with a diagnosis of Nigeria’s problem and locates it primarily in an incoherent Constitutional and institutional framework that defines governance and social and economic interactions. “In this interaction, we will present the highpoints of this strategic document and listen to your response to the issues they raise,’’ he said. According to him, CAN’s interest is that all candidates should clearly understand the concerns of Nigerian Christians and propose policies and programmes to address those concerns. “We believe that with this kind of respectful and sincere conversation we will find lasting solutions to these crises. It was as if CAN had set up a panel to quiz the politicians on their agenda and issues of nation building. The association had it’s template well established. APC’s Asiwaju Bola Ahmed Tinubu Tinubu’s appearance at the CAN forum was dominated with issues relating to his choice of a Muslim Vice Presidential candidate against the agitation by the Christian body. As soon as the CAN president finished his introductory speech, the document containing concerns of Christians were read out, prominent among which was the issue of secularity on the country and the need to protect that interest by political parties seeking power. Understanding the direction of the minds of the Christian leaders seated at the hall, Tinubu went straight to address his Muslim-Muslim ticket palaver by allaying fears over his samefaith ticket and told the CAN leadership that his decision to vie for the nation’s top job was in line with the country’s constitution. Tinubu said: “ I seek to become Nigerian

Obi

president not on religious grounds but on the Constitution. Thanks to the body for the invitation to candidates to speak of their plans for the nation”. Laying the template for his discussion with CAN, the APC standard bearer said, “I did not choose Senator Shettima so that we could form a same faith ticket. The ticket was constructed as a same progressive and people-based ideology ticket. “I offer a confession. I selected Senator Shettima thinking more about who would best help me govern. Picking a Christian running mate would have been politically easier. But the easy way is rarely the right one. The selection of a running mate is at once a very momentous yet very intimate decision.” Lashing out at his critics, especially, those from his party, who were against his choice of MuslimMuslim ticket, Tinubu said some of them lobbied profusely for the vice presidential position but were rejected by him. While seeking to address the fears of Christians regarding threats to Nigeria’s secularity by the APC presidency, Tinubu said both his family background and track record as governor could bail him out as someone, who was not biased. He stated, “As governor of Lagos, I partnered with the Christians to improve lives and foster education. For instance, I returned mission

Adebayo

schools to their owners, most of who are Christians. I instituted yearly Christian Denomination Service at the governor’s residence as we approached the New Year. This tradition continues in Lagos. “I believe in the need for a secular government and for us to work in the interest of the country just as I did in Lagos State by returning the missionary schools to the rightful owners. “I never chased people out of Lagos. My choice of Shettima is borne out of the urgent need to address the challenges facing the country as Shettima possesses strong leadership abilities which he exhibited when he was the governor of Borno State. I wanted a progressive government that was why I selected Shettima. “Choosing a Christian running mate would have been easy but that is not the case. We have urgent challenges that do not depend on religious leanings but on the best of hands that can address it.” Tinubu who was flanked by his wife, Senator Oluremi Tinubu, tried not to allow the issue of same faith ticket to overshadow his other plans to rebuild Nigeria. As he said that the record he set in Lagos is there for everyone to see how he turned around the fortunes of the state. The Jagaban as he was called out by supporters promised to tackle the challenges facing the country such as insecurity, economy and poverty. He pledged to always carry all segments of the country along including CAN if elected president in the next year’s election. PDP’s Atiku Abubakar While responding to concerns raised by the apex Christian body, the PDP presidential candidate, Atiku Abubakar, who was the first to engage with the CAN leadership at the

Okoh said CAN had consulted widely with Nigerians of diverse religious, ethnic and social identities on the problems of Nigeria and had come up with position on how most the contentious issues could be resolved. The solutions to the problems have been articulated in the association’s strategic document called: “Charter for Future Nigeria’’. “The Charter begins with a diagnosis of Nigeria’s problem and locates it primarily in an incoherent Constitutional and institutional framework that defines governance and social and economic interactions. “In this interaction, we will present the highpoints of this strategic document and listen to your response to the issues they raise,’’ he said.

Atiku

secretariat of the association in Abuja, said most of the issues contained in the CAN Charter of demands for a new and equitable Nigeria, were in tandem with policies he was committed to implementing if elected president of Nigeria next year. The former vice president said his administration would tackle insecurity by increasing the size of the Nigeria Police and equipping them with the right tools of work. According to him: “As the only practical way of dealing with it before you go to constitutional reform, when, let’s say, you bring half a million unemployed young men into the police, train them well, equip them well, that is bound to have an impact as far as this insecurity atmosphere is concerned. Then you go to the constitutional amendment, because you cannot have state police unless you have a constitutional amendment. ‘So, we’ll go into a constitutional amendment, where we will have different levels of police, if they like, state police, in the local government policy, if they like city police, whatever they like. And then we believe that in the United States, you have about three to four levels of police in some states. These are our plans to deal with the security challenges now facing our country.” On restructuring, Atiku said the PDP government under him would deliver on restructuring for Nigerians if voted into office. According to him, “There is a difference between the government that ran this country from 1999 to 2015 and the government that has been running this country since 2015 to date. They promised restructuring, but did they restructure? They told Nigerians what Nigerians wanted to hear, and did a different thing, when they got the opportunity. PDP never behaved like that”. Another constitutional issue that Atiku promised to address was indigeneship, which he promised to ensure its removal from the constitution. He said, “I am in support of the removal of the provision of indigeneship in our constitution. Once you reside in any part of this country, and you pay your taxes, you should be entitled to indigenisation. “In fact, I don’t want to hear these indigeneship thing; I don’t want to hear the word, but I know so many other sub-nationalities are also opposed to it. But then, the majority will have their way and the minorities will have their say, when it comes to constitutional amendments”. Atiku spoke about his plans to ‘Recover Nigeria’ especially with regards to “restructuring the country and reforming the Police and judiciary. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY NOVEMBER 28, 2022

MONDAY DISCOURSE

Who’s Afraid of BVAS, IREV Use for 2023 Polls? With the apprehension in some quarters over the use of Bimodal Voter Accreditation System and INEC Election Result Viewing Portal in the 2023 general elections, the electoral umpire needs to buckle up and ensure there’s no going back, Udora Orizu writes

Mahmoud

Adamu

n the past few months, several alarms have been raised about attempts to coerce the Independent National Electoral Commission (INEC) to stop the electronic transmission of election results by deactivating the Bimodal Voter Accreditation System (BVAS) and preventing the commission from deploying Result Viewing Portal for the real-time upload of polling unit results in next year’s polls. After years of unrest for changes to Nigeria’s electoral law and manner election is conducted, to curb electoral malpractices which have become more widespread, the signing of the newly amended Electoral Law was seen as a victory for democracy. The amended Electoral Act which was signed into law in February, 2022 by President Muhammadu Buhari, empowered the INEC to introduce some innovations to strengthen the conduct of election in Nigeria. Among the innovations introduced was the Bimodal Voter Accreditation System (BVAS) which is an electronic device designed to read Permanent Voters Cards (PVCs) and authenticate voters using the voters’ fingerprints in order

Ugochinyere

to prove that they are eligible to vote at a particular polling unit. BVAS also acts as the INEC Voter Enrolment Device (IVED) during voter registration. Its usage has also eliminated the use of incident forms during accreditation on an election day. Though lapses were noticed in the Anambra gubernatorial election last year, in several polling units in which BVAS was used, the commission has overcome the challenges that hampered its effective use and this was seen in the manner it was used in the recently conducted Ekiti and Osun gubernatorial elections. In recent times, INEC always state that the deployment of BVAS was the way to go in checking election rigging and other electoral frauds which have characterized elections in Nigeria. With less than three months to

the general election reality is now dawning on political parties that there is no going back on the use of BVAS, hence there are apprehension in some quarters over its deployment and allegations that some members of the ruling All Progressive Congress are opposing its use. In October, during a TV interview opposition politician, Buba Galadima said some unpatriotic elements in the APC are putting pressure on the INEC Chairman, Prof Yakubu Mahmoud not to use the BVAS for result transmission. Galadima made reference to the statement by Chairman of the Senate Committee on INEC, Senator Kabiru Gaya, that the electoral body must be given an alternative to use BVAS only where it is feasible. According to him, Gaya’s reason of no good network in his constituency to transmit results confirms that the ruling party has a sinister motive. Earlier, in September, the Coalition of United Political Parties (CUPP) raised similar alarm, saying there are attempts to coerce INEC to stop the electronic transmission of election results by deactivating the BVAS during the

2023 general elections. CUPP Spokesman, Ikenga Ugochinyere at a press briefing alleged that some governors are making frantic efforts to cause a leadership change in the electoral umpire to change the chairman and other top officials who have been identified to be resisting the pressure. Though INEC has downplayed these claims, it appears there’s some iota of truth in it as the APC national chairman, Senator Abdullahi Adamu while addressing a Commonwealth delegation for the 2023 elections to Nigeria in Abuja last week expressed doubts over the feasibility of electronic transmission of results. He insisted that INEC must assure the ruling party of its 100% for the process. Adamu said: “Our concern is how ready are we to deploy some of these technologies as regards transmission because we are taking a major step in transmitting election results in real time. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

G-5 Governors, 2023 and Ortom’s Novel “Bottom to Top”Mantra Tunde Olusunle writes about the recent meeting of the G-5 Governors of the Peoples Democratic Party in Makurdi, the Benue State capital during which the projects executed by Governor Samuel Ortom were inaugurated by his counterparts from Rivers, Oyo, Abia and Enugu states

Ortom

Wike

wo incidents in the not too distant past, mitigated my physical participation in open-field, free-to-air political events, notably rallies and conventions, in recent times. At a rally of the Peoples’ Democratic Party, (PDP), in Lokoja, the Kogi State capital years ago, I left the venue of the event, relatively lighter than I went. My prized mobile phone had been pinched from the pocket of my national dress I donned to the event. It was an experience I had never had. With most of us almost wholly dependent on our electronic gadgets for day-to-day functionality, I felt like an orphan having been so criminally dispossessed of my device, for 24 subsequent hours. This was the time span between the pilferage of the equipment, and its eventual replacement. The second experience occurred as I queued to access Eagle Square, Abuja for the convention of the same party in 2017. I least imagined that the wad of currency

Makinde

notes I supposedly secured in one of the less visible pockets of my smart dress, could be so neatly, albeit criminally accessed! On the recent invitation of the much-misunderstood governor of Benue State, Samuel Ioraer Ortom, however, I broke my subsisting selfcensorship. I honoured the flag-off of the Benue State PDP campaigns, held in Makurdi the state capital, on Monday November 7, 2022. Candidates of the PDP contesting for various positions, at all levels in the February and March 2023 polls, were to be formally presented to the PDP family in the state. My longstanding friend and brother, Tivlumun Nyitse, Chief of Staff to Ortom, was the ideal host, on behalf of his Principal. The pre-event sensitisation was

Ikpeazu

massive. Ortom’s colleagues, who have come to be known as the G-5, or the Integrity Group as they are interchangeably referred to, in contemporary political discourse, were to headline the event. Nyesom Wike, Seyi Makinde, Okezie Ikpeazu and Ifeanyi Ugwuanyi of Rivers, Oyo, Abia and Enugu respectively, would be storming the food basket of the nation, the legend of Benue State, for the programme. They were coming to stir the Benue river, calmer now than weeks ago when its flooded banks chased the people from their homes and farmlands. The quintet have been vocal and unanimous in speaking up against issues they consider unjust and unfair, in the current structure and operations of their party, vowing never to back-down until their demands are addressed. The issues are public knowledge, and need no rehashing. The airport at the typically sleepy Nigerian Airforce Base, Makurdi, came alive in the evening of Sunday November 6, 2022. Four

Ugwuanyi

private jets, each conveying Ortom’s guests, lit up the concreted face of the typically snoozing tarmac. Chief host Ortom would settle his guests in at the recently rehabilitated Aper Aku Lodge in Government House, christened after the Second Republic governor of the state. Aku is credited with several multisectoral innovations, during his shortlived four year term in office. Aper Aku Lodge is an innocuous, yet voluptuous complex with about 25 rooms, backing the Presidential Lodge within the Government House. After dinner with his guests in his own section of the Government House behemoth, Ortom led his guests on a short walk to the Banquet Hall for a reception. -Dr Olusunle writes from Abuja NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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

Looming Disenfranchisement for Intending Voters In this report, Sunday Ehigiator writes that the massive deregistration of newly registered voters, uncollected Permanent Voters Cards, PVCs, and the delays by the Independent National Electoral Commission, INEC, in issuing the PVCs to registered voters as experienced in several quarters, and even the recent burning of about 65,000 PVCs in Ogun State, are some of the factors capable of disenfranchising voters at the February 2023 General Elections

n less than 100 days, eligible voters will decide the leadership fate of the country in what has been said to be a three-horse race. According to INEC, the elections are expected to cost the nation at least N305 billion and would be decided by 93.5 million registered voters among which youth accounts for over 65 per cent. The winner would have a four-year mandate to lead a distressed nation struggling with high unemployment figures, biting poverty, insecurity, rising inflation, crude oil theft, high unemployment rate, dwindling revenues, high debt burden, dwindling economy and industrial (trade union) crises among others. It will be the first time in the country’s seventh consecutive general election since its return to the democratic system of government in 1999, heralding 23 years of uninterrupted democracy that youth have shunned voter apathy to register for their Permanent Voters Cards (PVCs). Unfortunately, this zeal from the youth is about to wane considering the volume of uncollected voter’s cards, the large number of deregistered voters and several unsuccessful efforts by most newly registered voters to collect their PVCs, instilling a fear of disenfranchisement. Surge in Youth Interest Earlier in September, the commission had said there was a recent surge in youth turnout for the Continuous Voter Registration (CVR) exercise, leading to over 2 million new voters in one month and cumulatively a total of 12,298,944 newly registered voters. A total of 2,780,756 representing 22.6 per cent, were later identified as ineligible registrants and invalidated from the records, citing double/multiple registrants, underage persons and outright fake registrations as reasons for the deregistration, hence, thereby reducing the number to 9,518,188 newly registered with youth accounting for 4.6 million or 49.18 per cent of the number. From the above analogy, it is crystal clear that the youth represents the largest demographic of registered voters with over 54 million registered voters, leaving candidates running for political offices in the forthcoming elections to essentially depend on the support of young people if they must win. Unfortunately, it appears that the strength of the youth and the entire voting population may have been clipped by strategic actions or inactions of the electoral umpire ranging from irregularities in the voter's register to several uncollected PVCs discovered in places they ought not to be. Also is the delay in collection of newly registered PVCs, large the amount of deregistered voters believed to be politically motivated, and the fear of harassment by loyalists of opposition parties in the state with varying ethnic, religious and political sentiments. Concerns over Deregistered Voters In recent weeks, there has been increased discontent among stakeholders, particularly in Southern Nigeria on the large number of invalid registered voters released by INEC from the region, ahead of the 2023 general election. The Commission had said the invalid registrants were detected after it applied the Automated Biometric Identification System (ABIS) data cleaning exercise. INEC has come under heavy criticism from stakeholders and political leaders in the South since the final figure of voters was announced for the 2023 general election. They accused the commission of showing favouritism in the registration of voters ahead of next year’s polls and working to disadvantage the region’s voting strength, particularly the South-South and South-East. In its final assessment of the continuous voter registration exercise, INEC said Bayelsa, Ebonyi and Rivers top the list of states with the highest number of invalid registered voters. The data shows that 59. 8 per cent of the total

Evidience of multiple voters registeration new registrants were delisted in the South-East state. Although Nigeria’s voter population increased by 9,518,188, a total of 2,780,756 were consequently delisted from 12,298,944 new voters who completed the Continuous Voters Registration (CVR) exercise. Interestingly, the South-South state of Bayelsa, which is one of the states with the smallest voter population in the country, led the chart of invalid registered voters with a total of 307,513 voters deregistered from the 444,652 new registrants that completed their CVR. This means 69.2 per cent of the people that participated in the exercise committed one of the infractions frowned upon by the electoral body. Ebonyi State took the second spot as only 161,447 registrants satisfactorily scaled INEC’s Automated Biometric Identification System (ABIS) data cleaning exercise out of the 401,510 registrants who completed the registration. Also, Rivers had 33 per cent of its total CVR registered voters deregistered after the INEC data cleaning phase. The valid new voters in Abia were 196,683 while 72,657 have been declared invalid. At least 61,261 of the 243,565 total registered voters in Enugu were also invalid according to the INEC data. In the South West, the total registration was 2,039,982, while invalid 399,608 representing 10 per cent of the number were deregistered, leaving a valid voter number of 1,640,374, and a total voters register of 17.5 million. This is a sharp contrast to the figure in the North, where states like Zamfara,

Kwara, Abuja, Plateau and Kaduna recorded the lowest percentage of invalid registration. For example, of the 238,649 new registrants in Zamfara, only 11.2 per cent were invalid. In North Central, the total registration stood at 2,314,368, while a total of 345,324, representing 14.9 per cent newly registered, were invalidated, leaving 1,969,044 valid voters and a total voter register of 15 million. Total registration in the North East stood at 1,531,070, invalid voters, 272,508, representing 17.8 per cent, leaving a valid voters number of 1,258,562, and a total of 12.5 million registered voters. The total number of registration stood at 12,298,944, invalid 2,780,756, (22.6 per cent), valid 9,518,188, while the total register is 93.5 million. Mixed Reactions Trail Voters Deregistration The development has left many wondering how the zones with high literacy rates will record more invalid registration than the Northern parts of the country with lower literacy rates. In his reaction, the President of Middle Belt Forum, Pogu Bitrus said he would not know how INEC arrived at the figures, saying other reasons apart from double registration could have informed what happened. “Certainly, in this country today, we have so many foreigners; the majority of hawkers in Abuja and other parts of Nigeria are from Niger Republic and Chad and this may have increased the Northwest number of registrants.” He, however, urged those whose registrations had been cancelled in the South East and Southsouth to come out if they know that they were duly registered, and testify that they have been short-changed and that INEC is being partial. Meanwhile, some stakeholders are saying that a thorough analysis of the reasons for the invalidation of PVCs must be undertaken; they say those that can be remedied, must be given a chance as the objective must be to get all eligible voters to register.

INEC, what is going on? How do you have little children registered? Children that you see that are barely 10, you register them, and you say they were born (in) 1992. Do you know the meaning of 1992? That was 30 years ago. And you put some little children that are not up to 12 years, how did you register them, how come? When they entered the oﬃce, didn’t you see that these were kids?

A Twitter user identified as @Gifted_Gift stated, “The invalid voters' registration is worrisome. @inecnigeria has not given any tangible reason why about 2 million registrations are invalid; something needs to be done about it. “No one should be disenfranchised, as 2023 is critical to Nigerians. It's a vote for survival!” Another user, Olatunji Shinaayomi wrote, “I think there is a little justification for been high invalid registration considering Hope Uzodinma paid INEC staff to put fake registration in the system. Let us keep calm. With or without this new registration Nigerians are ready to take back their country from hoodlums.” Another user, Abel Aboh asked, “How can there even be invalid or duplicate registrations when we are using technology? I expect that once a person's fingerprints are scanned if those prints have been registered before, the system is supposed to show a message that the person has already been registered. “I believe the loophole was left by INEC so they can carry out multiple registrations to rig elections. There are a lot of people who have two or more PVCs and they vote with all of them on Election Day.” Basi Azubuike wrote, “The south, particularly the South East and South-South, are being rigged out (disenfranchised) by the electoral body even before the elections. Look at the numbers of registrants disqualified without a transparent reason.” While Ezeh Victor wrote, “@inecnigeria denied so many of us access to PVC registration. Those of us who struggled to register are now being invalidated by the same INEC. We can't take this.” Irregularities in the Voters Register The recently released voters’ register by INEC has been marred by several irregularities ranging from appearances of strange names and images of underage voters to multiple registrations believed to have taken place during the Continuous Voters Registration (CVR). After the closure of the CVR, INEC said the entire preliminary register containing 93,522,272 registrants will be published for 2 weeks on its portal, from November 12 to 25. In September, INEC said it detected many double, multiple and ineligible registration in the CVR. The commission added that after a rigorous clean-up of the data using the ABIS, 2,780,756 registrants were identified as ineligible and were deleted from the register. The commission said about 23 of its officers were found culpable in aiding the double Continued on page 21

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FEATURES

Looming Disenfranchisement for Intending Voters registration of voters, adding that there will be severe sanctions for the officers involved. However, a review of some of the states on the INEC released register showed that there still exist irregularities in the voters’ list. The register contained double registration, underage voters and some fictitious names hard to resonate with reality. Double and Multiple Registrations Some names were found to appear multiple times on the voters’ register. This is despite the claim by INEC that double and multiple registrations are invalid and were deleted from the register. These details have the same name, personal information, and photographs but different Voter Identification Numbers (VINs) Some of the names and details found to appear twice on the voters’ register are Abubakar Maryam, F, 1990. She registered in Kano State, Fagge LGA, Fagge A Ward, and Dandali 1 Polling Unit. Bala, Habiba; DOB-Y: 1951; Gender: F; Kano State LGA: Bunkure; Polling Unit: Unguwar Baki I; Ward: Bono; and Adamu, Hadiza; DOB-Y: 1970; Gender: F; Borno State; LGA: Gwoza; Polling Unit: Mohammed Diya; Ward: Ngoshe. Strange Names Some of the strange names found include Abdghyu, Ghhyjkk, DOB-Y: 1960 Gender: M; Abia State; LGA: Aba North; Polling Unit: Eziama High School - Eziama High School I; Ward: Eziama. And, Akpaqn, Okn J, DOB-Y: 1980; Gender: M; Abia State; LGA: Aba North; Polling Unit: Eziama High School - Eziama High School I; Ward: Eziama, to mention a few. Underage Voters Underage voting has always been at the forefront of the discussion in every election cycle. The Northern part of the country has always been criticized for this. However, a check of the register revealed that underage voters also exist in the Southern part of the country. Some of the names found to be allegedly underage voters are, Abdu Kabiru, M, 1992; Kano State LGA: Bunkure; Polling Unit: Unguwar Baki I; Ward: Bono. Daniel, Ngbede, DOB-Y: 1992; Gender: M; Benue; LGA: Agatu; Polling Unit: Ugboju Primary School; Ward: Odugbeho. Ekpe, Patricia O.; DOB-Y: 1990; Gender: F Cross River; LGA: Biase; Polling Unit: Obioko Square, Adim; Ward: Adim. Bashir, Mohammed, DOB-Y: 1989; Gender: M Borno State; LGA: Gubio; Polling Unit: Juwula; Ward: Dabira. Isami, Modu, DOB-Y: 1991; Gender: M; Borno State; LGA: Gubio; Polling Unit: Juwula; Ward: Dabira. Chukwu, Ogechi A. DOB-Y: 1992; Gender: F; Ebonyi State; LGA: Ezza North; Polling Unit: Onunworie Elom; Ward: Inyere. Nwankwo, Mery, DOB-Y: 1992 Gender: F; Ebonyi State; LGA: Ezza North; Polling Unit: Onunworie Elom; Ward: Inyere, among others. Speaking against the existence of underage voters in the register, an Activist, Aisha Yesufu through a video shared on Facebook, questioned the electoral commission for registering children for election. According to her, “INEC, what is going on? How do you have little children registered? Children that you see that are barely 10, you register them, and you say they were born (in) 1992. Do you know the meaning of 1992? That was 30 years ago. And you put some little children that are not up to 12 years, how did you register them, how come? “When they entered the office, didn’t you see that these were kids? I understand the fact that sometimes you are in a state where there is too much pressure, they might wound you or attack you, but as soon as you get to your office, you should know that these are kids. Even after registration, can’t you see that these are kids? “It’s been a long time that people are talking about underage voting from the northern part of the country, they put a lot of underage voting. Haven’t you still seen how bad governance is affecting everybody, yet you do underage voting, where has it taken anybody to, where has it taken the region to?” she asked. She thereby urged INEC to conduct a further clean-up of the register and remove all ineligible voters ahead of the general elections. INEC Reacts, Gives Room for Objections Reacting to the concerns raised by Nigerians

Evidience of multiple voters registeration on why children are on the INEC list, INEC’s Commissioner for Information and Voters Education, Festus Okoye said, the commission made the voters registers public so Nigerians can help them clean it up. According to him, “Anybody can go to our website and object. We cannot claim that the register does not have errors.” On the voters’ register, the electoral commission gave room for the public to object to any fault or wrong data seen on the register. However, the process for objecting was noted to be complicated and revealed too much private information about the person objecting. According to INEC, to object, the public is expected to provide the voter’s number and date of birth of the voter in question, state the reason for the objection and attach proof of objection which must be either an affidavit, birth or death certificate, a national identity card, driver’s license or passport. The person objecting is also required to take a passport photograph, provide personal information including mobile phone number and residential address, and ensure that his details are registered with INEC as a valid registered voter. Delayed PVC Collection On October 26, 2022, the Independent National Electoral Commission (INEC) disclosed that it was yet to print the Permanent Voter Cards (PVCs) of Nigerians who participated in the Continuous Voter Registration (CVR) exercise from January 15 to July 31, 2022. INEC’s Commissioner for Information and Voters Education, Festus Okoye, made this known during an interview with a major TV station in Nigeria. According to him, “If you were one of those that registered with the Commission during the Continuous Voter Registration exercise between June 28, 2021, and January 14, 2022, you can track where your Permanent Voter Card is and you will still be in a position to collect it. “But if you register between January

