MONDAY 29TH NOVEMBER 2021 by THISDAY Newspapers Ltd

How Army, Using Informants, Infiltrated, Arrested Fleeing Terrorists in Lagos 9 Brigade intercepts, arrests another with explosives Uncovers more sleeper cells in Lagos, Ogun Army establishes new brigade in Adamawa

Chiemelie Ezeobi More details have emerged on how the Nigerian Army trailed and arrested in Lagos some 13

Boko Haram terrorists, who had coordinated and carried out several deadly attacks on troops in the North-east, including those that killed

many security operatives. The suspects were arrested during a raid on their hideouts at the Itapeju area of Apapa, in Lagos.

THISDAY reliably gathered that after carrying out several deadly attacks on civilians and troops, the suspects fled to Lagos and hid in a terrorist

sleeper cell at Itapeju. According to findings, the terrorists had fled to Lagos because operatives of Operation Hadin Kai

(OPHK), a Joint Task Force in the North-east, launched a massive reprisal onslaught, Continued on page 8

Security Foils Attack on Jos Prison as Gunmen are Trapped in Facility...Page 52 Monday 29 November, 2021 Vol 26. No 9730. Price: N250

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NDIC to Adopt Risk-based Approach in Determining Banks’ Premium Says in event of banks' failure, 97% depositors would be covered

Ugo Aliogo The Nigeria Deposit Insurance Corporation (NDIC) said it

was reviewing its approach for determining the premium by banks to its Deposit Insurance Fund (DIF), with a view

to adopting a risk-based approach. Managing Director of NDIC, Mr. Bello Hassan,

disclosed this in a keynote address he delivered at the 2021 Editors’ Forum, with the theme, “Enduring Extreme

Disruptions: Resilience and Reinvention for Banking System Stability and Deposit Insurance,” organised by the

corporation in Lagos at the weekend. Continued on page 8

Omicron COVID-19: Nigeria Stands with S’Africa, Warns West against Discrimination AfDB president says Africa should not be penalised for new strain Wants vaccine manufacturing accelerated in continent Emefiele, OPS seek proactive action Ramaphosa urges countries to reverse travel ban See story on page 8 THE MONDAY INTERVIEW CHAUDHURI

"The growing burden of petrol subsidy, are likely to hit Nigeria very hard next year unless..." See pages 21-23

All Set for Arise Fashion Week in Dubai Kano Motif adopted as symbol

All is now set for Africa's most dominant and dazzling runway platform, Arise Fashion Week (AFW), which holds at the Dubai Expo 2020 from December 3, 2021. The organisers of the fashion show have also adopted the unique Kano motif as its symbol. The AFWwhich holds in collaboration with the Nigerian Pavilion at Expo2020 Dubai and the Federal Ministry of Industry Trade and Investment, would be showcasing the best of African fashion designers and music at the expo in Dubai.

For the Expo2020 Dubai, Lisa Folawiyo, Ituen Basi, Banke Kuku, Onalaja,Tjwho, Lagos Space Programme, Huddaya, would be among the fashion designers that would have their collections on the runway. Also, Grammy-award winning singer Wizkid would be providing musical entertainment and long-term partner of Arise Fashion Week, Naomi Campbell would be making an appearance alongside other global celebrities. Since its return, Arise Fashion Week has been at the forefront of promoting

and celebrating the next generation of African fashion designers. Last year, the award which was televised on ARISE News and streamed on ARISE Play showcased 30 designers who were picked from a pool of 150. It was the first time the

platform attached a monetary reward to the runway. Kenneth Ize emerged the overall winner, walking away with $100,000 cash prize while runners-up Ré Lagos and South African Mmuso Maxwell received $75,000 and $50,000 respectively.

Maduka, Coscharis Group Founder, Loses Wife... Page 52

IBADAN GET SET, THE BIG PRIZES ARE COMING... DATE - THURSDAY, 2ND DECEMBER, 2021 LOCATION - GLOWORLD, IWO ROAD. IBADAN TIME - 11:00 AM

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MONDAY NOVEMBER 29, 2021 • T H I S D AY

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

NEWS

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

CHRISTMAS AND NEW YEAR LIGHT UP CEREMONY... L-R: Group Head, Customer Fulﬁlment Centre (CFC), United Bank for Africa Plc, Prince Ayewoh; Group Head, Personal Banking and Retail Liabilities, Ogechi Altraide; Deputy Managing Director, Oliver Alawuba; Group Managing Director/CEO, Mr. Kennedy Uzoka; Executive Director, Chiugo Ndubisi; UBA Foundation, Bola Atta; Head, Commercial and Corporate Banking, Muyiwa Akinyemi, and Head of Operations, Alex Alozie, at the 2021 Christmas and New Year Light Up Ceremony of UBA Foundation Garden at Marina, Lagos…recently

AMCON ‘Special Animal’ Created By Govt to Deal With Special Problem, Says Justice Dimgba Justice Nnamdi Dimgba of the Federal High Court Awka Division at the weekend rose in strong defense of the federal government, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance and the National Assembly for setting up the Asset Management Corporation of Nigeria (AMCON) and granting the agency some special powers to enable it to recover its troublesome bad debts. According to a statement, Dimgba said this while speaking to participants at an interactive session organised by Legal Academy for Land Registry Officials, Corporate Affairs Commission personnel. As a ‘bad bank,’ AMCON has current huge outstanding debt of over N4.4trillion owed it by a few individuals that destroyed a good number of financial institutions through huge borrowings with no intention to pay back the loans. Consequently, the bad loans were sold to AMCON when it was created in 2010. AMCON upon taking over the bad debts, AMCON recapitalised a good number of the affected the financial institutions and stabilised the financial sector. Having completed that AMCON then has the mandate to go after the obligors to recover the debt. Aside from the banks that were destroyed by these obligors, other sectors of the Nigerian economy such as the oil and gas establishments, manufacturing firms, airlines, real estateand construction companies, maritime firms and power generating organisations, insurance companies just to mention a few were all affected. “But as AMCON intensifies efforts to recover the huge outstanding debts, these obligors have perfected the act of hiding under all sorts of technical lacunas in the AMCON Act to frustrate recovery. “On the other hand, the

federal government through the National Assembly is also thinking ahead and so have gone ahead with some amendments in the Act establishing AMCON, which gives AMCON some additional powers that would hasten their recovery mandate. “Only recently, President Buhari again signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010. “The AMCON Act among other adjustments provides for the extension of the tenor of the Resolution Cost Fund

(RCF) and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to among others… “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets (EBAs), and related matters,” the statement added. This latest development has also attracted criticism especially from the quarters of the obligors and those sympathetic to them. Dimgba took sides with President

Muhammadu Buhari, the National Assembly, the federal Ministry of Finance, AMCON and the central bank. He said they needed to do whatever it takes within the ambit of the law to ensure that these individuals who are holding the collective commonwealth of Nigeria are made to return them to the government through AMCON. According to him, supporting AMCON, which is what those that created the agency is doing and had done with the latest amendment of the AMCON Act is the only

way to compel repayment. This move, the legal luminary argued was, “because AMCON is a ‘Special Animal’ created by the federal government of Nigeria to deal with special problem in the country, which started with the global financial meltdown that affected many economies the world over including Nigeria.” Earlier in his submission, AMCON’s Executive Director, Operations, Mr. Aminu Ismail, who represented the corporation’s MD/CEO, Mr Ahmed Kuru AMCON at the interactive session reminded

participants that the AMCON mandate remains a national assignment, which requires the collaboration of all agencies of the government. He said the high-level collaboration was needed because AMCON’s total current exposure on all Eligible Bank Assets (EBAs) presently stands at N4.4 trillion. Of this huge number, only 350 outstanding obligors account for 83 per cent of the total EBA balance just as 244 of the top 350 obligors are in various courts. However, the collateral coverage is only 16 per cent of the total current exposure.

In Push for Free Market, NMDPRA Begins Implementation of New Gas Pricing Framework Nigeria to tie domestic prices to international benchmark Emmanuel Addeh in Abuja The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) at the weekend said that it had established a new Domestic Base Price (DBP) framework and applicable gas wholesale price for the sector. Chief Executive Officer of the organisation, Mr. Farouk Ahmed, who disclosed this in a statement in Abuja, stated that the new framework was in fulfilment of the relevant sections of the new Petroleum Industry Act (PIA) 2021. The law, which was assented to by the President Muhammadu Buhari on the 16th of August 2021 and gazetted on August 27, 2021, Ahmed said, provides a clear regulatory framework for the determination of a market-based pricing regime for the domestic gas market in Nigeria. Ahmed indicated that the applicable wholesale gas price for the power sector shall be the established domestic gas price.

He hinted that the base price would be determined annually based on the criteria set in the third schedule of the Act, which are to reference base prices in Nigeria to prices of gas in countries with significant reserves and production of natural gas. He said it would also involve ensuring that base price considers the lowest cost of gas supply based on a “three-tier cost of supply framework,” which is related market-prices tied to international benchmarks for strategic investors. The midstream/downstream boss said the domestic base price shall be the export parity price at the delivery point where there is a dominant supply of gas in Nigeria. He clarified that export parity price in this context was a market-driven pricing framework, responsive to fiscal changes and weighed to ensure pricing flexibility while moderating swings to protect fragile domestic industries. He further explained that

the pricing framework for gas conversion industries namely: ammonia, urea, methanol, polypropylene, Low Sulphur Diesel (GTL), shall be as currently specified under the fourth schedule. The NMDPRA helmsman highlighted that the other commercial sub-sectors consisting of cement, nongrid power, iron and steel industries, aluminium and all such industries requiring gas for heating shall be the base price in addition to $0.50. He stressed that the prices shall apply to gas supplied under the domestic gas delivery obligation which shall be determined by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under Section 110 of the PIA. The NMDPRA boss revealed that the Authority was consulting with industry stakeholders in the development of base price and applicable wholesale prices for the domestic gas market. “This is in line with section 167 and third and

fourth schedule of the Act, which require the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to determine the Domestic Base Price (DBP), three months following the effective date of the Act,” the statement added. Ahmed assured that an industry-wide stakeholder engagement would equally be conducted before the final declaration of the 2022 base price and wholesale price of gas to the strategic sectors. He expressed appreciation to all investors in the domestic gas market and assured them of the Authority’s commitment to ensuring transparency and deepening the domestic gas market. Furthermore, he stated that the organisation was committed to creating an investor-friendly business environment, and dutifully implement all the provisions of the new regulatory framework. The implication of the framework is that the federal government has begun the

push for a free market regime in gas pricing in the country, a development that has always been advocated by players in the sector to attract additional investment. Gas users outside the power sector and the gas based industry would pay at least $0.5 higher and their cost of purchase will depend on negotiations with their suppliers. The midstream and downstream regulatory authority, “may, by regulations, change the domestic base price and the yearly increase to reflect changed market conditions and supply frameworks", according to the law. In the build-up to the passage of the bill, Minister of State, Petroleum Resources, Mr Timipre Sylva had argued that: "This price level should be sufficiently attractive to increase gas production significantly since this gas price will be comparable with gas prices in other emerging economies with considerable gas production.”

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

NEWS

THINKING NEW INVESTMENTS? L-R: Minister of Trade, Industry and Investment, Otunba Niyi Adebayo; Ogun State Governor, Dapo Abiodun; Chief Executive Oﬃcer, Nigerian Export Promotion Council, NEPC, Mr. Olusegun Awolowo; and newly-appointed Managing Director of First Bank of Nigeria Holdings Plc, Nnamdi Okonkwo, at the Export House, in Abuja ... recently

CJN Challenges Five Co-Justices, Ozekhome, Uche, Others to Give Back to Society As 1981 Law School set celebrates 40th anniversary

Alex Enumah in Abuja The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad yesterday challenged six other Justices of the Supreme Court, Justices of the Court of Appeal, Judges of High Courts, Professors of Law, Chief Mike Ozekhome, Chief Chris Uche as well as other Senior Advocate of Nigeria (SANs), who belong to the Nigeria Law School set of 1981 to come up with "tangible project" that will benefit society. The CJN predicated the call on the grounds that the set had not only succeeded exceedingly but said it was the set most favoured by God Almighty and as such must do something to appreciate God and the society which gave them the opportunity. Justice Muhammad gave the charge in his speech on behalf of the 1981 set at a get-together party to commemorative the 40th anniversary of the 1981 set Call-to-Bar. He said the set which boast of the highest number of Justices from the Supreme Court to other lower courts, SANs, academia and other human endeavours must, "come together" and "look for a project that will bear the name of the class of 1981 set" so as to make a place in history. He said, "Let us think of something very important to the legal profession and Nigeria in general." According to the CJN such project which could be for the law school or the universities must be, "something tangible that society will appreciate.” While stating that God had blessed each and every member of the set fantastically, the CJN remarked that it was also comforting and commendable that no member of the set have been found wanting.

He, therefore, charged the group to keep the bound of unity and not hesitate to lend a helping hand to one another when the need arises. In similar vein, the Chairman of the class, Ozekhome, stated that the set of 1981 has not only been profoundly blessed by God but is the most distinguished set since the law school was established in 1962. While stating that the set have produced eminent religious leaders that provide

for the spiritual and celestial needs of Nigerians; produced eminent traditional rulers, governors, ministers and eminent players in other sector of the Nigerian economy and beyond, Ozekhome disclosed that the set boast of six of the current Justices of the Supreme Court including the CJN. "Perhaps, more interesting is the fact that we are the only set ever, in Nigeria that currently boasts of six revered Justices of the Supreme Court, the apex court of the land. They would

have been seven, but for the resignation of Justice Sidi Bage, who was coronated Emir of Lafia," he said. He added that the set also has two Justices of the Court of Appeal, four Judges of the Federal High Court, nine Chief Judges of High Courts of various states, two Presidents of Customary Court of Appeal, 30 Judges of various High Courts and 16 SANs, with many others life benchers and benchers in the nation's Judiciary.

In a welcome, Chairman of the National Planning Committee, Uche, noted that the occasion was a rare opportunity to meet many members they have not seen for years and urged members to therefore feel free to relate with "classmates of 40 years ago, devoid of hierarchical protocols. He urged them to also consolidate the meeting because, " there is so much we can do as a privileged group to influence policy and decision

making at the highest levels in the legal profession for improvement and reforms in the justice delivery system, the development of legal education and indeed for the peace and stability of the country" for the the good of the present and future generations. Members of the set currently on the bench of the apex court outside the CJN are; Justices Olukayode Ariwoola, Kudirat Kekere-Ekun, Uwani Abba-Aji, Lawal Garba and Adamu Jauro.

NAFDAC Cautions against Abuse of Antibiotics Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control, NAFDAC has expressed concerns over the increasing rate of irrational use of antibiotics which it said had further accelerated the process of antimicrobial resistance leading to avoidable deaths. The Director General of NAFDAC, Prof. Mojisola Adeyeye, gave the advice at the virtual 2021 World Antimicrobial Resistance Week (WAAW) anniversary with the theme: “Spread Awareness Stop Resistance.” A statement issued by NAFDAC’s Resident Media

Consultant, Sayo Akintola in Lagos, quoted Adeyeye as warning that if allowed to fester, antimicrobial resistance could lead to death. She added that the menace and war against Antimicrobial Resistance (AMR) has, not only gained prominent and global attention but, also become a significant battle that the human race must win. “It is in view of this fact that I am delighted to be part of this battle and welcome all our esteemed stakeholders to the front line of this battle. “Creating awareness amidst us all is a major step in AMR stewardship by relevant stakeholders to effectively stop resistance,” she said, adding

that the “step is unique and is expected, not only to redirect our way of handling and use of antimicrobial agents, but also to yield a significant reduction in the incidence of AMR.” According to her, NAFDAC used the stakeholders’ meeting, to mark her participation in the 2021 World Antimicrobial Awareness Week (WAAW), targeting professionals in the healthcare sector, veterinarians, and animal husbandry professionals in livestock production, plant pathologists and individuals that use antimicrobial agents. Adeyeye expressed dismay that the development and proliferation of Antimicrobial Resistance (AMR), which is

the ability of pathogenic microorganism to resist the effect of antimicrobial agents when used to treat internal or external infections in both human and animal population had compromised the ability of antimicrobials to effectively treat infectious diseases as expected. “The emergence and spread of drug-resistant pathogens continues to weaken the health systems,” she lamented. The NAFDAC boss posited that the fight against AMR required collective efforts that are interlinked and interphase along the One-Health Concept. To this end, she said NAFDAC in her regulatory activities had put in place some

important regulatory measures to curb the emergence and spread of AMR. “This is very necessary and extremely important to ensure food safety and food security, a safe environment, and a healthy citizen in our dear country,” she said, adding that everyone in the healthcare, livestock production and environmental management subsectors of the economy is directly or indirectly involved in curbing AMR. Adeyeye, however, reaffirmed NAFDAC’s commitment to ensuring that only safe and wholesome food, drugs, and other regulated products are available to Nigerians.

No Cracks in MMA2 Parking Lot Pillars, Says BASL Chinedu Eze The Bi-Courtney Aviation Services Limited (BASL), operator of Murtala Muhammed Domestic Airport Terminal Two, Lagos (MMA2) has assured travellers, stakeholders and other airport users of safety at the parking lot and other facilities at the terminal. BASL gave the assurance

in response to the picture of supposedly cracked pillars at the parking lot trending on social media, which had aroused fears among those who utilise the parking lot at the terminal. Group Corporate Affairs Manager of BASL, Mikail Mumuni, in a statement yesterday denied that there was a cracked pillars at the

parking lot, describing what they took as cracked pillar as expansion joint. e explained that expansion joint is a space provided in every substantial structure that enables the building or structure to “breathe.” Expansion joint is also described as an assembly designed to hold parts together while safely absorbing

temperature-induced expansion and contraction of building materials and vibration, or to allow movement due to ground settlement or seismic activity. Mumuni said: “The person who posted the picture is obviously not well informed. This is an expansion joint and not a crack. “The expansion joint is a space provided in every substantial

structure that enable the building or structure to breathe.” He also noted that similar expansion joints were found on bridges spread across the country. “MMA2 carries out integrity test regularly on its structure. The tests have consistently shown that the structure is in good shape and safe,” Mumuni assured.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

PAGE EIGHT OMICRON COVID-19: NIGERIA STANDS WITH S’AFRICA, WARNS WEST AGAINST DISCRIMINATION Obinna Chima and Dike Onwuamaeze Nigeria yesterday expressed solidarity with South Africa as it struggled with some of the difficulties posed by a new COVID-19 variant, Omicron, discovered in the country. The Nigerian government warned Western countries against discrimination against South Africa following travel restrictions imposed on Southern African countries in the aftermath of the new virus discovery. The federal government said President Muhammadu Buhari would go ahead to receive South African President Cyril Ramaphosa, who had been scheduled to visit Nigeria from today with other top officials of his administration, on a three-day visit. Minister of Health, Dr. Osagie Ehanire, stated Nigeria’s position in a chat with THISDAY ahead of a media briefing scheduled for today in Abuja on the matter. Ramaphosa called for reversal of the travels restriction. In a similar vein, President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, yesterday voiced displeasure at the stigmatisation and penalisation of Africa for new COVID-19 variants discovered on the continent. Adesina urged the acceleration of vaccine production in Africa. Likewise, some members of the organised private sector

(OPS) advised the federal and state governments in Nigeria to take proactive steps to prevent the spread of the COVID-19 virus. The OPS members said this during separate interviews with THISDAY. That was as Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said at the weekend in Lagos that the dire implications of the food export restrictions by some countries during the COVID-19 lockdown in 2020 should not be lost on Nigeria. Ehanire insisted that the move by Western countries to ban or try to isolate South Africa was discriminatory. He this was because the variant detected in South Africa and also in Botswana and other countries had similarly been detected in Belgium, Italy, Germany and other countries. “So, the federal government condemned the rush to ban or isolate South Africa by European countries, without isolating Belgium, Italy and other European countries that have more direct flights into the United States of America and among themselves,” he said. The minister argued that the position of the Western countries on the virus was not backed by science, saying so far, even if it is a mutation, the new COVID-19 variant has not caused any new deaths or proved to be worse than the Delta variant. Ehanire stated, “Therefore, the world should wait for that

time, than to be enmeshed in heavy discrimination against South Africa. Why would they isolate South Africa? The federal government would open its doors to Ramaphosa and others who are coming from South Africa until science says otherwise. People should be vigilant.” The AfDB president, who wrote on his Twitter handle, stressed that Africa was not the source of the COVID-19 virus, which had continued to put the world on edge. The new COVID-19 variant was first discovered in South Africa and has since been detected in Australia, United Kingdom, Germany, Israel, Italy, the Czech Republic, and Hong Kong. Owing to its discovery, Israel on Saturday announced that it was banning all foreigners from entering the country. The ban, pending government approval, was expected to last two weeks. Israelis returning from countries on the red list, which included countries in Southern Africa, would be required to isolate for seven days in a designated hotel. Australia also banned the entry of foreigners who had travelled to nine Southern African countries in the past 14 days, including South Africa, Lesotho, Botswana, and Zimbabwe. South Korea, too, imposed restrictions on travellers from eight southern African countries, its Disease Control and

Prevention Agency announced Saturday. Foreign nationals traveling from South Africa, Botswana, Namibia, Zimbabwe, Lesotho, Eswatini, Malawi and Mozambique were banned from entering South Korea, the agency said. But Adesina warned, “Africa should not be labelled and penalised for COVID-19 variants and mutations that occur randomly elsewhere in the world. Africa is not the source of COVID-19. “There must be global justice, equity and fairness in access to vaccine. Global vaccine supply system has underserved Africa. Protecting one’s home alone in the midst of a forest does not work. Put out the forest fire. “Africa must accelerate the manufacturing of its own vaccines and set up its own ‘healthcare security defence system’. Africa must no longer outsource health security of its 1.8 billion people to the benevolence of others.” Emefiele reiterated the need for Nigerians to look inwards, considering the country’s huge population. He said the pandemic presented an opportunity to fix critical infrastructure in the country so as to reduce dependence on other countries for most of the continent’s needs. The CBN governor stated, “As I’ve asked in some of my recent treatises on the opportunities of the pandemic, what if the pandemic occurs

again and we witness an extended restriction in movements and export bans? What if these restrictions become a new normal? What if another pandemic occurs in which all borders are closed, with food and medical imports significantly curtailed? What if the rich among us, even when they can afford to pay for their medical bills abroad, cannot travel out of our shores because of these extended lockdowns? “Are we going to allow our hospitals to remain in their current state without equipment and state of the art facilities? For how long shall we continue to rely on the world for anything and everything?” He noted that in 2020, following the provision of vaccines, countries began to ease movement restrictions and demand in certain sectors began to recover to pre-COVID levels. Unfortunately, the surge in demand for the vaccines contributed to significant supply chain disruptions, which contributed to elevated inflation in advanced and developing markets, Emefiele added. “For example,” he said, “the Food and Agriculture Organisation (FAO) food price index, which measures monthly change in international prices of a basket of food commodities, in October 2021, stood at its highest level since July 2011, because of the initially exogenous supply disruption I am about to describe.

“Finally, tragic as these outcomes were, even more alarming was the reaction of many countries at the height of the pandemic. All over the world, countries responded by fighting for themselves and taking measures to protect their own people, regardless of the spill-over effects on the rest of the world. According to the World Customs organisation, a total of 32 countries and territories adopted stringent and immediate export restrictions on critical medical supplies and drugs that were specifically meant to respond to COVID-19.” The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) urged the federal and state governments to be vigilant in testing people arriving Nigeria in order to track and contain the spread of Omicron in the country. Director General of the NACCIMA, Mr. Ayo Olukanni, told THISDAY yesterday that government should not let their guards down but pay attention to the possibility of the spread of the new variant in the country. Olukanni advised government at all levels to encourage Nigerians that had not taken the COVID-19 vaccines to do so. He said, “We should not let our guards down on this issue. Implicitly, there will be more

depositors. In the same vein, cumulative insured amount paid to 1,553 depositors of closed primary mortgage banks as at 30th September, 2021 stood at N110.15 million while N7.965 million was paid as uninsured deposits. “Most importantly, the payment of N1.274 billion to 991 creditors and N4.886 billion to 965 shareholders of banks

in-liquidation as at September 30, 2021 underscored the corporation’s success story in bank liquidation. What this implies is that the corporation had realised enough assets to pay all the insured and uninsured depositors of the banks that present themselves for payment. Currently, 19 out of the 49 DMBs in-liquidation fall into this category.”

Continued on page 52

NDIC TO ADOPT RISK-BASED APPROACH IN DETERMINING BANKS’ PREMIUM The NDIC, in calculating premiums from deposit money banks, usually chose between adopting a flat-rate premium or a system that sought to differentiate premiums on the basis of individual-bank risk profiles. A flat-rate premium system has the advantage of being relatively easy to understand and administer. Also, it allows the strong banks to subsidise the weak ones for the stability of the financial system. However, it does not take into account the level of risk that a bank poses to the deposit insurance system, and can, therefore, be perceived as unfair, in that the same premium rate is charged to all banks, regardless of their degrees of risk. Hassan explained NDIC had commenced the review of its approach “to the determination of premium/contribution by banks to our DIF to a more risk-based approach to ensure that, the probability of the risk crystallising becomes a major factor in the pricing methodology of our premium going forward.” He added, “On timely support to insured institutions, we have identified the need to reconsider our criteria for qualification of financial institutions to provide realistic terms and conditions in order to facilitate prompt access to technical and/or financial support in line with the Sec (2)(1)(b) of the NDIC Act whilst also protecting the corporation from possible downside risk.” He also revealed that the corporation had commenced the process of strengthening its failure resolution and liquidation mandate through the improvement of its internal processes and procedures as well as enhancing effective collaboration with relevant stakeholders to ensure that it discharges its responsibilities

more efficiently. He said the review became imperative given the need to implement prompt corrective actions on ailing or failed banks, improve processes in addressing challenges in liquidation and, most importantly, provide timely reimbursement of insured sums to depositors of failed banks. In the area of deposit insurance as a distinct mandate of the corporation, the NDIC boss pointed out that from statistics, the corporation’s deposit insurance coverage limits were not only adequate but also robust enough to engender confidence in the banking system. For instance, in 2016, 2017, 2018 and 2019, the total number of accounts in the deposit money banks stood at 83 million; 99.1million; 112 million and 128.4 million respectively. He added, “Out of these numbers, the N500,000 coverage limit fully covered 99.4 per cent; 97.6 per cent; 97.5 per cent and 97.6 per cent of accounts, respectively. The implication is that in the event of bank failure, above 97 per cent of depositors would be fully covered by the corporation.” He also stated that pursuant to the provisions of the NDIC Act, several failure resolution initiatives, such as Open Bank Assistance (OBA), Purchase & Assumption (P&A), and Mergers & Acquisition (M&A) had been adopted in resolving distress in various banks from 1989, culminating in the novel bridge bank option to resolve four problem banks in 2011 and 2018. The bridge bank option, according to him, did not only prevent a systemic crisis, it secured N1.021 trillion deposits which ensured that depositors had continued access to their funds and financial services.

The implementation of the bridge bank option also saved over 12,667 jobs while over 877 branch network and services of the affected banks were maintained. Hassan said, “The corporation’s accomplishment in the payment of guaranteed sums and liquidation dividends speaks volumes for its commitment to the discharge

of its unique mandate. NDIC had paid a cumulative sum of N8.268 billion to 443,946 insured depositors and N100.080 billion to uninsured depositors of deposit money banks in-liquidation as at September 30th, 2021, while N3.413 billion was paid to 90,945 insured depositors of microfinance banks and N1.218 million to uninsured

HOW ARMY, USING INFORMANTS, INFILTRATED, ARRESTED FLEEING TERRORISTS IN LAGOS which dealt decisively with the terrorists, bandits and other criminals in the axis. However, the troops gradually built intelligence, with the help of credible informants, and infiltrated the terrorists, leading to their arrest. In a tight need-to-know operation, the army had swooped in on the hideouts and arrested the suspects. At the moment, they have been transferred back to Maiduguri theatre of operation for profiling before hand over to the appropriate authorities for prosecution. In a similar development, the 9 Brigade, 81 Division of the Nigerian Army, on Friday in Lagos arrested one Ibrahim Abdullahi with eight 600mm mortar bomb explosives. The 24-year-old suspect, alongside his accomplices, were said to have attempted to infiltrate the Ikeja cantonment with the explosives, when they were accosted by operatives, who demanded to know the contents of their bag. Meanwhile, the Chief of Army Staff, Lt Gen Faruk Yahaya, charged officers and soldiers of the newly formed 6 Brigade of the Nigerian Army to exhibit professionalism and discipline in the conduct of their operations and other engagements in their area of responsibility. Yahaya gave the charge today during a tour of the Headquarters, 6 Brigade, Nigerian Army, Jalingo, as

part of his operational and assessment visit to formations and units of the Nigerian Army across the country. THISDAY gathered that the officers on duty at 9 Brigade, Nigerian Army, Lagos, were alerted by the suspicious movements of the suspect and his collaborators currently at large. On sighting the uncharged mortar and the detonators, Abdullahi was swiftly arrested while the others fled. He was immediately profiled and handed over to the State Criminal Intelligence Department (SCID), Panti, Yaba, which had equally commenced investigation. That same Friday, the suspect was charged before the Ebute Meta Magistrates’ Court and consequently remanded in custody while moves are in top gear to mop up other fleeing suspects. The prosecutor, Inspector Olatunde Kehinde, asked the court to remand the defendant in custody pending the outcome of investigation and the advice of Department of Public Prosecution (DPP). Presiding Magistrate, Mrs. A.A. Oshoniyi, ordered the remand of Abdullahi pending the outcome of DPP’s advice. In another breath, THISDAY has gathered that the recent mop up of suspects in Lagos had spurred the army to intensify moves to uncover all probable sleeper cells in the

state and Ogun, both under same jurisdiction. Given the continuous onslaught in the North-east, the dislodged terrorists have continued to move down to Lagos and other South-west states to hide as they hatch further plans to carry out their nefarious activities. In the past five years, there have been several attempts by terrorists to wreak havoc on Lagos, especially, volatile areas like Apapa with tank farms, which were foiled by security agencies. There have also been alleged plans to blow up the Third Mainland Bridge. Intelligence made available to THISDAY indicated that the dislodged terrorists from the North were scattered across Lagos. Lagos State Commissioner of Police, Hakeem Odumosu, once confirmed intelligence reports about the growing number of sleeper cells across the state. Odumosu had, however, reassured citizens that the police and other security agencies were on top of their game to infiltrate the groups, dislodge and arrest them. THISDAY's independent checks at the Kirikiri Maximum Correctional Centre attested to the large number of Boko Haram suspects, who had been tried and sentenced for their acts against humanity. Some of the aborted attacks were re-echoed by the Department of State Services

(DSS), which in a recent memo to the Nigerian Customs Service (NCS), dated November 25, 2021, raised the alarm over plans by insurgents to attack military bases and border towns. In the alert addressed to the Customs Area Controller, Ogun Area Command, Abeokuta, the DSS advised customs and other security agencies in the country to put counter-measures in place. Titled, “Plans by insurgents to launch attacks on military bases in various border communities,” the letter, signed by the DSS Director, Ogun State Command, M.B. Abdullahi, said, "Available intelligence indicates plans by insurgents and criminal elements to carry out simultaneous attacks on military posts and bases in various border communities across the nation anytime from now.” It added, "In view of the foregoing and the likelihood, such attacks not limited to the military personnel only, all law enforcement and security agencies with operational bases at border communities are advised to take note of the above threat and emplace countermeasures with emphasis on personal security of operatives to frustrate the planned attack, please.” In Jalingo, Yahaya was given a security brief on the brigade's area of responsibility by the Commander 6 Brigade, Brig Gen Hillary Mabeokwu.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

NEWS

ALL FOR TASUED... L-R:Akarigbo of Remoland; Oba Adewale Ajayi: Group Managing Director, Airtel Africa, Segun Ogunsanya; Ogun state governor, Dapo Abiodun; his deputy, Noimot Salako-Oyedele and Olu of Yewa, Oba Kehinde Olugbenle at the 12th Convocation and 16th Founders Day of the Tai Solarin University of Education, Ijagun ...yesterday

You Can't Ask Buhari Not to Sign Amended Electoral Act Bill, CSOs Tell Governors APC youths rationalise direct primaries Deji Elumoye and Adedayo Akinwale in Abuja Civil Society Organisations (CSOs) in the country have told governors that they were not in a position to ask President Muhammadu Buhari not to sign the 2021 Electoral Act Amendment Bill into law, because of certain clauses they were not comfortable with. The CSOs under the aegis of Civil Society Partners on Electoral Reform, yesterday, described the position of some governors on the electoral act amendment bill as “unpopular and narrow,” saying they could not dictate to President Buhari not to assent to the bill. The National Assembly had earlier in the month transmitted the Electoral Act Amendment Bill to the President for his assent. Meanwhile, the All Progressives Congress (APC) youth have explained why direct mode of primaries for political parties to elect to their candidates in any election was a good idea, even though they were yet to take a position. However, the CSOs in a statement issued by the Executive Director, Adopt A Goal for Development Initiative, Ariyo-Dare Atoye, and endorsed by Centre for Liberty, Raising New Voices, Youth and Students Advocates for Development Initiative (YSAD), NESSACTION, The Nigerian Alliance, The Art and Civics Table and Speak Out Africa Initiative, had observed that since the president could not dictate to the governors on what they do with bills passed

at the state level, they also have no basis interfering in what the president does at the federal level. The organisations stressed that it was also President Buhari's prerogative to sign the electoral bill into law based on popular demand, urging the governors not to obstruct the popular will of Nigerians on the electoral bill but concentrate on rebuilding their parties, ensuring internal party reforms, embark on digitisation of membership registration and dues payments. “The position of some of our governors on the new electoral act amendment bill is unpopular and narrow, and it conflicts with the public interest of Nigerians. “Our governors should not serve as obstacles or constitute an impediment to the signing of the new electoral bill, because it has substantially met the expectations of Nigerians. It is the prerogative of Mr. President to sign the bill and make history, and it is not in the public interest for the governors to ask him not to sign it. “The President has a glorious opportunity to take a popular action, etch his name in gold and side with the people by signing the bill into law. The President does not dictate to the governors, when they sign bills into law at the state level; they should therefore not push him to do what will bring him into public opprobrium and create disenchantment for the electoral process.” On their part, the APC youths through their National Leader, Mr. Ismael Ahmed,

who fielded questions from journalists after the Youth Leaders and Stakeholders meeting at the APC National Secretariat yesterday in Abuja, believed that direct primaries would give opportunity for open inclusion. "On the issue of direct primaries or indirect primaries, like I said, this is

not an exhaustive meeting. So, there are certain things we did not discuss. But, ordinarily as members of the party, we love direct primaries, because it's an opportunity for open inclusion. Everybody gets involved in deciding. "Of course, there are certain things that we

are afraid of, maybe the magnitude of the exercise, whether or not any political party in this country should be restricted to a single way of bringing out candidates and whether or not we have the manpower to man 8,812 wards when we are doing primaries. "But, other than that,

it is an open season, it is an opportunity for young people to participate in the process. So, direct primaries is something that we will encourage. The party needs to do a lot of homework before it gets to that point. It's not a decision we have taken. I'm just saying my own opinion," Ahmed stated.

