THURSDAY 30TH NOVEMBER 2023

Budget, Finance Ministers Defend President's Borrowing Plan 2024 budget proposal based on realistic assumptions, says Edun

Ndubuisi Francis and Sunday Aborisade in Abuja Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and his counterpart in the

Ministry of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, yesterday, defended the borrowing plan of the President Bola Ahmed Tinubu administration, as proposed in the 2024 appropriation

bill.

The ministers, who spoke with journalists in Abuja shortly after the budget presentation to a joint session of the National Assembly

by Tinubu, said the arrangement

was the best way to go.

Their submissions were also supported by some opposition federal lawmakers, who described the budget as the solution to the country's current economic chal-

lenges.

Edun said, "It is a good thing to borrow efficiently, sensibly and sustainably. What we need to look at is that borrowing is down and the deficit is also down. It's just about

three per cent of the GDP. "That is a major move in the right direction to reduce dependence on borrowing and stabilise the economy.

Continued on page 14

Supreme Court: Old N200, N500, N1000 Notes Remain Legal Tender... Page 14 Thursday 30 November, 2023 Vol 28. No 10459. Price: N250

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FRC to Reintroduce Corporate Governance Code for Churches, Mosques, Others... Page 6

NASS Pledges Speedy Consideration, Aggressive Oversight of Tinubu's N27.5 Trillion Budget

Fiscal document projects N9.92tn recurrent expenditure, N8.7tn capital expenditure N8.25tn for debt service, N9.18tn deficit To finance deficit with N7.83tn new borrowings Expects N298.49bn from privatisation proceeds, N1.05tn foreign loans Akpabio hints at plans to merge, unbundle MDAs Nigerians expect quick, sustainable solutions to economic hardship, Abass tells president PDP: Tinubu’s budget deceitful, strangulating, hopeless Opposition party says fiscal plan has no mechanism for economic recovery Stories on page 14

President Tinubu Laying the 2024 Appropriation Bill...

L-R: Clerk of the National Assembly (CNA), Sani Magaji Tambawal and President Bola Ahmed Tinubu presenting the 2024 Appropriation Bill to a joint sitting of the Senate and House of Representatives in Photo: Julius Atoin Abuja....yesterday

COLLABORATING FOR DEVELOPMENT...

Governor of Enugu State, Dr. Peter Mbah (left), in warm handshake with President Bola Tinubu, during the governor's meeting with the latter at the Presidential Villa, Abuja... on Tuesday

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T H I S D AY • THURSDAY, NOVEMBER 30, 2023

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

NEWS

ongoing ICC Mens T20 World Cup Africa qualifier...

Former Governor of Lagos State, Akinwunmi Ambode, with the President of the Nigeria Cricket Federation, Mr. Uyi Akpata, at the ongoing ICC Mens T20 World Cup Africa Qualifier in Windhoek, Namibia

NDIC to Recover N400bn Debts Owed Failed Banks Hassan: Over N1.6bn paid to 40,000 depositors Backs proposed banking industry recapitalisation

Abiodun Eromosele, James Emejo and Nume Ekeghe in Owerri The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, yesterday said the corporation was prepared to wield the big stick in its ongoing efforts to recover over N400 billion owed by debtors of failed banks which are now in liquidation.

He said debt recovery remained one of the greatest challenges hampering its deposit insurance operation.

He spoke to journalists at the opening of the 20th workshop for business editors and finance correspondents, with the theme: “Stocktaking of Deposit Insurance Practice: Assessing the Now, Evaluating the Challenges and Forecasting the Future” in Owerri, Imo State.

Hassan said the NDIC will leverage a bouquet of powers in its disposal, courtesy of the revised NDIC Act, 2023 to expedite the process of debt recovery, moving forward.

He said the non-recovery of debts was obstructing the smooth payment of many depositors of failed banks.

He said: “A lot of customers of banks in liquidation that borrowed are not willing to repay those debts.

And I want to put it on record that those debts or those loans that were granted were granted out of deposits of people that were collected by the banks.

“So, it is only when those debtors pay back that the NDIC would now be able to pay the depositors of those failed banks. And that is one of the greatest challenges that we're facing.

“Luckily enough, there is a review in the 2023 NDIC Act, a lot of powers have been given to the corporation in order to expedite this process.

We are hoping to leverage that to ensure that we recover more so that we can pay those depositors.”

The NDIC boss, who put the total debt owed to institutions in liquidation at over N400 billion, including Deposit Money Banks (DMBs), Microfinance Banks (MFBs), and Primary Mortgage Institutions (PMIs), however pointed out that a substantial recovery had been made,

while affected depositors had also been paid accordingly.

He added that substantial payments of the insured amounts had also been paid to depositors of banks whose licences were recently revoked earlier in May by the Central Bank of Nigeria (CBN).

Specifically, Hassan said over N1.6 billion had been disbursed to 40,000 depositors while further calling on other depositors who didn’t have a Bank Verification Number (BVN) attached to their bank accounts to come forward and be verified in order to access their insured deposits.

Commenting on the CBN’s proposed drive to recapitalise the banking industry, the NDIC MD said the move was inevitable in order to enable the banks to play adequately in the proposed $1 trillion- economy currently envisaged by the President Bola Tinubu administration.

He said: “You also need bigger banks to be able to play within that space. As the government is implementing the agenda of growing the Gross Domestic Product (GDP) to beyond $1 trillion.

“You need bigger banks to be able to play in that space and I believe it is within that context that the CBN is looking at recapitalising banks. So, we await the CBN for further details on this recapitalisation process.”

Earlier in his opening remarks,

Hassan said the corporation had introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks.

Among other things, he said the corporation had also enhanced collaboration with the bar and the bench, leading to speedy dispensation of justice and more informed judgements on failed banks cases.

In addition , he stressed that

the NDIC has put in place policy and framework on Alternative Dispute Resolution for out-of-court settlement, which had enabled it to resolve some hitherto protracted failed bank litigations.

He said: “We have reviewed the Framework for Differential Premium Assessment System (DPAS) to make it more risk sensitive and account for significant developments that have taken place in the Nigerian

Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, yesterday, urged persons, who had been issuing goodwill messages on his reappointment, to stop forthwith.

Some persons, including a Niger Delta ex-militant, had taken out front-page advertorials in selected Nigerian newspapers to congratulate the NNPC helmsman over his retention as the GCEO of the

Hassan said: “We have invigorated our liquidation activities, and greatly increased debt recovery rate leading to declaration of 100 per cent liquidation dividends to depositors of over 20 deposit money banks in- liquidation.

“We have also improved our systems, processes and procedures to promote transparency and accountability in our operations, amongst other humble achievements.”

After Protest, NUPRC Wades into CNL, Host Oil Communities’ Spat Komolafe expects progress report in two weeks

Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has waded into the dispute between Chevron Nigeria Limited (CNL) and some communities within the company’s Warri exploration and production area, in Delta State.

A statement by the commission’s Head, Public Affairs and Communication Unit, Mrs Olaide Shonola,

said the disagreement was over the composition and naming of the Host Communities Development Trust (HCDT) fund.

Both parties in the dispute, NUPRC said, had now been urged to maintain the peace, pending the resolution of the matter.

The statement said, “The dispute between Chevron and the Ugbororo, Ugbegugun and Denbele communities in Warri South Local

Stop Issuing Goodwill Messages on My Reappointment, NNPC’s Kyari Appeals Emmanuel Addeh in Abuja

banking system since its adoption in 2008.”

He said in complementing the consumer protection efforts of the CBN, the corporation has enhanced public awareness on the benefits and limitations of the deposit insurance system and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system.

national oil company.

But in a statement by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, Kyari expressed gratitude to stakeholders and Nigerians for their enthusiasm regarding his reappointment

by President Bola Tinubu. But he appealed that they halt the congratulatory messages.

He stated that he viewed his reappointment as a renewed challenge, restating his commitment to stabilising the oil industry and enhancing service delivery for

increased revenue.

The statement said, “The GCEO humbly appeals to stakeholders in the oil sector and fellow Nigerians to support the company under his leadership to ensure the success of its mandate.

“Consequently, the GCEO kindly requests all parties concerned to refrain from issuing congratulatory messages on his reappointment.

He emphasises the necessity for all stakeholders' commitment to drive revenue growth and fortify resilience for the naira and the economy.”

Government of the state, on the other hand, is over the naming of the host community trust fund established for the communities and the composition of its Board of Trustees.”

Earlier, people from the three communities were reported to have staged a protest in the Escravos Terminal area, accusing Chevron of going against the Petroleum Industry Act (PIA) (2021).

According to the statement, at a meeting between the feuding parties on Tuesday at the NUPRC headquarters in Abuja, the commission’s Chief Executive, Gbenga Komolafe, urged them to maintain the status quo and ensure peace reigned in the operational area.

Komolafe explained that the regulator was determined to ensure that the fit and proper thing was done immediately to resolve the pending issues.

Having listened to the submissions of the parties, Komolafe issued a regulatory position and directed Chevron on the resolution of the matter, which must be implemented within two weeks.

He emphasised that the law, which was very explicit on the matter in contention, must be obeyed by all the parties concerned.

Among other directives, the

NUPRC chief executive called for the immediate convening of consultation meetings with the communities on the proper delineation and naming of the fund in compliance with the PIA and the re-composition of the Board of Trustees in line with an earlier directive of the commission.

“The process, which must be supervised by the commission’s Warri Regional Office, is expected to be finalised and the report sent to the commission within two weeks,” Komolafe directed.

Last week, CNL, operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPC) and CNL, in a statement, said protesters blocked its Terminal and Escravos Gas-to-Liquids jetties in its Western area of operation.

The oil firm said the protesters were demanding the renaming of the Warri Kingdom Onshore HCDT and involvement in the nomination of additional persons for inclusion on the Board of Trustees of the fund.

“In addition, they are requesting for mobilisation of their community workers for the EGTL Turnaround Maintenance activities,” Chevron stated in the statement issued in Lagos by its General Manager, Policy, Government and Public Affairs, Esimaje Brikinn.

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NEWS

Network of Sexual Assault Referral Centres...

L-R: Head of the Sexual Gender Based Response Unit, Federal Ministry of Justice, Yewande Gbola-Awopetu; Honourable Commissioner, Ministry of Women Affairs & Poverty Alleviation, Abia State, Honourable Ngozi Blessing Felix; Ambassador of European Union to Nigeria & ECOWAS, Samuela Isopi; Assistant Director, Gender Affairs, Federal Ministry of Women Affairs, Iheanyichi Amanambu; with Manager, Access to PHOTO: KINGSLEY ADEBOYE Justice & Coordinator Oluwatoyosi Giwa, during the Network of Sexual Assault Referral Centres (SARCs), at the 9th SARC Conference in Abuja ... yesterday

FRC to Reintroduce Corporate Governance Code for Churches, Mosques, Others Olowo, new executive secretary, unfolds transformation agenda Says companies, govt institutions falling short of standards expected under the FRC Act

Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, yesterday, unveiled his agenda for the council, including a plan to re-introduce a corporate governance code for not-for-profit organisations and the public sector.

In an address he presented during a stakeholders’ and media roundtable in Lagos, Olowo stressed that the codes for both the public and not-for-profit sectors were at an advanced stage, with the target to unveil them within the first quarter of 2024.

Not-for-profit organisations include churches, mosques and other non-governmental organisations

(NGOs). In 2016, the FRC led by Jim Obazee, who was recently appointed

by President Bola Tinubu to investigate the Central Bank of Nigeria (CBN), had ordered not-for-profit organisations, including churches and mosques, to comply with the corporate governance code, which, among others, had stipulated term limits for heads of the organisations.

The development, which became controversial, as it was challenged by some of the prominent church leaders in the country, had led to the removal of Obazee.

But speaking during the media roundtable, Olowo explained, “As controversial as it is, it is something that must be done. If you do a risk

analysis of entities in any country, the not-for-profit sector is as risky as the profit entities. So, it is very important that we issue codes on how these institutions are covered. It is our responsibility to do that and we will not shy away from that.”

Olowo, who was appointed the FRC boss last month, said the transformation agenda of the council would be hinged on four broad areas tagged, “DOSE, which means Digitisation, Operational Excellence, Stakeholder Engagement and Enforcement.” He said this was in line with Tinubu’s “Renewed Hope Agenda”.

Olowo pointed out that the “21st Century has seen a massive shift

from manual processes into a digital operationalisation of activities. Our transformation agenda is hinged upon the use of technological tool to enhance our activities.

“FRC will leverage on technology to streamline its operations and improve efficiency. This includes the use of technology in the filing and analysis of financial statements, corporate governance reports and other corporate filings, as well as the implementation of online reporting systems to facilitate timely and accurate submission of financial statements.

“Our focus will be to ensure efficient and effective delivery of flawless service to the stakeholders

Dangiwa Commits to Upholding Fiscal Accountability in Housing Ministry Emmanuel Addeh in Abuja

The Minister of Housing and Urban Development, Ahmed Dangiwa, has said the ministry was fully committed to ensuring fiscal accountability in its operations.

He told the Fiscal Responsibility Commission (FRC) that the ministry of housing and its agencies will ensure transparency in the financial governance in the ministry, in line with the provisions of the Fiscal Responsibility Act. The Minister stated this when he received the Chairman of FRC, Victor Muruako, and his team on a visit to the ministry, according to the Director Information, Badamasi Salisu.

Dangiwa noted that the responsible management of finances within the ministry was not an option, but a fundamental obligation to Nigerians.

“Every decision that we make, every resource that we allocate, carries the weight of public trust and expectation. Therefore, instilling fiscal responsibility is indeed an ethical imperative and a commitment to transparent and accountable governance,” he said.

"For me, fiscal responsibility is not just merely a concept; it is a cornerstone that should shape our decisions, policies, and strategies,” he added.

According to him, fiscal responsibility will ensure the judicious

management of the ministry’s resources “so that we can give Nigerians value for money as we conceive, develop, and implement our affordable housing and urban development plans.”

Dangiwa commended the commission’s dedication to providing an institutional framework for ensuring efficient resource allocation, and effective debt management in the country.

He stated that the ministry was eager to explore synergies between her entities and identify areas where combined expertise and mandates can create meaningful impact.

The minister also promised to intervene on the issue of decent and affordable housing schemes for the staff of commission through the Federal Mortgage Bank of Nigeria (FMBN) loans and also pledged support towards the review of the

2007 Fiscal Responsibility Act. Earlier in his remarks, the Chairman of the Commission, Muruako, gave a rundown of the achievements of the commission since its establishment in 2007 which had led to significant improvements in revenue collection.

He commended the minister for his previous achievements at the FMBN as well as his concern for decent housing for the citizenry.

through digitalisation, capacity building, advocacy and thought leadership. Our processes will be automated to ensure quick and timely responses”.

Olowo also stated that financial statements, corporate governance reports and all other corporate reporting requirements expected from relevant stakeholders would be done through the council’s planned Digital Repository Platform as mandated

by FRC Act 2011 (as amended).

According to him, “The council commenced the development of the Public Sector Governance Code, which is very close to completion and forms a key part of my agenda.

The public sector remains the catalyst of economic growth in not only Nigeria but emerging markets.

Institutionalisation of corporate governance in the public sector of Nigerian economy is fundamental towards sound policies and economic growth. This we plan to unveil in the first quarter of year 2024.

“Similarly, the council, seeing the need for proper guidance to NotFor-Profit Organisations, embarked on developing a Governance Code for Not-For-Profit 10 Organisations.

The code is at an advanced stage with the target to unveil same within the first quarter of 2024.”

He also said FRC would introduce the Inspection Specialist Programme, which would complement and strengthen its monitoring efforts focusing on a sectorial leadership approach to review of corporate

reports.

Olowo stated, “There is need to scale up staff capacity in terms of number of professional staff and skills. As an umbrella regulator in financial reporting and related matters, the current number of professional staff in the Council is grossly inadequate. Their skills are expected to be top-notch and comparable with similar organisations globally.

“Our aim is to raise capacity of staff both in number and skills to the highest desirable level. A gradual increase in the number of staff will be undertaken to progressively raise the number to about 450 staff with appropriate number of professionals included in the next few years.

“Another initiative of capacity building is to undertake twinning arrangements with sister regulators globally. This will help to benchmark and fine tune the Council’s professional resources to international levels. Talents will be sourced both internally and externally to meet the demands of corporate reporting which includes IFRS, IPSAS, Corporate Governance, Auditing Standards and Sustainability Reporting. iv. Establishment of all the Statutory Directorates Section 23 of the FRC Act 2011 (As amended) stipulated 7 directorates for the Council. Unfortunately, after 12 years of the establishment of the Council, only five out of the seven directorates are functional as earlier mentioned.

SGBV: UN Calls for Improved Investment to Curb Violence against Women EU expends N1bn on 41 referral centres nationwide

Michael Olugbode in Abuja

The United Nations Resident and Humanitarian Coordinator, Mr Matthias Schmale has appealed to all stakeholders to step up investment to end maltreatment of women and girls and mitigate against Sexual and Gender-based Violence (SGBV).

He made the appeal at a media briefing and official “Orange Lighting” ceremony at an event organised by the UN Women as part of activities lined up for the 16 days of activism against Gender-based Violence (GBV).

Schmale, talking on the theme of this year’s celebration of 16 days of activism: “Unite, Invest to Prevent Violence,” said that all stakeholders

must stand up to end the menace.

“Investment obviously means money. We need to continue to push for gender-responsive budgeting at federal and state levels, that is one of the responsibilities and it grows in power.

“The private sector needs to step up, UN Women representatives and some other groups with the private sector would agree to setting up a fund to actually fight GBV. “On the need for prevention, we need to get the judiciary to work harder to prosecute violators of GBV,” he said.

Schmale advised law enforcement agencies, media organisations, the creative industry and traditional institutions, to also work collectively

to ensure the prevention against GBV. UN Women Representative to Nigeria and ECOWAS, Beatrice Eyong on her part, said violence against women was the most pervasive breach of human rights worldwide.

She added: “We need to work together to tackle this menace to achieve meaningful impact. We all need to invest resources, energy and time to prevent and respond to violence against women and girls.”

Also speaking, the Minister of Women Affairs, Uju KennedyOhanenye, called for collective campaign to end GBV. Kennedy-Ohanenye who was represented by a Director in the Ministry, Mrs Beatrice Eyong said the

campaign calls on all stakeholders to be committed to end GBV and all forms of violence, including discrimination against women and girls in both private and public sectors.

“The theme particularly calls for investment in girl child education, women socioeconomic empowerment, ending harmful traditional practices and ICT training for women and girls,” she said.

The Chairman, Senate Committee on Women Affairs, Senator Ireti Kingibe on her part, said plans had been put on ground to sensitise Abuja residents who she is representing , in the Senate on importance of ending GBV. She said: “I cannot know when

a woman is being violated in Nyanya when I am in Maitama, so towards the end of the 16 days of activism, we will be calling for Orange March-up.

“Everybody will go on and sign and it will then be the monitoring body, in your respective community, so that it will be easier for women to report violence cases.

“We can only make meaningful impact when we are united, not when we are working in silos.”

Meanwhile, the European Union (EU) has asked the federal and state governments to take the battle against (SGBV) to new heights by funding the 41 existing Sexual Assault Referral Centres (SARCs) already existing across the country.

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NEWS

ANNUAL WOMEN CONVENTION OF RCCG EVERLASTING ZONE, ABUJA...

L-R: Women Leader, Redeemed Christian Church of God (RCCG), Everlasting Light Zone, Lugbe, Abuja, Mrs. Dayo Olagoke; Assistant Women Leader, Mrs.Shamaki Christiana; Zonal Pastor, Everlasting Light Zone, Pst. Oladele Jegede; Wife of the Pastor, Mrs. Lydia Jegede and Invited Speaker, Pst. Kate Onyenakwe, during the annual women convention 2023, at the Everlasting Light Zone, RCCG, Lugbe Photo: ENOCK REUBEN Abuja... recently

Norway’s Equinor Sells Stake in OML 128, Agbami Oilfield to Nigeria’s Chappal Energies OPEC-contracted consultants say Nigeria won’t reach 1.5m bpd in 2024

Emmanuel Addeh in Abuja Equinor Energies yesterday announced that it had agreed to sell its Nigerian business, including the company's share in the Agbami oil field, to Nigerian-owned Chappal Energies.

Although Equinor did not reveal the price of the transaction, a statement from the Norwegian group stated that it will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in Oil Mining Lease (OML) 128, including a 20.21 per cent stake in the Agbami field, operated by Chevron.

The firm added that its presence in Nigeria dates back to 1992, explaining that since the oilfield began production in 2008, over 1 billion barrels of crude oil had been produced by the asset.

“Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.

“Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008, the Agbami field has produced more than 1 billion barrels of oil, creating value for the partners and the Nigerian society,” it said.

It noted that Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, explaining that the transaction realises value and is in line with its strategy to optimise its

international oil and gas portfolio and focus on core areas.

“Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come,” said Equinor’s Senior Vice President for Africa Operations, Nina Koch.

Managing Director of Chappal Energies, Ufoma Immanuel, in his remarks on the deal, expressed excitement, stressing that the firm intends to focus on value creation, environmental stewardship and community engagement. ''We are excited to take over the baton from Equinor after three decades of enduring legacy. Value creation, environmental stewardship, and community engagement are at the heart of everything we do, and our social and development impact will be the most important measurement of our success.

“We are confident in our ability to make a lasting impact and are committed to fostering sustainable growth and contributing to Nigeria's economic prosperity now and in the future,” it stated.

However, it said that the closing of the transaction was still subject to the satisfaction of certain conditions, including all regulatory and contractual approvals.

Chappal described itself as a company focusing on unlocking latent value in Nigeria and Africa’s oil and gas resources, revitalising aging assets with solutions that secure longevity, including enhancing operational efficiency.

It focusses on produced water management, improved evacuation logistics, gas development, capex optimisation, and infrastructure replacement.

Equinor, an international energy company, said it is committed to longterm value creation in a low-carbon future, stressing that its purpose is to turn natural resources into energy for people and progress for society.

Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Its headquarters is in Stavanger (Norway).

Meanwhile, two of the three consultancy firms hired by the Organisation of Petroleum Exporting Countries (OPEC) to investigate if Nigeria will reach 1.58 million bpd oil output in 2024 as the country is arguing, have said Nigeria is unlikely to reach the target next year.

OPEC and allies such as Russia, known as OPEC+, delayed its latest

meeting due to disagreements over the production quotas of African producers including Nigeria and Angola, sources told Reuters.

Nigeria is seeking to have a higher 2024 target verified by OPEC+ at a time when the group is considering cutting output further rather than increasing it.

In June, OPEC+ cut Nigeria's output target for 2024 to 1.38 million barrels per day from 1.74 million bpd for 2023, reflecting the fact that for years Nigeria had failed to meet its targets.

The group, however, agreed to give Nigeria a 2024 quota of 1.58 million bpd, subject to independent verification that it could really pump that much.

Nigeria is looking to boost output by resurrecting dormant oilfields and

A Federal High Court sitting in Port Harcourt has remanded a couple, Mr Emmanuel Dike and his wife, Ugochi Dike in the Port Harcourt Correctional Centre for alleged involvement in a N500 million fraud.

The couple who are facing five counts of conspiracy and fraud in suit Number FHC/PH/458c/ 2023, were also granted bail by the trial Judge, Justice Patricia Ajoku.

When the matter was mentioned in court yesterday, the couple separately pleaded not guilty to

the charge filed by the federal government through the Economic and Financial Crimes Commission (EFCC).

The charge stated that the accused persons allegedly defrauded one company, Clipboard Office Superstores Limited, of N500 million with the pretence that it was for investment purposes that will yield the company 10 per cent interest.

Also at the mention of the matter, the Defence Counsel, Jerome Okeke, told the court that he had filed an 11-paragraph affidavit to support his bail application.

the higher quota and complicating a wider OPEC+ agreement.

Nigeria currently produces 1.3 million bpd of crude, according to Rystad, which it expects to rise to 1.5 million bpd next year under its base case scenario.

"This is assuming no further major disruptions," Patricio Valdivieso of Rystad told Reuters.

A source at another of the three consultancies, which declined to be identified, said that although they had raised estimates for Nigerian output, they don't expect it to hit 1.58 million bpd next year.O PEC+ has not indicated how the lack of verification will affect quota talks.

Nigeria's governor to OPEC, Gabriel Aduda, told Reuters last week he was comfortable with the findings of the three consultancies.

Ogun Set to Sign MoU with Private Sector On Olokola Deep Seaport The Ogun State Government and the Organised Private Sector (OPS) have concluded plans to sign a Memorandum of Understanding (MoU) on the construction of the Olokola Deep Seaport located in Ogun Waterside Local Government Area of the state.

Governor Dapo Abiodun made this known during a breakfast meeting with Chief Executive Officers of the OPS in Abeokuta, the state capital yesterday.

Abiodun noted that the construction of the Olokola seaport would provide another opportunity for companies in the state to move

their goods and equipment in addition to the Gateway Agro-Cargo International Airport, which is almost at completion stage, and the planned Dry port to be located at Kajola, an outskirt of the state capital.

"I want to share with you the fact that whilst we are talking about our road, rail and air transport, we will be signing very soon a Memorandum of Understanding with the private sector players for the construction of our seaport in Olokola.

"This is another giant step to ensure that we enable businesses to continue to thrive in our state,"

Court Remands Couple for Alleged N500m Fraud

Blessing Ibunge in Port Harcourt

pushing more production onshore, and is introducing fresh measures to address security threats.

OPEC+ tasked three independent consultancies namely: IHS, Rystad Energy and Wood Mackenzie - to verify whether Nigeria, as well as Angola and Congo, can reach their targeted 2024 output levels. They will officially report their findings at Thursday's OPEC+ meeting.

The use of independent assessments comes after past disagreements about countries' oil output and production capacity, metrics that feature in negotiations to set individual targets.

Figures from two out of the three consultancies indicate that Nigeria's 2024 crude output is not likely to reach 1.58 million bpd, potentially challenging the country's push for

He pleaded with the court to grant his clients bail, assuring that they will be present at all sitting and will not jump bail.

But the prosecution counsel, Dr Ben Ubi who also filed 18 paragraphs affidavit to counter the bail application, told the court to refuse the bail plea.

Deciding on the arguments on the bail application, the trial Judge, Justice Ajoku, granted the bail application by the defence counsel.

Ajoku granted bail to the accused in the sum of N 1million each to the couple, noting that the surety

must be up to a grade level 12 civil servant in Rivers state and should present a letter of employment and certificate of occupancy.

The court affirmed that the surety must reside within the jurisdiction of the court, produce passport photographs and admonished the lawyer to ensure his clients appear in court during the next sitting.

The court however, adjourned till January 30, 2024 for trial and remanded the accused persons in the Port Harcourt Correctional Centre, pending when they meet the bail conditions.

Abiodun said.

The governor said that his administration was working towards putting an end to the multiplicity of taxes in the state, adding that the reforms already put in place by the Ogun State Inland Revenue Service would put the issue to rest.

He also urged businesses to patronise government whenever they are in need of land, saying that all land belong to the government.

"On the harmonisation of taxes, we have put in a lot of reforms on our Inland Revenue Service. We will remove all these multiplicities of taxes.

"We are also concerned about our physical planning as well. The lands department and physical planning are now working collaboratively to ensure that all the problems we have had in the past are resolved.

"All lands belong to the government. My advice to you is that if you want to buy land, come to the state. We have ensured that any land to be sold to you is properly enumerated and compensated.

"So, please, I want to discourage all of us to desist from buying land from land speculators," he said.

Abiodun said that his administration would be distributing 5,000 Certificates of Occupancy (C of O) this Friday.

He called on the OPS in the state to give back to their various

host communities by either taking advantage of the state government adopt a school or primary health care centre project.

The governor spoke on the importance of businesses imbibing the culture of technology transfer, which would further assist the country to move forward technologically.

Earlier in his address, Commissioner for Industry, Trade and Investment, Mr Adebola Sofela assured that the state government would continue to create an enabling environment for businesses to thrive.

He said the present administration would continue to partner with industries in the state with a view of propelling the common interest of both the government and industries to greater heights Also speaking, the Ogun State Chairman of the Manufacturers Association of Nigeria (MAN), Chief George Onafowokan, acknowledged the position of the state as the best place for industries to thrive.

He, however, called on the state government to continue to work towards ensuring that the enablers for businesses to thrive are readily made available in the state.

Speaking on behalf of the Agbara Cluster, the Director of African Industry Group, Chief Sohan Baghla, disclosed that they have been able to provide over 10,000 jobs for the people of the state.

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Supreme Court: Old N200, N500, N1000 Notes Remain LegalTender

Alex Enumah in Abuja and Nume Ekeghe in Lagos The Supreme Court in Abuja, yesterday, held that the old N200, N500 and N1000 notes remain legal tender until necessary facilities are put in place for their replacement.

A seven-member panel of the apex court, led by Justice John Okoro, made the declaration while delivering ruling in a motion brought by the federal government.

At yesterday's proceedings, the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, in company of the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali,

had moved the application seeking for an extension of the apex court's order, issued earlier, extending the lifespan of the affected old Naira notes till the end of the year.

The immediate past administration of President Muhammadu Buhari had directed the ban of the old N200, N500 and N1,000 notes under the currency redesign policy introduced late last year.

However, following a suit by the states government last year, the apex court had extended the lifespan of the affected old Naira notes till the end of 2023.

In their ruling in the application yesterday, the apex court subsequently granted the request of the federal

government and made an order extending the lifespan of the old N200, N500 and N1000 notes.

According to the ruling, the old notes shall continue to co-exist as legal tender with the new/redesigned ones.

While reviewing its earlier order that the old notes should cease from being legal tender by the last day of December 2023, the apex court ruled, "that the old versions of N200, N500, N1000 notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after its consultation with critical stakeholders and after putting all required structures in place."

Other members of the panel were Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar and Emmanuel Agim.

Reacting to the development, the Acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Sidi Ali Hakama, in a statement, urged the public to embrace all currencies and also embrace alternative e-channel modes to transact in order to reduce pressure on the use of physical cash.

She states: “Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to

extend the use of old Naira banknotes ad infinitum, the CBN has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks.

“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.

It added: “Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN), will continue to remain legal tender, indefinitely.

“Members of the public are enjoined to continue to accept all

CBN Governor, Yemi Cardoso naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.”

N AS S P l e d g e s S p e e dy C o n sid e r ati o n , Ag g r e ssi v e Ov e r si g ht o f T i n u b u ' s N 2 7 . 5 T r i l l i o n B u d g e t

Chuks Okocha, Adedayo Akinwale, Sunday Aborisade and Juliet Akoje in Abuja

President Bola Tinubu, yesterday, presented to the National Assembly an aggregate expenditure plan of N27.5 trillion as the federal government’s appropriation bill for the 2024 fiscal year tagged, “Budget of Renewed Hope.”

Chairman of the National Assembly, who is also President of the Senate, Senator Godswill Akpabio, and Speaker, House of Representatives, Tajudeen Abass, assured Tinubu that the appropriation bill would be accorded accelerated consideration and passage.

But the opposition Peoples Democratic Party (PDP) described the N27.5 trillion appropriation bill for 2024 as a huge disservice, which, if allowed to pass, would further asphyxiate Nigerians and plunge the nation into more economic depression and hopelessness.

Tinubu made the budget presentation to a joint session of the National Assembly, which also had in attendance top government functionaries and politicians. He proposed a non-debt recurrent expenditure of N9.92 trillion, N8.7 trillion as capital expenditure, and N8.25 trillion for debt service.

Tinubu said during the presentation, "Nigeria remains committed to meeting its debt obligations. Projected debt service is 45 per cent of the expected total revenue.

"Budget deficit is projected at N9.18 trillion in 2024 or 3.88 per cent of the Gross Domestic Product. This is lower than the N13.78 trillion deficit recorded in 2023, which represents 6.11 per cent of the GDP. "The deficit will be financed by new borrowings totalling N7.83 trillion."

The president said N298.49 billion was expected from privatisation proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.

He stated, "After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of $77.96 per barrel and daily oil production estimate of 1.78 million barrels per day.

"We have also adopted a naira to US Dollar exchange rate of N750 per US Dollar for 2024.

"Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness.

“In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.

"In addition, efforts will be made to graduate existing beneficiaries towards productive activities and employment.

"We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 per cent currently to 18 per cent within the term of this administration.

"Government will make efforts to further contain financial leakages through effective implementation of key public financial management

reforms."

The president said the 2024 budgetary allocations and directives would set Nigeria on a transformative path towards sustainable development. He urged the National Assembly to ensure that only projects and programmes in line with the sectoral mandates of the Ministries, Departments and Agencies (MDAs) were passed in the 2024 budget.

He commended the federal legislature for the swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The president noted that the legislature’s prompt action underscored their devotion to the economic development and the greater welfare of the people. It also highlights the legislature's desire to work in close collaboration with the executive arm.

Tinubu expressed confidence that the National Assembly would continue to work closely with the executive to ensure that deliberations on the 2024 budget were thorough but also concluded with reasonable dispatch.

He said, "I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation."

The president lamented that economic conditions remained challenging both abroad and at home. He said despite lingering post-COVID supply and produc-

tion bottlenecks, armed conflict in various parts of the world, and restrictive monetary policies in major economies, global growth was expected to hover around three per cent in 2024.

The president noted that this relatively low growth rate had significant implications for the country's economy due to current reliance on importation.

But he was quick to add that despite the global headwinds, the Nigerian economy had proven resilient, maintaining modest but positive growth over the past 12 months.

He added that inflation trended upward due to weak global conditions.

Tinubu stated that to contain rising domestic prices, the federal government would ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.

He stressed that the 2024 budget proposal met his government’s goal of completing critical infrastructure projects, explaining that the projects would help address structural problems in the economy by lowering the cost of doing business for companies and the cost of living for the average citizen.

Reflecting on the 2023 budget performance, he said an aggregate revenue of N11.045 trillion was projected to fund the 2023 budget of N24.82 trillion, with a deficit of about 6.1 per cent of GDP. Tinubu explained that as of September 30, the federal government’s

actual aggregate revenue inflow was N8.65 trillion, approximately 96 percent of the targeted 8.28 trillion.

He stressed that the proposed budget sought to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

The president revealed that defence and internal security were accorded top priority, adding that the internal security architecture would be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

He added that to address longstanding issues in the education sector, a more sustainable model of funding tertiary education would be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.

He said, "We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024."

Tinubu explained that the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) set out the parameters for the 2024 budget.

He assured that his government remained committed to broad-based and shared economic prosperity, adding that they are reviewing social investment programmes to enhance their implementation and effectiveness.

Tinubu told the National Assembly members, "As you consider

the 2024 budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

"I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programmes with equitable benefits are allowed into the 2024 budget.

"Additionally, only projects and programmes, which are in line with the sectoral mandates of MDAs and which are capable of realising the vision of our government should be included in the budget."

National Assembly Pledges Speedy Consideration, Aggressive Oversight

President of the Senate, Senator Godswill Akpabio, and Speaker, House of Representatives, Tajudeen Abass, assured Tinubu that the 2024 Appropriation Bill would be accorded accelerated consideration and passage.

The two presiding officers of the federal legislature gave the assurance when Tinubu laid the 2024 national budget before a joint session of the National Assembly, which also had in attendance top government functionaries and politicians.

Akpabio and Abass urged the president to bar ministers and heads of federal government MDAs from embarking on foreign trips until the eventual passage of the bill, which they pledged would be done before the end of the year.

The duo expressed the hope that

B u d g e t, F i n a n c e M i n ist e r s D e f e n d P r e sid e n t ' s B o r r o w i n g P l a n "We are definitely going in the right direction as far as this budget is concerned. It will guarantee economic stability of government finances and the economy as a whole."

Bagudu expressed confidence that the Tinubu administration would ensure adequate implementation of the 2024 budget.

He said, "I have no doubt that the 2024 budget proposal, once passed by the National Assembly and assented to by the president, will be implemented properly.

"The deficit of N9 trillion may sound high but if you compare it to that of last year, which is over N13 trillion, this is a significant milestone because it has absolutely lower deficit.”

Equally yesterday, Edun stated that the N27.5 trillion 2024 budget proposal was predicated on realistic assumptions and would be successfully implemented.

In his remarks at the public presentation of the 2024 budget proposals in Abuja, Edun said the budget parameters were based on empirical projections, explaining that more emphasis would be placed on expenditure management.

He noted the 2024 fiscal document was prepared to stabilise the economy, and ensure less reliance on borrowing. To underscore this, the minister explained that debt to Gross Domestic Product (GDP) had been slashed from 6.1 per cent in 2023 to 3.88 per cent in 2024.

He added that the key focus was

to increase tax-to-GDP from under 10 per cent currently to about 18 per cent in the next few years.

The minister said the budget was intended to engender a stable macroeconomic environment, where local and foreign investors were expected to come in.

He said, "The budget is N27.5 trillion and what I think is critical is that this budget is based on assumptions, which are realistic. It is based on projections, which I think is okay to the average person and reasonable. Therefore, it is something that we can expect to be successfully implemented.

"The breakdown of different elements shows the direction of this administration in order to stabilise the Nigerian economy for rapid inclusive growth. There is going to be less reliance on borrowing.

"The budget deficit is being brought down to about 6.1 per cent to GDP to 3.88 per cent of GDP. That is a huge change in direction from unlimited borrowing to focusing on revenue and expenditure management. There will be value for money on expenditure and increase revenue.

"The key target is to increase tax to GDP from under 10 per cent to 18 per cent in a couple of years. That target, a hugely ambitious one, is what we need to meet to reduce reliance on borrowings.

"Likewise debt service as a proportion of revenue is expected to fall. The budget is rallying up the economy for domestic and

foreign investment to come in and this would be achieved through public private partnerships and even privatisation are mentioned in this budget."

Presenting a breakdown of the budget proposal, Bagudu stated that the N27.5 trillion “Budget of Renewed Hope” had a significant allocation of N2.18 trillion or 7.9 per cent to education.

He stated that besides the N10 billion earlier approved for the Student Loan Fund in the N2.17 trillion Supplementary Budget, another N50 billion had been provided for the fund in the 2024 appropriation.

He also disclosed that a total of N3.25 trillion was provided for defence in the 2024 budget proposals, an amount covering the recurrent expenditure of the military, police, intelligence and paramilitary.

According to him, the health sector attracts five per cent or N1.33 trillion of the 2024 appropriation, with N1.07 trillion of the amount going for capital and recurrent of the Federal Ministry of Health and its agencies.

The sum of N1. 32 trillion is for Infrastructure, including provision for works and housing and power, he said.

Bagudu stated that the N27.5 trillion aggregate budget had a non-debt recurrent expenditure of N9.92 trillion, while debt service was projected to be N8.25 trillion, and capital expenditure, N8.7 trillion.

Earlier in his remarks, Director

General, Budget Office of the Federation (BoF), Ben Akabueze, offered explanation for the delayed presentation of the budget.

Akabueze gave the rigorous process of power transition as reason for the delayed presentation of the budget.

He stated, "Some have already wondered why the budget for this year appears delayed relative to the timeline we have achieved over the last few years.

"But in context, this is transition year from one government to another. The last time we had a transition year was in 2015 and the budget was not presented until mid-December, one month later than we are doing now.

"So it is normal to expect the new administration to settle down. The budget is arguably the government’s most important economic statement every year."

An opposition federal lawmaker, Hon. Pascal Agbodike, representing Ihiala Federal Constituency of Anambra State, who is also Chairman, House Committee on Hydroelectric Power Producing Development Commission (HYPADEC), expressed hope in the 2024 budget as presented by Tinubu.

Agbodike told journalists yesterday that his committee was ready to begin bilateral interactions with the heads of MDAs He said, "After budget presentation, it is the role of the legislature to scrutinise the estimates and interface with heads of the MDAs to know if

the executive arm would maximise the opportunity of the cordial relationship between it and the legislature by ensuring prompt appearances before the various legislative committees to defend their budgets whenever they were invited to do so.

Akpabio, specifically, said though the fiscal document would be attended to with dispatch, the National Assembly would still carry out its constitutional responsibilities on it.

He said, "The National Assembly bears a great responsibility in the task of reviewing and approving the budget. We fully understand the weight of this responsibility, and the impact our decisions will have on the lives and welfare of the Nigerian people.

"It is our duty to ensure that the budget reflects the principles of transparency, accountability and inclusiveness. Consequently, we will certainly conduct a thorough and meticulous review of the budget estimates."

Akpabio expressed the determination of the two chambers to stem wastage and corruption in the system, hence its resolve to carry out legislative activities that would lead to the merger of some federal agencies and the unbundling of others.

He said, "Both the Senate and the House of Representatives have resolved to assist the executive to unbundle some agencies for effectiveness, and merge agencies of government, which job definitions or roles overlap, for greater effectiveness.

Continued on page 42

it represents the interest of Nigerians.

"From the opposition point of view, being a member of the All Progressives Grand Alliance, we promise the country that we shall continue to be constructive and objective in our legislative activities.

"Looking at the way this government is going, they are still doing very well and we shall support them.

"I am so much impressed by what we have seen today listening to the president while presenting the budget "With the cooperation of Nigerians and that of the National Assembly, this government can do very well."

A member of Peoples Democratic Party (PDP) and Chairman, House Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, said the president had allayed the fears of Nigerians regarding the borrowing plans.

Ugochinyere stated, "The president has pledged that he will carry out tax reforms and increase revenue generation so that the country, in the long term, would not need to borrow much again.

"More importantly, he has increased the capital projects considerably, which means there would be infrastructure revolution "He also promised to reform the social intervention programme by making it transparent and to be directly distributed to residents of both the rural and urban areas.

"So, there is hope in the budget that the president had presented before us today."

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politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

Adeleke: One Year too Short a Period to Clear Rot in Osun

Governor Ademola Adeleke of Osun state in this recent interview before embarking on working vacation to Europe and Asia speaks on the achievements of his one-year old administration stressing, however, that a year is too short a period for his government to clear all the rot in the State of the Living Spring. Yinka Kolawole brings excerpts:

Y

ou were elected in an historical election where you beat an incumbent a year ago. How is governance in Osun state in the last one year?

Quite challenging. It has been lots of hardwork and several challenges to address. I inherited a run down system, a state where virtually nothing is working. The rot we saw outside was worse than what we met inside. When I said nothing is working, I mean it. Schools, health centers, infrastructures, sports, civil service, name it. The white house, the office of the governor, was like a black house. The Government House was like a shit house despite reported rehabilitation before our assumption of office.

The government quarters were looted and vandalised. Huge and paralyzing debt were on ground. Workers were owed salaries and pensions. The public service was turned upside down into a zone of confusion.

So I largely started all over like from the scratch a year ago. So the last one year has been a period of reconstruction across all facets of Osun society.

Are you overwhelmed by the inherited challenges?

Not at all. I am so well prepared for the difficult task ahead. You need to remember that my governorship has a history. After the persecution, rigging and the maltreatment of 2018, my self exile prepared me for the job at hand. Unlike many political opponents, the four years between 2018 to 2022 was an era of agenda setting and capacity building. That is why we are daily surprising our detractors with our performance.

One year gone, what should Osun people expect going forward?

We will increase our commitment to service delivery. The infra plan is a focus for implementation going forward. We will touch the lives of our people more and more.

We tagged budget 2024 a budget of reconstruction and recovery. A new Osun is emerging.

Tell us your happiest moment in the last one year as Governor?

I have many happy moments as a Governor. I think almost every month, our people showed me love that made me grow emotional. The last event was the enrolment of pensioners in the health insurance scheme. Our senior citizens prayed fervently for me. I walked among them and they felt really back to life.

I cried with joy on that day.

Is the challenge facing the state over?

Far from it. The rot is too deep. One year is not enough to salvage the state. We still have many hurdles to cross. The paucity of funds is a challenge. We can also not over -tax the people.

So we are walking a tightrope. We have to pay debt, execute projects, and meet the needs of our people, all within low revenue capacity.

But we have a watertight plan to take the state out of the woods. I plead with our people for continuous support. I personally appreciate their support. We will keep doing a good job.

The opposition said you have nothing to show. What have you achieved in specific terms in the last one year?

The opposition APC is still nursing the wound of their electoral defeat. So the party is ashamed to see the positive changes we are recording in the state. Our achievements are there for all to see. I will provide a brief across the sectors to showcase my records in office.

In the road sector, we reconstructed a total of 90 kilometers of roads with another 45 kilometers ongoing. We completed key intercity roads like the Ikirun-Osogbo road while Iwo-Osogbo is ongoing.

We completely rehabilitated 31 schools with another 31 in the pipeline. We built 332 water

of upgrading our exploration leases to mining leases. This will bring more investors. We are now operating an environmentally friendly operation.

EIA (Environmental Impact Assessment) and EMP ( Environmental management plan) is now a must before mining operation. Cleaning up the polluted environment is also ongoing.

Our mining operation now has zero tolerance for environmental degradation.

We have had a long drawn negotiation with mining companies operating in Osun since the beginning of the year.

I repeat my strategy was to get Osun to genuinely benefit from her natural wealth within the federal set up. We have positive results now. We have secured shareholding with Segilola Resources Operating Limited.

Further earnings will soon be coming from Segilola. As part of the overall plan, we have also increased our signature bonuses in line with reality. We are indeed starting mining processing from early next year.

Adeleke projects while major water works at Iwo, Ede, Osogbo, Eko Ende are under rehabilitation. We focused on the health sector through Imole medical outreach which provides immediate surgeries with over 50,000 beneficiaries so far.

We address welfare needs of doctors and we have slated 345 health centers in the state for rehabilitation.

In science and tech, we introduced a digital economy agenda with new ICT and tech innovations policies.

We developed a bill to domesticate the Nigeria Startup Act and launched programmes to deepen internet penetration of the state through broadband fiber optic projects. I reformed the public service by ensuring professionalism. I launched a phased payment of inherited pension and half salary debt. I just enrolled all pensioners in the health insurance scheme. We have done a lot in just under one year.

What of other critical sectors ?

I am repositioning the tourism sector into a tourism and cultural industry.

A lot of work is ongoing into raising the sector as a major revenue source

for Osun state.

In my advocacy for positive change, I’ve emphasized the power of entertainment.

Our administration is actively creating an environment for the thriving of creatives. We’ve revitalized key festivals, positioning them as global entertainment opportunities—from the Osun Osogbo Festival to the Sango Festival and the introduction of the Adire Festival.

Moreover, Osun State is gearing up to host significant entertainment events, including the Broadcasting Organization Awards in December and The West African University Games (WAUG) at the Obafemi Awolowo University, also in December. These initiatives reflect our commitment to making Osun a hub for entertainment.

The sport sector is undergoing major reform.

We are setting up a sports commission and expanding into other games beyond football.

In agriculture , we are working on the establishment of agric processing zones as well as further support for mechanization of farming in the state. And of course, we have restored the local government system with elections to hold a year or so. Grassroot government is now ongoing.

For the mining sector l, like I recently stated, we are recording an increase in revenue generation. Accumulated service charges on our licenses have been cleared. We are at the tail end

But how are you funding all these plans when you said you inherited a debt ridden and run down state?

I have been running a show string administration. We have been very prudent.

I am not collecting security votes. Such funds are directed to developing the state. I deny myself many things our people call the grace of office.

My team also agreed to tighten the belt.

Additionally, I block leakages in the revenue system. We ensure that state earnings are not ending up in private pockets. We also deepen the revenue base. We look at untapped areas of revenue without imposing new burdens on the populace.

We also ensure accountability and transparency in federal refunds and intervention. Federal funds outside state allocation are no longer sources of self enrichment. We have special accounts for such funds.

But recently, a publication said you were not prudent, that your office spent several billions of Naira in three months.

That publication was false. The medium confused Governor’s office with my person as the head of government. There is more to a Governor’s office than my person and my personal office. A governor’s office has several agencies and departments.

A Governor’s office also covers several operations of the entire government which is beyond my personal office. I think the person who interpreted the budget details is either mischievous or purely incompetent.

A breakdown of expenditure has been provided. I believe those behind the fake news will by now be ashamed of themselves. It is however sad that somebody like me can be so accused. I am in government to serve the people, not for self-enrichment.

My family is a well known philanthropic one. We add value to the lives of the citizens, not otherwise.

Now that you mention your family, critics said you are not in charge of the state?

(Smile) Those saying such are ignorant of happenings in my government. I am in charge.

I decide and I govern.

The rot is too deep. One year is not enough to salvage the state. We still have many hurdles to cross. The paucity of funds is a challenge. We can also not overDon’t you take advice from your family tax the people. So we are walking a tightrope. We members?

I am a listening Governor. It is the duty of a have to pay debt, execute projects, and meet the Governor to take inputs from all stakeholders. have succeeded so far because we are not needs of our people, all within low revenue capacity. We running a one man show. So I take advice from cabinet, the assembly, the party, my family But we have a watertight plan to take the state out my and all well meaning people of Osun state. But of the woods. I plead with our people for continuous the buck stops on my table. support. I personally appreciate their support. We NOTE: Interested readers should continue in the online edition on www.thisdaylive.com will keep doing a good job.

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politics

Ayida-Otobo: Africans Have Started Appreciating Good Governance

Chief Executive Officer of School of Politics, Policy and Governance, Alero Ayida-Otobo, in this interview with Kuni Tyessi, identifies Africa’s main challenge as poor leadership, noting that the people have started waking up to reality and will no longer accept just anything thrown at them.

I

n which way do you think deliberations at the African Conference are going to enhance or influence or improve the political jurisprudence of Africa’s democracy?

When we put this African Conference together, it was with an understanding that most African countries face similar problems, similar experiences from colonialism to the post-colonial period, grappling with poverty, high mortality, especially maternal mortality.

They all had out-of-school children.

When we looked at it, the root of the problem was poor leadership and poor governance. As a result of research, we were clear that if we do not raise a new political class or a new class of public leaders with our three Cs (character, competence and capacity), who knows what the issues are, we are finished.

Through evidence, the graduands will design the solutions for development. If you listen to our graduands, you would agree that they can solve most of the problems we are facing in the continent at that moment.

That is how SPPG started, and we knew that Nigeria was just the pilot.

We have a vision for the continent of Africa and we decided to start with seven countries, including Senegal, Cameroon, Kenya, Zimbabwe, Mali and Nigeria. We decided that if we have a continental vision, if we need quality leaders, proficient leaders with character, competence and capacity, let us begin to groom them through the Africa Conference in Abuja.

I discovered that most of your students belong to the average population- the youth. Why is this so?

We deliberately chose those between a certain age. First of all, you know that 70 per cent of our population now is under 40 years of age. So, it is clear that the future of this nation is in the hands of our youths.

So, even the criteria for selection, we score students that are between the ages of 24 and 35 higher than those that are older biologically; we give them more marks because we want to train and raise the next generation.

Now, the youngest parliamentarian in this conference is Gift from Zimbabwe.

He is 29. Look at how well he spoke. He is a powerful speaker. So, we know that the future of this continent lies in the hands of the youths. So, we are biased towards youths.That is why we also focus on Community SPPG. We want to train community organisers to understand how to hold leadership in their community/local government accountable, how to look for quality leaders when it is time for election. So we have a six-month programme for community organisers.

But the potent fear is that, even when you bring up these students and they find themselves in positions where they can serve, will the ‘old horses’ allow them?

I have a philosophy, a thought, that one day, they are all going to die. That is why we are facing the youths. Let us focus on that critical mass and raise a large number, so that when they die, you have a new crop.

That is why we also have Secondary School SPPG. We have designed a curriculum and we want to start going to Secondary SPPG, the next generation even below 25.

We are already going down. It is all strategy. We have been thinking for a long time, and as we have been doing the strategic thinking, we are designing the different programmes that will help us raise a new value-based political class.

In Africa, our democracy is not

Ayida-Otobo, CEO, SPPG

stable. Most of our democracies are being truncated through military coup d’état.

Is this part of your content?

Were you here, yesterday, when Karl Walah, who gave a presentation, said there are three types of coups; electoral coup, constitutional coup and military coup?

But I am talking of military coup. Even the electoral coup is as bad as the military coup. So, it is not only military coup; we are also having constitutional and electoral coup across different nations. I don’t want to mention the nations. We have a real problem in Africa, which is why it is a governance issue.

If we do not have the numbers, we are going to struggle. That is why our goal is to have those numbers and multiply; hence, going to different countries is very important. Our course is online because if we try to bring

people to one physical location, you know we are in trouble; we can never have more than a certain number. But if it is online/virtual, like it is, we can have them from different countries, and we have them from different countries.

How do you intend to drive students’ admission growth?

We are driving it. First of all, our alumni are our greatest marketers.

They recommend people. That is how we multiply. Then we have a very strong social media presence. Even in events like this, we are already marketing. The person I was talking to before you is from Burkina Faso. He wants to join SPPG and then I told him, “Don’t come to Nigeria; go to Senegal because they speak French.” So, he is going to go to Senegal.

All we look for is one person from a country. Adama from #Classof2022 is from Senegal. Because he attended the programme, we are starting the school in Senegal.

The main challenge of African democracy is poor leadership, and poor leadership is poor governance. Then we have citizens who do not know their rights, who did not know that they could demand for their rights. But now that they know, it is going to get more and more difficult to justify poor leadership and poor governance.

That is the bottom-line. I have given examples where I have worked in government. You would do good works and see change. But a new minister would come and just reverse it. That cannot continue.

How would you advice sit-tight leaders, in terms of relinquishing power to this generation of leaders your are breeding?

It is going to happen. What we are seeing is a struggle to hold on to power, but it will change because the electorate are awake. That is the truth. In Nigeria’s 2023 election, I have never seen so much active citizenship. Do you think we can ever go back to the old? No, so the change will come and because we are running out of resources and debts are getting higher, the challenges of development are going to push good governance.

What do you think is the main challenge facing African democracies?

The main challenge of African democracy is poor leadership, and poor leadership is poor governance. Then we have citizens who do not know their rights, who did not know that they could demand for their rights. But now that they know, it is going to get more and more difficult to justify poor leadership and poor governance. That is the bottomline. I have given examples where I have worked in government. You would do good works and see change. But a new minister would come and just reverse it. That cannot continue.

Where do you see SPPG in the next 20 years?

We will be across 54 countries in Africa in the next 20 years. Before 2025, in another two years, I see in at least four new countries. So, we have to put a multiplication strategy in place and expand our human and operational resources.But I am excited. I am very thankful and I love what I do. I love the work, the team and the idea It is just amazing, fantastic to be part of change and transformation.

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FEatures

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

How Glo is Powering the Ambition of Nigerians Two Decades After

Last August, Globacom celebrated its 20th anniversary amidst fanfare. But beyond this, it was an avenue for the indigenous digital and telecommunications services company to chart and unveil its new communication direction themed, “Powering Your Ambition”. Chiemelie Ezeobi writes that the campaign showcases the preparedness and capability to support businesses and individuals with the right tools and services to enable them to set and achieve ambitious personal and business targets

Mr Yomi Ognbamowo of Globacom (2nd right) with some of the winners of all-expense-paid Business Class Return trip to London at the 'Evening with Glo" held by Globacom at Eko Hotel & Suites in Lagos, over the weekend

Chike serenading the guests too

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hen Dr. Mike Adenuga Jr. founded Globacom Limited, commonly known as Glo, as a Nigerian multinational telecommunications company on August 29, 2003, his focus was to deliver excellent service to Nigerians.

Two decades after, the telecommunications giant has become a symbol of that commitment to excellent service delivery, quality, innovation, and outstanding communication strategies.

Executive Vice Chairman of Globacom, Mrs Bella Disu, agrees with this as she highlighted in her speech last Saturday at the dinner organised by Glo in Lagos. According to her, "this remarkable journey and the heights we've reached are all thanks to the visionary leadership and tenacity of our founder and Chairman, Dr Mike Adenuga Jr." An Evening with Glo Walking the talk of pampering its costumers, business associates, and stakeholders, including captains of industry, the telecommunications giant, last Saturday, hosted them to "An Evening with Glo" at Eko Hotels & Suite, Victoria Island, Lagos, tagged ‘An Evening with Glo”.

At the event, the company’s new communication direction, “Powering Your Ambition”, was formally unveiled. The campaign showcases the preparedness and capability of Globacom to support businesses and individuals with the right tools and services to enable them to set ambitious personal and business targets and realise them to the full.

The event was indeed a fun evening, which was compered by Godwin Komone, also known as Gordons the award winning comedian. From the green carpet which was hosted by actors, Tobi Bakre and Tope Olowoniyan, to pre-dinner cocktail, Glo was out to thrill its guests.

There were also performances by master saxophonist Yemi Sax, spiced up with comedy from Arinze Baba, and tap dancers from South Africa.

But the climax of the show was the electrifying performances by Glo ambassadors and music stars, Asake and Chike. They had the audience on their feet, signing along with the artistes and dancing into the early hours of Sunday to Chike’s “Osondi Owendi”, “If you no love”, and “Roju” as well as “Sungba “Joha”, "Lonely"

by Asake, which brought the house down.

For the four winners of the raffle draw, which saw four guests win an all-expensepaid business class trip to London, United Kingdom, courtesy of Globacom, the largesse was the climax.

Success Story Executive Vice Chairman of Globacom, Mrs Bella Disu, while paying tribute to Glo subscribers, partners, stakeholders and all those who have been with the company every step of the way for their support since inception, said "Your contributions have been essential to

heart and forefront of Powering the Ambition of "our great nation. Your ambition is Nigeria’s greatest resource, and we’re here to power it, so that it catapults us all from the realm of ideas into the plane of reality.

"This we achieve through our diverse enterprise and e-commerce offers, with super high way access to the internet via our high capacity Submarine Cable to the UK and an extensive national fibre optic backbone infrastructure, LTE advanced ultra high-speed streaming quality experience and huge investments in constantly upgrading our network".

Asake thrilling guests Globacom’s success story over the past two decades, and our story would be incomplete without you.

"This event is special for many reasons, one being that Globacom celebrated its 20th anniversary this past August. We’re incredibly proud of this feat, which symbolises two decades of our commitment to excellent service delivery, quality, innovation, and outstanding communication strategies."

She further noted that the current pace of digital transformation was far quicker than what it was when Globacom started. “What was once deemed impossible is now the norm.

As a digital solutions provider, we embrace these unlimited opportunities to serve our customers by constantly investing in the latest tools and technology," she added.

On the new communication direction, she said it focuses more on powering and driving ambition, while ensuring success for Glo’s existing and future customers.

Commending the Marketing Communications team for the creatives, she added that “the creative genius steering us and whipping up most of these ideas is none other than the great guru himself, our Chairman, Dr Mike Adenuga Jr. I’m not sure he would have wanted me to share that, but after 20 years of his creative direction, I think it’s fair to let the cat out of the bag.

“We are excited about the next 20 years of serving our customers by pre-empting

and fulfilling their needs in ways that help them achieve their ambitions. We count on you all to be by our side as we write tomorrow’s success stories."

Powering Ambition of Nigerians With the new strategic direction of powering the ambition of Nigerians as was showcased in the new commercials for the company’s new communication direction, Globacom said that every new business innovation, product and service the company deploy brings its customers one step closer to their goals, “‘Powering Ambition’ is much more than just a proposition.

Noting that it is a promise, it has seen Globacom partnering its customers in delivering cutting edge digital transformation of their businesses and innovative ideas.

To achieve this, they amplify the voice and entrepreneurial spirit of that business start-up via Glo SME in A Box. The company has also accelerated the pace of that next tech giant and strengthened the already accomplished local businessman.

Admitting that, “Nigeria’s Unlimited Potential is forged in the Ambition of the Nigerian Spirit", the telco giant noted that it is only right that Nigeria’s one and only Unlimited Network is at the

Expectations Meanwhile, earlier that day, Globacom hosted the media at a press conference held at the company’s headquarters, Mike Adenuga Towers, Victoria Island, Lagos where it expressed gratitude to the media for its massive support in the last two decades.

Noting that it had invested heavily in infrastructure to improve internet speed as more optic fibre cables are being laid nationwide, the Chief Technical Officer for the firm, Mr Remi Makinde, said would perfect its 4G connection by building the right infrastructural support and would move to 5, 6 and even 7G with time.

Speaking during his presentation on broadband penetration so far, Makinde said, “We are here to ensure that our customers have the best coverage. With the current challenge of energy globally, we are optimising our power systems nationwide on all our field stations to ensure that despite the global energy challenge in terms of diesel pricing and power supply, we are deploying green energy solutions.

“We have done a replacement of over 4,000 whole batteries to ensure that our sites don’t go down and our customers always have connectivity. Going into 2024, we would make sure the sites are always available to our customers.”

For fibre optic enhancement and expansion, Makinde noted that the company had completed over 286km of new fibre routes nationwide, adding that "ongoing, we have 736km of new fibre routes that we are laying pan Nigeria to ensure that broadband penetration is guaranteed and provided to all our teeming customers, both corporate and retailers. In the transport and transmission network, we have done with the IP backhaul which we upgraded from 300 gbps to 600 gbps".

It would therefore be stating the obvious to opine that Globacom’s outstanding contributions to the nation’s telecoms industry since its rolled out services in 2003 has been that of service delivery, innovation and value added. With the promises of a better decade looming, the telco giant has pledged not to rest on its oars to support businesses and individuals with the right tools and services to enable them to set and achieve ambitious personal and business targets.

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interview

John Baxter: UK Working with Nigeria to Reduce Climate Change Impact, Promote Global Sustainable Future As the United Nation’s Climate Change Conference known as Conference of the Parties, COP28, opens today in Dubai, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, in this interview with Chiemelie Ezeobi, said the United Kingdom is working with the Federal Government of Nigeria, civil society organisations and climate change advocates to mitigate effectively and address the impacts of climate change, promote economic opportunities and drive international efforts to keep 1.5 degrees within reach The UK government made some commitments last COP, how far have they gone in achieving that? he UK government has made significant strides in fulfilling its commitments from the last COP. For example, we have helped operationalise the Loss and Damage fund and the Santiago Network for Loss and Damage, ensuring they both deliver effectively for countries that are particularly vulnerable to the adverse effects of climate change.

The UK has committed £5m towards the set up and development of the Santiago Network, which will catalyse technical assistance for Loss and Damage in vulnerable countries.

Last year in Sharm el Sheikh, the Foreign Secretary announced Propcom+, our flagship £95m sustainable agriculture programme for Nigeria, that provides a triple benefit to people, climate and nature. Propcom+ is currently supporting several great initiatives, including Reduced Methane Emission Rice production, through a pilot with rice farmers in northern Nigeria that supports increased yields and incomes, improves soil quality, and reduces greenhouse gas emissions.

The UK is equally focused on achieving all our own climate commitments, decarbonising faster than any G7 nation, having cut emissions by approximately 48 per cent between 1990 and 2021.

Achievements include being the first major economy to legally set a net zero target by 2050, committing to a 2030 target to reduce emissions by 68 per cent, and having a legally binding emissions reduction target of 77 per cent for 2035.

Additionally, the PM announced that the UK will provide $2 billion to the Green Climate Fund at the G20, demonstrating a strong commitment to global climate action.

During our COP26 Presidency, the UK played a pivotal role in driving international efforts, leading to a substantial increase in the proportion of global GDP covered by net zero commitments, from 30 per cent to over 90 per cent. Key agreements were reached, including those related to decarbonisation, the Paris Agreement rulebook, and commitments to climate finance.

In Nigeria, the UK remains committed to supporting Nigeria to become a higher-growth, more inclusive and sustainable economy, including utilising opportunities to support Nigeria’s ambitious climate mitigation targets and Energy Transition Plan.

We welcome Nigeria’s existing climate commitments including the Nationally Determined Contribution (NDC) and net zero by 2060 target. We urge look forward to seeing the new administration’s plans to deliver these commitments.

Examples of some of the UK’s commitment in Nigeria can be seen through the UK Nigeria Infrastructure Advisory Facility (UKNIAF) and UK Partnering for Accelerated Climate Transitions (UKPACT) programmes, and the ongoing support for sustainable agriculture and forestry through initiatives like Propcom+.

