WEDNESDAY 6TH DECEMBER 2023 by THISDAY Newspapers Ltd

Edun: Nigeria Eyeing Multi-trillion Dollar Climate Change Financing, Privatisation to Fund 2024 Budget Ministers, senators welcome plan to privatise MDAs’ real estate property Sunday Aborisade in Abuja Minister of Finance and the Coordinating Minister of the Economy, Mr.

Wale Edun, has said the country is targeting multi-trillion-dollar climate change financing. Edun stated this yesterday, at a one-day retreat

organised by the Senate Committee on Appropriation, chaired by Senator Solomon Adeola, titled, "Budget and Budgetary Process: Improved

Outcomes in 2024." The minister, who just returned from the climate change conference in Dubai, tagged COP28, said there

were series of opportunities that could be tapped into by the various agencies to secure funding from donor agencies eager to play a role in

climate change. He noted that the focus of the current administration in Continued on page 39

Obaigbena to Receive Lifetime Achievement Honour at DAME Awards... Page 39 Wednesday 06 December, 2023 Vol 28. No 10465. Price: N250

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NIGHT OF TRIBUTES FOR OLABODE AGUSTO... L-R: Family of the deceased, Olubunmi Agusto ; Oluwalanu Agusto; Busayo Agusto; Adebowale Agusto; widow, Edna Bode Agusto; Lande Agusto; Motunrayo Agusto-Sulyman and her husband, Seni Sulyman, during a prayer PHOTO: KUNLE OGUNFUYI service and an evening of tributes in honour of founder, Agusto & Co Ltd, Nigeria's first credit rating company, Olabode Agusto , held at Harbour Point, Victoria Island, Lagos.... yesterday

CDS on Kaduna Bombing: We Acted on Intelligence, But Missed, It’s Highly Regrettable DHQ explains how drone acquired, eliminated targets Says suspicious movement of celebrating crowd posed threats Army chief visits victims, apologises, to review operations Tinubu orders probe, declares incident painful, disturbing Atiku, Obi say miscalculated air strikes becoming worrisome ACF, NEF, JNI, call for investigation, compensation Deji Elumoye, Chuks Okocha, Kingsley Nwezeh, Emmanuel Addeh, Sunday Aborisade in Abuja, John Shiklam in Kaduna and Segun Awofadeji in Gombe Chief of Defence Staff (CDS), Gen. Christopher Musa, last night, apologised for the bombing of civilians at Tundun Biri, Igabi Local Government Area of Kaduna State, on Sunday. Musa said the army acted on intelligence, but missed, and described the incident as highly regrettable. Speaking on Arise Television, the defence chief noted that going forward, the military would fine-tune its operations and ensure that such incidents do not reoccur. In a similar vein, the Defence Headquarters (DHQ), yesterday, explained that the targets hit by the military drone in the Kaduna bombing were acquired by air surveillance and subsequently Continued on page 39

ENUGU'S BUDGET OF DISRUPTIVE ECONOMIC GROWTH... Enugu State Governor, Dr. Peter Mbah, lays the state's N521.5 billion 2024 Appropriation Bill, "Budget of Disruptive Economic Growth" at the State House of Assembly... yesterday

See story on page 12

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4TH ANNUAL CONFERENCE OF THE NIGERIA GOVERNORS' SPOUSES FORUM... L-R: Wife of former Sokoto State Governor, Mrs Maryam Amina Aminu Tambuwal; Chairperson Nigeria Governors Spouses Forum and First Lady, Kwara State, Prof. Olufolake Abdulrazaq; Chairman Nigeria Governors Forum and Governor of Kwara State, AbdulRahaman AbdulRazaq, Oyo State Governor's wife, Engr Tamunominini Makinde; and the Minister of Women Aﬀairs, Mrs Uju Kennedy PHOTO: GODWIN OMOIGUI Ohanenye, at the 4th Annual Conference of the Nigeria Governors' Spouses Forum at the Transcorp Hilton Hotel, Abuja ... yesterday