2023: Atiku's Mobilisation Machine Set Out in Nasarawa

Igbawase Ukumba in Lafia

A political machine, Salvage Nigeria Group (SNG), which shares the ideas of a former Vice President, Atiku Abubakar, yesterday stormed Nasarawa State to mobilise support for the presidential hopeful ahead of 2023. Chairman of DAAR Communication, Chief Raymond Dokpesi, led the SNG political team to the Nasarawa State Peoples Democratic Party (PDP) secretariat in Lafia, where he solicited support to persuade Atiku to declare for the 2023

presidential race. Addressing PDP critical stakeholders at the party's secretariat in Lafia, leader of the SNG, Chief Dokpesi, said the truth of the matter was that Nigeria has been led into a complete mess. "Nigeria is facing a lot of challenges. We need a Nigerian that is experienced, that is matured, that is competent, that is tested and has all that it takes to unify the country. "This country needs to be restructured. It needs to be reorganised and we need somebody, who is going to

look at Nigeria fairly and justly and give people new hope," he said. Dopkesi, therefore, appealed to Nigerians to be very patient and hopeful and not lose faith, because the country would remain united, progressive and successive. "And by the grace of God, Atiku Abubakar and the PDP will provide the leadership that will take us out of the mess," Dokpesi maintained. Receiving the SNG team at the Nasarawa PDP secretariat, the state party chairman, Chief Francis

Orogu, said Nasarawa was desperate to see somebody, who has the capacity to address the mess in Aso Rock. "And we believe that His Excellency, Atiku Abubakar, is one man among many, who is more than qualified to do this job. Therefore, people like Atiku in the contest for this position is going to give the party a lot of credit and hope. "Believing that Nigerians are going to chose the best, and Atiku Abubakar is one of the best this country can provide as president", Orogu stated.

Fugar Community Seeks Rescue of DPO from Kidnappers Onyebuchi Ezigbo in Abuja The people of Fugar represented by the Fugar Progressive Union (FPU), has urged for a quick rescue and safe return of the Divisional Police Officer (DPO) of the Fugar Police Division in Etsako Central Local Government Area of Edo State, Mr. Ibrahim Aliyu Ishaq. The community union, in a statement by its National

Publicity Secretary, Mr. Solomon Obomighie, said it received with regret and sadness, the abduction of the DPO along the old Auchi-Ekperi-Agenebode road in Etsako East Local Government Area of the state, while on his way to his duty post in Fugar. The statement reads: “The abduction which is one out of many incidences not just in Edo State, but across the country, has once again

justified the calls for the need to tighten security in our various communities. “The kidnapping of the DPO is even more worrisome, because it heightens the already tensed security situation in the land. If a chief law officer can be abducted, who else is safe? “We commend the Nigeria Police Force for the rescue operation so far and call on the government to ensure adequate security of lives

and property of our people. “While we pray for the quick and safe return of the DPO, we call on all Fugarians, particularly, at home not to panic as the newly reinvigorated Fugar Vigilante Squad, which is part of the Edo Security Network, in collaboration with the security agencies, are working round the clock to ensure the safe return and safety of all Fugar community," he said.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

T H I S D AY • THURSDAY, NOVEMBER 29, 2021

COMMENT

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

MASS HOUSING SCHEME FOR NIGERIANS

After 40 years, the federal government is embarking on housing projects which are affordable, writes Jimoh Aliyu

hen was the last time the federal government built mass housing for Nigerians? How many Nigerians remember today that the last time government at the centre actualized homes for the common man was about 40 years ago during the time of President Shehu Shagari in the early 80s? A spirited attempt by Alhaji Lateef Jakande to resuscitate mass housing during the Gen. Sani Abacha era never came to fruition. This is why Nigerians have cause to rejoice on the news of the on-going process to allocate thousands of low cost houses built across the country under President Muhammadu Buhari administration. It is indeed promise made, and promise fulfilled recently as Mr. Babatunde Fashola, Minister for Works and Housing presented the online allocation portal to Nigerians at a press briefing in Abuja. Fashola said: “We converge here just to introduce a portal on which the National Housing Programme pilot will be offered for sale to the public. What that means is that we will not be selling printed forms, the forms are online and this allows for more openness, limits human intervention and any disposition to underhand practice.” Available for allocation are 5000 Housing units already completed in the phases one and two of the NHP pilot scheme in 34 states of the federation (Rivers and Lagos are yet to provide land for the project). The houses are in categories of one, two and three-bedroom flats. They are bungalows and blocks of flats. Information on the portal shows that purchase prices of the buildings range from N16m+ for the highest cadre to N7m+ for the lowest categories. The portal also notifies that there are opportunities for mortgage or outright purchase. Fashola being aware that fair allocation of public housing is as important as the very provision of the houses reiterates the need for fresh thinking in offering the houses to the people thus: “Decision to sell online is to bring credibility to the exercise and reduce human intervention as well as give all categories of buyers a level playing field.” Allocation of government mass housing in the past had been fraught with fraud and all sorts of malpractice. The common citizen was always left frustrated as greedy civil servants and the moneyed class end up coveting and converting the entire houses for their own benefits leaving the people in the lurch. It’s for this reason the minister and his team devised a digital process which has been recommended to the Federal Housing Authority (FHA) and the Federal Mortgage Bank of Nigeria (FMBN) to adopt in their allocation processes. The thinking process that brought the NHP to this delightful realization has been something of a quiet revolution. Recall that the Buhari administration’s housing programme was conceived in 2016 when the economy was in recession. So this is one way to implement the federal government’s Economic Recovery Growth Plan (ERPG). Consider that over 1000 contractors were engaged on the 34 construction sites across the country. These are all indigenous contractors. Locally produced building materials were insisted upon. For instance doors, windows, tiles, roofing and ceiling materials, paints, wood finish, plumb-

SOME OF THE GOALS AND EXPECTED BENEFITS OF THE HOUSING PROGRAMME INCLUDE: IMPROVED CAPACITY BUILDING FOR ARTISANS AND TRADESMEN AND REDUCTION IN HOUSING DEFICITS IN THE COUNTRY

ing materials, cables, electrical fittings, etc. All these have helped to galvanize the economy if we follow the trail of their long value chains. On the worksites, thousands of direct and indirect jobs were created. According to statistics from the ministry, engaged in the course of building the 5000 Housing units were over 37,000 skilled labour, 423,000 unskilled, 440,000 direct jobs, 41,000 food vendors and 20,000 suppliers. Fashola captured his experience about job chain on the sites most graphically: “Whenever I visit the sites of the pilot National Housing projects being undertaken across the 34 states, I see an ecosystem of commerce, employment and entrepreneurship... from the contractor/ construction company who wins the bid to the labourers on site who earn N3000 a day, (N18,000 a week, for six days, and approximately N72,000 a month); to the owner of the concrete mixer I met in Oyo State who charges N20,000 a day, to the suppliers and vendors of building materials and employers of companies that manufacture paints, tiles, roofing materials, the federal and state governments collaboration provided a step up towards the ladder of prosperity. “ Before embarking on the current housing production, it was important to do preliminary research on previous schemes to know why some of them failed. As have been observed, some of the houses in previous projects were never occupied because the structures were not suitable for the culture and environment in which they were situated. Studies done this time revealed that there are peculiar housing needs and designs preferred in the north as well as the south of Nigeria. While more compound space is required in the north which would necessitate building horizontally, the south of Nigeria have become accustomed to less space on their compounds so we build vertically by way of blocks of flats. In reaching this stage, the ministry has also been looking into both construction procedures and building materials production, procurement and management. All of these is to seek to reduce drastically, the turnaround time of start to finish of a building. There’s also an intention to standardize for mass local production, building materials such as doors, windows, roofing sheets, tiles and other components especially for mass housing. When fully realized, these would be part of the adjunct benefits of the housing programme. An improved synergy is growing between the public and private sector in the delivery if more housing projects. The FMBN has been mandated to recapitalize and open the National Housing Fund to non-government employees. Policies such as the reduction of equity contributions from 5% to 0% for those seeking mortgage loans of below N5m and reduction from 15% to 10% for those seeking loans of over N5m are helping to ease access to housing. Further, the Ministry of Works and Housing resolved to use cooperatives as vehicles to achieve more construction in many states to expand the scale of opportunities. For example, 86 cooperatives are engaged in housing projects currently. About N36 billion have been approved cumulatively for cooperatives and 57 cooperatives housing development loans are being processed as at January this year. Aliyu wrote from Abuja

SAIBU AND ‘COMPASSIONATE’ ECONOMIC MODEL Victor C. Ariole argues for a rethink of Nigeria’s development process

oming from Indonesia, there are lots of similarities between Indonesia and Nigeria … in short term ensure macrostability, whether it is the exchange rate or petrol subsidy removal… Nigeria does have a high number of kids that are not in school as well as what we call learning poverty…. Mari Pangestu (World Bank MD) For the Indonesians, after a child birth a woman would put a salt pack in her vagina ostensibly to restore its firmness… for the African women it was: why would a woman inflict pain on herself? Look for a bigger man!... Obama’s mother Ann Dunham in A Singular Woman For Mari, an Indonesian, the country that habours the highest number of Muslims in the world, does not do well like Nigeria, as they also have a big chunk of their population living below poverty level. According to her, both Nigeria and Indonesia could as well be seen as harbouring the greatest number of children classified as learning poverty group, hence as the World Bank Managing Director, instructing Nigeria on what to do to save its economy, it sounds counter to Obama’s mother observation of Indonesians as well as that of the inaugural lecture delivered by Professor Olufemi Muibi Saibu of Economics Department, University of Lagos. That lecture was captioned “Rethinking the Development Process in Nigeria: A Choice Between LAMBORGHINI AND AJAGBE-EJO”. It is like: why choose to shrink the size of your economy so as to have few people enjoying LAMBORGHINI luxury car instead of making available more AJAGBE-EJO type of vehicles to accommodate more people for the same purpose of getting to the same destination. According to him, it is difficult for anybody, well informed about the economic reality of Nigeria, like him, to advocate devaluation of Naira, removal of oil subsidy, and the adoption of labour saving technology as the best development

strategy for a Nigeria that has more than all of its active population unemployed, three quarters of its people poor and imports more than 90% of its manufactured consumable goods. In effect the World Bank MD is rehashing what landed Nigeria in trouble during the SAP era of IBB. Hence it is a further means of compounding Nigeria’s financial woes and never helpful to macro-stability as feels the MD of World Bank, Mari. Again, contradiction comes in here as the type of Ajagbe-Ejo (snake -like long vehicle) seen in train mode of transportation in Nigeria, currently, carried out by Amaechi, is even costlier to ride-in than riding in small vehicle to any destination in Nigeria. Hence quite difficult also to think of the Ajagbe-Ejo model which the elite could easily sabotage by grounding its operation if seen as obnoxious to their interest like the PDP administration building almajiri schools which are, today, rendered inoperative as, according to MD Mari, over 10 million children already 10 -year-old in the North, mostly, are out of school and are classified as learning poverty group. And 3.5 million active youths cannot find job. Comparatively, Indonesia is supposed to be worse hit than Nigeria with higher population figure, and as learnt in the book of Scott, as detailed account of the experience of Obama’s mother as an anthropologist in Indonesia. However, Indonesian operates effectively the Ajagbe-Ejo model as Saibu explains in the adoption of “follow the comparative advantage path to development which Lin and Rosenblatt see as leaning mostly to natural endowment or endowment structure using the excessive labour in areas like light manufacturing and mining. Accordingly, as the economy grows, and most of the redundant unemployed youths are engaged and empowered and later the competitive sector could become increasingly capital intensive and as capital accumulates, the natural endowment becomes abstracted for new leveraged endowment structure not dependent on the natural endowment

any longer. Somehow, it is conceivable in what cost accountants refer to as the effacement of cost when marginal cost tends to average cost to an extent that optimum capacity of a system is attained and abundance follows. Check Facebook or Google models that seem to be free services but are making enormously great profits; models driven by reasonable elite unlike the Nigerian elite that fear competition from the talakawas or the almajiri. Saibu is emphasizing the fact that as many people are left uneducated and as many people are left out (in enforcing fuel subsidy removal in order to obey the World Bank and IMF prescriptions, the Ajagbe-Ejo model of inclusiveness which could make development work for Nigeria could be elusive. Mari’s model is absolutely non inclusive and could engender growth seen in GDP without making development or collective well-being of Nigerians possible. According to him, Ajagbe-Ejo translates to positive changes and growth trickling down to all the components of the system and remaining sustainable without inhibiting the survival of future generations. It is unlike lamborghini model, leaning on excessive access to foreign goods, foreign programmes and ready-made and turn-key projects transposed to Nigeria that hinder the development of local alternatives, development of comparative advantages and enhancement of the productive capacity of local options. Ajagbe-ejo model seems to be what is working for Indonesia where the World Bank MD comes from and should also be made implementable in Nigeria as against the debt trap driven type of model currently canvassed by the World Bank, insisting that Nigeria’s GDP-DEBT ratio is very low at 33.3% and with another side of the mouth acknowledging that debt transparency is not quite evident in Nigeria as 37% remains interest payments to revenue ratio. Like the Minister of Finance rehashes always without seeing that something

is wrong in borrowing when the capacity of the economy to pay back is weak; that is, having an engine that is running at 50% as it consumes much more fuel than when allowed to run its full capacity, pressing the throttle, to reduce fuel consumption. It is as if Nigerian government is afraid of looking for ‘the bigger man’ to get the economy to its full capacity the Ajagbe-Ejo way and prefers to shrink it, the Indonesian women way. For whichever way, one sees it, for every hundred naira Nigeria earns, it is bound to set aside 37 naira for its debtors and it could increase as naira value goes south. And in all, the elites seem better off as they round-trip the dollar or outsmart the majority poor in making fictitious gains out of rentier businesses. It happened in 1789 in France as the king and his vassals hijacked the treasury and agricultural products’ silos of France leaving the poor peasants who constituted almost 90% of the population to cry for the release of cheaper bread to them and it was never headed to, hence French Revolution that beheaded the king and released the silos for the poor. For now as mentioned the deposed emir of Kano, the political elite serving as the vassals gulp about 25% of the recurrent budget and they are not up to 1million as the remaining 200million Nigerians cry for better living. The Finance m Minister should be mindful of not being the queen of France that watched from the windows of the palace and mockingly asked the gathered hungry peasants to rather ask of cake instead of bread as the minister sees spending just a trillion naira as expensive for Nigerian education. And here is where the MD of the World Bank should let her fellow lady know that over 50million students are effectively taken care of in Indonesia with over 300,000 teachers and it makes for avoiding revolution as the youths are effectively occupied. Ariole is a Professor of French and Francophone Studies, University of Lagos

T H I S D AY • MONDAY, NOVEMBER 29, 2021

EDITORIAL EFCC AND THE SHIPWRECKS ON WATERWAYS The anti-graft agency should decide on what to do with seized ships as they are endangering lives

t is an open secret that the Economic and Financial Crimes Commission (EFCC) has been making and announcing asset seizures since inception. But accountability around such activities have been forlorn for the most part. It was on account of such alleged discrepancies that the former acting Chairman of the EFCC, Ibrahim Magu, was unceremoniously eased out of office. Reports indicate that there are several shipwrecks clogging the country’s territorial waters, posing the risk of undermining maritime development and the economy in general. Many of these vessels were confiscated by the EFCC. Whether on account of oil bunkering, piracy or other criminal acts, such ships are seized and handed over to the Nigerian Navy to manage. Over time, the ships become abandoned because neither the EFCC nor any other arm of government makes budgetary provision for their management until the final determination of their cases. In the interim, sea pirates, acting in concert with public officials, loot such vessels. The wreckages are WE CANNOT CONTINUE TO then left to decay WASTE THE LIVES OF OUR and drift in the seas. CITIZENS ON AVOIDABLE Available reports indicate that several ACCIDENTS MANY OF WHICH HAPPEN BECAUSE of the assets confiscated by the EFCC OF SEIZED SHIPS THAT have now become a HAVE BEEN ALLOWED threat to the country’s TO ROT AWAY ON OUR maritime industry WATERWAYS and economy, with no sign that the authorities will do anything about the situation. In Lagos earlier this month, the Minister of Transportation, Rotimi Chibuike Amaechi, pledged to investigate the growing incidence of accidents on Nigeria’s waterways, especially in Lagos State. His pledge was based on complaints that accidents around Magazine Point in the Marina area of Lagos were becoming worrisome. A similar promise was also made by the Nigerian Maritime Administration and Safety Agency (NIMASA), a parastatal under Amae-

Letters to the Editor

chi’s supervision, which further proposed stakeholder collaboration as panacea to tackling the challenge posed by shipwrecks to marine activities across the country. Like all previous promises, there has been no follow-up.

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

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

he first issue to address is that of transparency and accountability. Almost daily, we read reports about assets recovered from former government officials or the opposition. But what happens to the recovered assets are kept in the dark. The second issue is on the urgent need for the country to proceed with enumeration of wrecked ships blocking the waterways, determine what led to their abandonment and what steps should be taken to avert such desertion or accidents. Meanwhile, the onus is on the EFCC to explain why and how vessels seized by it have become a threat to the nation’s economy. While we await clarification from the EFCC on the fate of the seized ships, NIWA should be concerned that, so commonplace are accidents on the Nigerian waterways that its Managing Director, Senator Olorunibe Mamora, once escaped death when a floating log of wood hit the boat carrying him and his entourage while on inspection at the Lagos facilities of the agency. That incident underscores the reason one of the major causes of accidents on our waterways is collision with submerged hard objects. According to estimates from the United Nations (UN), there are more than three million shipwrecks in the ocean floor worldwide and Nigeria is one of the countries where such wrecks are said to be lying under the waterbed. We cannot continue to waste the lives of our citizens on avoidable accidents many of which happen because of seized ships that have been allowed to rot away on our waterways. So, beyond the issue of transparency and accountability that the EFCC needs to address on the issue of seized ships, the commission must also work with NIWA and other agencies in the maritime sector on how to decongest our waterways of these prime assets that are left to waste.

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

DON ‘T LET THE BULLIES WIN

HADI SIRIKA: NO TO NIGERIA AIR

r Hadi Sirika’s plans to start up a national airline from scratch is just sheer folly. Maybe he is oblivious of the fact that American Airline is a consolidation of so many private airlines and its private anyway. He also fails to understand that British Airways is a merger of Caledonia and other airlines. So what does he really want? National carriers are drain pipes. We don’t even need them. Rwandair is haemorrhaging cash badly. His best bet is to start with Arik and co, even if he wants to start. But we don’t need a national carrier. I was once in a forum where Richard Branson said Nigerians killed Virgin Nigeria. Richard Branson further explained how Nigerian top government functionaries were constantly asking for free flight tickets. The regime of freebies was so mammoth that coupled with a cocktail of bad management, the direction went south. We need someone to tell Mr Sirika that his botched Nigeria Air show off at Farnborough was a national disaster. Shambolic acts like that make Nigeria look very bad. The concept of national carrier as a source of national pride is akin to holding a slumber party for ignorance. The planes are not made in our country, we incur debts in parking fees all around the world, the maintenance is not done in Nigeria, as we have not developed our aviation industry. There is no logic behind this. It’s just another way to waste hitherto plundered resources. If Mr Sirika truly loves Nigeria, he should get investors in partnership with the federal government to invest in aircraft building factories in Nigeria. This, I believe would create

empowerment for the citizenry. If Mr Sirika thinks it is impossible he should know that in 1969 the Brazilian government invested in a project to build an airline. Today we have EMBRAER and the planes are bought everywhere in the world. Empresa Brasileira de Aeronáutica (Embraer) was created as a government-owned corporation. It is the third largest plane maker in the world after Boeing and Airbus. Rather than globe-trotting, it is time to sit back and develop our aviation industry. China gave itself a target to start building planes before 2010 as part of its industrial plan. Despite the delay, Comac a government owned Chinese company now builds planes. Comac919 has already made its debut flight. Mr Sirika should put up a viable plan to build planes. That is the real profit making part of the aviation sector. It would interest you to know that Boeing once had an airliner, but stopped it because it was not viable. If airline makers Boeing could fail at the airline business, that should lay credence to the Herculean task of running an airline business. Recently South African airline was inundated by strikes. The financial state of the business is in dire straits: Kenyan airline, Air France, Thomas Cook and the likes. So why does Mr Sirika want to waste further resources on this national carrier? I believe the future of the teeming youth in Nigeria matters and that can only be assured through job creation in real sectors that offer endless opportunities for the populace. I don’t think a national carrier would provide those jobs. Rufai Oseni, rufaioseni@gmail.com

n many parts of the world, or at least first world countries, the vaccination rates have reached a high enough level that we can return to an almost normal life. There are still some restrictions on travel, mask wearing is required in some circumstances and those that are not double vaccinated are excluded from some venues and activities. The last item, some exclusions, is causing trouble when a group of people might go out for a meal and those that cannot prove their double vaccinated status or medical exemption are denied entry. They would be disappointed, but it is for the benefit of the majority as well as themselves. The problem that is occurring is that some of the excluded are resorting to yelling and even violence as a result and trying to force their way in or attacking people. From personal observation, most of the ‘gate keepers’ are young employees with no real authority or means of stopping these people. As this has been reported in the media, a number of people including politicians are suggesting that all restrictions should be removed to prevent these conflicts although allowing for a higher chance of COVID being spread. Since when should bullies get their way and have their poor behaviour supported by politicians? Don’t let them get their way. Basically Vax-Up or stay out. Dennis Fitzgerald, Melbourne, Australia

MONDAY NOVEMBER 29, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 29, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

The Conundrum Facing APC Convention Nseobong Okon-Ekong and Vanessa Obioha write that many members of the All Progressives Congress are not comfortable with the proposed February 2022 date for the party’s national convention

Buhari

Buni

Bagudu

Malami

fter a series of back and forth, the ruling party All Progressives Congress (APC) announced last week that its national convention will take place in February 2022. But the decision was not based on consensus. Rather the much anticipated national convention of the APC was reportedly on the approval of one person: President, Muhammadu Buhari. While this is clearly a departure from democratic norms of concensus building with a view to gaining participation of the majority, it has become accepted in Nigeria’s peculiar kind of democracy that the official at the top of the decision making triangle is accorded wooly courtesies, many times in contravention of the statutes. Chairman of the Progressives Governors’ Forum and Governor of Kebbi State, Atiku Bagudu had last week told newsmen that the governors having considered that four states are yet to have their congresses, made inputs and sought the consent of the President for the agreed time, although venue and specific date are still undisclosed. These have created more doubts, as the selection process for APC officials, right from the ward, to the local government and state chapters have been riddled with

deep and intractable crises, I almost every state. APC CECPC Swims in Controversy Bagudu’s revelation suggests a modus operandi that does not speak well of the party’s values and tenets. It begs the question of why the convention of the party should be at the behest of the President. Of course, he is the leader of the party and considered a first among equals,

but he, like other members of the party, has only one vote. However, it should be pointed out that Buhari is the lone, even if, precarious string that holds the different, sharp and unyielding tendencies in the APC together. It was Buhari’s enigma that resolved the feud that nearly ruined the party last year. After several failed attempts to bring warring groups together, with different persons claiming leadership of the party, the President stepped

Since the announcement of the agreed time for the convention, underlying issues that were once ignored have come to the fore. One of such pressing matters is the tenure of the Chairman of the party’s National Caretaker Committee, Mai Mala Buni. Buni who is also the governor of Yobe State has held on to this executive role since the former party National Chairman, Adams Oshiomhole left the party with his tail between his legs

in with the Yobe State Governor Mai Mala Buni-led Caretaker and Extraordinary Convention Planning Committee. Unknown to the party constitution, it was originally a six-month tenure. Many influential members like its first National Chairman and former Governor of Osun State, Chief Bisi Akande voiced their resentment, mainly because they think the CECPC is an illegality and its actions cannot stand legal scrutiny, partly because Buni, according to them, is forbidden by law from holding two executive positions, in this case, Governor of Yobe State and National Chairman of the APC. However, supporters of the President’s action led by the Attorney General of the Federation, Abubakar Malami (SAN) hold a different position. They maintain that nothing in the constitution of the party stops it from appointing persons to carry specific assignments on ad-hoc basis. The makeup of any political party is that the majority carries the vote. Not only does this allow others to make input but it gives room for internal democracy. Leaving the ultimate decision in the hands of one person, and in this case, the President gives a sign that the party, after all, does not practice democracy as it laboriously preaches. Rather, it portends that the party is ruled by one-man which

T H I S D AY ˾ MONDAY NOVEMBER 29, 2021

MONDAY DISCOURSE

As Marafa APC Faction Holds Peaceful Congress in Zamfara Nseobong Okon-Ekong writes that Senator Kabiru Marafa faction of the All Progressives Congress in Zamfara State may have taken an irreversible step with wide implications for the party

housands of members of the All Progressives Congress (APC) belonging to the camp of Senator Kabiru Garba Marafa, from across the 14 local government areas of Zamfara State, participated in its recent congress. The congress produced, Alhaji Surajo Garba Maikatako, as the chairman. The Marafa camp previously held ward and local government congresses in state. The exercise was peaceful as security operatives successfully managed the crowd that thronged out for the exercise. Addressing the crowd after his emergence as the chairman, Maikatako, thanked the members of the party for the confidence reposed in him, pledging to work hard to take the party to greater heights. “ With the peaceful conducted of the exercise, we are on the right path of consolidating our hold in Zamfara State, North West and the entire country. “ While wishing you safe trips back to your respective homes, I assure you that I will not let you down in this journey to rescue our state,” he said. He commended security agencies for the support given to them during the exercise. Other members of the State Working Committee (SWC) are: Dan Malam Mai Yadi (Vice Chairman), Nasiru Muhammad Gummi (Secretary), Auwalu Garba Alhazzai (Treasurer), Babangida and Abubakar Gusau (Legal Adviser). Also elected are; Mamuda Gaba (Financial Secretary), Bello Bakyasuwa (Publicity Secretary), Kabiru Rabiu (Auditor), Lauwali Bello Viara (Youth Leader), Hussaini Dan Isha (Welfare

Scene from the APC state Congress in Zamfara

Secretary), Nafisa Ahmad (Women Leader) and Abubakar Usman Gora (Organising Secretary).

APC is our project, says Marafa

Meanwhile, Senator Marafa has punctured the reports that he has dumped the APC together with a former governor of Zamfara State, Abdul’aziz Yari, describing it as “ wishful thinking of minions” There were reports in the social media that Yari and Marafa had joined the Peoples Democratic Party (PDP) following the intervention of a former Senate President, Bukola Saraki. Reacting, Marafa said “we are senior engineers and architects in the project team that designed, built and maintained APC from inception to date. “This is the wishful thinking of the minions parading themselves as the new owners of APC today. We are senior engineers and architects in the project team that designed, built and maintained APC from the beginning to date. “We are not going to leave the complex in the hands of those who were labourers, masons, plumbers and carpenters in the design and construction days, “We are not going anywhere, Emir no dey go transfer,” he said. Marafa has been embroiled in a battle for the soul of the APC with Governor Matawalle since the governor switched political party loyalty from the Peoples Democratic Party (PDP) to the APC. He has a lot of comfort for his struggles from the former governor of state, Abdulaziz Yari. Following Matawalle’s defection to the APC, the party leadership at the national secretariat favoured him to direct its affairs in the state, but Yari and Marafa would have none of it. Several efforts to reconcile the position of the three leaders have been unsuccessful.

The Conundrum Facing APC Convention indicates autocracy. Since the announcement of the agreed time for the convention, underlying issues that were once ignored have come to the fore. One of such pressing matters is the tenure of the Chairman of the party’s National Caretaker Committee, Mai Mala Buni. Buni who is also the governor of Yobe State has held on to this executive role since the former party National Chairman, Adams Oshiomhole left the party with his tail between his legs. In June 2020, the APC, desperate to calm the turbulence rocking the party and save it from implosion, set up an interim committee, the Caretaker and Extraordinary Convention Planning Committee (CECPC) which was saddled with the responsibility of steering the activities of the party for an initial period of six months and also to prepare and conduct the party’s national convention. Buni, who served as the party’s national secretary before he became the Number One citizen of Yobe, was elected chairman of the committee. By the expiration of the six-month tenure, the interim committee/extraordinary convention committee was extended for another six months on December 8, 2020, during a national executive meeting of the party. Buni Has No Plan to Leave Again, June 2021 saw another indefinite extension till the party’s convention. And by scheduling the convention in February 2022, it will only mean that the Governor has no intention of leaving his position. Perhaps, his staying power can be attributed to the President’s believe that he indeed possesses the charisma and skills to unite aggrieved members of the party, even though the thought can

be easily dismissed following the growing number of factions in the party at the state level. If one should take into consideration his ability to win over major politicians in the country from the opposition to the ruling APC including some state governors into consideration, Buni may as well be handed a decorative garland. But Buni’s leadership has not been without hiccups. Calls for his sack by both the opposition party People’s Democratic Party (PDP) and members of APC were recorded this year. Following the fallout in the APC Congress in Delta State, a high court restrained Buni from carrying out his duty as the Chairman of the NWC. The PDP likewise urged an Abuja court to dismiss Buni, arguing that combining the governor ’s office with another executive position is a constitutional violation. Despite the argument by various critics, it is unlikely that Buni will vacate his position anytime soon as he is heavily favoured by the President. Buhari is likely to hand over the reins to Buni to choose who his successor will be but if that should happen, it will deepen the cracks in the party. Increasing Disputes in APCControlled States The President has so far not succeeded in keeping the house in one piece despite Buni’s glowing performance. The party still suffers internal disputes in many states. At least, about 13 states are experiencing one tussle or the other.

In fact, it is reported that aggrieved members from Lagos, Zamfara, Taraba and Kaduna states are beginning to call off the bluff of the party which mandated that no member should take the party to court by filing cases against the party leadership at both state and national levels. Most of the cases challenged the legitimacy of Buni-led NWC and called for their immediate sack. This is somehow expected and will spell more doom for the party since its convention is just a year before the general elections in 2023. No doubt, the president is not in all members’ good books and since he is leaving, it is not inevitable that many will not care whose ox is gored and go ahead with their threats. It is possible then that the party may not be glued together once Buhari leaves office and the prophecies about the party’s implosion may eventually become a reality, that is if it doesn’t happen before the convention. Reports are suggesting that the party’s existence in Taraba is nearing extinction. Presently, not all party members are comfortable with the February date as Buni’s leadership is still in contention. With too many factions in states, the party’s Reconciliation Committee is confident that the party’s conflicts would be resolved before the convention, even as many see the February slot as a delay tactic by Buni. New Challenge for APC National Chairmanship However, the new timetable for

the convention has thrown open the contest for the national chairmanship of the party. From all indications, the post is likely to go to the north as the Peoples Democratic Party (PDP) may have dictated the direction with its election of Dr. Iyorchia Ayu from Benue State as its National Chairman. Already, interested aspirants who have thrown their hats into the ring are all from the north. They are a curious mix that suggests a tussle between older and younger politicians. With the clamour for youthful leadership in the country, aspirants like Saliu Mustapha, the Turaki of Ilorin, Kwara State, are betting on their youthfulness to appeal to the party to consider him the best candidate for the job. Others who belong to the younger set include Sunny Moniedafe from Adamawa, Muhammed Bello from Taraba, Senator Sani Musa and Muhammed Etsu from Niger. For the older generation, Senator George Akume, Senator Danjuma Goje, Senator Tanko Al-Makura, Senator Abdullahi Adamu, Senator Kashim Shettima, Senator Abdulaziz Yari and Senator Ali Modu Sheriff, make the list. And who knows, Buni may also join the contest. Even with the northern zoning, it however does not guarantee that the presidency will be zoned to the south, a goal the Southern Governors Forum has pursued aggressively. Moreover, the groundswell in PDP is pointing to an Atiku ticket for the 2023 presidency. If he eventually gets it from the PDP which is likely to hold its convention before the APC, the latter may be influenced to tow a similar path. The outcome of such decisions will impact negatively on the clamour of the SGF to have the presidency zoned to the south.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 29, 2021

THE MONDAY INTERVIEW

SHUBHAM CHAUDHURI:

Subsidy Removal Without Consensus, Compensatory Measures, is Recipe for Unrest It is without telling that Nigeria’s economic stability is a major concern to big economies of the world and equally massive corporations and institutions. With her arguably huge market, largely deﬁned by her staggering population, Nigeria remains a darling of the world, her obvious inadequacies notwithstanding. This is why Shubham Chaudhuri, World Bank’s Country Director for Nigeria, with useful interjections from Marco Hernandez, the institution’s Lead Economist for Nigeria, warns of the dangers of Nigeria still sprawling in the bubble of business as usual. In this interaction with THISDAY, he stresses the need for Nigeria’s government to follow through its reform agenda, especially by removing the controversial fuel subsidy, among others, to accelerate growth in the economy and achieve its poverty alleviation targets. Excerpts: What’s the overview of the recentlyreleased Nigeria Development Update (NDU) by the World Bank? The NDU as you know, every six months, we produce the report basically to share our assessment and take on what has been happening in terms of Nigeria’s economic development agenda. A lot of it is sharing our assessment of recent developments and what our advice for the next year is. And in trying to do this, we try to take a closer look at some issues that we think have really emerged and are topical. And we also use this as an opportunity to give the wider audience a sense of spotlight on issues that are part of Nigeria’s longer term development. Of course, the first question you often get asked is what we are saying in this NDU that we weren’t saying six months ago. Let me try to summarise that. Firstly, we have for about a year and a

half now, especially since the start of the COVID-19 crisis, been making the point that Nigeria is at a critical juncture in the sense that it has for a long time (I will say four decades or more) not really lived up to its full potential and it is now saddled with the COVID-19 crisis. The imperative of making some fundamental choices about structural reforms was critical, because otherwise going forward, not only will Nigeria not realise its tremendous potential, there is actually the risk of a downside where things start to take a downturn. So instead of 100 million people being lifted out of poverty, you have many more millions of people falling into poverty. You have growing insecurity, you have millions of young Nigerians coming of working age, who are unable to find the kind of economic opportunities

they would like. That in itself leads to growing insecurity. We have been saying this since at least a year and a half ago, because the COVID-19 crisis did have a huge impact on Nigeria. Over the course of 2020, and in December 2020 and again in June of 2021, we recognised that the government had taken some pretty bold choices and decisions; I think that helped Nigeria recover and emerge from the recession, and more quickly than any of us had anticipated, certainly it was good news. But we were also pointing out that Nigeria is not out of the woods yet. So in terms of the critical choices that it faces, I will describe them for you. Six months ago, what was high on the agenda was Nigeria has come out of the recession more quickly, but inflation has reached very high

double-digit levels. Most Nigerians are feeling the pinch, it is driving millions of people into poverty and the exchange rate now is part of what needs to be addressed. And what has changed in the last six months? The urgency of the reform has remained but what we are saying now is that the fiscal pressures that have built up as a result of the growing burden of petrol subsidy, are likely to hit Nigeria very hard next year unless they are addressed almost immediately. As of last month, the cost of petrol subsidy to the federation, meaning both the federal government and the states, was N250 billion monthly. Just to put that in perspective, supposing you say federation’s gross revenues next year ( if oil production picks up) could be somewhere in the N12 trillion range. This N250 billion per month means N3 trillion Continued on page 22

T H I S D AY • MONDAY, NOVEMBER 29, 2021

THE MONDAY INTERVIEW

SHUBHAM CHAUDHURI

With Business as Usual, More Nigerians Will Fall into Poverty over the next 12 months, which means the federation will essentially be spending 25 per cent of the entire federation’s revenue on premium motor spirit (PMS) subsidy. And then, that is the federation’s choice obviously, but is it an informed choice and does the public know who exactly is benefiting from this N3 trillion or who will benefit from this N3 trillion? And our concern is that if there is no action taken on PMS subsidy, there is a risk that the federation’s revenues in 2022 could actually be lower in ordinary terms. Not only compared to 2021, but compared to 2020, which as you know was a kind of hard year. So if the federation revenues go down further in nominal terms, it means wages and salaries will be affected negatively and the cost of everything will go up, because of the high inflation. Whereas if revenues go down in nominal terms, one of two things is going to happen: either the government, both at the federal level and especially, at the state level, is going to start running into problems paying wages, making payments to vendors, financing basic services, which is essentially what happened back in 2015 and 2016, when there was a fiscal crisis at the sub-national. But you could also see this happening at the federal level, because the federal government revenue will be hard hit next year if the PMS subsidy continues and especially, if oil production does not pick up as much as it is currently anticipated in the budget. That doesn’t have to be the case, instead, funds for PMS subsidy could be directed towards things like basic education, primary healthcare, rural roads, or things that Nigeria needs to grow inclusively and reach its potential. In terms of the latest Gross Domestic Product (GDP) numbers that the National Bureau of Statistics (NBS) recently put out, I think it is good news there. The economy is picking up, growth is a bit faster. But we are raising our growth projections both for GDP growth for this year and for next year, but not quite much. Even the pick-up is going to be a little above population growth rate, which means per capita incomes won’t be declining, but they will barely be rising and will be flat. I think the bottom-line is that fiscal risks are serious to the point where we think urgent action is needed. And that is the reason for the title of the report - Time for Business Unusual. Business as usual means literally that Nigeria’s aspiration of lifting 100 million Nigerians out of poverty will not be realised. Your concerns in the report about fuel subsidy removal are founded. But the Petroleum Industry Act (PIA) categorically stipulates that fuel subsidy should be removed and the government has ﬁxed a timeline of around May/ June next year for its removal, do you think June 2022 would be too late or must they do that before June? I think the PIA says it must be removed six months after it was enacted. So according to the PIA, fuel subsidy should be eliminated around February 15. The fact that people are talking about June already tells you that this is something everyone is hesitant about. If you go by the language of the PIA, it says six months after it was enacted. I believe it was enacted on August 16th. It would be good that the provisions of the PIA are implemented and PMS subsidy will just disappear completely. But then, there are two things that we say: the high rate of inflation that Nigeria has experienced in the last 18 months, it has hurt ordinary Nigerians. And when the PMS subsidy disappears, there will be an uptick in inflation and what we think other countries have done is to help ordinary Nigerians cope with that further uptick in inflation, which is why we think that as part of the PMS subsidy going away, large-scale cash transfer programme, time-limited, to help ordinary Nigerians cope with any increasing prices over and above what they are already experiencing. The second thing is that part of the high rate of inflation has been driven by a lot of reasons. But one of the key reasons has been the way that the exchange rate and access to foreign exchange have been managed. We think a clear and more predictable and a more workable responsive approach, especially, managing

as soon as you came out of the recession, there was a bit of complacency. PMS is one example, where that momentum was not sustained through the course of 2021 and as a result, we are now in November 2021, where what was a small problem, which didn’t have to get bigger has now become a huge problem. You just keep thinking about that N3 trillion, which is 25 per cent of government revenues, at a time when Nigeria already has lower government revenues than any country. Talking about inﬂation, what level would you say is ideal for Nigeria? First of all, the government of Nigeria, especially the Central Bank already has a target and the target band of between six to nine per cent. The last time it was nine per cent, was in 2014. That target has remained, but what hasn’t followed the target is the actual level of inflation. So the target is very clear, because it is based on everything that has to do with monetary policy indicators and the coordination with fiscal policy; but that target has not been kept. We can put this in comparative analysis to show how it compares with some other countries. In sub-Saharan Africa, the targets are more or less around 11 per cent. There is a basic rule that once you get to double-digit inflation, that is really bad news. So no one wants to be on nine per cent, 10 per cent, 11 per cent or more. The prices will start rising way too fast. In terms of targets, the target in Sub-Saharan Africa, some of them have it close to five per cent, some of them have it closer to seven or eight per cent and it really depends on the structure of the economy, etc. That is in sub-Saharan Africa. But if you are talking about emerging markets, you are talking about one per cent, two per cent, three per cent or four per cent or more than.