For example, through UKPACT the UK is supporting the National Council on Climate Change (NCCC) facilitate the mobilisation of finance and resources for effective climate action, including help to establish a National Climate Change Fund.

For example, the UKNIAF programme developed a USD 2 billion+ pipeline of climate smart Public Private Partnership projects.

This includes transport schemes - the Lagos Waterways Ferries project and Bus Rapid Transit projects in several cities, as well as working with the African Development Bank on agriculture processing zones in two states.

change; provided almost 70 million people with improved access to clean energy; installed 3,600 megawatts of clean energy capacity; and reduced or avoided 86m tonnes of greenhouse gas emissions.

We remain committed to spending £11.6bn on international climate finance, including £3bn to protect, restore and sustainably manage nature and tripling UK funding for adaptation to £1.5bn in 2025, to support the most vulnerable who are experiencing the worst impacts of climate change.

Climate finance provides co-benefits that extend far beyond climate change. For example our sustainable agriculture work in Nigeria, through Propcom+, helps to not only mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation.

We are working to improve access to climate finance for countries most affected by climate change, like Nigeria, including by co-chairing the Taskforce on Access to Climate Finance.

At COP28, the UK will launch a new Global Centre for Access to Climate Finance.

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What are the possible areas of commitment we should expect for COP28?

COP28 comes at a crucial moment, involving the first ever Global Stocktake of progress against the Paris Agreement. It must galvanise a step change in action and ambition.

Climate change and nature loss are existential challenges. The science is clear that urgent and rapid progress is needed to avoid the

Through programmes such as UK Nigeria Infrastructure Advisory Facility (UKNIAF), the UK helps Nigeria improve access to climate finance streams, including support to create Nigeria’s Climate Change Fund.

Mr. Jonny Baxter most damaging impacts of climate change.

At the same time, the low carbon transition will be an engine for investment, growth, jobs, and exports as industries transform.

A priority for the UK is to ensure that COP28 delivers an outcome that puts the world on track to keep temperature rise below 1.5C, halving global emissions by 2030. We also need to build resilience to current and future climate impacts and halt and reverse global biodiversity loss by 2030.

Urgently delivering on the $100bn goal and supporting our developing country partners remains a critical priority. We need action and cooperation from all actors to secure the finance required to transition to a low-carbon, climate resilient world.

This year, Climate Transition & Adaptation will be the focus, especially as it encompasses critical issues ranging from water and food security to youth empowerment, gender equity, trade dynamics, renewable energy, and resilient relief systems, how is the UK government keying into that?

The United Arab Emirates Presidency and all parties will drive forward an ambitious agenda across a range of critical issues. The science is clear that we must match rapid decarbonisation with swift, systematic adaptation action at scale to protect lives, societies and ecosystems from further shocks and loss. All countries must build resilience to future impacts and adapt and transform our societies and systems for a viable future.

The UK’s work on sustainable agriculture and forestry through Propcom+ supports food security, increases climate resilience and addresses gender equity. We look forward to partnering with the Government of Nigeria to deliver policy measures on Agriculture, Forestry and other Land Use, such as alternate wet and drying rice production, agro-forestry, and mangrove protection and restoration.

We continue to provide support across the climate spectrum, including for a just energy transition in Nigeria, through UKNIAF and UKPACT programmes. For example, we support Nigeria’s goal to provide 30 per cent of energy through renewables by 2030, through development of sustainable business models that embed renewable energy generation to the grid.

The UK is delivering on our global commitment of £11.6bn, and, to support the most vulnerable who are experiencing the worst impacts of climate change, we will triple our funding for adaptation from £500m in 2019 to £1.5bn in 2025.

COP always brings the world together at a critical moment for global transformative climate action, however, one of the areas that civil society organisations have nit-picked global commitments at COP is the lack of implementation afterwards. What do you think is the way forward?

Getting the world to come together on climate commitments is no mean feat, as we found out in Glasgow for COP26. But this is only the first step.

How we implement the agreements from COP will shape the future of the planet for generations.

Key to this is mobilising the finance necessary to enable implementation.

Another key to supporting greater implementation post-COP lies in strengthening accountability mechanisms and fostering international cooperation. Regular progress assessments, transparent reporting, and active involvement of civil society in monitoring can enhance commitment follow-through.

This is why the UK is currently supporting civil society organisations in Nigeria led by the Centre for 21st Century Issues, to coordinate and collaborate ahead of and at COP28, including supporting an engagement strategy, a coordinated communications campaign, and capacity building activities.

The UK is committed to working with our partners around the world, including Nigeria, to ensure that global climate ambition is translated into effective actions that support a prosperous, low carbon, future for us all.

When it comes to financing climate actions for low-middle income countries (LMICs), one of the fears is not making the funds available but the diversion of such funds for other uses contrary to what they were disbursed for. Is giving more money the solution or ensuring they disburse judiciously the way to go?

Both the volumes of climate finance and the disbursement methods must continue to improve as the need for climate finance grows over the coming years and decades.

Since 2011, our International Climate Finance has helped over 100 million people cope with the effects of climate

The UK committed $2bn to the Green Climate Fund’s second replenishment and aims to urgently accelerate support to the poorest and most vulnerable countries. This includes greater support to countries, like Nigeria, which have yet to benefit significantly from the Green Climate Fund.

We are working with Nigeria to understand how we can best support the Government to better access the Green Climate Fund and other international sources of climate finance.

We welcome recent economic reforms and encourage successful implementation to help create an investment environment that welcomes external financing and supports climate objectives.

Talking about the big polluters, when and how can they be held more accountable beyond lip service?

Tackling climate change is a global problem and we need to work together to address it.

Events like COP28 are important, but we must move beyond ambition to implementation.

The Paris Agreement is based on international cooperation and the will of the international community to hold each other to account. Many countries have also developed national legislation, like Nigeria’s Climate Change Act, and the UK’s net-zero legislation, that regulate behaviours in country and enables governments to hold individuals and organisations to account for their emissions, including penalties in some circumstances for non-compliance.

As the economy is de-carbonising, changing emitting behaviours also becomes more profitable and attractive. Initiatives such as the Power Breakthrough goal help to make clean power the most affordable and reliable option for all countries by 2030. This can provide the real-world incentives to change high emitting behaviours. At COP28 we hope to see a clear demonstration that the oil and gas industry is ready to play a full part in the transition to a low carbon economy globally.

Global war between Russia and Ukraine surely have an impact on the climate and environment. How can that impact be mitigated, and role will your government play in that?

The Russian government continues to pursue its reprehensible war with Ukraine which is a clear breach of the UN Charter. Russia has been falsely blaming sanctions for driving up food and fuel prices while acting to obstruct exports and attacking Ukraine’s grain and export infrastructure.

The story continues online on www.thisdaylive.com

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opinion@thisdaylive.com

www.thisdaylive.com

INDIA’S G20 PRESIDENCY AND THE DAWN OF A NEW MULTILATERALISM

NARENDRA MODI reflects on India’s Presidency of G20

See page 27

IMO: WHY DECEMBER 5 MATTERS

The day matters to those who place premium on justice, argues IFEANYI NWALOR

See page 27 EDITORIAL

ISSUES IN WIKE’S REVENUE DRIVE IN FCT

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CHUKWUEMEKA UWANAKA urges Afreximbank to establish an African Shipping Line to boost trade on the continent

CAN AFREXIMBANK EFFECTIVELY CONNECT AFRICAN MARKETS?

“For whosoever commands the sea commands the trade; whosoever commands the trade of the world commands the riches of the world, and consequently the world itself,”.

Walter Raleigh (1829).

At the recently concluded third IntraAfrican Trade Fair (IATF) 2023 of Nov 9 -15, 2023, organised by African ExportImport Bank (Afreximbank) with the theme ‘Connecting African Markets’, the need for policies and practical efforts to address some of the pressing socioeconomic challenges in the continent, especially low intra-African trade, were once again highlighted. As logistics provide praxis for trade, attaining the desired objective of sustainably increasing connection among African markets, will therefore require attention on shipping lines that can effectively connect African markets.

Deducing from Walter Raleigh’s quote, Africa has to command the African seas, if Africa is to command African trade.

And what is the connection between shipping lines and the IATF, also known as African Continental Free Trade Agreement (AfCFTA) Marketplace, organised by Afreximbank, alongside the African Union and AfCFTA Secretariat?

The answer lies in effective trade, especially within the continent. Trade is effective when payment has been made, and then delivery done. The challenges of intra-regional trade in Africa have largely centered on these two factors- payment and the logistics for delivery.

For delivery, it is important to note that over 90 percent of global trade is maritime based according to the World Bank, hence the importance of shipping for trade in Africa.

Afreximbank led by Benedict Oramah, a Professor of International Trade and Finance, has been active in addressing issues around economic development and trade facilitation within the continent. He has successfully championed the commencement of the Pan-African Payment & Settlement System (PAPSS), with Mike Ogbalu as CEO, which is designed to address challenges with intraAfrican payment. There are 42 different non-convertible currencies on the continent simultaneously, while intra-African trade remains low at 18.2 per cent or $169.7 billion in 2021. This is in comparison with the continents trade with America at 47 percent, Asia at 61 percent and Europe at 67 percent.

Prior to PAPSS, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) was the main platform for African banks to conduct cross-border financial transactions, leading to an estimated loss of about $5 billion annually, thereby making intra-African trade inefficient. Intra-regional payments can sometimes take up to two weeks, if at all successful.

Therefore, a strategic reading of the scenario will further reveal why effective shipping logistics are important. As PAPSS is resolving payment challenges, the next challenge becomes- how do businesses in Africa effectively send their goods and services to

buyers and sellers within the continent?

To understand the challenge of delivery after payment- which makes trade effective, it becomes necessary to evaluate the condition of shipping linkages in the continent, especially as over 90 percent of trade is maritime based.

From the Liner Shipping Connectivity Index (LSCI) published by the United Nations Conference on Trade and Development (UNCTAD), which measures how well countries are connected to global shipping networks based on the status of their maritime transport links, African countries are poorly ranked. The low rank of Africa countries on the LSCI, is an indicator of a continent’s position within the global liner shipping networks, and helps explain the challenge of low intra-African and inter-African trade.

The absence of adequate shipping lines within the continent therefore remains one of the major constraints to intra-African trade.

Many African companies that trade within the continent, have their cargo for other African countries sent to destinations outside the continent, before final delivery. This has negative implications on competitiveness, cost and quality, and discourages intra-African trade. This is similar to the payment situation, before PAPSS was introduced. However, the capacity and performance demonstrated

by Afreximbank with PAPSS, and on other initiatives, makes it best positioned to addressing the shipping constraints for intraAfrican trade.

There are some more sectoral examples that amplify the need for a continental shipping line. In 2019, at least US$16 billion worth of used vehicles were imported into Africa, with a substantial number coming with outdated technology that increases outdoor air pollution, causes several respiratory diseases and somewhat constrains the market space of African carmakers. Some African carmakers such as Innoson Vehicle Manufacturing (IVM) located at Nnewi, Nigeria, have complained about their inability to export IVM cars to over 14 African countries where they have orders, due to the absence of shipping lines that hinder intra-African trade. For the African countries that IVM has successfully exported to, the ships first go to Europe, before getting to Africa, increasing cost and time, and negatively impacting the competitiveness of African technology products.

What then will an Afreximbank supported African Shipping Line look like?

Afreximbank is a well-resourced multilateral organisation with human and material resources for actualizing grand economic ideas. But some propositions can be attempted.

Afreximbank can finance the establishment of an ‘Africa Shipping Line’, with a mandate to effectively and efficiently connect all African countries, including landlocked countries.

The proposed shipping line will ensure service coverage of underserved and non-served locations, ports and countries in the continent, but in an efficient manner that makes business and economic sense. Some level of code sharing and partnership will be enabled, in a manner that ensures existing Africa shipping companies are not crowded out. Provision can be made for existing African shipping companies to join efforts with the shipping line, through a franchise arrangement. The proposed Shipping Line will be managed by an experienced maritime management team, in accordance with private sector leanings, and no government interference.

Ownership structure for the proposed African Shipping Line can be through shareholding for all African countries, funded either through paid-up capital, or debt financing. The debt of countries that fund their shareholding through debt equity, will be paid from the profit dividend that accrues to such countries. Also, comprehensive logistics arrangements will be made for the 16 landlocked African countries, through accompanying rail and road agreements. The comprehensive arrangement for load factor across unserved and underserved African locations, provides economies of scale for more business feasibility of the proposed shipping line.

And there are existing and institutional resources within Afreximbank, that can support the proposed Africa Shipping Line. They include the Intra-African Trade Advisory Council (IATAC), chaired by Olusegun Obasanjo, leading pan-Africanist and former President of Nigeria. Obasanjo as Nigeria’s Head of State between 1976 and 1979, significantly revived the Nigerian National Shipping Line (NNSL) in 1977, through the procurement of 19 new vessels.

NNSL had 24 oceangoing ships by 1979, when he completed his then tenure. His experience and advisory support on how government managed shipping companies tried to manage the vagaries of government management, financial factors and geopolitics, will come in very handy, for the proposed African Shipping Line.

To add that there are existing financing frameworks in some African countries, that can provide leverage and enhance the efficient commencement of the proposed shipping line.

Dr Uwanaka writes from African University of Science and Technology, Abuja. chukweks@yahoo.com

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The day matters to those who place premium on justice, argues IFEANYI NWALOR NARENDRA MODI reflects on India’s Presidency of G20

INDIA’S G20 PRESIDENCY AND THE DAWN OF A NEW MULTILATERALISM

Today marks 365 days since India assumed the G20 Presidency. It is a moment to reflect, recommit, and rejuvenate the spirit of ‘Vasudhaiva Kutumbakam, ‘One Earth, One Family, One Future.’

As we undertook this responsibility last year, the global landscape grappled with multifaceted challenges: recovery from the Covid-19 pandemic, looming climate threats, financial instability, and debt distress in developing nations, all amid declining multilateralism. In the midst of conflicts and competition, development cooperation suffered, impeding progress.

Assuming the G20 Chair, India sought to offer the world an alternative to status quo, a shift from a GDP-centric to human-centric progress.

India aimed to remind the world of what unites

us, rather than what divides us. Finally, the global conversation had to evolve - the interests of the few had to give way to the aspirations of the many. This required a fundamental reform of multilateralism as we knew it.

Inclusive, ambitious, action-oriented, and decisive—these four words defined our approach as G20 president, and the New Delhi Leaders’ Declaration (NDLD), unanimously adopted by all G20 members, is testimony to our commitment to deliver on these principles.

Inclusivity has been at the heart of our presidency. The inclusion of the African Union (AU) as a permanent member of the G20 integrated 55 African nations into the forum, expanding it to encompass 80% of the global population. This proactive stance has fostered a more comprehensive dialogue on global challenges and opportunities.

The first-of-its-kind ‘Voice of the Global South Summit,’ convened by India in two editions, heralded a new dawn of multilateralism. India mainstreamed the Global South’s concerns in international discourse and has ushered in an era where developing countries take their rightful place in shaping the global narrative.

Inclusivity also infused India’s domestic approach to G20, making it a People’s Presidency that befits that world’s largest democracy. Through “Jan Bhagidari” (people’s participation) events, G20 reached 1.4 billion citizens, involving all states and Union Territories (UTs) as partners.

And on substantive elements, India ensured that international attention was directed to broader developmental aims, aligning with G20’s mandate.

At the critical midpoint of the 2030 Agenda, India delivered the G20 2023 Action Plan to Accelerate Progress on the Sustainable Development Goals (SDGs), taking a cross-cutting, actionoriented approach to interconnected issues, including health, education, gender equality and environmental sustainability.

A key area driving this progress is robust Digital Public Infrastructure (DPI). Here, India was decisive in its recommendations, having witnessed the revolutionary impact of digital innovations like Aadhaar, UPI, and Digilocker first-hand. Through G20, we successfully completed the Digital

Public Infrastructure Repository, a significant stride in global technological collaboration.

This repository, featuring over 50 DPIs from 16 countries, will help the Global South build, adopt, and scale DPI to unlock the power of inclusive growth.

For our One Earth, we introduced ambitious and inclusive aims to create urgent, lasting, and equitable change. The Declaration’s ‘Green Development Pact’ addresses the challenges of choosing between combating hunger and protecting the planet, by outlining a comprehensive roadmap where employment and ecosystems are complimentary, consumption is climate conscious, and production is planetfriendly. In tandem, the G20 Declaration calls for an ambitious tripling of global renewable energy capacity by 2030. Coupled with the establishment of the Global Biofuels Alliance and a concerted push for Green Hydrogen, the G20’s ambitions to build a cleaner, greener world is undeniable.

This has always been India’s ethos, and through Lifestyles for Sustainable Development (LiFE), the world can benefit from our age-old sustainable traditions.

Further, the Declaration underscores our commitment to climate justice and equity, urging substantial financial and technological support from the Global North. For the first time, there was a recognition of the quantum jump needed in the magnitude of development financing, moving from billions to trillions of dollars. G20 acknowledged that developing countries require $5.9 trillion to fulfil their Nationally Determined Contributions (NDCs) by 2030.

Given the monumental resources required, G20 emphasised the importance of better, larger, and more effective Multilateral Development Banks. Concurrently, India is taking a leading role in UN reforms, especially in the restructuring of principal organs like the UN Security Council, that will ensure a more equitable global order.

Gender equality took centre stage in the Declaration, culminating in the formation of a dedicated Working Group on the Empowerment of Women next year. India’s Women’s Reservation Bill 2023, reserving one-third of India’s Parliament and state legislative assembly seats for women epitomizes our commitment to women-led development.

The New Delhi Declaration embodies a renewed spirit of collaboration across these key priorities, focusing on policy coherence, reliable trade, and ambitious climate action. It is a matter of pride that during our Presidency, G20 achieved 87 outcomes and 118 adopted documents, a marked rise from the past.

During our G20 Presidency, India led deliberations on geopolitical issues and their impact on economic growth and development.

Terrorism and the senseless killing of civilians is unacceptable, and we must address it with a policy of zero-tolerance. We must embody humanitarianism over hostility and reiterate that this is not an era of war.

I am delighted that during our Presidency India achieved the extraordinary: it revitalised multilateralism, amplified the voice of the Global South, championed development, and fought for the empowerment of women, everywhere.

As we hand over the G20 Presidency to Brazil, we do so with the conviction that our collective steps for people, planet, peace, and prosperity, will resonate for years to come.

Modi is Prime Minister of India

IMO: WHY DECEMBER 5 MATTERS Four years after Imo State was visited with a judicial assault, it will not be out of place to submit that the strangeness that was berthed in the state on January 14, 2020 has run its full course. On the aforementioned date, something never heard of in Nigeria’s electoral jurisprudence hit Imo State. The then governor of the state, Emeka Ihedioha, was unceremoniously removed by the Supreme Court. He was replaced by Hope Uzodinma who, going by the earlier judgment of the same court, was not a candidate in the March 9 governorship election in the state. This bizarre act has not only been a thorn in the flesh of the apex court, it has left Imo quaking since then. There have been upheavals of all sorts, most of them culminating in loss of lives and property. Insecurity which was hardly heard of in the state grew into a whirlwind, sweeping through the length and breadth of the state.

The strangeness that brought Uzodinma to power has remained a source of distemper, pitting the people against the government.

Imo has, in the process, practically become a killing field.

As I earlier noted, this anomalous situation has run its full cycle. It is therefore high time it was replaced with a just, democratic order.

This is what the Supreme Court is set to do on December 5, 2023. This date matters to all lovers of democracy. It matters to those who

place premium on justice. It is a day that can free Imo State, indeed the Nigerian state, from the shackles of injustice and democratic disorder. Above all that, the day will afford the Supreme Court the opportunity to right its own wrong. If it does this, it would have set itself free from charges bordering on double standards and duplicity.

But what exactly will the Supreme Court be talking about on December 5? Let us go down memory lane. On December 20,2019, the Supreme Court adjudicated on the Imo governorship dispute and ruled that a certain Uche Nwosu was guilty of double nomination in that he was the candidate of both the All Progressives Congress (APC) and the Action Alliance (AA) in the March 9 governorship election in Imo State. Double nomination is an electoral offense as it violates the provisions of the Constitution of the federal republic of Nigeria, 1999 (as amended) and the Electoral Act. Consequently, the court disqualified Nwosu from the election and declared that the two parties he held their tickets did not participate in that election.

Curiously however, the same court, while sitting on another petition on Imo governorship election brought before it by Hope Uzodinma, threw its earlier judgment overboard and came up with a strange verdict. In the judgment

delivered on January 14, 2020 the Supreme Court conveniently glossed over its earlier judgment and recognized Uzodinma as the APC candidate in the said election. The court did not just recognize Uzodinma as candidate, it even went ahead to award him victory in that election. By this act, the court, wittingly or unwittingly, imposed two candidates on the APC. One was Uche Nwosu. The other was Hope Uzodinma.

This was the absurdity we were left with.

The judgment contradicted its earlier declaration that “a political party is not capable of sponsoring two candidates for the same office in the same election”.

It must be emphasized that the Supreme Court involved itself in this absurd situation because it did not give effect to its earlier judgment of December 20,2019.

If it had done that, there would have been no need for the January 14,2020 judgment. Why the court did not make a consequential declaration on the judgment left many wondering. Why it has not done so since four years has been another source of curiosity. Why has the Supreme Court been acting strange on a matter that is supposed to be straightforward?

Obviously miffed by this contradictory judgment, two political parties, the Action Peoples Party and the Peoples Democratic Party approached the Supreme Court to reconcile its January 14 judgment with its position that a political party is not capable of sponsoring two candidates for the same office in the same election. This is the matter before the Supreme Court on December 5, 2023. It has taken four clear years for the court to return to this contentious issue.

The matter has been unduly delayed. But now that the court has decided to deal with the issues in contention, the expectation is that it will be guided by justice and the law.

The need to return Imo State on the path of sanity cannot be overemphasized.

Since January 2020, peace has been a luxury in the state. What is prevalent is bloodletting. Life has become so cheap.

People are easily cut down on a daily basis.

Security agencies have not been left out in the mayhem. In their bid to maintain peace and order, many of them have lost their lives. The situation has not been helped by the overzealousness of some security personnel who have been cashing in on the bad situation.

To fully appreciate how bad things have become, one needs to take a little recourse to the report of a coalition of civil society groups on the killings that have taken place in Imo State in the last four years.

The report of violent deaths, extra judicial murders, abductions, arson and the like are frightening. The stories sound outlandish.

Yet they are real. They are only indicative of the brutish state that the state sunk into since 2020. This ugly trend must be halted and reversed.

The situation has even been exacerbated by the governorship election that recently held in the state. For the people of the state, the election was unnecessary. They wondered why the dispute over the 2019 governorship election will be glossed over in preference for a new election.

Nwalor, a civil rights advocate, writes from Okigwe

28 4

T H I S D AY

THURSDAY NOVEMBER 30, 2023

EDITORIAL

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

T

ISSUES IN WIKE’S REVENUE DRIVE IN FCT The drive for infrastructural renewal is welcome, but the fee for mass housing is excessive

he Minister of Federal Capital Territory (FCT), Nyesom Wike, is without a doubt, one of President Bola Tinubu’s anchor men. Since assuming office, reviving the federal capital city from the slumber imposed on it by the lacklustre eight years of the President Muhammadu Buhari administration has been Wike’s charge. And right from Day One, he has committed himself to restoring the Abuja Master Plan, improving on infrastructure, and securing the lives and property of the residents. Wike’s success in convincing the president to pull the FCTA out from the Treasury Single Account (TSA) to enable him utilise generated revenue for the development of Abuja indicates the extent he intends to go to be able to deliver on his selfappointed mandate of infrastructural renewal.

To raise revenue, Wike appears focused on efficient collection of taxes and levies, including contravention fees, ground rents, and certificate of occupancy fees, warning that those who fail to pay upon deadline or are in contravention of land use regulations would have their land allocation revoked. He has since walked his talk by revoking some allocations.

Promising judicious application of funds, Wike also said recently that he had saved N110 billion within three months by paying closer attention to wage and related bills. He pledged to deploy the funds to the provision of basic infrastructure, including provision of mass transit buses and taxis to commute citizens from the satellite towns to the municipal areas.

While we commend these bold steps, we, however, implore Wike to exercise caution in the implementation of his policies to avoid unintended consequences that may impose hardships on the very citizens whose interests he wants to protect. One of such policies is the review of the guidelines on mass housing with respect to the issuance of Certificate of Occupancy (CofO). At a recent meeting with

stakeholders, the minister said owners of houses in the mass housing estates will now be required to pay a flat rate of N5 million within three months. Upon appeals, Wike reduced the fee to N3.5 million to be paid within four months. He also directed that those who already have CofO in other schemes would need to recertify with the payment of N50,000 to link their National Identification Number and Bank Verification Number to the land document.

By the Mass Housing Policy initiated in 2000, and the guidelines approved by Federal Executive Council in October 2009, developers, after the completion of the estates, are supposed to forward the list of subscribers to the Department of Mass Housing, which will then issue CofOs to the house owners.

Many years after, the developers have refused to comply with this guideline, largely because of the duplicity of government officials charged with the responsibility to oversight the implementation of the scheme, leading to huge loss of revenue to the government.

Therefore, Wike’s policy review is correct, timely, and will bring more funds to the coffers of the FCTA even as it seeks to sanitise the chaotic land administration system. The issuance of CofO will also free house owners from the stranglehold of property developers as it grants them title and makes their houses bankable. However, as the stakeholders have complained, the fee is still high, and the deadline, arbitrary. Given that the scheme was initially meant for low and medium-income earners, it is difficult to see how the people would be able to afford the whopping sum within the stipulated deadline.

We implore Wike to have a further rethink of the fee and deadline. The fee ought to be affordable, and rather give a tight deadline, application for CofO should be optional while focus should be on speeding up the process of acquisition of the document, which currently takes several years to obtain.

The issuance of CofO will free house owners from the stranglehold of property developers as it grants them title and makes their houses bankable. However, the fee is still high, and the deadline, arbitrary T H I S D AY

EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS WHY ENVIRONMENTAL INJUSTICE FLOURISHES On Tuesday November 21, 2023, I participated as a panelist at the Institute for Housing and Urban Development Studies (IHS), Erasmus University, Rotterdam, Netherlands, panel discussion on “The role of multi-stakeholder engagement in achieving environmental justice.” The gathering which held in Victoria Island, Lagos, formed part of training on Environmental Justice: Reducing Ecological and Social Inequalities through Effective and Participatory Land Governance.

Essentially, in my private preparation for the programme, the need to domesticate the subject became paramount to me. To achieve this objective, the following questions came flooding: what is Environmental Justice? Are there traces or evidence that it exists in any part of Nigeria? In what forms or shape? Who are the people responsible? Who are the most impacted? How can we creatively achieve effective development, implementation and enforcement of environmental laws, regulations, and policies without discrimination against the have-nots and vulnerable peoples? What strategy and tactics can policy and decision makers at both federal and state levels adopt to get the people directly involved in the decision-making process that affects their environment?

Providing answers to the above questions beginning with the first, from what experts are saying, environmental justice is a crusade that advocates fair treatment and meaningful involvement of all people, regardless of race, color, national origin, or income, with respect to the development, implementation and enforcement of environmental laws, regulations, and policies.

Viewed broadly, environmental justice, according to Wikipedia, is a social movement to address environmental injustice, which occurs when poor or marginalized communities are harmed by hazardous waste, resource extraction, and other land uses from which they do not benefit. The movement has generated hundreds of studies showing that exposure to environmental harm is inequitably distributed.

Historically, the movement began in the United States in the 1980s. It was heavily influenced by the American civil rights movement and focused on environmental racism within rich countries. The movement was later expanded to consider gender, international environmental injustice, and inequalities within margined groups.

The global environmental justice movement arises from local environmental conflicts in which environmental defenders

frequently confront multi-national corporations in resource extraction or other industries. Local outcomes of these conflicts are increasingly influenced by trans-national environmental justice networks.

Undoubtedly, when the above explanation is juxtaposed with the ongoing degradation in the country in the name of development, it becomes glaringly obvious that environmental injustice exists here in Nigeria and remains a sin that all must share in its guilt. But if this injustice which daily and harmfully impacts the poor and other vulnerable Nigerians is a challenge in other parts of the country, what is happening in the Niger Delta region, South South Geopolitical zone is a crisis.

It is a brazen unfairness planted by the government and signposted in areas such as parade of multiple but obsolete environmental laws, poor enforcement habit and lack of capacity to see through to programme monitoring and evaluation, discrepancy in application and implementation of environmental policies, programmes and initiatives.

Jerome-Mario Utomi, Programme Cordinator (Media and Public Policy), Social And Economic Justice Advocacy. Lagos

29

T H I S D AY • Thursday, November 30, 2023

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 er

S & P INDEX

2 9 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Despite Growth in Global Internet Connectivity, Disparities Persist as ITU Moves to Close Gaps

Emma Okonji A steady but uneven progress in global Internet connectivity highlights the disparities of the digital divide, a new development that is leaving people in low-income countries behind, the International Telecommunication Union’s (ITU) has said.

ITU in its Facts and Figures report said analysis on global internet traffic and 5G network coverage highlights the gaps between high-income and lowincome countries, despite growth in global internet connectivity data.

Analysis on internet data usage, featured for the first time in the ITU’s annual connectivity report, it showed that fixed-broadband

services accounted for over 80 per cent of global internet traffic in 2022.

The report revealed that the volume of internet traffic across fixed-broadband networks, which remain common in office and home settings, far exceeded that of mobile-broadband networks.

But the dominance of the fixed networks underscores the global connectivity disparity between high- and low-income countries, with only one fixed-broadband subscription per 100 people in low-income countries due to high prices and a lack of infrastructure.

Worried about the new global development, the ITU SecretaryGeneral, Doreen Bogdan-Martin, said: “The further and faster

technology advances, the more urgent our mission to connect everyone becomes. Fulfilling the promise of universal and meaningful connectivity is one of the most important causes of our time in our effort to realise the sustainable future we want and need.”

ITU, the United Nations specialised agency for information and communication technologies, reported earlier this year that an estimated 2.6 billion people, or one-third of the global population, remained offline in 2023.

The ITU’s flagship Facts and Figures tracks global connectivity with estimates on key indicators, including those related to infrastructure,

affordability, gender, and location.

It now includes new indicators on global 5G network coverage and internet traffic data.

But in Nigeria, the development about internet connectivity data is different, as internet traffic across mobile-broadband networks, far exceeded that of fixed-broadband networks.

According to statistics, which THISDAY obtained from the official website of the Nigerian Communications Commission (NCC), the total number of internet subscriptions in Nigeria as at August 2023, was 159,034,717, which is a combination of mobile-broadband networks, fixed-broadband networks and the Voice over Internet Protocol

(VoIP).

Out of the total 159,034,717 internet subscriptions number in Nigeria as at August this year, mobile network (GSM) alone accounted for 158,475,341, while the fixed wired network accounted for only 17,157 and the VoIP accounted 333,607 and wired/wireless network from Internet Service Providers (ISPs) accounted for 208,612.

The NCC statistics also showed that mobile network subscriptions maintained a steady lead over fixed wired network subscriptions since January this year.

In January, mobile network subscription was 155,675,178, while fixed wired network subscription was only 16,144. In

February and March this year, mobile network subscriptions were 156,420,881 and 156,989,223 respectively, while the fixed wired subscriptions were 16,320 and 16,457 respectively.

Similarly, in April and May this year, mobile network subscriptions were 157,667,708 and 159,038,028 respectively, while the fixed wired subscriptions were 16,531 and 16,690 respectively.

In June and July this year, mobile network subscriptions were 158,944,660 and 158,982,962 respectively, while the fixed wired subscriptions were 16,897 and 17,098 respectively.

The story continues online on www.thisdaylive.com

Adeniyi: Unstable Policies, Immunity Abuse Hampering Customs Revenue Generation Drive Raheem Akingbolu The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi has identified dwindling oil revenue, insecurity, abuse of privileges, immunity for high profile Nigerians and closure of land borders as some of the attendant challenges facing the operations of the service, leading to occasional decline in revenue generation into federation account.