Evidience of strange voters name and underage voters 15, 2022, and July 31, 2022, the implication is that you are not yet a registered voter in the true sense of the word because we have just finished the cleaning up of the voters’ register which is still ongoing. “So, it is not possible for you to know where your permanent voter’s card is because we are yet to print your permanent voter cards and we are yet to make these permanent voter cards available for the registrants.” Challenge of Uncollected PVCs On Thursday, November 10, 2022, INEC’s Commissioner for Information and Voters Education, Festus Okoye through a statement, disclosed that about 65,699 uncollected PVCs were destroyed in the fire that engulfed the office. Recall that INEC’s office was set ablaze by hoodlums in Ogun state local government. According to him, “The resident electoral commissioner (REC) for Ogun state, Dr Niyi Ijalaiye, reported that our office in Abeokuta South local government area was attacked and set ablaze. “The incident occurred around 1.15 am when some unidentified persons overpowered the security personnel on duty and set the entire building ablaze. “The main building and all the commission’s movable assets in the office were destroyed. They include 904 ballot boxes, 29 voting cubicles, 30 megaphones, 57 election bags, 8 electric power generators and 65,699 uncollected permanent voters cards (PVCs).” Also In July 2022, there were viral videos on social media showing a large amount of PVCs found in a drainage system in Imo state, while another batch of PVCs was also found lying in some unidentified offices alleged to belong to a top politician in Nigeria. There were also reports that PVCs were found in a drainage system in Rivers. While many Nigerians on the social media platform accused INEC of complicity to disenfranchise Nigerians during the 2023 General Elections, some argued that the PVCs might have been stolen by gunmen, who attacked the commission’s offices in the regions. Reacting to incidents, Okoye said the commission has vowed not to spare any of its staff found culpable in the matter. He said it would not allow any elements to sabotage its efforts and bring disrepute to its integrity ahead of the 2023 polls and beyond. According to him, “The attention of the Commission has been drawn to videos trending online of Permanent Voters Cards (PVCs) allegedly buried underground in some locations, including the

The Commission is not taking these allegations lightly. We have commenced an immediate investigation and anyone found culpable in this diabolical scheme intended to disenfranchise Nigerians will be sanctioned under the law

compound of a high-profile person. “The Commission is not taking these allegations lightly. We have commenced an immediate investigation and anyone found culpable in this diabolical scheme intended to disenfranchise Nigerians will be sanctioned under the law. Every eligible Nigerian who registered as a voter is entitled to his/her PVC. The constitutional right to vote in any election must never be suppressed or abridged in any way. “As far as the record of the Commission is concerned, PVCs have been printed for all valid registrants in Nigeria up to 14th January 2022 and delivered to all the states of the Federation for collection by voters. We will not allow retrogressive elements to sabotage our efforts.” It is therefore expedient to note at this juncture, that all these highlighted issues are capable of discouraging voters participation and disenfranchisement same during the 2023 general elections, except more efforts are intentionally initiated toward PVC collections, voter awareness, and protection of voters during the collection of PVCs. INEC Assures of Seamless PVCs Collection Following the end of the statutory period for the display of the register of voters for claims and objections, INEC on November 26, assured Nigerians of their determination to make the collection of their PVCs across the country seamless irrespective of the short proximity to elections. Speaking through a statement, Okoye said, the commission has developed a Standard Operating Procedure (SOP) and will be among the issues to be discussed and finalised at a retreat scheduled to hold in Lagos from November 28 to December 2, 2022, involving all the Resident Electoral Commissioners (RECs). “At the end of the retreat, the Commission will release the dates as well as the detailed procedure for the immediate collection of PVCs nationwide. The Commission appreciates the patience and understanding of Nigerians, especially those who registered as voters or applied for transfer replacement of their cards from January to July 2022. In making the cards available for collection, the Commission is also working to ensure that the process is hitch-free.” Punishment of Offenders The statement also revealed that the Nigeria Police has arrested some individuals found to be in illegal possession of voters’ cards in some States of the Federation. According to Okoye, “In one case, the police has concluded the investigation and handed over the case file to the Commission resulting in the successful prosecution of one Nasiru Idris at a Magistrate Court in Sokoto who was found to be in possession 101 PVCs in contravention of Sections 117 and 145 of the Electoral Act 2002. He has been sentenced to a year in prison. “Similarly, the police in Kano State have arrested a man who was found with 367 PVCs. The suspect has been charged to court and the Commission is pursuing his prosecution.”

T H I S D AY • MONDAY, NOVEMBER 28, 2022

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Tech Top 5 News META LAUNCHES METAVERSE EXPERIENCE IN AFRICA eta Platforms Incorporated, the parent company of Facebook, Instagram and WhatsApp, has launched its first Metaverse experience in Africa at a mixed-reality concert in Lagos, Nigeria. The event, tagged #FlexNaija, introduced creators to a bold new world of possibilities in the Metaverse with three major entry points aimed at increasing the dynamism and versatility of the internet user experience. The three entry points, Non-Fungible Tokens (NFTs), Avatars, and Augmented Reality, would open up creators to the future of social media by exposing them to expanding and monetising their content and leveraging on modern technology to increase engagement with their communities in the future. Speaking with journalists at the event, the Communication Manager for Anglophone West Africa, Ms Oluwasola Obagbemi, noted that the decision to launch Africa’s Metaverse journey in Nigeria is strategic as Nigerian creators play a leading role in content creation in Africa and the world. Obagbemi added that Meta birthed the campaign incubated earlier in the year to collaborate with creators to amplify the user experience of creators and their communities. “This campaign started with an incubation where our team sat with top content creators in Nigeria across different fields to co-create. Metaverse is not something that would be built by Meta alone,” stated Obagbemi. “So, we are saying that creators should be the first in Nigeria to build and co-create.” She added, “With NFTs, people can sell their digital collectibles, with Avatars people can have their own profile online, and then there is the augmented reality which some people call spark AR, with which people can connect with virtual reality.”

HP TO LAY OFF 6,000 WORKERS HP Inc. announced that it would lay off thousands of workers over the next three years, becoming the latest tech company to downsize staffing amid a souring economic climate significantly. The computer maker disclosed the major job cuts in a statement accompanying its lacklustre quarterly earnings report recently. It also said sales dropped more than 11 per cent compared to the same period last year. “The company expects to reduce gross global headcount by approximately 4,0006,000 employees,” HP said. These actions are expected to be completed by the end of fiscal 2025.” HP had previously reported having a global headcount of some 51,000 employees. HP President and CEO Enrique Lores stated that the company’s “Future Ready strategy” will “enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.” The news makes HP the latest in a growing list of once-high-flying tech companies announcing significant job cuts. NIGERIAN FINTECHS CLEARED IN KENYA Kenya’s Asset Recovery Agency (ARA) has withdrawn its allegation of money laundering against Korapay, a Nigerian fintech startup. The withdrawal was filed at the High Court of Kenya’s Anti-Corruption and Economic Crimes Division on October 19 by Stephen Githinji, the state counsel,

Tech Personality of The Week TOLA ADESANMI

his week’s tech personality is Tola Adesanmi, CEO and cofounder of Spleet. Spleet is a Nigerian startup focused on meeting the housing needs of the average Nigerian. It helps people list their homes, get verified renters, and get paid. It is also a financial services solution making renting an apartment in Africa easier. According to Adesanmi, it was birthed from the desire to address some of the issues in the Nigerian housing market which led them to create a platform that partners with apartment owners to list their properties and provides renters with the option of paying rent monthly, quarterly, or biannually. Since its inception nearly four years ago, Spleet has managed over $3.5 million in rent, onboarded over 35 individual and corporate landlords and housed more than 1,000 tenants. Spleet raised a $625,000 pre-seed funding round in March and has swiftly followed that up with a $2.6 million seed round. on behalf of ARA. This was decided after the Kenyan authorities checked and validated the company’s records and transfer processes. Part of the document filed by ARA stated, “Please note that investigations are now finalised. I would like to confirm that allegations of money laundering and card fraud against (Kora) were not established. Please treat this communication as final.” Concerning the allegation, Kora’s Chief Operations Officer, Gideon Orovwiroro, said the company consistently maintained its innocence during the trial period. “We are glad that the ARA and the Directorate of Criminal Investigation (DCI) have finally dropped all charges and ratified Kora. We would also like to commend both agencies for their professionalism and thoroughness in seeing this investigation to the conclusive end,” Orovwiroro said. “Kora acknowledges the potential Kenya presents as we pursue our mission to make it easy for global businesses to accept payments in Africa and for African businesses to accept international payments.” In July, the Kenyan court froze the accounts of Nigerian fintech companies Kora and Kandon Technologies Limited for allegedly siphoning $51 million into the country. The court froze $249,990 (Sh29.5 million) belonging to Kora’s account with Equity Bank, while Kandon Technologies Ltd had its $126,841 (Sh15 million) in two accounts at UBA bank frozen. According to the ruling, both companies were barred from

withdrawing or transferring money in the stated accounts for six months so that ARA could complete investigations into the allegations. JUMIA UNDERGOES RESTRUCTURING E-commerce group Jumia Technologies AG recently underwent a heavy restructuring following its co-CEOs’ expelling and plunging share price. Earlier this month, the company removed founders and co-CEOs Jeremy Hodara and Sacha Poignonnec and appointed a new management board. Acting CEO Francis Dufay said the company would focus on its crucial e-commerce offerings, discontinue non-performing areas of the business, and reduce its marketing efforts. Jumia will shut down Jumia Prime, a subscription program like amazon. com prime service, introduced three years ago, allowing customers to receive free deliveries. Jumia Logistics, the company’s in-house logistics service, will be discontinued in seven countries but remain in critical markets like Nigeria, Morocco, and Ivory Coast. Dufay added that it identified jobs cut to become a “lean organisation to fulfil our mission.” “Jumia eliminated grocery delivery, increasing the minimum basket size for free deliveries and restricting free deliveries to major cities. Price subsidies and marketing blitzes will also stop. Jumia slashed advertising costs by 31.5 per cent year on year, Q3 results show.” According to Dufay, senior company executives would also likely

relocate to offices on the continent. Low internet penetration, complex logistics, weak infrastructure, and a reticence to shop online continue to hold the sector back on the continent of Africa. The depreciation of local currencies against the dollar in Jumia’s markets, particularly Nigeria, Egypt, Senegal, and Ivory Coast, has also negatively impacted growth margins. Dufay said the path to profitability required tough decisions. “It’s fully in our hands to make it happen,” he said. Since then, the pan-African group’s share price has fallen more than 70 per cent over doubts about the sustainability of its business model. FEMALE-LED FINTECH RAISES $2M SEED FUNDING An all-female-led fintech, Pivo has raised $2 million in seed round funding. Pivo helps freight carriers get paid faster by providing banking services and digital invoicing tools that track payments. The startup, which was part of Y Combinator’s S22 batch, counts Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures as its investors in this round. The company, founded by Mrs Nkiru Amadi-Emina and Mrs Ijeoma Akwiwu, provides financial services, credit, payments and expense management to SME vendors within large manufacturing supply chains. In a statement, the company said it intends to use the financing to upgrade existing products, build new ones, hire talent, and expand outside of Lagos, its first market and other African countries, particularly in East.

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

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Banking, Insurance Sectors’ Contribution to GDP Down 10% to N660.84bn

Kayode Tokede As companies in Nigeria continue to battle the tough operating environment, banks and other Financial institutions contribution to Nigeria’s real Gross Domestic Product (GDP) in third quarter of 2022 dropped by 10.14 per cent Quarter-nQuarter (QoQ) to N660.84billion from N735.4billion, the National Bureau of Statistics (NBS) report has revealed. Analysis of the NBS numbers revealed financial institutions’ contribution to real GDP dropped to N5594.68 billion in Q3 2022,

representing a decline of 9.24 per cent from N655.22 billion in Q2 2022, while Insurance contribution to real GDP dropped significantly by 17.49 per cent to N66.16 billion in Q3 2022 from N80.18 billion reported in Q2 2022. Analysts blamed the decline in financial institutions and insurance contribution to real GDP on macro economic challenges part of which is the hike in the inflation rate. The annual inflation rate in Nigeria accelerated for the ninth straight month to 21.09per cent in October of 2022 from 20.77 per cent in September, according to

the NBS. It was the highest reading since September of 2005, even after a recent 150 basis points rate hike by the Central Bank of Nigeria (CBN), largely due to a weaker currency that raised the costs of imported products. Food inflation climbed for the eighth straight month to 23.72per cent, the highest since October of 2005, amid supply disruptions caused by widespread flooding and higher import costs. Commenting, Professor of Economics, Lagos Business School, Bongo Adi said the drop in financial

institutions and insurance contribution to real GDP is a reflection of the general economy, backed by the high level of inflation rate. According to him, “Purchasing power has dropped due to the inflation rate and many people will need cash to stay buoyant. We have seen lower deposits in the banking sector and investible funds. So, people are more cautious, looking for safe haven and it is not the time of taking risks.” On his part, the CEO Wyoming Capital and Partners, Mr. Tajudeen Olayinka said the decline in financial and insurance real GDP

growth to the reflection of the state of the economy. According to him, “Economy itself suffered a decline in Q32022 to 2.25per cent from 3.54per cent in Q2 2022. The fact that CBN has used more monetary policy tools to arrest inflationary pressure that is driven largely by supply-side factors, means that economic agents who rely more on demand-side improvement to survive would suffer severe setbacks, and that is the problem we are beginning to see in Banking and Insurance sectors. “Rising inflation that is driven

by supply side factors and CBN’s rate hikes in four quick successions are never going to be in the interest of demand side of the economy. A situation where financial instruments, including loans and advances by banks, are now being repriced on a continuous basis, means that economy will suffer more severe setback from the resulting hardship.” Also speaking, analyst at PAC Holdings, Mr. Wole Adeyeye said, “On QoQ basis, finance and Insurance sector declined by 10.14 Continued on page 25

Nestle, Presco, 3 Others to Pay Shareholders N28.03bn Interim Dividend Kayode Tokede On the back of stronger profit in third quarter (Q3) ended September 30, 2022, five listed companies operating in the breweries manufacturing, Fast-Moving Consumer Goods (FMCG), among other sectors of the economy, announced a combine sum of N28.03 billion as interim dividend between November and December 2022.

The five companies are: Nigerian Breweries Plc, Presco Plc Nestle Nigeria Plc, Total Energies Marketing Nigeria Plc and AXA Mansard Insurance Plc. These five companies overcame scarcity of foreign exchange, hike in operating expenses due to inflation rate and unstable power supply to declare N120.43billion profit before tax in Q3 2022, an increase of 30.14 per cent from N92.54 billion reported in Q3 2021.

Announcing a 13.2 per cent increase in profit before tax to N58.4billion in Q3 2022, Nestle Nigeria on December 5, 2022 will be paying shareholders a sum of N19.8bilion as interim dividend. The multinational company declared an interim dividend of N25.00 per 50kobo ordinary share. The Swiss- based food company and manufacturer of consumer goods recorded a 23 per cent

growth in revenue to N261.6 billion and a profit rise of 5.2 per cent to N33.6 billion in Q3 2022. Also, the board of directors of Nigerian Breweries had announced an interim dividend of N3.29billion payable to shareholders at 40kobo each per ordinary share of 50kobo. Nigerian Breweries also announced a bonus scheme of one share for every four shares held by shareholders. The bonus shares

with a value of N1.03 billion, will be issued from the company’s share premium account, which based on the 2021 audited accounts had a balance of N77.5 billion and N84 billion. The management of Nigerian Breweries in a statement said, “The last three months saw the return of market seasonality characterised by lower volume performance. The market decreased by high single-digit reflecting pressure on

consumer disposable income as well as heavy rains and foods. Nevertheless, we performed relatively well in the period led by our strong premium portfolio of Heineken, Tiger and Desperados. Revenue growth in the quarter driven by pricing was offset by higher input cost arising from increased rate of inflation and higher energy cost.” For Presco, it announced interim Continued on page 25

M A R K E T D ATA A S AT F R I D AY, N O V E M B E R 2 5 , 2 0 2 2 BILLS

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

Yield

98.83

15.16

98.65

14.20

94.98

14.27

105.26

14.59

98.51

14.38

Change Updated Time (%) November 0.00 18, 2022 November -0.07 18, 2022 November -0.28 18, 2022 November 0.00 18, 2022 November -0.32 18, 2022

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

Discount

Yield

11.58

11.83

8.32

8.48

8.96

9.21

8.05

8.34

8.05

8.37

OTC F X F U T U R E S

CPS

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

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

Change Updated Time (%) November 1.46 18, 16.46 15.63 2022 November 19.74 19.74 1.08 18, 2022

Discount Yield

. .

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

Current Rate Updated Time ($/₦) November 454.73 18, 2022 November 456.93 18, 2022 November 459.12 18, 2022 November 461.32 18, 2022 November 463.51 18, 2022

MONDAY, NOVEMBER 28, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Nestle Losses N469.73bn in Market Value, Share Price Falls to N963.9 Kayode Tokede At the end of the trading session last week, Nestle Nigeria Plc share price depreciated by N469.73 billion or 38.07 per cent in its Year-till-Date (YtD) performance to close at N963.9 per share, taking its market capitalisation to N764.04billion. The decline in Nestle Nigeria share prices can be attributed to investors’ negative sentiment which triggered sell-offs dragging the company’s value down to its 52-week low last week. So far in November 2022, investors sell- pressure in the shares of the company resulted in a loss of N199.04

billion in market capitalization at the close of trading activities on Nigeria’s Exchange Limited (NGX) when stock price opened for trading at N1,215.00 per share. Analysts attributed the decline in Nestle Nigeria’s share price to profit-taking taking by institutional investors. “With the sell-off by institutional investors, another stockbroking firm is buying into the company’s stocks on the NGX. We might soon witness the price appreciating because Nestle Nigeria stock on the Exchange has the fundamentals to remain high, ” said Managing Director, APT Securities Limited, Mr.

Kasimu Kurfi Nestle Nigeria in nine months ended September 30, 2022 reported N333.47billion revenue, representing an increase of 27per cent from N261.59billion reported in nine months of 2021. The firm closed the period with N40.15 billion profit, an increase of 20 per cent from N33.58 billion in nine months of 2021. According to the company’s unaudited result and accounts for nine months ended September 30, 2022, Mr. David Ifezulike who is the chairman of Nestle Nigeria control 56,255 ordinary shares of the company, while Mr Ibukun-olu Ipinmoye is holding 2,328 ordinary shares.

How Pension Funds are Invested Under Multi-fund Structure (1)

Operators List Factors Militating against Insurance Penetration Ebere Nwoji Stakeholders in insurance sector have listed factors militating against the much desired insurance penetration in Nigeria highlighting hostile economy, trust issues emanating from hidden clauses in insurance policy documents, inadequate access to to information, technology, weak regulatory frame work as well as lack of skilled personnel as top among the militating factors. They also highlighted lack of awareness on the value of insurance as a key factor. The Head, corporate communications Polari Bank, Mr Rasheed Bolarinwa who stated

this while presenting a paper on, “Media as catalyst for insurance inclusion,” at a two day media retreat organised by the Insurance Industry Consultative forum (IICC) for insurance journalists in Ijebuode, Ogun State, said these factors had done so much harm to the insurance industry that the response that followed the mention of insurance or insurance companies to an average Nigerian was predictable. “Negative reactions and lukewarm attitude are the kind of feelings that come with an invitation to insurance policies. This informed the low patronage and acceptance of insurance

companies operating in Nigeria”, he observed. Earlier in his address to the insurance journalists, the Chairman of the Insurance Industry Consultative Council, Mr Edwin Igbiti said the insurers needed the support of the media to achieve their growth agenda in order to deepen insurance Penetration in the country. Igbiti, who is also the President and Chairman in Council of the Chartered Insurance Institute of Nigeria appealed to the media to support the industry in its long journey to achieve adequate penetration and improve on its contributions to the national economy.

Pomegranate Secures N2.25bn Ijarah Sukuk Funding Kayode Tokede Pomegranate Nigeria Limited (PNL) has successfully raised N2.25billion Al-Ijarah Sukuk 3-year Note through WealthBridge Capital Partners Limited. In partnership with United Capital Trustees Limited as Lead Trustees, PNL issued the Private Sukuk Al-Ijarah Notes to raise funding to purchase 40 new logistic trucks. The Chief Executive Officer, of Pomegranate, Mr. Wole Elusakin at the signing ceremony in Lagos said, “the fund-raising process completion represents a major milestone for PNL. It further increased the ability of the company to take on new business challenges head-on as access to an alternative source of funding will help PNL meet its expansion strategy and give room

for further growth of our business operations in the medium term. “Pomegranate Nigeria Limited (PNL) is a Third-Party Logistics Company (3PL) that was able to attain an investment-grade rating (A-) from Data Pro for the Notes, further reasserting its commitment to excellent delivery in its mandate. This private note issuance will enable Pomegranate Nigeria Limited (PNL) to expand its activities in the haulage and logistics business. Given the numerous opportunities in the 3PL space, WealthBridge is committed to the growth of the logistic industry.” In his speech, the Group Managing Director/Chief Executive Officer of WealthBridge Group, Mr. Ahmed Lawal, noted that WealthBridge is delighted to act as the Arranger on the Transaction. “We are a diversified financial

service group with expertise in project and structured finance, Capital Markets, and Private Equity. With sustainable and innovative solutions at the core of our service offerings, we offer financial advisory services to speak to the specific business needs of our clients across various sectors of the economy. This transaction speaks to how effective we are at what we do. “From transportation & Logistics to Agriculture, Real Estate, and the Energy sector, Wealthbridge Group is leaving indelible business footprints along the way. We are a team of astute business leaders that brings together a wealth of experience in local and international Financial Services that cuts across Investment Banking, Equity Research, Private Equity, and Private Wealth Management.”

Yuletide: Montblanc Boutique Offers Opportunity for Corporate Gifts As the holiday season approaches, organisations should be intentional about corporate gifting. While it may come in different forms, the importance of corporate gifting cannot be overemphasized as well-timed gifts can let clients know that their business is valued and also influence a feeling of reciprocity and trust. Corporate gifting is a key organisational culture to be held very dear, especially during the yuletide, and this could range from gifting the most exotic leather goods to elegant timepieces. This holiday season, gift guide will help managers redefine corporate gifting. Some shops in Nigeria

such as Montblanc boutique, Lekki Mall, Lagos offer a collection of the world’s best writing instruments, leather goods, watches, accessories and new technologies made from the rarest materials and exceptional craftsmanship. Amongst its offerings include the stylish LeGrand Fountain Pen and StarWalker Precious Resin Ballpoint Pen. It also offers Montblanc Extreme 3.0 backpack with M LOCK 4810 buckle which is a versatile and dynamic backpack designed to offer a trendy look without compromising functionality & practicality. The Montblanc Extreme 3.0 Thin Document Case is a contemporary bag designed to offer functionality

and practicality to the modern city dweller, while the Montblanc 1858 Geosphere is a professional-grade, innovative timepiece built for those who travel the world in their perpetual quest for exploration. The Montblanc MB 01 OverEar Headphones and Montblanc Augmented Paper which is part of the MontblancUltraBlack Edition. The Montblanc pieces include Rectangular Sunglasses with Black Metal Frame. These sunglasses in a rectangular style have a black-coloured metal frame and grey-coloured lenses. While the Montblanc 1858 Geosphere cufflinks are a reflection of their time.

PENCOM DG, Aisha Dahir-Umar

AN OVERVIEW OF THE MULTIFUND STRUCTURE The Pension Reform Act (PRA) 2014 introduced the Contributory Pension Scheme (CPS) as a mandatory pension arrangement for employees of the public and private sectors. The CPS requires both the employer and employee to contribute towards the payment of the employee’s pension at retirement. It is fully funded through the monthly pension contributions that are remitted into an employee’s Retirement Savings Account (RSA) managed by the Pension Fund Administrator (PFA). The primary objective of the scheme is to ensure that every person that worked in either the Public or Private Sectors in Nigeria including the self-employed persons receives his/her retirement benefits as and when due. Within the eighteen years of successfully implementing this laudable pension reform, there were a number of laudable innovations introduced by the National Pension Commission to ensure that safety and fair returns on investments of Pension Fund Assets as enshrined in Section 85 (1) of the PRA 2014. Indeed, the Commission had routinely revised and issued Regulations on Investment of Pension Funds to reflect prevailing market and risk management realities. This has seen the aggregate Pension Fund Assets under management rise to 14.42 trillion as of 30 September 2022 according to data from PenCom. It is worthy to state that these funds are invested in varied but quality financial instruments, which are stringently monitored through the instrumentality of onsite and offsite oversight supervision by the Commission, all aimed at ensuring the Pension Fund Operators comply with the salient provisions of the investment guidelines. One of the initiatives introduced in the management of the Pension Fund Assets is the Multi-Fund Investment Structure which was introduced in July 2018.