“It’s time for business unusual. Business as usual(retaining petrol subsidy) means literally that Nigeria’s aspiration of lifting 100 million Nigerians out of poverty will not be realised” the supply of foreign exchange would help bring down inflation. So it is really a package of reforms. When I think about what the PIA says, I see two things happening. Either the late February date will be ignored, because it will be too politically sensitive, and there is not enough consensus. And I think in general, for such a big policy move, there should be a consensus, not just within the government but the people as well. The people should understand why this is happening. So if that happens without any kind of consensus, and without any kind of compensatory measures to bring down inflation or help households cope with the price increase, then I think there is a potential for unrest. On the other hand, another possibility is that PIA’s February deadline will be allowed to come and go and the PMS subsidy will continue. It will not be the first time that something that is on paper is not fully implemented. And that is where the fiscal risk and pressure will come in. Then the cash burden every month will be N250 billion that should have been flowing into the federation account that won’t be. And what we try to do is that we have recognised that for many Nigerians who know the fact that there is a PMS subsidy and therefore, the prices of PMS are a bit lower than it otherwise should be, they feel it is the only benefit they are getting from the government. And if that gets taken away, things will be worse off. We are trying to make the case that it doesn’t have to be that way. There are many ways of using those funds to directly benefit ordinary people. That is because right now, with

N3 trillion, it is mostly benefiting the wealthy and super wealthy. Also, in the NDU report, you stated that the momentum for reforms you observed in 2020 appears to have waned, why do you have that impression? Number one, you know that the PMS price was adjusted upward throughout the course of 2020, as oil prices started going up and landing cost of imported gasoline, and PMS also went up and the domestic retail prices of PMS were adjusted upward until it got to N165 per litre in December. What happened in January? Since January, the domestic retail price has been capped at N165 per litre. It was no longer allowed to adjust with the landing cost of PMS. So if you look at the breakdown of the federation revenues, the way it works is that you have gross oil and gas revenues, then you have the deductions that the Nigerian National Petroleum Corporation (NNPC) make before it transfers to the federation account. In 2021, because PMS price has been capped since January, the deductions so far to September, were already about N800 billion and by the end of the calendar year, it will be over N1 trillion. And because oil prices have continued to go up, the deductions are growing every month. So that’s what I told you about the N250 billion, that is the deduction just recently. That is one of the places where I thought the government in the middle of the crisis would have allowed PMS price to adjust. That would have been a bold move. But

Your report further talks about having a ‘compact’ with the people, is it different from the measures the government is considering to cushion the impact of fuel subsidy removal? The compact, I think more than anything else, is in the area of trying to rebuild or address the four steps. The idea that many Nigerians don’t think that the government is going to do anything to help them. The removal of the PMS subsidy is yet another thing that the government may be doing to just make life more difficult for them. So for the compact, we are basically saying at the minimum, and a commitment to the Nigerian people that as PMS subsidy is removed, they will also help cushion the effects to protect them from the impact of that removal by providing this large-scale cash transfer. It would even be better that the compact went beyond that, to actually talk about how some of the revenues that will now start coming will not be lost to PMS subsidy and how that can be used, whether it is for basic education, primary healthcare, rural roads – just think about it. It would be a compact between Nigeria’s leaders at the federal, state levels and the people to state the reasons why subsidy is being removed and what the governments are promising them in return. So the nature of the compact is making things clear to the Nigerian people. On exchange rate, the currency was adjusted three times in 2020 as you also alluded in the report, what else do you want the CBN to do, considering that forex inﬂow has dropped signiﬁcantly since last year, when COVID-19 struck? The foreign currency market, capital markets and in general, financial markets – a lot is based on confidence. It is having confidence and clarity. Clarity is about saying, if I am making an investment, what sort of returns can I expect? So if I am not sure of what kind of returns I will expect, then, most investors would hold back and wait until they get some clarity. The confidence part comes in, in terms of whether or not I can trust what is out there in the public or what the government is saying about their policy. Or is it that the government is saying one thing one day and tomorrow, it might do something else? What has held that back, we think, is the exchange rate management policy Continued on page 23

T H I S D AY • MONDAY, NOVEMBER 29, 2021

THE MONDAY INTERVIEW

SHUBHAM CHAUDHURI

Nigeria is at a Critical Juncture of the central bank, and because there has not been clarity, I think the confidence has suffered. So investors, whether it is domestic investors or foreign investors, are not quite sure about access to foreign exchange. And of course every central bank wants to maintain some degree of exchange rate stability. They don’t want disrupted movement. That in itself adds to uncertainty. But here, we have the other extreme, where in an effort to keep the exchange rate, the NAFEX rate is pretty much flat, not allowing it to grow. Our assessment is that the overall uncertainty has actually increased. So if I bring my money into Nigeria, am I going to be able to get it out? If so, when and how long? We have talked to firms that have established businesses here but are seeking potential for growth. But they are cautious. Even domestic established firms have some costs that are in foreign currency and right now, they don’t know. If we do this, will we get the foreign currency that we need to expand? So without confidence, investors won’t put their money. But the communication from the central bank has continuously been that it has been meeting legitimate forex demands for manufacturers and others? I think you have to talk to the private firms and don’t limit yourself to multinationals; talk to domestic firms as well. There is the Manufacturers’ Association of Nigeria (MAN), CEOs Confidence Index (MCCI), that they release every quarter. From the last one we saw, the exchange rate issue was number one in terms of the constraints to private investments, that is especially for domestic firms, so imagine international

ones. And exchange rate management is related to the predictability of the availability of foreign exchange. So it is a major constraint and it has been hindering growth like power or other issues. So what can be done to enhance conﬁdence in that market? I think the main thing here is not necessarily getting fixated on a particular rate. It is more about just the policy itself and how it’s communicated and also the level of information that provides all market participants with the information that they need to make investment decisions. For example, at the moment, there is not much clarity on what is going to happen in the coming months in terms of availability of foreign exchange. If this will be communicated, for example, through the publication of a specific offshore mechanism and say this is the amount that would be auctioned in foreign exchange, the intervention that the central bank is planning to have at this particular price, etc, that will provide more clarity on what is coming up next. In addition, if other players are allowed to exchange in a market that is more flexible as it happened before, for example, commercial banks. Commercial banks, currently, our understanding is that their functions are intermediaries, so they cannot do the transactions themselves; they do the transactions on behalf of third parties. If they would be allowed to participate in foreign exchange market, directly exchanging amongst themselves, that could also lead to what we call

price discovery. So by having more conversations, people understand each other better; they will know when things are low and when things are high and they will be able to make decisions. We have given you right now, two complete examples of things that would improve: the regularity of information and also the predictability of how things may involve in the revenue short term. And we believe that, that is just one way to enhance not only the flexibility, but also the predictability. Have you seen the country’s new National Development Plan and what do you think about it? I think it has got all the ingredients on all parts. What we really appreciated, I think is great, is recognising that the bulk of the financing will need to come from being able to crowd in private investments, the emphasis on macro-physical, all of these are good. The truth is, will it be implemented and with what sense of urgency? So it is not the content, it is the implementation that we are waiting for and we are focused on. And that is the case with so many things in Nigeria. If it is not the plan, it is not the quality of the plan; it is the implementation. And that remains to be seen. Do you think the President’s plan to lift 100 million people out of poverty in the next 10 years is realistic? There are two ways of thinking about things when we make projections or when people ask us what the prospects for a country are. There are two ways of

“Firstly, we have for about a year and a half now, especially since the start of the COVID-19 crisis, been making the point that Nigeria is at a critical juncture in the sense that it has for a long time (I will say four decades or more) not really lived up to its full potential and it is now saddled with the COVID-19 crisis”

approaching this: one way is just to think about it or what are the natural resources endowments? What are the technological strengths? What are the human endowments that a country has? And they say a country cannot change overnight. If you combine that with the right policy and with robust and timely implementation, you can say what a country’s potential could be. From that prospective, Nigeria absolutely has the potential to have what they call accelerated growth between now and 2030, that you could see tens of millions of people being lifted out of poverty. So from that, I want to say that Nigeria has that potential in terms of its resource endowments – both physical and human. The key, of course, is whether it has the political consensus and requisite institutional focus on implementation and formulating the right policies and the right choices. And that is what is going to make the difference. That is why we keep saying that it is Nigeria’s choice. Nigeria still has the choice to put the right policies and follow through on implementation to get close to the target with the kind of potential it has, even in the next nine years. But it requires that consensus and requires that choice and it requires moving away from business as usual. That is the essence of what we are saying. Business as usual will not result in that potential being realised and 100 million Nigerians will not be lifted out of poverty, in fact, many more millions will fall into poverty. Nigeria’s Minister of Finance believes the country does not have a debt problem, but a problem of low revenue generation. Do you think so? That was one of the first things I heard the Minister say when I started in my new position. And yes, though from one perspective, just take two facts. If you look at the public debt-to-GDP ratio, Nigeria is very much in the middle of the pack globally. Usually globally, the kind of threshold where people start saying this is a high debt country is 60 per cent ratio. She is also right in the sense that if you look at government revenues to GDP, Nigeria is the lowest of 115 countries. In that sense, Nigeria is in the middle of the pack globally in terms of debt to GDP and at the bottom of the pack in terms of revenue to GDP ratio. So revenues have to be increased, but there is a caveat. One is that, it doesn’t matter what your level of debt is, it still has to be used for productive purposes, and to ensure that it is being used in the right ways to invest in Nigeria’s infrastructure and people. I think that is critical, and the best way to ensure that, is to be absolutely transparent about the terms and conditions and the uses. So every single credit that the World Bank provides and anything you want to know about the credit in terms of credit and what it is being used for, everything is published. And the Debt Management Office now is doing the same thing for all the sovereign debt that Nigeria takes. The second thing is that in the short term, if you think about debt to GDP as a sign of sovereignty, can a country sustain itself for a long run from a fiscal point of view in terms of its obligations? There is a separate measure, which is more of a liquidity problem, which is debt service to revenue. Nigeria’s debt service to revenue is very high. But the mere fact that the revenue is so low, the debt service in absolute terms is not that high for a country of Nigeria’s size and much of it is domestic, but Nigeria’s revenue level is unbelievably low. You are talking about seven per cent of GDP, when most other countries are at least 15 per cent, which ought to be the minimum that is needed to keep the government functioning, to provide law and order and basic services. Nigeria is at seven per cent, it could have been higher by two per cent if it wasn’t for the PMS subsidy. That is because the money spent on subsidies should be coming in as revenue. On the debt side, it has to be properly acknowledged and transparent. One of the things you will see in the report, especially in the policy options that we laid out, is the importance of making sure that all the financing follows that rule and is fully transparent and accounted for.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

1 9 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Amid Ban of Corporates, Individuals, CBN OMO Sales Drop to Five-year Low

Kayode Tokede The Central Bank of Nigeria (CBN) Open Market Operation (OMO) sales has declined to five-low following the exclusion of corporates and individuals from participating in the monthly auction, the CBN statistical data has revealed. Analysis of the data showed that the central bank sold the lowest amount of OMO in 11 months of 2021 than it did in the last five years after a ban on domestic players, which lead to decline in the sales of the

short-term instrument. OMO is basically a short-term market instrument that the CBN uses to control the supply of money in the economy. When it believes inflation rate is high due to increased money supply, it sells OMO to mop-up excess liquidity in the system. The CBN had in 2019 announced the exclusion of corporates and individuals from participation in its OMO at both the primary and secondary market. The exclusion, the CBN explained, imply that only banks and Foreign

Portfolio Investors (FPIs) can participate in OMOs, while others, will have to shift focus to Treasury-Bills and other investment instruments. Meanwhile, market data showed that the CBN sold OMO worth N2.2 trillion in 11 months of 2021, about 48.4 per cent decline from N4.25trillion sold in 11 months of 2020. Analysis of OMO sales data for 2021 showed that the CBN sold N413.4billion worth of OMO in January and increased further to N746.12billion in February. In March, it dropped to N295billion

and decline further by 30 per cent to N206.8billion in April. The CBN statistical data revealed that OMO sales dropped to N72.56billion and N65.6billion in May and June respectively. Also OMO sales activities in July went down to N37billion but increased by 62.6 per cent to N60billion in August. The central bank had in its economy report for the month of July noted that: “In line with the Bank’s core mandate of delivering price stability, consistent with economic

growth, excess liquidity was mopped up through OMO. The average net industry liquidity position grew by 23.9 per cent to N192.07 billion in July 2021, compared with N154.98 billion in June 2021. “The increase in liquidity was buoyed by the repayment of matured CBN bills and fiscal disbursements to the three tiers of government. Nonetheless, the auctioning of CBN bills, FGN Bonds and Nigerian Treasury Bills (NTBs), provisioning and settlement of foreign exchange purchases, as well as Cash Reserve

Requirements (CRR) debits, moderated liquidity in the banking system.” The report added that: “The tenors of CBN bills used in conducting OMO in the review month ranged from 103 to 355 days. The total amount offered, subscribed to, and allotted to, were N40 billion, N104.20 billion, and N37 billion, respectively, with a bid rate of 6.98 per cent (±1.64), while the stop rate was 7.00 per cent (±1.55). Repayment of matured CBN bills was N231.19 billion, translating Continued on page 26

Pension Fund Managers’ Investments in FG Securities Yield N82.02% of Total Investment Interest Ebere Nwoji t The huge investments made by Pension fund managers in federal government securities have continued to yield optimal results, a report by the National Pension Commission (PenCom) has revealed As at 2020 business year, pension managers’ investments in federal government instrument generated 82.02 per cent of the total interest yield of N77.79 billion made by the managers

during the year under review. PenCom in its 2020 industry report published in its website revealed that the managers invested a total of N5.74 trillion in federal government securities in 2020. The yield, according to PenCom, represents an improvement on the 80 per cent interest yield reaped by the managers in investment of pension funds in federal government securities in the year 2019.However the overall yield witnessed N5.282 billion decline.

Since the inception of Contributory Pension Scheme in the year 2004, the Pension fund managers and Pension Fund Custodians who manage and invest the funds have always seen federal government securities as safest place to invest pension funds. Despite stakeholders’ outcry on the need to invest the funds in infrastructural development, over 70 pension of the funds is invested in federal government securities. The FGN securities favoured by

the pension managers include bonds; treasury bills; agency bonds; Sukuk and green bonds. PenCom explained that fluctuation in interest yields in federal government securities was what forced the overall interest yields to the industry’s investment to slide by N5.282 billion to stand at N773.70 billion for the year under review against N816.84 billion in 2019. PenCom maintained that the total investments in FGN Securities was

N5.74 trillion as at 31 December 2020, adding that the maturity profile of the investments in FGN Bond ranged from 1 to 10 years and represented 68.78 per cent of the portfolio value of the RSA Active Funds and that 91.58 per cent of the Funds investment in FGN securities were in FGN bonds. “A review of the Bond Portfolio reveals that pension fund assets of Funds I and II are equally split between tenures below and above 10 years. However, in line with the demography

of Fund III contributors, investments in FGN bonds were mostly in short to medium term (below 10 years) maturity bucket that accounted for 60.89 per cent of the Fund’s FGN bond portfolio. “In the preceding year 2019, operators’ investment into Fund I, Fund II and Fund III, generated N816.84 billion interest and coupon. In the same period, total interest/ Continued on page 26

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 6 , 2 0 2 1 FGN BONDS DESCRIPTION 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022 13.125 FGNSB 16-JAN-2022 16.39 27-JAN2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.18

4.70

-0.01

NTB 13-Jan-22

3.69

3.71 0.00

100.38

4.67

-0.01

NTB 27-Jan-22

3.85

3.87 0.00

100.46

3.70

0.01

NTB 10-Feb-22

4.00

4.03 0.00

101.30

3.67

0.01

NTB 24-Feb-22

2.45

102.15

3.35

0.02

NTB 10-Mar-22

4.31

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS DEC 29 2021 421.18

NGUS JAN 26 2022 422.61

NGUS FEB 23 2022 424.04

2.46 0.00

NGUS MAR 30 2022 425.46

4.36 0.00

NGUS APR 27 2022 426.89

C Ps MATURITY

Discount Yield

Change (%)

DUFL CP IV 30NOV-21 MREP CP XXXIV 30-NOV-21 CMBL CP XIV 6-DEC-21 MREP CP XXXVII 14-DEC-21 MTNN CP IV 17DEC-21

9.00

9.01

-0.02

9.50

9.51

-0.02

7.03

7.04

-0.01

14.24

14.34 -0.01

7.89

7.93

-0.01

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

COCA-COLA SYSTEM 70TH ANNIVERSARY…

L-R: Vice President, Public Aﬀairs, Communications and Sustainability, Coca-Cola Africa,. Mrs. .Patricia Obozuwa; Managing Director, Nigerian Bottling Company (NBC) Ltd., Mr. Matthieu Seguin; Board Chairman, NBC, Ambassador Segun Apata; Vice President Federal Republic of Nigeria, Prof Yemi Osibajo (SAN);Deputy Governor, Lagos State, Obafemi Hamzat; and PHOTO: ETOP UKUTT Managing Director, Coca-Cola Nigeria Limited, Mr. Alfred Olajide, at the 70th Anniversary Gala of the Coca-Cola System in Nigeria held in Lagos recently

Zenith Bank, Polaris Bank, Others Publish 1,042 FX Defaulters in Three Months Kayode Tokede In compliance with the Central Bank of Nigeria (CBN) foreign exchange policy, Zenith Bank Plc, Sterling Bank Plc, and eight other banks have published a total of 1,042 foreign exchange defaulters in the last three months when it enforced. Investigation by THISDAY revealed that Zenith bank, followed by Sterling Bank and Access Bank recorded most defaulters in the period when the policy was proclaimed by the CBN. Zenith bank on its website reported a total of 879 FX racketeers, while Polaris Bank and Sterling Bank reported 54 and 52 respectively. On its part, Polaris Bank noted that the 54 customers cancelled their trip and failed to refund the Personal Travel Allowance (PTA) sold to them despite follow ups with them Sterling Bank named 46 bank customers to cancellation of their trip and failure to return the PTA availed to them despite reaching out to them with phone calls and messages and six of them for presenting fake visa or document to apply for PTA. Access Bank reported 24; Fidelity Bank, 10, First City Monument Bank, 8; Stanbic IBTC Bank, 7; Standard Charted Bank, 4; United bank for Africa, 3, and Wema bank, 1. An Economist and Private sector

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

Advocate, Dr Yusuf Muda said banks are working in compliance to CBN directive on FX defaulters. He explained that, “If a bank wrongly published customers name, there is a risk of liable. Banks must be very sure of their facts before publishing any name if that customer is guilty. “You could remember in the past when banks published names of loan defaulters that created unrest in the banking sector. Banks needed to exercise caution and investigate

properly before publishing any name.” He said the policy is part of confusion created in the FX market, stating that; “I do not see that solving the problem.” UBA was the first bank that published names of some individuals who applied for PTA and bought cheap dollars at the bank but did not use it for the purpose they applied for. The account numbers and BVN of the defaulters were included

in the publication on the lender’s officla website. According to the bank, the beneficiaries committed the offence after applying with fake tickets or visas. It stated that, “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the FX regulation. Based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed

to them despite several mails, text messages and follow up phone calls. The customer(s) below presented fake visa to apply for PTA.” Banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trip two weeks after their scheduled travel date must return the FX to the banks. “Defaulting customers who presented fraudulent travel

credentials or cancelled their tickets and failed to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, would have their identities and bank verification numbers published,” the banks had said. In a circular issued recently, the CBN outlined the fraudulent practices to include the use of fake visas and cancellation of air tickets after purchase of PTA and Business Travel Allowance

NAICOM Insists on Implementation of IFRS 17 from Jan 2023 Ebere Nwoji The National Insurance Commission (NAICOM) has said that it would not go back on the proposed implementation of International Financial Reporting Standard (IFRS17) in insurance industry on January 1, 2023. The commission, said in its efforts to get insurance firms ready for the new finance reporting model, it had set up sub-working groups to facilitate the migration. The Commissioner for Insurance, Mr Olorundare Sunday Thomas,

who stated this at the 2021 Insurance Directors’ conference held in Lagos, urged board members of each insurance firm to get prepared for the IFRS 17 implementation pointing out that the deadline for migration was already at hand. “I want to urge you also to follow up on the implementation of International Financial Reporting Standards. IFRS 17 in your companies. The implementation dateline of 1st January 2023 is right before us. Sufficient capacity building engagements have been conducted and sub-working groups

inaugurated to facilitate the migration. You are therefore required to ensure that your entities are in full compliance and ready for the dateline”, the commissioner charged. He also urged the directors to take the issue of development of insurance in the country serious directing them to work closely with their management because a lot was expected from them at the top level. “The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state

governments on the need to boost insurance culture across the country. “However, the supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously. This has to start from the policy level and the directions clearly spelt out. This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions, “Thomas said.

He noted that one issue that has been setting the industry on a reverse gear in its developmental efforts was the issue of claims settlement. He noted that amongst the operators, there were few operators that had been making the sector’s work a tedious one by not paying claims promptly. He said operators should know as a fact that insurance business was about payment of genuine claims and anything short of that would continue to hurt insurance business in the country thereby giving the industry poor reputation, perception

PENSION FUND MANAGERS’ INVESTMENTS IN FG SECURITIES YIELD N82.02% OF TOTAL INVESTMENT INTEREST coupon received from Fund I, was N2 billion, of which the commission said large chunk came from investments in federal government’s Securities, “the commission said. According to PenCom, Interest/ coupon received from Fund II, was N509.47 billion, while dividend received was N29.77 billion. The interest/ coupon received from investments in FGN Securities represented 80 per cent of the total interest/coupon received during the year, it said The Commission noted that the interest/coupon received on Fund III

was N305.37 billion, while dividends were N5.54 billion. It maintained that the net realised gain on disposal of equities and bonds on the Funds amounted to N11.52 billion, adding that this was mainly attributed to realised gains in Fund II & III of N5.97 billion and N5.21 billion, respectively, while Fund I recorded realised gains of N333 million within that period. In overall, PenCom Director General Mrs Aisha Dahir Umar, in the report said the pension sector in 2020 made significant

progress in its quest to expand coverage of pension adding that total membership of the pension schemes increased by 3.60 percent from 8,949,536 recorded in 2019 to 9,271,665 as at 31 December 2020. “This growth resulted from concerted efforts of the commission and the Pension Fund Operators to ensure improved compliance by the public and private sector employers with the PRA 2014 and the growing acceptance of the Micro Pension Plan by the informal sector. Similarly, she said Net Assets

Value of Pension Funds recorded a growth rate of 20.45 percent from N10.22trillion in 2019 to N12.31 trillion as at 31 December 2020. The report said the Fund has hit N13tn and is expected to hit N20tn mark by the year 2020 if the current annual growth rate of 18 percent is sustained. According to her, the major sources of growth were contributions, income earned on fixed and variable income securities, and price appreciation of equities and bonds. “The funds were invested in

different asset classes comprising federal government of Nigeria (FGN) securities, states government securities, ordinary shares, corporate debt securities, local money market instruments, supranational bonds, mutual funds, infrastructure funds, and private equity funds, “she said. She said Pension fund assets were predominantly invested in FGN securities, but that the industry’s allocation to this asset class had declined to 66.64 of total portfolio value compared to 71.90 per cent of December 2019.

AMID BAN OF CORPORATES, INDIVIDUALS, CBN OMO SALES DROP TO FIVE-YEAR LOW to a net injection of N194.19 billion through this medium.” Interestedly, OMO sales increased significantly in September to N120billion but dropped to N99billion in October and closed November at N80billion. Further breakdown revealed that the CBN sold OMO worth N13.82trillion in 11 months of 2019, a decline of about 12 per cent from N15.68trillion sold in 11 months of 2018. OMO sales, according to CBN, were N6.4trillion and N3.57trillion in 11 months of 2017 and 2016 respectively. Explaining the ban on corporate,

individuals from access to the OMO market and the restriction of banks from buying Treasury bills (T/bills) on behalf of borrowing customers, the Governor, CBN, Mr. Godwin Emefiele, had said: “What the CBN did in 2019 was to ensure the exclusion of PFAs and corporates and individuals that are in the OMO market because the CBN felt that the cost and size of OMO were unbearably high. “This has been achieved considerably. We see the FPIs as part of the sources through which foreign flows come into Nigeria. So, for anybody to say the CBN is trying to reduce the size of OMO and is

planning to exclude FPIs is totally inaccurate. This is a financial market matter and the only person who can give responses on this issue would be the Financial Market Department of the CBN who are like the treasurers. Commenting, analysts explained that CBN policy is in line with its drive to divert liquidity away from risk free instruments to the real sector of the nation’s economy. In a chat with THISDAY, the head of research, Pan African Capital Holdings Limited, Moses Ojo stated that CBN’s weak activities in OMO market was due to effect of COVID-19 pandemic, stating that banks were

concerned about lending to real sector as demanded by the regulating body. The CEO, Enterprise Stockbrokers Plc, Rotimi Fakayejo said the decreased OMO auctions was due to weak economy and policy stance of the CBN. He noted that the weak OMO sales impacted on the capital market as corporate and local investors renewed interest in fundamentals stocks listed on the Nigerian Exchange Limited (NGX). His words: “OMO is one of the instruments CBN used in controlling money in circulation, making sure the rate of inflation is reduced. Investors will always go to where

it is easy for them in terms of reaping their investment, be it short-term or long-term.” A group of analysts at CardinalStone Research had explained that: The restriction of key corporates, such as PFAs and Insurance companies, from participation in OMO is likely to free up excess investable cash for allocation to assets beyond fixed income alternatives. “We, therefore, see legroom for some flows into fundamentally strong equity names as treasury yields moderate. Our view is also buttressed by the high earnings and dividend yields in the equity market space.”

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

BUSINESSWORLD

STATUS REPORT

FMN, Honeywell Merger Rekindles Shareholders’ Interest

Kayode Tokede

he proposed merger between Flour Mills of Nigeria Plc (FMN) and Honeywell Flour Mills (HFMP) rekindled investors’ interest in both companies’ stock prices on the Nigerian Exchange Limited (NGX) last week. Specifically, the stock price of HFMP appreciated by 0.57 per cent to close at N3.96 last week from N3.39 it opened for trading, while FMN stock price gained 0.25 per cent to close at N29.50 from N29.25 per share the stock market opened for trading. Hitherto, the key fundamentals of both companies emerged stronger with significant increase in revenue and profits to match with dividend payout to shareholders. For FMN, it grew its revenue by 34 per cent to N771.61billion in 2021 as against N573.77billion reported in prior year audited result and accounts, while HFM revenue’s for the period rose by 36.2 per cent to N109.59billion in 2021 from N80.45billion recorded in 2020. The growth in both companies food business was driven by constant product innovation and transformation in new markets, as well as operational efficiency through route-to-market investments. With significant increase in revenue and effective management of expenses, FMN’s profit before tax rose significantly by 116 per cent to N37.28billion in 2021 from N17.25billion in 2020. Also, profit after tax also rose by N25.72billion in 2021, an increase of 126 per cent from N11.4billion in 2020. The growth in profits, positioned Basic earnings per share at N6.38 in 2021 from N2.55 in 2020. The company has consistently maintained leadership focused on strong discipline in operational and capital efficiency by increasing local content in group-wide supply chains and supporting backward integration programs across all value chains. Based on the performance, the board has proposed a dividend of 165 kobo per share up from 140 kobo per share last year, underlining its consistency as one of the most reliable companies when it comes to consistency in dividend payment. On the flip side, HFM reported reported profit before tax increase of 24.13 per cent from N1.27billion in 2020 to N1.58billion in 2021. In 2019, HFM reported a PBT significantly fell Y-o-Y by 87.53 per cent, but saw a rebound in 2020, although not as high as 2017 levels. For 2020, the company’s profit after tax grew faster than PBT as it gained 73.08per cent to N1.13billion in 2021 from N650.49million recorded in 2020, because of a 27.25 per cent decline in tax and despite a 69.70per cent increase in Police Trust Fund Levy. In 2021 financial year, the management proposed dividend of N0.07 in 2021 from N0.04 proposed in 2020.

BALANCE SHEET SIZE POSITION

The balance sheet size position of HFM maintained marginal increase driven by growth in cash & cash equivalent that closed 2021 at N20.3billion from N12.3billion in 2020. The company recorded about four per cent increase in total assets to N147.39billion in 2021 from N142.26billion recorded in 2020. Non-current assets dropped by nearly four per cent to N101.32billion in 2021 from N105.33billion in 2020, while current assets grew significantly by 24.5 per cent to n45.94billion in 2021 from n36.89billion

in 2020. On-current liabilities dropped to N27.5billion in 2021 from N3.46billion in 2020 as long term borrowing closed 2021 at N22.5billion from N26.77billion recorded in 2020.

GLOBAL PERSPECTIVE ON MERGER

The Kraft Heinz Company in July 2015 announced the successful completion of the merger between Kraft and Heinz. The transaction created the third-largest food and Beverage Company in North America and the fifth-largest food and beverage company in the world with an unparalleled portfolio of iconic brands. The complementary nature of the two brand portfolios presented substantial opportunity for synergies, which will result in increased investments in marketing and innovation. This historic transaction united two powerful businesses and iconic brands, and provided a platform for leadership in the food industry both domestically and internationally. However, FMN and Honeywell Group Limited had announced signing an agreement for the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (HFMP), a portfolio company of HGL, at a total enterprise value at N80 billion. The agreement involved HGL disposing 71.69per cent stake in HFMP to FMN. FMN noted that it also entered into an agreement with First Bank of Nigeria Limited to acquire the bank’s 5.06 per cent equity in HFMP. The statement by FMN noted that: “Consequently upon completion of the acquisition, and subject to obtaining all request regulatory approvals, FMN is set to hold a circa 76.75 per cent equity interest in HFMP. “Given FMN’s parallel negotiations for both stales culminating in the agreements being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same. The price payable to FirstBank will be the same with HGL’s.” The proposed transaction will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation. Both company in a joint statement stated that the transaction will bring together two trusted and iconic brands, creating a food business that is better positioned to benefit the growing Nigerian population, further enhance National food security objectives and leverage opportunities stemming from the African Continental Free Trade Area (AfCFTA). “Under the proposed transaction which is subject to approval from the appropriate regulators, final equity price per share payable will be determined based on HFMP’s adjusted net debt and net working capital at the date of completion,” the statement added.