Indigenous Producers Lament Exodus of International Oil Service Providers from Nigeria Attribute devt to strict local content requirements Calls for review of policies to shore up investments, competitiveness Wabote: NCDMB earned $500m dividend as shareholder in Waltersmith Refinery Says board has achieved 83% of its 10-year strategic roadmap Peter Uzoho Indigenous oil and gas producers under the aegis of Independent Petroleum Producers Group (IPPG) have raised the alarm over the gradual exit of many leading international oil service companies from Nigeria due to the "strict" local content requirements in the nation's upstream petroleum sector. IPPG also asserted that the multiplication of local content levies such as the one per cent of total project costs paid by participants as Nigerian Content Development (NCD) levy and another three per cent charged for projects above $1million cost for conduct of local content training have significantly increased the overall cost of projects delivery in the country. The Chairman of IPPG and Group Chief Executive Officer of Waltersmith Group, Mr. Abdulrazaq Isa, made the assertions, yesterday in Yenagoa, Bayelsa State, while delivering his goodwill message at the ongoing of the 12th Practical Nigerian Content (PNC) Forum, where he equally called for the review of local content policies to shore up in-country investments and enhance Nigeria's competitiveness. At the event theme: "Deepening Nigerian Content Amidst Divestments, Domestication and Decarbonisation,” Isa, whose speech was titled: "Nigerian Local Content in Action," harped on the need to ensure that the country's local content policies were constantly evaluated to make them continually fit-forpurpose and not counter-productive to long-term industry growth and cost targets.

He pointed out that the Nigerian oil and gas industry continued to face growing pressures to remain profitable and cost-efficient as it faced competition from other investment destinations. He urged the Nigerian Content Development and Monitoring Board (NCDMB) to review certain aspects of the local content legislation that might potentially work against the competitiveness of Nigeria’s oil and gas sector in the global marketplace. For instance, Isa complained of the human capital development training requirements wherein industry participants were required to set aside three per cent of project cost for projects above $1million to conduct local content training. He stated, "While this is undoubtedly a laudable initiative, we must consider that it amounts to a multiplication of levies as industry participants are already equally required to contribute a separate one per cent of total costs as NCD levy. “This invariably leads to higher project costs especially as the training is not allowed to be provided directly to company staff and service providers. "Due to this and other contractual or administrative reasons, the process of complying with local content requirements has on many occasions proven to significantly increase the overall cost of delivering projects in Nigeria. "Again, this unintended outcome requires some detailed review in order to ensure that we are not losing new investments to emerging investment destinations in the process of driving our local content agenda. "Most critically, because of the

strict local content requirements, we have gradually seen a reduction in the presence of leading international oil and gas service providers, many of whom are leaving Nigeria in droves." The IPPG Chair maintained that while Nigeria continued to prioritise local content development, it must recognise that international players have a key role to play in ensuring technology transfer and knowledge sharing that the local players could benefit from. According to him, "You will agree with me that our local players still lack the requisite skills to adequately support our deep offshore operations and other specialised operations. Therefore, our recommendation is that ways should be sought to

modify local content requirements to ensure that the industry remains globally competitive and sustainable." However, from the theme of this year’s PNC conference, Isa observed that a lot was happening in the oil and gas industry globally, noting that the industry was witnessing a transformational shift and thus continues to underscore the importance of repositioning Nigeria's petroleum industry in the short to medium term. He pointed out that the ongoing global energy transition, the widespread reforms across the domestic landscape, notably the implementation of the Petroleum Industry Act (PIA), the ongoing divestment of onshore and shallow water assets by the international oil

companies (IOCs) and the Decade of Gas Initiative meant that exciting times were on the horizon for the industry as it was bringing with it immense opportunities for growth. He said Nigerian oil and gas industry players must remain focused on rapidly and efficiently exploiting their vast hydrocarbon assets for the socio-economic transformation of the nation. "It is therefore imperative for the industry to be efficient and look inwards in fully optimising these hydrocarbon assets for today and future generations. The faithful implementation of the NOGICD Act is capable of unlocking the nation’s economic potential and serving as an enabler for rapid industrialisation.