THE CONCEPT OF MULTI-FUND INVESTMENT STRUCTURE Following the amendment of the Regulation on Investment of Pension Fund Assets for the Pension Industry by the National Pension Commission, the Multi-Fund structure was introduced to replace the old “single-fund” structure that puts all contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile. The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by segregating the RSA

Fund into Six (6) funds known as Funds I, II, III, IV, V and VI. The Funds recognizes different demographic (age) profiles and risk appetites of registered contributors. This ingenious initiative aligns contributors’ risk appetite with their investment horizon at each stage of their life cycles. The structure also seeks to provide investment portfolio choices for contributors and enhance the safety of pension assets through adequate portfolio diversification. In this article, our primary focus is to analyse and present the salient benefits inherent in RSA Funds I and II.

GENERAL REVIEW OF FUNDS, I AND II FUND I This category of Fund is accessible to contributors below 50 years and contributors who wish to belong the fund must make an active choice. The fund is specifically suitable for young contributors due to its high exposure (up to 70%) to variable income securities i.e. quoted equities, mutual funds, private equity funds and infrastructure funds. Contributors who wish to belong to Fund I must make an active choice by notifying their PFA of their intention to move to the Fund. However, contributors in Fund III and retirees are not allowed to switch to Fund 1 because of their age and risk profiles.

FUND II This is the default fund for young and middle age contributors that are below 50 years of age. However, for contributors above 50 years but less than 60 years, they can opt to remain in Fund II. The major difference between Fund I and Fund II is the lower exposure to variable income securities (up to 50%). It is imperative to state that transfer between Fund I and Fund II is subject to a maximum of twice in a calendar year. The first transfer in a calendar year shall be at no cost to the contributor, while any subsequent transfer in the same calendar year shall be at a flat rate of N1,000.00. At this juncture, it is also essential to state that this innovative development of the MultiFund Investment Structure by PenCom would benefit the economy as a whole, as pension assets would be channeled into key areas of the economy such as infrastructure and housing, especially with the recent launch of the use of RSA for Residential Mortgage. In Part II, the highlights of Funds III and IV of the Multi-Fund Investment Structure will be discussed.

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

BUSINESSWORLD

STATUS REPORT

UAC’s Loss Hits N2.01bn on Sales, Finance Cost

Kayode Tokede

AC Plc suffered a loss of N2.01billion in its nine months ended September 30, 2022 unaudited result and accounts amid growing cost of sales and increasing finance cost. The conglomerates, thus, grew revenue but the management‘s inability to manage cost of sales and finance cost battered the company’s performance for the second consecutive quarter result and accounts. UAC, a holding company with subsidiary and associate companies operating in the Animal Feeds and other edibles; paints; packaged food and beverages; quick service restaurants; logistics and real estate segments reported N77.8billion revenue in nine months of 2022, representing an increase of 9.01 per cent from N71.37billion in nine months of 2021. The breakdown of revenue showed that quick service restaurants grew by 34 per cent in revenue to N2.14billion in nine months of 2022 from N1.6billion in nine months of 2021, while Paints reported N13.06 billion revenue in nine months of 2022, an increase of 28 per cent from N10.2 billion reported in nine months of 2021. In addition, revenue from Animal Feeds rose by four per cent to N45.48billion in nine months of 2022, and Packaged Food and Beverages gained two per cent to N18.22 billion in nine months of 2022 from N17.82 billion reported inn nine months of 2021. However, the group show its cost of sales moving to N65.49billion in nine months of 2022, an increase of 11 per cent from N59.01 billion in nine months of 2021. The interplay between revenue and cost of sales dragged gross profit to N12.32billion in nine months of 2022, a decline of 0.31 per cent from N12.36billion in nine months of 2021. Consequently, gross profit margin contracted by 309 basis points to 13.1per cent in nine months of 2022 over the impacted by input cost escalation.

UAC announced N57.94million impairment loss on financial assets in nine months of 2022 from N38.55million in nine months of 2021, while total operating expenses rose significantly by 21per cent to N12.7 billion in nine months of 2022 from N10.5 billion reported in nine months of 2021. Operating expenses as a percentage of sales increased by 345 basis points Quarter-on-Quarter (QoQ) to 18.3per cent.

OPERATING LOSS

The Group recorded an Operating loss of N852 million in nine months of 2022, compared to an operating profit of N374 million recorded in nine months of 2021, driven by gross profit underperformance, particularly in the Animal Feeds and Other Edibles segment, and increase in selling and distribution expenses. The Group recorded higher net finance cost in nine months of 2022 as a result of increased short-term borrowings in the Animal Feeds and Other Edibles segment, Paints segment and Packaged Food and Beverages segment. UAC announced N2.55billion finance cost in nine months of 2022 from N1.16billion in nine months of 2021, while finance income dropped to N730.8million in nine months of 2022 from N920.8 million in nine months of 2021. Amid challenging performance, UAC announced N1.1billion loss before tax in nine months of 2022 from N1.38billion profit before tax in nine months of 2021. The group also announced N2.01billion loss after tax in nine months of 2022 from N563.12million in Q3 2021. UAC’s free cash flow for the period was negative N1.5 billion in nine months of 2022, compared with negative 18.9 billion in December 2021, due to improved working capital management in nine months of 2022. Leverage (net debt to EBITDA) of 4.9x compared to 1.1x in December 31, 2021 as a

result of N5.8 billion net increase in thirdparty borrowings (+29per cent) and a lower operating profit during the period. Increase in borrowings reflective of the higher cost of inventory particularly in the Animal Feeds and other edibles segment.

KEY SUBSIDIARIES PERFORMANCE

UAC’s animal feeds and other edibles performance in the period showed 3.9 per cent increase in revenue to N45.5 billion in nine months of 2022 from N43.8 billion reported in nine months of 2021 on account of price increases across all product categories in response to escalating costs. The segment recorded an operating loss of N1.7 billion in nine months of 2022 as against N1.7billion operating profit in nine months of 2021 over lower sales volumes, higher raw material and conversion costs, and increased operating expenses. The segment recorded a N3.4 billion loss before tax in nine months of 2022 impacted by higher finance costs and increased operating expenses. For Paints, its revenue grew by 28per cent to N13.1 billion in nine months of 2022 from N10.2 billion in nine months of 2021 supported by increased sales price and retail expansion through opening of new stores. Operating profit was 165.6per cent higher at N1.9 billion as pricing initiatives partially offset increase in raw material cost and other operating expenses. Profit before tax was N2 billion in 2022, 128.8per cent higher than N853 million recorded in 2021. The Paint subsidy PBT margin expanded 659 basis points to 14.9per cent in nine months of 2022. However, the Packaged Food and Beverages witnessed 2.2per cent increase in revenue growth to N18.2 billion in nine months of 2022 from N17.8 billion in nine months of

2021 as a result of price increases in the snacks, water and dairies categories. Water revenue rose by 11 per cent and it was supported by price increases, to offset rising input costs. Investments in cold chain infrastructure to deepen distribution, refreshed branding (new logo), as well as the introduction of a new ice-cream bowl across all SKUs for Supreme ice-cream further supported dairies 29per cent revenue growth YoY. The Snacks category recorded a four per cent decline in revenue due to reduced volume. Operating profit declined by 46.9per cent in nine months of 2022 to N535 million from N1billion in nine months of 2021, impacted by higher input costs, increased operating expenses such as increase in haulage rates and energy prices. The Packaged Food and Beverages subsidiary of UAC reported profit before tax N477million profit before tax in nine months of 2022, representing a decline of 51.5 per cent from N985million reported in nine months of 2021.

REASONS FOR LOSSES

The Group Managing Director, UAC, Fola Aiyesimoju, in a statement said, “Our performance in the third quarter was negatively affected by losses in our animal feeds segment, which recorded a loss of N1.9 billion on account of margin pressure, high levels of debt and inventory, and rising borrowing costs. We are working to reduce costs and debt levels. “We remain committed to our growth and expansion strategy but are cognizant of the heightened levels of risk in light of challenging global and domestic macroeconomic conditions. “Rising levels of insecurity continue to disrupt operations with the animal feeds segment most affected; recent flooding in the South East of Nigeria impacted operations; however, we were fortunate to avoid material damage to plant and inventory. “We continue to monitor the longer-term implications of flooding on agricultural output, food security and logistics in the region.”

BANKING, INSURANCE SECTORS’ CONTRIBUTION TO GDP DOWN 10% TO N660.84BN per cent in Q3 2022 (in real term), probably due to the setback in gross premium earnings and gross earnings of some banks and insurance companies during the period. “This might have contributed to the decline in the contribution of the sector to GDP. In addition, the performance of major sectors in the economy might have dragged down the contribution of finance and Insurance sector to GDP in Q3-2022. For instance, the contribution of Agricultural Sector to GDP increased

from 23.24per cent in Q2 2022 to 29.67per cent in Q3 2022, despite the slowdown in country’s GDP.” The report by NBS disclosed that the Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.99 per cent and 10.01 per cent of the sector respectively in real terms in Q3 2022. “As a whole, the sector grew at 21.37per cent in nominal terms (year-on-year), with the growth rate

of Financial Institutions at 20.65 per cent and a 28.26 per cent growth rate recorded for Insurance. The overall rate was lower than Q3 2021 by 5.09- per cent points, and lower by 8.53 per cent points than the preceding quarter. “The QoQ growth was -9.40 per cent. The sector’s contribution to the overall nominal GDP was 2.83 per cent in Q3 2022, higher than the 2.70 per cent it represented a year previous, and lower than the contribution of 3.63per cent it made

in the preceding quarter. “Growth in this sector in real terms totalled 12.70per cent, lower by 10.53 per cent points from the rate recorded in the 2021 third quarter and down by 5.78 per cent points from the rate recorded in the preceding quarter. QoQ growth in real terms stood at -10.14 per cent. “The contribution of Finance and Insurance to real GDP totalled 3.49 per cent, higher than the contribution of 3.16 per cent recorded in the third quarter of 2021 by 0.32

per cent points, and lower than 4.25 per cent recorded in Q2 2022 by 0.77 per cent points.” Despite decline in financial institutions contribution to real GDP in Q3 2022, banking lending to real sector and Central Bank of Nigeria (CBN) intervention in the economy has witnessed significant increase. For instance, banks credit to private sector added N5.32 trillion to N40.8 trillion as of September 2022 from N35.18 trillion reported

in January 20222 by the CBN. On the insurance sector performance, the Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed had urged insurance operators to address the low contribution of the sector to the country’s GDP, calling on stakeholders to develop new innovative products based on data and customer preferences and introduction of new channels of distribution beyond the traditional channels to reach new segments of the market.

the period under review reported a decline in profit before tax to N18.78billion in Q3 2022, a decline of five per cent from N19.72billion reported in Q3 2021. In addition, AXA Mansard

Insurance announced 42.9per cent drop in profit before tax to N2.86billion in Q3 2022 from N5billion in Q3 2021 over increase in Net underwriting expenses.

NESTLE, PRESCO, 3 OTHERS TO PAY SHAREHOLDERS N28.03BN INTERIM DIVIDEND dividend of N2.00 per N0.50 kobo ordinary share, translating into N2billion payout to shareholders. The agriculture company announced N21.3billion profit before tax in Q3 2022 from N3.49billion

in Q3 2021. As Total Energies Marketing Nigeria declared N4.00 interim dividend, translating into N1.36billion, AXA Mansard Insurance announced N0.06 interim dividend for the

period under review. Capital market analysts said these companies’ performance and interim dividend payout showed the management effective management, reiterating how severe

economy impact has affected on Total Energies Marketing Nigeria Q3 2022 performance. Amid significant increase in cost of sales and finance cost, Total Energies Marketing Nigeria in

MONDAY, NOVEMBER 28, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Non-Executive Director, Stanbic IBTC, Prof. Fabian Ajogwu; Deputy Director, Anti-Money Laundering, Combating the Financing of Terrorism and Combating. Proliferation Financing (AML/CFT/CPF) Division, Central Bank of Nigeria (CBN), Jane Aihevba; Managing Director/CEO, FCMB, Yemisi Edun; Managing Director/CEO, FITC, Chizor Malize; CEO Future Soft/ Non-Executive Director Stanbic IBTC, Nkemdilim Begho; Group Executive Director, Heirs Holdings/ UBA Group, Chiugo Ndubisi at the FITC-CBN Collaborative Continuous Education Programme for Directors of Banks and other Financial Institutions Themed, “Digital Enablers for Effective Board Performance and Oversight: Unlocking Opportunities, Managing Risks, Mitigating Measures,” held in Lagos… recently

NIPCO, NNPC, Lekki Free Zone Company S e a l D e a l o n G a s I n f ra s t r u c t u r e Ejiofor Alike Hope for improved power supply to companies and entities operating in Lekki Free Zone axis of Lagos State has risen as NIPCO Gas Limited has signed an agreement with the NNPC Gas Marketing Limited (NGML) and Lekki Free Zone Development Company (LFZDC) to develop gas infrastructure along the axis for power generation. The gas pipeline, which is expected to be completed in the next six months, will supply gas to the Lekki Free Zone and feed a 24-Megawatt (MW) power plant in that axis. Speaking at the signing ceremony held in Lagos at the weekend, the Managing Director of NIPCO Gas, Limited, Mr. Nagendra Verma said the deal would facilitate

the distribution of gas to Lekki area of Lagos State. He recalled that NIPCO Gas Limited pioneered the supply of Compressed Natural Gas (CNG) supply in Nigeria. “NIPCO Gas has natural gas distribution network in Benin City, Edo State and supplying gas to industries for their power and fuel requirement. “Presently seven CNG stations in Edo State, one CNG station in Delta State, one CNG station in Ogun State and one CNG station in Kogi State is operational. In line with federal government’ss NGEP programme, additional CNG stations are in various stages of construction in Oyo, Lagos and Akwa Ibom states as well as the FCT,” he explained. “Our intention is to supply gas, which is economical, cheaper and environmental

friendly. It also enhances efficiency of equipment and will ultimately boost the economy of this country. We are developing gas infrastructure to meet the power requirement of the industries,” he said. Verma said: “This business engagement is certainly going to attract more and more industries to set up their facilities within LFZDC, which will not only support the consortium but also help in the development of Free Zone area in exponential manner. This, being a prestigious government project, we feel really happy to be associated with this project and would really like to thank NNPC Gas Marketing Limited for making NIPCO Gas their preferred partner and a great thank to LFZDC for partnering with the NGML-NIPCO Consortium,”

Najendra added. On his part, the Managing Director of NNPC Gas Marketing Limited, Mr. Justin Ezeala disclosed that when his company entered into partnership on gas business development with NIPCO Gas, which he described as “a big masquerade,” which is noted for its giant strides in gas marketing and infrastructure development, “all other small masquerades” stepped aside from the zone. Managing Director of LFZDC, Dai Shunfa expressed happiness that the deal with NIPCO and NNPC has become a reality. “I believe this is a win-win situation for the parties. This will be a key facility for us. It means we have to bring more end users for NGML consortium,” he added.

FG Lauds Liquid, Vows to Reach Nigerians with Broadband Access Gilbert Ekugbe The Federal Ministry of Communication and Digital Economy has pledged its commitment to reach the unserved and underserved Nigerians with unbridled broadband access, noting that the move is coming on the heels of the implementation of its National Digital Economy Policy and Strategy 2020-2030 (NDEPS) for a digital Nigeria. The Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, said NDEPS carries the vision and mission to transform Nigeria into a leading digital economy providing quality life and digital economies for all with plans to build a nation where digital innovation and entrepreneurship are used to create value and prosperity for all. Pantami stated this during the launch of Liquid Intelligence Technologies in Nigeria over the weekend. Represented by the Digital Architect Manager, National

Information Technology Development Agency (NITDA), Falilat Jimoh, Pantami commended Liquid Intelligent Technologies for expanding their operations into the country and their achievement in the technology space while creating positive impacts in the African broader fibre network. The Minister said internet has given Nigeria the opportunity to connect in a way it never dreamed possible, stressing that currently, IoT and associated wireless applications have taken the nation beyond connection to become part of the country’s living, creating a globally networked system. “No doubt, the rapid development of emerging technologies such as Blockchain, Cloud Computing, AI, IoT, and associated technologies have also enabled heterogeneous economic sectors to be more integrated, leading to a significant effect on the nation’s growth across countries,” he said.

Also speaking, the Chief Executive Officer, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, represented by the Director, Technical Standards, NCC, Bako Wakil, said Nigeria is to take advantage of all that digital technologies offer and fast track the development of its digital economy. “The 8 guiding pillars for accelerating the digital economy include the need for the promotion and increase in infrastructure in the sector, digital literacy and skills, digital services development, local content development and adoption,” he said He added that the diversification of the Nigerian economy remains a key priority for the present administration, pointing out that in the Buhariled administration of Nigeria’s Economic Recovery and Growth Plan (EGRP), a highly emphasised factor in building a globally competitive economy is promoting digital-led growth to make the Nigerian economy more agile and globally competitive in the 21st century.

Earlier, the Chief Executive Officer, Liquid Intelligence Technologies, Nigeria, Mr. Wole Abu, said his company is a digital powerhouse that delivers digital transformation to enterprises and public sector and individuals that needs to modernise their operations, adding that Nigeria has one of the fastest growing digital spaces in the world, urging Nigerian companies to not just be excellent within Nigeria, but to grow to their full potential of global excellence. “We are here to enable that growth. Nigeria is already growing and I can tell you that we are going to act as a catalyst that is going to double the growth rate,” he assured. In his words: “Our vision is a digital future that leaves no African behind. Liquid is an African business by Africans for Africa. We are connecting people because you know the power of connecting people to the information superhighway. Nigeria technology infrastructure has evolved and is still evolving,” he added.

Heifer Launches Poultry Development Project in Edo State In its bid to address the systemic constraints responsible for Nigeria’s poultry sector underperformance and unlock more opportunities for smallholder farmers, Heifer International is collaborating with the Edo State Government and Amo Farm Sieberer Hatchery Limited, to empower 500,000 smallholder poultry farmers by 2030, through linkages to improved but environmental friendly poultry production practices and innovations, new premium market opportunities, and innovative financing. According to Nigeria Country Director of Heifer International, Rufus Idris: “Major poultry processors and off-takers are located hundreds of kilometers away from Edo, making such market inaccessible for Edo poultry farmers. Hence, farmers have to sell their chickens in the open market at prices that are not profitable in the long run”. “Today marks a major milestone in the Nigerian poultry sector, as this partnership has birthed a revolutionary initiative designed to expand the operation of Nigeria’s leading poultry processor to Edo State through the establishment of a world-class processing plant that will immediately unlock the market for smallholder poultry farmers in

Edo and neighbouring states as they can now produce with confidence to sell to a guaranteed premium market and earn a sustainable living income,” said Idris. On his part, Edo State Commissioner for Agriculture, Stephen Idehenre reiterated the commitment of Edo State government to make the state the biggest poultry hub in Nigeria. “The essence of the partnership with Heifer International and Amo farm is to create a market for our poultry farmers. We have identified one of the problems of farmers which is the lack of access to the market, and we have now brought in a major off-taker which is Amo farms to offtake and process made-in-Edo chicken, starting with about 10,000 poultry birds per day with a plan to scale-up as farmers’ production capacity. We anticipate that most of those abandoned poultry farms will be revived because there is now a ready market,” said Idehenre. Amo Farm MD/CEO, Dr. Ayoola Oduntan commended the Edo State Government and Heifer International for collaborating to attract the company to Edo State and for helping to de-risk the massive investment the company is making in the state.

24 Institutions, Others to Benefit from N16.7bn Broadband Access Projects Emma Okonji About 24 institutions in the country, comprising 18 universities and six polytechnics, including some Micro Small and Medium Enterprises (MSMEs), drawn from the six geopolitical zones in the country, will be benefiting from the federal government’s broadband infrastructure projects, designed to accelerate the Nigeria digital economy. At the unveiling of the projects being driven by the Nigerian Communications Commission (NCC), which held at the Transcorp Hilton, Abuja, Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, who presided over the event, said the projects underscored the importance of broadband connectivity and access as central to the accomplishment of the targets of the National Digital Economy Policy and Strategy (NDEPS) 2020-2030

for a digital Nigeria, adding that the projects are in line with the mandates of President Muhammadu Buhari on job creation and economic diversification. Pantami, who was joined by the Minister of Federal Capital Territory (FCT), Mallam Mohammed Bello at the event, disclosed that the key infrastructure being provided for the projects, comprises of broadband infrastructure for tertiary institutions of learning; broadband infrastructure for MSME; distribution of 6,000 e-pad tablets, in addition to provision of broadband connectivity to 20 markets as a pilot. According to him, the interest in supporting the MSMEs is justified by their current contribution of more than half of Nigeria’s Gross Domestic Product (GDP) prior to COVID-19 outbreak, which now constitute 96.7 per cent of entire businesses in the country.

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Monday November 28, 2022 Vol 27. No 10092

opinion@thisdaylive.com

www.thisdaylive.com

NIGERIA FREE TRADE ZONE AT 30 The scheme has shown flashes of successes in providing linkages to the various production value chains, write MARTINS ODEH and GOLDA UKOMADU

See page 29

GOWN TO TOWN: STRATEGIES FOR GRADUATE EMPLOYMENT ALEX OTTI canvasses the need for tertiary institutions to collaborate with industries and have successful entrepreneurs address undergraduates on a regular basis

See page 29 EDITORIAL

KOLMANI OIL AND THE ENVIRONMENT

Elections must be seen as fair, transparent and fair to all, writes LINUS OKORIE

THE ROLE OF CITIZENS IN ENSURING FREE AND FAIR ELECTIONS Nigeria is a democratic state and that means that elections are the only constitutionally recognised means of choosing leaders at all levels of government. The whistle has been blown already for the 2023 elections and all political parties have already nominated their candidates for the various representative positions. 7KH\ KDYH DOVR LQWHQVLÀ HG WKHLU HͿ RUWV LQ selling those candidates to the citizens of a great country. This reality brings to mind the power and responsibility those of us privileged to live in democratic republics have in deciding the destiny of our nation and the capacity to do so peacefully through the ballot box. The future of our country at every election cycle will be determined by how well the citizens are able to responsibly play this all important role of ensuring they do not allow some politicians who want to win elections by all means deny them the right of peacefully voting of candidates of their choice. Nobody will ever deprive the Nigerian people of their right to vote except the Nigerian people themselves and the only way they can do that is by not YRWLQJ .RÀ $QQDQ VDLG ´(OHFWLRQV DUH DW the heart of democracy. When conducted ZLWK LQWHJULW\ WKH\ DOORZ FLWL]HQV WR KDYH a voice in how and by whom they are governed. This is because while human EHLQJV QHHG VHFXULW\ DQG OLYHOLKRRGV WKH\ DOVR QHHG IUHHGRP GLJQLW\ DQG MXVWLFH µ President Muhammadu Buhari GCFR has in several occasions made statements that has committed him to oversee free and fair elections. What that means is that ever agency or institution of state must see the commitment of Mr. President as a marching order to ensure that no political party gains more advantage than others. The election must be seen by citizens as IDLU WUDQVSDUHQW DQG IDLU WR DOO :KHQ WKLV LV WKH FDVH WKH IRXQGDWLRQ IRU D SHDFHIXO election that inspires citizens to come out en-mass to vote is established. Citizens FDQ QRZ LGHQWLI\ WKHLU RZQ UROHV DQG À QG their own reasons amongst why they want to give themselves to fully participate in voting for candidates of their choice. The vision of a free and fair election must be sold vigorously by the current regime in order to win over those who over the years have not voted as a result of the belief that votes do not count. This will also deter thugs and other people within the political parties who want to commit electoral crimes to desist from doing so. People want to see a peaceful election SURFHVV ,I WKH\ ZLQ WKH\ FHOHEUDWH ,I WKH\ ORVH WKH\ ZLOO DFFHSW WKH RXWFRPH DQG RI course congratulate the winner. This act alone gives more credibility to the electoral process and the regime that conducted the

elections. My advice to the president is to ensure he pulls through this commitment. It will be his greatest legacy. Why should citizens ensure peaceful elections? /RYH IRU 1DWLRQ *UHDW SHRSOH RI 1LJHULD ZH DUH LQ D QHZ GDZQ DV D QDWLRQ $ WLPH when a new government is about to take over the task of building the Nigeria of our dreams. The turn-out and success of the 2023 elections is one that will clearly distinguish our economy and people as a democracy on the rise. It is important we come out enmass driven by high level of patriotism as a result of our love for our nation. It is more so heart-warming to know WKDW HͿ RUWV RI *XDUGLDQV RI WKH 1DWLRQV International (GOTNI) for 27 years since her inception which is geared towards consciously grooming and building the capacities of young Nigerians to become transformational leaders is taking a rewarding step. I am glad to be alive at this time in our nation’s history to experience this robust youthful participation in an election that clearly shows that power belongs to the people of Nigeria – her youth in particular. $V ZH DSSURDFK HOHFWLRQ ZH SUD\ that God blesses Nigerians with wisdom to make the right choice. It is time to make huge emotional investment in loving this country despite what we have gotten from her. We need to inspire millions RI \RXQJ SHRSOH PHQ DQG ZRPHQ LQ RXU JUHDW FRXQWU\ WR À QG GLUHFWLRQ DQG support in selecting leaders who will form the new government; to ensure the best leadership values and approaches to our national engagement and development. There is a sense of urgency to provide value and inspire our country towards a place of greatness amongst the committee of nations. We must undertake this task. The reality is that one of the reasons we participate in the electoral process is to ensure we vote on election day. We must QRW RQO\ YRWH ZH PXVW YRWH IRU WKH ULJKW reason. We must vote for love of nation. We must vote beyond stomach infrastructure. We must ensure a peaceful election so ZH FDQ FRQWLQXH WR HQMR\ VWDELOLW\ LQ RXU