BOOST TO FMN EXPANSION

Through its iconic Golden Penny brand of lour, paste, semolina, sugar, starch, oil among other, FMN has continued to build a diversified portfolio of accessible and wholesome food

products. The flour processing company has increased its local content input in a substantive and sustainable way with its “farm-to-table” model in order to further mitigate reliance on import and exposure to external volatility in the food business. However, the merger is expected to bring about customers having access to a wider product range and strong stream of innovation that the combined entity would be able to deliver. The proposed transaction creates an opportunity to combine talents that are unique to each side, applying FMNs’ strengths to HFMP. FMN has continuously exploring opportunities for strategic partnerships to further enhance its competitive positioning in main lines of business in Nigeria and to one day extend business activities beyond the borders of Nigeria its home market. In spite of prevailing economic headwinds, the Board is optimistic that FMN has a bright, robust and prosperous future and it continues to demonstrate its commitment to Feeding the Nation, everyday. The management of the company has embedded quality standards into business processes and consequently invite business partners to understand FMN values, principles and policies which are the bedrock of our business conduct. At FMN, the aim is to achieve business objectives within the ambit of applicable laws. Further value has been created for stakeholders by reinforcing the Group’s commitment to educational advancement, health, safety, security and the wellbeing of employees in the working environment.

ANALYSTS POSITION AND REACTIONS

Meanwhile, looking at the implications of the transaction, analysts at FBN Quest said plant capacity is a significant indicator of a company’s market share in the milling sector. “Therefore, using industry capacity as a proxy, the combined entity will be the second-largest miller in Nigeria, with an estimated capacity of 9,600 MT/d, behind Olam’s 11,140 MT/d. Since it entered the Nigerian (and West African) market in 2012, Olam has preferred acquisitions as a strategy to increase its competitive position, emerging as the largest miller after it acquired Dangote Flour Mills (DFM) in 2019,” the analysts said. According to them, based on their estimates, Olam has an industry market share of 44 per cent, ahead of FMN’s current estimate of 32 per cent. “With the completion of the acquisition, FMN’s market share will rise to 42 per cent. “We note that BUA Flour Mills (1,600MT/d) is currently constructing an additional 2,600 MT/d milling capacity which was to come on stream in 2021, but is now unlikely (will bring its total capacity to 4,000 MT/d). “While we believe the transaction has long-term competitive benefits for FMN, we also believe this deal is likely to be earnings accretive as long as FMN can sweat the assets better and derive synergies which are unquantified currently.,’ they said. FBNQuest explained that on an annualised

basis, FMN’s PBT margin is around 3.0 per cent compared with just under 1.0 per cent for HFM, noting that the final equity price payable will be determined by HFM’s “adjusted net debt and net working capital” on the date of completion. “Based on HFM’s H1’22 numbers, we would expect the acquisition price to be well above Friday’s price of N3.39, perhaps above N5.00/ per share. We believe that FMN can comfortably finance the deal, using its robust cash balance of NGN52.7bn (as at H1’22) and would not have to use new debt,” they said. The Group Managing Director of FMN, Omoboyede Olusanya had said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria. We believe that this will create an opportunity to combine the unique talents of two robust businesses. “As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.” The statement by both flour processing company added that: “The complementary transaction combines FMN’s market-leading offerings that include grainbased foods, sugar, starches, oils, spreads and breakfast cereals with HFMP’s market leading diverse and differentiated range of carbohydrate products. “Stakeholders would benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population. “The scale of the transaction provides employees of the consolidated company with more career development opportunities in a larger organisation, with the potential to create more jobs in the economy as it will have more brands and categories, and a larger and more geographically diverse footprint. “Customers across the nation will benefit from access to a wider product range and a robust panNigerian distribution network, accessing greater number of points of sale supported by enhanced customer-focused sales teams and redistribution capabilities. The combination will also serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings. “The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry. HFMP’s listing will be retained for the foreseeable future. Minority shareholders of HFMP will be treated fairly and in line with capital market regulation. Further information will be provided within the required channels and timeframes, ”they said. Managing Director, Honeywell Group Limited, Obafemi Otudeko in a statement said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations. “For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum. “Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Sirika: FG Will Not Allow Unhealthy Airlines to Operate in Nigeria Again Upon his appointment, the Minister of Aviation, Senator Hadi Sirika came up with a road map, which include; the establishment of national carrier, a leasing company, maintenance facility, aviation university and concession of major airports in the country. In this exclusive interview with Chinedu Eze, the Minister gave update on the roadmap and deliberated on other issues in the aviation industry, including investment in airspace management and other areas in the sector. Excerpts What is your overview of the industry with the contribution of your administration so far? ell, thank you very much for the question, but that is extremely broad question, but I will try to answer it, as briefly as I can and try to touch on all the issues that would come to my mind. First and foremost, of course, I will start from the end that aviation has grown during the time of this government from 2015 to date. Growth is in many forms. For example, when we started, there was hardly any competent catering company that was well established in the country. There were quite a few but they were not as robust as they are now. We have grown the passenger numbers from eight million to 18 million in four years. We became the fastest growing sector of the Nigerian economy before COVID-19. And even with COVID-19 we are still the third fastest growing sector with about 33.5 per cent. Generally, there is huge improvement in aviation activity within the country. There are more airlines now than they were before. There are more aircraft that are in the country now than before. There are more businesses springing up in civil aviation. There are more people trained in aviation at the moment. There are more airports being built than before. So the sector is exploding, if you like. So this is growth in real terms. And for the first time we have increased contribution to GDP from 0.42 per cent to 0.6 per cent. We have a roadmap that we are driving in this administration, and the roadmap is in components and they intertwine with each other. We have the national carrier for example; we have the Maintenance Repair and Overhaul (MRO) facility. We have the aviation leasing company. We have the Aerospace and Aviation University. We have the cargo terminals that we are developing in all the airports and so on and so forth. Each and every single one of these is intertwined with the other. Example, the MRO is dependent upon the feedstock, which is the airline and the airline is being established, plus several other airlines that are within the country. Then, of course, the airline will depend on the MRO itself and leasing company will provide funds and equipment at cheaper rate, affordable rates than before. And then the export also will support the business. All of these will be happening within the free zones of our five airports. Federal government has developed and approved those airports to be free zones. And that speaks volumes as to the capacity of business that we will do. During our time, for example, we have made it possible that airplanes and spare parts, attracts zero duty and zero VAT. This is a contribution also to the business because our understanding is that we should develop all of this and help businesses to grow so that they can provide the service that is needed and also to employ our people. We are doing the construction or we are putting together the concession of the airports, and it has gone very far. So all these are within the context of the roadmap. So an overview for me is to say that yes, we have developed policies and programs of government that has resulted in an increase and making the sector to be the fastest growing in the Nigerian economy, which is a plus on us.

the next phase, which is the procurement phase. We will issue a request for proposals within the next one or two weeks. And in those requests for proposals, the strategic equity partner will be spelt out. And then they will have their 49 per cent. We evaluate and we choose the best.

You have really advanced in all the roadmap and your plans for the industry. However, there are some still left to be done, do you believe you will accomplish them before 2023? Absolutely, this is because currently if I take them one by one, we have the approval for the Aerospace and Aviation University by the National Universities Commission (NUC). We are putting things together for its kicking off. We found a temporary place for it. We are on our way to getting the first set of students to be admitted this season. So that is in place. The MRO and the leasing company, already they have done their outline business case (OBC). We have gone to market; we have selected partners. We have found people that have invested in it and it is going to start and then the full OBC is going to FEC (Federal Executive Council) to get approved. So we hope that in the first quarter of next year, the MRO and the leasing company will start. The airline also the OBC has been approved. I will put it together before the end of second quarter next year. It will also be in place. So everything

Sirika is happening at the same time. You know, it takes a long time to plan so that you once you start running, the whole programs will sustain themselves running. So, I believe that before the life of this government, everything will be in place. Don’t forget, most of the things that we do in aviation is from the Ministry. Passengers do not see most of the things that we do. What worries the passenger is to have functional airport terminal, the air conditioning, the toilet and the lift, and so on and so forth. Those are very, very important because they provide the conducive environment for our passengers, our customers. So that we make their travel easy and nice experience; so they come back. But what is far more important than those nice things is that you know, how safe and secured when you depart point A and arrived at point B and everything in between. This is our main focus. So our main focus is the safety, the security, the efficiency of the sector, the sector must be very efficient in such a way that time is not wasted for the customer, for the passenger and also the man doing business, the owner of the airline also saves money, which means saved time, which means money. So all those things that happen from point, A to B, say from Port Harcourt to Lagos, or Lagos to Abuja or Lagos to London. So, all the things that will happen from takeoff to landing, how safe, how secure, how efficient you are is what worries us and everything that happen in between. So, the equipment we will put there is to ensure this happens, the systems, the programs, the policies are things that the passengers don’t see but they are extremely very important and more important. So, what I am saying is that these things takes time to plan and everything that is going to be good you don’t rush it. You carefully plan it because it is there to stay. And there is a system, most of these things are being done under public private partnerships (PPP) and there is a whole agency that is responsible, which is ICRC (Infrastructure Concession Regulatory Commission). So there is an act in the National Assembly driving all of these. And we are diligently following those so we don’t go wrong. And of course, you know, that in this sector things have changed from what they were twenty years ago. The types of aircraft being produced currently are those aircraft that are eco-friendly. And then the entire sector also is turning green. And Nigeria is participating, big deal in all of those items. And I believe that we are doing very well in that sector. That I can take also in our next interview to

explain to you, what we are doing in that regard, but to say that we have now put things in place. The new Civil Aviation Act is before the National Assembly. It has gone through the first reading, the second reading and the final third reading is going to happen within the month of December or even in this November. And once the act comes out, new policies will be driven from the Act and the whole thing will change. We have new management in place in NCAA, in some of the parastatals and they are doing a great job and everything is changing. Just recently, last week at FEC, new software made by MPT is being procured and that will change and make everything to be digital and electronic, all the processes and the systems of NCAA. Industrial stakeholders point out two issues about the national carrier plan, they observed that the 5 per cent equity of the federal government means that it will undertake the liabilities of the new airline and there is fear that the National Assembly can raise government shareholding anytime. Do you have clauses that can forestall such from happening? No, first of all, you should understand that this is a fully private sector driven airline. The only reason why we have government in there is so that government will initiate the game and provide the necessary sovereign shoulder on which this airline will lean on and boost investor confidence. But federal government will not have any single control of the management of this airline. So it is a fully private sector driven airline. And there is no step in rights by government and government will have will zero management control. The 5 per cent that is reserved for government, it can take that five percent at any time she wishes. If government decided to delay taking it, they have five per cent; they delay, at whatever price that the company places on it in future, is what government will pay. If they pay today, they pay at the price of 5 per cent of today. If they delay till tomorrow, they pay the five per cent of tomorrow’s price. And so, it is a company. Can you throw more light on the strategic equity Partners, which will have controlling share of 49 per cent? Well, they don’t have controlling shares. 51% that belong to Nigeria is the controlling share, but the 49 percent will belong to the equity partner or equity partners. Strategic equity Partners will happen when we go to

What will be the operation level or collaboration level Aerospace and Aviation University and Nigerian College of Aviation Technology (NCAT)? They are two different institutions and they are structured differently and set up differently. The university is to go into pure research and development and also the growth of necessary manpower to drive civil aviation in Nigeria at that level. While NCAT is a kind of a skill acquisition center, the engineers, the pilots, the cabin crew, the air traffic controllers, and all of those are being trained primarily ab initio from NCAT. So they are two different institutions, while one is a training institution for skill acquisition to give people licensing, to license them, to be able to carry out a certain function. For example, you are licensed to fly an aeroplane. You are licensed as an engineer to stamp your authority on a maintenance that is carried out on an airplane or you licensed to be an air traffic controller. This is what Zaria is doing. While the university is full-fledge university to develop future leaders, managers and thinkers that are going to go into research and development in not only aviation, but including aerospace. And there is no such a university in Africa. That is why the African Aviation and Aerospace University of Nigeria is being established. So, I think it is very different. So, the correlation between the two institutions, as spelt, one is a university, as with the core competence of aerospace, and aviation research and development, and then management skill; while NCAT will continue to serve as a center that will train people to acquire skills and become aviators. Air trafﬁc controllers and others at the Nigerian Airspace Management Agency are looking forward to your intervention on TRACON. What are the things you set out to do to upgrade the equipment? Well, maybe perhaps you missed the news. We have approved recently about the N13 billion to continue with the TRACON process and we are taking it in phases. I am sure we have spent quite large sums of money in continuing with the TRACON process. And it is on course, if you follow up all the FEC approvals that we have been getting to drive this TRACON then, you know, that we are on our way to ensuring that it happens and it is completed and it is sustainable. When do you think Nigerians will be ﬂying and landing normally under the harmattan haze? Recently we have acquired some equipment that will help in landing in reduced visibility. So, 13 airports are being equipped with Category 3 Instrument Landing System (ILS). Category 3 Instrument Landing System means that you can land with zero, zero visibility. Meaning that even blindfolded, you can put down the airplane. But you see on this, I had during a conference with the air traffic controllers, I had highlighted more on this. It takes the two to tango. We will provide the equipment, but the airlines also must train their pilots to be able to use that Category 3. That is number one, number two, they also have to have inside the airplane corresponding equipment that can interpret the signals being sent by the ground equipment that we have installed on the ILS. So the operator, let’s say Max Air or Air Peace, they must have in their airplane the instrument that would interpret the equipment signal that they are receiving for the Category 3. And they also have to train their pilots. So we have provided the equipment. It remains the airline to train their pilots and to put the equipment inside their airplane. So you can actually land in reduced visibility, in zero visibility in Nigeria. And then, of course, you know, once you train the pilot, he also needs to go for is currency training, which happens every six months to ensure that he is proficient every time to fly this Category 3 ILS. But let me make this point very clear to you,

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

BUSINESSWORLD which I said the other day. If you are an operator, you will be faced with choice. You will be faced with economies of scale. One, you will say, okay the weather gets so bad in Kano, Abuja, Katsina, Sokoto, Maiduguri, and Yola, and Jos. These are the most notorious airports around Nigeria. And it happens, only maybe maximum of 10 days in 365 days. So what I am saying is that the operator will be faced with economies of scale. He would see that maybe it is only about 10 days to maximum 14 days in a year that the visibility gets so bad. And then he will say to himself, okay I have 10 airplanes. If I have to equip all these 10 airplanes with the equipment, train the pilots to fly Category 3, keep them current and proficient, it will cost me X amount. In those 14 days, how many times am I going to attempt to enter Kano in daytime in reduced visibility? Then some of them will take the option of losing that 14-day market because it pays them more doing. I am saying it from practical experience. We try to enforce it on them and, you know there is no compulsion in this; it is the style and choice of business. So, what is important for government is to provide the equipment and if the operator feels so he installs on his equipment. We cannot force him to put the equipment in his aircraft because it is not a safety critical. Well, yes, if he doesn’t fly in there it is not critical. But if he flies in there, then we will insist that he puts it in his aircraft. So that you won’t say okay, well, I was flying Max Air the other day, they delayed until night because they want to use the runway lights, because they cannot come in during reduced visibility. So it is to tell you that perhaps Max Air does not have that equipment in their aircraft or they don’t have a competent pilot. But so long as you want to operate in bad weather condition, in reduced visibility; your pilots must be able to have the competency to fly Category 3 and the aircraft must have the equipment on board. Airline operators, and interest groups in industry are really in support of the plan to concession major airports in the country because they want better infrastructure at the airports. Have they openly supported you and how would you rate their support? Well, I would say that they have given their

INTERVIEW support. And I would say also they are happy because the meaning of concession is that you are going to have new businesses, new way of doing business, better service, better airport environment and so on so forth in private hands. So ease of doing business will be tremendously improved and that is what entrepreneurs are looking for. All those entrepreneurs around the airport they suffer from so much bureaucracy of government that is slowing down their performances. So if we handover the airport to private sector who are driven by quality of service delivery, then it will be the better for all. And we have seen it in the seaport where efficiency has improved by over 3,000 percent. So I think they have given their support maximally and I think they will continue to give us support. What is your reaction to the fact that after your encouragement, Nigerian Airlines have started acquiring brand new aircraft? Well, our job or my job as a Minister is to continue to lead the industry and give the necessary advice and support so that they will continue to provide the services we need and to employ our people. That is the primary purpose of being a Minister and leading the policies of civil aviation in the country. So having said that, I truly believe that those that took to our advice would have seen the benefits and those that didn’t would have seen the consequences of ignoring advice. So we are here to guide them. We are here to set the framework. We are here to create the policy to make them understand and see how things could be done. And so they improve their own efficiency and service delivery. I know of an airline that initially when we insisted that they must bring newer airplanes because it is more efficient for them. The direct operation cost of the airline would be much lower and the maintenance will be much lower on and so forth. They thought that we are being vindictive but later when they took to our advice, they wrote us a letter addressed to me personally, saying, Honourable Minster, We think that when we came in you did not like us. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

VACANCY

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T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

BUSINESSWORLD

PERSPECTIVE

‘CBN Achieving Rate Stability With Banks’ Emmanuel Okezie

ith only four months into the Central Bank of Nigeria’s (CBN) suspension of sales of dollars and other foreign currencies to the Bureau De Change operators (BDCs) and channeled same through Deposit Money Banks (DMBs) for sales to the end users, the targeted objectives are incrementally being achieved. This was however, after initial or short term shocks and pressures associated with the timeframe needed for the banks to adjust and set up requisite structures to undertake the additional responsibility occasioned by the new Forex policy. In resolving to sell to the banks, the CBN believed that the Banks have more structures and systems in place to ensure compliance to the CBN’s directives given that CBN regulates these banks. Unlike the case when the BDCs were in charge, anyone going to buy Forex from the banks must provide the documents required by the CBN. The outrageous number of BDCs, which are estimated at over 5,500 BDCs as of July 27, 2021 made effective monitoring of their activities difficult for the CBN. The banks are fewer and with prior compliance templates that were put in place by the apex bank. This makes monitoring easier when compared to the BDCs. In addition, the banks are able to do all the due diligence on their customers because they know that failing to do so will attract sanctions from the CBN. To a large extent, the CBN’s policy decision on sales of Forex through the Banks is achieving desired objectives. It is equally expected that there will be more improvements in the management of the foreign exchange over time. When contacted, the Manufacturers Association of Nigeria (MAN) President, Mansur Ahmed, said the association supports the CBN’s decision to revert to use of banks for sale of foreign currencies. He, however, noted that the association is

Emefiele currently undertaking a review of the policy. “What you should know is that we are undertaking a review among our members. This should be over by the fourth quarter to ascertain what has been the impact of that policy decision. I think by end of November, we will have the report and it will then be more appropriate to comment on the policy. We support the policy, so we want to make sure that we have a fair assessment of the impact before we make further comments”, he stated. On investigations, in terms of stabilising the exchange rate, it was

found that when CBN sells to the banks, the banks do not divert the Forex. If they had agreed on a margin to sell to the end users, the banks were p adhering to the margin. So, it is no longer like pouring water into a leaking basket, which was the case with the BDCs. The CBN knows now that it is dealing with people that are going to channel the funds to the right end users. It is to be noted that at the commencement of the policy, the CBN Governor, Godwin Emefiele, had directed the banks to set up front desk officers and systems that will

make the Forex available to the qualified buyers as long as they have the right documentation and will use the Forex for legitimate purposes. To drive home this directive, the banks have started publishing names of people who bought Forex as BTA and did not actually travel. This implies that there is little pressure on the reserve. So, whatever CBN sells to the banks now impacts on the market. Considering that the CBN is not selling so much, the nation’s reserve is now gaining some level of accretion. This is because the CBN is managing the scarce resources, directing it to banks through which it has been able to achieve stability in the exchange rate. Within the first two months, there was pressure on foreign currencies and, as expected, out of desperation, people resorted to going to the black market. And this triggered scarcity of Forex resulting to further depreciation of the Naira, to a large extent. However, after the initial pressure, when the banks started publishing the names of those that bought Forex and refused to travel, the Naira started appreciating. The hope now is that the Naira is likely to continue to appreciate for two reasons. First, the banks have effectively been able to channel the funds they are receiving from the CBN and, secondly, the CBN, on its part, now has more capacity to even sell Forex. Even though, people will continue to go to the ‘black market’, but that will reduce as CBN continues to sell to the banks and the banks discharge its responsibility well. Again, following the continued appreciation of the Naira, those hoarding the dollars are beginning to bring them out to sell for the simple reason that they may lose as the Naira gains at the parallel market. As CBN continues to sell FX to the banks, with increasing inflows of foreign direct investments and FX receipts/transfers from the diaspora, the foreign exchange market will continue to witness less pressure. t &NNBOVFM 0LF[JF 8PSLT 8JUI 015*.6. 5*.&4

Obaseki Assures Support for Tertiary Institutions in Edo to Drive Socio-economic Devt The Edo State Governor, Mr. Godwin Obaseki has said his government will continue to support tertiary institutions in the state to effectively play their roles in the development of the state and country. Obaseki, who spoke during the 46th and 47th convocation ceremony of the University of

Benin (UNIBEN), described as key, the role of universities in driving development in any society. According to him, universities nurture a crop of thinkers and innovators who birth ideas that drive societal growth, development and prosperity. Obaseki noted, “A university

FG Reiterates Support for Women Enterprises James Emejo in Abuja The Minister of Women Affairs, Dame Pauline Tallen has reiterated the federal government’s commitment to give priority to programmes that will empower women to contribute to national economic development. Speaking at the STEAM Flagship Entrepreneurship and Life Skills Graduation in Abuja, the minister described Nigerian women as intelligent and industrious, adding that the present administration had already put in place various skills acquisition and empowerment programmes aimed at making them self reliant. While commending for the empowerment programmes for women, the minister called for the support of other stakeholders towards reducing poverty and unemotional among Nigerian women. In her remarks however, the

UNFPA Executive Director, Dr. Natalia Kanem called for measures that would put an end to gender base violence in the country. She said women have a greater role to play in ensuring a better and productive society. The Executive Director stated that UNFPA would continue to provide necessary support to Nigerian women to enable them achieve their desired dreams in life. Earlier, the Founder and Chief Executive Officer of Lelook Bags Academy, Mrs. Chinwe Ezenwa said the six months training for the beneficiaries is her dream to give young people a headstart in life skills development through bags making techniques towards ensuring self reliant. She therefore, reiterated her commitment that would ensure effective and productive empowerment scheme for Nigerian youths and women.

is charged with a very critical mandate of grooming human capital and refining youths to such a level that they are well equipped to enhance other factors of production to engender sustainable development. “We are conscious, as a government, to sustain the role of the university in driving economic growth and advancement. This has been taken into consideration as we design the 30-year developmental plan for Edo State, which will be the blueprint that provides direction for intentional and targeted growth across all

sectors of development in our state over the next three decades. “In this plan, we are very particular in transforming our state to an educational hub. We currently host the largest concentration of higher educational institutions in the South-South of Nigeria. Our commitment to supporting these institutions to reach the peak of their growth and impact on society is not hindered by virtue of their ownership status.” “It doesn’t matter to us if they are federal, state or privatelyowned institutions, as long as we see them forming critical

eco-system of knowledge to produce human capacity that will drive economic growth in our state,” he added. The governor continued: “UNIBEN plays a critical role in the education ecosystem, because they have the advantage of experience and history, and host worldrenowned scholars who continue to make indelible marks in the sands of time with innovation and advances in science and technology, economy, agriculture and the humanities.”

Declaring the convocation ceremony open, the Chancellor of the institution, HRM Orcivirigh Prof. James Ortese Iorzua Ayatse lauded Governor Obaseki for his dynamic leadership and continuous support for the federal government-owned institution. He further noted, “Nigerian universities are encouraged to engage in profitable ventures without compromising on the core objectives of setting up of the institutions, which are teaching, learning and research. UNIBEN has been at the forefront in meeting these core objectives.”

NigeriaAir:‘Creating 70,000 Jobs with Start-upAirline Not Feasible’ Chairman of West Link Airline, Captain Ibrahim Mshelia has said that it would be extremely difficult for Nigeria Air to create 70, 000 jobs, as promised by the Minister of Aviation, Hadi Sirika. The Minister has last week Wednesday after the Federal Executive Council (FEC) meeting that in addition to other benefits, the new planned national carrier would create about 70, 000 jobs. But Mshelia said that it is doubtful that a new airline could create that number of jobs, using indices from major carriers over 50 years old pre-Covid-19 and noted that even the planned resumption of the airline in April 2022 may be far from reality especially with the processes on ground. He said, “Number one: even before the COVID-19 hit British Airways, which is 47 years old, it had 42, 000 staff all over the world, Lufthansa is 68 years and has 100,000 staff. These

are large airlines I am talking about. KLM with 100/102 years of existence, they have just about 100,000 employees and then if you come down to our level of Kenyan Airways which has just less than 5,000 workers, Etihad, state airline for the middle east, nation Qatar, has less than 13, 000-14,000. How on earth can airline that is a dream away, or a mirage, employ 70,000 people?” On the projected April 2022 date, Mshelia explained that the process of starting the new airline would militate against its emergence and questioned how the Minister aimed to midwife a carrier into existence without registration and due process. He said apart from the much spoken about 5 per cent equity belonging to Nigeria, no one knows the shareholders which means it is shrouded in absolute secrecy. “There has to be transparency in the

whole exercise. He (the Minister) must be called to order. It would take you a minimum of 12 months to register an airline when you know the name even with government leverage because there are incubation periods for some of these certification processes. You need to register and when the CAC (Corporate Affairs Commission) gives you registration certificate, you need to apply for Air Transport License (ATL) if they will be doing scheduled operations. “We all know that every director has to fill a form because the International Civil Aviation Organisation (ICAO) recommended practice is all those who operate an airline must have reputable track records. So we don’t have criminals doing gunrunning, laundering and what have you, every director on paper must be vetted by the SSS (State Security Service) and security agencies. You fill a Personal

History Statement (PHS) form and submit it and it would be sent to SSS who will go to everywhere you put on that CV to verify. “After the vetting you will make an advert for 28 days to last so anyone who has an issue with the licensing of the ATL to that applicant should come up with reasons, there could be court cases going on for months or years, that should further tell you something “That has not been done before you get ATL so you can apply for AOC (air Operator Certificate), no one needs to tell you journalists how long it takes to get AOC in Nigeria, they are not going to jump the process because it is a Nigerian project, we will not allow that; plus we are a category one CAA, they should not dare do that; otherwise they will lose that status,” Mshelia warned.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

HOMES&DESIGN WINGS TOWERS:

Blending Architecture with Technology

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

HOMES&DESIGN

Wings Towers: A Sprawling Masterpiece i n V i c t o r i a I s l a n d ’s S k y l i n e Victoria Island’s Ozumba Mbadiwe road is lined with sturdy commercial real estate. Right at the junction of Walter Carrington rises The Wings Towers masterpiece. Bennett Oghifo writes

he Wings Towers is designed and built as a twin 15-storey grade ‘A’ office building in Victoria Island, Lagos. The Towers, which comprise 27000m2 of office space, are also attributed to be green certified. Designed to offer a marketleading blend of the highest technical specification, convenience, and security, the Wings Towers deliver sophistication in a superb location, permitting users to go about their day-to-day business in a seamless fashion. According to the promoters, the iconic towers comprise 27,000

square meters of investmentgrade, lettable office space in the heart of Lagos – providing a first-class business atmosphere that enhances your operational capabilities. “The site delivers the convenience of an upscale Victoria Island location right to your business doorstep, providing primary entry through the newly upgraded four-lane arterial route – Ozumba Mbadiwe Avenue and elegant accessibility via the private lagoon front jetty,” they said. Parking space will not be an

inconvenience due to a 700-bay podium beneath the towers, offering a ratio of two bays per 100 square meters of the lettable area – a first in Nigeria. A ground-floor restaurant will cater to tenants and visitors. The Wings towers provide businesses with 21st-century state-of-the-art facilities in the heart of Lagos’ newly emerging central business district. The iconic towers complex is rated as a green building, also known as green construction or sustainable building. This refers to both a structure and the application of environmentally

responsible and resource-efficient processes throughout a building’s life-cycle: from planning to design, construction, operation, maintenance, renovation, and demolition. This requires close cooperation of the contractor, the architects, the engineers, and the client at all project stages. The Green Building practice expands and complements the classical building design concerns of economy, utility, durability, and comfort. In doing so, the three dimensions of sustainability, i.e., planet, people, and profit across the entire supply chain, need to be considered.

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

HOMES&DESIGN

Inclusive Design

n inclusive approach to planning and design is an opportunity to use creativity and lateral thinking to create spaces that reflect the diversity of people who want to use them. Inclusive design is the creation of an environment that can be accessed and used by as many people as possible, regardless of age, gender and disability. The decisive factor for this is coordination with user groups who place people of different age, performance, gender and social characteristics at the center of the design process. Think accessible or universal design, and you might imagine winding ramps and institutional and impersonal designs of public spaces that are incompatible with the aesthetics of your dream home or office design. At its core, accessibility is about addressing the needs of everyone who lives in, visits, or uses a space; Seen from that perspective, universal design is like any other design problem, and indeed it can produce beautiful, creative, and uplifting results. An inclusive environment is not only relevant for buildings; it also applies to the surrounding open spaces, where people participate in everyday activities. This includes stores, offices, hospitals, recreational facilities, parks, and streets. It takes into account the diversity and uniqueness of each user group. To achieve this, built environment professionals must involve potential users at all stages of the design process; from project order to detailed construction and completion planning. This is designing with the intention

Inclusion

of incorporating the different challenges individuals may have and factoring that into the design concept. Thanks to advances in technology, there are lots of solutions available for space users with mobility issues. Giving careful consideration to the use of certain patterns, and the selection of fabrics and other materials and finishes are some subtle but effective design considerations for older space users who may have issues with balance, or incontinence. Further examples of inclusive design would include having walk-in bathtubs or wet rooms and introducing grab bars for disabled or elderly family members as a way to help make life a little easier for occupants. In addition to factoring in users with disability, inclusive design can also be seen in terms of designing spaces to fit the different

“One design doesn’t ﬁt all. It is important to understand how space impacts cognitive behavior in people with different personalities. This will help create the right combination of open, closed and social spaces that will fulﬁll everybody’s needs.”

personality types that employees have. Making a space work for most people would in turn have an impact on productivity and wellbeing in the work place. Research has shown that using the most predominant personality grouping, the Myers-Briggs Personality test, spaces can be designed to accommodate almost everyone using it. Extroverts thrive in dynamic open plan offices. They also prefer to work in agile offices. There, they can participate in discussions and collaborations, draw energy from outings and socializing, and drive. By providing a touch-down room, brainstorming area and cool lounge area, they have the opportunity to get out of the rigorous workspace and become their best self. While the opposite seems to hold sway for introverts, many introverts would feel the constant social interactions as distracting and exhausting. Their productivity is directly related to the time and space in which they have a quiet area of concentration. They don’t adapt well to hot desks. They would require a quiet enclave and a private room to block or attenuate the sound. The cozy corner lounge allows introverts to escape social noise. Outdoor spaces that offer a quiet escape are also ideal for neurotics, together with introverts and agreeable personality types. Environments which allow people to take a break from work and relax the mind helps them feel rejuvenated and more focused when they return to their desks

Spaces that allow for employees to functional maximally should be strongly encouraged, work pods, collaborative spaces or single use rooms for the more reticent employees are all ways to boost morale and encourage inclusivity in design. This also speaks to designing spaces that although are functional can still look beautiful and uplifting. The essence and importance of being intentional in designing spaces to suit everyone is that it makes occupants feel included and valued and can in fact be the deciding factor in an employee choosing one firm over the other. It may not be possible to have a plan for every situation, or every possible question someone might have but it is possible to make plans for the most likely situations and possible contingencies. One design doesn’t fit all. It is important to understand how space impacts cognitive behavior in people with different personalities. This will help create the right combination of open, closed and social spaces that will fulfill everybody’s needs. Considering the different working styles of employees can be a gamechanger when it comes to productivity and employee well-being.

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

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

Wigwe: Our Target is to Have Strong Presence in Major Trade Centres in Africa

The Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe, in this interview by Julia Chatterley, Anchor of First Move on Cable News Network, CNN, spoke about the bank’s aggressive African expansion and its drive to serve 50 per cent of Nigeria’s bankable population. Excerpts: Core to being that payment gateway to the world is expansion and Access Bank has had an incredible year of expansion, particularly expanding to South Africa, Botswana, Mozambique, Zambia, talk to me what this is all about? et me put it this way: It is something that we had been planning as part of our corporate strategy plan since 2017, and the whole idea had been to support our corresponding banking business, support our payment business and to ensure that there is greater trade within the continent. So for us, what are we doing? We are basically making sure that we have strong presence in all the major trade centres in the continent, to make sure that we use Access Bank United Kingdom as a strong anchor and that we can support corresponding banking and that we can basically build that model around the continent that supports payments within the continent. I think we are on track in terms of profitability our different franchises are doing extremely well and I think 2022 is actually going to be a big year for the institution. The one that catches my eyes is South Africa. This is a tough and mature market that is undergoing significant digital disruption as well in the financial space. What is the strategy there? That was same thing when we went to the UK, people said it was a very tough market and I think we are almost the strongest African bank in the UK. Now, what are we doing in South Africa? We are basically going to ensure that it comes a hub for the continent as far as correspondent banking services are concerned, we would help support corporates because there are interesting niches in that market that are yet to be served and we would help to ensure greater financial deepening. Without revealing much of our strategy, there are interesting markets that have not been served that we would basically cater for. But apart from that, you need to see us in the context of a large player in the continent, banking several corporates in different parts of the continent and putting that whole network together is extremely important. But beside that, trade is important, correspondent banking is important and of course facilitating the development of the country within the South African context, which is of course the largest monetary zone in the continent would be very important for us. Thirty per cent of your profit is actually going to be from outside Nigeria. One of your ambition is to provide finance access and banking services to one out of every two Nigerians. Where are you today and to what extent are those you don’t currently service, are being serviced by other financial players and do you cherry-pick who your clients are? We have about 200 million people in Nigeria and there is still a very large unbanked population. We have people outside of major commercial cities who don’t have a bank to basically service them. What are we doing? Apart from ensuring that today we bank over 50 million Nigerians, which means that we bank 25 per cent of the population, but in terms of the bankable population, we have one-third of the bankable population. Now, banking one out of every two Nigerians should take us to about 100 million people. Now, in terms of bankable Nigerians, it

Wigwe

would be anywhere between 80 million and 100 million for us to actually get there. So, we are going to be pursuing this activity through our agency banking network and the fact that we have created a different type of branch network in specific localities that are outside the major city. Today, we are probably going to be bringing in about 700,000 customers every month and I think that figure is expected to grow a lot more as we get into 2022 with some of the things which we have done and the increase in agency banking that we have done. Now, the question as to whether we need all of those people, is the fact that if you went back 20 years ago, you would have said some of these customers didn’t have enough disposable income to be banked. But, technology has changed that whole narrative. There is a cheaper cost to serving all of these people. But

beside that, we see ourselves as one of those institutions that are leading change in Nigeria by providing and ensuring greater financial inclusion and that in itself would help to jumpstart and support the economy. So, there are several reasons why we are doing this and at the end of the day it is profitable to bank them. High net worth individuals, private banking and affluent professionals, is a market that we are very familiar with, but it is a very competitive market and the margins are thinning out there. So, what we need to do is to take it down market and ensure that there is greater financial inclusion, just in line with some of the things the central bank has been pursuing by the way and to ensure that all of this can help in the development of our market and ensure greater financial deepening.