In a presentation at the just concluded 2023 retreat, organised for the members of the Federation Account Allocation Committee

(FAAC), held in Asaba, Delta State, Adeniyi, who reviewed the activities of the NCS between January 2013 to December, 2022, said the service sustained a progressive trend in its performance for the period under review but confronted challenges in the area of revenue generation.

Citing example of the impact of some of the challenges, he highlighted how closure of land borders in 2015 led to a drastic reduction in imports, with consecutive drop in the Service’s generated revenue from N572,623,238,085.91 in 2014 to N542,147,557,911.17 in 2015.

He also disclosed that unstable oil prices in the international market has inversely affected the Nigeria government’s ability to finance its yearly budgets without difficulty.

The development, he said, aroused serious concerns for economic transformation from a monolithic economy characterized by over dependence on revenues from the oil and gas sector, to diversification and development of the non-oil economic sector, which he said has significantly impacted economic growth and national development thus far.

“By implication, the service

sustained a progressive trend in its performance for the period under review (2013 -2022). The shortfall in 2015 was due to closure of land borders by the then new administration of Muhammadu Buhari, ”Adeniyi said.

Adeniyi explained that security challenges posed threats capable of hindering revenue collection within the affected area.

He made reference to the eight years of Boko Haram insurgency in the North East, which he said, crippled economic activities in the geo-political zone.

He said: “Most times, unstable

government policies tend to affect the Services revenue generation drive. Also, rigid foreign exchange policies makes it difficult for importers to access foreign exchange {forex} or policies restricting some items from accessing forex affects volume of imports negatively. The suspension of policy on carbonated drinks, telecommunication services, Single-Use Plastics.

The introduction of chapter 99 has enabled many traders take their goods at low tariff rates.”

Another challenge he laid emphasis on, is the abuse of

privileges and immunities by public office holders.

According to him, it is difficult for NCS Officers to assess high government and public officials traveling into the country, which in turn hinder revenue generation.

To surmount the various challenges hindering smooth operation of the Service with respect to revenue generation, Adeniyi said it was germane for the Nigerian government to provide every necessary support needed by the service to attain its organisational goals and objectives.

M a r k e t d ata A s at w e d n e s d ay, N o v e m b e r 2 9 , 2 0 2 3 BILLS

BONDS Description Price Yield Change Updated Time (%) ^13.53 23November 98.19 14.98 46,00 22, 2023 MAR-2025 ^12.50 22November 95.52 14.91 28,00 22, JAN-2026 2023 ^16.2884 November 10.3.85 14.78 0.00 17-MAR-27 22, 2023 ^13.98 23November 97.09 14.90 0.00 FEB-2028 22, 2023 ^14.55 26November 97.62 15.20 0.00 22, APR-2029 2023

OTC F X F U T U R E S

CPS

Maturity

Discount Yield

NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24

6.85

6.86

Change (%) Updated Time November 0.00 22, 2023

Maturity

7.15

7.20

November -0.01 22, 2023

7.96

7.83

November 0.01 22, 2023

7.85

8.02

November 0.00 22, 2023

NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23 VAAG CP XVII 24-NOV-23

NTB 7-Mar24

11.20

11.65

November 3.00 22, 2023

VAAG CP XVII 24-NOV-23

Change Time Discount Yield (%) November 22.87 23.17 -1,00 22, 2023 November 14.84 14.98 0,00 22, 2023 November 22.87 23.19 0,00 22, 2023 November 20.23 20.49 0,00 22, 2023 19.53

19.85

November 0,00 22, 2023

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS NOV 1 – 27 2024 NGUS DEC 2 – 24 2024 NGUS JAN 3 – 29 2025 NGUS FEB 4 – 26 2025 NGUS MAR 5 – 26 2025

Date

November 22, 2023 November 22, 2023 November 22, 2023 November 22, 2023 November 22, 2023

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Thursday, November 30, 2023 • T H I S D AY

BUSINESSWORLD

e-Business

Reducing Unemployment with ICT Skills The Google Hustle Academy, which has trained and graduated 10,300 Small and Medium Enterprises across Africa since 2022 in Information and Communication Technology skills, is creating jobs and reducing the high rate of unemployment across Africa, writes Emma Okonji

S

ince 2022 that the Google Hustle Academy programme was launched in Africa, 10,300 SMEs have graduated from the programme, among which, 4,400 graduated from Nigeria.

Last week in Abuja, the Google Hustle Academy graduated and celebrated 5,300 Small and Medium Businesses (SMBs) across Africa who participated in the academy training in Nigeria, Ghana, Kenya and South Africa.

Among the 5,300 beneficiaries across the four African countries, over 2,000 beneficiaries graduated from Nigeria and 15 of them got the N75 million Google’s Hustle Academy SMB fund set aside for the Nigerian market. The fund is to further empower the SMBs, apart from the ICT training, which they received to enhance their businesses.

Pleased with the Google initiative to train and equip Nigerians and Africans in Information and Communications Technology, the Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, who was present at the graduation ceremony in Abuja, promised to engage the over 2,000 Nigerian beneficiaries by licensing them as Business Development Service Providers that would work with SMEDAN to onboard SMBs across Nigeria.

The Senior Special Assistant to the Vice President of Nigeria on Job Creation, Mr. Tola AdekunleJohnson, who was also present at the graduation ceremony, also promised to offer direct employment to one of the beneficiaries for a period of one year.

The Role of SMBs

Speaking about the role of SMBs during his opening speech at the graduation ceremony, Country Director for Google West Africa, Mr. Olumide Balogun, said: “SMBs are the livewire of any nation and African SMBs are resilient to do anything they set their hands upon to do.”

He however said rising inflation and high cost of living have adversely affected the sustainability of SMBs across Africa and to a large degree in Nigeria, adding that the Google Hustle Academy will allow SMBS to acquire the right ICT skills that will help them grow their business and also have access to financing and mentorship.

He cited the International Finance Corporation (IFC), which estimated that there are 44 million SMBs in sub-Saharan Africa, and half of them require more finance to grow their business.

Balogun therefore said digital scaling and access to ICT tools have a significant role to play in the growth of small business, insisting that without the required ICT skills, SMBs may not likely succeed, even when they have access to financing.

“To boost access to both training and financing, Google announced the Google Hustle Academy funds of N75 million for the Nigerian SMBs and 15 SMBs from Nigeria won it this year, through pitching of their ideas and solutions before selected panel of judges. Each of the 15 SMBs will in addition, get mentorship and access to Google tools. SMBs are critical to the growth of the Nigerian economy and 96 per cent of businesses in Nigeria are SMBs and they employ more than 80 per cent of the workforce, which is the reason why Google is supporting them through the Google Hustle Academy initiative. The Hustle Academy is a testament to what focused training and resources can achieve.

We are not just celebrating the graduating students, we are also recognising their potential to reshape and invigorate the Nigerian business landscape,” Balogun said.

ICT Skills

Addressing the importance of ICT skills training for small business owners across Africa, the lead trainer at Google Hustle Academy, Mr. Gori Yahaya said the training offered at the Google Hustle Academy would further expose the SMBs to new and better ways of doing business, using emerging technology tools. According to him, SMBs that registered for the Google Hustle Academy have the zeal to learn new skills in ICT and they are committed to learning. Our role as trainers is to impart knowledge about new trends in ICT skills on the trainees and to help them break the barriers that have prevented them from succeeding in their businesses. We give them the technology and the tools that will enable them grow their businesses in a much faster way, while they still sustain their business.

Aside the ICT knowledge skills that we offer in the Academy, we also teach them how to pitch their businesses before any given audiences.

Speaking about the basic skills that were taught in the Google Hustle Academy, Yahaya said the students were taught digital operations, trending digital tools to grow businesses, digital analytics, digital finance, digital marketing and funds management, among others.

Speaking about the learning traits in the two years training session covered by the Google Hustle Academy, Yahaya said the students learn better through peer-to-peer learning system that has enabled the trainees to share ideas among themselves. He further explained that successful entrepreneurs were also brought into the training class to share their business success stories with the trainees in order to encourage them and to boost their morale in achieving great things, despite challenges that they will encounter in their business journey.

He expressed optimism that so much technology skills have been imparted on the trainees that would enable them to grow their business, create employment and wealth.

Another lead trainer at the Google Hustle Academy, Mr. Felix Ogbuji, said there were established metrics through which they measured performances of the trainees and expressed satisfaction about the zeal of the trainees to learn new things and their resilience to overcome challenges all through the training process.

“During the training, which was virtual, we took them through strategy stage to the foundation building stage about businesses. One of the key trainings that we gave them was about business financing, which is key, because the inability of business owners to manage their business financially, has led to the collapse of several small businesses. Most of them find it difficult to separate personal finance from business finance and this was well taught throughout the training,” Ogbuji said.

Beneficiaries’ Experience

Founder of Wauley Projects Limited, Femi Bolaji, from Nigeria, and one of the 15 fund recipients, said: “The Hustle Academy has equipped us with vital business knowledge, and being selected for the fund is a significant boost that will propel our business forward.”

Founder, Segun Funmi Foods Nigeria Limited and Segun Funmi Cancer Support Foundation,

Mrs. Funmilola Agbayewa, said the training exposed her to new ICT tools like Google Business Tools, which she said, would help her to further grow her business with ease.

As one of the 15 beneficiaries of the N75 million funding from the Google Hustle Academy, Agbayewa said she would inject the money into her foundation and food business.

“I am an cancer survivor and in the process of researching on the kind of food to eat that will sustain me, I developed interest in establishing the Segun Funmi Foods Nigeria Limited and Segun Funmi Cancer Support Foundation, and today I am happy that I am giving support to cancer patients, and helping them get the right diet that will enhance speedy recovery,” Agbayewa said.

She explained that the funding from Google Hustle Academy would help her to train more women in food business and to support more cancer patients to help them recover faster. She expressed appreciation to Google for the grant, which she said would help her employ more people to expand her business.

The Google Hustle Academy

Speaking about the history of Google Hustle Academy and the intention to impart technology skills and create more jobs through the academy, Head, Brand and Reputation at Google subSaharan Africa, Mojolaoluwa Aderemi-Markinde, said the Google Hustle Academy started in February 2022, when the first training cohort was launched across Africa, with a pledge to train several SMBs across Africa.

“Last year, Google trained over 5,000 SMBs across Africa, with 2,500 from Nigeria. This year, we have also trained over 5,000 SMBs, with over 2,000 from Nigeria. Since inception, we have trained over 10,300 SMB owners across Africa,” Aderemi-Markinde said.

Speaking about the criteria for graduating students from the Google Hustle Academy, Aderemi-Markinde said the students must complete some set of training modules, attend classes, and showed reasonable class participation during the training.

The goal of the academy is to help SMBs across Africa to embrace digital transformation and to grow their business and the Google team is happy because the goal of the academy is paying off, with clear impact on the beneficiaries.

Speaking on the criteria for admitting trainees into the Google Hustle Academy, Aderemi-Markinde said the criteria for admission stipulated that all trainees must own a business that is operational for at least two years, they must also have a registered business that is verifiable and there is no age barrier and gender quality to gaining admission into the academy.

Addressing the criteria for selecting the 15 beneficiaries of Google Hustle Academy fund, Aderemi-Markinde said it was advertised to only those that have been enrolled for the Google Hustle Academy training, and they were made to apply and pitch their ideas and solutions to experienced judges who selected the best 15 SMBs that pitched their ideas.

According to her, Google will follow up on the 15 Nigerian beneficiaries to ensure that the N75 million SMB fund is well utilised to grow and sustain their businesses.

Government Support

The Senior Special Assistant to the Vice President of Nigeria on Job Creation, Mr. Tola Adekunle-Johnson, expressed government’s pleasure over the Google Hustle Academy, which he said, would create jobs and transfer of technology skills to many more Nigerians, since each of the 2,000 beneficiaries that graduated from Nigeria would employ people that will work for them in expanding their business. According to him, if the 2,000 beneficiaries employ two employees each, that will amount to creating 4,000 jobs, which is massive.

He said Vice President Kashim Shettima was already in the process of inaugurating a council that would drive job creation in Nigeria. He assured Google of government’s support for its initiatives that are driving job creation across the country.

“Google is a private organisation but it is creating jobs for Nigerians. Government is therefore ready to support Google to create more jobs for Nigerians. If Google is seeking ay assistance from government, the government will be willing to assist. Government has since realised that youth unrest is largely caused by unemployment and government is appreciative of Google Hustle Academy for bridging the unemployment gap.

“Since I am SSA to Vice President Shettima on Job Creation, I am going to offer a direct job to one of the graduating students for a period of one year. The lucky person will start December 1, 2023 and I challenge the Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), to go beyond what I have done in the area of job creation,” Adekunle-Johnson said.

The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, in his keynote speech, reemphasised the importance of SMEs in job creation and economic development. According to him, SMEs in Nigeria are contributing 50 per cent to Nigeria’s GDP growth, but our manufacturing output is still low and export is also low and it is a challenge to the Nigerian economy. He therefore encouraged the graduating students to put in more of their energy in their SMB business, which according to him, is the backbone of the Nigerian economy.

Googles’ Passion

Speaking about Google’s passion for developing ICT skills and for creating job opportunities for Nigerians, Google’s Country Director for West Africa, Olumide Balogun, said Google remained highly intentional in imparting ICT knowledge and in supporting startups to grow their business. “We are very passionate about that and we will continue give such support. Last week, Google was in Kaduna to train content creators and we encourage other private sector businesses to be intentional also in imparting the society with emerging ICT skills. To grow the Nigerian economy, we must first support SME growth because the SMEs are the lifeblood of any economy,” Balogun said.

Addressing the issue of sustainability of the Google Hustle Academy, Balogun explained that Google would continue to support SMBs across Africa, including Nigeria in order to grow the African economy, adding that Google is willing to partner with Nigerian government to support the economic growth of Nigeria and the other African countries.

“There is an improvement in everything that we do at Google. When we launched the Google Hustle Academy last year, we did not introduce funding but this year, we introduced access to funding, where 15 Nigerian SMEs got N75 million to support their businesses,” Balogun said.

31

T H I S D AY • Thursday, November 30, 2023

BUSINESSWORLD

e-Business

L–R: Commissioner For Culture and Tourism, Akwa Ibom State, Mr.Charles Udoh; National Youth Service Corps(NYSC) Member and Winner of N1,000,000 cash prize, Divine Onyinye Nwangwu and Head, Retail Segments, Wema Bank, Adekunle Alarapon, at the Wema 5 for 5 Promo Season 3 Monthly Live Draw in Uyo… recently

Experts Highlight Importance of Tech to Grow Event Businesses

Emma Okonji

The event planning players and other stakeholders in event business in Nigeria have advocated the adoption of technology to deepen the craft of event business and grow the industry that is estimated to value at about $20 billion.

This assertion was made during the masterclass sessions of the 2023 BusyBee Event Business Summit in Lagos themed: ‘Tech in Event Business- The new narrative’, which was delivered by Show Director, Experiential Planner Expo (EPEX) Dubai, Mr. Ibrahim Bashir.

In his opening remarks, Bashir said: “Without technology,

there is no future in anybody’s life” and business, including event industry,” adding that “the world is dependent on so many things and most of them are tied to technology.”

He added: “The event industry has witnessed a remarkable transformation due to rapid advancement in technology. One of the most evident impacts of technology on the event industry is enhancement of engagement and interaction.”

Speaking on the importance of leveraging tech to grow business, Group CEO of Wakanow, Adedeji said, “In every business, data guides you to know what to build on tech, what you need on tech

and your ability to leverage tech to grow your business.

CEO, Lamimoire Event that is based in Lagos and Abuja, Olamide Waltong, described the event as insightful and inspiring.

Similarly, Chibuike Chris of Event Ace/MC, said from the summit, innovation and tech make business stand out. CEO of Zebulun Luxury Event that is based in Abuja, Onyekachi Odor, said the summit was amazing and impactful because technology remained the way forward, adding that infusing it into business is very important as the future is looking bright for operators in the event business with the emergence of technology.

CLMI Lists Role of Logistics in Enhancing Nigeria’s Economy Emma Okonji The Courier and Logistics Management Institute (CLMI) has stressed the importance logistics, infrastructure and enterprises in enhancing Nigeria’s economy.

The Executive chairman of CLMI, Prof. Simon Emeje, stressed this in Lagos during the international conference and Investiture organised

by CLMI last week at the Oriental Hotel, Lagos.

In his welcome address, Emeje pointed to the indispensability of the logistics industry, stating that any nation neglecting it faced imminent collapse.

He called on government to recognise logistics as a robust

sub-sector of the communication industry, while highlighting its role in economic stability and job creation.

While calling for increased awareness, Emeje revealed that logistics has contributed up to 3.5 per cent to Nigeria’s GDP. “Logistics is not just a sector, but the life stream of a nation. Neglect it, and the entire system collapses,” Emeje said.

He emphasised the need to bridge the knowledge gap and cultivate professional awareness, reiterating CLMI’s mission to elevate the sector’s scale.

He further implored the government to earnestly focus on the logistics sector, acknowledging its potential to unravel national

challenges, setting the stage for an exploration of the connections between logistics, infrastructure, and enterprise.

Former Minister of Communications, Dr. Adebayo Shittu, who delivered the keynote speech that laid out the critical relationship between logistics, infrastructure, and enterprises, navigated through the digital revolution, emphasising how it connects producers and consumers.

He lauded the logistics sector for its job creation ability, painting a clear picture of its essential role in the national economy.

“In the digital age, logistics is not just about moving goods, it’s about connecting dreams, aspirations, and opportunities,” Shittu said.

Bolt Nigeria Awards 10 Drivers €25,000 Seed Fund Emma Okonji

Bolt, a ride-hailing company, has concluded its Den Initiative of the Bolt Accelerator Programme, were it awarded its top 10 drivers with the sum of €25,000 ($26,712).

The programme marked the culmination of an inspiring journey, with innovative ideas, and the promise of a brighter future for urban mobility.

Bolt’s Accelerator Programme, the first in Nigeria, initiated to empower its driver community beyond conventional ride-hailing services, aims to redefine their roles as entrepreneurs and amplify economic growth prospects across Nigeria.

The Bolt Den initiative, attracted an overwhelming response with 1,600 applications. The programme

was strategically aligned with Bolt’s Africa City Vision, emphasising sustainable transport solutions. From the pool of applicants, 100 drivers progressed to the ideation phase, with the top 20 drivers showcasing the most promising and innovative business solutions advancing to the intensive business development boot camp phase in preparation for pitch day.

X3M Ideas, Noah’s Ark, Others Win Big at LAIF Awards Raheem Akingbolu

Three leading advertising agencies in Nigeria; X3M Marketing Ideas Limited, Noah’s Ark Communications Limited, Insight Publicis have won big at the 2023 Edition of Lagos Advertising and Ideas Festival (LAIF) Awards.

The award ceremony, which was held recently in Lagos, saw the Steve Babaeko-led X3M Marketing Ideas Limited lead the medal haul with 15 Gold,

20 Silver, and 7 Bronze, which eventually resulted in the agency being named the 2023 Agency of the Year.

In his welcome remarks, the President of the Association of Advertising Agencies of Nigeria(AAAN), Mr. Steve Babaeko, noted that the LAIF Awards remain the beacon of innovation and creativity in the advertising landscape in West Africa. Babaeko noted that he was confident that the commitment of

the new LAIF management board would engender a transformative journey for the award.

“Together, we shape the advertising narrative, pushing boundaries and redefining excellence. As we embark on the exciting journey of recognition and celebration, let us cherish the camaraderie that unites us. I wish each and every one of you a wonderful evening filled with inspiration and fun and joy of shared success,” he said.

32

Thursday, November 30, 2023 • T H I S D AY

BUSINESSWORLD

news

Certified Project Managers QorePay to Revolutionise Payments Report: Earn 60% More in Salary in Nigeria with Fintech Solution Emma Okonji

Emma Okonji QorePay Technology Solutions, a company seeking to simplify and streamline payment processes, is set to launch its cutting-edge fintech solution in Nigeria that will revolutionise payments across the country.

The launch, which is scheduled for December 14, 2023, at the Civic Centre in Lagos will mark a significant milestone in the history of the payment industry in Nigeria as it aims to open a new vista in the country’s financial system.

Fintechs have been identified as critical to the attainment of Nigeria’s financial inclusion target. QorePay’s entry into this dynamic space will not only fast-track the journey for Nigeria but also change the status quo in the industry with its innovative solution.

Ahead of the official launch, QorePay has established strategic alliances with financial transmission bodies, management consultants, and reputable agencies. The company aims to support over 50,000 businesses and merchants

in Nigeria within the next two to three years and expand its presence across all African countries.

According to QorePay Technology Solution’s CEO, Mr. Josh Owoseni, the company’s dedicated team is here to assist Nigerians at every step, ensuring a smooth and successful implementation tailored to your business’s unique needs and vision.

With QorePay, Nigerians can say goodbye to complex and timeconsuming payment procedures.

“Our solution provides a seamless and secure experience,

empowering you to accept payments effortlessly across multiple channels. Whether it’s online transactions, in-store payments, or mobile commerce, QorePay has you covered. Security and trust are of paramount importance to us, which is why we have implemented robust measures to safeguard your valuable data. Our cutting-edge encryption technology ensures that every transaction is protected, giving you peace of mind and your customers the confidence to transact with you,” Owoseni said.

Stakeholders Reaffirm Support for Patricia Technologies Emma Okonji CEO of a renown cryptocurrency exchange, Seun Dania, has commended the successful efforts of the Nigerian Police Force in apprehending the perpetrators behind the security breach at

Patricia Technologies, a Nigerian cryptocurrency exchange.

Dania highlighted the significance of the development in restoring trust not only in Patricia Technologies but also in the African startup ecosystem at large. He emphasised that

the apprehension of criminals by the police was a crucial step in dispelling concerns of funds mismanagement and in reaffirming the integrity of Patricia Technologies.

While expressing his unwavering support for Patricia Technologies,

Dania pointed out that such incidents, though challenging, test the resilience and potential of startups. He reiterated his commitment to invest in Patricia, not just financially but also in aiding them to rebuild a more secure platform.

Verve Spotlights Emerging Trends at Zenith Bank Tech Fair Emma Okonji

Africa’s leading payment cards and digital tokens brand, Verve, has underscored the transformative impact of emerging trends in the digital payments ecosystem including digital wallets, tokenization, and Buy Now, Pay Later (BNPL) solutions at the third edition of the Zenith Bank Tech Fair, which held recently Managing Director of Verve International, Vincent Ogbunude, shed light on these key trends during a panel session with other industry leaders, where he

emphasized the company’s commitment to driveinnovation and shape the future of payments in Africa.

Ogbunude underscored the pivotal role of tokenization in revolutionizing the approach to security and convenience in the contemporary payments landscape. He emphasised the growing demand for tokenization, driven by the increasing need for secure eCommerce payment solutions, the widespread adoption of payment applications, and heightened security concerns associated with digitizing sensitive data.

However, he added that despite the growth of tokenization, payment cards continue to be a dominant force today and into the future. He stated that payment cards remain a universal tool for financial transactions, especially in markets like Nigeria where digital infrastructure is still evolving. According to him, the diversity of payment preferences demands a hybrid approach that accommodates both traditional and emerging methods. To emphasize his point further, Ogbunude highlighted Verve’s continued market growth as an example, stating that Verve recently crossed

Cytek Harps on Cybersecurity Resilience in Nigeria’s Financial Services Sector Emma Okonji YNV Group, through its cybersecurity brand, Cytek, recently hosted a webinar for stakeholders in the financial services sector in Nigeria, to discuss industrywide perspective on cybersecurity and highlight key strategies for resilience. The session which held recently, had the theme: ‘Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria”, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector.

Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and

emerging threats faced by financial services companies in Nigeria while emphasising the critical need to strengthen cybersecurity resilience in the sector.

According to the African Financial Industry Barometre report, 97 per cent of leaders of financial institutions in Africa, rank cybercrime and regulatory constraints on cybersecurity as the leading threat to the financial services industry, alongside worsening economic conditions. The growing frequency and complexity of attacks are the reasons financial institutions view cybersecurity as a top concern. Consequently, there is a demand to enhance cybersecurity within financial

services firms to establish stronger, more robust, and more sustainable businesses.

Head of Cytek, and a Global Cyber Defense expert, Michael Arov, said: “The rapid expansion of digital financial services in Nigeria has ushered in unprecedented opportunities for individuals and businesses within the ecosystem.

“As a result of this, there is a surge in cyber threats, posing a significant challenge to the continued development of financial institutions in the country, we believe this challenge can be addressed by gaining insights from experts while discussing industry best practices that can advance the sector.”

Pepsodent Deepens Consumer Engagement through Oral Health Campaign Raheem Akingbolu A global toothpaste brand, Pepsodent, in collaboration with the Federal Ministry of Health, Nigeria Dental Association, has embarked on an oral health campaign for schools and communities in underserved areas nationwide.

The oral health campaign’ Pepsodent Talk to a Dentist Activation’ is designated for 20 communities in nine states, including Lagos, Rivers, Plateau, Ogun, Kano, FCT, Delta, Edo, and Bayelsa.The programme, which kicked off in July at Pakoto Secondary School, Ifo, Ogun State, was

concluded on 7 November, 2023.

Speaking on the rationale behind the initiative, Business Lead, Beauty & Personal Care, Unilever Nigeria, Oiza Gyang, explained that the programme was initiated to bring oral health care services and other oral health promotional activities to underprivileged and under-served areas to reduce the burden of untreated oral diseases as envisaged by the FDI World Dental Federation.

Gyang stressed that the company remains committed to promoting oral health for children and adults as it

intends to take the campaigns to virtually all the rural communities in Nigeria.

She noted that statistics further revealed that 90% of the world’s population suffer from at least one form of oral disease in their lifetime, which negatively impacts causing pain, discomfort, social isolation, and loss of confidence.

In his remarks, the Chairman, Lagos Chapter, Nigerian Dental Association (NDA), Dr Oluwole Olusanya, noted that the essence of the campaign is to deepen the knowledge of good oral hygiene practices by encouraging and educating young pupils across the country.

the 50 million card issuance mark in the Nigerian market.

Recognizing the growing importance of the BNPL model, Ogbunude emphasised its significant contribution to boosting lending to Nigeria. He said that fostering growth in this model would require astrategic blend of technological innovation and financial acumen.

The recent Project Management Institute (PMI) Salary Survey has revealed that certified project managers in Nigeria earned 60 per cent more than their non-certified counterparts.

PMI, this week, released the 13th edition of its Earning Power: Project Management Salary Survey.

The results show that survey respondents with Project Management Professional (PMP) certification earn higher median salaries than those without PMP certification, 33% higher on average across the 21 countries surveyed. PMP certified project professionals in Nigeria demonstrated an even greater lift, reporting an increase of 60 per cent in median salary than their non-certified peers.

Analyzing the report, Managing

Director, PMI, sub-Saharan Africa George Asamani, said: “Project management is a fulfilling career and, with the right certification rewarding too. The PMP certification holds the potential to boost earning power, making it a must-have for professionals. Viewed as a scarce skill on the continent, PMI is intentional about supporting project professionals with globally recognized certifications at every career stage.”

About two-thirds (66 per cent) of the survey participants reported that their total compensation (including salary, bonus, and other cash incentives) increased over the 12 months before completing the survey. The data also shows a broad consensus that the PMP certification is valuable not only for salary growth but also for career development.

TD Africa to Honour Customers, Partners December

Emma Okonji

TD Africa, the leading distributor of cutting-edge technology and lifestyle products in sub-Saharan Africa, is set to host the highly awaited return of ‘Celebrating You’, a landmark year-end event that honours customers and partners.

Scheduled for December 3, 2023, at the Konga Place in Lekki, Lagos, the 11th edition of ‘Celebrating You’ promises to uphold its reputation for attracting a distinguished guest list.

This includes luminaries

from Corporate Nigeria, high-profile representatives from local and international technology brands, celebrities, industry captains, and government dignitaries, ensuring an event of unparalleled significance.

Themed #RoyalPride, this year’s celebration will pay homage to the distinguished qualities that set TD Africa apart in the highly competitive technology sector.

Attendees are encouraged to interpret the royal theme through their attire, embracing the regal colors of black, gold, and burgundy.

33

THURSDAY, NOVEMBER 30, 2023 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 28Nov-2023, 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 292.56 292.56 55.19% Afrinvest Plutus Fund 100.00 100.00 8.89% Nigeria International Debt Fund 337.07 337.07 4.66% Afrinvest Dollar Fund 109.64 109.64 5.93% 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 13.55% AIICO Balanced Fund 4.81 4.91 41.12% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.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 29.37 30.26 33.85% ARM Discovery Balanced Fund 646.47 665.96 24.03% ARM Ethical Fund 53.39 55.00 18.33% ARM Eurobond Fund ($) 1.17 1.17 3.91% ARM Fixed Income Fund 1.14 1.14 3.35% ARM Money Market Fund 1.00 1.00 9.91% ARM Short Term Bond Fund 1.06 1.06 2.39% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 102.14 102.14 12.32% AVA GAM Fixed Income Naira Fund 1,120.43 1,120.43 4.63% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 192.12 193.47 42.43% AXA Mansard Money Market Fund 1.00 1.00 11.30% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.22 2.22 9.44% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.99 3.07 34.47% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.04 1.04 7.44% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 25.16 25.67 41.56% Women's Investment Fund 198.70 201.78 39.46% CHD Nigeria Bond Fund 101.48 101.48 12.55% CHD Nigeria Dollar Income Fund 1.03 1.03 11.25% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.98% Cordros Milestone Fund 162.62 163.70 26.54% Cordros Fixed Income Fund 106.79 106.79 10.32% Cordros Halal Fixed Income Fund 108.56 108.56 11.07% Cordros Dollar Fund ($) 113.68 113.68 6.04% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.77% Coronation Money Market Fund 1.45 1.46 27.09% Coronation Balanced Fund 1.38 1.38 1.37% Coronation Fixed Income Fund 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.10% Emerging Africa Bond Fund 1.10 1.10 10.02% Emerging Africa Balanced Diversity Fund 1.26 1.26 25.91% Emerging Africa Eurobond Fund 106.92 106.92 5.79% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1531.38 1531.38 11.78% FBN Balanced Fund 0.00 0.00 40.10% FBN Halal Fund 132.12 132.12 13.35% FBN Money Market Fund 100.00 100.00 10.84% FBN Dollar Fund 123.12 123.12 7.35% FBN Smart Beta Equity Fund 0.00 0.00 55.50% FBN Specialized Dollar Fund 110.88 110.88 9.34% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.47% Legacy Debt Fund 3.57 3.57 -0.26% Legacy Equity Fund 2.64 2.69 31.99% Legacy USD Bond Fund 1.32 1.32 4.77% 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 5,453.71 5,493.73 32.55% Coral Income Fund 3,971.47 3,971.47 7.68% Coral Money Market Fund 100.00 100.00 11.85% FSDH Dollar Fund 1.19 1.19 5.83%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A 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 1.77 1.80 15.15% Lotus Halal Fixed Income Fund 1,203.16 1,203.16 9.93% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 17.26 17.39 47.24% Meristem Money Market Fund 10.00 10.00 12.93% 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) 103.58 103.58 11.92% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.89% Norrenberger Dollar Fund (NDF) ($) 103.07 103.07 11.22% 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 2.04 2.08 29.27% PACAM Fixed Income Fund 11.94 12.14 7.60% PACAM Money Market Fund 10.00 10.00 10.66% PACAM Equity Fund 2.08 2.11 46.43% PACAM EuroBond Fund 128.70 131.72 15.50% SCM CAPITAL ASSET MANAGEMENT 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 The Frontier Fund 151.62 156.32 20.61% 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 1.10 1.10 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,758.10 4,800.91 40.43% Stanbic IBTC Bond Fund 255.37 255.37 8.41% Stanbic IBTC Ethical Fund 1.97 1.99 57.14% Stanbic IBTC Guaranteed Investment Fund 350.09 350.22 11.82% Stanbic IBTC Iman Fund 366.50 370.80 56.89% Stanbic IBTC Money Market Fund 1.00 1.00 10.61% Stanbic IBTC Nigerian Equity Fund 17,377.95 17,592.73 59.18% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.63% Stanbic IBTC Shariah Fixed Income Fund 127.48 127.48 9.04% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 124.95 124.95 17.46% Stanbic IBTC Absolute Fund 4,965.37 4,965.37 16.72% Stanbic IBTC Aggressive Fund 5,095.79 5,159.21 83.28% Stanbic IBTC Conservative Fund 5,148.90 5,172.95 35.31% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.27 1.28 38.93% United Capital Balanced Fund 1.76 1.77 35.86% United Capital Wealth for Women Fund 1.35 1.36 25.86% United Capital Sukuk Fund 1.17 1.17 11.55% United Capital Fixed Income Fund 1.94 1.94 6.89% United Capital Eurobond Fund 123.73 123.73 5.55% United Capital Global Fixed Income Fund 1.08 1.08 8.45% United Capital Money Market Fund 1.00 1.00 9.97% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.15 18.36 31.00% Zenith ESG Impact Fund 21.61 21.84 36.75% Zenith Income Fund 25.29 25.29 7.34% Zenith Money Market Fund 1.00 1.00 11.20% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 7.46 7.56 84.94% Vetiva Consumer Goods Exchange Traded Fund 11.31 11.41 92.78% Vetiva Griffin 30 Exchange Traded Fund 25.61 25.81 44.58% Vetiva Money Market Fund 1.00 1.00 9.87% Vetiva Industrial Goods Exchange Traded Fund 28.06 28.26 40.22% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

128.24 55.89 101.79 9.98

12.69% 5.41% -12.61%

Bid Price

Offer Price

Yield / T-Rtn

20.72 440.00 650.00 21.30 32.77

22.91 440.00 650.00 21.64 33.18

40.52% 241.83% 544.52% 51.62% 87.78%

NAV Per Share

Yield / T-Rtn

108.40

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC 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

I N F R AST R U CT U R E F U N D

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.