There must be a consensus that Nigerians are tired of rigged elections that have given birth to bad leaders at diﬀerent level of leadership. It must be clear amongst citizens that religion and ethnic politics is no longer sustainable

SROLW\ ,I WKH HOHFWLRQ HQGV XS LQ FULVLV it is simply uncertainty for each and every one of us. Some of the politicians who use the very poor to create a crisis À OOHG HQYLURQPHQW ZLOO EH WKH À UVW VHW RI people to run away from the country with their families and the poor will then kill themselves in an unnecessary crisis. We do not have a choice but to make sure we conduct ourselves in ways that bring us only stability and peace. (YHU\RQH PXVW EHFRPH DQ DJHQW RI SHDFH $OEHUW (LQVWHLQ VDLG ´3HDFH FDQQRW EH NHSW E\ IRUFH LW FDQ RQO\ EH DFKLHYHG E\ understanding. There must be high-level negotiations and dialogue going on at GLͿ HUHQW OHYHOV 7KHUH PXVW EH D FRQVHQVXV that Nigerians are tired of rigged elections that have given birth to bad leaders at GLͿ HUHQW OHYHO RI OHDGHUVKLS ,W PXVW EH clear amongst citizens that religion and ethnic politics is no longer sustainable. This clear understanding that Nigerians will be YRWLQJ IRU RQO\ FRPSHWHQW YLVLRQDU\ DQG SULQFLSOHG FDQGLGDWHV EH\RQG UHOLJLRQ tribe and stomach infrastructure. I had an opportunity to speak to a group of passionate individuals who had gathered to pray for Nigeria on Saturday morning. One of the speakers had emphasized the need for Nigerians to continue to pray for God to touch the heart of leaders to allow peace to reign as we go to the polls to conduct elections. While agreeing with him that we need to continue to pray as a people for God to intervene and I even gave an instance when Nehemiah heard about the collapse of the wall of Jerusalem while in the NLQJ·V SDODFH 7KH À UVW WKLQJ KH GLG ZDV to pray fervently and then requested for the king’s permission for him to rebuild the walls. The rest of his actions were full of responsibility as he undertook the WDVN +H VXUYH\HG WKH ODQG VHW KLV YLVLRQ VWUDWHJL]HG PRELOL]HG KLV WHDP DQG ZHQW into full execution while fully prepared for war with the enemy. He was focused and persistent until he accomplished his FDOO (YHU\ 1LJHULDQ PXVW IROORZ WKH VDPH process. We must get it right this time. 2023 must be our long-awaited year for the most peaceful and credible election. 3OHDVH MXVW DOORZ PH WR GUHDP $IWHU DOO dreams come true. You must remember if a man does not have a purpose for waking up sleeping becomes interesting. Okorie is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre. linus.okorie@gotni.africa

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The scheme has shown flashes of successes in providing linkages to the various production value chains, write MARTINS ODEH and GOLDA UKOMADU

NIGERIA FREE TRADE ZONE AT 30

The decision of our past governments leading to the adoption of the Free Trade Zones Scheme, a global economic model to aid widespread economic growth on 1RYHPEHU KDV WR WKLV PRPHQW remained a legendary step toward fast WUDFNLQJ WKH FRXQWU\·V LQGXVWULDOL]DWLRQ 7KH RSHUDWLRQ RI WKH IUHH WUDGH ]RQHV LV GHOLEHUDWHO\ LQFHQWLYL]HG WR VWLPXODWH )RUHLJQ 'LUHFW ,QYHVWPHQWV )',V 'RPHVWLF 'LUHFW ,QYHVWPHQWV '',V HPSOR\PHQW JHQHUDWLRQ LQIUDVWUXFWXUH GHYHORSPHQW WHFKQRORJ\ WUDQVIHU and skill transfer to boost the country SURVSHULW\ SURÀOH 7KH VFKHPH ZDV ÀUVW DGRSWHG WKURXJK the enactment of the Nigeria Export 3URFHVVLQJ =RQHV $XWKRULW\ 1(3=$ $FW RI DQG WKLV JDYH WKH $XWKRULW\ WKH mandate to license and administer the scheme in a manner to fast track economic JURZWK DQG LQGXVWULDOL]DWLRQ

The scope of the model was thoughtfully widened with the enactment of the Oil and Gas Free Zones Act, CAP 05 /DZV RI WKH )HGHUDWLRQ RI 1LJHULD VSHFLÀFDOO\ EHVWRZHG ZLWK WKH PDQGDWH to license, regulate and administer LQYHVWPHQWV LQ WKH RLO DQG JDV IUHH ]RQHV in Nigeria. These two regulatory agencies have kept to their mandates in a way that they have continued to spew the fortunes of the scheme for the growth of the economy. The country may not have reaped bountifully from the scheme within the ODVW \HDUV EXW WKH VFKHPH KDV VKRZQ ÁDVKHV RI VXFFHVVHV DQG DFKLHYHPHQWV in providing backward linkages to the various production value chains in Nigeria. Also, it can be seen that further milestones have been reached as a result of President Muhammadu Buhari’s XQÁLQFKLQJ FRPPLWPHQW DQG VXSSRUW for the development of the scheme in the past seven years. The government’s involvement in the promotion of the RSHUDWLRQV RI WKH ]RQHV KDV OHG WR WKH XSVXUJH RI LQWHUHVWV RI ERWK ]RQH RZQHUV and enterprises alike to continually leverage on the country’s huge market to ERRVW WKHLU SURÀWV H[SRQHQWLDOO\ For instance, NEPZA now manages 44 SULYDWH DQG WZR SXEOLF IUHH WUDGH ]RQHV ZLWK HQWHUSULVHV SURYLGLQJ direct jobs and estimated 250,000 indirect jobs with total investment put at $26 billion. ,Q OLNH PDQQHU WKH 2LO DQG *DV )UHH Zones which have become growth centres WKDW FRPSOLPHQW JRYHUQPHQW·V HͿRUWV E\

HQKDQFLQJ MRE FUHDWLRQ KDYH VLJQLÀFDQWO\ contributed to the country’s GDP through WKH PXOWLSOLHU HͿHFW RI LWV DFWLYLWLHV Since inception to date, OGFZA has DWWUDFWHG RYHU ELOOLRQ 86 GROODUV RI )', LQWR WKH FRXQWU\ ,W KDV DOVR FUHDWHG over 50,000 direct jobs and an estimated LQGLUHFW MREV )XUWKHUPRUH LW KDV DOVR DWWUDFWHG RYHU IRUHLJQ DQG ORFDO FRPSDQLHV WR LWV FRQWUROOHG ]RQHV ,Q DGGLWLRQ ORFDO FDSLWDO LQYHVWPHQW LQ WKH IUHH ]RQHV VWDQGV DW 1 ELOOLRQ facilitating both physical and economic developments in the locations of its free ]RQHV ZLWK IXQFWLRQDO FRPSDQLHV IURP FRXQWULHV RSHUDWLQJ LQ WKH ]RQHV 7KH VFKHPH DV DW KDV VR IDU JHQHUDWHG about 620 billion naira of Domestic Direct ,QYHVWPHQWV '',V DQG ELOOLRQ ZRUWK RI )', ,W LV WKHUHIRUH LPSRUWDQW WR VWDWH WKDW the scheme, even with its unparalleled incentives that appear to be like a comprehensive tax holidays, remains a major lubricant of the Nigeria’s economy LQ DOO UDPLÀFDWLRQ The concept is beginning to make a lot more meaning as both NEPZA and OGFZA have resolved to seamlessly interpret government’s vision on using YDULDQW IUHH ]RQHV WR UHYDPS WKH QDWLRQ·V economy in a more expeditious manner. Permit me, therefore, to draw an inference from one of the founding Directors of World Export Processing =RQHV $VVRFLDWLRQ :(3=$ 5LFKDUG %ROLQ ZKR VDLG LQ FRQIHUHQFH LQ )ODJVWDͿ $UL]RQD 86$ WKDW CC)UHH Zones were not going to disappear, but that they could only undergo changes.’’ This is, however, coming through with WKH GLYHUVLÀFDWLRQ DQG PXOWLSOLFDWLRQ RI XQLTXH ]RQHV EDVHG RQ WKH VHUYLFHV WKH\ RͿHU As can be seen, both NEPZA and OGFZA have continued to seamlessly interpret president’s vision on revamping the economy using the Special Economic =RQHV 6(=V D IUHH ]RQH YDULDQW WKDW DOORZV IRU WKH OLFHQVLQJ RI VSHFLDOL]HG ]RQHV ,W ZLOO QRW EH RXW RI SODFH WR WKHUHIRUH commend this administration that has taken lofty steps to indeed begin genuine revamping of the economy by approving VL[ QHZ RI WKRVH YDULDQW ]RQHV WKDW ZLOO eventually obliterate the ugly tales of the country just being able to set up only two SXEOLF IUHH WUDGH ]RQHV LQ DOPRVW \HDUV 7KHVH QHZ VSHFLDO HFRQRPLF ]RQHV under NEPZA control are the Medical/ Pharmaceutical SEZ Lekki, Agro-Allied 6(= ,ORULQ DQG WKH ,QWHJUDWHG &RWWRQ Textile/Garment SEZ Funtua, Katsina. The three others are to be located in Benue, Gombe and Ebonyi States respectively. The federal government along similar thought earmarked the Murtala 0XKDPPHG ,QWHUQDWLRQDO $LUSRUW /DJRV 1QDPGL $]LNLZH ,QWHUQDWLRQDO $LUSRUW $EXMD 3RUW +DUFRXUW ,QWHUQDWLRQDO Airport as well as the Aminu Kano ,QWHUQDWLRQDO $LUSRUW .DQR DV )UHH 7UDGH Zones to be managed by NEPZA. Odeh is Head, Corporate Communications, NEPZA while Ukomadu, is Head, Corporate Communications, OGFZA

ALEX OTTI canvasses the need for tertiary institutions to collaborate with industries and have successful entrepreneurs address undergraduates on a regular basis

GOWN TO TOWN: STRATEGIES FOR GRADUATE EMPLOYMENT As one whose own personal transition from gown to town years ago was quick and ultimately rewarding, this topic resonates quite well with me. And this is even more so because DV , SURJUHVVHG IURP HQWU\ OHYHO ZRUNSODFH HPSOR\HH WR & 6XLWH OHDGHUVKLS , FDPH WR JDLQ more perspective into the complexities of the transition. Let us start from what we already know. 2΀FLDOO\ 1LJHULD·V XQHPSOR\PHQW UDWH LV This data from the Bureau of Statistics translates WR DERXW P FLWL]HQV ZLWKRXW MREV :KHQ \RX add to it our underemployment rate, you get a FRPELQHG $QG ZKHQ \RX FRQVLGHU WKDW RI 1LJHULD·V SRSXODWLRQ FRPSULVHV SHRSOH

African continent. Wealthy nations have better-educated people and tend to attract such people to reinforce already exceptional talent. We can debate whether Harvard is an exceptional University, but what is not in contention is that Harvard attracts outstanding students, just like Oxford and Cambridge. Gifted students are attracted to Harvard and become gifted lecturers, who in turn attract gifted students. Which University in Nigeria WRGD\ FDQ OD\ FODLP WR DWWUDFWLQJ WKH ÀQHVW RI Nigeria’s brains deliberately and consciously to build a school tradition of excellence that will attract independent funding? Most Nigerian universities, private ones inclusive, are funded in ways that cannot guarantee the excellence that the nation requires to forge ahead in an increasingly digital world, with technology proceeding at a pace Bill Gates once said was ‘faster than the speed of thought.’ The world of Tesla’s Elon Musk is certainly not the world the Nigerian educational system is preparing our youths for. We are talking of advanced robotics, $UWLÀFLDO ,QWHOOLJHQFH $, QHXURSODVWLFLW\ driverless cars, digital urban roadways, automated route-switching metro lines, and smart cities! The emerging world order is driven by intellect and creativity and no longer the dumb mining and trading of natural resources. But what is the Nigerian university lecturer’s place in this modern thinking? Can the average lecturer comfortably interrogate the issues around innovation and creativity in today’s world so they can make D PHDQLQJIXO FRQWULEXWLRQ" , DVN EHFDXVH our objective here is to produce tertiary education graduates with an entrepreneurial mindset and marketplace readiness. But the lecturers will teach the students and prepare them for today’s world, where only the rigorous application of intellect and creativity guarantees survival and excellence. Of course, lecturers do not employ themselves. The authorities within the institutions do. What particular elements are considered in the recruitment of lecturers? Academic excellence is a good place to start, and should always be given its pride of place, but should it end there? How about hunger for innovation, impact, and changing one’s corner of the world? Are these ignored in the course of lecturers’ recruitment? Ultimately, our interrogation falls on the government’s desk. How does the government ensure that the teachers we hire to teach our children in tertiary institutions can inspire them and prepare them for a competitive world? How often does the government assess lecturers and recommend/sponsor them for quality training and development programmes? How much does the government commit WR DFDGHPLF UHVHDUFK" ,Q VRPH WHUWLDU\ institutions, lecturers are owed salaries for many months. How does such a teacher have the presence of mind to deliver classes that can inspire their students? How about the various leaderships of our tertiary institutions? How have the ViceChancellors and their management team members led their schools? Do they market their schools? Do they sell research? Do they even bother competing for the very best students?

OHVV WKDQ \HDUV RI DJH \RX JHW D FOHDUHU SLFWXUH of the demography mostly hit by our sorry situation. We have an army of young people, skilled and unskilled, without jobs! My duty today is to set the tone for deliberations on strategies for promoting an entrepreneurial mindset and marketplace readiness in most Nigerian undergraduates. )RUWXQDWHO\ , DGGUHVVHG WKLV LVVXH VRPHWLPH LQ ÀYH \HDUV DJR IRU SURSHU FRQWH[W DW %DEFRFN XQLYHUVLW\ ZKHUH , KDG WKH SULYLOHJH RI GHOLYHULQJ WKDW \HDU·V FRQYRFDWLRQ OHFWXUH , will draw generously from that speech because the issues that informed my address then did not magically disappear in the intervening years. They are still here with us as a country. ,QVWHDG WKH\ KDYH HYHQ ZRUVHQHG ,Q WKH QDWLRQ·V XQHPSOR\PHQW ÀJXUH ZDV ,W LV DOPRVW GRXEOH WRGD\ , KDG DOVR ZDUQHG WKHQ that Nigeria faced dire consequences if we did QRW JURZ WKH QDWLRQ·V HFRQRP\ E\ DW OHDVW SHU DQQXP RYHU WKH QH[W \HDUV :HOO ZH GLG QRW JURZ DW DQ\WKLQJ QHDU LQ DQ\ RI WKH intervening years. We did not even get close to KDOI ,Q IDFW LQ RQH RI WKH \HDUV RXU JURZWK ZDV QHJDWLYH DW %XW ZH XQGHUVWDQG LW ZDV WKH \HDU RI WKH &RYLG SDQGHPLF DQG many economies in the world struggled. But in WKH \HDU EHIRUH WKH SDQGHPLF RXU JURZWK ZDV D PHDJUH WKH IROORZLQJ \HDU ZH JUHZ DW DQG LQ ZH JUHZ DW So we are not producing enough to absorb our humongous idle workforce. Most importantly, RXU SRSXODWLRQ KDV EHHQ JURZLQJ DW RYHU SHU annum. , KDYH DOZD\V LQVLVWHG WKDW ZKDW GHWHUPLQHV a nation’s progress is not its mineral resources, HWKQLF RU WULEDO D΀OLDWLRQV RU JHRJUDSKLF ORFDWLRQ EXW LWV SHRSOH·V TXDOLW\ 7KH GLͿHUHQFH EHWZHHQ rich and poor nations contrasts the types of SHRSOH OLYLQJ ZLWKLQ WKHLU GLͿHUHQW JHRJUDSKLF boundaries. Nigeria has remained a struggling Excerpts from Dr. Otti’s (OFR) country because it has incrementally betrayed speech at the Inaugural Gown-To-Town its responsibility to educate its youth. Nigeria is Symposium Organised by the Abuja Chapter one of the lowest spenders on education on the of the University of Port Harcourt Alumni Association

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EDITORIAL

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

KOLMANI OIL AND THE ENVIRONMENT Oil explorers must guard against the failings in the Niger Delta

resident Muhammadu Buhari was exultant last week at the ground-breaking ceremony RI WKH .ROPDQL 5LYHU RLO DQG JDV À HOG straddling Bauchi and Gombe States. This GLVFRYHU\ DQG H[SORUDWLRQ ZLOO EH WKH À UVW in northern Nigeria after an attempt in the Borno region was aborted by insecurity. “We are pleased with the current discovery of over one billion barrels of oil reserves and 500 billion Cubic Feet of Gas within the Kolmani area and the huge potential for more deposits DV ZH LQWHQVLI\ H[SORUDWLRQ HͿ RUWVµ WKH SUHVLGHQW VDLG “It is good to note that the discovery has now attracted investment for an end-to-end integrated development and monetisation of the K\GURFDUERQ UHVRXUFHV µ While there are fundamental issues that QHHG WR EH DGGUHVVHG the immediate one is the situation in the Niger Delta as underscored by the United Nations E n v i ro n m e n t a l Programme (UNEP). Against the background that Nigeria has failed to do the barest of works needed to protect the natural environment of the vastly swampy land of the region from where it had drilled and H[WUDFWHG RLO LQ WKH SDVW À YH GHFDGHV IHDUV WKDW WKH Northeast could be the next frontier of degradation are not misplaced. They are grounded on the country’s documented failings in the Niger Delta. Since exploration and production began in the late V ZLWK RLOÀ HOGV DQG DFFRPSDQ\LQJ LQVWDOODWLRQV GRWWLQJ WKH 1LJHU 'HOWD OHDNV DQG VSLOOV IURP PXOWLSOH IDFWRUV LQFOXGLQJ D ODFN RI PDLQWHQDQFH DQG YDQGDOLVP of facilities have left the natural environment of the region in ruins. We recall that at the request of the IHGHUDO JRYHUQPHQW 81(3 SHUIRUPHG D PDMRU VFLHQWLÀ F DVVHVVPHQW RI WKH QDWXUDO HQYLURQPHQW RI 2JRQLODQG WR À QG RXW KRZ PXFK RLO SURGXFWLRQ KDG LPSDFWHG RQ the region’s ecosystem. After an assessment lasting 14 months the UNEP report published in 2017 established that pollution from over 50 years of oil production in

the region had permeated beyond and deeper than what was thought. 0RUH WKDQ ORFDWLRQV ZHUH DVVHVVHG NLORPHWUHV RI SLSHOLQH ULJKWV RI ZD\ VXUYH\HG PRUH WKDQ PHGLFDO UHFRUGV UHYLHZHG DQG RYHU SHRSOH HQJDJHG DW ORFDO FRPPXQLW\ PHHWLQJV WR À JXUH RXW ZKDW RLO SURGXFWLRQ KDG GRQH WR WKH UHJLRQ ,Q VXPPDU\ UNEP found that the region’s ground water had been FRQWDPLQDWHG UHVXOWLQJ LQ DQ XQSUHFHGHQWHG SXEOLF KHDOWK FKDOOHQJH GHDUWK RI YHJHWDWLRQ À VKLQJ DQG agriculture. The report underscored the cycle of disdain for environmental processes and laws by oil producers and called for an immediate clean-up campaign to UHVWRUH WKH HQYLURQPHQW but nothing has happened so far. 1R RQH ZH DVVXPH imagined that Nigeria would make a mess of the Niger Delta the way it has GRQH ZKHQ RLO ZDV À UVW GLVFRYHUHG WKHUH DQG QR one seems to be bothered about the possibility of this now that oil is found up north. We see and applaud the widespread euphoric VRXQGELWHV %XW ZH DOVR WKLQN WKDW LW ZLOO EH D MRNH WR simply believe that Niger Delta will not happen again up north. Nigeria’s political elites have shown little or QR UHDVRQV WR EH WUXVWHG 7KHLU GHGLFDWLRQ WR WKH FRXQWU\ RU VHQVH RI MXGJHPHQW LV GHEDWDEOH $QG ZH IHDU WKDW MXVW DV LW LV LQ WKH 1LJHU 'HOWD WKH RLO GLVFRYHU\ XS QRUWK may serve interests other than that of the people and their environment. +RZHYHU EH\RQG ZRUGV RI PRXWK IURP WKH JRYHUQPHQW ZH ZRXOG DVN 1LJHULDQV WR GHPDQG IRU D clear-cut environmental protection and accountability plan from the government and whoever it signs DJUHHPHQW ZLWK WR GULOO DQG H[WUDFW RLO IURP À HOGV LQ the north. Such a plan should equally be enforceable LQ FRXUWV RI ODZ %HVLGHV WKH IHGHUDO JRYHUQPHQW PXVW take onboard lessons from failing in the Niger Delta as it turns to the Northeast for oil exploration.

UNEP found that the region’s ground water had been contaminated, resulting in an unprecedented public health challenge, dearth of vegetation, ﬁshing, and agriculture T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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LETTERS

IN PRAISE OF MOHAMMED BELLO KOKO , KDYH EHHQ DQ DUGHQW FULWLF RI WKH RSHUDWLRQV RI WKH 13$ GH scribing it as an inept agency lacking leadership and operationDO H΀ FLHQF\ , EHOLHYH WKLV SRVLWLRQ ZDV FRUURERUDWHG E\ D ODUJH VHFWLRQ RI WKH SRSXODWLRQ HVSHFLDOO\ WKRVH LQ WKH PDULWLPH VHFWRU Those of us in this category were pleasantly surprised with the turn of events in recent times with Mohammed Bello Koko at WKH KHOPV RI DͿ DLUV 7RGD\·V 13$ UHÁ HFWV SXUSRVHIXO OHDGHUVKLS improved fortunes and rapid transformation in port operations across the country. One of the indicators of what to expect at the 13$ ZDV WKH HͿ RUWV DW UHYLWDOL]LQJ SRUW RSHUDWLRQV LQ WKH HDVWHUQ part of the country and the partnership with the Lagos State government on taming the gridlock on the access roads to the two busiest ports in Apapa. 0RKDPPHG %HOOR .RNR MXVWLÀ HG KLV DSSRLQWPHQW E\ LPSOH menting sustainable reforms in the nation’s seaports. This is on the heels of the strategic import of seaports in revenue generation in the country. )RU H[DPSOH WKH 13$ JHQHUDWHG D WRWDO RI 1 EQ IURP LWV RSHUDWLRQV LQ WKH À UVW KDOI RI ,Q WKH VDPH SHULRG WKH 13$ remitted N78bn to the Consolidated Revenue Fund (CRF) of the Federation. This is indeed brilliant and a feat in the annals of the agency. I wasn’t surprised by these notable achievements recorded in

WKH 13$ $V D À UVW 0RKDPPHG %HOOR .RNR LV D WKRURXJKEUHG professional whose grasp of port operation was manifest when KH ZDV À UVW DSSRLQWHG DV WKH DFWLQJ PDQDJLQJ GLUHFWRU DQG VXE sequently as substantive managing director. According to reliable LQVLGHU VRXUFHV KH KLW WKH JURXQG UXQQLQJ DQG RQH RI WKH DUHDV KH IRFXVHG RQ ZDV EORFNLQJ UHYHQXH OHDNDJHV $QG LW SDLG RͿ handsomely. 7RGD\ WKH UHYHQXH RI WKH 13$ UHFRUGHG D SHUFHQW LQFUHDVH $FFRUGLQJ WR WKH PDQDJLQJ GLUHFWRU WKLV ZDV DQ H[SUHVVLRQ RI WKH SRUWV· RSHUDWLRQDO SHUIRUPDQFH , FRXOG QRW DJUHH OHVV $OVR KLV VWHUOLQJ SHUIRUPDQFH KDV OHG WR XQSUHFHGHQWHG JURZWK LP SURYHG RSHUDWLRQDO H΀ FLHQFLHV WKDW OHG WR D VLJQLÀ FDQW LQFUHDVH LQ FRQWDLQHU WUD΀ F WR 2QQH 3RUW DQG WKH GHPRQVWUDWHG UHVROYH WR RSHQ XS WKH (DVWHUQ 3RUWV RI :DUUL &DODEDU DQG 5LYHUV 7KLV culminated in the successful berthing of MV Lady Jane vessel in 2QQH 3RUW 5LYHUV 6WDWH These and many more initiatives of the agency geared toward repositioning the eastern ports for productivity are yielding reVXOWV DQG WKDW 2QQH 3RUW &RPSOH[ LV IDVW EHFRPLQJ DQ DWWUDFWLRQ IRU FRQWDLQHU YHVVHO WUD΀ F LV DQ LQGLFDWLRQ RI WKH OHDGHUVKLS GULYH RI WKH 13$ XQGHU .RNR WR RSWLPL]H SRUW RSHUDWLRQV DFURVV WKH FRXQWU\ IRU JUHDWHU H΀ FLHQF\ DQG SURGXFWLYLW\ 7KHUH LV WKHUHIRUH QR GRXEW WKDW WKH 13$ KHOPVPDQ LV UHVW

less and eager to implement a complete turnaround in port operations in the country. His leadership of the agency has brought DERXW LPSURYHG SURGXFWLYLW\ LQ LWV ZRUNIRUFH $OVR WKHUH KDV been an array of technological improvements in operations across seaports in the country. 7KLV KDV OHG WR H΀ FLHQW SRUW VHUYLFHV LQ D VDIH VHFXUH DQG FXV tomer-friendly environment. Various stakeholders in the mariWLPH VHFWRU DWWHVWHG WR KLV HͿ RUWV DW UHSRVLWLRQLQJ SRUW RSHUDWLRQV LQ WKH FRXQWU\ 7RGD\ SRUW RSHUDWLRQV LQ 1LJHULD KDYH DGRUQHG D new look. 7KH 13$ GLJLWL]DWLRQ SURMHFW KDV DOVR UHFHLYHG FRQVLGHUDEOH DF tion from the Mohammed Koko-led administration. The smart SRUW WUDQVIRUPDWLRQ DJHQGD RI WKH DJHQF\ DLPHG DW WKH HQWKURQH PHQW RI SDSHUOHVV WLPH VDYLQJ DQG FRVW H΀ FLHQW SRUW RSHUDWLRQV E\ LV D PRYH PDQ\ LQGXVWU\ ZDWFKHUV KDYH FRPPHQGHG ,I LPSOHPHQWHG , JDWKHUHG WKDW WKLV SURMHFW ZRXOG DGGUHVV FULWLFDO challenges in port operations in Nigeria. 0RKDPPHG .RNR LV LQGHHG WKH QHZ VKHULͿ DW WKH 13$ +LV exemplary leadership reminds me of the famous quote on leadHUVKLS E\ -RKQ 0D[ZHOO ´$ JUHDW OHDGHU·V FRXUDJH WR IXOÀ O KLV YLVLRQ FRPHV IURP SDVVLRQ QRW SRVLWLRQ µ Odumu Igbudu, Abuja

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

HOMES&DESIGN

Casino Heights Apartments Rises from Ruins of a Cinema Casino Heights Apartments is a state-of-the-art that has evolved from the ruins of what used to be a must-visit cinema house in Lagos. The new tower makes an architectural statement with its Roman Colosseum look–alike facade. Bennett Oghifo writes

hose familiar with the defunct Casino Cinema in Yaba, Lagos, describe it as an amphitheatre, complete with the looks of the preserved walls of the colosseum in Rome as the facade of the Casino Heights Apartments that replaced it. The famed Casino Cinema was built in the early 1960s alongside Danjuma

Cinema and Capitol Cinemas. The structure had real influence and was the place to see great movies. This edifice is a 10-storey wholly residential building that strides a strategic corner piece on Herbert Macaulay Road in Yaba right opposite a sports facility owned by the Lagos government and a little distance from the popular Panti police station. The

building stands very noticeable where the road turns slowly towards Sabo Yaba or across from the National Library. The building, which is all done in its final coat of paint, comprises 38 apartments and a gym house for use by residents. Casino Heights Apartments was built by GTL Properties Limited (a

subsidiary of Greenwich Trust Limited) in a joint venture with Wemabod Estates Limited. Delano Architects designed the building, and the main contractor was Horatio Limited. Its structural engineers are from Pinconsult Associates, with electrical engineers from Kenol Nigeria Limited. M.E.P subcontractor was Matcom Limited.