You have doubled information technology spending between 2019 and 2020, so it is something that you are incredibly focused on. How do you choose the customers you want to go to, I know you are incredibly focus on access to ﬁnance for women, helping them build their businesses as well, but there are the generation Z that would never go to the branch and you have another class of customers that prefer that touch point with the branch even within the disruption we have seen in the market and it is a huge continent? There are two perspectives to banking. We have the traditional branches that are serving customers who may want to go to some branches. But let me also let you know that if you look all over the world and ask yourself if the banks are shutting down branches? The reality is that the banks still need a reasonable number of respectable branches. Now, we also have those digital solutions that serve customers who don’t even want to get to the bank branch. So, that Gen. Z customer base is still being banked by Access Bank. Now, we understand that the fintech players may be getting an interesting proportion of that customer base. But guess what? At the end of the day, if you have physical branch, even if the customer doesn’t want to get into a bank branch, it helps from an integrity stand point for the customer to just know that he has a place to go to. But remember that it is not just about transactional banking, it is about supporting other aspects of their lifestyle. It is about giving them a descent mortgage, it is about providing several things, some of which they are not even aware of. But we are making sure that we serve those customers properly. But, let me tell you about some of the great things which we have done. In 2006, we started what we refer to as the Gender Empowerment Programme. At that time, what we wanted to do was basically to help provide financial services to women and help support their businesses grow. We basically set target, working with the International Finance Corporation, of how many women we wanted to support and what threshold we wanted to take them as far as their turnover and profitability was concerned. We did extremely well and we had less than one per cent in terms of default as far as the loans that we granted was concerned. But eight years after, in 2014, we created the ‘W’ programme, which is much more robust and it is about inspiring and connecting women. Right from the professional lady who got married and want to have children or the business woman who needs to be supported or the sophisticated business person who is thinking about a bank that can help them. We went in deeper into maternal healthcare needs and schemes that no other institution would basically look at and which is the reason we have won several awards. Coming back to Nigeria and what it has done for women, half of our customer base today are women and because they know that they would be served by Access Bank and if they needed financing they would be supported by women. We also support them with various programmes that would help educate them on what to do to grow their businesses. So, these are the things that have made us so different and the fact that most women would rather bank with Access Bank than anywhere else.

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

BUSINESS SPECIAL

ANALYSIS

As AITEO Navigates Stern Nembe Oil Spill In robust response to the recent high-pressure oil leak from its Oil Mining Lease 29, in Nembe, Bayelsa State, Aiteo Eastern Exploration Company (AEEPCO) mustered its local resources deploying medical/relief materials for the affected communities and enlisted international technical intervention for containment and recovery, Louis Achi reports

n November 5, Aiteo Eastern Exploration Company (AEEPCO) reported a major oil leak from its Oil Mining Lease (OML) 29, the Santa Barbara South field, in Nembe, Bayelsa State. The wellhead in the Santa Barbara South field, jointly owned by AEEPCO and the Nigerian National Petroleum Corporation (NNPC), blew up, spewing oil into the water bodies and contiguous communities and fumes in the air. Aiteo which stated that the well had been mostly dormant acquired the OML 29 for $2.4 billion, following the 2015 divestment by Shell. The well consists of the 97km Nembe Creek trunk line which evacuates crude from onshore oil wells within the oil bloc and other operators to Bonny Export Terminal. Following the spillage, efforts to cap the leaking wellhead in the Santa Barbara South field, in Nembe received a major boost with the deployment of heavy equipment, including two 1000 metric-tonne (mt) ramps, by AEEPCO. The ramps which sailed to the ground zero in Nembe Local Government Area (LGA) of Bayelsa State measurably boosted ongoing containment exercises, with booms and environmental barges already mopping up spilled crude oil. The company disclosed this in a statement by the Group Managing Director (GMD) Aiteo Eastern E & P Company Ltd, Mr. Victor Okoronkwo. He revealed that there was currently no fire at or within the vicinity of the well, while Environmental Impact Assessment in vicinity of the area is in planning phase with a DPR/NOSDRA accredited firm. The statement followed the visit of Minister of State for Petroleum, Timipre Sylva and other dignitaries to take stock of the situation at ground zero last week. During the visit, Silva had detailed discussions with the Aiteo intervention team on ground, led by its Chief Operations Officer, Ewarezi Useh who briefed him on the pre-kill well assessment by Boots & Coots company. Useh assured the minister that the well would be secured within 48 hours of the visit. Halliburton, the Houston-based firm’s Boots & Coots unit, was called in by Aiteo to contain the leak and fast-track spill recovery and has mobilised to ground zero. Aiteo, in a statement signed by its Media Contact, Mr. Matthew Ndiana, explained that aside urgent technical responses to contain the leak, it had also sought the collaboration of Clean Nigeria Associates (CNA), which had also since mobilised to site. Aware that the situation is time-sensitive, Aiteo’s COO Ewarezi Useh assured that the “containment exercise continues, with booms and environmental barges mopping up spilled crude. All relevant personnel and experts, local and international are now on location. The marine spread carrying the pumps, chemicals, cranes and firefighting equipment are 100 per cent mobilised.” He further explained that - “A 2 x 1000MT Ramp barge containing simulation equipment for the well-kill had also sailed while concurrent activities are ongoing on the barges to minimise clean up downtime. The company said it commenced RU (rig up) but could not finish due to bad weather but explained that its forward plan was to complete RU and install well control package to arrest the leak. Aiteo explained further that in preparation for “well kill” the 1000 Ramp barge containing all pumping and simulation equipment for the well-kill was expected to arrive Santa Barbra field over the weekend. More, the loading of additional equipment being mobilised from Snake Island was underway and expected to arrive Santa Barbra 24 hours ago.

Aiteo clarified that the affected communities were being carried along adding that “Relief materials, viz. mosquito net, hygiene and sanitary kits, disinfectants, food materials, are being mobilised to the immediate communities impacted by the spill.” According to the oil company, “Aiteo Officials are closely monitoring all activities related to the affected communities, viz. feeding, lighting, hygiene, drinking water and medical requirements with the help of local associations. Aiteo Safety and security and HSE teams are monitoring the quality of air every six hours to ascertain the livability of the areas adjoining ground zero. Aiteo is mobilizing additional relief materials for the affected communities.” Findings revealed that all relevant personnel and experts, local and international are now on location. The marine spread carrying the pumps, chemicals, cranes and firefighting equipment are 100 per cent mobilized. Videos of the operation sighted by THISDAY confirmed that while the “well kill” operation was going on, several barges carrying cranes and other equipment were on ground zero and intensifying recovery of the hydrocarbons. “These are pumping and stimulation equipment loaded with calcium fluoride for the well kill operation. To minimise down time, what we are doing is to make arrange all key lines. We have begun work already,” Aiteo explained.

CAUSE OF WELL HEAD DAMAGE UNKNOWN

Three weeks after the pipeline blowout in Nembe,

the federal government, last week, acknowledged it was yet to establish the cause of the rupture and specifically frowned at speculations the explosion might be an act of sabotage. It also denied reports the country lost over 200,000 barrels of oil to the spillage, which had now been contained. According to the Director General/Chief Executive Officer, National Oil Spill Detection and Response Agency (NOSDRA), Idris Musa, who spoke on the “Morning Show,” a programme monitored on ARISE NEWS Channel, no one had been able to access the wellhead to determine what exactly happened. His words: “It is absolutely wrong and preposterous for people to make false speculations over the oil spillage in Nembe communities of Bayelsa State. As I speak, nobody has been able to reach the oil wellhead, where the flow is coming from. “The best that was achieved by the joint investigation teams was to get close to the source, but nobody has been able to reach the actual source of the flow. It is only when the team will be able to reach the source that they can determine the possible cause of the oil spill. It is only when they get to the source of the leakage that they will know whether the leakage was caused by broken pipe or corrosive pipe or loosed nuts. “So the cause of the oil spill is unknown at the moment, until a time when we are able to get to the source, which is the actual oil wellhead from where the leakage is coming from.” He insisted the cause of the oil spill could only be verified by facts and not by speculations and

simulations. According to him, “The truth of the matter is that the oil wellhead has been abandoned for years and cannot therefore be compared to oil wellhead that is active and operational,” noting that, “It is not the responsibility of NOSDRA to regulate abandoned oil wellheads, because it is under the regulation of the Nigerian Upstream Petroleum Regulatory Commission. The commission had a number of times, planned to decommission abandoned oil wells, but they still surface.” Going forward, Musa said Nigeria needed to enhance local human capacity that could handle such disaster at shorter notice. Indisputably, the federal government’s position on the Nembe spill cannot be disassociated from recent happenings in the oil rich Niger delta region which has spawned various often violent militant groups. Just last week, a new militant group in Rivers State, Bayan-Men, blew up another oil facility belonging to the Nigeria Agip Oil Company, NAOC, at Obosi area of Omoku, Ogba-Egbema-Ndoni Local Government Area of Rivers State. The attack came at the expiration of the 24 hours ultimatum earlier handed Agip by the aggrieved group last Sunday. The militant group in a statement, last Wednesday, owned up to the attack, noting that it was acting as a result of the injustice against the Omoku people. The statement signed by General Agaba, the General of Bayan-Men, stated that it would carry out more attacks on Agip facilities if the firm does not retrace its step and engage the communities of Omoku directly. Being a foremost indigenous oil company, it would appear that Aiteo’s engagement strategy with its host communities is vastly different from what obtains with IOCs and as such would not attract hostility at the scale of blowing up its wellheads. But a more conclusive scenario can only only flow from establishment of the cause of the incident.

THE PRESIDENT RESPONDS

A federal government delegation led by Sylva, at the instance of the president, visited communities affected by the spillage. The minister was joined on the inspection by Chief Executive Officer (CEO) of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe; the traditional ruler of Opu-Nembe Kingdom, His Royal Highness King Biobelemoye Josiah; and House of Representatives member representing Brass/Nembe Constituency, Mr. Israel Adi. “Mr President is very concerned about the spill, that is why he sent me to come and have on the spot assessment of the situation. He feels the pains of the people and wants urgent steps taken to address the problem,” Sylva told his worried Nembe audience. Addressing the Basambri Community after inspecting the spill site, Sylva said it was important for him to come to see things for himself to ensure that there was no problem between the oil company and the community. Addressing the community, Komolafe said they were in Basambri on the instructions of the president to see things for themselves. He noted that as regulators in the upstream sector of the economy, the commission would ensure that operators operate within acceptable international standards that will impact positively on the lives of the people in the oil producing communities.” As AITEO navigates stern Nembe oil spill test, it can only come out stronger and better positioned to deal with related future challenges.

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW/ANALYSIS

Ana ek we: W h y We Faces of Sanwo-Olu’s Prioritise Stakeholders’ Youth f u l Te a m N ee d s , E x pec t a t i o n s Aishat Anaekwe is the Senior Brand Manager, Life Continental Beer and 33 Export Lager. In this interview she speaks on issues around the brands and their market acceptability. Dike Onwuamaze brings the excerpts: Life Continental Beer has been known to drive Progress and Success. How is Turu Ugo Lota amplifying this notion? s is widely known among the Igbos, hard work and success are symbols of leadership and respect. Life Continental Beer is amplifying these highly laudable attributes of the east through the Turo Ugo Lota campaign; to showcase the resilient spirit of Igbos to Nigeria and the rest of Africa, celebrating an ancient heritage of the people and the region. It is indeed a great joy for Life Beer to tell this story and as such, uphold the trust of the East. How does Life Continental Beer bring life and zest to its stakeholders? At every point in time, our stakeholders, host communities, loyal retailers and end consumers are king. We prioritise their needs and expectations regarding the brand, creating avenues for partnerships and empowerment often. For decades, Life Beer has supported the progress and success of easterners. Our Life Beer Empowerment scheme alone has utilised over a hundred million to empower and strengthen their business small businesses. As we grow our loyal customers and partners grow with us, across the nation. How is Life Beer’s performance considering that there are other options available in the market? Life Beer is currently dominating the beer category in the south-east and has grown to become a dominant beer brand in the country. We are driving the penetration of Life beer into other regions and ensuring we sustain the legacy of good will among these host communities and our partners there. What are some of the campaigns that have stood out in your engagement with loyal consumers? For almost a decade now, we have been transfixed on telling compelling brand stories to not only build equity for the brand but engender an awakening among our partners and loyal consumers. In 2014, we rolled out the PROGRESS FOREVER campaign to connect with our core market but the campaign that stood out the most would be that of last year 2020. This unforgettable year, Covid-19 squared up everyone; throwing health, economic and security challenges at all and sundry and the NDU KA campaign was basically to remind our south eastern consumers (Igbos) that they’re a very resilient bunch and also motivate the rest of our audience to stay hopeful and optimistic about the future. What is the concept behind Turu Ugo Lota and why is it different from other campaigns previously embarked upon? The Turu Ugo Lota campaign is a story of progress. In line with the brand’s core message, we sought to tell a story about the resilience of our core consumers. Nigerians, specifically people of the South East, have experienced a lot. Coming out of the Covid-19 lockdown, the brand understood it was important to motivate them. We did this by reminding them of their comeback story. Turu Ugo Lota seeks to inspire an attitude to succeed, not just for our target audience but also anybody who is touched by the campaign. It stands out from other campaigns because we went back to the basics in a unique way. It was also the first time we used Nollywood father and son duo, Pete and Yul Edochie as our ambassadors. With the Turu Ugo Lota campaign, what is your expected response from the market and what is the campaign expected to achieve overall? We expect people to connect with our brand in a deeper way. Our campaign is relatable and calls out the cultural heritage of the typical Igbo consumer. To create more meaningful associations with our audience we will continue to inspire them in positive ways. How do you intend to leverage the resilient spirit of the Igbos in achieving increased market penetration? The Life brand already has its original platforms created to channel this resilience. Through the Progress Booster, which is an initiative to support up and coming entrepreneurs, we sponsor startups by training and issuing them grants to grow their business. It is our own way of encouraging enterprise in the region. In what way is Life Continental Beer seeking to further collaborate with host communities in facilitating progress and success? I mentioned the Progress Booster earlier. Another initiative is the Hi-Life Fest, a platform that celebrates the unique sound and dance techniques of the Igbos

Abiola Seriki-Ayeni

Dr. Rabiu Olowo

Oluchi Chibuzor Anaekwe in various communities. The event discovers relatively unknown talents and pits them in an entertaining musical tournament. The winners are rewarded and sponsored onto bigger stages where they receive wider exposure for their music. We also partake heavily in major cultural events such as the New Yam Festivals, Ofala festivals and more. Earlier this year, Life Continental Beer was conferred with the title “Mmanya Oganiru of Igboland”. What does the title mean and how has it impacted on the brand? The Title “Mmanya Oganiru” simply means the “Beer for Progress”. For us, the title is a validation of our brand purpose which is “Progress” and an indication that all our efforts and commitment towards the progress of the Igbo community and Nigeria in general has not gone unnoticed by the people. It especially holds significant meaning for us because the title was conferred upon the brand at Nri, Anambra state. Nri is significant for the Igbos because it is widely regarded as the Cradle of Igboland. So being recognised at such a historic location by respected traditional rulers from across the Eastern region means a lot to us because it tells us that we are making significant impact in affecting the community positively. Why is Life Continental Beer the preferred Lager of the eastern region? It’s easy. We have been around long enough to cultivate that impact that has cut through generations of sociable South Easterners who enjoy a finely brewed lager beer. More so, our brand aligns well with the culture of the people and they appreciate a beer that encourages them to succeed despite all odds Another moment that stands out when discussing Life Continental Beer is the lighting up of the iconic Niger Bridge. Can you shed more light on this? The lighting up of the Niger Bridge was done in the year 2020. That was at the peak of the COVID-19 pandemic, so the initiative was just our way of offering a beacon of hope to our people and encouraging them to continue enjoying Life but in a responsible manner in line with all COVID-19 safety precautions. The recent Egedege video has been a commercial success. Can you tell us the role that Life Continental Beer played in this video? As the biggest Beer brand in the Eastern market, we are passionate about promoting the Igbo culture. That is why we have the biggest names from the South East in music and movies, Flavour, Phyno, Pete and Yul Edochie as our brand ambassadors. Theresa Onoruah and Larry Gaaga are also icons in their own right and so we decided to identify with the song which has become a phenomenon in pop culture. The song has an appeal that cuts across cultural barriers and this was reflected in its acceptance by the general public. Within the first few days of its release, it recorded over a million views on YouTube and has been topping all major music charts. So for us at Life Continental Beer, our heritage is about “progress” in all areas of life, be it supporting businesses through our Life Progress Booster initiative or promoting the Igbo culture through our Hi-Life Music Fest, we ensure that our message of “Progress” cuts across everything we do.

agos State has become a paradigm in diverse areas of public governance and administration, displaying progressive leadership that has continued to shine rays of hope on a stymied nation. So also has the State become a model in youth inclusion in governance, tapping into young people’s inexhaustible energies to drive the machinery of government and deliver excellent results. In the current administration of Governor Babajide Sanwo-Olu, youths have not only experienced enhanced inclusion in Government, they actually earn a ‘stakeholder status’ in governance and play driver role in the implementation of the Governor’s six-pillar development blueprint, known as T.H.E.M.E.S. Agenda, across Ministries, Departments and Agencies (MDAs). From Executive Council (cabinet) position to political aides and heads of the State’s agencies and parastatals, the list of Sanwo-Olu’s appointees, since 2019 when his administration came on board, brims with young, energetic and result-oriented professionals who are under the age of 40 years old and have taken the gear of governance notches higher. Prominent millennials among SanwoOlu’s cabinet picks are Commissioner for Finance, Dr. Rabiu Olowo, Commissioner for Agriculture, Ms. Abisola Olusanya, and Special Adviser on Innovation and Technology, Tubosun Alake. The trio are tasked with enormous responsibilities to oversee key Government ministries and agencies. Under Olowo, a 36-year-old Harvard trained accountant, Lagos drew a new revenue strategy that optimised and raised the State’s Internally Generated Revenue (IGR), while Lagos was upgraded to AAA(nga) rating from AA+(nga) by Fitch International for the State’s good standing on debt sustainability and resilience. After empowering 1,000 young agripreneurs and 3,000 farmers with modern skills and financing opportunities, Ms. Olusanya, 38, developed an ambitious market-centric agricultural road map to raise Lagos food sufficiency from 18 per cent to 40 per cent in next five years. Tunbosun has facilitated funding opportunities for over 40,000 startups and secured multi-million grants for various tech firms operating in Lagos through Lagos State Science

Abisola Olusanya

and Research Council (LASRIC). Of particular interest is the composition of Governor Sanwo-Olu’s political aides in the categories of Senior Special Assistants and Special Assistants. They are mostly super active, dynamic and result-driven young men and women with dazzling pedigree, who provide needed impetus across MDAs to galvanise ‘Greater Lagos’ vision of the Sanwo-Olu administration. The Governor regularly expresses the belief that the youth must not only be granted a ‘stakeholder status’ in the State’s project, but also be given prime seats at places where decisions are taken. At a recent youth conference held in Agidingbi, Sanwo-Olu argued that there was need for inter-generational dialogue to proactively address issues that may lead to conflict between millennials and older citizens, reiterating his administration’s readiness to always champion causes that would be beneficial to young people. “We have designed a means to aggregate all the conversations of the millions of youths in diverse areas. All of us have agreed that, when we work together, we can build a resilient society we will truly proud of. We will continue to build, engage end work with our young people. I certainly will not give up on you as partners in progress and your ability to bring about positive changes,” Sanwo-Olu said.

T H I S D AY ˾ MONDAY, NOVEMBER 29, 2021

DISCOURSE

Presidency 2023: Is Akinwunmi Ambode South-West’s Dark Horse? President Muhammadu Buhari’s foggy succession plan is spawning speculations of an unlikely dark horse from the South-West - backed by the North. Unassuming former Governor Akinwunmi Ambode of Lagos State quietly fits the scenario, writes Louis Achi

ith the Independent National Electoral Commission’s scheduling of February 18, 2023, for the presidential election, the jostling - both overt and covert of who should clinch the ruling All Progressives Congress (APC) ticket and eventually succeed President Muhammadu Buhari is gaining momentum. The opposition Peoples Democratic Party (PDP) is not left out of the unfolding intrigues too. Significantly, in all the permutations so far, no augury has whispered the name of the unassuming former Governor Akinwunmi Ambode of Lagos State as a likely successor of Buhari. Even in the oracle of Minna, former head of state Ibrahim Babangida’s recent ‘list’ of potential Buhari’s successors, Ambode wasn’t captured. There are no indications that the national leader of APC, Asiwaju Bola Tinubu, is willing to confine himself to his famed kingmaker’s role. Feelers indicate he wants to go for the coveted diadem and become king himself - not an illegitimate aspiration. When ex-Governor Babatunde Fashola was recently asked whether he would support Tinubu’s rumoured 2023 presidential bid, he was non-committal: “I saw him last week. He didn’t tell me Ambode he is running for office, and to the best of my knowledge, the last statement he made on it is that people will know in January.” More, in the South-West, ambitious young Turks both beholden and not - to the Aswaju - lurk. Given other forces equally eying the pie plus regional contentions, the personality that would become APC’s presidential flag-bearer in the 2023 election is unknown. But barring any unforeseen Machiavellian tweaking, it seems a settled matter that the APC would zone the presidency to the South. The party’s national chairmanship would then go to the North because Buhari would have exhausted North’s eight years by 2023. Perhaps, not many Nigerians understand that not wielding political power equates to an existential threat to caliphate northern Nigeria. An understanding of this fundamental point would grant substantial insight into how the region conducts its political gaming. This insight would prod many analysts to reassess largely specious assumptions that Tinubu would be served the 2023 pie on the grounds of some foggy, prior succession deal with Buhari. In effect, where the North stands in the big picture is a huge determinant of who becomes the next president. What is Tinubu’s standing with the Northern hawks today? Just like Tinubu, the North is also a critical kingmaker. More, in the numbing security crisis and extreme bloodletting in the last six years, what has been Tinubu’s expressed position. Beyond his extremely deep pocket, being perceived as sitting on the fence or appearing timid given the clout he parades would hardly recommend or endear him to the public. Another point that may undermine Tinubu’s strongly staked claim to succeed Buhari is his health. With the nation’s harrowing experience

of Yar’adua’s ill-health and Buhari’s frequent health excursions abroad, many Nigerian are nervous about having a new president that cannot frontally face the enormous governance challenges that come 2023. Without dispute, the challenges are glaringly tough. Perhaps not many would support a sick president. The clear audacity and courage Tinubu displayed some 12 years ago are missing currently. The forgoing nuances undergird the guiding calculations of the North ahead of 2023. Erstwhile Tinubu protégés like Fashola, Governor Kayode Fayemi of Ekiti, and other Turks are now covertly transmitting on different political frequencies from the Asiwaju. It is speculated that astute northern forces are plotting to use the new Turks to unhorse Tinubu. Governor Rotimi Akeredolu of Ondo is thought to be another power base that would work against Tinubu because he preferred his protégé, Dr. Olusegun Abraham. But another emerging, quiet-spoken, demonstrably effective, and subtle political personality from the zone is Ambode. His being partially off the radar positions him to evade hostile forces in his environment in the interim. With a hugely promising governance trajectory apparently halted mid-stride by the quaint godfather of his political realm, Ambode, from feelers, is willynilly, entering a crucial phase of his political odyssey with head held high. Ambode has demonstrated that he is a personality and leader not swayed by extraneous emotionalism and parochial cant. This footing, many speculate, put him on a collision course with Tinubu. But he remains driven by principle. After dispatching the opposition PDP’s mettlesome Chief Jimi Agbaje in the keenly contested April 12, 2015 governorship election, Ambode hit the ground running. As governor of

Nigeria’s commercial and industrial mega-city, faced with the challenge of satisfying the yearnings of Lagos 20 million residents, it couldn’t have been otherwise. Drawing from his rich professional background as an accountant, administrator, and public finance management expert and leaning on a vision to make Lagos a clean, secure, more prosperous state, the Epe-born dynamite left few in doubt that he is indeed the man the city needed. He wielded power and is still deploying his influence with alluring humility and exemplary focus. With his life’s trajectory, he has demonstrated that faith, public finance management, administration, and politics fundamentally address the transformation of the human condition for good. Lagosians certainly will not forget in a hurry the transformative leadership he brought in his phenomenal four-year tenure. During this challenging period, he never borrowed money to fund development. He rather worked hard to generate revenue. Against unproven allegations of being impetuous and adversarial, the emergence of Ambode as Lagos State chief executive evokes memories of other progressive eras of the state. His choice then simply acknowledged the capacity of focused individuals to change their society for the better. For decades, as an accountant, administrator, and public finance management expert, he has provided clear, pragmatic leadership. Even after the untidy truncation of his governorship trajectory by Tinubu, like the true gentleman he is, he unstintingly supported his party and political successor. He has since then remarkably carried himself with exemplary dignity, an unusual footing for contemporary politicians. Perhaps these consistent qualities have kept him on the radar of the ruling

party’s top hierarchy. A little over six months ago, Ambode was appointed by APC into its Contact/Strategy Committee. It’s then not surprising that he has quietly become a key leadership target of the circumspect king-making North. An unwavering sense of loyalty and duty, rigorous professionalism, stern discipline, demonstrable integrity, and almost a child-like faith in his beloved God stand him out as a leader for higher responsibility. Ambode attended St. Jude’s Primary School, Ebute Metta, Lagos State, from 1969-1974, where he sat for the National Common Entrance Examinations. From 1974-1981, he attended Federal Government College, Warri, and from 1981-1984, he attended the University of Lagos, where he studied Accounting, graduating at the age of 21. He also has a Master’s degree in Accounting from the University of Lagos and is qualified as a chartered accountant. He was awarded the Fulbright Program scholarship for the Hubert Humphries Fellowship Programme in Boston, Massachusetts. He also attended the Wharton School of the University of Pennsylvania for Advanced Management Programme. Other institutions he attended for courses and programmes include Cranfield School of Management, Cranfield, England, the Institute of Management Development, Lausanne, Switzerland, INSEAD, Singapore. He also attended the John F. Kennedy School of Government at Harvard University, Cambridge, US. His civil service career was remarkable. From 1988-91, he was the assistant treasurer, Badagry local government, Lagos State, Nigeria. In 1991, he was posted to Somolu local government area as an auditor. He has also held the position of council treasurer of the local council later. He previously served as Alimosho council treasurer. In 2001, he became acting auditor general for Lagos local government areas. In January 2005, Ambode became the permanent secretary of the Lagos State Ministry of Finance. From 2006-2012, he was the state’s accountant general in charge of all the financial activities of the state and was directly responsible for over 1400 accountants. Under his watch, the State Treasury Office (STO) revolutionised how Lagos finances were raised, budgeted, managed, and planned. In his six years as the Lagos State accountant general, the state’s financial performance improved visibly, with the budget performing at an average of 85 per cent annually. After 27 years in the civil service, he voluntarily retired in August 2012. He subsequently founded Brandsmiths Consulting Limited to provide Public Finance and Management Consulting services to the government at all levels, its parastatals, and agencies. In 2013, he founded the non-profit La Roche Leadership Foundation. Its goal is to install Nigerian and Lagos flags in all government-owned schools in the state. In 1991, Ambode married the love of his life, Bolanle Patience Odukomaiya. They are blessed with lovely twin children. In all his life’s challenges, a calm philosophical Ambode has taken things in his stride as he focuses on the next phase of his life. Such is the measure of the vigorous 58-year old teacher’s son. Ahead of 2023, he is a definitive dark horse of the South-West - and still shrouded in secrecy - arguably the North’s trump card.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

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FEATURES

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

Anambra Youths and the Fight against Methamphetamine The increasing addiction to hard drugs, especially methamphetamine, popularly known as crystal meth, glass and ice or Mkpurummiri in local parlance, by youths in Anambra State has reached a worrisome crescendo. However, some communities and its youth leaders have risen to fight the hydra headed monster, which is touted to be root cause of armed robbery, rape and other criminalities, reports David-Chyddy Eleke

Crystal meth (mkpulummiri)

n a drinking joint in Awka, two young men occupied a table, close to this reporter. Their discussion was about a certain Vivian. One of the men told his friend that he believed Vivian (supposedly his girlfriend) was not normal. “She spent a night in my place the other day, and all through, I noticed she never slept,” the guy complained. “At about 2am, she woke me up and told me she thinks there is someone outside my door, trying to burgle it.” The young man said he stayed awake for a while and noticed nothing, and as he made to go to bed again, Vivian looked through the window and said she was seeing a lot of people trooping into the compound. He tried observing too but saw nothing. This reporter listened as the young man’s friend questioned him if he observed Vivian take anything that was not what he offered her? Their conclusion was that Vivian may be on hard drug. The case of Vivian is same as many young people today, including ladies. Investigation by THISDAY showed that there are a lot of substances young people take to heighten their level of happiness, and most of it, even though dangerous to their health and body organs, also give them a false sense of happiness, as much as elevating them into hallucinations and higher realm, as could be seen with Vivian. Merely unwrapping some pieces of Tom Tom sweets into a bottle of Lacasera drink has been discovered to be be used by youths to give themselves false sense of happiness, just as pawpaw leave soaked in hypo bleach, or urine collected and left for days can also intoxicate. Unwholesome Trend of Methamphetamine Methamphetamine is one of such substances which is regularly abused by youths. Checks showed that the substance which is also called crystal meth, glass or ice has also acquired a local name; Mkpurummiri, and has proven to be the most commonly used among hard drugs today, just as is now very rampant in

Ekwulobia Central Vigilante on a drive in the community to arrest consumers of mkpurummiri communities in Anambra State. Investigation showed that it has same effect as cocaine, but even though it is much more destructive and addictive, it is far more cheaper. Mkpurummiri is a synthetic (man-made) chemical, unlike cocaine, for instance, which comes from a plant. It is commonly manufactured in illegal, hidden laboratories, mixing various forms of amphetamine (another stimulant drug) or derivatives with other chemicals to boost its potency. It was gathered that common pills for cold remedies are often used as the basis for the production of the drug. The meth “cook” extracts ingredients from those pills and to increase its strength combines the substance with chemicals such as battery acid, drain cleaner, lantern fuel and antifreeze to manufacture it. It comes in clear crystal chunks or shiny blue-white rocks. Usually, users smoke mkpurummiri with a small glass pipe, but they may also swallow it, snort it, or inject it into a vein. Experts say its users have a quick rush of euphoria shortly after taking it, but it is dangerous, and can damage one’s body and cause severe psychological problems. A source who spoke to THISDAY, and who claims to have friends that indulge in the substance in Awka said: “Mkpurummiri has the same level of addiction like cocaine, but what is more fascinating about mkpurummiri is that it is cheap, and that makes it even more addictive than cocaine. This is because it is very highly affordable.

For just N500, you can buy a dose of mkpurummiri or even more, depending on how the dealer sells in your area.” THISDAY gathered from investigation that there are several ways of consuming the hard drug. A source who spoke to THISDAY on condition of anonymity said some local and unprepared users who are taking the drug for the first time use foil to wrap the hard drug, before using lighter to melt it, then making a hole in the foil, through which they slot a pipe to sniff in the drug. It was also gathered that some people preferred to melt it, then use syringes to inject it into their bodies. “This method is mostly used by those who have become so reliant on the drug. Others just melt it and sniff it through their noses. But people who are accustomed to it acquire a glass pipe, with which they consume it, while others use electric bulbs, whose heads have been removed to melt and sniff it,” the source said. War against Mkpurummiri Given that the high number of cult activities, rape and armed robbery have been attributed to abuse of the substance, these has led to a total declaration of war on it by most communities in Anambra State. Many communities are correctly fighting the use of the drug in the state including: Enugwu Agidi, Ekwulobia, Umudioka, Oba, Obosi, and many more. Declaring war on the drug, indigenes of Umudioka, a community in the Dunukofia

It would be irresponsible on the parts of the elders to keep quiet in the face of the ugly stories emanating from different parts of the country on the new trend on hard drugs among Nigerian youths

Local Government Area of Anambra State, through a press statement signed by the President-General, Umudioka Improvement Union, Chike Odoji, said indigenes and non-indigenes resident in Umudioka were prohibited from taking mkpurummiri, Indian Hemp and any other illegal substances, all of which had been coded in local parlance by their consumers. The statement read, “This is to announce to all indigenes of Umudioka and non-indigenes living in Umudioka that henceforth consumption, smoking and sales of Mkpuru Mmili; Isi na Awa Agu; Aju Achu Enwe; Stonch; Indian Hemp; and other substances/illicit drugs have been proscribed in Umudioka and her environs. “Soonest, UIU (Umudioka Improvement Union) in conjunction with NDLEA, anti-cult and other relevant law enforcement agencies will commence a manhunt for all the dealers and consumers within Umudioka. You are therefore advised to stay away from any known bunk that deals on the above-prohibited items. We will not spare anyone once apprehended no matter how highly placed.” If youths of Umudioka were lucky to get a warning, then, some drug addicts in other communities were not, as war on users was immediately declared, and suspects rounded up for interrogation and punishment. The trend in many communities in Anambra State is the flogging of consumers, and on a daily basis, videos of youths who have been apprehended, tied up in trees or pillars at village squares of village halls have been surfacing on the social media. Anayo Nwafor, a young man in his 20s in Enugwu-Agidi was one of the unlucky users of mkpurumiri. THISDAY gathered that in early November when the community declared war on consumers of mkpurummiri, Anayo was among several youths apprehended for being addicted to the drug. The punishment is usually flogging, and right at the village square, youths tied Anayo and flogged him to unconsciousness. He later died as a result

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FEATURES

Mkpurummiri addicts undergoing torture by community youths of the flogging. Leaders of Enugwu-Agidi who addressed journalists in a press conference in Awka told the sad story of the painful demise of Anayo. The Enugwu-Agidi Town Union National Public Relations Officer, Hon. Dumebi Onubuiyi, told journalists that the town union had embarked on peace missions across the community since it came into office few weeks ago, until the ugly incident of the death of a youth occurred in the community the previous week. “We heard of the sad event that took place of one Anayo Nwafor that was apprehended with illicit drug material; the one that they call Mkpulummili. The youths instead of consulting us, manhandled him and he eventually gave up the ghost. “The boys that are involved are youths of the community. We are trying to lay our hands on them to hear from them. But since this sad event happened, they have not been seen anywhere. We have involved the police, the DSS and other security agencies in the matter.” Also last Saturday, youths of Ekwulobia in Aguata LGA also went to town on a war against the hard drug. THISDAY gathered from a resident of the community, Afam Ogbaji that four youths were arrested by members of the town’s central vigilante, and were held at the town hall, where their matter was being deliberated as at the time of filling this report. Ogbaji said: “There are some communities in Ekwulobia that have very notorious drug joints. Those are the villages were you will find some of the craziest youths in Ekwulobia. I joined them to a raid of one of the villages, but I later left when the Central Vigilante were going to another village. " Right now, four youths have so far been arrested. I hear that while some people want them to be flogged, others are asking that they should be handed over to NDLEA. They have not concluded,” Ogbaji said, while talking to our correspondent. The effort has remained on as on a daily basis reports of communities’ fight against the scourge keep coming in. Stakeholders React Meanwhile, some stakeholders have condemned the flogging of addicts, saying that flogging is not a form of rehabilitation for drug addicts. Former Senator Representing Anambra South and governorship candidate of the All Progressives Congress (APC) in the just concluded election, Senator Andy Uba added his voice on how he feels the scourge could be tamed. Uba in a press statement he published on his verified Facebook page said: “One of the greatest threats today in Igbo land, especially in our dear state, Anambra is drug abuse among youths. Various communities’ youth leadership have adopted flogging anyone found to be taking the METH (Mkpulu Mmili). “The question has been, will such beating solve or stop someone that is already addicted to that? My view is that we should embark on advocacy, reorientation and rehabilitation

programmes among other things as approach against the new threat from consumption of ‘Mkpulu Mmili’. The government and civil society organizations should lead this strategy. “In Anambra State, Ministries of Health, Youth, Women affairs, LGA etc should synergize and coordinate the advocacy, reorientation and rehabilitation of youths on issue of Mkpulu Mmili menace. In Anambra State, we have in existence, a well organised local community administrative system (Town Union). Community system, which remains a major means through which the above listed State Government Ministries and Civil organizations can effectively manage the growing ‘Mkpulu Mmili’ abuse in the state. “The rehabilitation content should accommodate training them on various skills for productive purposes.We cannot be facing such challenge and the state government agencies that should initiate intervention will be busy in Awka while the labour force of the state is under threat due to drug abuse. You cannot separate the growing consumption of Mkpulu Mmili from violent crime that is creeping into our state. “There is need for the government to takeover the narrative on the issue of Mkpulu Mmili in the state. If Awka is too busy to look into the happenings in various communities, why not devolve powers to LGAs who are closer to the people? I therefore, call for new policy regime in confronting this threat as flogging mkpulu mmili users won't solve the scary challenge in Igboland,” Senator Andy Uba said. Mr Peter Obi, former governor of Anambra State also waded into the matter. Obi in a press release decried the scourge, while proffering solution to the problem. He said: “It would be irresponsible on the parts of the elders to keep quiet in the face of the ugly stories emanating from different parts of the country on the new trend on hard drugs among Nigerian youths. "While commending various groups that have spoken on the menace, especially some towns that have been trying different methods to arrest the disturbing trend, I call on the NDLEA to devise a new strategy that will involve working closely with the government of various town unions across Nigeria towards arresting

the new development. “I recognise the great efforts the NDLEA was making in the fight against drug abuse, but the rapidity and openness with which the youths are embracing the condemnable acts is a sign that something is fundamentally wrong with the society and I call for the society to seek and correct those fundamental wrongs as lasting panacea to the menace. "The United Nations Office on Drug and Crimes (UNODC) has earlier reported that Nigeria has the highest drug abuse prevalence in the world, with 14.4 per cent of Nigerians presently engaged in drug abuse. The situation will possibly be worse now with the recent spate of drug abuse among Nigerian youths. A timely action by the government and the concerned agencies will help save the youths from the ugly trend." Also reacting, the Indigenous People of Biafra (IPOB) threatened to go after distributors and consumers of the hard drug in the Southeast. The group described the development as very strange and completely unacceptable. In a statement by its Media and Publicity Secretary, Emma Powerful, IPOB blamed security agents for the drugs’ prevalence in the North, vowing not to allow same in the South-east. While accusing some security agencies of complicity in the racketeering of the hard drug, the separatist group called on communities to ensure they report those involved in the madness to its office for proper torturing. The statement partly reads, “We note with utter displeasure, a very ugly and disturbing trend among some youths in Biafra land who have resorted to the consumption of destructive hard drug methamphetamine popularly known as Mkpuru Mmiri. This development is very strange and completely unacceptable. It is this same hard drug that renders Almajiris in the North useless, and we won’t allow this madness to creep in or fester among Biafran youths. “IPOB hereby declare war against this nonsense. We shall go after those taking or distributing this harmful illicit drug. Henceforth, anyone found peddling, consuming or in any way involved in the distribution of this illicit drug shall be decisively dealt with. Biafran youths are known for their enterprising spirit, entrepreneurship and diligence.