34

T H I S D AY • Thursday, NOVEMBER 30, 2023

Health & lifestyle

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

Spike in Cost of Drugs Widens Social Gap, Lack of Access to Healthcare Sunday Ehigiator examines how the recent spike in cost of drugs, and other pharmaceuticals in Nigeria has widened the social gap and lack of access to healthcare

I

n recent times, Nigerians have had several outcries on the exponential rise in the cost of drugs and other pharmaceutical consumables following the exit of GlaxoSmithKline (GSK) from Nigeria in August 2023.

One of the most touching outcries was posted by an Instagram user identified as ‘roki_foods’. She shared a video showcasing two asthmatic patients, an elderly woman struggling to breathe while lying on her sick bed with no help in sight, and a 13 years old boy suffering from what appears like a chronic asthmatic attack, and a ventilator connected to his nostril, as he struggles to breathe.

Under the video, she wrote, “I just finished having a meltdown before posting this, because, sometimes it can be tough and overwhelming. I’m not even talking about the other inhalers and Nebules he uses and we are supposed to be a middle-income family yet our resources are constantly being drained every single day as if there’s an agenda to impoverish more people.

“For us, I know we will always afford it but what of the low-income families with kids who are chronically asthmatic? They shouldn’t breathe again?”

GlaxoSmithKline’s (GSK) Exit On August 3, 2023, GlaxoSmithKline (GSK) announced plans to cease operations after considering the pros and cons of switching to a third-party distribution model for its pharmaceuticals and consumer healthcare products.

Instead, they chose to offer medications in 29 sub-Saharan African regions using a distributor-led strategy.

GSK is a British pharmaceutical company that has existed in Nigeria for 51 years. On June 23, 1971, GlaxoSmithKline Consumer Nigeria Plc was established in Nigeria. Beecham Limited was the company’s original name when it opened for business on July 1, 1972.

The Company began trading on the Nigerian Stock Exchange in 1977.

GSK Nigeria’s half-year revenues decreased to N7.75 billion from N14.8 billion in the same time a year before (2022), according to a report by the International Centre for Investigative Reporting (ICIR).

This data suggests that, apart from the half-year performance of GSK, which had a decrease, the last year recorded an increase.

The corporation never reported a huge profit, but according to its financial statements, GSK hasn’t experienced a loss either in the previous five years.

It appears then that the pharmaceutical giant didn’t bow out due to past business failures.

Rather, it may have bowed out due to present pressures and foreseen business struggles.

The Impact Upon the exit of GSK in August, experts had projected its exit to affect a variety of parties, including the healthcare system as a whole, in some significant ways.

Highly renowned for its quality products, including Theraflu, Neosporin, Panadol, Sensodyne, Advair, and Neosporin, the exit of the pharmaceutical company was projected that it could reduce people’s access to safe and potent medications, inflate the cost of drugs and other pharmaceuticals, promote the influx of fake drugs into the country, and scare off other investors operating in the same sector.

Experts asserted that a significant pharmaceutical business such as GSK, leaving the country could considerably impact the economy. It could result in employment losses, decreased tax receipts, and a decline in the pharmaceutical industry’s economic activities, including manufacturing, distribution, and research and development.

Present Day Realities In recent times, there have been reports of significant increases in the prices of drugs, a situation which has no doubt hampered Nigeria’s access to affordable drugs and deepened out-of-pocket spending on drugs and other pharmaceuticals by the very few who can still afford it.

This situation has also been worsened by a

Image of different drugs combination of hoarding and price gouging by some distributors of the product, against the decrease in demand, and increase in patronage of unregulated (harmful) herbal drugs by more Nigerians as a matter of last resort.

Distributor’s Insight In a recent media interview, the Chief Executive Officer and co-founder of Remedial Health, a drug distribution company in Lagos, Samuel Okuwada, stated that the average price of imported drugs has increased by 200 per cent. In comparison, those manufactured in Nigeria also rose by about 40 per cent in the past six months.

According to him, “Augmentin is the most popular antibiotic that’s given out in Nigeria today. It was once sold for N4,000 per pack, then it became N6,000 per pack.

Now it is N40,000 if you can find it to buy.

“Also, Ventolin inhalers for asthmatics today are no longer on the market. People have tried its other brands; for some people, it works, and they’re fine. For some others, it doesn’t.

“Seretide inhaler, also for asthmatics, is not in the market as well. Its price also went from about N8,000 to about N75,000, and now you can’t even find it in the market. Now, for most people who use Seretide, nothing else will work for them. Now doctors are trying to find different drug combinations to give them; and for some people, this combination is just not working to control their asthma.

“For diabetics, spend about N40,000 buying the medications they need. So, these are the issues: many medicines are out of stock, and a number are unaffordable to the common man. N40,000 is more than Nigeria’s minimum wage. We are in this terrible situation.

“Otrivin nasal drops which used to be sold for N1,000, are now sold between N4,500 and N9,000. Voltaren tablets which used to be between N100 to N500 per pack are now sold for between N2,500 and N10,000.

“Today, 85 per cent of the medicines that we sell to Nigerians are imported in ready-to-sell form. The ingredient used to manufacture the remaining 15 per cent in Nigeria is imported.

“So, everything we consume in terms of medicines is imported. It means everything depends on the dollar exchange rate. It also relies on the price of shipping at the time.”

Understanding the Real Causes Providing better clarification to help understand the reason for the hike, the Chairman, St Racheal Pharma, Pharm. Akinjide Adeosun, also the former African Director and Head of Branded Generics at GlaxoSmithKline Pharmaceuticals, Africa, provided a deeper perspective on the issue.

According to him, “I will analyse this from two perspectives. The first is the analogy between price increases and symptoms of a disease.

“Just as a patient with asthma experiences breathlessness due to narrowed airways, the surge in prices is a symptom of an underlying issue in the pharmaceutical sector.

“To draw a parallel, treating respiratory distress with an inhaler is akin to addressing the immediate concern by importing expensive drugs. Having served as the African Director and Head of Branded Generic at GlaxoSmithKline Pharmaceuticals, Africa for five years, I understand the intricacies of the industry.

“During my tenure, a drug called Seretide was used to address both the disease and its symptoms. However, for immediate relief, a palliative measure like the Ventolin inhaler was administered.

“Now, the steep increase in prices is predominantly attributed to imported brands. Instead of merely focusing on these symptoms, it is imperative to delve into the root cause, which is the ailment plaguing the pharmaceutical sector. This issue is not isolated to pharmaceuticals; it extends to other sectors, such as aviation. Just as flight prices have skyrocketed, reflecting a broader economic challenge.”

The ‘Pharmaceutical Disease’ Adeosun likened the current state of the country’s system to a state of coma, occasioned by what he tagged ‘Pharmaceutical Disease’.

According to him, “to understand the symptoms of scarcity, price hikes, and medicine insecurity, we must recognize these as indicators of a more profound issue, which is the emergence of what I term as a ‘Pharmaceutical Disease’ in Nigeria.

“This malady has surfaced abruptly in the last six months, exacerbated by the macroeconomic challenges the nation faces. While the country experiences similar macroeconomic challenges affecting various sectors like food and provisions, the critical distinction lies in the irreplaceable nature of healthcare.

“Consider the analogy of adjusting food consumption; a shift from a whole loaf to half a loaf, while challenging; doesn’t compromise one’s fundamental well-being. However, health, especially in the context of essential medications, cannot be subject to compromise.

“If someone, for instance, must take a daily anti-diabetic drug, reducing the dosage arbitrarily could lead to hyperglycemia, posing a serious threat to life. The analogy underscores the unique and non-negotiable nature of healthcare; health is indeed wealth.”

He said that the pharmaceutical sector’s integration into the macroeconomic fabric of Nigeria demands a specialized approach.

“Unlike commodities or food items in a supermarket, the consequences of mishandling the pharmaceutical sector extend beyond economic implications. It’s a matter of life and death.”

Drawing parallels to the impact of health crises, such as the Covid-19 pandemic, he said the importance of a robust and well-managed pharmaceutical sector becomes not just an economic necessity but a critical element in preserving the health and lives of the nation’s citizens.

According to him, “the malaise afflicting the pharmaceutical industry in Nigeria today can aptly be termed a ‘pharmaceutical disease’.

The symptoms of this ailment manifest in the unavailability of products, escalating prices, and imbalances in supply and demand.

“The fundamental economic principle of scarcity contributing to price hikes becomes evident when fewer goods are available in response to heightened demand. Although I hesitate to provide specific details, having been a director at GSK and bound by confidential agreements, the issue extends beyond any single pharmaceutical organization.”

Consider the broader landscape encompassing pharmaceutical companies in Nigeria, including notable entities like May & Baker Nigeria Plc, Emzor Pharmaceutical Industries Limited, GlaxoSmithKline Consumer Nigeria Plc (GSK), Fidson Healthcare Plc, Evans Medical Plc, Swiss Pharma Nigeria Limited, and Neimeth International Pharmaceuticals Plc, Adeosun said it’s crucial to acknowledge that this list is not exhaustive, as numerous other pharmaceutical companies operate within the Nigerian landscape.

He said the pervasive challenges facing the industry demand a comprehensive and collaborative approach to address the root causes of this ‘pharmaceutical disease’ and restore stability to the sector.

Overreliance on Imports Importantly, Adeosun said, a significant aspect of the pharmaceutical challenge in Nigeria stems from the fact that 70 per cent of drugs are imported, leaving only 30 per cent manufactured locally.

“Even within this local production, the active pharmaceutical ingredients are often imported, with approximately 95 per cent of them coming from abroad. This reliance on imports, especially for critical components, underscores the precarious situation faced by the pharmaceutical industry in Nigeria.

“This reliance on imports also makes the industry highly vulnerable to monetary challenges. Currently, the exchange rate for the US dollar on the parallel market is ₦1165. Any fluctuations in the government’s monetary policy could have catastrophic consequences, given the extensive importation integral to pharmaceutical operations.”

The Monetary Challenge To comprehend the depth of the pharmaceutical challenges, Adeosun said it was essential to view them as symptoms of underlying issues in Nigeria.

According to him, “One primary concern is the monetary challenge, and the susceptibility of the pharmaceutical industry to changes in exchange rates poses a severe threat.

“It becomes evident that these challenges require government intervention, not just to address the symptoms but to tackle the root causes and avert a looming disaster in the pharmaceutical sector.

“The current parallel market exchange rate for the dollar stands at ₦1165, a significant surge from the pre-existing rate of ₦461 official rate before the current government took office.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

35

T H I S D AY • Thursday, november 30, 2023

news

Treatment of Emergency Medical Cases: Why Garki Hospital is Different Christiana Osuji Bayo Ohu, a journalist with The Guardian Newspapers, died from gunshot wounds inflicted by assailants who invaded his Lagos residence in September 2009. He was quickly rushed to the hospital, but medical staff on duty refused to admit him for treatment. Their reason?

The relatives did not come with a police report. While his relatives were making efforts to take him to another hospital, he died on the way.

Despite the widespread condemnation that followed the action of the hospital, the practice of rejecting gunshot victims without a police report has become a vexed issue in the country.

Similar incidents include the 2008 case of Saka Saula, the then chairman of the Lagos State chapter of the National Union of Road Transport Workers, who was shot in his house. A nearby private hospital refused to treat him. He died while he was being transported to a public hospital.

In September 2023, Miss Greatness Olorunfemi, a victim of ‘One Chance’ commercial vehicle criminals in Abuja, lost her life due to the same non-availability of a police report. The victim was pushed out of a moving vehicle and allegedly rejected by staff at Maitama Hospital, Abuja when she was rushed there by good Samaritans.

There have been a series of reports over the years of gunshot injury victims being denied treatment at medical facilities following the demand for a police report.

Health experts state that depending upon the severity and extent of the injury, gunshot victims can die from hemorrhage, shock or damage to vital organs. Moreover, they may be at risk of infection, especially tetanus and gas gangrene. Therefore, such emergencies need a quick response, not a denial of treatment.

In Nigeria, many of the gunshot victims bleed to death due to delays in treatment. Hospitals, which are meant to be places where lives are saved and where those in need of emergency help are attended to, often appear to be unresponsive to the demands of time.

It is bewildering that many Nigerian hospitals are still rejecting accident, rape, robbery and gunshot victims.

Experts have noted that it is unethical for a doctor to reject a patient who has come to seek healthcare services, stressing that if a doctor or hospital cannot treat a patient, such a doctor or hospital should refer the patient to a higher hospital, rather than reject the patient.

Rejection of patients from medical facilities contributes to avoidable deaths of patients as emergency cases are also turned down.

This occurrence in our hospitals is a clear contravention of the human rights of patients, and yet this practice is still widespread, occurring in medical facilities across the country.

It is a global phenomenon, typically occurring in countries where emergency healthcare isn’t free or insured.

What does the law say?

The stance of the law is

clearly stated in The Compulsory Treatment and Care for Victims of Gunshot Act, 2017, which came into effect on the eve of 2018. The Act mandates all medical facilities to receive and accept victims of a gunshot for immediate treatment without a police report.

The Act makes provision for various rights and obligations as well as penalties. The rights are in two categories: The rights of a gunshot victim and the rights of a volunteer or helper of a gunshot victim.

The obligations are also in two categories: obligations of hospitals and it states that: The Victim Any hospital in Nigeria whether public or private shall receive and accept for immediate treatment of anyone with a gunshot wound, a person with a gunshot wound should be given adequate treatment without an initial monetary deposit; and that a person with a gunshot wound shall not be subjected to inhuman and degrading treatment or torture by any person or authority including the police or other security agencies.

The Hospital Any hospital that receives a person with gunshot wounds must report to the nearest police station within 2 hours of commencement of treatment; notify the family members or relations within 24 hours of becoming aware of the victim’s identity; keep an adequate record of treatment given to the injured person; and ensure the victim is fit and no longer in need of dire Medicare before the Chief Medical Director certifies him fit to be invited by the police for investigation.

The Police The Act listed the responsibilities of the police as render every possible assistance to any person with gunshot wounds and ensure that the person is taken to the nearest hospital for immediate treatment; commence an investigation to ascertain the circumstances under which the person was shot; and furnish the hospital with background information on the victim.

In December 2014, Nigeria passed the National Health Bill into law, which described denying patients medical attention as an offence.

Section 20 (1) and (2) of the National Health Act states that “a health care provider, health worker or health establishment shall not refuse a person emergency medical treatment for any reason. A person who contravenes this section commits an offence and is liable on conviction to a fine of N100,000.00 or imprisonment for a period not exceeding six months or to both.”

The Federal Government has pleaded severally with medical facilities in the country to stop rejecting patients, especially in emergency cases but these pleas have seemingly fallen on deaf ears.

A doctor must see the patient first and if he does not have the facility to handle the patient, he should refer the patient to a higher hospital.

The code of ethics of the Medical and Dental Council of Nigeria MDCN, expects a doctor to do all that is reasonably expected of him or her for any patient’s well-being. The definition of “reasonably expected”

therefore depends on the doctor’s experience and skill and the availability of resources, especially equipment.

Recent orders from the IGP on police report Recently, the Inspector General of Police, Dr Olukayode Egbetokun ordered all hospitals and all medical personnel across the country to treat gunshot victims without asking for a Police report.

The directive, based on the Compulsory Treatment and Care for Victims of Gunshot Act, 2017, was contained in a Police internal memo dated October 25, 2023, and signed by the erstwhile Force Principal Staff Officer, COMPOL Olatunji Disu.

The memo was addressed to all Deputy InspectorsGeneral of Police, Assistant Inspectors-General of Police, Commissioners of Police and the Commandants of Police Colleges in Ikeja, Kaduna, Oji-River, Maiduguri and Enugu.

The memo reads: “I forward herewith a copy of letter HMSH&SW/IG/ CTCV/ 10/2023 dated 3rd October 2023, received from Federal Ministry of Health & Social Welfare on the aboveunderlined subject, and write to convey the directive of the Inspector-General of Police that you comply with and enforce the provisions of the Compulsory Treatment and Care for Victims of Gunshot Act 2017 without any hesitation.

“The Inspector-General of Police further directs that you make this a subject of lecture and circulate widely for the members of the public to be aware of our compliance with the National Law.” Medical experts have asked aggrieved patients with strong cases of rejection by doctors or hospitals to write to the Medical and Dental Council of Nigeria and the Nigerian Medical Association for investigation and disciplinary action where necessary.

The Medical Director at Garki Hospital, Abuja, Dr Adamu Onu said it is a grievous offence for a doctor or a medical facility to reject a patient. A doctor will first see the patient and if he does not have the facility to handle the patient, he should refer the patient to a higher hospital, he said.

“Every medical practitioner must show empathy and not reject a patient. Some hospitals may have reasons for rejecting a patient. If the capacity is not there, they should refer and not reject. But there may be extraneous issues, for instance, if the doctor is attending to a patient and there is friction between the doctor and that patient and the doctor considers his life not safe with the patient.

“At Garki Hospital, we don’t reject patients either for inability to pay or any other reasons. When for instance, available bed spaces are all occupied by patients receiving care, and this often happens, we will attempt to administer some first aid and then refer.

We have no reason to reject any patient,” he said. .Osuji wrote from proedgecomng@gmail.com The story continues online on www.thisdaylive.com

Fertility

With Dr. Kemi AILOJE drkemi@lifelinkfertility.com www.lifelinkfertility.com +2348033083580

Endometrial Polyp (Part 1)

E

ndometrial polyps also known as uterine polyp are growths that occur in the lining of the uterus, known as the endometrium. They form when there is an overgrowth of endometrial tissue. They are usually noncancerous and can vary in size from a few millimeters to several centimeters. Endometrial polyps are more common in women who are in their 40s and 50s, but they can occur at any age.

They are usually noncancerous, but in some cases, they can be precancerous or cancerous. The exact cause of endometrial polyps is unknown, but they are thought to be related to hormonal imbalances, such as an excess of estrogen. Other risk factors for developing endometrial polyps include being in perimenopause or menopause, obesity, and certain medical conditions like polycystic ovary syndrome (PCOS). Most women with endometrial polyps do not experience any symptoms. It is important to note that the impact of endometrial polyps can vary from woman to woman and advancements in understanding and management have aimed to provide personalized care and improved outcomes.

CAUSES OF ENDOMETRIAL POLYP While the exact cause of endometrial polyps is not fully understood, several factors are believed to contribute to their development. Here are some potential causes: • Hormonal imbalances: Fluctuations in hormone levels, particularly estrogen and progesterone, can lead to the development of endometrial polyps. Estrogen dominance, where there is an excess of estrogen compared to progesterone, is thought to be a significant factor.

• Chronic inflammation: Chronic inflammation of the endometrium can contribute to the formation of polyps. Inflammatory conditions such as chronic endometritis or chronic pelvic inflammatory disease may increase the risk.

• Hormone replacement therapy (HRT): Women who undergo hormone replacement therapy, particularly with estrogen alone, may have an increased risk of developing endometrial polyps. Estrogen plays a very vital role when it comes to do with the feminine body and this is so because the estrogen causes the endometrium to thicken each month during the menstrual cycle.

• Age: Endometrial polyps are more common in women who are in their 40s and 50s, approaching menopause. This may be due to hormonal changes during this time.

• Obesity: There is some evidence to suggest that obesity may be associated with an increased risk of endometrial polyps. The exact mechanisms behind this association are not fully understood.

• Genetic factors: Certain genetic mutations or alterations may predispose individuals to the development of endometrial polyps. However, more research is needed to fully understand the genetic factors involved.

It is important to note that while these factors

may increase the risk of developing endometrial polyps, not all women with these risk factors will develop polyps. Additionally, some women may develop polyps without any identifiable cause.

If you suspect you have endometrial polyps or have concerns about your reproductive health, it is best to consult with a gynecologist for a proper diagnosis and personalized treatment plan.

SYMPTOMS OF ENDOMETRIAL POLYP Endometrial polyps can sometimes be asymptomatic, meaning they do not cause any noticeable symptoms. Meanwhile,the physician may notice asymptomatic polyps during a procedure to diagnose a different issue. Sometimes Polyps can prolapse or slip through the opening between the vagina and the uterus called the cervix. However, when symptoms do occur, they can vary from mild to severe. Here are some common and bothersome symptoms associated with endometrial polyps: • Abnormal uterine bleeding: The most common symptom of endometrial polyps is abnormal uterine bleeding. This may include irregular menstrual periods, bleeding after intercourse, heavy or prolonged menstrual bleeding, bleeding between periods (intermenstrual bleeding), or postmenopausal bleeding(red, pink or brown blood).

• Pelvic pain or discomfort: Some women with endometrial polyps may experience pelvic pain or discomfort, which can range from mild to severe. The pain may be intermittent or persistent and can be located in the lower abdomen or back.

• Infertility or difficulty conceiving: In some cases, endometrial polyps can interfere with the implantation of a fertilized egg or affect the ability to conceive. If you are struggling with infertility or recurrent miscarriages, endometrial polyps could be a possible cause.

• Changes in menstrual patterns: Endometrial polyps can cause changes in menstrual patterns, such as shorter or longer menstrual cycles, irregular periods, or spotting between periods.

• Vaginal discharge: Some women with endometrial polyps may experience an abnormal vaginal discharge, which can be watery, bloody, or brownish in color.

PREVENTION OF ENDOMETRIAL POLYP The prevention of endometrial polyps involves certain measures that can help reduce the risk of their development. Here are some preventive steps: • Regular gynecological check-ups: Regular visits to your gynecologist can help detect any abnormalities in the uterus, including endometrial polyps, at an early stage. This allows for timely intervention and treatment.

• Hormonal balance: Maintaining a healthy hormonal balance may help prevent the development of endometrial polyps. This can be achieved through a healthy lifestyle, including regular exercise, a balanced diet, and stress management.

TO BE CONTINUED

36

THURSday, NOVEMBER 30, 2023T H I S D AY

business/MOnEYGUIDE

Fidelity Bank Partners LCCI to Address Business Challenges in Nigeria

Kayode Tokede

Fidelity Bank Plc has restated its determination to help businesses run profitably and sustainably.

The bank stated this at a conference to discuss solutions to challenges bedeviling the growth of businesses in the country, it jointly organised with the Lagos Chamber of Commerce and Industry (LCCI) t.

The event which, held recently at the LCCI office in Lagos, featured a panel session comprising several top functionaries across the Nigerian economy.

Giving her keynote address at the event titled, “Promoting Trade and Industry in Nigeria: Government Initiatives and Opportunities for Business Growth,”

the Minister of Industry, Trade, and Investment, Dr Doris UzokaAnite, who was represented by the Managing Director, Tafawa Balewa Square Managing Board, Mrs. Lucia Shittu, said, “As a government, our responsibility is to provide the environment for ease of doing business that allows corporations to thrive similarly in other countries where they have representation.”

Welcoming guests to the event, the MD/CEO, Fidelity Bank Plc, Dr. Nneka OnyealiIkpe, who was represented by the Divisional Head, Product Development, Fidelity Bank Plc and Chairman, Financial Services Group of the LCCI, Mr. Osita Ede, made a case for

effective partnerships between the public and private sectors to drive economic growth.

In her words, “In the face of economic uncertainties, it is crucial that we embrace a mindset of resilience, adaptability, and collaboration. Together, we can identify opportunities that will not only sustain our businesses but also drive collective prosperity.”

Similarly, the President of the LCCI, Asiwaju (Dr) Michael Olawale-Cole championed the cause of business owners at the event, explaining that, “As business owners, we are faced with high operating costs and weak consumer demand due to high inflation and declining purchasing power.

Raedial Farms Signs Partnership Deal With French Firm The Management of Raedial Farms Limited a subsidiary of Raedial Holdings Limited has signed a Partnership Agreement with Compagnie Fruitere, a French company that markets over 900,000 tons of fruits and vegetables across the European markets as well as a major fruit producer in the Africa-Caribbean-Pacific region.

The economic relationship occurred at the French week 2023 Business summit held at Access Towers, Lagos.

The signing was witnessed by prominent persons in the Nigerian and French governments such as the French Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Olivier Becht; Herbert Wigwe, C.F.R, the President of the France-Nigeria Business

Council & CEO Access Bank Plc; Usman Mohammed, the President of the Franco-Nigerian Chamber of Commerce and Industry; Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms to name a few.

With the partnership, Raedial Farms Limited will diversify its operations from solely oil palm full-fledged farming activities spread over more than 2500 hectares of land and livestock products to the production of fruits for exportation.

The MD of Raedial Farms Limited, Mr. Uwadiale Agenmonmen said, “For us at Raedial Farms, this partnership further exemplifies our dedication to contributing to the growth of the France-Nigeria Agricultural relationship

and shows the pivotal role largescale farming plays in the Agric sector.”

Didier Mas, Technical Director for Africa at Compagnie Fruitere, stated, “Nigeria is a country with massive financial potentials, especially following the current government’s pledge to open up its economy to others in a bid to grow the GDP.” Speaking at the event, Olivier Becht stated that, “This collaboration reflects a commitment to strengthening the countries ties and fostering mutual benefits in agriculture since the agri-food industry stands as a beacon for cooperation between our two great nations especially as Nigeria is France’s first trading partner in Sub-Saharan Africa.”

Urban Exchange Appoints Pankeeroy Crypto Ambassador

Rebecca Ejiforma

Urban Exchange, a leading firm in the cryptocurrency industry, has announced the appointment of popular skit-maker, Nwagbo Chidera Oliver, otherwise known as Pankeeroy, as its official Crypto Ambassador.

This is in a strategic move to exemplify its commitment to fostering crypto and gift card trading within the rapidly evolving world of digital assets.

While announcing the ap-

pointment in a statement by its Chief Executive Officer, Oluwatosin Awoniyi, the firm said, “As a professional skit-maker and crypto trader, Pankeeroy brings a wealth of experience to our team.

“His experiences will play an important role in driving awareness about crypto and supporting the Urban brand in improving our services in crypto and gift card trades.

“In his role as Urban Exchange’s Ambassador, Pankeeroy

will spearhead initiatives aimed at promoting the brand, educating the public on responsible crypto practices and supporting the brand in all its public and private endeavours like events activation.”

The statement further added that the firm was thrilled to welcome Pankeeroy to its team because, “his passion for blockchain technology and commitment to driving positive change align seamlessly with our company’s values.”

GCUOBA to build A N500 Million Secretariat Government College Ughelli Old Boys Association (GCUOBA), Lagos Branch has announced that it will on December 3, 2023 at a prestigious Luncheon Party, launch a N500 million secretariat building fund.

“Some of the very important dignitaries expected to grace the occasion include but not limited to, Chief Host of the event, Delta State Governor, Rt. Hon Sheriff Oborevwori, Co-Chief Host, Mr. Babajide Sanwo-Olu, Governor of Lagos State, Honorable Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo, SAN, Chief Allen Onyema, Chairman, Air Peace Airlines, “Sir Joseph Arumemi- Ikhide, Chairman, Arik Airlines, Uncle Sam Amuka, Publisher, Vanguard Newspaper, Prince Nduka Obaigbena Chairman, Arise Television, who will be

the Chairman of the occasion.

Others include Mr. G.T.S. Adokpaye, former President, GCUOBA Lagos branch and Past President General Worldwide, PGWW, GCUOBA, Dr. Titus Okereke, Prof. Olu Akinyanju, Prof. Itse Sagay SAN, Engr.

Guy Otobo, Chief Engr.

Joseph J. Akpieyi, Chairman, Arco Plc, former President GCUOBA Lagos branch and Past President General Worldwide, PGWW, GCUOBA, who will be Father of the day, Olorogun Moses Taiga, Arch.

Charles Majoroh, immediate past President General, World Wide, GCUOBA, Olorogun Albert Akpomudje, SAN, current President General, World Wide, Dr. Alfred Okoigun, 1st Vice President General, World Wide, Pastor Daniel Ekoko, Host and President of GCUOBA Lagos Branch,

Chief Great Ogboru and so many other high profile personalities too numerous to mention here.

“Today, we stand on the threshold of history to proclaim that those of us who were fortunate enough to be sent to a very unique school such as our Alma mater Government College, Ughelli, GCU, Delta State by our fore-sighted parents or guardians in our formative years can proudly and conveniently say that, YES INDEED, it was a brilliant idea and a worthy decision. Our entry into GCU was made possible by them.

Because of the discipline we underwent, excellent education we received, respect for seniors and social values, majority of the Mariners went on in life to impact our dearly beloved country, Nigeria, in various fields of endeavours.

L-R: Technical Director for Africa at Compagnie Fruitiere, Didier Mas; French Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Olivier Becht and MD of Raedial Farms Limited, Mr. Uwadiale Agenmonmen at the Partnership Agreement Signing between Raedial Farms Limited and Compagnie Fruitiere during the French Week 2023 Business Forum.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations.

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

T H I S D AY •THURSday, NOVEMBER 30, 2023

37

mARKET NEWS

Gains Lift Stock Market by N133 Billion

KayodeTokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday recovered from previous session losses, as the overall market capitalization appreciated by N133 billion on renewed investor interests in Seplat Energy Plc and 20 other stocks.

The NGX All-Share Index (ASI) gained 242.29 basis points or 0.34 per cent to close at 71,283.34 basis

points. Also, market capitalisation rose by N133 billion to close at N 39.008 trillion.

According to analysts at InvestmentOne research, the stock market closed positive today on the back of the gains recorded in the Oil/ Gas and Consumer Goods sectors.”

On the stock market going forward, they expressed that, “we expect investor’s sentiments to be swayed by the search for real positive returns and developments in

P R I C E S MaiN Board

F O R DEALS

the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

However, the market breadth closed negative as 21 stocks gained relative to 39 losers. Seplat Energy emerged the highest price gainer of 10 per cent to close at N2,310.10, per share. Meyer followed with a gain of 9.79 per cent to close at N3.59, while SUNU Assurance

S E C U R I T I E S Market Price

quantity traded

rose by 9.56 per cent to close at N1.49, per share.

Nestle Nigeria increased by 9.52 per cent to close at N1,150.00, while Consolidated Hallmark Holdings added 9.24 per cent to close at N1.30, per share. On the other side, Guinea Insurance led the losers’ chart with 10 per cent to close at 27 kobo, per share.

Omatek Ventures followed with a decline of 9.88 per cent to close at 73 kobo, while Abbey Morgage

T R A D E D

value traded ( N )

MaiN Board

A S O F

Bank shed 9.68 per cent to close at N1.68, per share.