MONDAY, NOVEMBER 28, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Antidote to Rising Poverty in Nigeria There is need for comprehensive reforms to create opportunities for all citizens so as to drastically reduce the level of inequality as well as the number of families who live in poverty, writes Obinna Chima

ising poverty in any country is harmful to its citizens. As a reflection of how important poverty eradication is, the United Nations (UN) made it the first item among its 17 Sustainable Development Goals (SDGs). Eradicating extreme poverty for all people everywhere by 2030 is a pivotal goal of the 2030 Agenda for Sustainable Development. According to the UN, between 2015 and 2018, global poverty continued its historical decline, with the poverty rate falling from 10.1 per cent in 2015 to 8.6 per cent in 2018. However, the global body revealed that owing to the COVID-19 pandemic, the global poverty rate increased sharply from 8.3 per cent in 2019 to 9.2 per cent in 2020, representing the first increase in extreme poverty since 1998 and the largest increase since 1990 and setting back poverty reduction by about three years. This was further exacerbated by rising inflation and the impacts of the war in Ukraine and it has been estimated that these combined crises would lead to an additional 75 million–95 million people living in extreme poverty in 2022, compared with pre-pandemic projections. Regrettable in Nigeria, despite the President Muhammadu Buhari-led administration’s target of lifting 100 million Nigerians out of poverty over the next 10 years, a recent report showed that the reverse was the case. Specifically, the report by the National Bureau of Statistics (NBS) revealed that no fewer than 133 million Nigerians, representing 63 per cent of the population are currently living in multi-dimensional poverty. Of the total, 105.98 million poor Nigerians are located in rural areas compared to 16.97 million in urban areas. According to the Nigeria Multidimensional Poverty Index (MPI) 2022 Survey, there are high deprivations in sanitation, time to healthcare, food insecurity, and housing. Also, poor people were said to experience over one-quarter of all possible deprivations. Moreover, both the incidence and intensity of poverty at 62.9 per cent and 40.9 per cent respectively exceeded the 26 per cent poverty cut-off threshold. The report stated that over half of the 200 million population who are multi-dimensionally poor cook with dung, wood, or charcoal, rather than clean energy. According to the report, multidimensional poverty is higher in rural areas where 72 per cent of the people are poor compared to 42 per cent in urban areas. It stated that about 70 per cent of Nigerians live in rural areas, yet these areas are home to 80 per cent of poor people. The report pointed out that the north accounted for 65 per cent or 86 million poor Nigerians while 35 per cent or about 47 million people living in poverty reside in the south. The incidence of multidimensional poverty was high in Sokoto State which accounted for 96 per cent of poor Nigerians and the lowest incidence of 27 per cent was recorded in Ondo. In terms of the proportion of poverty and its intensity, the poorest states included Sokoto, Bayelsa, Jigawa, Kebbi, Gombe, and Yobe.

“But we cannot say for sure which of these is the poorest because statistically, their confidence intervals or the range within which the true value falls considering the sample overlap,” the report noted. The report, among other things, stated that two-thirds of children aged 0-17 are poor and accounted for 65 per cent compared to 58.7 per cent of adults, adding that “This gives rise to the sobering reality that over half of all poor people are children.” However, in order to reverse this trend, a new report authored by a former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, and Mr. Damian Kalu Ude, have among other prescriptions, recommended that the federal government should can set aside between N5 trillion and N7 trillion yearly to fund the operation of a thorough, well-managed social security system, as well as a comparable, separate allocation for education, healthcare, water, and sanitation, in order to address rising poverty in the country. The report, which was released by the Moghalu-led Institute for Governance and Economic Transformation (IGET) titled, “Nigeria’s Poverty Trap and How to End It,” recently, actually projected that more than 194.4 million Nigerians, about 90 per cent of Nigeria’s population, are living in poverty while an estimated 95 million of them are caught up in extreme poverty. It added that more than 60 per cent of the poorest people in Nigeria are women. “In order to save money in other areas of government, infrastructure projects should be financed mostly through public-private partnerships, with the exception of rural infrastructure. The cost of governance should be reduced,” it stated. It declared unequivocally that, “poverty is a significant strategic threat to Nigeria’s future. An estimated 95 million Nigerians live in extreme poverty, with more at risk from deprivation and loss of purchasing power from inflation and a stressed macro-economy, and the country’s population is growing rapidly.” It added that “at current trends, Nigeria will not be able to end extreme poverty for 35 million people by 2025, or for 100 million Nigerians within the next 10 years, as indicated in its National Development Plan and other policy pronouncements by the government.” The report blamed the rising poverty rate in the country squarely on the absence of effective nationhood and governance, which it identified as the main factor contributing to Nigeria’s poverty trap. It added: “This generalised term is used in this research to define a number of the characteristics of the Nigerian state. These include the political leadership elite’s lack of genuine devotion to the state and its population, a capture of the state by special interests, the

political elite’s extreme corruption, and the lack of a wide elite agreement on development as a top priority of public administration.” Moghalu and Ude stated that the goal of the report was to, “understand the Nigerian poverty trap, its dimensions, effects, and potential solutions while also offering directional policy recommendations.” They also stated that the country required, “a new elite development consensus on development that cuts through partisan political and other divides, as well as a unity of purpose that is focused on the human development of its 216 million citizens, in order to start making meaningful progress in the eradication of poverty.” This consensus, according to the report, should be focused on creating a broadly prosperous society that would entail lifting millions of Nigerians out of poverty and moving them into the middle class through wealth creation. The report added that a key necessity for the achievement of this agenda, “is philosophical clarity regarding the roles of the state and the market in reducing poverty.” Moghalu and Ude stated in the report that the, “Nigerian poverty is notable in particular because it has been escalating amid a sizable, expanding economy that has largely excluded a vast majority of the population. “Northern Nigeria continues to be the region with the highest concentration of poverty in Nigeria, whether assessed by a state’s multidimensional or monetary poverty headcount. In rural places, poverty is more pervasive.” They suggested that efforts to eradicate poverty should include increased and carefully targeted investments in healthcare and education, creating an environment that encourages the creation of jobs in the private sector, and bold fiscal reforms to increase government revenue through effective taxation and the elimination of wasteful fuel subsidies while mitigating the potential effects of subsidy removal on already poor citizens as well as other macroeconomic reforms like exchange rate adjustments. The report added: “Abolition of the Land Use Act, civil service and security reforms to improve state capacity and gender empowerment, intensified family planning education and services, and resolution of the conflicts (or ‘silent wars’) in various parts of Nigeria that have caused and exacerbated poverty through internal displacement and decreased food production are all structural changes necessary to enable millions of Nigerians to escape the poverty trap.” It also recommended targeted investments to prevent or manage disasters brought on by climate change, such as floods and droughts as well as revamping the micro finance banking system and implementing hourly pay jobs.

The report noted that the social protection system in Nigeria was insufficient, ineffective, and therefore mainly ineffectual to reduce poverty. It called for rethinking the social protection measures, adding that, “it is necessary to have a social protection system that is well organised, expertly planned, and supported by national law.” “Implementing these measures while incorporating structural reforms will increase the chances of controlling the rise of poverty as a ‘growth industry.’” The authors of the report advocated the implementation of a social security program for five million Nigerians that are 65 years and above. On its part, the World Bank advised Nigeria to urgently strengthen its fiscal management, create a unified, stable market-based exchange rate and reiterated the need for the country to phase out what it described as, “its costly, regressive fuel subsidy,” so as to free up resources to tackle poverty. These, the Bank’s Group President, David Malpass, noted would lay the groundwork for the increases in public revenues and spending needed to improve development outcomes. “Decisive moves would significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. The World Bank is ready to increase support to Nigeria as it designs and implements these critical reforms,” he added. The multilateral institution observed that for years, a large share of Nigeria’s resources had financed inefficient and regressive subsidies for petrol, electricity, and foreign exchange, adding that not all the subsidies were accounted for in the budget, which makes them difficult to track and scrutinise. The bank, however, noted that available data suggested that subsidies, which accounted for more than the amount spent on education, health, and social protection in 2021, benefit primarily wealthy households. To World Bank Nigeria Country Director, Shubham Chaudhuri, Nigeria was at a critical historical juncture and has a choice to make. He said: “A child born in Nigeria today will be only 36 per cent as productive when she grows up as she could be if she had access to effective public education and health services, and has a life expectancy of only 55 years. “These stark indicators illustrate the urgency for action by Nigeria’s policymakers to improve the macroeconomic and fiscal framework, so as to sustainably enhance the quality of spending and public services at federal and state levels.” From the foregoing, there is need for comprehensive reforms to create opportunities for all citizens in the country so as to drastically reduce the level of inequality as well as the number of families who live in poverty. Additionally, the federal and state governments must design deliberate strategies targeted at reducing the number of children who are born or fall into poverty and genuinely implement same.

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

BUSINESS SPECIAL

ANALYSIS

Advancing Digital Financial Inclusion Financial inclusion serves as the bridge between economic opportunity and outcome as well as a tool in ﬁghting extreme poverty, writes Obinna Chima

he Central Bank of Nigeria (CBN) last week hosted the maiden International Financial Inclusion Conference 2022 (IFIC’22) which brought players in the financial inclusion business across the globe together. The conference was graced by influencers, thinkers, and policymakers in the global financial ecosystem and discussed policies, practices, approaches, tools, technologies as well as products and services to further deepen access to financial services in the country. The theme of the conference organised by the Financial Inclusion Governing Committee was, “Financial Inclusion for All: Scaling Innovative Digital Models.” The CBN governor chairs the National Financial Inclusion Steering Committee, which had worked tremendously to achieve 65 per cent financial inclusion rate over the past few years and target 95 per cent by 2024. The Financial Inclusion Steering Committee is the apex body responsible for implementing the Nigerian Financial Inclusion Strategy and ensuring the alignment of financial inclusion policy objectives to the inclusive development objective of the federal government. CBN Governor, Mr. Godwin Emefiele, pointed out that the global meltdown in 2008 made financial services regulators focus on improving the financial system’s stability and mitigating risks that could lead to a future recurrence. According to him, Nigeria implemented a tighter prudential regime to respond to the meltdown, adding that while these efforts improved financial system stability, it inadvertently undermined access to finance as entry barriers to the financial system became a disincentive for many economically active Nigerians. Emefiele, however, noted that the response to the global event in 2008 was not entirely responsible for the low access to finance for the underserved in Nigeria. Rather, he identified infrastructural deficits including low broadband penetration, lack of a functional national identity system, and high cost of delivering financial services through bank branches to the underserved as contributors to Nigeria’s financial exclusion situation. He said as at 2008, 52.2 per cent of Nigerian adults were financially excluded which implied that one out of every two adults had no access to financial services. He said even though Nigeria had a sizeable number of banked populations, “our financial inclusion rate was one of the lowest in the sub-region. More worrisome was the fact that many adults were financially excluded. “Youth, aged 18-35 years, and MSMEs (which employed over 60 per cent of Nigerians), were disproportionately excluded from access to financial products and services,” he said. As a result, the CBN governor said stakeholders undertook the onerous task of driving access to finance for the benefit of the hitherto excluded segments through the National Financial Inclusion Strategy. He stated that as at end-2020 the financial exclusion rate had reduced to 35.9 percent. “While this remains high when considered as absolute numbers, it is a huge improvement when compared to the position as at 2008. This change did not happen by accident but resulted from the decisive and concerted approach by National Financial Inclusion stakeholders to address key pain points and bottlenecks that were deterring financial inclusion,” he said. Emefiele noted that financial inclusion remained key to economic development and inclusive growth, stressing that there was a positive correlation between the financial inclusion rate of a country and its GDP growth. He said while stakeholders in Nigeria were exploring ways to address the high financial exclusion rate, the Alliance for Financial Inclusion (AFI) outlined the Maya Accord in 2010. According to him, the Accord is a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. He said as part of its commitment to that Accord, Nigeria developed its first financial inclusion strategy in 2012, where it set a goal of achieving a financial inclusion rate of 80 per cent by 2020. The CBN governor said the 2012 strategy provided a platform to facilitate a concerted approach by stakeholders to address financial exclusion in Nigeria. He noted that while the 2012 strategy was fundamental in many respects, it was prescriptive and looked to scale traditional financial services

L-R: Minister of Information and Culture, Lai Mohammed; Governor, Central Bank of Nigeria (CBN), Godwin Emeﬁele; Minister of the Federal Capital Territory, Alhaji Mohammed Musa Bello; Deputy Governor, CBN, Aishah Ahmad, and Director, Development Finance, CBN, Mr. Yila Yusuf, at the maiden edition of the International Financial Inclusion Conference 2022, which was held at Transcorp Hilton hotel, Abuja… yesterday models to address financial inclusion, which made it slow and expensive to meet our growth aspirations. In her welcome address, the Deputy Governor, Financial System Stability, CBN, Mrs. Aishah Ahmad, noted that a lot has changed in the past one decade, saying that innovation, digital technology, internet and social media have all transformed almost all aspects of human endeavor. Ahmad pointed out that the hybrid format of the conference was also a case in point, stressing that the COVID 19 pandemic only enhanced financial inclusion and adoption of digital services. “Some of the biggest impacts of technology have occurred in the global payments and financial system, with mobile and electronic banking revolutionizing the delivery and accessibility of financial services opening new vistas for financial inclusion worldwide,” she added. Citing a World Bank report, Ahmad noted that global adult account ownership increased to 76 per cent in 2021 from 51 per cent in 2011. However, developing economies, in particular, sub Saharan Africa haven’t fared as well at 71 per cent and 55 per cent respectively. “As Africa’s largest, most vibrant economy, achieving significant financial inclusion in Nigeria will definitely accelerate progress on the continent and globally. In 2011 alongside 10 other founding members of Alliance for Financial Inclusion (AFI), Nigeria signed the Maya Accord launching its NFIS in 2012, which set the country’s financial inclusion target at 80 per cent by 2020. ‘Significant progress has been made since then, financial inclusion rate in Nigeria improved to 64.1 per cent at end-2020 from 53.7 per cent in 2010, despite remarkable annual population growth over the period and AFI is a 90-member strong alliance. Perhaps more importantly, rapid digital innovation, and the concerted policy initiatives of the CBN and other regulators have transformed the Nigerian banking and payments system enabling tech-driven solutions to the key challenges of KYC, lack of digital identity and financial access points, robust payment infrastructure and inclusive financial products. “Nigeria indeed is at an important tipping point for financial inclusion. At no time also has there been a prevalence of an enabling regulatory frameworks, proliferation of digital

technology, innovation and collaborative platforms - all strategic levers essential for financial inclusion,” she added. President Muhammadu Buhari in his address, commended Emefiele, the Deputy CBN Governors and other stakeholders for their contributions towards promoting and deepening financial inclusion in the country. The president said his administration remained committed to providing continuous support to all financial inclusion stakeholder institutions in the public and private sectors. Buhari further unveiled five important financial inclusion artefacts which were to provide direction for financial inclusion in Nigeria in the coming years. He said the federal government believed that achieving financial inclusion goals would further boost the country’s economic fortunes. Represented by the Minister of the Federal Capital Territory (FCT), Muhammad Bello, Buhari, further charged all implementing agencies in Nigeria to take advantage of the rare gatherings to better deliver on their mandate for inclusive growth and development. Buhari noted that Digital Financial Services (DFS) remained one key component of the digital economy strategy which holds the potential to improve the country’s GDP and provide access to finance to underserved areas. He said, “I am glad that financial services stakeholders have leveraged DFS to provide financial services to our people. The benefit of this was obvious during the lockdown occasioned by the COVID-19 pandemic when our citizens were able to conduct transactions via DFS, thus, limiting the risk of the spread of the virus and providing access to financial services during this period.” The president admitted that the digital innovation, spearheaded by the central bank had also facilitated access to credit and payment for rural dwellers and enabled them to conduct their businesses without the need to travel far in search of the nearest bank branch. He said financial inclusion stakeholders had been at the forefront of providing innovative solutions for addressing some of the pressing issues which Nigerians face as a people. Buhari said, “For instance, to increase financial services access points in underserved locations in the country, the Central Bank

of Nigeria issued the Payment Service Bank regulatory framework. “Furthermore, through the Shared Agent Network Expansion Facility (SANEF), the number of agent banking locations in the country is now over 1.4 million from 86,000 in 2018. “The Open Banking framework and Regulatory Sandbox initiatives are some of the other initiatives that are meant to improve financial inclusion in Nigeria.” He further noted that the theme of the conference was timely, as it looks to leverage innovative models to drive financial inclusion, adding that it also aligns with the broad objective of the government to leverage the digital economy for sustainable growth and development. The first day of the two-day conference culminated with a dinner and award night ceremony where 10 deserving institutions were provided with awards in different categories following a rigorous nomination and selection process supported by Price WaterHouse Cooper (PWC). The winners that emerged were Financially Inclusive Bank of the Year – Jaiz Bank; Financially Inclusive MFB of the year – Lapo MFB Ltd; Financially Inclusive Fintech of the Year – Remita and Interswitch; Inclusive Financial Product Award – Liberty Assured Ltd; Financial Inclusion Leadership Award – Ms. Modupe Ladipo; Financially Inclusive Agent of the Year – Etranzact; National Inclusive Payment Initiative Award – TeamApt Ltd; Financial Services Infrastructure Innovation Award – Remita Payment Service Ltd; and Special Award for Country Partnerships – Central Bank of Egypt Also, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Her Majesty Queen Maxima of the Netherlands, in a special keynote address delivered virtually, said digital connectivity remained a good way to begin to bridge gender gaps in the country. She said financial inclusion could bring positive changes to millions of Nigerians especially women adding that no way should be left behind in current inclusion strategy. Indeed, it is expected that this conference would help strengthen the country’s financial inclusion drive as financial inclusion continues to serve as the bridge between economic opportunity and outcome. Financial inclusion empowers individuals, families and small businesses, particularly in impoverished communities and serves as a tool in fighting extreme poverty.

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

BUSINESS/MONEYGUIDE

Enugu: Mbah Woos Investors Towards $30 Billion Economy Oluchi Chibuzor

Governorship candidate of the Peoples Democratic Party (PDP), in Enugu State, Dr. Peter Mbah, has rallied foreign governments and investors towards the exponential growth of the state’s economy from the present $4.4 billion to $30 billion in eight years. Mbah also said that his administration would make skills and vocational education compulsory for all indigenes and residents of Enugu State from the age of 12 to effectively address the challenge of unemployment and service the planned economic growth. He made this known during the official opening of the Geoffrey Okoye University– European Business Park and Centre for Practical Skills (CPS) at Ugwuomu, Nike, Enugu. Speaking at the event, which had in attendance the Ambassador of Hungary to Nigeria, Mr. Thomas Schlesinger; Minister Counsellor of the Germany in Nigeria, Mr. Martin Huth; Country Director of the German Agency for International Cooperation, Mr. Markus Margner; Executive Secretary, National Universities Commission, Prof. Abubakar Rasheed; Bishop of the Catholic Diocese of Enugu, Most Rev. Callistus Onaga, among others, Dr. Mbah said the initiative was in sync with his plans catalyse skill and vocational education and de-risk investment inflow, and make Enugu State a preferred destination for investment, for business, and for living He said: “My joy in being here stems largely from the fact that what we are doing here today is everything we had proposed in our manifesto to the people of. One of the ways to de-risk investment flows to Enugu stated is to work with centres like this because in our development plan, it is well captured that we are going to have a lot of skills acquisition, technical, and vocational education across many locations in the state. “One of our strategic plans is the transition of Enugu from a

public sector-driven to a private sector-driven economic growth. Our goal is that in the near future, this CPS and indeed the European Business Park would constitute one of the hubs for the emergence of small and medium scale businesses in our state. “We have therefore proposed a humongous vision to the people of Enugu State that we are going to grow our economy from the current $4.4 to $30 billion. Such proposal was tagged as crazy when such proposal was made, the reason being that in the last 21 years, we have only marginally grown the economy, and here we are saying we are going to have an exponential growth from $4.4 billion to $30 billion in eight years. “Again, we want to create an environment for private sector to thrive. So, we simply said that our mission is going to make Enugu State the preferred destination for investment, for business, and for living. So, we understand clearly that as a government, we are going to have to de-risk investment flow by the private sector into Enugu, “he stated. He added that “Made-inEnugu” products would serve both domestic and foreign markets and would address the problem of unemployment, eradicate poverty, and also create opportunities for investors to explore other areas such as the new energy and mineral resources sector his soon-to-be administration is exploring. On his part, an international energy investor from Europe, Mr. Jens-Christian Moller, expressed confidence in Mbah’s ability to achieve the “ambitious $30 billion dollars economy”, adding that his company would be willing to invest in the state once he is elected. He said the European contingent were interested in training Enugu people in Europe and bringing them back so that they could replicate the technical know-how and other skills in their home state.

Moller said what Mbah intended to achieve in the state was quite ambitious, but accomplishable, noting that it would take extra efforts to achieve seven times the current gross domestic product (GDP) in the state. He said he was impressed listening to him marshal his blueprint, assuring that he would be partnering with the state under Mbah’s leadership once the right framework was made available. In his intervention, the Danish Consulate General in Nigeria, Per Christensen said they had their corporate investments and activities in Lagos state and one in Northern Nigeria, stressing that with the right policies, they were willing to have one in Enugu State to serve the Eastern Nigeria as they had no corpprate investments in the region yet. The Consul General further said he would be glad to come back to Enugu State if Mbah is elected to discuss further on how they could come in with their investments. Speaking at the event, the Director-General of the International Centre for Migration Poicy Development (ICMPD), Dr. Michael Spindelegger, said that the CPS and Business Park opened in the university was a unique collaboration meant to bring together migration expertise, a local university and the private sector to open up prospects for the local population, business location and companies, in order to attract small and mediumsized enterprises to Nigeria with its large and growing market of over 220 million people. Meanwhile, Monsignor Prof. Obiora Ike, who is also a professor of Ethics and Intercultural Studies at the Godfrey Okoye University, described Dr. Mbah as Godsent. “Mbah is not a politician. He is a technocrat; and at certain points, we need a technocrat, who comes to salvage the society, ”he stated.