I call on the NDLEA to devise a new strategy that will involve working closely with the government of various town unions across Nigeria towards arresting the new development

"IPOB will not allow evil men and unpatriotic elements to ruin or destroy the future of our youths with Mkpuru Mmiri. While we commend communities who have already risen to curb this evil, we solicit useful information about those behind the distribution of this illicit drug so we will teach them in the language they understand.” What the Authorities are Doing THISDAY visited several government institutions to find out what they were doing to arrest the scourge of hard drug in the society. The state Commissioner for Health, Dr Vincent Okpala who spoke to our correspondent said: “A small ministerial committee has been put together to study and design a community based intervention plan for the ongoing epidemic. Our design will involve every political ward and draw support from relevant law enforcement agencies like NDLEA, Police and Civil Defense. “With respect to treatment, the states psychiatry hospital is available. We have also reached out to state based clinical psychologists to explore adaptable CBT programs. Cutting the supply chain is key. His Excellency (Governor Obiano) is committed to sanitising our drug distribution system in line with National drug distribution policy. Achieving the Coordinated Wholesale Center in Anambra as intentioned by the Federal government will truly help us achieve the later and the government is committed to this.” The state police command also stated that it has been worried about the new trend and was working to ensure that the scourge of drug in the state is broken. The Police Public Relations Officer of the command, DSP Toochukwu Ikenga while interacting with THISDAY said: “Drugs is the oxygen that drive most crimes and bad behavior exhibited by individuals. It is an unfortunate situation that youth engage in drug taking to serve whatever purpose or satisfaction. “The Anambra State Police Command has frowned at this ugly development and we have since joined a deliberate program by the police high command called Police Campaign Against Cultism and Other Vices (POCAVCO), a program targeted to sensitise the youths of dangers of drugs and others vices. We are also planning a town hall meetings in different communities and among other strategies to deal with the situation.” Meanwhile, the job of fighting drug circulation rests squarely on the shoulders of the National Drug Law Enforcement Agency (NDLEA). A visit to the Anambra office of the agency was unsuccessful. It was gathered that the public relations officer of the command was away on a course in Jos, while the commander of the agency has been transferred out. A staff who refused to disclose his name said: “The new commander just arrived the state yesterday, and has not even started work. She is a woman, and most of us have not met her yet. You may need to give her some time to settle down before four check back again.”

T H I S D AY ˾ ˜ NOVEMBER 29, 2021

BUSINESS/MONEYGUIDE

Anatogu: Continental Free TradeWill Strengthen Naira James Emejo ÓØ ÌßÔË The Secretary, National Action Committee on African Continental Free Trade Area (AfCFTA), Mr. Francis Anatogu, has stated that taking advantage of the agreement would boost the country’s exports drive and strengthen local currency. He said though the country is presently not fully ready to maximize the potentials of the agreement, exports activities must be prioritised to change the equation. Speaking at a media briefing on the National Action Committee on AfCfTA Subnational Strategy workshop, themed, “Creating Economically Viable Communities”,

he said,”We must not play catch up. We must be up and doing at the beginning to take full advantage.” Nonetheless, Anatogu said a sub national strategy was inevitable as the AfCFTA seeks to remove tariffs and non-tarrif barriers to trade adding that the situation presented an opportunity to reposition and diversify the Nigerian economy. He stressed the need to build capacity and standardise exports. He said though the states have the resources, it was important to work together to help them find their niche in the African export market. Anatogu added that there was need to boost productivity and skilled power in the country as competitiveness remained critical in the implementation of the

agreement. He also said government needed to work together to provide an investment friendly climate as well as put trade facilities in place. He however, pointed out that there was no silver bullet to the agreement, adding that the current efforts would require time to fully materialise. On his part, Director General, Nigeria Governors’ Forum (NGF), Mr. Asishana Okauru, said the states are ready to maximize the opportunity presented by AfCFTA. He said,”Without trade we can’t move fast”, adding that buy in of all tiers of government was vital. He said currently there had been significant support and interest by state governors towards the success of the AfCFTA.

FG to Remodel Agriculture as Business, Says Minister James Emejo ÓØ ÌßÔË The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, has said the federal government remained committed to industrialising the agricultural sector for increased productivity, efficiency and competitiveness across local and international frontiers. He also urged Nigerians to henceforth, invest in agriculture, and see it as a business platform and a haven for investment, which would sufficiently satisfy the socio-economic needs of its practitioners and grow the economy. The minister spoke at the opening of the maiden National Agribusiness Stakeholders and

Investors Summit and Nigerian Farmers Agribusiness Award themed, “Promoting Excellence in Agribusiness For Sustainable Agricultural Development in Nigeria.” He said the federal government has deliberately designed agricultural investment incentives to support high level private sector participation adding that while some of these incentives are in form of tax holidays, exemptions and reliefs, there are many that leverage on specific government policies, performances of companies as well as relevant international investment treaties. According to him, the agro-industry is experiencing revitalisation with dedicated federal government policies towards encouraging farmers

and investors as well as grow the nation’s economy. He pointed out that the government is integrating food production, storage, food processing and industrial manufacturing to establish the linkages necessary in the agricultural commodity value chain. Abubakar said the value chain as a development strategy considers the role of the players from food production to consumption and is designed to empower the smallholder producers, ensure that processors have good quality raw materials and the consumers accept products with satisfaction. He said,”It is remarkable that in the past three years Nigeria has taken a leading role globally in Cassava, Yam, Maize, Palm oil and Rice production.

Axxela Announces Long-term Issuer, Issue Ratings Upgrade from BBB+ to A-(NG) Axxela Limited (“Axxela”), one of Sub-Saharan Africa’s leading energy solutions provider today announced that Global Credit Ratings (GCR) has upgraded its National Scale Long-Term Issuer rating to “A-(NG)” and affirmed the Short-Term Issuer at “A2(NG)”, with a Stable Outlook. The company in a statement said it has also received an upgraded National Scale Long Term Issue rating for its ‘’Axxela Funding 1 Plc’s N11.5bn Series 1 Senior Secured Fixed Rate Bonds’’ from “BBB+” to “A-(NG)(EL)’’, with the Outlook accorded as Stable. On its part, GCR said the ratings upgrade is underpinned by Axxela’s established market position which has enabled the

company and its subsidiaries to continue to report strong earnings and cash flows, thereby supporting comfortable credit protection metrics despite ongoing expansion. Speaking on the upgrade, Bolaji Osunsanya, CEO, Axxela said, “We are pleased at the rating upgrades as they are a further confirmation of our market leadership position. Our continued growth and business expansion despite the challenges of a pandemic year is proof of a resilient business model’. We will continue to strengthen our operations in order to remain competitive across all key markets whilst delivering value to all key stakeholders including investors

and shareholders. “The upgraded rating is supported by Axxela’s competitive position in the energy sector, with its product offering spanning the natural gas value chain: processing, transmission & distribution, power generation and energy infrastructure development, and with operations across Nigeria and West Africa.” The Chief Financial Officer, Timothy Ononiwu stated, ‘’This upgrade represents a positive milestone for us as an organisation. It is the result of hard work, professionalism and consistent focus on business efficiency, financial stability and deep commitment to operational excellence. Recognition of this nature propels us for the future.”

Jaiz Bank Foundation Grants Interest-free Loans to 54 FCT Traders From Olawale Ajimotokan ÓØ ÌßÔË Jaiz Charity and Development Foundation (JCDF) has disbursed interest-free loans to 54 residents of the Federal Capital Territory (FCT) under its micro-finance loans scheme. The MD/CEO of JCDF, Dr Imam Abdullahi Shuaib, stated yesterday during the flag-off held at Jahi Village that the essence of the grant was to complement the poverty alleviation programmes of the federal government. Shuaib said that the beneficiaries, who were provided grants of between N30, 000 to

N40, 000 to prop their small scale businesses, were selected after thorough screening. He said the beneficiaries would have a month moratorium and a year to repay the loan, adding the assessment of the performances of the beneficiaries will determine who will qualify for the second level and the third level of the scheme. “Many of us pass up opportunities on a daily basis without knowing it. Our interest at Jaiz Charity and Development Foundation is to help many people out of poverty by offering interest free loans to support existing businesses or

establish new ones. The federal government has been carrying out interventions of similar nature, so we aim to support in our own way,” he said. He tasked the beneficiaries to make judicious use of the grant in order to support their families, repay the loans within a year and qualify for another level of loan disbursement, adding that ethnicity, gender were not considered in the approval of the loans. Shuaib said the foundation which was established in 2012 to poverty has touched life in 20 out of the 36 states in the country.

L-R: Jane Kalu-Uchechukwu (Beneﬁts Administration), Adetolani Aruna (Head, Beneﬁts Administration) and some attendees at the Tangerine Pensions Limited annual Retiree Forum in Lagos which held on November 25th 2021

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

T H I S D AY ˾ ˜ Ͱͷ˜ ͰͮͰͯ

SEC Warns Companies, Registrars on Selective Dividend Payout Kayode Tokede The Securities and Exchange Commission (SEC) has warned quoted companies and capital market registrars to desist from selective payments and distribution of dividends to shareholders. The Director-General of the SEC, Mr Lamido Yuguda, stated this at the 10th annual conference of the Institute of Capital Market Registrar’s (ICMR) with

the theme, ‘Reinventing the Nigerian Capital Market for Growth: The Digital Technology Approach,’ held in Lagos during the weekend. Yuguda who said that some registrars are unwilling to release the unclaimed dividends in their custody and have employed several antics to frustrate shareholders from enjoying the benefits of the E-DMMS platform, urged the ICMR to encourage its’ members to uphold the Code

P R I C E S MAIN BOARD

F O R

DEALS

of Ethics of the profession and as contained in the Rules and regulations of the Commission. He said “Capital market operators, have a duty to uphold the integrity of the capital market to foster investor confidence as Investors are the greatest assets any capital market has. The Commission would therefore not hesitate to sanction any erring operator in relation to unclaimed dividend or any other issue.” The SEC DG also stressed the

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

need for an optimal regulations of digital technology in the capital market to forestall likely disruptions that could threaten investors’ confidence. According to him, as much as digital technology is expedient for the growth of the capital market, disruptions could threaten investors’ confidence in the market if digital technology is left unregulated. Yuguda said the Commission had recognised that if the ap-

T R A D E D MAIN BOARD

A S

plication of digital technology to financial market practices are not properly regulated, it could lead to outcomes that would threaten investor confidence in our market. Yuguda noted that in consistence with the position of IOSCO, the commission has been sensitive to the regulatory challenges of a changing technological environment and has sought to balance the benefits of encouraging innovation and the use of new

O F

technologies against the need to protect investors and maintain orderly markets. Yuguda, while noting that the Commission’s priorities are to ensure investor trust and confidence as well as fair, orderly, transparent, and efficient markets, said the Commission had issued rules to regulate several technology driven activities in the capital market such as crowdfunding, robo-advisory and digital sub-broking.

2 6 / 1 1 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, NOVEMBER 29, 2021

29 November 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ dŚĞ ƵůůƐ ŽŵŝŶĂƚĞ͙ ^/ ƵƉ Ϭ͘ϯй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

Despite declining on 3 trading sessions, the local bourse gained last week as the benchmark index rose

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

1,866.35

1.07%

950.00

3.8%

33.3%

0.3% w/w to 43,308.29 points. Accordingly, YTD return improved to 7.5% (previously: 7.3%) while ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŐƌĞǁ േ54.0bn w/w to േ22.6tn. ĐƟǀŝƚǇ ůĞǀĞů ǁĂƐ ŵŝǆĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ƌŽƐĞ ϱ͘ϰй to 293.2m units while value fell 31.5% to േ3.8bn. The

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC

top traded stocks by volume were D E &/d

8 Lafarge Africa PLC 9 Access Bank PLC

(140.5m units), & E, (138.9m units), and 'd K

10 United Bank for Africa PLC 11 FBN Holdings Plc

(115.9m units) while E/d, (േ2.1bn), E ^d> (േ2.8bn), and & E, (േ1.7bn) led trades by value.

Performance of sectors within our coverage was mixed as 3 indices lost, 2 indices gained while the /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ĐůŽƐĞĚ ŇĂƚ͘ >ĞĂĚŝŶŐ ůĂŐŐĂƌĚƐ͕

the ŽŶƐƵŵĞƌ 'ŽŽĚƐ index fell 2.0% w/w due to sellŽī ŝŶ E/' Z/ E Z t Z/ ^ ;-ϴ͘ϴйͿ ĂŶĚ E'^h' Z (-Ϯ͘ϭйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƚŚĞ Kŝů Θ 'ĂƐ and ĂŶŬŝŶŐ indices ƐŚĞĚ Ϭ͘ϵй ĂŶĚ Ϭ͘ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĨŽůůŽǁŝŶŐ ƐĞůůƉƌĞƐƐƵƌĞ ŽŶ DZ^ (-ϵ͘ϵйͿ͕ ^ W> d ;-ϯ͘ϲйͿ͕ 'd K ;ϭ͘ϲйͿ͕ ĂŶĚ d/ ;-ϳ͘ϬйͿ͘ ŽŶǀĞƌƐĞůǇ͕ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ // K ;нϮϵ͘ϲйͿ͕ Z ' >/E^ ;нϳ͘ϳйͿ͕ /Zd > & ;нϯ͘ϴйͿ͕ ĂŶĚ t' ;Ϯ͘ϵйͿ ƉƵƐŚĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ and &Z-/ d indices higher by 3.6% and 1.8% w/w ƌĞƐƉĞĐƟǀĞůǇ͘

Price Previous Current Change Price YTD Weighting Change

Current Price

12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC 15 Flour Mills of Nigeria PLC

Price Change Index to Date

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ Ϭ͘ϴǆ ĨƌŽŵ 0.3x recorded in the previous week as 27 stocks gained while 32 stocks lost. The top outperformers for the week were // K ;нϮϵ͘ϲйͿ͕ hW> ;нϮϳ͘ϴйͿ͕ and /< : ,Kd ;нϭϳ͘ϰйͿ ǁŚŝůĞ CUTIX (-14.0%), DZ^ (9.9%), and hW (-9.8%) led the laggards. This week,

86.6%

15.0%

3.5%

11.5%

14.7%

5.2%

ďĂƌƌŝŶŐ ĂŶǇ ŶĞŐĂƟǀĞ ƐŚŽĐŬ͘

P/E

5.3x

P/BV

Divindend Earnings Yield Yield

0.8x

5.3%

15.8%

2.0%

74.50

0.0%

10.3%

-3.7%

19.1%

11.2%

35.8x

6.7x

25.00

0.0%

6.8%

-22.7%

24.8%

3.9%

3.8x

0.9x

12.0%

26.4%

2.8%

24.35

-0.4%

6.3%

-1.8%

20.9%

2.8%

3.3x

0.6x

12.3%

30.3%

280.00

0.0%

6.6%

14.3%

40.4%

16.7%

13.9x

5.4x

6.0%

7.2%

190.00

0.0%

5.2%

11.8%

179.2%

14.1%

13.7x

20.8x

6.0%

7.3%

1,395.00

0.0%

3.5%

-7.3%

106.8%

15.6%

27.1x

31.8x

4.3%

3.7%

25.00

0.0%

3.8%

18.8%

11.6%

8.4%

9.3x

1.0x

4.0%

10.7%

9.00

-1.1%

2.8%

6.5%

17.0%

1.4%

2.5x

0.4x

9.3%

39.6%

8.10

-0.6%

2.4%

-6.4%

2.0x

0.4x

6.7%

49.1%

12.00

0.0%

3.9%

67.8%

10.6%

1.0%

5.6x

0.6x

3.7%

17.9%

46.50

-3.1%

1.6%

-17.0%

5.3%

1.9%

42.9x

2.2x

2.3%

38.00

0.0%

1.9%

0.6%

15.4%

2.0%

8.7x

1.4x

10.8%

11.4%

-10.3%

-3.9% 4.5x

0.7x

5.6%

22.0%

5.00

-2.9%

1.2%

-16.0%

29.50

-1.7%

1.1%

13.5%

16 SEPLAT Energy PLC 17 11 PLC

695.00

0.0%

1.7%

72.8%

3.4%

1.9%

16.0x

0.6x

6.0%

6.2%

18 Okomu Oil Palm PLC 19 Fidelity Bank PLC

142.00

0.0%

1.2%

56.0%

38.8%

25.2%

9.7x

3.4x

5.3%

10.3%

2.55

-0.4%

0.7%

1.2%

12.0%

1.1%

2.3x

0.3x

8.6%

44.4%

8.00

0.0%

0.9%

33.3%

1.5%

0.1%

26.5x

0.3x

16.45

0.0%

0.5%

-6.5%

3.05

0.0%

0.5%

-8.4%

1.49

0.7%

0.3%

-27.0%

10.1%

0.9%

24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

14.15

0.0%

0.3%

-2.4%

21.3%

6.9%

0.96

0.0%

0.4%

6.7%

26 Presco PLC 27 Unilever Nigeria PLC

88.90

0.0%

0.3%

25.3%

13.85

0.0%

0.2%

-0.4%

6.10

0.0%

0.2%

15.1%

0.9x

-11.4%

0.0%

20 Ecobank Transnational Inc 21 Dangote Sugar Refinery PLC 22 FCMB Group Plc 23 Sterling Bank PLC

28 PZ Cussons Nigeria PLC 29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance 32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC

3.8%

1.6x

9.1%

3.2x

0.3x

3.4%

30.9%

13.3x

2.7x

2.8%

7.5%

4.9%

1.0% 2.1x -1.3%

-0.8%

1.1%

1.2x

-1.1% 4.1%

9.80

0.0%

0.4%

108.1%

2.2x

7.1%

36.60

0.3%

0.4%

92.6%

8.1%

3.8%

13.0x

1.0x

1.3%

7.7%

7.75

0.0%

0.2%

32.5%

24.7%

7.5%

3.8x

0.9x

7.1%

26.2%

7.2%

1.1%

388.9x

0.7x 1.9%

20.3%

0.70

9.4%

0.3%

44.5%

45.8%

216.80

0.0%

0.3%

66.8%

0.3%

4.9x

24.80

0.0%

0.2%

40.7%

18.3%

2.4%

4.3x

0.8x

1.6%

23.1%

35 Wema Bank PLC 36 Union Bank of Nigeria PLC

0.80

0.0%

0.1%

15.9%

13.7%

0.8%

3.8x

0.5x

5.0%

26.5%

1.1%

0.0%

7.1%

0.8%

5.4x

0.5x

5.2%

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

5.04

-1.0%

0.2%

36.2%

14.5%

2.6%

2.2x

0.3x

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

14.8%

10.1%

5.38

0.0%

49.4%

40 Transcorp Hotels Plc

T ic k er H ON YF LOUR

36.2%

2.1x 4.7x

-20.1%

0.6x

2.0%

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

P ric e

P ric e C hg %

4.05

9.8%

H ON YF LOUR

T ic k er

Vo lum e

P ric e C hg %

52.5

9.8%

0.64

8.5%

GT C O

23.0

-1.6%

0.39

8.3%

Z EN IT H B A N K

22.9

0.0%

UP L

2.70

8.0%

T R A N SC OR P

18.5

-2.0%

IKEJ A H OT EL

1.35

8.0%

A C C ESS

13.9

-0.5%

R OYA LEX

0.50

6.4%

FB NH

13.8

0.0%

F T N C OC OA

0.42

2.4%

8.6

-5.1%

UP D C

1.38

2.2%

WEM A B A N K

8.2

0.0%

J A IZ B A N K

0.65

1.6%

UP L

7.5

8.0%

UC A P

9.80

1.6%

UB A

7.3

0.0%

T o p 10 L o s e r s

M RS

P ric e

T o p 10 T r a d e s b y V a l u e P ric e C hg %

T ic k er

Value

P ric e C hg % -3.6%

13.70

-9.9%

SEP LA T

1183.9

CHA M S

0.21

-8.7%

GT C O

578.6

-1.6%

ET I

8.00

-8.6%

Z EN IT H B A N K

559.0

0.0%

C H IP LC

0.57

-8.1%

UN IT YB N K

0.51

-7.3%

H ON YF LOUR

C UT IX

411.2

-5.1%

209.6

9.8%

2.85

-6.6%

N EST LE

197.0

0.0%

48.00

-5.1%

FB NH

165.5

0.0%

SOVR EN IN S

0.22

-4.3%

A C C ESS

127.4

-0.5%

UA C N

10.00

-4.3%

N GXGR OUP

94.7

0.0%

UB N

4.75

-4.0%

T OT A L

83.9

0.0%

21.4%

0.9x

R EGA LIN S

T ic k er

18.5% 46.1%

A IIC O

we expect the market to extend it͛Ɛ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŝŵƉƌŽǀĞĚ ƐĞŶƟŵĞŶƚ͕

ROA

27.2%

T o p 10 G a i n e r s

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

ROE

MONDAY NOVEMBER 29, 2021• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 25Nov-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 164.87 166.31 1.85% Afrinvest Plutus Fund 100.00 100.00 9.04% Nigeria International Debt Fund 318.36 318.36 -16.55% Afrinvest Dollar Fund 101.22 102.27 -8.42% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.49% AIICO Balanced Fund 3.31 3.37 -4.05% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.72% Anchoria Equity Fund 139.18 140.93 4.64% info@anchoriaam.com Anchoria Fixed Income Fund 1.14 1.14 -14.26% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.52 21.14 13.14% ARM Discovery Balanced Fund 454.63 468.34 13.55% ARM Ethical Fund 39.70 40.89 17.76% ARM Eurobond Fund ($) 1.07 1.08 -1.96% ARM Fixed Income Fund 0.99 0.99 -5.64% ARM Money Market Fund 1.00 1.00 8.58% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.49 107.49 5.68% AVA GAM Fixed Income Naira Fund 1,056.31 1,056.31 5.63% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.08% Paramount Equity Fund 17.30 17.61 8.15% Women's Investment Fund 141.01 142.62 5.95% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.60% Cordros Milestone Fund 132.98 133.82 13.30% Cordros Dollar Fund ($) 109.91 109.91 5.42% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.05% Coronation Balanced Fund 1.26 1.28 5.01% Coronation Fixed Income Fund 1.42 1.42 -10.24% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.59% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.35% EDC Nigeria Fixed Income Fund 1,165.97 1,189.50 1.47% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.72% Emerging Africa Bond Fund 1.04 1.04 3.29% Emerging Africa Balanced Diversity Fund 1.11 Emerging Africa Eurobond Fund 104.18 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,376.68 FBN Balanced Fund 173.94 FBN Halal Fund 114.64 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

121.90 149.49 Bid Price 1.00 3.99 1.73 1.20

1.11 10.42% 104.18 4.14% invest@fbnquest.com Offer Price 1,376.68 175.22 114.64 100.00

Yield / T-Rtn 11.44% 4.32% 9.24% 9.05%

121.90 4.01% 151.51 13.07% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.77 1.20

Yield / T-Rtn 7.14% 3.16% 13.80% 5.73%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.78% Vantage Balanced Fund 2.89 2.96 1.25% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 155.28 155.56 -0.14% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.31 0.74% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.89% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.50 1.52 9.72% Lotus Halal Fixed Income Fund 1,151.10 1,151.10 7.89% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.76 11.83 12.39% Meristem Money Market Fund 10.00 10.00 10.00% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.13 101.14 7.52% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.87% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.62 13.08% PACAM Fixed Income Fund 11.07 11.09 -8.87% PACAM Money Market Fund 10.00 10.00 6.82% PACAM Equity Fund 1.47 1.48 -7.17% PACAM EuroBond Fund 111.86 114.07 2.00% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 133.66 135.96 11.99% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.05% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,395.45 3,423.84 5.60% Stanbic IBTC Bond Fund 234.81 234.81 4.43% Stanbic IBTC Ethical Fund 1.27 1.29 8.47% Stanbic IBTC Guaranteed Investment Fund 311.11 311.11 5.58% Stanbic IBTC Iman Fund 240.01 243.65 9.99% Stanbic IBTC Money Market Fund 100.00 100.00 7.73% Stanbic IBTC Nigerian Equity Fund 11,125.89 11,287.43 6.04% Stanbic IBTC Dollar Fund (USD) 1.29 1.29 4.84% Stanbic IBTC Shariah Fixed Income Fund 116.49 116.49 4.87% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.54 105.54 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 14.58 1.37 4.97% United Capital Bond Fund 1.94 1.94 6.12% United Capital Equity Fund 0.93 0.95 16.23% United Capital Money Market Fund 1.00 1.00 9.07% United Capital Eurobond Fund 121.71 121.71 6.30% United Capital Wealth for Women Fund 1.09 1.10 6.35% United capital Sukuk Fund 1.07 1.07 6.96% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.08 13.20 10.25% Zenith ESG Impact Fund 14.58 14.73 19.44% Zenith Income Fund 24.75 24.75 3.13%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.20

10.62% 7.24%

Bid Price

Offer Price

Yield / T-Rtn

14.30 130.19 104.46 17.63 21.53

14.40 133.43 106.75 17.73 21.63

8.17% 8.27% 5.29% -2.75% 17.17%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.87 5.50 17.97 1.00 21.84 157.27

3.97 5.60 18.17 1.00 22.04 159.27

3.25% -3.21% 10.89% 7.97% 6.40% -15.26%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

NEWSXTRA

COURTESY CALL... L-R: Edo State Head of Service, Anthony Okungbowa Esq.; Edo State First Lady, Mrs. Betsy Obaseki; Governor Godwin Obaseki; United Nations (UN) Under Secretary-General and Executive Director, United Nations Population Fund (UNFPA), Dr. Natalia Kanem, and former Ondo State Governor, Olusegun Mimiko, during a courtesy call, at the Government House, in Benin City... recently

Maduka, Coscharis Group Founder, Loses Wife Bennett Oghifo The Coscharis Group Plc yesterday announced the sudden death of their Vice President, Mrs. Charity Maduka at her family home in Nnewi, Anambra State. The late Charity Maduka was wife to Coscharis’ President/CEO, Dr. Cosmas Maduka. The group’s businesses include vehicle assembling, farming, water production, among others. A statement by the General Manager, Marketing and Corporate Communications, Coscharis Group, Abiona Babarinde announced her demise. It stated: “With gratitude to the Almighty God and total submission to His will, the board and the entire Executive team of Coscharis Group hereby announce the sudden death of our Vice – President, Mrs Charity Maduka. “She died peacefully in her family home in Nnewi, Anambra State, Nigeria on the evening of Saturday 27th November, 2021. Further details will be announced by the family at a later time.” The late Charity Maduka was the Vice President of the Coscharis Group since its inception as the co - owner of the conglomerate. In her capacity, she was once the Executive Director supervising the Administrative, Legal, Works/Maintenance, Export, Technologies teams of the organisation between 1984 and 2003. Under her tutelage, she was able to grow the business by creating value via the various strategic departments she supervised within the organisation. As a board member of the group, in the year 2005, she later became the Executive Chairman/COO of two of the subsidiaries of the Coscharis Group namely

Coscharis Beverages Limited and Coscharis Properties Limited respectively which she manages till date. She was a trained professional teacher and caterer. She attended Teachers' Training College,

Nsugbe in Anambra State from 1979 to 1981 and also attended Consertum Institute of Catering and Hotel Management, Idi Araba, Lagos State from February - July, 1983. She had a brief stint as a

teacher at Akamili Central School, Umudim - Nnewi between October and December, 1981. Also at Tolu Primary School III, Tolu Village, Ajeromi Ifelodun/ Apapa, LGA, Lagos, between January 1982 - January 1983.

She had equally attended various Leadership and Entrepreneurship training seminars / courses both home and abroad. She was married to her husband, Cosmas, in 1978 and they have five children.

Mrs. Maduka

Security Foils Attack on Jos Prison as Gunmen are Trapped in Facility Michael Olugbode in Abuja and Seriki Adinoyi in Jos A combined team of security operatives, yesterday, foiled an attack on the Medium Security Custodial Centre in Jos, Plateau State, by unidentified gunmen, believed to have attempted to free some inmates, suspected to be their members. The gunmen, who were vaguely identified as terrorists, were immediately pushed back, when rounded up by a combined team of state agents,

and were reportedly trapped in the facility, following superior firepower by state agents. A statement by the spokesman of the Nigerian Correctional Service (NCoS), Francis Enobore, who confirmed the attack, explained that the Jos Custodial Centre came under attack by gunmen, who reportedly stormed the facility in large number with sophisticated weapons. He said the invaders had arrived the Center at about 1720hrs and immediately made

for the main gate, where they engaged the armed squad personnel in a gun battle before breaking into the yard. He said although they gained entrance into the yard, they were however trapped within as men from sister security services were immediately mobilised to assist the armed guards to cordon the perimeter wall and the entire area. Enobore claimed with the reinforcement from the response squad of the Service,

the situation was immediately put under control as the attackers’ firing power was subdued by superior fire from the combined team of security agencies. But another source close to the Jos Prison disclosed that about five inmates were initially freed following attack, but were rearrested before they could escape. The source added that some of the attackers suspected to be terrorists were gunned down and confirmed that others were

trapped in the area following the joint security operation of thePolice, Military Task Force and Nigerian Civil Defense, which rounded them up. "The attackers had earlier succeeded in freeing some of the inmates – about five of them –but they were rearrested before they could flee. Some of the attackers were gunned down in the process, while most of them are trapped as a result of immediate intervention of joint security forces," the source stated.

OMICRON COVID-19 VARIANT: NIGERIA STANDS WITH SOUTH AFRICA, WARNS WEST AGAINST DISCRIMINATION testing and, of course, those people who have not taken the COVID-19 vaccine should be encouraged to take it now. In fact, this is the time to make it compulsory for everyone to have the vaccine. “We should also be more stringent with people who are coming in from Omicron’s high risk areas.” He, however, said government should not contemplate locking down the economy because of the new variant. Olukanni said, “No! I do not think that a lockdown will achieve any purpose. Our economy is just coming out of recession and we should not take actions that would push it back to another round of recession.” Similarly, Chief Executive

Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the government should be vigilant and proactive in managing the spread of the new variant in the country. Yusuf, the immediate past Director General of the Lagos Chamber of Commerce and Industry, also told THISDAY that the government should apply a risk-based approach by tracing arrivals into Nigeria from high-risk locations. He also advised against another lockdown of the economy. Yusuf said, “What the government should do is to trace the locations that represent high risk of importing the new variant into Nigeria and restrict entries from those locations for now. “Considering that Nigerians

in those countries will be coming home and no one can say that they will not come home. But government has to isolate people from high-risk areas because I learnt that the new variant spreads very fast. So we need to be proactive. “What I have in mind is that when people come in, they have to quarantine them for some time, especially those coming from high-risk areas. It has to be risk-based approach. “But, I do not foresee another lockdown of the economy.”

Ramaphosa Urges Countries to Reverse Travel Ban Meanwhile, Ramaphosa has called on countries to

“urgently” reverse “scientifically unjustified” travel bans linked to the discovery of the Omicron. The South African president was quoted as saying in his first address to the nation following the detection of the new variant, “We call upon all those countries that have imposed travel bans on our country and our southern African sister countries to immediately and urgently reverse their decisions. “The prohibition of travel is not informed by science.” Ramaphosa said his country should expect a fourth wave of coronavirus infections in the wake of the discovery of the omicron variant. But he said authorities would not be considering economic lockdown restrictions for the time being.