The Nigerian Senate has written the Managing Director and Chief Executive Officer of Lee Engineering & Construction Limited, Dr Leemon Ikpea, intimating him of the findings of its investigative committee on the federal government's N250 billion gas expansion programme. In a letter signed by the Chairman, Senate Committee on Gas, Senator Agom Jarigbe, who headed

the panel to oversee how the Central Bank of Nigeria (CBN) intervention fund was disbursed and spent, the Upper Chamber noted that no infraction was found. Dated December 5, the senate through the letter of commendation lauded Ikpea’s strides in the oil and gas industry, especially in his employment of over 4,000 Nigerians in his companies. “The senate committee on gas writes to commend you on your activities in the oil and gas sector

Continues online

AfDB, AFC Sign $350 Million Long-term Credit Line for Infrastructure Development The Africa Finance Corporation (AFC), one of the leading infrastructure solutions providers in the continent has announced that it has signed a $350 million long-term line of credit with the African Development Bank (AfDB). The agreement, which was signed during the ongoing 28th Conference of the Parties (COP 28), supports urgently needed financing for infrastructure projects to underpin sustainable development and economic growth. A statement yesterday, explained that the collaboration was a signifi-

cant milestone in a long-standing relationship, with AfDB becoming a shareholder in AFC in 2019, and the institutions co-investing in multiple transformational infrastructure projects. “Most recently, both institutions joined the US, EU and governments of Angola, the Democratic Republic of Congo and Zambia in signing a Memorandum of Understanding for development of the Lobito Corridor expansion, with AFC appointed lead project developer. “The financing agreement with AfDB will enable AFC to mobilise ad-

ditional resources towards continued development of infrastructure projects in its focus sectors, including power, transportation, telecommunications, and natural resources. “These projects play a pivotal role in closing Africa’s infrastructure deficit and creating new opportunities for economic growth and prosperity,” the statement added. Speaking at the signing ceremony, AFC Board Member and Executive Director of Financial Services, Sanjeev Gupta, said: “AFC and AfDB have always enjoyed a mutually beneficial partnership and this facility further

Senate Commends Ikpea, Says No Infractions in N250bn Gas Fund Probe Emmanuel Addeh ÓØ ÌßÔË

"The acceleration of in-country capacity utilisation, reduction of capital flight and in-country retention of a significant portion of industry spend will no doubt continue to expand the participation of the indigenous companies across the industry value chain and create linkages to the wider economy", Isa stated. He disclosed that the 5000 barrels per day Waltersmith Refinery located in Ibigwe, Imo State, has delivered its first dividend payment to NCDMB, paid off a significant portion of its project financing and commenced an expansion phase designed to double the refinery’s capacity to 10,000bpd in the next 18 months.

in Nigeria. “The committee's investigation revealed that you have invested hugely in the oil and gas industry, with a staff strength of over 4,000 employees. We found no infractions associated with your company. “The committee commends you for your patriotism and pledges to support you in adding value and creating wealth for the nation. Accept the assurances of the committee's highest regards,” the Jarigbe-led panel stated.

Recently the senate announced that it had opened an investigation into the disbursement of the N250 billion intervention fund to 14 companies by the CBN for a gas expansion programme in 2020. The federal government had in December 2020 rolled out the National Gas Expansion Programme (NGEP) aimed at deepening the use of natural gas and making it a preferred, cleaner and cheaper source of energy. However, the lawmakers said

they were worried about the state of the gas projects and thereafter invited the beneficiaries after resolving to pay a fact-finding visit to all the companies that said they effectively utilised the funds. Legal Adviser to one of the beneficiaries, Lee Engineering and Construction Company, Mathew Agbadon had told the committee that the project was 90 per cent ready and would be ready for inauguration by Q1 of 2024.