Governorship candidate of the PDP in Enugu State and CEO of Pinnacle Oil and Gas, Dr. Peter Mbah (Right) in warm handshake with the CEO of Geoﬀrey Okoye University-European Business Park, Mr. Andreas Gebauer (Left), during the oﬃcial opening of the Park and the Centre for Practical Skills in Enugu at the weekend, while the Auxiliary Bishop, Catholic Diocese of Enugu, Most Rev. Ernest Obodo, looks on

MARKET INDICATORS MONEY AND CREDIT STATISTICS Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

Kayode Tokede The Institute of Capital Market Registrars (ICMR) has stressed the need for proper identity management to boost investment in the nation’s capital market. The President & Chairman of Council of the Institute, Mr Oluseyi Owoturo, in a statement said that proper identification of existing

July 2022

Inter-Bank Call Rate

13.00

Minimum Rediscount Rate (MRR)

investors was necessary to prevent identity theft and boost investor confidence in the capital market. He said that issues on proper identification would take centre stage at the ICMR’s 2022 annual conference. Owoturo disclosed that the conference would likely raise the issue of the provision of national identification for all financial transactions.

He added that the need for further coordination between agencies in the capital market would be r-rayed at the annual conference. Owoturo said the conference with the theme: “Sustainability of the Nigerian Capital Market as a Catalyst for Economic Growth and Prosperity,” would hold at Eko Hotels & Suites on Dec. 10.

NNPC Retail, Nestle, MTN, Others Win 2022 Africa Finance Awards The organisers of Africa Finance Awards have announced the winners of the 2022 edition to include NNPC Retail, Nestle Nigeria Plc., MTN, Infinity Trust Mortgage Bank Plc. and Sustainable Procurement. The awards in its 11th edition will witness the crowning of some major brands during the 2022 award

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

Capital Market Registrars Harp on Identity Management

(MILLION NAIRA)

AUGUST 2022

night scheduled to hold in Lagos in days to come. According to the Project Director of AFA, Adesanya Abidemi, the platform is designed to reward organisations in the finance sector of the economy. The last 10th edition has been adjudged as one of the best reward platforms in the industry. “We believe that the 2022

edition will be the best and the award panel committee has already released the names of the winners. These include NNPC Retail, Infinity Trust Mortgage Bank Plc, Nestle Nigeria Plc., Sustainable Procurement Limited, MTN Nigeria, Quantum Construct, Lilvera Group and Linkpoint Resources,” he said.

Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

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

T H I S D AY ˾ MONDAY, NOVEMBER 28, 2022

MARKET NEWS

SEC Warns Fund Managers to Desist from Holding Clients Funds KayodeTokede The Securities and Exchange Commission (SEC) has warned some fund managers still in the habit of holding on to clients’ funds and securities to desist from the act or face severe sanctions from the apex capital market regulator. The Director General, SEC, Mr. Lamido Yuguda stated this during the third quarter Capital Market Committee (CMC) press briefing held in Lagos.

He noted that such act is a clear violation of the Commission’s Consolidated Rule 95 (1-2) and reminded the Fund Managers that all funds and securities of clients being managed by their firms must be vested with the custodians. Yuguda also drew the attention of Fund Managers to issues that arose from the Commission’s recently concluded inspection of Fund/Portfolio Management operations that several Fund Man-

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

agers managing Discretionary and Non-Discretionary Products and Portfolios were yet to seek a ‘No Objection’ of their products and portfolios from the Commission, which is also a violation of the Commission’s Rules. The SEC DG emphasised the increasing importance of Fintech, Sustainable Finance, Financial Inclusion and Non-Interest Finance. He reiterated SEC’s commitment to continue creating awareness, imparting knowledge and

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engendering public participation in these topical areas. He noted that the Minister of Finance, Budget and National Planning has granted approval on Non-Interest Finance (taxation) regulation, which has already been gazetted. ·According to him, “This has important implication for the market towards encouraging new issuances of Non-Interest Capital Market products and services. It is expected that Issuers and Market

T R A D E D MAIN BOARD

Operators will take advantage of this by creating more non interest finance products,” he said. Yuguda expressed appreciation over the recent intervention of the House of Representatives Committee on Capital Markets and Institutions on unclaimed dividends. “The Committee is investigating the rising value of unclaimed dividend and unremitted withholding tax on dividends. The Commission expressed its readiness to provide

A S O F

all the necessary support to the Committee to enable it carry out its assignment.” He stated that the Commission is rebuilding the E-Dividend Management Mandate System (e-DMMS) platform which according to him involves having a centralized submission of E-dividend mandate forms, Application Programming Interface (API) for Banks and Registrars, and a revamped web interface among others.

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MONDAY, NOVEMBER 28, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Report: Iran Bank Manager Fired for Serving Unveiled Woman An Iranian bank manager who served an unveiled woman has been fired, local media reported on Sunday, as demonstrations triggered by the mandatory head-covering rule shake the Islamic republic. Women in the country of more than 80 million people are required to cover their heads, necks and hair, a law enforced by the country’s morality police. The Sept. 16 death in morality police custody of Mahsa Amini, 22, for allegedly breaching the dress code rules, sparked nationwide demonstrations which authorities call “riots.” Mehr news agency reported that the bank manager in Qom province, near the capital Tehran, “had provided bank services on Thursday to an unveiled woman.” As a result, he was “removed from his position by order of the governor,” Mehr quoted deputy governor Ahmad Hajizadeh as saying. Mehr said the video of the unveiled woman “elicited a lot of reaction on social media.” In Iran, most banks are state-controlled, and Hajizadeh said it is the responsibility of managers in such institutions to implement the hijab law. Dozens of people, mainly protesters but also members of the security forces, have been killed during the demonstrations, which Iran says are encouraged by its Western “enemies.”

Somalia Joint Operation Kills 100 Al-Shabab Militants Somalia’s government said Saturday that an operation in the country’s Lower and Middle Shabelle region, conducted by the army, backed by locals, killed more than 100 al-Shabab militants. Speaking to the media in the capital, Mogadishu, Saturday, Somalia’s deputy information minister, Abdirahman Yusuf Omar Adala, said that the operation targeted more than 200 al-Shabab militants gathering for an attack on the Somali military. He said the operation was conducted by the country’s national army, backed by locals and international partners, and took place on the outskirts of the village of El-There at the border of the Lower and Middle Shabelle regions, killing more than 100 al-Shabab Islamist fighters, including 10 “ringleaders.” The government said during the operation, the army and locals “liberated” El-Dhere village and seized weaponry from the group. Adala said the army and locals are now chasing the remnants of the Khawarijs, wanted criminals who were ringleaders planning on hurting the people of Middle Shabelle and Hiran were also there. He also praised the involvement of international partners, who are assisting Somalia’s military from the air during their recent operations in the Horn of African country. He called on al-Shabab fighters to surrender to the government and stop following what he called the wrong path. The operation comes a day after the Somali military said it repulsed an al-Shabab attack on a military base in the village of Qayib in Somalia’s Galmudug state, killing scores of militants. Al-Shabab, which claimed responsibility for the attack, said it killed 43 soldiers and wounded 51 others. On Wednesday, the Somali government said it killed 49 al-Shabab Islamists after an operation in Bulo Madino. Late last week, marking his first 100 days in office, the Somali prime minister said the country’s forces killed more than 600 al-Shabab fighters, wounded 1,200 others and recaptured 68 areas from al-Shabab Islamist militants, who have been fighting the Somali government and AU peacekeeping mission forces since 2007.

UK: Russia Lacks ‘Quality Forces’ Needed to Take Area from Ukraine Both Russia and Ukraine have committed “significant forces” to the area around the Ukrainian towns of Pavlivka and Vuhledar in south-central Donetsk Oblast, according to the British Defense Ministry. The agency said in an intelligence update posted on Twitter Sunday that the area “has

died in the mud-induced landslide in the town of Casamicciola that also injured four and displaced 167. There was confusion earlier over the death toll when Vice Premier Matteo Salvini said eight people were dead. “The situation is very complicated and very serious because probably some of those people are under the mud,” Interior Minister Matteo Piantedosi told RAI state TV from an emergency command centre in Rome. Heavy rain, as much as 126 millimetres in six hours, triggered the landslide. A wave of mud hit Casamicciola Terme, one of the island’s six towns, engulfed at least one house and swept several cars out to sea. Ischia is a volcanic island in the Tyrrhenian Sea and is about 30 kilometres from Naples, the nearest major city. Emergency workers from Naples have been dispatched to the island. In 2017, an earthquake in Casamicciola Terme killed two people.

Ceaseﬁre Holding in Eastern DR Congo, Residents Say

been the scene of intense combat over the last two weeks, though little territory has changed hands.” The area will likely remain “heavily contested,” the ministry said, because “Russia assesses the area has potential as a launch point for a future major advance north to capture the remainder of Ukrainian-held Donetsk Oblast.” However, the ministry said the odds of Russia realizing that goal are slim because “Russia is unlikely to be able to concentrate sufficient quality forces to achieve an operational breakthrough.” On Saturday, Ukrainian President Volodymyr Zelensky hosted a summit in Kyiv to mark the 90th anniversary of Holodomor, or the Great Famine, and to promote the Grain from Ukraine initiative to send grain to countries most afflicted by famine and drought. The Holodomor was a manufactured famine engineered by Soviet dictator Josef Stalin in the winter of 1932-33, during which as many as 8 million Ukrainians died. Zelensky used the anniversary to reiterate Ukraine’s commitment to export grain and other foodstuffs to the global market. These are “not just empty words,” he said.

The accounts raise a fresh concern about alleged atrocities more than three weeks after the warring parties signed a truce that diplomats and others hoped would end suffering in the embattled region home to more than 5 million people. Tigray is still largely cut off from the rest of Ethiopia, although aid deliveries into the region resumed after the Nov. 2 cease-fire deal signed in South Africa. There’s limited or no access to the region for human rights researchers, making it difficult for journalists and others to obtain information from Tigray as Ethiopian forces continue to assert control of the region. Eritrean troops and forces from the neighbouring Ethiopian region of Amhara — who have been fighting on the side of Ethiopia’s federal military in the Tigray conflict — have looted businesses, private properties, vehicles, and health clinics in Shire, a northwestern town that was captured from Tigray forces last month, two aid workers there told The Associated Press, speaking on condition of anonymity because of safety concerns.

Pakistan Arrests Senator over Anti-military Tweets

Four years after India’s Supreme Court scrapped a law criminalizing gay sex, it has agreed to hear petitions seeking legal recognition of same-sex marriages, raising hopes of securing another significant right for the country’s LGBTQ community. One of the two petitioners is a gay couple based in Hyderabad who held a commitment ceremony last December to cement their nearly decade-long relationship. Supriyo Chakraborty and Abhay Dang’s ceremony had all the trappings of a regular, colourful Indian wedding — the couple exchanged vows and rings and participated in a string of traditional rites along with their parents, relatives and friends. The ceremony was important to them, especially for Chakraborty, for whom getting married had always been one of his childhood dreams. “It was after the COVID-19 pandemic. We had both tested positive, and after we recovered, suddenly we realised, what are we waiting for?” he told VOA. But in real terms, the “wedding” ceremony did not change their status.

Authorities in Pakistan arrested an opposition senator Sunday for launching what they said was a “highly obnoxious campaign of intimidating tweets” against the country’s outgoing military chief and other officers. Azam Khan Swati, who represents the opposition Pakistan Tehreek-e-Insaf (PTI) party in the upper house of parliament, was picked up early morning by operatives of the Federal Investigation Agency (FIA) from his residence in the capital, Islamabad. The 75-year-old senator, charged with sedition charges under a controversial cybercrime law, used foul language in his tweets while referring to the army chief, General Qamar Javed Bajwa, who is set to retire Tuesday. An FIA criminal complaint described Swati’s comments against Bajwa and state institutions at large as a “mischievous act of subversion to create [a] rift between personal of armed forces to harm the state of Pakistan.” It was the second time in less than two months that the veteran politician, a close aide of former Prime Minister Imran Khan, was taken into custody over the same allegations.

Kidnappings, Looting Cited in Ethiopia’s Tigray After Truce

2 Dead in Italian Landslide, 4 Injured

Allies of Ethiopia’s federal military are looting property and carrying out mass detentions in Tigray, according to eyewitnesses and aid workers.

Italian rescue workers are continuing their search for victims of Saturday’s landslide on the island of Ischial. Authorities say at least two people have

India’s Top Court to Consider Legalising Same-Sex Marriage

Protesters pushed to the brink by China’s strict COVID measures in Shanghai called for the removal of the country’s all-powerful leader and clashed with police Sunday as crowds took to the streets in several cities in an astounding challenge to the government. Police forcibly cleared the demonstrators in China’s financial capital who called for Xi Jinping’s resignation and the end of the Chinese Communist Party’s rule — but hours later, people rallied again in the same spot, and social media reports indicated protests also spread to at least seven other cities, including the capital of Beijing, and dozens of university campuse.

Malaysia’s New Government Fraught with Thorny Divisions Fundamental tensions over race and corruption inside Malaysia’s disparate new government are likely to test its survival past the first one or two years and will keep its progressive prime minister from pushing long-promised reforms for racial equality, analysts say. In a first for Malaysia, November 19 national elections ended in a hung parliament, with none of the competing party blocs managing to win a simple majority of the 222 seats up for grabs. After days of negotiations among the blocs that still failed to pull a majority alliance together, King Al-Sultan Abdullah Sultan Ahmad Shah, the country’s constitutional monarch, appointed longtime opposition leader Anwar Ibrahim to be the new prime minister and swore him into office Thursday. It marked a remarkable turnaround for a man who had spent nearly 10 years in jail on corruption and sodomy convictions he says were politically motivated. To finally bring a majority government together, the king also ordered Anwar’s multi-ethnic Pakatan Harapan bloc into an awkward alliance with arch-rival Barisan Nasional, which champions privileges for the country’s majority ethnic Malay Muslims.

Key US Legislators Vow Continuing Ukraine Support Newly empowered US Republican lawmakers set to take leadership roles in the House of Representatives in January promised Sunday that Congress would continue to support Ukraine militarily in its nine-month fight against Russia but said there would be more scrutiny of the aid before it is shipped to Kyiv’s forces. Congressmen Michael McCaul of Texas and Mike Turner of Ohio, likely key officials overseeing new Ukraine aid packages, told ABC’s “This Week” show there would be continued bipartisan Republican and Democratic support for Ukraine as Republicans assume a narrow House majority, even though some opposition from both parties has emerged.

T H I S D AY ˾ DAY ͰͶ˜ ͰͮͰͰ

IMAGES

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

L-R: Olokeodan of Okeodan, Oba Olurotimi Fagbenro; member representing Egbado South/Ipokia federal constituency in the House of Representatives, Hon. Kolawole Lawal Mobolorunduro; and beneﬁciary of education grant, Mr. Ajose Moshood, at the presentation of education grant to over 600 students in tertiary institutions nationwide facilitated by Mobolorunduro, held at Okeodan, Ogun State...recently

L-R: Host, Morning Fresh 30 Million Naira Gang Promo, VJ Adams; winner of Kitchen Makeover, Chief Ajayi Folajimi; Brand Manager, Beauty Category, Mabel Faseun; and representative of National Lottery Regulatory Commission (NLRC), Oyeniyi Olabooye, at the Morning Fresh 30MG live draws in Lagos...recently

L-R: Chief Operations Oﬃcer, Nile University of Nigeria, Mr. Jonathan Okharedia; Vice Chancellor OF THE University, Prof. Dilli Dogo; and, Deputy Vice Chancellor of the university, Prof. Dileep Kumar, during a media brieﬁng to commemorate the university’s 10th convocation ceremony in Abuja…recently

Staﬀ members of the Development Bank of Nigeria (DBN) Plc (back row) with students of Government Secondary School, Durumi, Abuja (front row) during the bank’s capacity building training programme for the students, with a focus on Sustainable Development Goals (SDGs) and digital literacy, as its corporate social responsibility, held in Abuja…recently

L-R: Head of Regulatory and Procurement, Lekki Port, Lagos, Daniel Odibe; Chief Commercial Oﬃcer, Lekki Freeport Terminal, Lagos, Kehinde Olubineye; Chief Operating Oﬃcer, Lekki Port, Lagos, Laurence Smith; and Key Account Manager, Lekki Freeport Terminal, Lagos, Essien Nsidibe, at the second edition of the International Maritime Summit held at the Oriental Hotel in Lagos...recently

L-R: Chairman, Nigerian British Golf Tournament (NBCC), Mr. Uwamai Igein; Mrs. Fola Akande of Cadbury Nigeria Plc Lagos; and Deputy Chairman, NBCC, Mrs. Elizabeth Olawore, during the presentation of the overall trophy winner of the ladies category of the tournament to Akande at the just concluded NBCC golf tournament in Lagos…recently

L-R: Archdeacon of St. Paul’s Anglican Church, Ojodu, Lagos, Venerable Alfred Adefoluke; his wife, Felicia; Vicar, St Augustine’s Anglican Church, Anthony Village, Lagos, Venerable Clement Olotu; his wife, Olubunmi; celebrant’s daughter, Mrs. Oluwatoyin Olumoroti (Nee Oni); celebrant’s grandchildren, Ethan and Nathan Olumoroti; celebrant’s husband, Mr. Olusola Oni; celebrant, Mrs. Olufunke Oni; and former Chairman, Nestle Foods Nigeria Plc, Chief Olusegun Osunkeye, during Mrs. Oni’s 60th birthday ceremony and retirement thanksgiving as a Director of Education, at St Augustine’s Anglican Church, Lagos…recently

MONDAY NOVEMBER 28, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 28, 2022

NEWS

CELEBRATING FINANCIAL INCLUSION CHAMPIONS… L-R: Minister of Women Aﬀairs, Pauline Tallen; Secretary to the Government of the Federation, Boss Mustapha; Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aishah Ahmad, and Deputy Governor, Operations, Folashodun Shonubi, at the International Financial Inclusion Conference 2022 dinner to celebrate champions of inclusion held at Transcorp Hilton hotel, Abuja…recently

Lagos Shortlists Mota-Engil, Chinese Ventures for $2.5bn 4th Mainland Bridge A consortium led by Portugal's builder Mota-Engil and two Chinese ventures has been

shortlisted by Lagos state to build a $2.5 billion Fourth Mainland bridge expected to relieve severe

congestion in the mega city, an official of the state told Reuters yesterday.

The 37 kilometre Fourth Mainland Bridge, would be built under a public-private

Ezekwesili Advises Nigeria’s Next President to Launch Macroeconomic Consolidation Programme Harps on need for structural reforms Ugo Aliogo Ahead of the 2023 general election, the Convener/Chairman, FixPolitics, and Founder School of Politics, Policy and Governance (SPPG), Dr. Obiageli Ezekwesili has advised the incoming the president to launch a macroeconomic consolidation programme to re-balance the economy. She said this was important in order to tackle the present realities in the economy such as interest rate, forex and commodity pricing. Ezekwesili, who disclosed this yesterday, at the 5th Anniversary of the Caladium Lagos SME Boot Camp organised in partnership with fedhaGap, said the macroeconomic consolidation programme she proposed would be tough economic policy measures that would bring some level of hardship, which would last for a short period of time, adding that such policy would greatly reposition the economy and place it on the path of growth. “If the person who will be our president really does the right things about the economy, Nigerians

should prepare themselves for difficult times maybe for the first one year of the administration. “There is nothing in African or Nigeria economy that puts us in the realm of exceptionalism,” she stated. She remarked that the Gross Domestic Product (GDP) contracted to 2.25 per cent as a result of the effects of inflation, and foreign exchange pricing, “because when you denominate in naira, you have to convert into current price levels.” Ezekwesili further explained that in terms of economic growth, three things are happening: forex, inflation and economic growth levels are having impacts - stating that the three were affecting the pace at which the economy was expanding. “It means that as our GDP is contracting, we are not growing as we should,” she added. The former World Bank vice president, advised the federal government to put in place measures to kick start economic growth, through sound monetary policy, fiscal policies combined to

Coup Attempt Thwarted in Sao Tome and Principe, Says PM A coup attempt has been thwarted in Sao Tome and Principe, according to the Prime Minister of the African island nation generally praised for its stability. Military barracks came under attack early on Friday, the Prime Minister, Patrice Trovoada said at a news briefing aired on private broadcaster Radio Somos Todos Primos. “We were targeted by an attempted coup, which began around 00:40 (00:40 GMT) and was completed … shortly after 06:00 (06:00 GMT), Al Jazeera quoted him to have said. At least six people have reportedly been detained. The Head of the Economic Community of West African States condemned the coup attempt in

the Gulf of Guinea nation. “Sao Tome and Principe is a country considered a model of parliamentary democracy in Africa,” Guinea-Bissau President Umaro Sissoco Embalo said on Twitter. Trovoada said four attackers were “neutralised” and detained after the coup attempt. A former president of the National Assembly, Delfim Neves, was arrested on Friday morning, and a former soldier, Arlecio Costa, was also detained in relation to the coup, the prime minister said. Neves lost his position on November 11, when a new chamber was installed following elections in September, in which Trovoada’s centre-right Independent Democratic Action (ADI) party won an absolute majority.

giving back macroeconomic stability. She added: “You need macroeconomic stability which means less inflation, less variability in exchange rate, the type of challenges we have with access to foreign exchange rate. “There are many sectors that need serious reforms in order to enable them function and create the impetus for economic activities within them. Whether you are talking about health, education, power, aviation, tourism and

agriculture, they need structural reforms. “Structural reforms are critical for growth. You need to have more friendly environment in terms of regulation, (regulatory framework and bureaucracy) that stands on the way that prevents businesses from being productive should be addressed, because they matter at jumpstarting growth from a level that is sufficient to enable the expansion of the economy, not just contraction of the GDP.

partnership. It would include three toll plazas, nine interchanges and a design speed of 120 kilometres per hour, a senior spokesperson for the Lagos state governor, Jubril Gawat said. Mota-Engil is partnering with China Communication and Construction Corporation and China Road and Bridge Corporation in the bid. China Gezhouba Group Company and China GeoEngineering Corporation joint venture and a consortium led by China Civil Engineering Construction Corporation are the two other shortlisted bidders. The winner of the bid would be announced before the end of the year, said Gawat. The 4th Mainland Bridge is a proposed 38-kilometer long bridge initiative by the Lagos State Government, connecting Lagos Island by way of Lekki,

Langbasa, and Baiyeku towns and across Lagos Lagoon to Itamaga in Ikorodu part. On completion of the project is expected to become the longest bridge in Africa. Governor Babajide Sanwo-Olu had said the contract was at the final stage of completion as all arrangements set for implementation. He had said last year: “We, therefore, believe that the construction of the 37km 4th Mainland Bridge will significantly change the face of transportation and movement in Lagos State. “The ground-breaking for the construction and building of the Bridge will happen before the end of this year. Our PPP concessionaires appear committed as they enter the final stage of the qualification process. All necessary funding has been secured by our partners.”

NCF Raises the Alarm Over Ocean Encroachment in Lagos Warns Lekki-Epe corridor may be washed away by 2024

Ugo Aliogo The Nigerian Conservation Foundation (NCF) has warned that the Lekki-Epe corridor, including the Lekki Conservation Centre (LCC) and the estates surrounding it, may be washed away by 2024 if nothing was done to check ocean encroachment there. The Director General (DG) of NCF, Dr. Joseph Onoja, gave the warning recently in Lagos, at an event to mark the 40th anniversary

of the foundation and award night. Onoja said about 128 metres of land had been lost to the ocean between 2018 and 2022. He noted that ocean encroachment if left unchecked, was an existential threat to the collective existence of the Lekki-Epe corridor. While taking his audience through his presentation, Onoja said the foundation had been painstakingly tracking the ocean’s movement since 2018, using its active drone images, comparing

it with google images. He further explained that they have started taking active drone images in 2018, especially the Lafiaji axis, adding that a redline (marked position) as at August 25, 2022, was gradually becoming part of the ocean. According to him, “We continued to track the movement between 2020 and 2021. By July, 2021, our reference house had gotten close to the ocean. By August 25, 2022, the ocean could just be seen beside the

house. Now, from our projection and from what is happening, if everything remains constant, our referenced redline will remain just by the ocean in 2026. “However, things are not equal, we have already been beaten by the beachhead. By our projection, if nothing is done, by 2024, the ocean would have reached the lower part of the terrain and the ocean will flow freely and meet us on the Lekki-Epe expressway. That is the reality we are facing.”