The World Health Organisation (WHO) said it was not yet clear if Omicron caused more severe diseases. “Preliminary data suggests that there are increasing rates of hospitalisation in South Africa, but this may be due to increasing overall numbers of people becoming infected, rather than a result of specific infection with Omicron.” The head of WHO in Africa also urged countries to follow the science rather than imposing flight bans in a bid to contain the new Omicron variant. “With the Omicron variant now detected in several regions of the world, putting in place travel bans that target Africa attacks global solidarity,” said WHO’s regional director general Matshidiso Moeti.

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

NEWS

IKPEAZU'S SON TIES THE KNOT... L-R: Governors Godwin Obaseki (Edo); Ifeanyi Ugwuanyi (Enugu); Bala Muhammed (Bauchi); Douye Diri (Bayelsa); Aminu Waziri Tambuwal (Sokoto) and Nyesom Wike (Rivers), during the wedding ceremony of the son of Abia State Governor, Dr. Okezie Victor Ikpeazu, in Umuahia, Abia State ... yesterday

Buhari Begins Search for Replacement as Five INEC National Commissioners' Tenures End Dec Stakeholders want president to sign electoral bill into law

Deji Elumoye in Abuja President Muhammadu Buhari has set machinery in motion for the replacement of six national commissioners of the Independent National Electoral Commission (INEC) whose tenures expire next month. This is just as stakeholders have advised the president not to only appoint credible replacements for the retiring Commissioners, but to also sign into law the Electoral Act Amendment Bill transmitted to him earlier this month by the National Assembly. The six national commissioners representing the six geopolitical zones in the country who are due for retirement by the first week of December, 2021 are Prof. Okechukwu Obinna Ibeanu (South-east); May AgbamucheMbu (South-south); AVM Ahmed Tijani Mu’Azu (North-east); Mohammed Kudu Haruna (North Central); Dr. Adekunle Ladipo Ogunmola (South-west), while Abubakar Ahmed Nahuche (North-west) had resigned in the wake of the last general elections in 2019. While five of the Commissioners would serve out their terms by early December, the remaining one had resigned his appointment after the 2019 general elections in the country. President Muhammadu Buhari had during the Eighth Senate with Dr. Bukola Saraki as Senate President sent the names of the six INEC National Commissionernominees to the upper legislative chamber in October, 2016 for approval. The Senate had in November, 2016, approved the nominees while President Buhari thereafter administered oath of office on the Commissioners in December, 2016, for a five-year tenure which ends next month. Sources told THISDAY at the weekend that the President had commenced search for the replacement of the retiring commissioners with emphasis being placed on integrity and credibility of those to be nominated. Stakeholders have also called on President Buhari to ensure that square pegs are put in square holes in the appointment of the new commissioners. Although many election

stakeholders have commended President Buhari for his determination to ensure that the 2023 general elections would be credible, but they are concerned that efforts of the president might amount to nothing if men of proven integrity are not appointed into the commission to replace the retiring ones. According to a stakeholder who spoke on condition of anonymity, "The president has promised that the 2023 elections will be credible, free, and fair and there is no doubt that he means what he has said. "You can see that the Edo and Anambra States off-season elections have been applauded by Nigerians and the international community as being credible. "We hope that the trajectory would continue but everything will depend on the type and quality of people he will appoint as national commissioners to fill the vacant positions. "The efforts of the president in strengthening the institution was nearly rubbished by the nomination of one of his aide's Ms. Lauretta Onochie, but the situation was redeemed by the National Assembly that rejected the nomination as a result of national outcry. "The promise by the president to bequeath the country a legacy of transparent, free, fair, and credible election will be dependent on the type of people he appoints into the INEC management board." President Buhari, who was first elected into office in 2015, would exit on May 29, 2023, after he must have completed two terms of four years each, but there are still fears whether he would live up to his promises of ensuring a credible electoral process. Another credible source at INEC said, "Despite fears already being expressed by critics of the Buhari government on the possibility of the President providing a free space for credible elections considering that he is also a member of the All Progressives Congress (APC), there is an assurance for no cause to worry. "For doubting Thomases, the President may have proven them wrong judging from the conduct and outcomes of the Edo and Anambra governorship elections.

"In the two elections, the President directed the Independent National Electoral Commission and the security agencies to ensure that the process was hitch-free without interference from any quarter." The sources further said the recent signing of the Petroleum Industry Bill (PIB) to Petroleum Industry Act (PIA) was a clear testimony to the possibility that President Buhari's biggest and most enduring legacy may be institution-building rather than the physical infrastructures that his aides have belabored. "Many Nigerians have their different views on the PIA owing to their stakes, but few argue against the potential utility of the PIA and the broad impacts it will have on the Nigerian economy, yet, it took President Buhari's

boldness and willingness to take a decisive step rather than vacillating interminably to deliver the PIA which has an extensive effect on the most consequential sector of the Nigerian economy. "In the same way, Nigerians are expecting that president Buhari will take a similar and decisive courageous step to solidify the emerging success of his tenure in the Electoral arena by bequeathing to the country a legacy of appointment of persons with proven integrity into the independent National Electoral Commission. "The just concluded off-season election in Anambra state has been applauded by Nigerians as a reflection of the wishes of voters. The Anambra election defied the expectations of most neutral observers, forcing some

of Buhari's staunchest critics to congratulate him for insisting on supporting INEC to provide an enabling environment that allowed voters in Anambra State to express their electoral voice. "However, the gains of the giant stride would vanish if people of proven integrity and impeccable character are not appointed into the management board of the commission to ensure the realization of the President's assurance to conduct the best election in 2023. "Most Nigerians expect that just like former President Goodluck Jonathan did that earned him a place of pride in the nation's electoral history, President Buhari may want to earn his place in the Electoral pantheon. "To make this possible, there

are two critical matters for the attention of the President as a final task that will cement his efforts and contribution to democratic consolidation in Nigeria.The first is to assent to the reformed Electoral Act Amendment Bill that has the prospect of changing the narrative of Nigerian elections in a positive direction given that INEC innovations are safeguarded and protected statutorily. "The second critical issue, if not the most important given that INEC innovations are themselves not self-implemented or executory, is the need for the president to appoint individuals of high integrity to replace the six National Electoral Commissioners whose tenure will elapse by the first week of December 2021.”

Declaring Interest in Ekiti Governorship, Olujimi Says Seat Not Exclusive for Men Victor Ogunje in Ado Ekiti Senator representing Ekiti South Senatorial District, Mrs Biodun Olujimi, has said it would be wrong and amount to abridgement of fundamental rights, for the governorship position to be an exclusive preserve of men in the country. The former minority leader, also cautioned those flaunting the card of gender as a criterion for the 2022 governorship election in the state, saying such individuals should "stop insulting women, focus on capacity and competence to deliver democratic dividends to the people of the state". Olujimi stated this, on Saturday, while declaring her intention to contest the 2022 governorship election on the Platform of the Peoples Democratic Party (PDP), at her ward 7, Omuo Ekiti, headquarters of Ekiti East Local Government Area of the state. She said: "There was nothing spectacular about being a governor such that it should be exclusive for men. I feel

insulted and offended, when some people insinuate that it was not time for women to be governor of a state." Olujimi, who said she doesn’t believe that politics is a man’s world, argued that those having this erroneous impression were only barbaric and provincial in thinking and exposure. “What about politics at the level of the Senate, will you not say it is man’s world? What is on ground is not about men or women; it is about development; it is about inclusiveness; it is about wanting to serve your people. “That is why I believe that coming into it is nothing spectacular especially, because I have been there before. This won’t be my first time. Nowadays, I hear stories that it isn’t time for women. I feel pained and insulted, because it was not time for women when I became the commissioner for work. "It was not time for women, when I became the Deputy Governor. It wasn’t time for women,when I was elected into the House of Representatives.

It was not time for women, when I went to the senate and became Deputy Minority Whip and also got re-elected into the Senate. “So, it is because we have elevated the governorship election beyond its scope that the issue of gender is played up. So, I feel offended and annoyed with such insinuations. It is about capability, competence and requisite knowledge. “For once, no woman has been there except for Anambra, when a woman inadvertently became an acting governor. So, what is wrong in ensuring that there is inclusiveness? I believe I have what it takes to be a governor of a state,” she said, adding that for equity and justice sake, all political parties fielding candidates for the election should pick from the southern zone, which has never produced the governor since the return of democracy in 1999. “I have never stop saying that the south has been badly marginalised. I have never stop saying it. I have been behind the agitation for power shift

to the south. The reason is that if you are a true born of the south and you see the marginalisation going on, you either speak up or forever remain silent. “There are three senatorial zones. In the north, Segun Oni had three and half years. Governor Kayode Fayemi is about completing 8 years. If you add the two, they would have spent eleven and half years. If you come to the central, Adeniyi Adebayo was there for 4 years follow by Ayodele Fayose, who spent roughly eight years, making it a total of 12 years. The south hasn’t done. “If you don’t allow the south now, it means they will wait for another eight years before taking a shot at it and the state would have existed democratically for 32 years without a southern governor,” she maintained. She, however, said the ruling All Progressives congress (APC), could be defeated by the PDP, if the party did not put a wrong foot forward by electing wrong candidate as the standard bearer.

MONDAY, NOVEMBER 29, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

France Ignores UK in Channel Migration Talks France hosts a meeting of European ministers on Sunday to discuss ways to stop migrants crossing the Channel in dinghies, but without Britain, which has been excluded following a row last week. Ministers responsible for immigration from France, Germany, the Netherlands, and Belgium will meet in the northern French port of Calais on Sunday afternoon to discuss how to tackle people-smuggling gangs that provide boats to migrants seeking to cross the narrow waterway. The talks were called following the shocking deaths of 27 people last Wednesday as they attempted to cross from France to England in a dinghy that began losing air while at sea in cold winter temperatures. The aim of the meeting is “improving operational cooperation in the fight against people-smuggling because these are international networks which operate in different European countries,” an aide to French Interior Minister Gerald Darmanin told AFP. The main focus had been set to be talks between Darmanin and his British counterpart Priti Patel after both countries vowed in the immediate aftermath of the mass drownings to cooperate more. But within 48 hours of the accident, French President Emmanuel Macron had accused British Prime Minister Boris Johnson of being “not serious” in unusually personal criticism that pushed relations to fresh lows. But within 48 hours of the accident, French President Emmanuel Macron had accused British Prime Minister Boris Johnson of being “not serious” in unusually personal criticism that pushed relations to fresh lows. Cameroonians Abuse LGBTI People, Says Govt

Cameroon says lesbian, gay, bisexual, transgender and intersex people are increasingly becoming victims of violence and brutality. The central African state’s government stated this week after Human Rights Watch reported degrading treatment of LGBTI people and called on Cameroon to hold perpetrators accountable. About 15 people are shouting and beating a person they claim is homosexual. In the video widely circulated on social media platforms including Facebook, WhatsApp and YouTube, the mob forces the naked person out of a room, pulling their legs apart and saying the person is a man dressed and behaving like a woman. Human Rights Watch said in a November 20 dispatch that the video is that of a violent mob humiliating a 27-year-old intersex person in Cameroon’s capital, Yaoundé. Paul Abbo said he witnessed the assault on the intersex person. Abbo said he hopes the humiliation of the individual will dissuade homosexuals and lesbians from what he said is a practice that does not honour Africa. Abbo said he was surprised when lawmakers in Gabon’s Parliament voted to decriminalize homosexuality in June 2020. Victims of South Korean Dictator Fight for Justice

Former South Korean military dictator

Chun Doo-hwan died Tuesday at his home at the age of 90. Victims of his authoritarian regime and democracy activists are determined to continue the fight for historical justice even after his death. Chun Doo-hwan, an army general at the time, seized power in 1979 through a military coup. While Chun oversaw significant economic achievements during his rule, his legacy is marred by records of severe human rights violations. Chun is held to be responsible for one of the bloodiest massacres in modern South Korean history: the Gwangju massacre. In May 1980, more than 15,000 students took to the streets of the southwestern city of Gwangju to call for the end of Chun’s military dictatorship. When Chun’s forces arrived in the city, local government figures showed they killed more than 200 civilians, injured several thousand, and arrested more than 1,800 civilians. Forty-one years later, the military strongman died in his home in Seoul, leaving no apology behind. Now, families of victims and survivors of the Gwangju massacre are grappling with Chun’s sudden death. Lee Gi-bong, who heads a civic group formed by victims of the Gwangju incident, said Chun’s death did not resolve the trauma. He said that the criminals who wielded state violence lived long lives and died in wealth. Meanwhile, he says, the pain of Gwangju citizens continues. Cambodian Prince Norodom Ranariddh Dies at 77

Cambodia’s Prince Norodom Ranariddh, former prime minister and the son of the late King Norodom Sihanouk, died Sunday in France, Information Minister Khieu Kanharith announced on his Facebook page. He was 77. Khieu Kanharith, who said he learned of the death from Um Daravuth, a minor member of Cambodia’s royal family, did not give the cause of death. Ranariddh had been in ill health since an auto accident in Cambodia in 2018. An aide to Ranariddh, who spoke on condition of anonymity because he was not authorised to speak to the media,

said he went to Paris in late 2019 for medical treatment of a broken pelvis. Ranariddh’s career was always in the shade of his charismatic father, Sihanouk, and his clever and ruthless political rival, Hun Sen, with whom he shared power before being pushed aside. Hun Sen remains prime minister. Ranariddh traded on his position as the son of Sihanouk but lacked his father’s strong personality and political adroitness. Ranariddh’s half brother, Norodom Sihamoni, became king in 2004 after the abdication of Sihanouk, who died in 2012. Sihamoni’s Facebook page confirmed Ranariddh’s death. Ranariddh, a French-educated law scholar, entered public life in 1983 when he took over leadership of Funcinpec, an armed resistance movement against the Vietnamese-installed government led by Hun Sen that succeeded the brutal 1975-79 communist Khmer Rouge regime. Omicron Variant: Australia Reimposes COVID-19 Restrictions

Australia has brought in travel bans and new quarantine orders because of concerns about the new omicron COVID-19 variant first reported in southern Africa. Two cases have been discovered in travellers arriving in Australia. Urgent testing is underway to determine whether passengers infected with COVID-19 who arrived in Sydney from southern Africa carry the omicron variant. The travellers have been taken to so-called Special Health Accommodation, where they will spend 14 days in quarantine. The World Health Organisation has declared omicron a “variant of concern” as researchers work to establish whether it is more infectious than other strains. Zimbabwe ‘Prepared’ for Omicron Variant

Zimbabwe’s government says the country is very prepared to handle the new COVID-19 variant - omicron - first reported in neighbouring South Africa. The World Health Organization says a fourth wave of the pandemic is most likely to hit Africa. Zimbabwe’s Vice President Constantino Chiwenga – who doubles as the country’s health minister - has asked the nation not to be concerned about omicron.

“The country should not panic because we are very prepared. The ramping up of our vaccination program in the past month has seen a marked increase in vaccination uptake. That is the prevention which we are going to have for our people if any other variant comes. At least when your body is protected, it is much better than when you are found naked,” said the vice president. Since February, Zimbabwe has fully inoculated about 2.8 million people. The government targets vaccinating at least 10 million Zimbabweans — or 60 per cent of the population — by the end of the year, a figure which might be difficult to reach given the scarcity of resources and the short time left. Itai Rusike, head of the nonprofit Community Working Group on Health, said Zimbabweans should panic about the new variant - initially named B.1.1.529 - since the country shares porous borders with South Africa and Botswana. Swiss Vote to Approve COVID Restrictions as Infections Rise

Swiss voters on Sunday gave clear backing to legislation that introduced a system with special COVID-19 certificates under which only people who have been vaccinated, recovered or tested negative can attend public events and gatherings. The final results showed 62 per cent of voters supporting the legislation, which is already in force. The referendum offered a rare bellwether of public opinion on the issue of government policy to fight the spread of coronavirus in Europe, which is currently the global epicentre of the pandemic. The vote on the country’s “COVID-19 law,” which also has unlocked billions of Swiss francs (dollars) in aid for workers and businesses hit by the pandemic, came as Switzerland — like many other nations in Europe — faces a steep rise in coronavirus cases. The Swiss federal government, unlike others, hasn’t responded with new restrictions. Analysts said it didn’t want to stir up more opposition to its anti-COVID-19 policies before they faced Sunday’s test at the ballot box — but that if Swiss voters gave a thumbs-up, the government might well ratchet up its anti-COVID efforts.

MONDAY, NOVEMBER 29, 2021 • T H I S D AY

BACKPAGE CONTINUATION ONE BLOW SEVEN DIE added the scarecrow scenario that unless petrol subsidy ends soon, most state governments will be unable to pay their workers’ salaries. They raised hope that a deregulated fuel market will bring in new investment in refineries which will ultimately moderate petrol prices. They sweetened the deal with a pledge to pay N5,000 a month each directly to the poorest Nigerians to cushion the effects. I can imagine our judge nodding his head and saying to this submission, “You are telling the truth.” The respondents, a disparate collection of labour, student leaders, civil society activists, ordinary Nigerians and not a few anarchists are just as eloquent. They argue that Nigeria is an oil producing country so fuel price should be low here. It is government’s fault, they say, that it allowed all its four refineries to collapse and was unable to build new ones since the 1970s. If petrol is smuggled across the borders, they say, it is government’s fault because it has a Customs Service and numerous other security agencies. Besides, and this is the clincher, a hike in petrol prices of the magnitude being mentioned will precipitate across the board inflation in transport fares and the cost of all goods and services, as happened in the past. Before the judge could comment, the respondents add that timing of this deregulation could not be more inauspicious than this period of barely noticeable economic

recovery, with COVID still wreaking havoc, with high unemployment, high inflation, with bandits running riot, with Boko Haram and ISWAP still terrorising the North Eastand with election year looming. It is a case of

the old Hungarian tale of one blow seven die, they will say. In any case, they say, deregulation was jointly prompted by World Bank and IMF, the latter being the most reviled name in

Nigeria since the SAP era. IMF recently said, very unhelpfully, thatour government should end fuel and electricity subsidies by next year. Our confused judge will sigh and say to this submission, “You are also telling the truth.” Now it is the turn of the spectator to jump into the fray. He will say, “Judge, you said government is telling the truth when it said spending N1.8 trillion to subsidise petrol is national profligacy on a criminal scale, which will soon bankrupt the country and that it is illegal under the Petroleum Industry Act. You said these labour leaders are also telling the truth when they said even if subsidy ends and the money is channeled into the Federation Account, it will seep into the pockets of senior officials and contractors to finance medical tourism, elite children’s schooling abroad, their wives’ shopping trips to Europe and Dubai, luxury vehicles and posh mansions at Maitama, Asokoro and Banana Island.Surely, both of them cannot be telling the truth.” This Nigerian judge is a wise man. He will frown, fidget, sigh and say, “Spectator, you are also telling the truth. All three of you are not telling lies. I hereby restrain IMF from commenting on this issue. Labour and youths, if you do a #RestoreSubsidy protest and occupy Lekki Toll Gate, you will get another Commission of Inquiry whose findings will be disputed. I reserve judgment till a later date.”

before oil majors can dispose of these assets. One way is to adopt what obtains in other jurisdictions where it is mandatory, prior to the asset sale, for prospective bidders to possess the wherewithal to decommission aging oil and gas infrastructure. To strengthen the government’s hand, a policy framework or legislation on the regulator’s oversight role in oil and gas asset sales will have to be formulated. The policy/legislation should include a trailing liability regime that holds the previous owners of oil assets liable for decommissioning costs as a last resort to prevent the burden falling on Nigerian taxpayers. A case in point was ExxonMobil’s decision last year to shelve its planned $3 billion sale of its Bass Strait operation in Australia. The decision came just two weeks after the Australian government told the US oil major that a new legislation was in the works that would make ExxonMobil liable for decommissioning the 50-year-old operation if a new owner failed to do so. The Australian government made it clear that it would crackdown on the sale of the offshore assets and insisted that the new owner must have the financial and technical capacity to decommission the ageing Bass Strait facilities. The new Australian legislation has worked wonders and today serves as a deterrent to big players in the country’s oil and gas sector who have been cutting and

running by selling late-life assets to small players and escaping decommissioning costs. The Australian option aside, another option available to the Nigerian government is to get an independent valuation of the cost of decommissioning aging assets, ordering the oil majors to discount the amount against the value of the assets that are on offer to new buyers, and transferring same into an escrow account solely for the purpose of decommissioning after the sale. As for Nembe, measures must be taken swiftly to stop the oil spill and restore the fragile ecosystem that has been damaged. Aiteo and its friends in government should stop the false narratives, accept responsibility for the accident, and transparently work with all parties to compensate the affected communities and remedy the situation. After all, even if Aiteo can prove that that the oil spill was as a result of sabotage, it cannot absolve itself of vicarious liability, as it can be successfully argued that the oil company and its partner NNPC, and by extension, the Federal Government of Nigeria, had a legal responsibility to monitor and secure oil facilities in OML 29 to prevent intentional third party damage. Lest Aiteo forgets, big oil multinationals with infinitely deeper pockets that have tried to pass the buck on the communities and offered inducements to willing collaborators, eventually always fell flat on their faces.

Buhari

AITEO’S BAPTISM OF FIRE knowledge of oil and gas sector operations in this country should not be surprised that Aiteo lacks the technical know how to manage and monitor its oil assets, and prevent such environmental calamities from occurring. According to its officials, the failed wellhead was one of many wells drilled and abandoned by Shell Petroleum Development Company, which alongside France’s Total and Italy’s ENI sold their 45% stake in OML 29 and the Nembe Creek trunk line to Aiteo in 2015. This means that Aiteo, as the new owner, should have put in place a programme to ensure that all of its abandoned oil wells were properly and permanently plugged and/or decommissioned, where they are not commercially viable, to forestall such disasters, as such wells tend to emit methane through leakages. In situations where pressure arising from the methane leak is very high, a blowout of the type witnessed in Nembe is a sure banker. Besides, the law requires all oil and gas operators to deploy a spill containment and response effort within 24 hours of a spill occurring. Sadly, this was not adhered to. Is it any wonder that Aiteo is hell bent on absolving itself and blaming the blowout on oil vandals or thieves in the Niger Delta? To be fair, Aiteo cannot take the entire blame for the Nembe oil spill debacle. Nigeria’s weak regulatory environment and inability of the authorities to strengthen

environmental and petroleum laws for the deactivation of abandoned wells and aging oil facilities have not helped matters. As a result, oil multinationals that want to avoid spending several millions of dollars on decommissioning, have taken advantage of the loopholes by selling their oil assets, including aging and rusting infrastructure, to local oil firms. Since the late 2000s, Shell, Chevron and ConocoPhillips have sold their stakes in about 20 to 25 oil blocks to local oil operators at ridiculously exorbitant prices. All the acquisitions were leveraged buyouts that left several Nigerian banks with massive exposures to the oil and gas sector. Many of the loans are yet to be repaid to date and in several instances contributed to a spike in non-performing loans and impairment charges on the books of the banks. This in turn depressed their prudential ratios and profitability. In addition to previous asset sales, Shell and ExxonMobil are currently in the process of divesting of their outstanding onshore and shallow water JV assets so that they can focus squarely on their deep water operations where they no longer have to contend with community issues and oil vandals, or pursue NNPC for outstanding JV funding. But while the Nigerian authorities cannot compel Shell, ExxonMobil or any other oil multinational to retain their JV assets, the federal government can and should formulate stringent criteria as conditions precedent

NEWSXTRA

Infrastructure Suffers as Buhari Administration Expends N250 Billion Monthly on Subsidy, Says Keyamo Raheem Akingbolu The Minister of State for Labour and Employment, and a Senior Advocate of Nigeria, Festus Keyamo, has described removal of subsidy as an economic necessity that should not be politicise to enable Government provide necessary infrastructures for citizens of Nigeria. Speaking on Channels TV’s Sunday Politics interview and monitored by Thisday, the minister argued that between 2006 and 3018, the successive administration spent 10 trillion naira which is about 25million dollar on subsidising. He also pointed out that between 2019 and 2020, the country spent another 3trillion on sunsidy which is about 7 billion dollar. He said, “As I speak now, we are doing about 200 to 250 billion monthly on subsidy. Put that side by side with what we need to spend on infrastructures; roads,

hospitals and power, you will discover that our unnecessary spending on subsidy is denying Nigerians of what should go to infrastructures.”

He expressed his displeasure over the way politicians often use subsidy removal controversy to blackmail successive government and make governance almost

impossible. The human rights lawyer also faulted the judicial panel of inquiry set up to investigate cases of police brutality and

SARS-related abuses. He described the panel as illegal. His comments come two days before the Lagos State

Government is set to submit its report on the events surrounding the October 20, 2020, #EndSARS protest at the Lekki Toll Gate, to the Federal Government.

N400bn Needed to Fix All Federal Roads, Says Lawmaker Bassey Inyang in Calabar The Chairman Senate Committee on Federal Emergency Roads Maintenance Agency (FERMA), Senator Gershom Bassey, has disclosed that it would require about N400 Billion to repair and maintain all federal roads in the country. Bassey who is the representative of Cross River South Senatorial District in the National Assembly stated this in a statement made available to THISDAY in Calabar, yesterday. “We oversight FERMA…and in order to maintain our roads in Nigeria, FERMA had told us that it needs at least N400 billion

every year just to keep the roads in a good state,” he said. According to Bassey, the N82 billion proposed for FERMA in the 2022 budget was abysmally low when considered from the about N400 billion required for maintenance of federal roads. Speaking on the budget proposal which is before the Senate Committee on FERMA, Bassey said: “We are waiting to see but we however recommended that, that budget should be increased because of the inadequate funding for FERMA; and the budget is about N82 billion of which only N63 billion is going for capital projects.”

The senator condemned the deplorable state of federal roads in the country owing to poor funding saying, “from all indications one can see that FERMA has inadequate funding and there is need for government to find ways to fund FERMA.” Commenting on the proposed Federal Road Authority Act which he noted would tremendously transform federal roads, Bassey said: “If His Excellency, the President, can assent to that bill, it will go a long way in solving a lot of the road problems we are having in this country”. Bassey said the senate had

recently urged the federal government to declare a state of emergency on federal roads, and also urged the Federal Ministry of Finance to urgently release adequate funds to FERMA so as to enable the agency carry out urgent maintenance on every federal road in the country. He disclosed that from 2016-2020, the actual funds released to FERMA by the federal government for road rehabilitation and maintenance was just about 17 per cent of the required sum, and that poor funding and neglect of Nigerian roads have led to the country’s abysmal state of federal roads. The Senator who is also the

Chairman Cross River National Assembly Caucus said the 36,000 km federal road network is the largest, and most valuable single public infrastructure asset owned by the federal government. Commenting on a, “Motion on Nigeria’s Bad Roads and NUPENG’S Impending Nationwide Strike” which he sponsored recently, Bassey said, “The deplorable state of the federal roads in Nigeria have become a national shame and an unnecessary embarrassment as scores of innocent people are kidnapped by bandits, robbed, mutilated and killed daily in avoidable accidents on account of bad federal roads.”

MONDAY NOVEMBER 29, 2021 • T H I S D AY

NEWS

Four Killed, Seven Abducted by Pirates in Bayelsa Olusegun Samuel in Yenagoa Few days after the Bayelsa Security Council and the State Police Command re-imposed a 7pm to 6am curfew in its waterways, suspected Sea pirates yesterday went on rampage shooting four persons dead and abducted seven.The rampaging sea pirates cum kidnappers were said to have launched multiple ambush on some workers with the Nigerian Agip Oil Company (NAOC) in Okoroma and Ogbokiri –Akassa communities of Nembe and Brass Local Government areas of the state. The pirates reportedly shot dead two workers of the Nigerian Agip Oil Company and a personnel of the Nigerian Security and Civil Defence Corps (NSCDC) while the driver of their boat, an indigene of Okoroma community is still missing. In the attack that occurred at Ogbokiri-Akassa in Brass Local Government area, six Nigerian oil workers who were doing maintenance job close to their platform were abducted and taken away by the pirates. The NAOC workers and their security personnel were attacked at about 6am while working close to a manifold in Bayelsa. The spokesman of the NSCDC, Bayelsa command, Ogbere Solomon, who confirmed the incident, said only one personnel of the command died in the ambush, while two others who were missing have been found and are currently receiving

treatment at Federal Medical Centre, Yenagoa. He said: "Yes, our officers were ambushed and attacked by some unknown pirates while on their lawful duty of providing protection to some Agip oil Workers close to Obama manifold in Okoroma community of Nembe Local Government. One personnel was killed while the other two that were

missing have been found and are responding to treatment.” The Youth President of the Okoroma Clan, Comrade Tarinyu Joseph, who also confirmed the incident on phone, said the indigenes of the community have mobilised and recovered the corpses of those killed and have taken those injured to the hospital. He also confirmed that the boat driver, who he identified

as his brother, is still missing. Meanwhile, some indigenes of the Okoroma community has blamed NAOC for being insensitive to the issues of security of the lives of their workers. They claimed that the company has refused to hire gunboats to protect their workers while on official duties along the waterways and creeks of

the state. Others, however, blamed the rise in sea pirate attacks and ambush on the refusal of the indigenous security surveillance contractor’s refusal to pay the youths working with them It was gathered from community sources that some unidentified gunmen have vowed to continue terrorising the waterways and creeks

of Bayelsa until outstanding payments due them are paid by relevant security companies working with the NAOC. Already, palpable fears and tension have gripped indigenes of Nembe and Brass Communities who have started raising awareness, warning fellow indigenes of the danger of travelling home amidst the rising insecurity.

THE BANKING SECTOR REPORT…

L-R: Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Mr. Muda Yusuf; Managing Director, Afrinvest Research and Consulting Limited, Mr. Abiodun Keripe; Chairman, Afrinvest Securities Limited, Mrs. Fatumata Soukouna Coker: Group Managing Director, Afrinvest, Mr. Ike Chioke: Group Managing Director, Saroafrica,Mr. Rasheed Sarumi; Director, Afrinvest Securities Limited, Mrs.Toyin Odulate; Deputy Managing Director, Afrinvest, Mr.Victor Ndukauba, and Head, Retail Investment, Chapel Hill Denham, Mr. Ayodeji Ebo, at the Afrinvest 2021 Nigeria Banking Sector Report Launch in Lagos… recently ETOP UKUTT

#EndSARS Report: SERAP, DSS Memo: Terrorists Plot Attacks on Military Bases border communities discipline in the conduct of the country. 116 Nigerians Sue Buhari, Kingsley Nwezeh in Abuja onandOgun In a leaked memo dated other border towns across their operations and other The Department of State the country, noting that engagements in their area November 25, 2021 and Seek Arrest of Suspects addressed to the Customs Services (DSS) has raised the warning was based on of responsibility. Gen Yahaya gave the Area Controller, Nigeria the alarm over plans by intelligence gathered.

Udora Orizu in Abuja

Socio-Economic Rights and Accountability Project (SERAP) and 116 concerned Nigerians have filed a lawsuit at the Federal High Court in Abuja to direct and compel President Muhammadu Buhari to take immediate steps to ensure the arrest of soldiers and police officers indicted by the Lagos State #EndSARS panel report for the shooting of peaceful protesters at the Lekki toll-gate, and police brutality cases. The suit followed the submission of the state #EndSARS panel report to the state Governor, Babajide Sanwo-Olu. The leaked report is said to have indicted some soldiers and police officers for the shooting of protesters, leading to grievous injuries

and deaths. In the suit number FHC/ ABJ/CS/1482/2021 filed last Friday, SERAP is also asking the court to direct and compel Buhari to bring to justice anyone suspected to be responsible for the shooting of peaceful protesters, and to ensure access to justice and effective remedies for victims, including adequate compensation. The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Opeyemi Owolabi, the organisation argued that it is in the interest of justice to grant this application, as it would improve respect for Nigerians’ rights, the rule of law, and public confidence in government institutions, as well as reduce the growing culture of impunity in the country.

Septuagenarian Church Sweeper Murdered in Ondo

Fidelis David in Akure

A septuagenarian simply identified as Mrs. Omode, has been killed by unknown persons at Iwaro Oka, in Akoko Southwest Local Government Area of Ondo State. This is coming few days after three persons including two lovers, identified as Ojo Akinro, Mary lgwe and their friend Lamidi Sheriff were found dead in their apartment in Aratusi Quaters, in Akure South Local Government Area of the state. In the latest incident, THISDAY gathered that the victim was on her way to sweep a Deeper Life Bible Church in the community

before she was killed by the yet-to-be identified persons in the early hours of Sunday. Meanwhile, the reason for her murder was unknown as at the time of this report, but a glimpse at her lifeless body in the pool of blood showed that she was axed in the neck in front of the Church at Owalusi. When contacted, the State’s Police Image Maker, DSP. Funmilayo Odunlami, confirmed the development, explaining that, "the woman was found in front of the church, there was a cut on her neck and can be described as a murder case but there is no much details to really substantiate the incident.

terrorists to attack military bases in border towns across the country. The agency also put the Nigeria Customs Service (NCS) on red alert to avert any attacks by the insurgents

The security alert is coming as the Chief of Army Staff, Lt Gen Faruk Yahaya, charged officers and soldiers of newly formed 6 Brigade of the Nigerian Army to exhibit professionalism and

charge during a tour of the Headquarters, 6 Brigade, Nigerian Army, Jalingo yesterday as part of his operational and assessment visit to formations and units of the Nigerian Army across

Customs Service, Ogun Area Command, Abeokuta, the DSS advised customs and other security agencies in the country to put countermeasures in place to frustrate the plot by the insurgents.

N'Delta, Jos Top Areas with Highest Radiation Materials in Nigeria, Says Nuclear Agency Emmanuel Addeh in Abuja

The Nigerian Nuclear Regulatory Authority (NNRA) has listed Niger Delta states and Jos in Plateau state as some of the areas with the highest level of radiation exposure in the country. The authority also assured that in collaboration with the Nigerian Financial Intelligence

Unit (NFIU) and security agencies in the country, it would soon begin building capacity on ways to ensure that nuclear materials do not get into the hands of terrorists. People are exposed to natural sources of ionising radiation, such as in soil, water, and vegetation, as well as in human-made sources, such as

x-rays and medical devices, but it also has the potential for health hazards if not properly used or contained. Acute health effects such as skin burns or acute radiation syndrome can occur when doses of radiation exceed certain levels and even low doses of ionising radiation can increase the risk of longer term effects such as

cancer. Speaking during a one-day workshop for journalists on nuclear safety and radiological protection in Abuja, the General Manager, Nuclear Safety, Physical Security and Safeguards, Dr. Nasiru Bello, explained that materials used in building could be a source of radiation in certain areas.

Strong Constitution Key to Progress of Democratic Nation, Says Envoy Michael Olugbode in Abuja The Deputy High Commissioner of India to Nigeria, Mr. V.S.D.L. Surendra, has credited strong constitution to the progress of a democratic nation. Speaking in Abuja at an event to commemorate the adoption of India Constitution of November 26, 1949, at

the weekend, Surendra said strong constitution always has a big role in the success of a democracy and development of a nation. He traced the constitution for the progress of the country governed by strong, democratic independent institutions. The diplomat also called for imbibing inspiration from

the life and teachings of Dr. Ambedkar to ensure that the constitutional rights are available to every citizen of India. He also called for the attention to the various provisions of Indian constitution like the fundamental rights for the protection of minorities, which have contributed immensely in

building communal harmony in India. Surendra, while stating that Nigeria is also a rule-based and constitution-based country, thanked the leadership, the government and the people of Nigeria for their humanitarian and friendly approach towards expatriates in general and Indian community in particular.