NEIMETH International Pharmaceuticals depreciated by 9.45 per cent to close at N1.82, while Tantalizers down by 8.62 per cent to close at 53 kobo, per share. The total volume traded declined by 32.55 per cent to 360.601 million units, valued at N6.611 billion, and exchanged in 6,579 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the

activity with 56.908 million shares worth N2.191 billion. Transnational Corporations (Transcorp) followed with account of 27.382 million shares valued at N184.098 million, while United Bank for Africa (UBA) traded 21.449 million shares valued at N456.465 million.

Secure Electronic Technology traded 20.648 million shares worth N14.750 million, while Access Holdings traded 15.905 million shares worth N285.737 million.

N OV E M B E R / 2 9 / 2 3 DEALS

Market Price

quantity traded

value traded ( N)

38

THURSDAY, NOVEMBER 30, 2023 • T H I S D AY

Bullish Outing on the Domestic Bourse… ASI up 0.3%

₦

₦ ₦

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

T o p 10 G a i n e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

SEP LA T

2310.10

10.0%

GT C O

56.9

-0.1%

M EYER

3.59

9.8%

T R A N SC OR P

27.4

1.3%

21.4

-0.2%

1.49

9.6%

UB A

1150.00

9.5%

N SLT EC H

20.6

9.1%

WA P IC

0.71

9.2%

A C C ESSC OR P

15.9

-0.6%

N SLT EC H

0.72

9.1%

UP D C R EIT

14.9

-7.1%

UP D C

1.34

7.2%

VER IT A SKA P

14.1

-2.6%

SUN UA SSUR N EST LE

LIVEST OC K

1.80

7.1%

N EM

12.6

0.0%

NNFM

32.00

6.3%

GUIN EA IN S

10.7

-10.0%

C WG

7.30

5.8%

UN IT YB N K

10.6

-7.7%

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

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Value

GUIN EA IN S

0.27

-10.0%

GT C O

2190.8

-0.1%

OM A T EK

0.73

-9.9%

M TNN

688.4

0.0%

A B B EYB D S

1.68

-9.7%

N EST LE

482.0

9.5%

N EIM ET H

1.82

-9.5%

UB A

456.5

-0.2%

T A N T A LIZ ER

0.53

-8.6%

SEP LA T

438.6

10.0%

D A A R C OM M

0.32

-8.6%

Z EN IT H B A N K

330.8

-0.4%

UN IT YB N K

1.55

-7.7%

A C C ESSC OR P

285.7

-0.6%

C A VER T ON

1.38

-7.4%

T R A N SC OR P

184.1

1.3%

172.9

-2.0%

115.7

-1.5%

D EA P C A P

0.65

-7.1%

FB NH

UN IVIN SUR E

0.26

-7.1%

ST A N B IC

P ric e C hg %

39

T H I S D AY • THURSDAY, NOVEMBER 30, 2023

NEWS

Diri's "Budget of Sustainable and Shared Prosperity"...

L-R: Deputy Speaker, Bayelsa State House of Assembly, Michael Ogbere; Governor Douye Diri; the Speaker, Abraham Inogbere; and Leader of the House, Monday Obolo, during the governor’s presentation of the 2024 “Budget of Sustainable and Shared Prosperity” to the state legislature ... yesterday

Obaseki, ERA Unveil Project to Enhance Health Emergency Response in Edo Governor set to host Rema’s homecoming concert in Benin Says Edo Radisson Hotel Project ‘ll be trailblazer in tourism

The Edo State Governor, Mr. Godwin Obaseki, has partnered with Emergency Response Africa (ERA) to launch a technology-enabled Emergency Medical Services Project (EMS), an initiative to enhance emergency healthcare response and boost health insurance enrolment in the state.

The Funds for Innovation in

Development (FID), a financing mechanism of the French Government, committed to battling poverty and inequality, is the key funder of the project.

The FID-EMS project spearheaded by the Edo state government is a response to Nigeria’s significant emergency healthcare crisis, where 54 per cent of the country’s deaths

could be prevented with timely emergency medical response, resulting in over 1.23 million unnecessary fatalities.

The project aims to tackle challenges such as low public health trust, broken communication channels, and inefficient data collection, among many others, a statement from the Edo government said.

The primary focus of the project is to implement the programme in Oredo, Egor, and Ikpoba Okha Local Government Areas of Edo State while selected community members will be trained as first responders.

Edo State Commissioner for Health, Dr. Samuel Alli, highlighted the state’s commitment to the

Stakeholders Canvass Adoption of Underground Space to Ease Road Traffic Peter Uzoho Policymakers and experts have urged Nigeria and other African nations to embrace tunnelling and underground space development as a strategy to ease road traffic congestion and achieve sustainable economic development of the continent.

The stakeholders made the call at the just-concluded 4th Nigeria Tunnelling and Underground Space Conference in Lagos, with the theme: "Leveraging Tunnelling and Underground Space Use as a Tool for Our Cities in Optimising the Implementation of the African Continental Free Trade Agreement, AfCFTA." They noted that tunnelling and underground space development would culminate in better planning and the emergence of compact cities, with huge infrastructure capable of enhancing the movement of persons and goods from one place to another.

Speaking at the event, the Minister of Works, Mr. David Umahi, who was the Special Guest of Honour, acknowledged that tunnelling and underground space areas were new in Nigeria and would no doubt be useful to the nation.

The minister, who was represented by the Director of Highway Development, Federal Ministry of Works, Mr. Umah Bakare, stated that with more than 20 million people in Lagos, tunnelling and underground space development was required to enhance the movement of persons and goods from one part of the city to another.

The President, Nigerian Tunnelling Association (NTA), Abidemi

Agwor, said the African Continental Free Trade Agreement (AfCFTA) was a bold vision set forth by the African Union that seeks to create a single continental market for goods and services, fostering economic growth, job creation, and poverty reduction across the continent.

He said such an ambitious undertaking necessitated the development of robust infrastructure to facilitate the seamless movement of people, goods, and capital.

Agwor stated: “In this context, the importance of tunnelling and underground spaces cannot be overstated. They can provide efficient transportation links, secure supply chains, and even serve as hubs for logistics and warehousing. “ Imagine the possibilities of a subterranean network that connects our nations, enabling the free flow of trade, while also addressing congestion and environmental concerns on the surface.

“Nigeria, with its diverse landscape and growing urban centres offers a fertile ground for the multi-sectorial application of tunnelling and underground space technology.

“Consider the challenges of rapid urbanisation, water resource management, and transportation congestion. These issues can be effectively addressed through innovative underground solutions,” he said.

To accomplish the foregoing ambitious goals, he said there was need to draw upon the expertise and knowledge of the international community, adding that the International Tunnelling and Underground Space Association (ITA) plays a pivotal role in

connecting Nigeria and Africa with global experts and best practices.

“By engaging with ITA, we can stay at the forefront of technological advancements in tunnelling and underground space use. This partnership ensures that our projects meet global benchmarks for quality, safety, and environmental sustainability," he added Also speaking on the occasion, the Global Lead, Hydropower and Dams Global Solution, World Bank Group, Prakin Karki, described Nigeria as the most populated country and largest economy in Sub-Saharan Africa with a population of over 200 million.

Karki maintained that Nigeria's Gross Domestic Product (GDP) stood at N477 billion in 2022, adding that about 18 million people

face challenges, including a lack of infrastructure, which requires policy actions for development.

“The rural areas need infrastructure even more than the cities based on my observation in Nasarawa state and other places. There is need to give priority to infrastructure, especially water and energy. I was asked to come to Nigeria by the World Bank to assist with water and energy," the World Bank official stated.

The Vice President, International Commission on Large Dams and Board member of NTA, Imo Ekpo, who examined the activities of the association in the past few years, highlighted the association’s relationship with some universities, to enhance enlightenment, training and capacity building.

project by providing counterpart funding and leading a committee of critical stakeholders across the State’s Ministries, Departments and Agencies.

Anne Thibault, Chief Impact Officer at the Fund for Innovation in Development in France, which provides funding for the pilot phase, conveyed her excitement about the potential impact of the innovation in the context of Nigeria.

On her part, Folake Owodunni, chief executive of ERA, said the project marks a pivotal moment in transforming emergency healthcare response in Nigeria.

Also, Obaseki has said the 169room Edo Radisson Hotel Project, on completion, will be a trailblazer in tourism and hospitality business in the South-South region as well as the entire Country.

The 169-room Edo Radisson Hotel Project undertaken by the Edo State Government and the Radisson Hotel Group is poised to set new standards in luxury accommodation and hospitality services.

Speaking to journalists in Benin City, the Edo State capital, the governor said the facility scheduled to open within the next 12 months, marks a significant milestone in the government’s efforts to boost tourism and economic development in Edo State.

Obaseki, who spoke through the Secretary to the Edo State Government, Osarodion Ogie, said the hotel will be the first of its kind

to be opened in the South-South region of the country.

The governor said: “Radisson Hotel Benin City promises to be a trailblazer in the hospitality business in the South-South zone in particular and the Country in general.”

The hotel’s array of Scandinavianinspired accommodation will range from contemporary standard rooms to expansive executive suites, including a presidential suite.

Meanwhile, the festive season is set to reach new heights in Benin City, the Edo State capital as Obaseki unveils plans to host Edo-born musical prodigy, Divine Ikubor, popularly known as Rema, in a grand Homecoming Music Concert on December 21.

While speaking to youths at the Sir Victor Uwaifo Creative Hub, Benin City, Obaseki said: “By the grace of God, this Christmas, we will bring Rema home. Rema will have a Homecoming Concert.”

Confirming the governor’s directive to organise the Christmas gig, the Edo State Commissioner for Arts, Culture, and Tourism, Dr. Uyi Oduwa-Malaka, said the Homecoming Concert is scheduled to take place at the Samuel Ogbemudia Stadium in Benin City, on December 21, 2023.

Johnny Drille, another Edo-born music sensation, recently hosted a show in the State, delivering a mesmerising performance at the Sir Victor Uwaifo Creative Hub, before paying a courtesy visit to the governor.

Hajji 2024: NAHCON Tasks FAAN on Upgrade of Facilities at Departure Zones Hammed Shittu in Ilorin The National Hajj Commission of Nigeria (NAHCON) has charged the Federal Airports Authority of Nigeria ( FAAN) to, as a matter of urgency, put in place necessary facilities at the country's Hajj departure zones to ensure a seamless airlift operation during this year's Hajj.

A statement issued by the NAHCON, signed by the Deputy Director of the Information and Publication of the Commission, Mousa Ubandawaki, said that the

provision of necessary navigation equipment and facilities at Hajj departure centres across the country would facilitate smooth Hajj airlift operation.

The statement was issued after the courtesy call of the members of FAAN's Hajj Committee on the acting Chairman of NAHCON, Mallam Jalal Arabi , in his office in Abuja.

The NAHCON chairman urged the committee to be time-conscious as they would have limited time to carry out their assignments, going by the timeline set by Saudi

Arabia for all nations to conclude all Hajj arrangements.

Earlier in his address, the leader of the delegation, who is the Director of Airport Operations, Capt Mukhtar Muye, said that the Authority had commenced preparations for the 2024 Hajj two months ago.

He assured that the exercise would be completed before the commencement of Hajj airlift in the 16 departure Airports across the country.

Muye urged the commission to persuade the tour operators to

comply with the arrangements of airlifting their pilgrims through the international terminals instead of the Hajj terminal.

He said that it denies the Authority of valuable revenue that they supposed to generate for the purpose of providing the necessary infrastructural facilities at the airports.

He assured the commission of the Authority's commitment to discharge its duties diligently so that Nigerian pilgrims can enjoy a hitch- free airlift during the 2024 Hajj operation.

40

THURSDAY, NOVEMBER 30, 2023 • T H I S D AY

NEWS

PRIORITY AGENDA FOR THE ECONOMIC REVIVAL OF NIGERIA...

L-R: The Moderator, Mrs. Rolake Akinkugbe-Filani; Author/Director, NTU-SBF Centre for African Studies, Amit Jain; Chairman, Union Bank Plc, Mr. Farouk Gumel; Chief Executive Officer, MainOne, Ms.Funke Opeke; and Chief Executive Officer, KAINOS Edge Consulting Limited, Dr. Doyin Salami, during the public presentation of a report titled “Back to Growth: Priority Agenda for the economic PHOTO: SUNDAY ADIGUN revival of Nigeria" in Lagos.... recently

Amnesty International Slams Tinubu Government over Human Rights Violation Accuses president of paying lip service to human rights Insists rights to free speech, media freedom routinely violated

Wale Igbintade The global human rights organisation, Amnesty International, has slammed President Bola Tinubu-led administration over its failure to address rampant human rights violations inthe country.

The organisation in a statement issued yesterday by its Nigerian Director, Isa Sanusi, urged the Tinubu government not to pay lip service to human rights, but 'ensure that their words are matched with concrete actions to protect and uphold the rights of everyone in the country'.

The statement entitled: ‘Nigeria: After six months in office, President Tinubu failed to uphold human rights’, warned that his administration must guarantee and ensure respect for the human rights of everyone in the country.

It said currently, the rights to freedom of expression and media freedom are routinely violated.

The organisation noted that occasionally, security forces threaten, arrest and detain journalists, bloggers, human rights defenders and activists simply for doing their work.

It revealed that that during the 2023 general election, at least 42 journalists were attacked, harassed, beaten or denied access to cover the elections.

The global rights body called on Nigerian authorities to fully implement findings of the investigation of the killings of peaceful #EndSARS protesters by the military and police

at Lekki Toll Gate on 20 October 2020.

It maintained that all atrocities allegedly committed by the police before and after the disbandment of the Special Anti-Robbery Squad (SARS) must be investigated, while victims must also receive compensation, and the perpetrators must be brought to justice.

The organisation observed that in Nigeria, the rights to freedom of expression and media freedom are routinely violated, as security forces often threaten to arrest and detain journalists, bloggers, human rights defenders and activists simply for doing their work.

It stated that during 2023 general election, at least 42 journalists were attacked, harassed, beaten or denied access to cover the elections The statement read: "Nigeria’s President Tinubu’s administration has failed to ensure respect for human rights and the rule of law after six months in office, Amnesty International said today, as it launches a human rights agenda for the government following a period in which Tinubu unveiled new government policies that did not address rampant human rights violations across the country.

"Tinubu’s new administration still has the chance not only to ensure that everyone is able to fully and effectively enjoy their human rights, but also to hold perpetrators of past rights violations to account.

"The Nigerian authorities must ensure that human rights are at the

80% of Illegal Structures Demolished in Lagos Owned

by Yoruba, Says Group Gbenga Sodeinde in Ado Ekiti The South-west Professional Forum (SOWPROF) has said that majority of illegal structures demolished in Lagos are owned by Yoruba people.

SOWPROF, President , Chief Segun Ajibulu, said this in a statement made available to journalists

by Lateef Kayode, the group's Assistant General Secretary.

SOWPROF established in 2012 as a coalition of South-west based professional groups, dismissed insinuations that the demolition was targeting a particular group.

"We need to set the records straight. We have done diligent

checks. We have a compilation of all the victims of the demolition of illegal structures in Lagos. We have done extensive compilation of the victims and the issues involved.

“Some 80 per cent of the victims of the demolished illegal buildings in Lagos are from the South-west area" the statement said.

The professional group said attempts by a few people to “ethnicise” the environmental issue was self-serving.

It urged the Lagos State Governor, Mr Babajide Sanwo-Olu, not to be deterred by “parochial critics” introducing ethnic politics into a purely environmental issue.

centre of their policies, implement findings of previous investigation panels on human rights violations, and promptly, thoroughly, impartially, independently, effectively and transparently investigate human rights violations under the past government to ensure justice and accountability.

“President Bola Tinubu and his administration must publicly commit to ending decades of human rights violations by ensuring that suspected perpetrators of past violations are brought to justice and implementing safeguards that drastically improve respect for human rights. President Tinubu’s government must unveil a blueprint for addressing the gross

human rights violations that have been committed across the country.

“Amnesty International has prepared a detailed human rights agenda for the Nigerian authorities.

The government must now respond not by paying lip service to human rights, but by ensuring that their words are matched with concrete actions to protect and uphold the rights of everyone in the country,” Sanusi said.

In setting human rights agenda for Nigeria, Amnesty International said: "Although the Nigerian Constitution 1999 (as amended) contains provisions on human rights and Nigeria has ratified several human

rights treaties, including the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights, the country has been plagued by decades of human rights violations and abuses, perpetrated by both state and non-state actors.

"President Tinubu’s administration must guarantee and ensure respect for the human rights of everyone in the country. In Nigeria, the rights to freedom of expression and media freedom are routinely violated. Occasionally, security forces threaten, arrest and detain journalists, bloggers, human rights defenders and activists simply for doing their work. During

the 2023 general elections, at least 42 journalists were attacked, harassed, beaten or denied access to cover the elections.

"The Nigerian government must conduct a thorough, impartial, independent, effective and transparent investigation into the counter-insurgency operations carried out in the northeast of the country by security forces. Since 2009, the Nigerian military has committed gross human rights violations and crimes under international law, including extrajudicial executions, enforced disappearances, arbitrary arrests, and incommunicado detention, in the North-east.

Budget: PDP Condemns Rendition of Tinubu’s Campaign Tune in N’Assembly Chamber Says it’s another evidence of drift to totalitarianism

Chuks Okocha in Abuja

The Peoples Democratic Party (PDP) yesterday said that it strongly condemned the rendition of the campaign tune of President Bola Tinubu in the hallowed chamber of the National Assembly during the presentation of the 2024 budget estimate to the legislature.

The PDP described it as an “extremely sacrilegious and unpardonable assault” by Tinubu and his handlers on the sensibility and constitutional sovereignty of the Nigerian people as represented by the National Assembly.

In a statement by the PDP National Publicity Secretary, Debo Ologunagba, the party said that the insensitive and brazen rendition of the campaign tune amid proceedings in the chambers by the government’s security band further confirmed the apprehensions by Nigerians of creeping totalitarianism.

It added that the action smacked of fiefdom where an individual is being elevated as a sovereign, clearly undermining the legislature and the constitution of Nigeria.

"This condemnable episode validates the concerns of the PDP as expressed on several occasions, the latest being on Wednesday, November 15, 2023 where our party raised the alarm and cautioned that our nation is dangerously sliding into cronyism and totalitarianism under

the Tinubu-led administration. ''The National Assembly is the symbol of the collective sovereignty of the Nigerian people which cannot be appropriated by or surrendered to any individual or cabal under any guise or circumstance whatsoever," the PDP spokesman stressed.

Moreover, the PDP said that it was appalled by Tinubu’s description of Nigerians in his budget presentation as the “ordinary people out there”, a statement which it said

further exposes the disdain and utter disregard to the sensitivity of Nigerians as reflected in the formulation of polices, programmes and implementation by the current administration "This apparently explains why the 2024 budget as presented by Tinubu heavily provided for luxury appetite of the privileged few in the presidency and All Progressives Congress (APC) leaders with no corresponding positive plan for

the wellbeing of other Nigerians.

"Our Party calls on Nigerians to be at alert and defend the nation’s democracy by resisting the totalitarian tendencies of the APC administration.

"Nigeria is a democratic nation governed by the constitution and the rule of law and we must not allow any act that is capable of drifting our nation to unconstitutional tendencies as being exhibited by the APC", Ologunagba stated.

FG, US Hold Talks on Funding of Mining Projects in Nigeria

Folalumi Alaran in Abuja

The Minister of Solid Minerals Development, Dele Alake and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pyatt, have agreed to set up a team of officials of both countries to explore financing for credit to mining firms and infrastructures.

On the sidelines of the Mines and Money Conference holding in London, Pyatt said his visit to Alake followed an earlier meeting with President Bola Tinubu who sought the support of the US for the country’s economic revival.

He said the US would like to be Nigeria’s partner of choice in develop-

ing the solid minerals sector and was interested in the reforms announced by the minister in his address at the plenary of the conference.

Noting that the US has various institutions and laws which encourage direct foreign investment, Pyatt said he would notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

Responding, Alake said the Ministry of Solid Minerals Development had launched a seven-point agenda as its roadmap to reposition the sector.

He highlighted the establishment of the new Solid Minerals Development Company, a new security architecture

to ensure safety of mine operations and data generation on a massive scale to de-risk the sector.

The minister said the credit facility and foreign direct investment promised by the US would be in the mutual interest of both countries because energy minerals such as lithium are critical to the global crusade for clean energy and necessary for the manufacture of electric cars.

Also speaking at the meeting, the Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi, commended the US for investment in mining infrastructure in Central Africa, urging a similar partnership with the Fund.

41

T H I S D AY • THURSDAY, NOVEMBER 30, 2023

NEWS

NB MANAGEMENT'S COURTESY VISIT TO ALEX OTTI...

L-R: Corporate Affairs Advisor, South, Nigerian Breweries Plc, Kingsley Idoko;Head of Corporate Communications, NB Plc, Ayodele Alabi; Corporate Affairs Director, NB Plc, Sade Morgan; Executive Governor, Abia State, Alex Otti and Brewery Manager, Aba Brewery, NB Plc,Lolu Ogunkeye during a courtesy visit of the management team of NB Plc to Governor Alex Otti in Abia....recently

Afenifere Expresses Disdain over Controversy in Kano Guber Election Verdict

Says continued disrespect for court orders aggravating insecurity Decries current excuses of economic meltdown, high costs of goods Tasks Tinubu on resolutions of 2014 Conference, El-Rufai's Panel on federalism James Sowole in Abeokuta and Fidelis David in Akure A pan-Yoruba socio-political organisation, Afenifere, has expressed disdain over the recent controversy surrounding the Kano State gubernatorial election verdict and the recently released Certified True Copy (CTC) of the Appeal Court.

Afenifere, while expressing worries at the dwindling image and increasing loss of confidence in the judiciary by Nigerians, said it considered the parade of different versions of judgment on the Kano gubernatorial elections inexplicable with disturbing implications for the security of the state and the entire nation.

While decrying the current

excuses of economic meltdown and high costs of goods, the group also tasked President Bola Tinubu on the resolutions of the 2014 national conference and former Governor Nasir El-Rufai's panel on federalism In a communique issued after the monthly meeting of the group held at the residence of its leader, Ayo Adebanjo, at Isanya Ogbo, in Ogun State and signed by its Secretary General, Sola Ebiseni, it reminded the federal government and leaders of the judiciary that most crises in the country were always associated with elections and prevarications of the judiciary.

Afenifere insisted that, "A country whose judiciary cannot be trusted to interpret laws with high degree of certainty and its judgment constantly enmeshed in needless controversy

cannot expect the confidence of foreign investors in its economy."

The group insisted on the respect of court orders on the release of detainees like Nnamdi Kanu, Sunday Igboho and others and reasoned that continued disrespect for court orders aggravated the level of insecurity in Nigeria.

The group emphasised that the federal government must restructure the country and enthrone true federalism as it was originally entrenched in the 1960 and 1963 constitutions to end the nation's problem of grappling with doubledigit inflation, foreign currency shortages, a weakening naira, widespread insecurity amongst others.

"Afenifere reiterated our position that Nigeria cannot peacefully,

prosperously and progressively endure under the present military imposed constitution, having jettisoned the foundational principles of federalism by which the country attained independence and made giant strides at the beginning of the Nigerian project.

"The 2014 National Conference was constituted by delegates from a cross-section of the Nigerian federation, including the ethnic nationalities, governments of the 36 states, the legislature, executive and judiciary, the local governments, the armed forces, police and other security agencies, political parties, women and youths organisations, civil society groups, professional bodies, while the 2017 APC (ElRufai) committee on True Federalism conducted Town Hall Meetings

Melaye: I Won’t Seek Redress over Kogi Guber Poll Because APC Has Captured Judiciary Chuks Okocha in Abuja The governorship candidate of the Peoples Democratic Party (PDP) in Kogi State, Senator Dino Melaye, has said he would not seek legal redress in the last governorship election, because the All Progressives Congress (APC) had already captured the judiciary.

Melaye, who said this at a media briefing in Abuja yesterday, said his decision was hinged on the fact that the judiciary has allegedly become an arm of the ruling APC. According to him, “It is now public knowledge that the judiciary under the current administration has become the ‘lost hope’ instead of the ‘last hope’ of the common man.

Melaye noted that it was a shame that the judiciary watched helplessly as members of the ruling party boasted of their control over the judiciary during campaigns.

"I, Dino Melaye, will not dignify a captured judiciary by filing a petition over Kogi governorship election, where majority of the results were written before the election day by INEC officials under the watch of Professor Mahmood Yakubu,who has now earned the unenviable position of the most incompetent person to preside over the Election Management Body in Nigeria.

"Why should any reasonable Nigerian go to the tribunal, when the Judiciary has been captured and members of a political party openly dare the would-be victims of their infernal rigging machine to go to court.

"Why should other political parties and Nigerians participate in future elections with the consolidation of grip and total control of INEC

through the appointment of APC card carrying members as commissioners into INEC who will recruit APC supporters as poll officials?

"All recognised individuals of proven integrity from south and Northern part of this country applauded by Nigerians for their commitment to credible elections as commissioners have all been eased out of INEC.

“The way the so-called State Independent Electoral Commission (SIEC) is constituted by governors with party members and supporters is what is now being brazenly applied to INEC at the federal level.

"We have already witnessed a repeat of local government elections at the States level with the writing of results before elections in Kogi and Imo States," he stated.

Niger Governor Signs Executive Order on Green Economy Laleye Dipo in Minna

Niger State Governor, Mohammed Umaru Bago, has signed an executive order tagged, "The Niger State Green Economy Initiative, No3 2023, being a follow-up to the Green Economy Summit held by the state government recently.

The order entailed that the Green Economy Initiative would be driven by the state blueprint that detailed the strategic pillars and outlined the strategic key performance indicators, targets and timelines of the transition

into a Green Economy According to a statement by the Chief Press Secretary to the Governor, Bologi Ibrahim, also enshrined in the order was that the Niger State Government would produce a state-wide land use and economic development plan to guide investment decisions and ensure investments that would stabilise the green transition and that it was properly coordinated and planned.

He said the executive Order further provided that all the ministries, departments and agencies

of the state must adhere to the initiative, adding that appropriate sanctions would be carried out on any violator of the order.

Bologi said the order was signed at the commencement of the weekly State Executive Council meeting, yesterday, where Bago explained that the order was to ensure effective implementation of the Green Economy Policy.

Bago, the statement added, said with the signing of the order three, "the initiative has come to stay and its implementation is sacrosanct."

across the federation with both emerging with resolutions and reports on all essential issues in the governance of Nigeria as a true federal state," it said.

Afenifere, therefore, called on the federal government to summon the courage to match and reconcile the resolutions of the 2014 National Conference and the reports of the APC (El-Rufai) Committee on Federalism for the holistic restructuring of the federation, which would be enacted into a new constitution.

On electoral reforms, it noted the recurrent rituals of hues and cry for electoral reforms after every national election and stated that Nigerians would continue to be afflicted with electoral brigandage under a constitution which over-concentrates powers at the centre and wherein the president openly appoints his party members and lackeys as officials of the Independent Electoral Commission and managers of elections.

"It cannot be overemphasised that such scenario, which will continue to set our people against one another in the evident unrestrained cutthroat competition for power.

Afenifere noted the salutary efforts of President Bola Ahmed Tinubu who, as Governor of Lagos State, successfully in court challenged many anti-federal provisions of the Constitution in several areas,” it said.

This it claimed, included “the local government system, revenue of the federation, items in the legislative lists, usurpation of the residual powers of the states including town planning, advertising, by the federal government, control of internal waterways and water fronts, land use, value-added tax etc.

“Now at the central stage is the time for President Tinubu to step forward with the requisite political determination to live for history and mobilise Nigerians to truly enact for ourselves an autochthonous federal constitution."

Gaza Ceasefire Will Yield Nothing Without Total End to Hostilities, Says Palestinian Envoy Michael Olugbode in Abuja The Palestinian Ambassador to Nigeria, Abdullah Shawesh, has expressed dissatisfaction with the ongoing ceasefire in the fight between Israeli-Hamas, noting that it would pan to nothing if the hostilities were to be continued afterwards.

Shawesh said complete end to the war was what would bring satisfaction to the people of Palestine, who were daily under siege.

The envoy, who yesterday in Abuja addressed the media on the current situation in Gaza Strip, said over 15,000 Palestinians were killed and about 40% of Palestinian homes totally levelled or had become inhabitable in the over one month bombardment of Gaza by the Israeli forces.

He said the Palestinians were completely not satisfied with the turn of event in Gaza, but were looking towards international community to put real pressure on Israeli to end the war for the ceasefire was

but temporal.

"There is a big difference between extending the ceasefire and finally putting an end to the open slaughtering of innocent citizens.

“The ceasefire is just a six day process. We cannot talk about ceasefire as I mentioned as there are thousands of innocent people still under the rubbles and many of them still missing.

“With many still under the rubbles. Many families, who had hope that their kids are alive only to discover that after one and half months that the kids are not only dead but their bodies have begun to decompose," he explained.

He, however, admitted that Palestine has gained a lot of support since the attack on Gaza following an attack on Israel by Hamas on October 7.

Shawesh said, "Today, you will find millions of support, Christians, Muslims, all over the world, in particular in the United States and the European countries.

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THURSDAY, NOVEMBER 30, 2023 • T H I S D AY

NEWS

GLOBAL QUALITY EXCELLENCE AWARD...

L-R: Head, Brand Management and Corporate communications, Sovereign Finance Ltd. Precious Oguche; Chief Commercial Officer, Dr. Olatunji Esan; Managing Director / CEO, Mr. Olusola Dada; Business Development PHOTO: SUNDAY ADIGUN Manager for Liability Generation, Yetunde Agunbiade; and Marketing Assistant, Emmanuel Aribalusi;, at the Global Quality Excellence Awards held at Civic Centre, Victoria Island, Lagos.. recently

Femi Hamzat: Next Election May Be Worse Unless...

Says Nigerians expect perfect elections in imperfect situations

Dike Onwuamaeze The Lagos State Deputy Governor, Dr. Obafemi Hamzat, has said subsequent elections might be worse than the ones being contested because the Nigerian people were not addressing the real issues yet.

He also snickered at Nigerians who were expecting perfect elections in an imperfect situation, but ended up blaming their unfulfilled expectations on the Independent National Electoral Commission (INEC) and the judiciary.

Hamzat, who stated this yesterday during the opening ceremony of a two-day retreat on “Nigeria Open Political Party (NOPP) Project: Capacity Strengthening Retreat for National Youth Leaders of Political Parties in Nigeria,” organised by the Westminster Foundation for Democracy (WFD) in Eko Hotel, Lagos, enjoined the people to change their mindset and focus on the real challenges militating against the country’s electoral processes.

“The challenge that we all need to look at is the way we have weaponised everything in our country. I have listened to many

public commentators abuse INEC, abuse judiciary, abuse everybody.

“The truth is that we are doing damage to ourselves. And I pray that your generation will change it. So, let us pity the INEC. For me, they have done a great job. But everyone has maligned them. People will be scared to take that position (INEC’s

responsibility),” he said.

He told the national youth leaders of political parties that Nigerians, who cried that INEC failed to transfer election’s results to its IREV were only blaming the country’s infrastructure deficits on the electoral commission.

He said, “When we said INEC did not transfer results immediately

to IREV, let me ask: can they do it?

Have you seen the broadband chart of Nigeria? There are ballot boxes in areas that do not have network.

How do they transfer these results?

So, we are blaming INEC for the inefficiency of our infrastructure.

“The problem is that we want a perfect election in an imperfect

situation and we will blame INEC. It is not possible. The problem is that we demean our institutions. And we cannot build a nation like that.

“The challenge is because of the way that we are commenting.

We are commenting on the wrong things. Therefore, my fear is that our election will be getting worse.

The next one will probably be the worst because we are not talking about the real issues,” the deputy governor said.

He, therefore, said there was nothing surprising about electoral violence in the country because Nigerians were accustomed to fighting in their normal day lives.