Green Energy Plans Crude Production Expansion to 25,000bpd, to Invest $750m Set to inaugurate 12mmscfd LPG plant by year end Emmanuel Addeh in Abuja Green Energy International Limited (GEIL), one of the marginal oilfields operators in Nigeria, at the weekend disclosed that it plans to expand its current crude oil production capacity to 25,000bpd in the second phase of the development of its asset. Speaking at the company’s exhibition and end of year party in Abuja, Chairman of the oil firm, Prof. Anthony Adegbulugbe, stated that part of the plan is also to officially open a 12MMSCFD modular Liquefied Petroleum Gas (LPG) extraction plant and 6MW

power generating plants by the end of Q4, 2022. He noted that in terms of field development, Green Energy had established that the conventional approach of piping gas from a remote field needed to be replaced with a less orthodox technique. By achieving this, Adegbulugbe stated that the company succeeded in eliminating the need for expensive pipeline and compression since the gas utilisation facility is located within the field. Furthermore, he explained that a modular, scalable option with a small footprint plant that is quick to

deploy and easy to relocate remains the most preferred associated gas utilisation solution for stranded and small fields. “I am very excited about our next phase of expansion which is to take the field's production to 25,000 bpd. Our previous track record of delivering on our goals through meticulous planning and excellent execution gives me immense confidence to embark on this. “I am pleased to let you know that we are on track to commissioning the 12MMSCFD modular LPG extraction plant and

6MW power generating plants by the end of Q4 2022. “This scale of modular LPG plant will be the first to be installed in the country; an achievement that demonstrates we are undaunted by hitherto serial number one exploits. “It is our intention to showcase this success within the industry as our contribution to ameliorating the perennial associated gas flares that have bedevilled the several stranded pockets of oil fields in the Niger Delta, thus supporting our government's aspiration of combating this malaise,” Adegbulugbe stressed.

T H I S D AY • MONDAY, NOVEMBER 28, 2022

NEWS

THE 2022 LAIF AWARDS… L-R: Vice President, Association of Advertising Agencies Of Nigeria(AAAN), Jenkins Alumona: Director, Association of Advertising Agencies of Nigeria(AAAN), Kemi Fabusoro ; President, AAAN, Steve Babaeko; Chairman, Lagos Advertising and Ideas Festiva(LAIF) Management Board, Mr. Lanre Adisa and Vice Chairman, LAIF Management Board, Temitope Jemerigbe, during the 2022 LAIF SUNDAY ADIGUN Awards held in Lagos …yesterday

2023: Women, Youths Will Deliver Tinubu/Shettima, Says PCC South-south women solidly behind them, Ayade boasts

Adedayo Akinwale in Abuja and Bassey Inyang in Calabar The women wing of the Presidential Campaign Council (PCC) of the All Progressives Congress (APC), has assured that the women and the youths in the party would deliver their candidate, Asiwaju Bola Tinubu in 2023 and his running mate, Kashim Shettima. This is as the wife of the Cross River State Governor, Dr. Linda Ayade, has said women in the South-south region of Nigeria were solidly in support of the presidential duo. The APC women campaign team gave the assurances at the flag-off of the Tinubu/Shettima Women Presidential Campaign Team rally held at the weekend

in Calabar, Cross River State. Head of Media, APC Women Presidential Campaign team, Rinsola Abiola, in a statement yesterday said the First Lady, Aisha Buhari, was represented by her daughter, Zahra Buhari-Indimi. The First Lady noted that the party stood for peace and progress, even as she urged the women to be fully committed to the campaign. According to her, “Women and youths will deliver in the forthcoming general elections.” Wife of the APC presidential candidate and chairman of the women’s team, Senator Oluremi Tinubu, called on the women in the region to support the APC in its quest to win the forthcoming elections. On her part, Mrs. Ayade, urged women and youths to vote APC

at the polls. “I want to thank you all for you’re the opportunity you have given us here in Calabar to be the host of this rally; to gather all the women from the South-south to come and shout out their support for our dear candidate of our great party. “And I want to charge you all women of the great South-south that as you have your PVCs, if you know that you have not collected your PVC, make sure you pick up your PVC. We have to make our voices louder in action come February 2023 by filling out in our numbers, we have the numbers and we want our numbers to reflect on the ballot come February 2023 in support of our dear candidate. "Everybody that has spoken

here has told you that her vote is for the incoming president of Nigeria come 2023, and we want to let the whole country know that the South-south women are solidly behind him; and we the progressive women of the Southsouth are here today to reiterate that support and to say that yes we are ready for the renewed hope for Nigeria," Dr. Ayade said. National Women leader, Dr. Betta Edu, said the women wing of the party, has concluded arrangements to mobilise 40 million electorate to cast their votes in support of Tinubu/Shetima in the forthcoming 2023 presidential election. Edu, who said the APC women wing has the capacity to make the party sustain the victory that brought it to power seven years

INEC Mulls Procedure for PVC Collection, Ends Voters’ Register Display Commission’s office in Ebonyi council set ablaze Chuks Okocha in Abuja The Independent National Electoral Commission (INEC), yesterday, said it would adopt a standard operating procedure (SOP) to make the collection of PVCs as seamless as possible for the 2023 general election. This is as INEC’s area office in Izzi Local Government Area of Ebonyi State, was yesterday, burnt down by some unknown persons. National Commissioner and Chairman Information and Voters Education Committee, Festus Okoye, disclosed this in a statement yesterday, however, just as the display of voters’ register has also ended. Okoye disclosed that the SOP would be worked on between 28 November and December 2, at the 2022 Lagos Retreat of INEC, involving all Residents Electoral Commissioners of the 36 states and the Federal Capital Territory (FCT). The statement read: “The Commission met today, Saturday 26th November 2022, and deliberated

on a number of issues, among them the date and procedure for the collection of Permanent Voters’ Cards (PVCs) and the prosecution of persons arrested for illegal possession of PVCs. “Following the end of the statutory period for the display of the register of voters for claims and objections, the Commission is determined to make the collection of PVCs as seamless as possible. A Standard Operating Procedure (SOP) has been developed. “This will be among the issues to be discussed and finalised at a retreat holding in Lagos from 28th November to 2nd December 2022, involving all the Resident Electoral Commissioners (RECs) from the 36 States of the Federation and the Federal Capital Territory (FCT). “At the end of the retreat, the Commission will release the dates as well as the detailed procedure for the immediate collection of PVCs nationwide. “The Commission appreciates the patience and understanding of Nigerians, especially, those who

registered as voters or applied for transfer/replacement of their cards from January to July 2022. In making the cards available for collection, the Commission is also working to ensure that the process is hitch-free. “In the last couple of weeks, the Nigeria Police has arrested some individuals found to be in illegal possession of voters’ cards in some states of the federation. In one case, the Police have concluded investigation and handed over the case file to the Commission, resulting in the successful prosecution of one Nasiru Idris at a Magistrate Court in Sokoto, who was found to be in possession 101 PVCs in contravention of Sections 117 and 145 of the Electoral Act 2002. He has been sentenced to a year in prison. “Similarly, the Police in Kano State have arrested a man, who was found to be in possession of 367 PVCs. The suspect has been charged to court and the Commission is pursuing his prosecution. The Commission wishes to reiterate that it will continue to pursue all violators of the Electoral Act and

ensure their diligent prosecution," the statement stated. Meanwhile, the Resident Electoral Commissioner (REC) for the state, Mrs Onyeka Pauline Ugochi, confirmed that the commission’s office located in Iboko, was set ablaze yesterday morning. But in a statement by Okoye, INEC added that, the incident occurred around 10.00am, when some unidentified persons set the entire building ablaze. Although there were no casualties from the attack, he said the main building and all the movable and immovable items inside it were destroyed. He listed facilities destroyed to include 340 ballot boxes, 130 voting cubicles, 14 electric power generators, large water storage tanks, assorted office furniture and fixtures and yet to be determined quantities of Permanent Voters' Cards (PVCs). Okoye said the attention of the Nigeria Police Force and other security agencies had been drawn to the incident and that they had commenced investigation.

ago, added: "The deal is 40m votes for Tinubu. We are going for 40m votes for Tinubu/Shetima. If you don't have your PVC, you are wrong. Don't let anybody give you money as exchange for your PVC.” Governor Ben Ayade, in while speaking, commended the women for the choice of Cross River for the their campaign flag-off for South-south.

“Our support for Asiwaju Tinubu is not because he is perfect. Our support for Asiwaju is because of his proven excellent track record as a people-person, who can consolidate on the gains of the present, drive inclusive growth, and lead our country to become more prosperous. The Tinubu/Shettima ticket is the most experienced and the most progressive combination available on the ballot," he said.

Anyaoku, Kukah, Okauru, Others Praise Mojeed's The Letterman A former Secretary General of the Commonwealth, Emeka Anyaoku, the Catholic Archbishop of Sokoto Diocese, Mathew Hassan Kukah and a former Chairman of the Federal Inland Revenue Service (FIRS), Ifueko Omoigui Okauru, have commended the Editor-in-Chief of PREMIUM TIMES, Musikilu Mojeed, for his new book, The Letterman: Inside the 'Secret' Letters of former Nigerian President, Olusegun Obasanjo. There have also been praises from the likes of Toyin Falola, renowned professor and the Frances and Sanger Mossiker Chair in the Humanities at the University of Texas at Austin; Dan Agbese, respected columnist and writer, who was also the editor-in-chief and co-founder of Newswatch, a foremost and trailblazing investigative magazine; and Kadaria Ahmed, founder/CEO at Radio Now 95.3FM Lagos, television host, and former editor of NEXT newspaper. The Letterman, a 492-page, 25-chapter narrative non-fiction, curated some of the most significant and historical letters written and received by former President Obasanjo, which compellingly tell the story of his life, as defined by and defining of the story of his country, Nigeria and the larger African continent. A number of the letters, which were written to dignitaries in Nigeria and around the world, have never been publicly seen, and would be presented to the public on Thursday, December 1, in Abuja. However, some of those who had seen and reviewed the publication ahead of its unveiling, commended the work whose chronicle unfolded from the time of Obasanjo as General

Officer Commanding the Third Marine Commando and his wartime efforts, through his tenure as military head of state between 1976 and 1979, his continental liberation struggles and political activism from the 1970s to 1999, his civilian presidential term from 1999 to 2007, as well as his post-presidency era. Anyaoku, in his commentary, said, “I believe that the Olusegun Obasanjo letters will find a prominent place in the chapters of Nigeria’s contemporary history as informative insights into the national affairs of the country, when they were written. I, therefore, recommend this book, The Letterman, by Musikilu Mojeed to the reading public.” Kukah, wrote: “In the book, The Letterman, Musikilu Mojeed introduces a new genre in presidential history and recordkeeping. No single Nigerian, has captured and traversed the memories of Nigerians like President Obasanjo. Straddling generations, famous for his role in the civil war through accepting the instruments of surrender of the Biafran army, noted for having the longest period of service as Nigeria’s Head of State and President, complex, forceful or brash, he stands out as the only person to have put down almost his every thought in writing. “The Letterman takes the reader through President Obasanjo’s complex, intricate, even serpentine mind, captured by the contents of his no-hold-barred letters. The author has offered readers a precious piece of recorded history that will stand the test of time and occupy a special place in Nigeria’s rather barren Continued on page 50

MONDAY, NOVEMBER 28, 2022 • T H I S D AY

NEWS

AT THE OPENING OF CENTRE FOR PRACTICAL SKILLS... L-R: Catholic Bishop of Enugu Diocese, Most Rev. Dr Calistus Onaga; Vice Chancellor, Godfrey Okoye University, Prof. Christian Anieke; and Enugu PDP governorship candidate, Dr. Peter Mbah, at the oﬃcial opening of the Centre for Practical Skills of the university… recently

CBN Unveils Anti-money Laundering Guidelines for Licencing of Banks, OFIs The Central Bank of Nigeria (CBN) has released new guidelines for licencing of banks and Other Financial Institutions (OFIs) on the implementation of provisions of the Anti- Money Laundering, Combating the Financing of Terrorism and Countering Proliferation of Weapons of Mass Destruction Financing (AML/CFT/ CPF) regulations. The banking sector regulator in a circular posted on its website at the weekend, explained that the

regulation was aimed at ensuring compliance with AML/CFT/CPF rules by individuals and entities applying for license to operate as banks or other financial institutions. It explained that the objectives of the guidelines were to ensure that proceeds of crimes were not used to establish financial institutions; making sure that criminals do not own or control financial institutions in the country; identifying and verifying the beneficial owners of financial

institutions and ensuring that promoters of financial institutions put in place appropriate and effective measures to mitigate ML/ TF/PF risks. “The guidelines will assist promoters of financial institutions to comply with AML/CFT/CPF requirements while applying for operational licences. The provisions specified in this Guidelines are minimum requirements and shall be read in conjunction with AML/

CFT/CPF laws and regulations. “The objectives of this guidelines are to: Guide promoters in complying with AML/CFT/CPF requirements in licence applications for banks and other financial institutions; ensure that proceeds of crimes are not used to establish financial institutions; ensure that criminals do not own or control financial institutions in Nigeria; identify and verify the beneficial owners of financial institutions and ensure that promoters of financial

NUJ to Honour Osoba, Obaigbena, AmukaPemu, Dokpesi, Momoh, Kalu, Others The National Secretariat of the Nigeria Union of Journalists (NUJ) is to honour a few media personalities in the maiden edition of its "Milestone Recognition of Media Icons," initiative. A statement yesterday, explained that unlike other awards, the ‘Milestone Recognition of Media Icons,’ being organised in conjunction with its Lagos State Council was unique in its originality and targets media owners and some seasoned journalists who have distinguished themselves in the industry. The event, billed for the Banquet Hall, Muson Centre, Onikan, Lagos, on December 8, 2022, would have the Governor of Lagos State, Babajide Olusola Sanwo-Olu, as the Chief Host/ Guest Speaker. “Media gurus listed for honour include Prince Sam Amuka-Pemu,

Publisher, Vanguard Newspapers; Aremo Olusegun Osoba, former Governor of Ogun State; Chief Nduka Obaigbena, Publisher/Chairman, ThisDay Newspapers and Arise TV; Chief Raymond Dokpesi, Chairman Emeritus, Daar Communication; Dr. John Momoh, Chief Executive Officer, Channels Media Group; Mallam Kabir Yusuf, Chairman, Trust Media Ltd; Dr. Orji Uzor Kalu, Founder, The Sun Newspapers, among others,” it stated. The Chairman of the Organising Committee for the event, Gbenga Onayiga, explained in the statement that the topflight media personalities are to be honoured for their immense contributions to the development of journalism and the empowerment of media professionals in the country. "Having created and sustained

employment for journalists over the years, our union has deemed it fit to encourage the recipients and other media professionals and entrepreneurs to invest in the industry," Onayiga explained. Other seasoned journalists and media entrepreneurs penciled down for recognition include the Kano State Commissioner for Information and Strategy, who was also a former President of NUJ, Mallam Mohammed Garba; the Chief Executive Officer, Independent Communication Network Limited, Mr. Bayo Onanuga; Chairman, Editorial Board of Penpushing and former Chairman, Lagos NUJ, Mrs. Funke Fadugba; former Managing Director of Champion Newspapers, Mr. Emma Agu and Alhaji Mohammed Idris Malagi, Publisher, Blueprint

Newspapers. The Inspector General of Police, Usman Alkali Baba will also be honoured for his giant strides in curbing rights violation since assuming office. “Mr. Buki Ponle, Managing Director of News Agency of Nigeria (NAN), Mrs.Yemi Kolapo, Publisher/Managing Director, The Point Newspapers & Director General of Governor Yahaya Bello(GYB) Media Organisation as well as Mr John Ajayi, Publisher of Marketing Edge Magazine are also shortlisted for the award. “The Milestone Recognition of Media Icons initiative is designed to encourage top professionals to sustain the tempo and prop up the budding ones not to be discouraged by the current economic and professional challenges,” it added.

candidate of the party in early June, Tinubu has not shared a stage with any of the candidates. Tinubu has continued to avoid public scrutiny or elaborate media interviews where he can answer questions about his source of wealth and his background. Now that he is seeking the highest office in the land, Tinubu has made it clear that he will not attend media interviews or debates. In other words, he wants automatic job employment without an interview. But the issue of his involvement in drugs needs to be settled once and for all so that Nigerians would know whether Ahmed Bola Tinubu

is an innocent man getting a bad whack from the opposition, or whether he is a danger to Nigeria and its democracy, because Nigeria cannot afford to elect a drug lord. “The question is, did Bola Tinubu ever have something to do with heroin trafficking and money laundering leading to the forfeiture of $460,000? If the answer is in the affirmative, then the APC should do the most honourable thing by apologising to Nigerians and withdrawing him from the race because he presents a major national security risk and places Nigeria in the rank of pariah narco-nations.”

TINUBU IS A COMEDIAN, SAYS ATIKU however, claimed he had two degrees from two American universities, which he further stated had been stolen by unknown soldiers during the military junta of the 1990s.” He stated further, “Lagos is used as evidence of his leadership, but Lagos is the major reason he should never be president and the leader of the country and party. He will become an immutable sole administrator in Nigeria as he is in Lagos. “If Tinubu’s ambition were about good governance, we dare to ask why he forced former Governor Ambode out? This self-appointed 'maker' of President Buhari and

'emilokan' exponent, wants to be the Groom in every wedding and the corpse in every funeral. The centre of the political universe. “In Lagos, he is the State. No one can be anything without his approval. Governors are his little errand boys and can only disagree with him at their risk. He keeps them guessing about getting second term so he can have absolute control over them. Only Fashola showed some independent streak. The rest are like cyborgs. The current one is acting like a victim of a brain transplant “Since emerging as the presidential

institutions put in place appropriate and effective measures to mitigate ML/TF/PF risks,” it stated. It further explained that the guidelines cover the minimum AML/CFT/CPF requirements for licence applications for banks and other financial institutions under the regulatory purview of the CBN. “Promoters of financial institutions are required, in addition to complying with other licencing requirements specified in relevant institution-type guidelines, to submit the following with the application for Approval-inPrinciple: Completed and personally signed Beneficial Owners Declaration Form; Notarised statement of networth for all Beneficial Owners, and completed and personally signed Politically Exposed Persons (PEP) Declaration Form “ It stated that the AML/CFT/ CPF Compliance policy shall at a minimum cover compliance structure including designation and status of compliance officer; employee screening and monitoring; customer

identification and verification; customer due diligence measures; ML/TF/PF Risk Assessment; AML/CFT/CPF Training of the board, senior management and other employees; independent assessment of the AML/CFT/ CPF Programme, and suspicious transaction monitoring, reporting and record keeping; “The conditions for rejection of an application for licence or a party to an application shall include: Failure to demonstrate understanding of the ML/TF/PF risks inherent in the business; inability to address the AML/CFT/CPF licensing requirements satisfactorily, especially during the capital verification exercise; misrepresentation of facts and false declaration; and criminal record of a party to the application indicating conviction or any other offence that constitutes financial crime; opaque ownership structure.” It further noted that promoters of financial institutions are required to provide the following

Itsekiri Youths Protest Non Inclusion in NDDC Board

Sylvester Idowu in Warri

The Itsekiri ethnic nationality has kicked against the non-inclusion of the tribe in the recently constituted board of the Niger Delta Development Commission (NDDC), threatening a nationwide protest against the federal government. The ethnic group noted that being the foremost oil and gas producing area in Delta State, an Itsekiri ought to have been appointed as the chairman of the board for the huge economic contribution and responsibilities she carried on behalf of the Nigerian state. Itsekiri National Youth Council (INYC), in a statement issued in Warri yesterday by its President, Oritseweyinmi Agbateyiniro, therefore urged the National Assembly to halt the screening of the nominees on the list forwarded by President Muhammadu Buhari until the proper things were done. She declared "Deriving our position from all extant laws guiding the oil industry, persons from Itsekiri (foremost oil and gas producing area

in Delta state) should immediately be nominated on the list. "Specifically, the position of Chairman, Board of the NDDC zoned to Delta State should be unconditionally given to the Itsekiri ethnic nationality for the huge economic contribution and responsibility she is carrying on behalf of the Nigerian state. "The Senate should suspend the screening of all nominees on that list until the right thing is done. We truly deserve to benefit from our labour," it demanded. The INYC decried the nominations for both the Chairman and Managing Director in the composition of the new board of the NDDC as a calculated attempt to subjugate the oil bearing people of Warri kingdom by the administration of President Muhammadu Buhari. For the sake of equity, justice and fair play, it urged the federal government to look into the Act Establishing the NDDC, the rotational principles by Alphabetical order of the oil producing states and the principle of oil production quantum.

MONDAY, NOVEMBER 28, 2022 • T H I S D AY

NEWS

CELEBRATION OF ORONNA ILARO FESTIVAL... L-R: Ogun State Deputy Governor, Engr. Noimot Salako Oyedele; Chairman of the occasion and Otunba Gbeluniyi of Yewaland, Ako Kashim; Governor Dapo Abiodun; Yeye Otunba Gbeluniyi, Mariam Kashim and Olu of Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle, during the celebration of the Oronna Ilaro Festival held at Ilaro, Ogun State ...yesterday

Food and Beverage Sector Suffers 4.05% Decline, Nine Months after Introduction of Excise Duty

Dike Onwuamaeze

Barely nine months after the federal government imposed an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages in the country, the Food and Beverage Sub-Sector of the Nigerian industrial sector contracted by 4.05 per cent in the third quarter of 2022, which was its first contraction since the 2020

recession. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had announced the introduction of excise duty on January 5, 2022, at the public presentation and breakdown of the 2022 budget. Ahmed had explained that it was introduced in the Finance Act signed into law by President Muhammadu Buhari on Dec. 31, 2021, alongside

the 2022 Appropriation Bill. But the unintended consequence of the imposition of the excise tax has started to manifest with its first contraction since 2020. A statement issued yesterday titled, “Comments on Quarterly GDP Growth for the Third Quarter of 2022” by the Centre for the Promotion of Private Enterprise (CPPE), noted that a matter, “of greater concern was the slump in

the food and beverage sector, which contracted by 4.05 per cent. This is the first contraction of the sector since the recession of the second quarter of 2020.” An Economist and the Chief Executive Officer of the CPPE, Dr. Muda Yusuf, said: “The food and beverage sector is the flagship of the Nigerian manufacturing sector for several decades and the toast of investors in the stock market.

NASS Clerk: Group Threatens Mass Action Against NASC Boss Sunday Aborisade in Abuja A civil society group, Centre for Legislative Advocacy and Action (CLAA), has demanded the immediate resignation of the Chairman of the National Assembly Service Commission (NASC), Ahmed Kadi Amshi or risk mass action. There has been controversy over whether the outgoing Clerk of the National Assembly, Olatunde Ojo, should proceed on pre-retirement leave or continue in office until February 2023. Ojo was directed to proceed on leave but later asked to continue in office by the Chairman of the

National Assembly and President of the Senate, Dr. Ahmed Lawan. The National Coordinator of CLAA, Tanimu Ahmadu, in a statement yesterday, blamed the confusion on the Chairman of the NASC, whom he alleged, issued a memo on July 4, 2022,setting the agenda for the mix up. Ahmadu also questioned the rationale behind the rush to appoint an acting CNA if the Chairman properly understood the rules unless there was credence to bribery allegations rocking the commission in the hurried announcement of an acting CNA. The group noted that every retiring official must proceed on

three months pre-retirement leave against the provision of service rules 100238. Ahmadu averred that it was incredulous that the assembly commission’s chairman was unable to understand the relevant section of the rule, stressing that it showed that he was incompetent, biased and incapable of continuing in office. He, therefore, called on Lawan to save the comission from a total collapse by ensuring that a more competent hand was appointed to run the affairs of the NASC. "For a National Assembly Service Commission Chairman to be unable to correctly interpret

the rules of the civil service is worrying. Therefore, the whole confusion that has continued to engulf succession at the National Assembly bureaucracy. "This situation if permitted to continue will erode the integrity and sanctity of the commission, hence, our demand that the chairman of the commission to step down,” the CLAA stated. Ahmad noted that it was even more worrisome when the Head of Civil Service of the Federation had given “correct interpretation to the rules, yet, the chairman believes he must have the final say even when it was outside his purview to do so.