THISDAY's Fasogbon, 13 others Emerge Finalists for Soyinka Award THISDAY Journalist, Ms. Omolabake Fasogbon, has emerged one of the finalists for the 16th edition of the Wole Soyinka Award for Investigative Reporting. Fasogbon was shortlisted for her investigative report, “Death, Sleaze as Lagos N576m Highway Machine Sweepers Lie Fallow.”

The 13 other journalists shortlisted for the award included: Abiodun Omotosho of Nigerian Pilot; Benedict Uwalaka of Daily Trust; Ibrahim Adeyemi of Foundation for Investigative Journalism (FIJ); Kelechukwu Ogu of Rhythm 93.7 FM; Kunle Adebajo of HumAngle and Mary Abayomi-Fatile of Federal Radio

Corporation of Nigeria (FRCN). Others are Olatunji Obasa of Punch; Olukunle Akinrinade of The Nation; Sharon Ijasan of TVC News; Taiwo Adebayo of Premium Times; Tessy Igomu of Punch; Victor Asowata of The Will and Zainab Sanni of Agidigbo FM. The selected journalists would

be honoured on December 9, 2021, in Lagos. The award is also in recognition of the World Anti-Corruption Day and eve of Human Rights Day, to acknowledge best practices in investigative journalism and call attention to its significance for attaining good governance, accountability, and social justice.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

NEWS XTRA

Niger Delta Monarch Demands Sack of Akapbio for Non-constitution of NDDC Board, Others Adibe Emenyonu in Benin City

Agitation heightened at the weekend over the continued non-constitution of a substantive board for the Niger Delta Development Commission, (NDDC), as the Traditional Leader of Idjerhe Kingdom in Delta State, HRM. King Obukowho Monday Whiskey, demanded the immediate sack of the Minister of the Niger Delta, Mr. Godswill Akpabio. The angry monarch hinged his call for Akpabio’s sack on the non- performance of the intervention agency in the region. Whiskey also decried the litany of abandoned NDDC’s projects in his domain and the region. He told journalists in Benin City, Edo State, that all efforts to speak out against the ills of the commission against the region and to draw the attention of the President Muhammadu Buhari, to the plight of the region has not yielded any result. Whiskey appealed to Buhari to rescue the Niger Delta, adding that all multi-national oil companies operating in the region should relocate their headquarters to where the resources are sourced.

He said: "I believe the happenings in the NDDC are not new to anybody in this region. President Muhammadu Buhari must come to the rescue of the Niger Delta people at

this critical time. If giving the agency to ministry is to make it more effective, then the intention to domicile NDDC with the Ministry of Niger Delta has failed completely.

"This is because we have come to now notice that NDDC was domiciled in the Ministry of Niger Delta for political reasons, so that one individual can dictate the pace

of development or economic empowerment of individuals and organisations in the entire oil and gas producing states of the country. "The damage to the

region of the oil producing communities and as a result of that I have no hesitation to tell Mr. President to sack the minister of Niger Delta, Godswill Akpabio now.

NICE TO HAVE YOU…

Chief of the Naval Staff, Vice Admiral Awwal Gambo (left)and Governor of Kogi State, Alhaji Yahaya Bello at the flag-off of the survey and charting of the lower Rivers Niger and Benue in Lokoja...recently

Community Leaders Don't Overburden Nigerians with Subsidy Bemoan Incessant Removal, PFN President Tells FG Kidnapping in Ondo Kemi Olaitan in Ibadan

Fidelis David in Akure The Regent and Chiefs in Ifon Local Government Area of Ondo State have cried out to the Ondo State Governor, Mr Oluwarotimi Akeredolu, over the incessant kidnappings in the community, appealing to the government and the police to draft more personnel to the area in order to effectively curb the menace. The Chiefs stated this during a press conference to mark the first year after the murder of the monarch of the community, Oba Adegoke Adeusi while condemning the abduction a three year-old girl who was inside her mother's car with another sibling coming from a church programme at Onward area, in

Akure the Ondo State capital, as well as the abduction of the Eze Ndigbo of Ifon, in Ose Local Government Area of the state, amongst other kidnap incidents within two weeks. Late Oba Adegoke Adeusi (I), joined his ancestors late November, 2020, after he was kidnapped and killed by armed killers on the highway right within his domain at Elegbeka village, a few kilometers from Ifon. Speaking on behalf of the Regent and chiefs, the 'Ogwadogbon' of Ifon and President of Ifon Development Union, Dr. Olufemi Awani, said the community has unfortunately become a red spot for armed criminal gangs.

The President, Pentecostal Fellowship of Nigeria (PFN), Bishop Francis Wale Oke, yesterday cautioned the federal government against further aggravating the suffering of Nigerians through the proposed removal of petrol subsidy that would

lead to hike in the price of petroleum products. The cleric in a statement by his Media Office, warned that the implementation of such policy could increase the hardship currently being experienced by the people of the country. He lamented that prices of consumables and other items

were increasingly becoming out of reach of the people, noting that if the proposed subsidy removal is effected, it would heighten the hardship of the people of the nation. "Everybody will feel it, particularly the less privileged. The negative effects will surely outweigh the positive. The cost of

transportation for human and goods across the country will skyrocket and other things connected, which will have a spiral effect on general living standard of the populace; the suffering will be multi-dimensional. Please let all stakeholders be sensitive to this avoidable path and do the needful," he said.

Lawmaker Explains Why Buhari Heads Council on Climate Change

Udora Orizu in Abuja

The sponsor of the Climate Change Act, Hon, Sam Onuigbo, representing Ikwuano/Umuahia North/ Umuahia South Federal Constituency, Abia State, said that the Act makes provision for the President to head the National Council On Climate Change Act because of serious issues, which demand the

highest level of attention—the type that will elicit serious responses. President Muhammadu Buhari recently signed into law the Climate Change Bill earlier passed by the National Assembly, making Nigeria to now have a Climate Change Act, which provides a legal framework on which the country’s climate change mitigation and adaptation

efforts will be based on. Speaking with journalists in Abuja on the importance of the Act, Hon Onuigbo said that with the Act, Nigeria has now Joined leading nations in a move to save the planet. ‘’It is important to note that the Climate Change Act makes provisions for the constitution of a National Council on Climate Change headed by the President, with members

including ministers of relevant ministries, chairman of the Governors’ Forum, President of ALGON, National Security Adviser, representatives of the youths, Persons Living with Disabilities, women, climate-related NGOs, the private sector, etc. ‘’The all-encompassing nature of the composition of the Council is to ensure that the voices of all is heard.

Ekiti Strenghtens Fire Lagos #EndSARS Panel Illegal, Can’t Probe Police, Military, Says Keyamo Fighting Operations Goddy Egene and Raheem Akingbolu

Victor Ogunje in Ado Ekiti Ekiti State Government has employed 59 fire service men to strengthen firefighting operations in the state as part of its proactive measures to curtail outbreak of fire incidences in the state. The Commissioner for Public Utilities and Infrastructures, Mr. Bamidele Faparusi, explained at the end of the training for the personnel that the employment was done to empower all the six service stations in Ekiti. Faparusi urged the new personnel to be dedicated to duty, saying that the Governor of Ekiti State, Dr. Kayode Fayemi, has once again demonstrated his love for safety of lives and property as well as development of human

capital, by the employment of the fire fighters. "When Governor Kayode Fayemi came in 2010 for his first term, he procured multimillion naira fire-fighting machines and recruited hundreds of personnel. But when we came back in 2018, some of those machines were grounded and personnel had depleted due to retirement. "We must have a viable firefighting mechanism that can make investors to have confidence in Ekiti and invest here. "The fire service men had passed through six months training. They will be deployed to the six service stations at Ikere, Omuo, Aramoko, Ijero, Ikole, and Ido Ekiti to carry out prompt operations.

The Minister of State for Labour and Employment, Festus Keyamo (SAN), yesterday said the #EndSARS Panel set up by the Lagos State Government was illegal. Keyamo, who appeared on Sunday Politics, a current affairs programme on Channels

Television monitored by THISDAY in Lagos, said it was out of the jurisdiction of the panel to investigate the activities of federal government institutions and officials such as the Nigerian Army and Nigeria Police Force. Although the minister said he was speaking in his personal capacity as a lawyer and not as a Minister of the Federal

Government, he supported the position earlier stated by the Minister of Information and Culture, Alhaji Lai Mohammed. The panel had stated in its report that at least nine persons were killed on the night soldiers and policemen stormed the Lekki tollgate to disperse #EndSARS protesters, describing the incident as a “massacre in context.” But Mohammed had

dismissed the panel report, saying it was fake news.And Keyamo said he was in support of his Mohammed’s submission. When asked why the President Muhammadu Buhari called for constitution of panels across the states to investigate cases of human rights abuses, Keyamo said he would not answer that question as a sitting minister.

HACEY to Implement Maternal Health Project in Delta State Ugo Aliogo HACEY Health Initiative has paid an advocacy visit to the Honourable Commissioner for Health, Delta State, Dr. Mordi Ononye, as part of efforts to discuss the commencement of the maternal health plus project. A statement by the group said

the official visit took place at the residence of the Honorable Commissioner, Delta State Ministry of Health and it had in attendance the Director of Medical Sciences and Training representing the Ministry’s Permanent Secretary, and the Assistant Director representing the Director Planning Research and

Statistics Ononye lauded HACEY Health Initiative for its previous work carried out in the state to improve the health and livelihood of community members, especially the organization’s clean water team for the installation of seven boreholes in four primary health care centers

and three schools in the state. Ononye charged the organisation to do more, as the federal government alone cannot sufficiently cater to the health needs of the populace and was always ready to welcome the support from funders and Non-Governmental Organisations (NGOs) like HACEY.

T H I S D AY • MONDAY NOVEMBER 29, 2021

NEWS XTRA

NDLEA Intercepts 12,385kg of Loud Cannabis on Lagos Waterways Michael Olugbode in Abuja and Wale Igbintade in Lagos Operatives of the National Drug Law Enforcement Agency (NDLEA) at the weekend intercepted 12,385 kilogrammes of loud cannabis from getting into Lagos. According to a statement issued by the spokesman of NDLEA, Femi Babafemi, loud cannabis is a strong specie of the illicit weed imported from a neighbouring country (which name was not revealed) and smuggled into Lagos through the waterways. Babafemi said the operatives

acted on credible intelligence that 12,385 pellets of loud cannabis were brought in from the particular West African country through the ocean and ferried with boats to the Eko Atlantic beach, Victoria Island in Lagos from where they would be distributed to drug hotspots such as Island, Peti Alagba and others areas across Lagos and other states. He said on getting the intel, over 50 narcotic officers stormed the beach on November 27, 2021, and recovered the consignments along with two long trucks, a Toyota Sienna van, as well as arrested three suspects.

Insecurity: Probe Gumi's Visit to Kogi Now, Says Social Critic Ibrahim Oyewale in Lokoja The recent visit of the controversial Islamic cleric, Sheik Ahmmad Abubakar Gumi, to some communities in the Okun land (Yoruba speaking areas), Kogi State, has continued to raise serious apprehension and fears among the people, and therefore needed to be probed. A social critic and public commentator, Mr. Shea Badeyi, disclosed this while speaking with journalists in lokoja at the weekend, stating that

he was in support of Okun Development Association (the umbrella body of the Okun-Yoruba people), which condemned the visit of the cleric. The Islamic Cleric, Gumi, had visited Ayangan, a community near Kabba in Kabba-Bunu Local Government Area and some communities in Yagba land where he provided free medical outreach to some Fulani herdsmen, which he said have been long abandoned.

The agency spokesman said those arrested are Abdulkadri Zakari, 24; Ka'abu Sausu, 45, and Lawrence Adie, 27. In another clampdown, a 70-year-old woman, Mrs. Beatrice Aigbedion, was among the suspects arrested in some parts of Edo State in connection with the

seizure of over 5,000 kilogrammes of assorted illicit drugs across the state. Babafemi said after days of surveillance, NDLEA operatives on November 24 stormed a warehouse at Uhiere, Ovia North East Local Government Area of the state, where they recovered

a total of 4,261.5 kilogrammes of cannabis sativa, while a suspect, Ikong Stanley, was arrested. He said on the previous day, 1,240 kilogrammes was equally seized at a warehouse in Uzebba, Owan West LGA of the state. Babafemi said: “At the point of her arrest in Irrua last Wednesday,

Aigbedion was caught with different quantities of codeine cough syrup, Swinol and Rohypnol, while another dealer, Joseph Onyemaechi, 50, was also nabbed at Upper Sakponba area in Benin-city last Friday with different types of psychotropic substances weighing 2.055 kilogrammes.”

Oyetola Marks Third Anniversary to Reduce Osun’s Dependence on Federal Allocations Yinka Kolawole in Osogbo The Osun State Governor, Mr. Adegboyega Oyetola, has said that his administration is working hard to develop the critical sectors of the state’s economy such as agriculture, tourism and mining in order to rescue the state from overdependence on federal allocations and made it the economic hub of the South-

west region. Oyetola noted that Osun was blessed with enormous potentials that are buried in its soil and that the state government had commenced efforts to exploit these resources and translate them to wealth. The governor spoke at the weekend during a statewide broadcast to mark the third-year anniversary of his administration.

He noted that the government’s efforts were already yielding significant positive results as gold production is set to commence soon in Osun. Oyetola also noted that the ongoing construction of Olaiya Flyover in Osogbo has reached 85 per cent completion and would be commissioned soon. The project was flagged off in February to ease the

growing traffic around the axis and reduce cases of accidents witnessed on the road. According to him, the state government is rehabilitating roads across the nine federal constituencies in the state to improve on road network, open up the rural areas and ease movement of our people and their produce in order to ensure rapid socio-economic development.

Parthian Partners Redeems N15bn Commercial Paper Parthian Partners Limited, Nigeria’s foremost inter-dealer brokerage firm, has announced the successful maturity and redemption of its debut Series 1 Tranche A & B Commercial Paper under its N 20billion Issuance Programme. The N15billion Series 1 which was issued earlier this year on the FMDQ Exchange, matured on the 26th of November while

the N 5billion Series 2 matures on the 30thof December 2021. The issuance represents the first by an inter-dealer brokerage firm in the Nigerian capital market on the FMDQ Securities Exchange Limited platform. Parthian Partners Limited is rated Bbb (stable outlook) by Agusto& Co and the company’s Commercial Paper Programme is

rated A1- by DataPro, evidencing the institution’s good funding profile, improving profitability and support from the owners, as well as good capitalisation. The issuance was led by Coronation Merchant Bank, Renaissance Securities (Nigeria) Limited and Afrinvest West Africa Limited and was largely subscribed to by investors in

the banking, asset management, pension fund administration, and Insurance sectors in Nigeria. Speaking on the successful redemption, Group Managing Director of Parthian Partners Limited, Mr. OluseyeOlusoga, said: “On our inaugural issuance, institutional investors entrusted us as the premier inter-dealer broker in the domestic market.

MONDAY NOVEMBER 29, 2021 • T H I S D AY

MONDAY, ͺ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Emmanuel Dennis Joins Cantona, Arshavin, Klinsmann, Others in EPL Record Duro Ikhazuagbe Nigerian International, Emmanuel Bonaventure Dennis, 24, yesterday equalled the English Premier League record set by Bruno Fernandes, Arjen Robben, Jurgen Klinsmann, Andrey Arshavin and Eric Cantona even as his Watford suffered 2-4 loss at Leicester City. Dennis who was making his 12th appearance in the colours of Watford after his transfer from Belgian Club Brugge last summer, netted in the 61st minute before he was substituted by Ashley Fletcher in the 71st minute. That goal was his fifth and also his fifth assist in 12 Premier League games for The Hornets. With this, Dennis joined the

Emmanuel Dennis ...scored his ﬁfth goal and ﬁfth assist in Watford’s 2-4 loss at Leicester City...yesterday

Okene Tops Ikoyi Club 1938 Order of Merit for 2021 Olawale Ajimotokan in Abuja Sir Emmanuel Okene has clinched Ikoyi Club 1938 Order of Merit for the 2020-2021 golfing season in a dominant year that also saw him make the club’s Hall of Fame list after shooting a Hole-in-One. The Chairman of Gasstock Limited won five Monthly Mugs out of 12 possible Mugs and finished in runners up spot on one occasion. The accomplishment is special as three of the Monthly Mugs were clinched in a sequence, something of a historical feat on the hallowed greens of Ikoyi. In addition, the ninehandicapper won the third net prize at the Club Championship, a performance that ultimately eased his path to winning the Order of Merit prize for 2021. The two-term former Captain of Port Harcourt Club Golf Section recalled that asides the Mugs, he also won the Peters at 50 Tournament at Shell Club, Ogunnu, Warri last year. The kitty was an Open that had all the Category One players in addition to a few others. He also remembered the eagle that nestled for holein-one on the par 3, Hole 7, playing a 9-iron off the tee when playing in a group at Ikoyi that also had Tunji Adebayo, Peter Eben-Spiff

and Vitus Ezenwa. “It was a fantastic hole in one and I was playing with some good golfers and as at Hole 7 none of them had taken honour. Adebayo played a sweet shot and

flagged that nearly for a birdie. And I said if this guy can do this let me just go inside his ball. I took a 9-iron and went inside his ball and straight away- a holein-one. There it was.

That is something I have been looking for and suddenly I am in the Hall of Fame for hole-in-one. I have come close to it severe times. Once it entered the hole and lipped out in Port Harcourt”.

ITTF World Championships: Quadri Aruna Bows Out in Style Quadri Aruna's history making run at the 2021 ITTF World Table Tennis Championships in Houston, USA has come to an end following his 4-2 loss to Sweden's Truls Moregard in the quarter finals of the Men's Singles. The Nigerian who had earlier in the round of 16 defeated Swedish Kristian Karlsson bemoaned his inability to tame the young and skillful 19-year-old Swede after falling behind in the first two games of the 4-2 (13-11, 11-8, 2-11, 11-4, 12-14, 11-7) loss in the quarter finals. “I think I did very well, I gave my heart and soul but the last match was not meant to be," Aruna admitted. "The first two sets were really important, we started like 50-50, the first set I was like 10-8 and I lost, the second set too I lost with almost the same margin. The two sets made the biggest difference but of course he played amazingly

well,” the Nigerian stressed without bitterness. Aruna was hoping to consolidate on his impressive run so far at the championships;

however, he missed a chance to convert while leading 10-8, giving Moregard the opportunity to take the first stab to claim the first game at 13-11.

exclusive list of six players in English topflight history to reach both five goals and five assists in 12 or fewer games. His fore runners include; Eric Cantona (11 matches), Jurgen Klinsmann (12 matches), Arjen Robben (11 matches), Andrey Arshavin (10 matches) and Bruno Fernandes (nine matches). However, it was Dennis’Super Eagles deputy Captain, William Troost-Ekong that allowed Leicester to jump into the lead barely in the 16th minute of the six-goal thriller at the Kings Power Stadium. With quarter of an hour into the game, Jonny Evans launched a free-kick forward, but Ekong ducked under the ball and that allowed James Maddison to drill in the 16th-minute opener past Daniel Bachmann in goal for Watford. Watford were gifted a chance to equalise in the 30th minute when another Nigerian midfield supremo, Wilfred Ndidi, clumsily chopped down

Dennis and Joshua King stepped forward to riffle his penalty into the top corner. Dennis dispossessed Timothy Castagne and calmly finished to make it 3-2 in the 61st minute, but the hosts quickly restored their two-goal advantage after Harvey Barnes set up Ademola Lookman for a close-range tap-in. But Jamie Vardy completed the victory dance as Leicester beat Watford 4-2 in a hugely entertaining match to ruin Claudio Ranieri's return to the King Power Stadium. Ranieri was in the opponents' dugout for the first time since guiding the Foxes to their 2015-16 Premier League title and received a great reception from the grateful home fans who braved the blizzard winter conditions to support the home team. The victory takes Leicester up from 13th into ninth, while Watford remain 16th, four points above the relegation zone.

Onyeka, Iwobi in Action as Brentford Pick Maximum Points In the other Brentford versus Everton game, Frank Onyeka played all 90 minutes as Brentford defeated Everton 1-0 yesterday. The Nigerian international won a penalty that was converted by Ivan Toney in the 24th minute to send the home supporters into frenzy. He was yellow carded in

the 43rd minute for a harsh challenge. For another Super Eagles player, Alex Iwobi, His entire 90 minute of the game was another wasted day in the office as he could not save Everton from defeat. The win moved Brentford to 12th place on the log while Everton sit 14th.

Rivers Utd Secure Slim Win against Al Masry C O N F E D E R AT I O N C U P

Quadri Aruna...sets new standard for African players in global table tennis

One of Nigeria’s representatives in the CAF Confederation Cup, Rivers United, secured a narrow 2-1 victory against Egytian club Al Masry in the first leg of their playoff round tie at the Enyimba Stadium in Aba yesterday. Uche Onwuansanya gave Rivers United the advantage in the 25th minute after he was set up by Malachi Ohawume.

Al Masry however fought back gallantly to even scores two minutes later. Ishaq Kayode restored the lead for the Nigerian representatives 10 minutes before the break. The hosts fought hard to increase their lead but Al Masry stood firm. The second leg will take place next Sunday at the Borg El Arab Stadium in Cairo.

MONDAY, ͺ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Messi Earns Hat Tricks of Assists as PSG Move 14 Points Clear FRENCH LIGUE 1

Paris St-Germain came from behind to beat 10-man SaintEtienne and move 14 points clear at the top of French Ligue 1. Former Real Madrid defender, Sergio Ramos, made his first appearance for the club since his move in July. Argentine international, Lionel Messi, played a part in assisting all three of PSG’s goals. Messi however spurned a glorious chance to put the visitors ahead midway through the second half when he shot wide after following up Neymar's saved attempt. Messi’s excellent pass with the outside of his boot set up Angel Di Maria before crossing for Marquinhos as PSG stretched their advantage after second-

placed Nice lost 1-0 to Metz on Saturday. After Neymar had an early finish ruled out for offside, Denis Bouanga gave St Etienne a 23rdminute lead. Timothee Kolodziejczak was sent-off for a foul on Kylian Mbappe and Marquinhos headed PSG level from the resulting free-kick before half-time. Di Maria curled in with 11 minutes left and Marquinhos added a third for the visitors in added time. Bouanga's opener, confirmed by VAR after initially being flagged offside, was the 11th time Mauricio Pochettino's PSG have conceded the opening goal in the league in 2021 - their highest tally in a calendar year since 2012.

Leaders Chelsea Force Man Utd Draw at Stamford Bridge PREMIER LEAGUE Manchester United prepared for the arrival of interim manager Ralf Rangnick by earning a battling point from the 1-1 draw against Premier League leaders Chelsea at Stamford Bridge on Sunday evening. United, under the caretaker charge of Michael Carrick with Rangnick's appointment expected to be confirmed imminently, kept Cristiano Ronaldo on the bench and mounted a largely rearguard action until Jadon Sancho hit Chelsea on the break five minutes after half-time. Sancho pounced on poor control from Jorginho to race clear and beat Edouard Mendy with a composed finish after the hosts had dominated possession. Chelsea were stung into action and Jorginho made amends for his error when he equalised from the spot in the 69th minute after Aaron Wan-Bissaka fouled Thiago Silva. United survived in relative comfort apart from a big late chance for Antonio Rudiger and will regard this as a welcome point in tough territory after a succession of Premier League horror shows led to Ole Gunnar Solskjaer's sacking.

RESULTS Premier League Chelsea 1-1 Man Utd Brentford 1-0 Everton Leicester 4-2 Watford Man City 2-1 West Ham Burnley v

Tottenham (PP)

La Liga Real Betis 3-1 Levante Espanyol 1-0 Sociedad Cadiz 1- 4 Atletico

Serie A Udinese 0-0 Genoa AC Milan 1-3 Sassuolo Spezia 0-1 Bologna Roma 1-0 Torino

Bundesliga E’Frankfurt 2-1 U’Berlin RB Leipzig 1-3 Leverkusen

Ligue 1 St-Etienne 1-3 PSG Bordeaux 1-2 Brest Lorient 0-2 Rennes Monaco 1-1 Strasbourg Reims 1-0 Clermont Montpellier 0-1 Lyon

Jadon Sancho ﬁred Manchester United into the lead before Jorginho penalty restored parity for the Premier League leaders

Lionel Messi...contributed three assists as PSG defeated Saint-Etienne 3-1 yesterday in the French Ligue 1

Ade-Ojo Launches First Motorsport Gaming App in Lagos The Chairman of Toyota Nigeria Limited, Chief Michael Ade-Ojo, was the chief launcher of the first motorsports App that was launched in Lagos at the weekend. The event which was part of the Nigeria Tourism Week had accommodated the App launch as it was the brain child of the Work and Play, Nigeria’s foremost Motorsport group that has won several awards for their contribution to tourism in Nigeria. Ade-Ojo said, “I am very delighted to be here to launch a motorsport App, something that speaks to two things dear to my heart: youth and mobility.” He said that he believes the App will help more youth to dream and spur them to be more ambitious. The App, which the President of Work and Play, Adeoye Ojuoko introduced to the teeming audience at the MUSON Centre venue of the launch, was built as an extension of the racing experiences around the country and as a way to help people hampered by different reasons to have a virtual experience. According to him, “We are very determined to get more youth engaged with Motorsports and the gaming platforms afforded us that leverage along with possibilities of visualizing

a number of locations that we have had motorsport events since we got off as a group.” The group which was formed in 2017 and had her inaugural event in Shagamu has hosted and supported a number of events in, Lagos, Akure, Kebbi, Nasarawa, Abuja and Ibadan till date.

The App features the models of the cars being used in the live racing events as well as virtual representation of the racing tracts and destination. “Our goal is to present Nigeria to a wide range of audience in a manner they have not seen as well as using the App to support the e-sport community and

support youth empowerment," he added. Efetobo Awhana, the Chief Executive Officer of Nigeria Tourism Week said he was glad the platform was used to launch a new dimension to Tourism, which he believes the new realities occasioned by Covid restriction has placed on us.

College of Commerce, Osadenis Mixed in Final Battle Tuesday The Final of the 2021 Delta State Principals’ Cup Football competition holds tomorrow at the Stephen Keshi Stadium, Asaba, with defending champions, College of Commerce, Warri, aiming to retain the trophy back-to-back. The developmental football fiesta organised for all secondary schools in Delta State is in its 5th edition courtesy of the partnership between Zenith Bank PLC, the sponsors, and the state government. College of Commerce will battle Osadenis Mixed Secondary School in an epic encounter that promises fireworks based on the form of both teams in the competition this year. To get to the final, College of

ZENITH/DELTA PRINCIPALS’ CUP Commerce were forced into a ‘marathon’ penalty shootout by Ovwor Mixed Secondary School after the full time score stood at 1-1. In an encounter decided at the Valley Stream British Academy school pitch in Sapele, the two teams went on a scoring spree during the shootout which eventually ended with a 21-20 victory for School of Commerce. Osadenis Mixed Secondary School however had an easy ride over Alaka Grammar School, Ozoro with a commanding 4-0 victory to book a final ticket. Organisers of the event,

Hideaplus, have assured all that arrangements were in place for a befitting final match. CEO of Hideaplus, Tony Pemu, added that the two finalists would thrill the spectators on Tuesday in the final. Already, Zenith Bank, has promised all the four finalists gift items of various ranges apart from the cash prizes expected to be dolled out. On Tuesday, Alaka Grammar School, Ozoro and Ovwor Mixed Secondary School will feature in the Third Place match before the final.

Monday November 29, 2021

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Falana to FG, Sanwo-Olu “Having regard to the letter and spirit of the Tribunal of Enquiry Law, … the Federal Government lacks the legal competence to reject the report of a panel of enquiry duly constituted by the Lagos State Government. Therefore, Governor Sanwo-Olu should not hesitate to reject the gratuitous call for the rejection of the report of Lagos Judicial Commission by Mr. Lai Mohammed” – Legal Luminary, Femi Falana, urging the duo not to reject the #EndSARS panel report.

IJEOMANWOGWUGWU Aiteo’s Baptism of Fire BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

was bewildered last Thursday when Sharon Ikeazor, the Minister of State for Environment, declared that the Nembe oil spill, caused by a blowout from a wellhead, also called a Christmas tree, at the Santa Barbara Southwest oilfield more than three weeks earlier, had been brought under control. At the time she made the statement on the spill, one of the worst in recent memory, video footage provided by our ARISE News correspondent in Bayelsa State, Ovieteme George, on that same evening, showed that hydrocarbons, comprising methane and crude oil, were still spewing from the wellhead into the Santa Barbara river at an alarming intensity. Having watched the video twice that evening, I immediately came to the conclusion that either Ms Ikeazor and her ministry were grossly incompetent for not independently verifying the status on the oil spill before making the pronouncement, or Ms Ikeazor and the environment ministry had been recruited to help put a spin on a major environmental disaster in the oil-rich Niger Delta. You see, since residents of the Bassambiri fishing village in Nembe Local Government Area of Bayelsa State raised the alarm on the oil spill in their community on November 1st, there has been a massive push by Aiteo Eastern Exploration and Production Company,

Founder of Aiteo, Benedict Peter operator of the oil acreage (OML 29) where the Santa Barbara oilfield is located, to downplay, cover up and underestimate the volume of crude oil that is being spilled into the

fragile ecosystem in Nembe. Aiteo’s cohorts in the cover up include its joint venture partner – the Nigerian National Petroleum Company (NNPC) Limited – the National Oil Spill Detection and Response Agency (NOSDRA), the Nigerian Upstream Regulatory Commission and the environment ministry. Not only has Aiteo deployed considerable resources to provide alternative facts on the devastating spill in Nembe, the local oil operator has conveniently blamed the failed Christmas tree on vandals or oil thieves in the Niger Delta. The irony is that Aiteo jumped to this conclusion before accessing and inspecting the site of the oil spill. This had been rendered impossible due to the high-pressure outflow rate from the Christmas tree and was corroborated by the Director General of NOSDRA, Idris Musa, who confirmed that officials from his agency and Aiteo, for more than three weeks, were unable to ascertain the cause of the blowout, nor estimate the volume of oil discharged into the environment. At best, Aiteo and NNPC, which both displayed a shocking absence of an effective blowout contingency plan to guide them on capping and killing the gushing wellhead, were limited to deploying booms and barges in the Santa Barbara River to mop up the spilled crude. But even that was

insufficient to contain the flow and damage to the environment as the spilled oil had already spread very far and by last week had made its way to the coastal community of Odiama on the edge of the Atlantic Ocean. After flailing blindly for three weeks and patronisingly distributing some bags of rice and cans of vegetable oil to residents in Bassambiri and its environs, Aiteo eventually contracted the services of Boots & Coots, the oil well control subsidiary of Halliburton, to assist it cap and kill the failed wellhead. On Friday, its officials who spoke to me confirmed that a team comprising Aiteo Well Operations and Boots & Coots had been moved to the site to secure and cap the well. When I asked that the Arise News Bayelsa crew be allowed to accompany the management of Aiteo led by its CEO, Victor Okoronkwo, who was to arrive at the site on Saturday morning, after initially agreeing to the request, they had a change of heart saying that arrangements will be made to invite the Arise News crew “hopefully” today. If that wasn’t incontrovertible proof that the gushing wellhead had not been capped as of this weekend, what better evidence did one need at this point? Realistically, however, anyone with some Continued on page 55

MAHMUDJEGA VIEW FROM THE GALLERY

One Blow Seven Die W ith the possible exception of insecurity, nothing makes Nigerian hearts to beat faster than the prospect of fuel price increase. Labour leaders’ hearts, especially, double and triple their beat at the very mention of fuel price hike. It is both a fear and an opportunity because since the 1980s, labour movement has positioned itself as the champion of low petrol prices. Its attempt to mobilise Nigerians to protest a hike in 2016 failed woefully because the Buhari Administration was still popular. Big Labour has been in decline since then, so this looming price hike could be its God-sent opportunity to bounce back to reckoning. In the past week there is near-panic across Nigeria since NNPC’s Group Managing Director Mele Kolo Kyari hinted that petrol could sell for between N320 and N340 from February 2022.Although government huffed and puffed for many years about its intention to deregulate petrol prices, this time it looks like it is for real. [This is for real, one popular James Hadley Chase title]. Many Nigerians prayed that Finance Minister Zainab Ahmed would contradict the

GMD, as top government officials often do. In the event, she not onlycorroborated what he said, but she indicated that government was already thinking of a palliative measure, under which money will be doled out to the poorest citizens to cushion the expected effects of the petrol price hike. Looks like Nigerians were saying a blind prayer. Everyone was exasperated that Petroleum Industry Bill [PIB] was legislatively stuck for two decades.Widespread sighs of relief greeted its passing into law in July. The President assented to it andset up a committee to implement it, with a short time span to finish the job in order to make up for lost time. Now, most Nigerians are hearing for the first time that the Act leaves no room for subsidies. If they knew that, they would have urged MPs to stalemate the bill for another generation. When NNPC becomes a fully commercial entitynext year, it can no longer divert money from crude oil sales, import millions of litres of petrol every day for domestic consumption, which Government forces it to sell at fixed prices, so it suffers an “under recovery” of hundreds of billions of naira a year. Someone must pay for that.The ecologist

Barry Commoner once said “everything must go somewhere” and “there is nothing like dinner without paying the price.”This “under-recovery” shortchanges theFederation Account to the tune of N1.8 trillion this year, all so that we can jump into our buses and cars and move around at a relatively low cost. Looks like the day of reckoning has arrived. The unfolding conundrum over the impending, final withdrawal of petrol subsidy in Nigeria reminds me of the story of a judge who had to adjudicate in a complicated dispute. The complainant spoke so eloquently that when he finished, the judge involuntarily said, “You are telling the truth.” The respondent protested that his own side of the story was not heard. He turned out to be just as eloquent as the complainant and when he finished, the judge said, “You are also telling the truth.” A spectator at the trial then jumped to his feet and said, “Judge, you said the first man was telling the truth. What the second man said totally contradicted the first man and you again said he was telling the truth. It is not possible for both of them to be telling the truth.” The judge looked at the

third man, sighed and said, “You are also telling the truth.” Imagine Government officials to be the complainant in this case. They have been saying for many years, with some eloquence, that it is the rich, not the poor, that enjoy fuel subsidy the most because they havethe most vehicles. A poor Nigerian man thinks he benefitted by buying 5 litres of cheap petrol for his motorcycle when the other man at the pump just bought 200 litres for his Toyota Tundra at the same price. They also argue that if that money goes to Federation Account, it could build a lot of infrastructural, health, educational and other facilities. Petrol, they also said, is cheaper in Nigeria than in every other West and Central African country, hence it is smuggled across the borders to all our neighbours and far beyond. Besides, they say, price of diesel which fuels trucks, trailers, tankers, tippers, tractors and generators was deregulated long ago. So also kerosene, fuel of choice for majority of households, and also cooking gas, so why not petrol? Government officials recently Continued on page 55

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