Army Chief Orders Troops to Sustain Onslaught against Criminals Nationwide

Assures south-east of adequate security at yuletide Nigeria commits to int. security at interpol conference

Kingsley Nwezeh in Abuja As the yuletide approaches, the Chief of Army Staff, Lt Gen Taoreed Lagbaja, yesterday, ordered troops to sustain the onslaught against non-state actors nationwide.

Following concerns about the violence in the South-east ahead of the Christmas celebrations, the army chief assured the people of the South-east of adequate security.

Meanwhile, the federal government, yesterday, declared its commitment to international security

and cooperation in the global fight against terrorism and transnational crimes.

Lagbaja, however, said the military high command was determined to ensure the defence of the citizenry and protect the territorial integrity of the nation.

At a media briefing in Abuja, the army chief, who spoke through the Director, Army Public Relations, Brigadier Gen Onyema Nwachukwu, charged troops to sustain the onslaught against non-state actors in order to decisively curtail the

activities of criminals across the country.

Speaking on the successes recorded so far in the ongoing "Exercises Still Waters, Enduring Peace and the Golden Dawn," across the country, he urged them to remain professional in their conduct.

"The COAS commends troops for the modest successes recorded so far and urges them to sustain the tempo in order to decisively curtail the activities of criminals across the country.

"Troops are also encouraged to

remain professional, vigilant and exhibit utmost respect for human rights of citizens in their respective areas of responsibilities.

"The Nigerian Army urges law abiding citizens to take ownership of the ongoing exercises and volunteer useful actionable information to security agencies," he said.

On the violence in the South-east ahead of the Christmas celebrations, the army chief assured the people of the South-east of adequate security.

"We are assuring those coming back home that there will be adequate

security. Security forces will dominate the South-east. Law abiding citizens have nothing to fear," he said.

Meanwhile, speaking at the 91st General Assembly of the International Police (Interpol) in Vienna, Austria, Minister of Police Affairs, Senator Ibrahim Gaidam, has assured of Nigeria's commitment and dedication to fostering effective partnerships with member countries to tackle crimes, combat terrorism and maintain global peace as well as commitment to ensuring public safety and upholding the principles of justice.

NASS Pledges Speedy Consideration, Aggressive Oversight of Tinubu's N27.5 Trillion Budget "We deem it necessary for our country to go back to agriculture as a way of stopping the overdependence on crude oil.

"A mono-economy is putting all our eggs in one basket. It is a risk we have taken for too long and we cannot continue to tempt providence.

"We also believe that education should be prioritised and something done to stop frequent closures.

"If we do not checkmate the brain drain, the drain will numb our brains. This is why we must open the door of education, because when you open the door of education you close the door of the prison.

"We also want to plead with the government to do all within its powers to reduce our high debt profile. We know that Mr. President inherited this worrisome burden. But then, the mark of a great leader is that he fixes the problems wherever they exist."

On his part, Abass acknowledged the pains, agony and sufferings most Nigerians were currently experiencing as a result of the ongoing economic reforms embarked upon by the current administration and urged the president to lessen the misery.

Abass said, "Mr. President, it is a well-known fact that millions of our constituents are living through incredibly difficult times.

"For this reason, they also look to the Tinubu-led government to provide quick and sustainable solutions.

"The antecedents of the president

and your track record in governance inspire a lot of hope in Nigerians.

Mr. President, it is for this reason that we cannot afford to fail Nigerians.

"If anyone can change the rot and chart a new course for Nigeria, it is you. I have no doubt whatsoever that we can measure up to the expectations of Nigerians through your visionary leadership and the commitment of the National Assembly."

The speaker urged his colleagues to ensure that the 2024 budget prioritised investment in education and healthcare, which he said was critical to human capital development and a more productive workforce.

He added, "Infrastructure development is another critical area of importance, which is crucial for economic growth. The biggest challenge, however, is balancing these priorities within the constraints of available resources.

"In view of this and the related challenge of a high level of public debt, the National Assembly will ensure that the 2024 budget includes concrete strategies for sustainable debt management."

He said that would include measures to increase revenue and control expenditure.

Abass said, "Specifically, the focus should be on raising more revenue through tax reform, fiscal reform, subsidy reform, foreign exchange convergence, and centralised revenue collection.

"Going forward, Mr. President, we will also work to institutionalise

pre-budget engagements with the executive to further improve and hasten the budget process.

"The House has already commenced interface with MDAs through the sectoral debates to understand the challenges facing government agencies and identify areas for legislative intervention.

"All of these efforts are geared towards ensuring that we provide the necessary legislative support to your administration’s Renewed Hope Agenda."

Abass noted that an institutional framework was necessary to achieve a prefect budgetary system in the country.

He said, "For this reason, I propose enacting a Budget Act to strengthen the budget process and promote development outcomes.

"This is a well-established practice in democracies across the world."

PDP: Tinubu’s 2024 Budget Proposal, Deceitful, Strangulating, Hopeless

PDP yesterday described the budget proposed by Tinubu for 2024 as a huge disservice that, if allowed to pass, would further suffocate Nigerians and plunge the country into more economic misery and bleakness.

PDP also dismissed the claim

by Tinubu that the budget was a “Budget of Renewed Hope”, describing it as “conjured, unfounded and deceptive, as the budget is completely devoid of concrete mechanisms to

revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies and depleting life expectancy of Nigeria citizens.”

A statement by National Publicity Secretary of PDP, Hon. Debo Ologunagba, said, "The 2024 budget is filled with heavily padded figures, duplicated items and several false statistics, including claims of global increase in inflation rate, as excuse for an impending excruciating increase in taxes and interest rate to the detriment of our productive sector.

"It is clear that the 2024 budget as proposed with its heavy provisions for luxury appetite of the Presidency and All Progressives Congress (APC) leaders, which is predicated and expected to be funded from multilateral and bilateral foreign loans and increased taxes on Nigerians, is designed to further mortgage our nation and strangulate the already impoverished Nigerians."

The statement noted that the budget framework with respect to recurrent expenditure vote of N9.9 trillion, capital expenditure vote of N8.7 trillion, and N8.25 trillion for debt service was unsustainable and unrealisable in view of the stated outstanding debt and proposed borrowing, which was allegedly targeted mainly to finance consumption, luxury appetite, and debt service.

According to the PDP spokesperson, "The lack of concrete and verifiable action plans to revive the

manufacturing, energy, agricultural and education sectors, which are the main drivers of any economy, is a pointer that the Tinubu-led APC government is bereft of ideas and completely disconnected from the reality of life being faced by Nigerians.

"It is of grave concern that the president in the budget speech stated that his government has ‘adopted a naira to US Dollar exchange rate of N750 per US Dollar for 2024’”.

PDP further stated that the budget estimates were “a clear admission of failure, incapacity and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the national currency, productivity and competitiveness in the global market”.

Ologunagba explained that the budget further confirmed that the numerous promises by the president and officials of his government “have been a deceptive ploy, which is consistent with the APC in the past eight and half years”.

He stated, "By adopting a defeatist N750 per US Dollar exchange rate, President Tinubu has further plunged our economy into the abyss, weakened our productive sector, wrecked the purchasing power of Nigerians and the capacity of the youths to be creative, recognising that it will be almost impossible for small and medium enterprises as well as start-ups to access capital under such a suffocating budget.

"Every responsible leadership

strives to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation currency and pride to the whims and caprices of the so-called ‘market forces.’”

PDP insisted that with transparent, honest and innovative management of resources and economic potential of the country, “without inordinate pursuit of luxury consumption by a few individuals in leadership position, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below N200 per US Dollar bequeathed by the PDP to the APC in 2015”.

According to Olohunagba, "This 2024 budget, as presented by President Tinubu, therefore, represents hopelessness for Nigerians. It is pathetic that the president, whose main duty is to provide for the security and welfare of Nigerians, as provided for in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), could present a budget that is not geared towards the attainment of that constitutional duty imposed on him."

PDP called on the National Assembly, “pursuant to its constitutional duty under Section 80, 81 and 82 of the 1999 Constitution, to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians”.

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T H I S D AY • THURSDAY, NOVEMBER 30, 2023

NEWS

STAKEHOLDERS’ ENGAGEMENT...

Director, Accounting Standards (Public Sector), Financial Reporting Council of Nigeria (FRC), Dr. Iheanyi Anyahara (left) and Executive Secretary/CEO, FRC, Dr. Rabiu Olowo, at a stakeholders’ engagement and media roundtable organised by the FRC in Lagos…yesterday

Gov Mbah Meets Tinubu, Rates FG's Economic Policies High on FDI Targets new cargo terminal, completion of Enugu airport’s international wing

Governor Peter Mbah of Enugu State has scored President Bola Tinunu’s economic policies high, saying they are good for foreign direct investments (FDI).

Mbah stressed that the unified foreign exchange rates policy was rubbing off positively on Enugu’s drive for FDI. The governor also said that the Enugu State Government was pushing for the construction of the cargo terminal and completion

of the international wing of the Akanu Ibiam International Airport, Enugu, through collaborations with the federal government.

He stated these while fielding questions from newsmen after meeting with President Tinubu at the Aso Presidential Villa, Abuja, Tuesday evening, saying although some of FG’s economic policies such as the removal of fuel subsidy were tough on the citizens for now; they were bold therapies for the

nation’s troubled economy and would greatly benefit the citizens ultimately.

Speaking with State House correspondents on his visit, Mbah said: “It is essentially to commend the president because a lot of things that he is doing at the national level are also rubbing off well on us at the state level – policies like the unification of the foreign exchange rate. What that simply means is that you

are going to have a lot of FDI coming in, and we are also going to benefit from that.

“As you may have also noticed, we are doing a lot, trying to attract investors to Enugu State. And the fact that we now have the ease of investors bringing in their money and also being able to repatriate it as a result of the unification of the foreign exchange rates would largely rub off positively on Enugu State.”

Wike Defends FCT’s N61bn Supplementary Budget Vows to continue demolition of illegal structures

Olawale Ajimotokan in Abuja Minister of the Federal Capital Territory (FCT), Nyesom Wike, yesterday defended the capital city’s N61.5 billion 2023 supplementary budget before the relevant Senate and House of Representatives Committees.

He said the budget revenue sources would be made up of inflows from Paris Club Refund, Payee Tax Liabilities, Special Intervention Funds (palliatives), Internally Generated Revenue (IGR) and the Infrastructure Support Fund.

Wike said the Paris Club Refund supplementary revenue stood at N25,790.082,458; refund of IPPIS/ PAYE N14,320,372,647.53; Special Intervention Fund N5,000,000,000.00; IGR N9,443,323,154.00 and Infrastructure support fund N7,000,000,000.00.

The minister said that the top of the list of priority projects will include the Abuja rail mass transit, provision of mass transit buses/rehabilitation of existing and serviceable ones and expansion of roads.

He told members of the committees that the amount was required to complete projects that would have direct bearing on Abuja residents in the first year of President Bola Tinubu in office.

He also identified other key projects to include the rehabilitation of National Christian Centre and the rehabilitation of National Mosque in Abuja.

Wike said most of the strategic projects awarded for years were abandoned due to lack of funding, which he said his administration would not tolerate.

"The projects were awarded before I became the minister but I

will ensure that they are completed.

Projects of national impact cannot be abandoned.

"The vice president’s residence was awarded in 2010 at the cost of N7 billion, but was abandoned, with Millennium Towers at the cost of N9 billion which was also abandoned. I have visited the project areas and checked the situation of things and have directed work to resume," Wike said.

In response to appeal by members of the National Assembly to put a human face to the spate of

demolition, Wike vowed to sustain demolition of illegal structures in FCT. He said his administration would demolish any building or structure that falls short of the standard guidelines of the Abuja master plan.

He warned residents living in shanties and illegal settlements to start moving to the satellite towns that are legally provided for residents to stay to avoid being caught unaware by demolition.

He also alleged complicity on the part of certain officials who connived

with plaintiffs to get judgments against the FCT Administration, saying there were currently over 800 litigations involving the Federal Capital Territory Administration (FCTA).

The minister said the development informed his decision to engage over 30 Senior Advocates of Nigeria (SANs) to help in handling cases involving the administration.

Wike noted that lack of diligent prosecution of cases in the past

by FCT officials led to the loss of numerous cases.

Bauchi EXCO Approves About N300bn 2024 Budget

Mohammed emphasises focus on capital Infrastructure

Segun Awofadeji in Bauchi Bauchi State Executive Council, has approved the medium term expenditure of about N300 billion for the 2024 fiscal year.

This was as Governor Bala Abdukadir Mohammed, has assured that the 2024 budget proposal would focus more on capital infrastructure development in order to provide the dividends of democracy to the people.

The governor gave the assurance yesterday, when he presided over the State Executive Council (SEC) meeting held at the council chambers of the Government House, Bauchi.

The governor informed the council members that the meeting was just to finalise discussions on the 2024 budget

estimate and nothing else, apologising to those, who had pending memos to hold on till next meeting.

Mohammed stressed that his administration would continue to maintain the budget regime from December to December in order to implement government projects, policies and programmes in a timely manner.

He stressed that budget was important in any administration as it guides what programmes and projects to be implemented and executed.

The governor also said although the issue of frequent spending could not be ignored because it affected the daily management of state enterprises, capital projects should take center

stage to provide more democratic dividends to the people.

Mohammed, however, said the recurrent part has never been underestimated in every budget, explaining that, "Normally, we try as much as possible to get more of the capital because they are more tangible, they are more measurable and they are more impactful on the people.

"I have gone through the budget, it is a balanced budget and I am very happy and I hope during our tenure we have deepened this capacity within the ministry of budget and planning so that even after our tenure, this culture which is of the universal standard will be enshrined," he said.

On the imperatives of Enugu-FG collaboration, he stated: “There is a couple of things that we have promised our people to do in Enugu State, which requires that we collaborate closely with the federal government in order to achieve them.

“Enugu is largely the capital of Igboland. So, we want to build our cargo terminal. We also want to ensure that the international wing of our airport is operational.

“So, the idea is to engage with the federal government to ensure that we get all the required permits and licenses, and make sure that we have an enhanced logistics hub to be able to attract the sort of investments we need. Therefore, I have essentially come to felicitate the president and enjoin that we continue to collaborate.”

The governor emphasised that Enugu was ready for investment, saying the issue of sit-at-home and the attendant insecurity were already sufficiently dealt with.

“The sit-at-home thing is gone.

We no longer have a sit-at-home in Enugu State, and I dare say in the South East. In our state, we have workers go to work on Monday and the schools are open on Monday. Business and economic activities are back. So, what we are dealing with now is to erase that sad memory from our history.

“Therefore, we have relatively enhanced security situation in the zone and Enugu State, and we are calling on those who want to invest in the zone to please come in. Enugu State is open for business,” Mbah assured.

Achononu: INEC Frustrating Moves to Inspect BIVAS over Imo Guber Chuks Okocha in Abuja Nineteen days after the conduct of the governorship election in Imo State, candidate of the Labour Party (LP), Senator Athan Achononu, has raised the alarm that the Independent National Electoral Commission (INEC) was frustrating every attempt to inspect the Bi-modal Voter Accreditation System (B-VAS) used during the exercise.

Presidential Candidate of the LP, Peter Obi, had Monday lamented that several months after the Supreme Court delivered judgement in the presidential election, he was yet to get a Certified True Copy (CTC) after he requested and made payments for it.

However, Achononu, in chat with the media in Abuja, wondered why the electoral empire was footdragging in allowing him access to the materials, knowing full well that he had limited times to tender his evidence before the Governorship Election Petitions Tribunal.

The former lawmaker, who claimed that he won the election, said the delay in releasing the BVAS for inspection might be part of the plans by the ruling party to force him to file his petitions out of time and get his matter struck out on technical grounds.

“What is happening right now

is that we went to the Tribunal, got an order for us to be allowed to inspect the BVAS. INEC has refused to let us inspect the BVAS up till now. Lawyers and experts were hired at a very huge cost per day 30 million, they are not allowing us to inspect it despite court order,” he said.

The governorship candidate called on President Bola Ahmed Tinubu, whom he described as s democrat that went through the trenches to ensure that democracy returned to the country, to intervene and compel INEC to do the right thing.

He said that Tinubu’s antecedent as one who fought for democracy was the only thing sustaining his desire to seek justice at the tribunal.

“What gives me confidence is that Senator Bola Ahmed Tinubu was on the street for June 12, he made us believe that he was a democrat fighting for justice, freedom of choice and equal opportunity.

“Well he is in the same party with Senator Hope Uzodimma but this country shouldn’t be about party, it should be about quality of persons, what do you represent. I was in the senate with the first Lady, Sen. Tinubu, I know the kind of person she is, a person of integrity. How can they allow this kind of thing to happen under their watch?” He queried.

thursday november 30, 2023 • T H i s d ay

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NEWS

BUILDING CAPACITY FOR ENHANCED PERFORMANCE...

L-R: Chief Executive Officer, Fundall, Abimbola Shopeju; Managing Director, Mainstream Cargo Limited, Seyi Adewale, and Executive Director, Wholesale, Investment and Borderless Banking, Nova Merchant Bank Limited, Funke Okoya, during the graduation ceremony of the Emerging Africa Capacity Building Programme in Lagos…recently

Police, NNPP Trade Blame over Killing of Footballer in Kano

Ahmad Sorondinki inKano

War of words erupted between the New Nigeria Peoples Party (NNPP) and the police over the alleged killing of a footballer by police inspector at Kurnar Asabe, Fagge Local Government Council in the metropolis.

It was alleged that the inspector opened fire on the footballer,

popularly known as Salisu Rabiu Player, during a clash between two rival groups on Tuesday.

While the police attributed the incident to a rivalry clash between the two groups, the NNPP said that the footballer was killed by the police during a peaceful protest against the sacking of Governor Abba Kabir Yusuf by the Appeal Court.

After Three Months, Ondo to Hold EXCO Meeting Today

Fidelis David in Akure

Three months after it had been on recess, Ondo State Deputy Governor, Lucky Aiyedatiwa, is expected to preside over the state Executive Council Meeting slated for today, November 30.

The notice of meeting was contained in a document title, “Mr. Governor’s Engagement Thursday, 30th November, 2023”, from the office of the Chief of Protocol, Mr Bola

Alabi.

This comes barely a week after President Bola Tinubu made a bold intervention to stop the political impasse in the State that trailed the ill-health of Governor Rotimi Akeredolu, his absence from the state and the impeachment process against Aiyedatiwa.

Specifically, the meeting is expected to be held behind closed doors as the media have not been permitted to cover it.

According to the police’s Spokesperson, Mr. Abdullahi Haruna Kiyawa, the command has arrested the inspector for

orderly room trial.

Kiyawa said: “It is in the forgoing development that the Commissioner of Police, CP.

Mohammed Usaini Gumel, directed the Area Commander of Dala, ACP. Nuhu Mohammed, Digi, to fish out the erring police

inspector and to constitute a board of inquiry into the cause of the incident of which the outcome will be communicated to the public.”

Anambra Community Seeks Justice for Kinsmen Killed over Disputed Land

David-Chyddy Eleke in Awka

The Youths of Nsugbe community in Anambra East Local Government Area of Anambra State have called for justice for their brothers allegedly killed as a result of a contentious communal land.

The youths who were at the Anambra State Government House on a protest, yesterday called on the state governor, Prof Chukwuma Soludo to intervene.

Nsugbe and their neighbours, Umueri had a clash recently over disputed land boundary in the community.

The youths said during the clash, two of their brothers,, Chukwurah Nwaeze and another identified as Gozie were killed.

Leader of the protesting youths, Mr John Paul Mouzie while speaking said they were at the government house to

demand justice for their brothers killed by Umueri youths youths.

He said: “Last week Wednesday Umueri youths invaded our community and murdered two of our brothers.

Since then, we have been crying because we are not ready to go for war with anybody.

Adeleke Approves N15,000 Wage Award forTheCivil Servants, N10,000 for Pensioners wage award and reaffirm our five circular, which was signed by Nigeria Union of Pensioners, the Yinka KolawoleinOsogbo The Governor of Osun State, Senator Ademola Adeleke, has approved the payment of wage award to civil servants and pensioners in the state as a measure to mitigate the impact of subsidy removal.

Adeleke said: “On the first day of my second year in office, I unveil this

point agenda which has workers’ welfare as number one item.”

His approval was conveyed in a circular issued by the Ministry of Human Resources and Capacity Building, which disclosed that workers in the service of the state will get a N15,000 wage award while pensioners will receive N10,000.

Permanent Secretary in the Ministry, Mr. Sunday Olugbenga Fadele, noted that the wage award would run for six months, beginning from the month of December.

“Sequel to the negotiation meetings and interactions with labour movement in Osun state, including the representatives of

Governor of Osun State, Senator Ademola Adeleke, has approved the monthly payment of N15,000 to each active worker and N10,000 to each pensioners in Osun State as palliatives to assuage the pains being experienced as a result of removal of petroleum subsidy by the Federal Government of Nigeria.”

Oborevwori Solicits More Private Sector Investment in NYSC Operations

the nation’s youth and and swearing-in of the 2023 the state.

Bauchi Assembly Vows Omon-Julius Onabu inAsaba among future leaders, there is the need to Batch ‘C’ Stream 2 Orientation Delta State Chief Judge, Hon the programmes and activities have more investment from the Course for 2,373 prospective Justice Theresa Diai, represented to Pass Child Rights Bill As of the 50-year old National Youth private sector and employers to corps members deployed to by Justice Celestina I.Dafe,

Kuni Tyessi in Abuja

Speaker of the Bauchi State House of Assembly, Abubakar Suleiman, has promised to give the child rights bill before the house accelerated hearing and subsequent passing in the coming weeks.

The speaker said this in Abuja at an orientation workshop organised by Plan International Nigeria for members of the Bauchi State House of Assembly.

The child rights law

was passed by the federal government in 2003 under the then President Olusegun Obasanjo. All the states in Nigeria have since domesticated the law except Bauchi.

“We are here today for a special assignment that is aimed at passing a decision to better the lives of our children.

I want to tell us that we are committed about these issues and the delay in not passing the bill has come to an end,” Suleiman said.

Service Corps (NYSC) scheme have evolved into an expansive and much more complex system for the promoting patriotic culture

complement government’s efforts.

Governor Sheriff Oborevwori of Delta State made the assertion on Tuesday at the opening

Delta State, at the state NYSC Permanent Orientation Camp Issele-Uku in Aniocha North Local Government Area of

administered the Oath of Allegiance to the NYSC-members at a solemn ceremony at the orientation camp.

Edo Guber: Group Tackles Shaibu over Entitlement Mentality

A group, Concerned Edo Citizens, has described statement credited to the Edo State Deputy Governor, Philip Shaibu, as the “ranting of a drowning man whose governorship ambition was fuelled by an entitlement mentality.”

The group in a statement signed by its leader, Patrick Usifo,

said they have been inundated

by Shaibu’s ‘infantile display of adult delinquency in the 2024 governorship election in the state’.

The group said Shaibu lacked the experience to govern the state despite serving in various offices before he was elected deputy governor.

The group said: “Our attention

has been drawn to a statement credited to the Deputy Governor, Shaibu, wherein he claimed he can defeat any governorship aspirant of the Peoples Democratic Party (PDP) for the coveted seat at Dennis Osadebay House.

“Ordinarily, we wouldn’t bother ourselves with the ranting of a drowning man whose only

ambition of becoming governor is fuelled by entitlement mentality without recourse to existing zoning and political exigencies of the state.

“Shaibu is not only a power drunk but a bull in a China shop whose sole aim is to become the governor of Edo State by any means necessary.

Igbawase Ukumba in Lafia

APC gave the caution to the state leadership of the PDP at a press conference in Lafia addressed by the Nasararwa State party chairman, Aliyu Bello.

He accused the PDP of causing nuisance in the state by sponsoring street protesters in Lafia, the state

capital.

Bello said: “It is very unfortunate that rather than await the outcome of their appeal at the Supreme Court, the PDP leadership has instead resorted to actions that are meant to overheat the polity of the state and to subsequently

cause chaos.

“This is certainly the aim of the PDP, because it has realised that their appeal at the Supreme Court is a journey that will end in futility.

It can be said with high degree of certainty that the appeal is dead on arrival at the apex court.”

Lagos Govt: Nagiko Tomato Fit for Public Consumption APC to PDP Leadership: Be Cautious in Your Utterances OluchiChibuzor

The Lagos State Consumer Protection Agency( LASCOPA) has given its approval for public consumption of Nagiko tomato manufactured

by Erisco Foods Nigeria Limited.

This is as the state agency stressed that the product does not pose any health hazard to the consuming public.

This was disclosed in a statement signed by the General Manager, LASCOPA, Afolabi Solebo, and posted on the Lagos State Government’s website.

Nagiko tomato was subjected to laboratory tests upon a complaint from a Facebook user, Chioma Egoji, who had published a ‘negative’ review of the product on September

17, 2023.

Egoji claimed that the tomato paste had too much sugar content after she had tasted it.

However, to authenticate Egoji’s claim, Solebo said that LASCOPA embarked on an independent investigation by inviting Erisco Foods, the producer of the product and Egodi to two different meetings held on October 3 and 10, 2023.

Solebo said: “The outcome of the meetings informed the decision of LASCOPA to request for samples of the product which were subsequently taken to the laboratory for test and analysis as well as to ascertain the conformity of the sets of parameters of the product samples to establish if the product is safe for consumption or otherwise.

The All Progressives Congress (APC) yesterday asked leadership of the Nasarawa State Peoples Democratic Party (PDP) to be cautious and guided in their utterances in the state.

Experts Call for Rejection of Geoengineering to Address Climate Change

Ugo Aliogo

Friends of the Earth Africa and Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) have called on African governments to reject all forms of geoengineering technology to protect local communities against the adverse

effects at COP 28.

In a statement, the Climate Justice Campaigner with ERA/FoEN and Friends of the Earth Africa, Maimoni MariereUbrei-Joe said that Climate Geoengineering is one of the many false solutions that have been proposed to counter the path to a just energy

transition.

The statement said Geoengineering refers to largescale schemes for intervention in the earth’s oceans, soils and atmosphere, with the aim of providing a temporary reduction of the effects of climate change.

He explained that some of geoengineering techniques such

as Solar Radiation Management (SRM) seeks to alter the amount of sunlight reaching the earth’s surface and could lead to regional climate changes.

According to him, “SRM is the altering of the amount of sunlight reaching the earth’s surface, which could lead to regional climate changes.”

thursday november 30, 2023 • T H I S D AY

45

NEWSxtra

CONGRATULATIONS...

President, Nigerian Institute of Public Relations (NIPR), Dr. Ike Neliaku(right),congratulating the new Vice Chairman, Broadcasting Organisations of Nigeria (BON), Mr. Tony Akiotu in Abuja…recently

Imo LGA Shut Down over Killing of Police Officers Tony Icheku inOwerri

The killing of two police officers last Monday has led to complete clamp down on trading and other business activities as well as partial restriction of movement at the Ahiara junction, the commercial nerve centre of Ahiazu Mbaise Local Government Area of Imo State, as military and police operatives lay siege on the area.

Residents of the area told

THISDAY yesterday that the killing of the police officers attracted heavy retribution from the police as over 20 motorcycles used by youths in the area for transportation were confiscated and set ablaze, while a POS operator was reportedly shot dead. Several people were also rounded up and arrested by the police.

The only vehicular movements allowed were vehicles passing from Owerri to Umuahia, while none

Multiple Auto Crash Claims 25 in Kwara Hammed Shittu in Ilorin

No fewer than 25 people have reportedly killed in a multiple auto crash at Peke village along Oko-Olowo-Bode Saadu Expressway in Moro Local Government Council of Kwara State.

The incident, according to THISDAY checks, happened on Tuesday night when a petrol tanker with registration number JJN 17 XW and an 18-seater bus collided following a dangerous overtaking.

It was learnt that the development led the petrol

tanker to burst into flame and at the end of the day, about 25 persons were roasted to death9 while 15 people were rescued during the incident.

However, the spokesman of the State Fire Service, Mr. Hassan Adekunle, in a statement in Ilorin yesterday said 25 persons lost their lives in the auto crash, while 15 people were rescued with injuries.

He said: “Firemen worked diligently to quench the inferno, but unfortunately, 25 lives were lost and 15 people were rescued with injuries.

Robbers Kill Ogun Govt Official JamesSowoleinAbeokuta

Armed robbers yesterday reportedly shot dead one Mr. Taiwo Oyekanmi, a Director of Finance and Accounts attached to the Ogun State Governor’s office at Oke-Mosan, Abeokuta.

Oyekanmi was said to have been gunned down on top of NNPC Bridge, while coming from bank where he had gone to make withdrawals in preparation for today (Thursday) budget presentation by the governor.

He was said to have been rushed to the State Hospital, Ijaye, Abeokuta

where he was pronounced dead.

Two top civil servants at the Governor’s Office, Oke-Mosan, Abeokuta who spoke under the condition of anonymity, confirmed the incident, saying that the incident threw the secretariat into mourning mood The Commissioner of Police for Ogun State Command, MrAbiodun Alamutu, confirmed the incident.

He said: “This afternoon, the accountant, the director of finance with driver and one other person left for the bank to make some withdrawal, they went with an homemade bullion van.

was allowed within the Ahiara junction axis where the incident took place. As at yesterday morning, there was still total clampdown on business activities as shops and other business centres were

Bauchi State House of Assembly yesterday elected a new Speaker, Hon Babayo Muhammad, who represents Hardawa constituency in the state.

The members also elected Hon Ahmad Abdullahi as the Deputy Speaker. He represents Dass constituency in the state.

The two principal officers of Assembly replaced the former Speaker of the Assembly, Hon Abubakar Y Suleiman, and his

Deputy, Hon Jalimu Umar Dahiru, who were removed by the judgment of the Court of Appeal in Abuja.

The Court of Appeal also ordered for rerun elections in some of the polling units in the constituencies challenged by the candidates of the All Progressives Congress (APC).

The new development was confirmed by the spokesperson of the Assembly, Hon Musa Nakwada, representing Bogoro constituency.

around the area, saying: å“Today, November 28, 2023, the state Commissioner of Police, Aboki Danjuma; the 34 Artillery Brigade Commander, Brigadier General UA Lawal, and operatives of the state’s

Special Task Force comprising the military and police embarked on an ongoing intensive confidence building patrol and ‘operation restore peace ‘in Ahiara, in AhaizuMbaise LGA of Imo State.”

N’Delta Stakeholders Fault Calls for Increased Budget to Amnesty Contractors

Olusegun Samuel in Yenagoa

The Movement for Sustainable Development of the Niger Delta (MSDND) has faulted calls for an increase in the budgetary allocation to contractors of the Presidential Amnesty Programme (PAP).

Instead of a budgetary increase to contractors, the group wants President Bola Tinubu to immediately increase the monthly stipend of amnesty beneficiaries from N65,000 to N100,000 to cope with the rising inflation.

The group also called on the president and the National

Security Adviser (NSA), Nuhu Ribadu, to convene a meeting with the founding fathers of the Amnesty Programme to review the blueprint on the Presidential Amnesty Programme which they alleged has been abused, bastardised, and derailed under the Major Gen Barry Ndiomu

(rtd) as the Interim Administrator.

It made this known in a statement issued and signed

by Chief Ayibatekena Olodi in reaction to calls by the Niger Delta Presidential Amnesty Programme Vendors Union for more budgetary allocation to the programme.

NATCA Warns Dispatchers against Pre-empting NCAA’s Investigations on UNA’s Flight Diversion

Chinedu Eze

The National Air Traffic Controllers Association (NATCA) has warned the Flight Dispatcher Association of Nigeria (FLIDAN) against making allegations that would

impede the investigations of the Nigeria Civil Aviation Authority (NCAA) into the flight diversion that occurred last Sunday, involving a United Airlines Flight NUA 0504 which departed Lagos to Abuja but was diverted to the Asaba

Airport.

The NCAA, Monday, said it had commenced investigation into the circumstances surrounding the flight diversion to Asaba instead of Abuja.

But FLIDAN, in a statement signed by its Secretary General,

Victoria Adegbe, said that it followed the Nigeria Civil Aviation Regulations, Part 8-Operations by filing a flight plan with the Aeronautical Information Service (AIS) which was transmitted to the Control Tower.