PROBE BUHARI'S SOCIAL INVESTMENT PROGRAMME, CSOS IN NORTHERN NIGERIA TELL EFCC, ICPC has now been placed at 20 million, poverty, maternal health, security and the rest. "It is our hope that, we shall secure the commitment of the potentially engaged presidential candidates, by ensuring that adequate priority is accorded to such development deficit through aggressive and well defined interventions programmes to address them. "We wish to also, considering the huge investment of this government on social investment programmes, and the report released by the National Bureau of Statistics on the increased rate of poverty in the country. "We beseech the leadership of Anti- graft agencies such as EFFC and ICPC to conduct a discrete investigation on the funds claimed to be disbursed by some Federal Government Ministries and Agencies to find out what has gone wrong. "The investigation into this matter is significant, as there is no correlation between the funds invested in the social protection programmes and the increased rate of poverty in the country. "It is pertinent to commend the

efforts of the security agencies in the recent weeks for their continued onslaught on bandits and insurgents across many states in the country. "We do hope that federal government shall continue to do everything possible to neutralise the bandits completely before another rainy season that gives them cover comes. It is our hope that this tempo shall be sustained to ensure that, security and public safety is restored in all parts of the country. "While we commend the doggedness of the Muhammadu Buhari-led government for the giant strives at ensuring that, the oil drilling in some states have become a reality. "Similarly, we wish to call on the Federal government to expedite actions to ensure the completion of other critical projects such as: Mambila Power project, Ajaokuta Steel Company, Baro Ports, Abuja to Kano Road, Kano to Katsina Road, Kano to Lagos Rail line, Lagos Ibadan Road and the rest around the country. "This we believe shall surely promote economic activities in the country, as well provide job opportunities for the Nigerians

citizens. "It is pertinent to recognise the foresight and commitment of the House of Representatives for taking the bull by the horn to establish a commission for Almajiris and out of School Children, through a bill which has successfully passed the second reading. "This giant strive shall surely complement and consolidate the efforts of other previous administrations to address the lingering issue of Almajiris children in the country, as well as out of school children in other parts of the country. "While we await the smooth passing of this historic bill, we commend the vision of the sponsors and all those that have supported this laudable initiative, especially the Speaker of the House of Representatives, Right Hon. Femi Gbajabiamila, " the CSOs added. Meanwhile, the Permanent Secretary, Ministry of Budget and Economic Planning Sokoto State, Alhaji Arzika Bodinga has expressed dismayed over the recent ranking of Sokoto state as the poorest state in the country. Bodinga said this at a one-day workshop on Dissemination

of the 2021 Multiple Indicator Cluster Survey (MICS)/ National Immunisation Coverage Survey (NICS) 2021 in Sokoto recently. Bodinga said: “We are asking for more serious scrutiny on the figure, rankings, I dare the agency to come up with data of any person found dead on account of hunger along township streets including rural areas across the state. ''Go to Specialist Hospital, Usmanu Danfodio University Teaching Hospital all in Sokoto and monitor how our people troops to donate blood, it is only healthy person that can donate blood. “The welfare of citizens is not compatible to the related figure and we will continue to push for more positive results.'' According to him, the state in partnership with donor agencies ensured promulgation of Child Protection Law, Violence Against Persons Prohibition (VAPP) law, Contributory Health Insurance Law and other legal framework. ''We facilitated enactment of food and nutrition policy, the Conditional Cash Transfers Scheme, improve Water and Sanitation Health (WASH) facilities and many social protection policies.

“The sector contributed N2.2 trillion to GDP in the third quarter of 2022. This development is a reflection of a major setback for the Nigerian manufacturing sector which calls for an emergency response by the government. “The plunge in the manufacturing sector performance has profound implications for food inflation, food security and employment. The food processing sector has the biggest impact on jobs because of the strong backward integration content and high multiplier effect in the agriculture value chain.” Yusuf added that, “a striking feature of the GDP Q3 report was the contraction of the manufacturing sector, which shrunk by 1.91 per cent. This is the first quarterly contraction of the manufacturing sector since 2020 when the economy slipped into recession.” He also identified sectors that have posted two consecutive quarters of negative GDP growth, which he described as, “segments of the economy that are experiencing much deeper crisis of recovery. They include: the crude oil and gas sector, oil refining, textiles and railways. These sectors are plagued by challenges of insecurity, wrong policy choices, structural impediments, plunge in productivity and corruption.” Yusuf, who was the immediate

past director general of the Lagos Chamber of Commerce and Industry, also called for reforms and intervention measures in order to fix the economy and address sectors that are either in recession, or have slowed and those that have contracted. Some of the measures, according to him, included fixing the macroeconomic headwinds of high inflation and currency volatility, addressing the structural impediments to production and other economic activities and reforming the foreign exchange market to inspire investors’ confidence. Other measured include addressing the challenges of insecurity and logistics and taking urgent steps to tame inflation and boost purchasing power of the citizens. He also called for accelerating, “the implementation of the Petroleum Industry Act, and reforming the monetary policies to facilitate financial deepening in the economy as well as the provision of creative support for small businesses to promote economic inclusion. He also called for acceleration of efforts to ensure domestic refining of petroleum products and fiscal reforms that would prioritise infrastructural development and transparency in the budgetary process.

ANYAOKU, KUKAH, OKAURU, OTHERS PRAISE MOJEED'S THE LETTERMAN

shelves of presidential writing.” Former FIRS chair, Okauru, stated, “I am amazed by the sheer quantum and depth of records accessed to write this book and the record-keeping ability of the letter writer, which is worthy of emulation. This book is truly a treasure trove of information. Musikilu Mojeed demonstrates a knack for seeking the deep, unusual and insightful perspectives and presents this to his readers. “He provides, through a review of letters written or received by President Olusegun Obasanjo, spanning from 1952 to 2020, an insight into history – especially Nigerian history, a fair portrayal of the consistency of the man behind the letters, and most importantly the cyclical nature of the challenges of governance in Nigeria and Africa. This is a must and captivating read for all persons seeking to build a prosperous Nigerian nation and a truly great African continent.” On his part, Falola, held the view that, “Mojeed has miraculously uncovered treasure troves of

letters and meticulously analysed momentous moments, mindful of the place of the documents in our country’s history. The Letterman reveals values and character, in strong prose that exposes the workings of the inner mind of Nigeria’s most complicated leader, self-assured nationalist, versatile entrepreneur, and belletrist. “This is a book for keeps — what historians categorise as an archive with an imperishable quality. This book will become both the source and preface to a series of other books on the language of politics and the politics of language. It is a masterpiece to understand the anatomy of authority, the conventions of power, and the intensity of intraelite intrigues.” Journalist Agbese contended that, “Musikilu Mojeed has written an engaging biography of the former Nigerian president entirely from his letters. Obasanjo used his letters to persuade, educate, and chide international and local political leaders and fight for justice at home and abroad...

MONDAY NOVEMBER 28, 2022 • T H I S D AY

MONDAY NOVEMBER 28, 2022˾ T H I S D AY

NEWS

REMEMBERING THEIR PARENTS……

L-R: Children of former General Overseer of the Foursquare Gospel Church in Nigeria, late Rev (Dr.) Wilson Badejo, Femi Badejo; Mrs. Nike Koya; Oreoluwa Badejo; Mrs. Damilola Onakpoya; Mrs. Ope Aturu; incumbent General Overseer, Rev Sam Aboyeji, and his wife, Rev. (Mrs). Olabisi Aboyeji, at the first year memorial service in honour of their parents in Yaba, Lagos…recently

Auditors Uncover Payroll Fraud in Amnesty Programme 513 persons receiving multiple stipends

Olusegun Samuel in Yenagoa

The Strategic Communication Committee (SCC) of the Presidential Amnesty Programme (PAP) has disclosed that external and internal auditors recently uncovered

a massive payroll fraud in the amnesty office. Speaking at the weekend in Yenagoa, Bayelsa State, the SCC led by its Chairman and ex-agitator, Nature Dumale Kieghe, said according to the discovery, an individual was

receiving stipends of 33 persons through fraudulent means. He said about 513 persons were linked to multiple payments insisting that the new management of PAP was poised to repositioning the scheme for optimum performance. Dumale said following the development, the Interim

Administrator, Maj.-Gen. Barry Ndiomu (rtd), immediately initiated verification of all beneficiaries of the programme as part of the ongoing investigation. He explained that the audit and efforts of Ndiomu to clean the payroll was the reason some beneficiaries of the programme had yet to receive their monthly

stipends, adding that all affected and genuine outstanding stipends would be paid after verifications. Describing Ndiomu’s efforts as proactive, Dumale said upon assumption of office, the amnesty boss renegotiated all existing contracts with vendors and in the process saved N1.5 billion

for PAP. He said: “Ndiomu initiated internal and external audit of PAP’s database. The auditors uncovered monumental fraud especially in the payment of stipends where an individual is receiving stipends meant for 33 persons through fraudulent means.

A group, the Centre for Reform and Advocacy (CRA) has petitioned the Attorney General of the Federation (AGF), Abubakar Malami (SAN), demanding the prosecution of the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu for alleged drug trafficking. The demand followed the

copy by the United States District Court for the Northern District of Illinois which featured the forfeiture of $460,000 for drugs trafficking and money laundering The group, through its counsel, Kalu Agu titled, ‘Demand to direct the National Drug Law Enforcement Agency to immediately commence the process for the prosecution of

for dealing in narcotics trafficking and money laundering’, dated November 14, 2022, which was submitted to the office of the AGF on the 15th of November. The letter read: “It is our honour and privilege and in total fidelity to our objective that we, respectfully, call your attention to the letter attached hereto as annexure “A”.

we, on the 8th day of November, 2022 served annexure “A” on the Chairman of NDLEA and therein we demanded for the prosecution of Senator Bola Ahmed Tinubu under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022, for his involvement in Narcotics Trafficking and Money Laundering.

2023: Court Reserves Judgement in Group Petitions Malami, Demands Tinubu’s Prosecution for Alleged Drug Trafficking PDP Suit against Lulu-Briggs Adedayo recent release of certified true Senator Bola Ahmed Tinubu “As evident ex facie the letter Akinwale Blessing Ibunge in Port Harcourt

Justice Stephen Daylop-Pam of a Federal High Court in Port Harcourt, Rivers State has reserved judgment in a suit filed by the Peoples Democratic Party (PDP) against Independent National Electoral Commission (INEC), Accord Political Party, its governorship candidate in the State, Dumo Lulu-Briggs and his running mate. Justice Pam reserved the judgment after counsels in the matter argued and adopted their final written addresses. He told the parties that he would communicate them on the new date for the judgement. The PDP filed the suit seeking directives to INEC to disqualify Accord and

its governorship candidate Lulu-Briggs and his running from participating in the 2023 elections, claiming that the delegates elections that brought them in was not monitor by the INEC. Speaking to journalists outside the courtroom, counsel to Lulu-Briggs and his running mate, Abiodun Owonikoko, (a Senior Advocate of Nigeria) expressed concern over recent conflicting position of Port Harcourt division of federal High Court in political suit. “The matter was adjourned from last week till today (Friday) for hearing of the main case and all the objections. And today, the court heard all the parties. You must have observed that the court gave all of us opportunity to expatiate the peak of our cases.”

KSM Demands Justice over Killing of Catholic Priests, Other Nigerians George Okoh The Knight of Saint Mulumba Nigeria (KSM) has demanded Justice over the killings of Catholic priests and other Nigerians by terrorist groups in the country. The KSM Supreme Knight Sir Charles Mbelede, while briefing the press in Abuja on the 43rd Supreme Convention of KSM

with the theme, “The role of the Church in the advocacy and the Promotion of Peace, Equity, Justice and Development in the Democratic Transition in Nigeria” said the KSM is advocating against the unbridled killings of catholic priests and other Nigerians, irrespective of their religious persuasions and called for Justice for the victims He said as a highly disciplined

body, “We demand that justice must be served at all times and will continue to abbor all forms of impurity and lawlessness” Mbelede said the knights came out boldly to condemn the senseless invasion of St. Francis Xavier Catholic Church, Owo on Pentecost Sunday earlier in the year in which over 60 worshippers, “including two of our promising members

and their ward were killed and it is common knowledge that Professor (Bro) and Lady Adesina Ajanaku and their ward, were among the death statistics in that hurrendous expedition.” He also said it is unacceptable the acts of violent extremism on Christians and the catholic church by Islamic extremists in Nigeria.

Human rights lawyer, Mr.Femi Falana, SAN, has warned that the 2023 election may be marred by violence, stressing that elections cannot hold in many parts of Nigeria given the activities of criminals in some parts of the company. Speaking on Channel Television programme, Politics Today, yesterday,

reports at his disposal, criminals have taken control in about 616 local government in Nigeria, where you cannot talk about election. Falana also expressed worries about the inability of the law enforcement agencies to prosecute electoral offenders, adding that unless something urgent is done the 2023 elections may be marred by violence of unimaginable proportion.

cannot be conducted as of today, and I understand from security reports that criminals have taken control in about 616 Local Government in Nigeria, where you cannot talk about election. “There are local governments in Nigeria today, where farmers have to pay levies posed on them terrorists. You can’t talk of elections in those places. The members of the political

to sit down instead of jumping all over the place. Can we really hold election under an atmosphere of violence and lawlessness as we are currently witnessing. Because if this trend continues, the credibility of the elections will be questioned. Candidate will say I would have won in places where you didn’t hold election, and that would be problematic.

Asaba Memorial, Exhibition Falana: 2023 Elections May Be Marred by Violence ‘ll Inspire Nigerians Wale Falana stated that based on security He said: “In Nigeria, elections class and the government will have Igbintade

Sunday Okobi

The Asaba Memorial Committee has announced the opening of Asaba Memorial, a group exhibition curated by Otsholeng Poo, and convened by Chief Chuck Nduka-Eze, the Isama Ajie of Asaba, to commemorate the tragic events of the Asaba Massacre in 1967. The organisers of the memorial, at an event held in Lagos yesterday to usher in the memorial, described it as “a captivating selection of work by Nigerian artists that provokes awareness and recognition of the tragic event in Nigeria’s history and aims to support the development of the Asaba Memorial Park - a cultural monument in honour of the victims of the Asaba massacre of 1967.” Speaking on the event, Chief

Nduka-Eze ,explained the importance of using art as a powerful catalyst for bringing awareness to important issues that receive only marginal attention. He said: “To date, there has been no proper explanation or official apology from the Federal Government of Nigeria for the humanitarian crime. “We encourage everyone to come and explore the exhibition. It will challenge people not only to ask, ‘what could have been done, but also, ‘what can we do?’ This is the first step to creating a memorial site that is accessible and dignified in its representation to honour the victims, a place that will be a community symbol of all the lives lost and extend to encompass a cultural and recreational attraction for both local and international tourists.”

Kogi PDP Presidential Campaign to Comply with Signage Law Ibrahim Oyewale in Lokoja The Kogi State Peoples Democratic Party (PDP) Presidential Election Management Committee has declared its intention to comply with the signage law passed by the state House of Assembly and duly signed into law on September 6, 2022. The resolution was made at a meeting held on November 23,

2022, which reviewed the issues at stake in Lokoja, as all PDP candidates have been advised to comply with the signage law in furtherance of the party’s campaign strategies. The meeting was presided over by the former Deputy Governor of Kogi State, Yomi Awoniyi, who is the state director-general of the PDP Election Management Committee, and declared that the PDP is a

law-abiding political party and will obey all laws duly passed by appropriate organs of government. He reiterated the hope and belief that the law would address the issue of sanctioning “those who go about defacing posters and damaging PDP billboards.” In attendance at the meeting were Kabiru Usman and Hon Alfred Bello, secretary and administrative secretary respectively. Also present

were all the 13 Deputy Directors namely: Hon A.K Saliu, Capt Joe Agada, Dr Rabiu Mohammed, Barr. Shola Ojo, Chief Sam Abenemi, Dr. Joe Erico, Engr Stephen Onoji, Olori Margret Orebiyi, Hon Joash Omonayin - representing, Apostle Solomon Bello, Hon Ismalia Aruwa, John Mark and Austin Ochu; members of various directorates, and local government area coordinators

MONDAY NOVEMBER 28, 2022˾ T H I S D AY

NEWS XTRA

ENUGU VARSITY HONOURS OBI CUBANA…

L-R: Mrs. Ebele Iyiegbu; Governor Ifeanyi Ugwuanyi of Enugu State, and Mr. Obinna Iyiegbu (Obi Cubana) after the Enugu State University of Science and Technology accorded Doctor of Business Administration ( Honorari Cosa) on Obi Cubana, in Enugu…recently

You Can’t Disenfranchise Nigerian Voters, Court Tells INEC A Federal High Court sitting in Abuja, presided over by the Honourable Justice Inyang Ekwo, on Friday,25th November, 2022, declared that the Independent National Electoral Commission (INEC ), acted unlawfully, when

it stopped the Continuous Voters’ Registration (CRV ) exercise on July 31, 2022,more than six months to the 2023 general elections. The court delivered the judgement in suit marked ABJ/

CS/ABJ/1335/2022, instituted by frontline constitutional lawyer, Chief Mike Ozekhome, SAN, and Abubakar Damisa Sani,as Plaintiffs. Justice Inyang Ekwo held that he was convinced that the action by electoral body, “would disenfranchise millions of eligible potential voters”.

He also held that INEC could only stop the CRV exercise, at least 90 days before the next general elections scheduled for February 25, 2023. In the landmark suit argued by Chief Ozekhome, Justice Ekwo, held thus: “In my opinion, the intent of the

lawmaker in making any law is that any person to whom the responsibility, power or authority for implementing the law Is given must act reasonably in doing so. “This means that the power of the Defendant to stop the exercise of continuous

registration of voters not later than 90 days before the general elections must be exercised reasonably. “The Defendant ended the CVR on 31st July, 2022 when the general election by its Timetable starts on 25th February, 2023.

Drug Law Enforcement Agency (NDLEA), have arrested a member of Lagos major drug syndicate, a 56-year-old, Lawal Oyenuga, who was on a mission to deliver 400 grammes of cocaine concealed in a pair of palm sandals in Jeddah, Saudi Arabia. Orenuga’s arrest led to a swift follow-up arrest of a wanted

of mules for the cartel. A statement on Sunday by the spokesman of NDLEA, Femi Babafemi, said operatives of the anti-narcotics agency attached to the screening point of the Murtala Muhammed International Airport, Lagos, had on Thursday 24th November intercepted Oyenuga with a pair of black palm sandals

Airways flight. Babafemi disclosed that a thorough examination of the sandals revealed they were used to conceal two parcels of cocaine weighing 400 grammes, noting that this was barely a week after a 56-year-old widow and mother of four, Mrs. Ajisegiri Sidika, was arrested at the airport over her

a Qatar Airways flight. The spokesman said Oyenuga in his statement claimed he was recruited to traffic the drug by Wasiu Gbolahan popularly known as Teacher, adding that he was first given some pellets of cocaine to swallow but when he couldn’t do that, he was given the ones concealed in the palm sandals.

‘Alumni Endowment Arrests Saudi-bound Trafficker with Cocaine in Sandals Fund to Assist Lecturers NDLEA notorious kingpin, Wasiu Gbolahan packed in the luggage he was attempt to traffic 400 grammes of Michael Olugbode in Abuja known as Teacher, who going with to Jeddah, Saudi Arabia cocaine concealed in her footwear ‘ll End ASUUdollars. Strike Era’ Operatives of the National popularly is notorious for the recruitment via Addis Ababa on an Ethiopian to Makkah, Saudi Arabia on board We put money into this Ayodeji Ake The University of Lagos (UNILAG) Alumni has suggested that the creation of an Alumni Endowment Fund would put an end to recurring cases of Academic Staff Union of Universities’ (ASUU) strikes. Speaking recently at the UNILAG Chemical Engineering 1997 Class’ 25th Anniversary, an Alumnus, Mr. Adegboyega Babasola, urged alumni across the country and in diaspora to embrace the establishment of endowment fund. Babasola said: “For the ASUU strike, I think the alumni association of every institute needs to be step-up. In the western world, there is the Alumni Endowment Fund which runs into billions of

purse to fund institutions as giving back because the institution had planted and invested in us. We can come together and create endowment fund to support our lecturers. “Proudly speaking, education in Nigeria is very rich and thorough but in most cases there is no alignment with the industry which has been one of the challenges. “Education shouldn’t be just by reading and passing but industry application should be taught as well. I had no idea of industry applications until I got to the industry. I think industry and academics should be closer. I did my masters in Canada. Research cases were all funded by a gas company and we were working closely with the industry.”

Senate Probes Ministry over Alleged Forgery to Justify N208m Payment Sunday Aborisade in Abuja The Senate Public Accounts Committee (SPAC) has accused officials of the Federal Ministry of Labour of allegedly forging signatures of some participants to justify the N208m it spent on the

Zonal Skill Acquisition it organised. The programme took place at all the six geopolitical zones of the federation in 2021, with each zone collecting N35 million except the South-east which got N32 million.

The amount spent to fund the programme was drawn from Service Wide Vote (SWV) which has become subject of investigation by the Senate Public Accounts Panel. The ministry collected N2.3 billion from the SWV between 2017 and 2021.The

sum of N1.146 billion was meant for capital expenditure while N1.162 billion was for recurrent. The Ministry, according to SPAC, failed to subject the expenditure to the Auditor General of the Federation’s scrutiny.

Seeks Admission into G20 Group, Aregbesola Wants End to Insecurity Heritage Energy Holds FG The Federal Government has participation in the fight against eminently qualified to be must be part of any global the full admission of insecurity, saying that the admitted due to its strategic initiative where collective Tertiary Scholarship Exam canvassed the country into the Group of government should not be left position in global affairs. decision on global affairs are The management of Heritage Energy Operational Services Limited(HEOSL), operators of the OML 30 joint ventures last Saturday conducted a tertiary scholarship selection test for over 300 shortlisted candidates drawn from 112 host communities. The examination conducted at the College of Education, Warri in collaboration with the West African Examination Council(WAEC) is part of the process to select about 186 beneficiaries of the HEOSL 2022/2023 university scholarship programme. Commenting, the Chief Executive Officer of HEOSL, Ado Oseragbaje, said that the scholarship programme is one of the cardinal streams in the OML 30 JV partnership’s support for education as part of the strategic enhancement of human capital development in the communities where they operate. He commended the host communities for their positive response to the process while enjoining them to continue to provide a peaceful and enabling

environment for the company as “this type of partnership brings progress to all stakeholders” Also speaking, General Manager, Government, Joint Venture and External Relations, HEOSL, Adesola Adebaw, said: “The scholarship selection process is highly competitive, fair and transparent which is why an experienced independent examination management body such as WAEC is coordinating. The idea is to ensure that only the best candidates are selected from the beneficiary communities” According to him, about 800 scholars will benefit from this yearly scholarship programme in both the secondary and university categories. Addressing the students shortly before the kick-off of the test, Head, Community Relations and Security, HEOSL, Sylvester Oko, said the company was passionate about their educational growth and encouraged them to be serious in their academic pursuit as those scholars who excel stand a chance of being employed in the company after graduation.

20 nations(G20).Making the call recently in New Delhi, India was the Minister of Interior, Ogbeni Rauf Aregbesola at an international event on counter terrorism. Similarly, Aregbesola, at the weekend, called for community

alone in the task of providing security the country. Addressing his audience made up of governmental officials of powerful nations, security experts as well as policy makers, Aregbesola stated that Nigeria was

According to the minister, the position of the country as the biggest and largest black nation on earth further buttresses his call. “It is not in doubt that Nigeria is the largest black nation in the world and so

to be taken,” he said. Aregbesola also listed the various contributions of Nigeria to global peace, security and development as other credentials that qualify the country to be admitted into the elite group.

Abiodun: I’ll Demolish Cultists’ Abode If Discovered

James SowoleinAkure

Ogun State Governor, Dapo Abiodun, at the weekend, warned that his administration, would pull down houses, serving as haven for cultists and their activities in the state. The governor gave the warning

following recent cultism-related killings in Iperu-Remo and its environs, at the 2022 Akesan Day Celebration held at the Apostolic Grammar School, Iperu-Remo. Abiodun reinforced the warning that his administration, would not tolerate cultism and its attendant criminal activities, declaring that

government, would not spare anyone caught in the act. He enjoined the Alaperu of Iperu-Remo, Oba Idowu Basibo and chiefs of the town to call a meeting and discuss ways of nipping the evil act in the bud. The governor also urged parents to rein in their children

as government would not condone a situation, where few individuals would give the state a bad name. “As at today, our state is regarded as the most peaceful in Nigeria. The reason why investors are trooping into our state is because apart from having good roads, we have adequate security.”

Group Urges Women with Proven Integrity to Vie for Political Offices Hammed Shittu in Ilorin

A non-governmental organization(NGO), International Women Communication Centre in conjunction with McAthur

Foundation, has called on women with proven integrity and character to contest for political offices to enhance gender inclusion in Nigeria electoral process. A communique issued in

Ilorin, Kwara state capital at the end of a one-day workshop for journalists on national gender policy and gender equity and social inclusion stated that, the call became imperative so as to change

the negative narrative about the women involvement in politics. The event was themed, “Towards Implementation of Electoral Integrity and Accountability in Kwara State”

MONDAY, ͺ΀˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

The Atlas Lions of Morocco have created the latest upset at the 2022 World Cup here in Qatar, defeating Belgium with two late un-replied goals by Abdelhamid Sabiri and Zakaria Aboukhlal. This 2-0 defeat of former world number one ranked Belgium is almost equivalent to the defeat

of Germany by Japan as well as Saudi Arabia’s upset of Lionel Messi’s Argentina. Sabiri scored from an audaciously tight angle against Thibaut Courtois while substitute Zakaria Aboukhlal added a second in stoppage time as Morocco shocked the star-studded Belgian side in Group F at the Al

Diary

DURO’s DOHA A

Nigerians with Naira in Qatar

Thumama Stadium on Sunday. Before the goals came, the Moroccans scored a goal that was disallowed. The victory sparked wild celebrations in the stands of Al Thumama Stadium from thousands of Morocco fans, who had created a raucous atmosphere from the start. The result means Morocco moves above Belgium to the top of Group F on four points, while Belgium are on three points leaving Croatia on just a point. Canada who will meet Croatia later in the evening are yet to record any point.

DURO IKHAZUAGBE Reporting live