NSITF Extends Assistance to Deceased Immigration Staff Onyebuchi Ezigbo in Abuja

The Nigeria Social Insurance Trust Fund has assured stakeholders that the Nigerian Immigration Service (NIS) that the dependents of their two staff members who lately lost their lives

in the course of work, can benefit from the Employees’ Compensation.

It said that the two personnel of the Service were qualified for the benefit having registered with the scheme, and being an agency of government.

A statement by the General Manager, Corporate Affairs, Nwachukwu Godson said the Managing Director of the NSITF, Maureen Allagoa, made the clarification in Abuja yesterday when her team met with the Acting Comptroller General,

Wura-Ola Adepoju during a sensitisation drive to the headquarters of the NIS. When asked if the two staff of the Service who died recently in a fatal motor accident in the course of assignment can be covered by the ECS .

2024 UTME: JAMB Announces Dates for Sales, Registration, Exams

KuniTyessiinAbuja

The Joint Admissions and Matriculation Board (JAMB) has fixed January 15 to February 26, 2024, for the sale of its Unified Tertiary Matriculation Examination (UTME) application document.

This is based on series of recommendations emanating from a two-day Information Technology (IT) and Management Retreat held between November 26 and 28.

A statement signed by the JAMB Public Communication Advisor (PAC), Dr. Fabian

Benjamin, announced this in Abuja yesterday.

Benjamin also said March 7, 2024, had been slated for the 2024 Mock-UTME, while the main UTME would hold from April 19 to 29, 2024.

He, therefore, advised

candidates to print their examination slips as from April 10 next year.

“Candidates are enjoined to take note of these dates and other advisories issued by the Board in relation to the administration of the examination.

APC, SDP Bicker over Suspected Thugs’ Invasion of INEC Office in Kogi Ibrahim Oyewale in Lokoja

All Progressives Congress Bauchi Assembly Elects The (APC) has berated the Social Party (SDP) as New Speaker, Deputy Democratic hoodlums allegedly stormed the Segun Awofadeji in Bauchi

still closed.

The state Police Public Relations Officer (PPRO), ASP Henry Okoye, had on Tuesday in a post on his X social media platform explained the heavy police and military presence

Independent National Electoral Commission (INEC) office in a bid to allow the party inspect the

election materials as ordered by the Kogi State Governorship Election Petitions Tribunal.

In a statement signed by the APC spokesperson, Kingsley Fanwo, and made available to journalists in Lokoja yesterday, the party said: “Today’s failed attack by supporters and thugs of the

Social Democratic Party to attack the state INEC office in Lokoja has confirmed our recent alarm that the party is determined to destroy every relevant government institution just to maintain their false claim to popularity.

“The attempted plan to lynch INEC staff and burn down

the INEC Office was gallantly averted by security agents. Their promptness and professionalism is highly commended as their timely intervention saved what would have been a bloody day as weapon-wielding thugs of the SDP were dangerously threatening to make the state ungovernable.

Diri Presents N480.9bn 2024 Budget to Bayelsa Assembly

Olusegun SamuelinYenagoa

The Bayelsa State Governor, Senator Douye Diri, yesterday, presented the 2024 budget of N480.99 billion to the State House of Assembly for consideration and passage.

Presenting the appropriation bill christened “Budget of Sustainable

and Shared Prosperity,” Diri recalled that in October 2023, the assembly approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP) for the state.

He explained that the budget proposal was predicated on the assumptions contained in the

approval of the assembly.

His words: “Mr. Speaker, I wish to present the 2024 budget estimates to the House. We are guided by the desire to prepare a realistic, implementable and prioritised budget, which is a reflection of the aspirations and wishes of critical stakeholders, and the economic

realities in the country.

“I hereby present to you the 2024 budget with a total size of N480,993,632,369.00.”

He said that the 2024 estimates would be funded through statutory allocation, Value Added Tax, 13 per cent derivation, internally generated revenue and other capital receipts.

46

GamingWeek

Thursday, November 30, 2023 • T H I S D AY

Edited by Nseobong Okon-Ekong | ikotibok@gmail.com | Tel: 08114495324 TR

Bello Maigari: National Lottery Trust Fund Is Making Impact in Nigeria Though Not Well-known UT H

& RE A S O

N

Executive Secretary of the National Lottery Trust Fund, Dr. Bello Maigari, holds an expository dialogue with Nseobong Okon-Ekong to spell out the shape of work and processes carried out by the agency Can you explain what you do at the National Lottery Trust Fund? e are established by an Act of the National Assembly, essentially to take custody of a certain percentage of the proceeds of all the gaming and lottery activities in the country and to apply these proceeds to the promotion of good causes.

These good causes cover areas like education, health, social services, relief and disaster. This mandate is very broad, and of course, the law did not just limit us to these areas. If funding is available, we can intervene in infrastructure, that is, small-scale housing, rural feeder roads, and culverts linking communities together. If you visit our communities, some of these infrastructures are lacking. The fund is essentially established to be like the last mile to see how we can extend the budget of the federation.

W

How do you determine the areas where you make these interventions?

We have developed a policy and a strategy for that and this is to do with the compilation of the needs of the entire country in the areas I mentioned earlier; that is, health, water, sanitation, relief management and basic infrastructure- it’s allencompassing. We do this through a survey, through what we call a bottom-up approach. We engage all our field officers who are located in the six geopolitical zones to interface with communities in villages and

local governments to harvest these needs and confirm these needs through the state governments. If it is health, we meet the state ministry of health. If it is education, we visit the state ministry of education and confirm those needs and bring these needs to our headquarters in Abuja, where we sit down, analyse them and put them in a database.

This database is structured into a programme. When the board sits, it decides what area we are going to intervene in. It decides the sector.

We fast-track it to the ministry for approval and subsequently to the Federal Executive Council. Once approval is granted, we come back to implement the project.

Your request goes all the way to the Federal Executive Council?

The request goes through the agency to the ministry and sometimes the Federal Executive Council. That depends on the size of the project. There are thresholds.

If the approval is within the limit of the honourable minister for special duties and inter-governmental affairs, who is now responsible for supervising our agency, he will grant those approvals and send them down to the agency for implementation, but if it is beyond ministerial approval threshold, the request has to go to FEC through a memorandum that we have to write which will be presented at the Federal Executive Council.

During your tenure, can you give us specific areas in Nigeria where you have made interventions and what were

Maigari those?

On my assumption of office as the chief executive of the agency, sometime in February 2019, we sat down along with my able management team to design a policy framework that guides the implementation of intervention projects in all the sectors that I have mentioned- that is in sports, health, water, education and emergency

relief and humanitarian aid, disaster management and mitigation. This policy framework guides the agency in carrying out its intervention programmes in all the six geopolitical zones. The framework requires that all interventions should be driven through a two-pronged approach.

We carry out these interventions through a targeted approach or through a generic approach. The

Nigerian Bookmakers Strengthen Partnership with Gamble Alert In a move to address the rising concerns and harm occasioned by in Nigeria, the Association of Nigerian Bookmakers (ANB), the umbrella trade group for the sports betting industry, recently organized a breakfast meeting in collaboration with Gamble Alert.

The event brought together gaming operators to discuss and strategize on ways to prevent and treat gambling addiction.

At the meeting, held at the ANB’s office, the CEO of Gamble Alert, Fisayo Oke, presented the organisation’s ongoing initiatives and notable achievements in the fight against gambling addiction with the help of ANB. Oke began by shedding light on Gamble Alert’s extensive efforts in public sensitization on responsible gaming and the provision of treatment support for individuals grappling with gambling-related issues such as addiction.

One of the focal points of Oke’s presentation was Gamble Alert’s commitment to evidencebased intervention through groundbreaking research. He emphasized the importance of understanding the root cause of gambling addiction to tailor effective preventive measures and treatment programmes.

Following the insightful

L-R: Bernadette Ewomazino, Head of Operations, Gamble Alert, Bimpe Akingba, Executive Secretary Association of Nigeria Bookmakers and Moyinoluwa Israel, Administrative Lead, Gamble Alert presentation, members of the responsible gaming cause. commitment to social responsibility Association of Nigerian Bookmakers “As key players in the gaming and the well-being of its patrons. engaged in a robust deliberation on industry, we recognize our The breakfast meeting concluded enhancing the existing partnership responsibility to address the with an air of optimism as industry between ANB and Gamble Alert, potential harms associated with our leaders expressed their collective especially in the provision of activities, hence our commitment to determination to create a safer treatment to problem gamblers. responsible gaming,” said Akingba. and more responsible gaming Some of the ideas proffered ranged “Our partnership with Gamble Alert environment in Nigeria. As the from signposting Gamble Alert’s allows us to contribute meaningfully collaboration between the Association helpline on various platforms to to the well-being of our customers of Nigerian Bookmakers and Gamble joint awareness campaigns, etc. and the community at large.”

Alert gains momentum, it has set Mrs Olabimpe Akingba, the This collaborative effort marks a noteworthy example for similar executive secretary of ANB, a significant step forward in partnerships globally in the ongoing expressed her commitment to the the Nigerian gaming industry’s fight against gambling harm.

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

targeted approach is one single effort that the agency normally does by first going directly into an area where we have received a request for an urgent intervention.

Such intervention may be in the area of disaster management or mitigation. If there is a flood, for instance, in the community or if there is a fire disaster. Or, if there is this issue of Boko Haram or banditry or anything that requires humanitarian aid, we quickly intervene directly to bring succour to our people.

Otherwise, we sit down to design a generic programme for which we receive applications on a daily basis, which we analyse and put together as a programme so that we implement it in all the six geopolitical zones.

We do this to ensure that we have a targeted outcome. An outcome where Nigerians will feel the impact of the fund.

Of course, over time, we are able to intervene in health. We looked at the health infrastructure of this nation and discovered that a larger part of it has been lacking in vital medical facilities and equipment. We know for a fact that when you visit the Primary Health Care Centres, the first thing that you need is to conduct some diagnosis to determine the nature of your ailment. Some of these systems and vital facilities are lacking and that is the area we intervened in almost 80 PHCs across the country.

We have also intervened in tertiary health institutions, such as Federal Medical Centres in state capitals and the FCT. Some of these interventions have attracted a lot of honours and awards. Recently, the agency was given a gold rating award in service delivery, which is the first in the history of the agency, and this is to tell you that the National Lottery Trust Fund has been repositioned and it is working for the promotion of lottery good causes as required by the law that established it.

What percentage of the money generated from lottery activities is required by law to go to NLTF? The enabling legislation determines that, at least, that is in line with the 2005 National Lottery Act, about 20 per cent should be remitted to the National Lottery Trust Fund, but over time the act was repealed. We now have the National Lottery Act 2017, where the percentage has been eroded to 7.5 per cent, and recently, there was a new regulation issued by the National Lottery Regulatory Commission that two per cent be remitted to the National Lottery Trust Fund, while the National Lottery Regulatory Commission retains one per cent.

good causes?

Good causes are projects meant to promote social inclusion for all Nigerians. These projects cut across health, education, social services, welfare, relief and disaster management. Good causes are meant to bring support to needy Nigerians. We have to target the poorest of the poor who are vulnerable and require the support of the National Lottery Trust Fund to make life better for them. This is why this current administration, led

by President Bola Tinubu through the Renewed Hope Agenda, has directed the agency to work on specific special interventions for women and children.

The reason for that is to see how we can grow our economy around our women and our youths, who, of course, remain the most vulnerable and who are the least employed in our job market. If you empower women, they are likely going to empower our nation through resilience and through some of the businesses that they do on a daily basis. If you loan money to a woman, she is likely going to multiply it and make it bigger. That will also enhance the welfare of that family, and eventually, the nation will grow from it. The same thing if you empower a youth; they are the engine room of growth of any economy in the world. They constitute the largest demography in our population. If you empower them through scholarships, loans and capital, they are going to drive and re-energise the economy of this nation. We are going to actualise some of these initiatives.

What are you doing to make the agency better known?

This is an area that we are working on, and there is a need for public awareness. You need to raise awareness around some of the activities that we do in this agency.

I have highlighted some of the projects that we have undertaken in health, education, and sports.

But we also see the need for awareness and enlightenment.

Nigerians, largely, do not know about the existence of this agency.

Going forward, I can assure you that we are going to address the issue. We are going to engage with the media. We are going to design programmes around the activities of the NLTF to ensure that Nigerians get to know what they do. We also continue to monitor the progress of this organisation and the impact of our projects in our respective communities.

What would you describe as

GAMINGWEEK TEAM Nseobong Okon-Ekong ikotibok@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013

47

T H I S D AY • THURSDAY, NOVEMBER 30, 2023

THURSdaysports

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

0811 181 3083 SMS ONLY

Napoli Targets Two Nigerians as Osimhen’s Replacement

Femi Solaja with agency report

With increasing uncertainty over Victor Osimhen’s future at Napoli, the Italian League champions are scouting Europe for possible replacements for their Nigerian forward.

Osimhen who came on as second half substitute for Giovanni Simeone failed to get on the scorer’s sheet as Napoli lost their Champions League Group C game 4-2 at Madrid’s

Santiago Bernabeu last night.

After speculations over Osimhen’s possible move last summer, now, there are possibilities of the striker leaving the club in the January transfer window. And Chelsea have begun moves to pry away the Nigerian lad to Stamford Bridge ahead of other big clubs in Europe.

Saudi Arabia with the mega cash have not been ruled out completely from the race to sign the 24-year-old

forward.

Osimhen’s current deal will be up in the summer of 2025 and Napoli would command a fee that would exceed Chelsea's club-record £115m outlay on Moises Caicedo, according to 90min.com.

Amongst players thatthe Italian champions have penciled downas possible replacement in case their prized asset decides to leave includes two of Osimhen’s compatriots- Vic-

tor Boniface of Leverkusen and Montpellier's Akor Adams.

Boniface has taken the German Bundesliga by storm since joining Leverkusen from Belgian side Union Saint-Gilloise, scoring 11 goals and laying on six assists in 17 games so far this season. The 22-year-old made his Nigeria debut in September.

Adams, on the other hand, has grabbed seven goals in 12 matches for Montpellier this term following

his own summer transfer from Norwegian outfit Lillestrom. He is yet to break into a competitive Nigeria fold but has been tipped for a call-up in the near future.

Other targets on Napoli's radar include Canada international Jonathan David, who has not lived up to his prolific standards as of yet this season, finding the net only five times in 19 Lille games, adding two assists.

Belgium striker Lois Openda is also being watched over by Napoli.

The 23-year-old left Lens for RB Leipzig prior to the start of the 2023/24 season and has lived up to expectations so far with 13 goals and three assists in 20 matches for Die Roten Bullen. Openda notably grabbed a first-half brace in Leipzig's 3-2 defeat at Manchester City in the Champions League on Tuesday.

Ruthless Arsenal Crush Lens to Reach Knockout Stage Onana’s horror show puts United’s hopes in tatters

C H A M P I O N S L E AG U E

RESULTS

Arsenal reached the Champions League knockouts as group winners by thumping Lens 6-0 at Emirates Stadium.

The Gunners scored five in a phenomenal first-half display as they reach the last 16 in their first appearance in the competition for seven years.

Kai Havertz, Gabriel Jesus, Bukayo Saka, Gabriel Martinelli and Martin Odegaard all scored in the first half, before Jorginho added a late penalty.

Arsenal progress from Group B alongside PSV Eindhoven, with Lens out.

Elsewhere, Manchester United's Champions League hopes suffered another setback as a horror show

Galatasaray 3-3 Man Utd B’Munich 0-0 Copenhagen Sevilla 2-3 PSV Arsenal 6-0 Lens R’Madrid 4-2 Napoli Sc Braga 1-1 U’Berlin Benfica 3-3 Inter Sociedad 0-0 Salzburg

EUROPA (Today) Freiburg v Olympiacos Topola v West Ham Athens v Brighton Marseille v Ajax S’Prague v Real Betis Rangers v Limassol Atalanta v Sporting S’ Graz v Cz'stochowa Liverpool v LASK Toulouse v U’Gilloise M’Haifa v Rennes Villarreal v P’naikos Sherrif v Slavia Prague Servette v Roma Haecken v Leverkusen

AWCON 2024 QUALIFIER Nigeria v Cape Verde

NPFL: Remo Stars Shoot Down Enyimba in Aba UNSTOPPABLE GUNNERS...

Arsenal reached the Last 16 Round of the UEFA Champions League last night after steamrolling Lens 6-0 to top Group B with 12 points from five matches

Athletics: MTN Champs Grand Finale Sets Abuja Agog Olawale Ajimotokan in Abuja

The stage is set for the grand finale of this year’s MTN Champs at MKO Abiola National Stadium, Abuja, with 42 athletes billed to participate in a three-day track fiesta, starting December 1.

The event, which started few months ago had been staged in Ibadan, Benin and Uyo with over 7,000 athletes showcasing their innate talents.

The final chosen one, according to the Founder and Making of Champs, Bambo Akani will be picked for scholarship and Academy programme by January 2024.

“The journey started 10 years ago.

We saw a gap in the AFN and the need to fill the vacuum. We went to Jamaica to learn. The programme is to develop talents and turn them to champions. Most of the athletes we discovered have gone on to represent Nigeria in several international meets like Emmanuel Ojeme,”Akani said.

The MTN Champs will be the first competitions in Nigeria to utilize the world class Roster Athletics app, to ensure that all athletics results and School/Team scoring to decide the titles in each city cannot be compromised.

Also speaking at the conference, the Chief Marketing Officer, MTN, Adia Sowho, said MTN was excited in sponsoring the programme aimed at unearthing and fostering athletic talent development across the country.

from goalkeeper Andre Onana allowed Galatasaray to earn a 3-3 draw in a classic match in Istanbul.

Erik ten Hag's side did so much right and twice held a two-goal lead but errors from Onana threw Galatasaray lifelines to leave United bottom of Group A with their hopes of reaching the knockout phase in the balance before their final game at home to Bayern Munich.

After Bayern Munich's draw with Copenhagen later in the evening, Manchester United will be knocked out of the competition if they fail to beat the German champions and there is a winner between Galatasaray and Copenhagen in a fortnight.

“MTN is committed to Nigeria’s young people and provide them with the platform and technology that they need to take to the world,” Sowho said.

The Secretary General Athletic Federation of Nigeria (AFN), Rita

Mosindi showered plaudits on the organizer of the event for the laudable effort in “It is a long journey. We had issues with age-cheats and doping in the past, very rampant. But as of today, we are having only one case

of doping on our hand.

“I’m appealing to all our athletes to take Anti-Doping lessons. Most of the coaches are kill-joy and are the ones encouraging the athletes to spice their system with substance,” Mosindi said.

League contender, Remo Stars of Ikenne secured their second away win in the ongoing Nigeria Premier Football League (NPLF) yesterday, handing out a lone-goal victory against hosts Enyimba in Aba. The People's Elephant started the game with full confidence after they recorded two consecutive victories and the most recent was the win against Bendel Insurance of Benin.

Th victories lifted the current champions to fifth position on the log.

But yesterday, the hosts who dominated proceedings from the blast of the whistle, were unable to break down the backline of

Remo Stars.

Despite all the pressure, it was Remo Stars that got the muchneeded goal in the 34th minute via Samad Kadiri.

The champions piled more pressure on the Sky-Blue Boys in the second half but they found it extremely difficult to get the equaliser until the referee blew the final whistle.

The result halted the recent pace and progress garnered by the former African champions.

The win thus pushed the Ikenne team to second position on the log on 19 points , just one below leaders Lobi Stars on 20 points.

Oborevwori for Zenith Bank/ Nigeria’s Yellow-Greens Impressive, Delta Principals’ Cup Final Today

Miss Cricket World Cup Ticket Nigeria’s national male cricket team, the Yellow-Greens, bowed to the superior power of Zimbabwe, the only Test-playing nation at the International Cricket Council's Men T20 Africa World Cup Qualifier, by six wickets yesterday in Windhoek, Namibia.

With one match to spare, the Yellow-Green are sitting fifth on the log in an event that would hand World Cup tickets to the top-two finishers.

President of the Nigeria Cricket Federation, Uyi Akpata, insisted that being in the top seven countries in Africa is a milestone for the YellowGreens, and the performance of the team has been above board throughout the World Cup Qualifying series.

“Through our participation, we have announced our arrival as a cricket-playing nation. We competed squarely against Kenya, Uganda, and Zimbabwe and lost respectfully.

“We beat Tanzania, who were ahead of us and we were firmly in control of the Rwanda match before rain disrupted it and caused us to share points,” observed the NCF president yesterday.

Uyi added that the outcome of the World Cup Qualifier does not diminish Nigeria’s global cricketing image, stressing it rather has advertised Nigeria’s developmental effort to the top cricketing countries across the continent.

“Our young team is beginning to get global recognition, including Prosper Useni, Ridwan Abdulkareen, and the commanding show of Joshua Asia during our game against Zimbabwe. I am sure none of these teams will take us for granted again.

Remember too, that our goal is to be at the World Cup in 2026, so we are well on the way to realising that.”

Earlier in the game, Nigeria’s Head Coach, Steve Tikolo, had introduced

two new players into the team lineup against Zimbabwe: Joshua Asia and Akhere Isesele, both of whom ended up adding some bite to the Yellow-Green’s attack.

Right-arm medium Isesele, posted 10 runs off 11 balls before he was caught by Carl Mumba. It was not the score that stood him out but the boldness with which he ground out the runs amidst the tight fielding and bowling sequence of the Zimbabweans. This include his opening strike; where he hit Zim’s Richard Ngarava for boundary on first ball.

Asia also stepped up, having his moment when he took the wicket of Sikandar Raza. He spun cleverly off Raza’s foot and made him loop sloppily to the waiting hands of Ademola Onikoyi for an important wicket fall that prolonged the 111 target the opposing team was gunning for.

Delta State Governor, Sheriff Oborevwori is the Special Guest of honour and Chief Host as the Zenith Bank/Delta Principals’ Cup final holds today in Asaba, the state capital.

This will be the Governor’s first experience with the competition, which started during the tenure of former Governor Ifeanyi Okowa.

Stephen Keshi Stadium, Asaba, is the venue of the final match of the youth developmental football competition aimed at catching talents young in the round leather game.

It is the 6th edition of the Zenith Bank Plc sponsored tournament which is open to all secondary schools in Delta State.

The 2023 edition started on October 19 at the St Patrick’s College Asaba with over 1,000 schools taking part in the competition that started in 2017. The very first final took place on September 27, 2017.

Today, two teams will clash to determine the new champions of the competition after going through

the preliminaries, zonal stage and the final stages of the tournament.

The schools are - Government College Ughelli and Umuaja Secondary School, Umuaja. They will tango for the winner’s trophy this afternoon in what promises to be highly entertaining and explosive.

To qualify from the final, Umuaja Secondary School defeated Illah Grammar School 4-2 on penalties after full time score stood at 1-1while Government College Ughelli also defeated Institute of Continue Education 7-6 after penalties.

Officials of the Zenith Bank Branch headquarters in Asaba are expected at the event together with top government functionaries expected to be with the governor at the stadium.

Before the final match, the Third Place encounter between ICE and Illah Grammar School would serve as curtain raiser.

Cash prizes and other gift items await the winners, runners up and the Third Place winner.

Thursday, November 30, 2023

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Price: N250

MISSILE

Philip Shuaibu to Godwin Obaseki

“God is the only one that has the power to say something cannot happen.

Humans cannot say things cannot happen. The same God that gives power is the God that I have gone to and has asked me to go ahead. Since I am sure that God is with me, no man can stop me”—Edo State Deputy Governor on the decision to go ahead with his gubernatorial ambition opposed by his principal.

olusegunadeniyi the verdict olusegun.adeniyi@thisdaylive.com

Leadership 101 Lesson from Malawi C iting widespread irregularities, Malawi’s Constitutional Court in February 2020 annulled the result of the May 2019 presidential election which returned then incumbent President Peter Mutharika to power. In the court-ordered re-run election held four months later, the main opposition candidate who previously came second, Lazarus Chakwera, was declared elected in what remains unprecedented on the continent. While Kenya’s Supreme Court in 2017 became the first to nullify a presidential election (where the incumbent eventually was returned), Malawi is the first (and to date the only) African country where a presidential election result was nullified, and the previously defeated opposition candidate then won the rerun election.

However, winning an election is one thing, presiding over a country is a different ballgame altogether. The last three years have seen the economy of Malawi in freefall. For instance, as of the time Chakwera succeeded Mutharika in 2020, the country’s inflation rate was 8.63%.

By September this year (2023), inflation had jumped to 27.8 percent. The foreign exchange situation is not any better. An American dollar exchanged for 760 Kwacha (Malawi’s national currency) in December 2020. Today, it is 1,678 Kwacha to a dollar. To say that life is now very difficult for an average Malawian is an understatement. But most fair-minded people would not blame the current hardship in the country solely on President Chakwera.

In a way, one can also do a rudimentary comparison between Malawi and our country.

The circumstances of most Nigerians under President Bola Tinubu have become even more desperate than under President Muhammadu Buhari whom he succeeded just six months ago. On the morning of 29th May 2023, shortly before Tinubu’s inauguration, a litre of PMS was selling for N238. Today, it is N617 with queues resurfacing at fuel stations. As for the Naira exchange rate, it was officially N461 to a dollar on 29th May. The official exchange rate today is N805 to a dollar.

That of course does not tell the complete story. Such is the arbitrage gap that, with the Naira now exchanging for between 1150 and 1250 to a dollar in the black market, there is more illicit money to make today from currency racketeering than under any previous administration! Meanwhile, most Nigerians are experiencing excoriating hardship.

The question is: Do we blame Tinubu for the situation we have found ourselves today?

Any objective analyst will concede that the president inherited a bad economy and the choices he has made regarding fuel subsidy removal and merging the exchange rates were designed to correct some of the distortions that brought us to where we are. I wholeheartedly endorse both decisions which ought to have been taken many years ago. The problem with Tinubu is that he wants to lead not by example but rather by mouthing platitudes.

While demanding sacrifices of Nigerians, he and other government officials want to continue to live ostentatiously. That is where Tinubu may need to borrow a leaf from Malawi.

Following last month’s devaluation of the Kwacha, prices of goods and services have risen astronomically in Malawi. Last

President Bola Tinubu

week Wednesday, President Chakwera addressed his country men and women on their challenges. “I know that there will be some who created this mess that I’m now cleaning up, who will be the loudest in calling me names, claiming that I am the problem, and calling on citizens to attack me. But I’m not intimidated by that, I’m here to serve Malawians. And to do so, I’m prepared to do things that are painful as long as they are the right things,” he said in his national broadcast. “The most painful thing by far has been the recent devaluation of our currency to correct the false value of the Kwacha based on nothing and rebuild true value in the Kwacha based on production and exports.

I know that this decision has caused a lot of pain and I know that all of us now have to make big adjustments in spending so that we can prioritize those areas that are most productive and stay the course until our economy becomes productive and profitable again. In making those painful adjustments, I myself have to lead by example.”

From that point, the Malawian president rolled out his plan for shared sacrifice between public officials and the people, starting with himself: “Effective immediately, all of my international trips between now and the end of the fiscal year, beginning with my trip to Cop28 at the end of this month, are canceled.

By extension, I am putting a freeze on all publicly funded international trips for all public officers at all levels, including those in parastatals until the end of the financial year in March. All cabinet members currently abroad on publicly funded trips must return to Malawi with immediate effect. Any travel deemed absolutely necessary by anyone during that period must be submitted to my office for my authorization.

“Secondly, I order that all fuel entitlements for cabinet ministers, principal secretaries,

directors, and all members of senior management of public institutions should be cut in half with immediate effect. Thirdly, until further notice, I order the Secretary to the President and Cabinet to circulate to all public institutions the criteria for local trainings and local travels that would be acceptable as well as a cap on how much of their budgets can be spent on allowances for such trainings and trips. By doing this, I am effectively ending the practice of draining public coffers to spend on allowances for useless activities…”

The president of Malawi has resolved that ‘draining public covers to spend on allowances for useless activities’ will not advance the cause of progress in his country. But the reverse is the case in Nigeria, despite scary statistics on the level of deprivation in our country. On Tuesday, Stears report, using World Bank figures, revealed what most of us already suspected: Nigeria has a very large population but a tiny consumer market. The total number of Nigerians who can spend approximately $10 daily is put at 3.7 million, less than two percent of our population. Yet, nothing exemplifies the disconnect between political office holders and the populace more succinctly than what we call budgets which, as I have long concluded through several columns, are no more than the simple sharing of public funds.

Early this month, President Tinubu submitted to the National Assembly a needless 2023 supplementary budget that was passed almost immediately because there was ‘something’ in it for both the legislature and the executive. Practically all the ‘capital projects’ are consumption and luxury items: N5.095 billion to purchase a presidential yacht, N4 billion to renovate the Aso Rock residential quarters of the president, N2.5 billion to renovate Aguda House for the vice president, N4 billion to renovate the Lagos (Dodan Barracks) official residence of the president, N3 billion to renovate the Lagos official quarters of the vice president, N1.5 billion to purchase vehicles for the First Lady’s office, N2.9 billion to replace the presidential operational pool vehicles, etc.

And to imagine that all these expenditures are from borrowed money!

With President Tinubu leading the way in such reckless spending, many governors have taken matters to the ‘next level’, including states where salaries of workers have not been paid for several months and default on pension arrears is measured in years. You now hear of multimillion Naira ‘fragrances’, purchase of half a billion Naira bullet-proof vehicles for powerful assistants, funding aircraft charter services in hundreds of millions of Naira, etc. Even ministers are not left out in this display of official recklessness. Last week, the Minister of State for Defence, Bello Matawalle, who lost his re-election bid as Zamfara State Governor earlier this year, visited his hometown of Maradun, escorted by a large contingent of soldiers and several military vehicles in a gross abuse of office.

The video clip of his ‘triumphant entry’ to his community is as obscene as it is provocative.

Last week, President Tinubu touted his achievements as Lagos State governor. “To me, if you didn’t mention me in the Guinness

Book of Records, I’d find a way to insert myself because I did it without expectation.”

I do not want to argue with the president on his stewardship in Lagos or his competition with Hilda Bacci for a place in The Guinness Book of Records. But regardless of whatever may be his achievements (and I happen to believe he did well as governor), Lagos was never remarkable for prudent management of resources or an austere tradition. In any case, today’s Nigeria is about digging ourselves out of the depth of adversity. That requires a different leadership template from what is currently on display. The president may have taken two critical decisions on the economic front, but he has not backed them with supporting policies. Besides, in his maiden address to the National Assembly joint session yesterday, Tinubu highlighted some of the macroeconomic challenges confronting us as a nation without promising to make any sacrifice. The mechanical speech was also devoid of empathy for what Nigerians are currently going through, despite expecting more citizens to enter the tax net.

When in June I wrote the column, ‘My Convoy is Longer Than Yours’, following the outrage that greeted the extraordinary convoys of both the president and senate president, Godswill Akpabio, I argued that those who lead their people in difficult times cannot live like emperors or revel in ostentatious lifestyle. “What was on display is a metaphor for profligacy and abuse of public resources that have come to define officialdom in Nigeria,” I surmised. “The real issue is whether a government that preaches sacrifice can continue with such indulgence, especially at a period when many people are going through hard times.”

Human nature predisposes people to act primarily in pursuit of self-interest. But as I also wrote in that column, the essence of government is to subordinate the personal convenience of individuals to the imperatives of the common good. “Yet, the crisis of presentday Nigeria is that there is little in our code of public conduct that encourages moderation or sacrifice. Rolling back conveniences, no matter how little, are usually some of the first steps public officials take when their country battle economic downturns.”

That exactly is what President Chakwera has done in Malawi. Is it too much to ask of our leaders in Nigeria?

Folu Olamiti’s Day

T

oday at the University of Ibadan International Conference Centre, respected veteran journalist who spent most of his career at Tribune Newspapers where he edited all titles (and became the Managing Director), Folu Olamiti will present his book, ‘A Peep Into the Past’ which combines his memoir with a collection of landmark articles spanning five decades. A Fellow of the Nigerian Guild of Editors, Olamiti had a very distinguished career in journalism before retiring to media consultancy. It is the totality of that experience and exposure that he brings to bear in writing this highly revealing book that reflects on Nigeria.

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