embeds our shared vision for a prosperous, resilient, and sustainable Africa. “It is crucial that premier institutions in Africa work together and share knowledge, capacity and collectively negotiate on behalf of Africa to drive a development agenda that is both pragmatic and sustainable and ensures that it creates economic prosperity through local manufacturing, value addition and a shift away from the historic extraction and export driven model that has plagued the continent. “We welcome the opportunity to widen and deepen our collaboration and deliver on our mandate that will unlock the continent’s economic potential, create jobs, and improve the quality of life for millions of Africans.” For his part, the Vice President – Private Sector, Infrastructure & Industrialisation at the AfDB, Solomon Quaynor said: “The partnership between the AfDB and the AFC exemplifies a shared commitment to catalysing sustainable development across the continent. “Through this line of credit, the two institutions, together, forge a path toward economic empowerment, infrastructure growth and a brighter future of Africa.”

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COURTESY VISIT OF UNIDO DELEGATION FROM GERMANY TO LAGOS FREE ZONE... L-R: Deputy Head, United Nations Industrial Development Organisation (UNIDO); Investment and Technology Promotion Officer, Germany, Michael Schmidt; Chief Executive Officer, EMPO-NI Off-Grid Solutions, Rimma Honsberg; Chief Executive Officer, Lagos Free Zone, Dinesh Rathi; Bakery Product Application Specialist, Freddy Hirsch Group Limited, Carla van der Sandt; Director, Dipox Resin Floors Limited, Hubertus Diers and Manager, Sales and Business Development, Lagos Free Zone, Atigogo Richard during the courtesy visit of UNIDO delegation from Germany to Lagos Free Zone at Ibeju Lekki, Lagos .... yesterday

Minister, NNPC Say Nigeria Committed to Lower Methane Emissions, List Measures Emmanuel Addeh in Abuja

The Minister of State Petroleum Resources (Gas), Hon. Ekperikpe Ekpo and the Executive Vice President, Upstream of the Nigerian National Petroleum Company Ltd., (NNPC) Oritsemeyiwa Eyesan, have pledged Nigeria's commitment to

lower methane emissions. Ekpo spoke while on a ministerial panel on actions being taken to accelerate compliance with the “methane pledge” at the ongoing 28th meeting of the Conference of the Parties (COP28) in Dubai, the United Arab Emirates. The methane pledge targets the

reduction of global anthropogenic methane emissions by at least 30 per cent by 2030 and limiting warming to 1.5 degrees Celsius. The gas minister, according to a statement in Abuja by his spokesman, Louis Ibah, disclosed that Nigeria has set in place guidelines to ensure methane is kept under control,

especially in the oil and gas sector. Ekpo listed measures adopted by the country to lower emissions to include gas flares commercialisation programmes and establishment of energy transition and carbon monetisation units in regulatory agencies. He also highlighted that emphasis

Ex-NNPC ED Doubts Much-awaited PH Refinery Will Work This December Says only insignificant PMS output can be produced from much-awaited facility Reveals as MD of Kaduna, PH refineries only 50% of operations budget was released Emmanuel Addeh in Abuja In a revealing engagement, a former Group Executive Director of the Nigerian National Petroleum Company Ltd., (NNPC), Alex Ogedengbe, yesterday, urged Nigerians to tone down their expectations of the upcoming Port Harcourt refinery. Stressing that the refinery from all indications would not work this month, the ex-managing director of both the Kaduna and Port Harcourt refineries, maintained that if at all it comes on-stream, the facility would not produce more than 25 per cent of petrol per barrel of crude oil. Despite doubts expressed by Nigerians, the NNPC and the ministry of petroleum had said the 60,000 bpd part of the 210,000 bpd refinery would come online this December. A few days ago, the NNPC released an update on the Port Harcourt refinery, where its current Managing Director, Ibrahim Onoja, had maintained that it would be ready this month. However, Ogedengbe, who spoke on Channels Television, insisted that even from the information from the video update, it was not possible that the plant would work this year. He stated that the old refinery NNPC was focusing on fixing, had not worked for over 30 years. “If what I heard from that short, nine-minute release by the MD of the refinery is anything to go by, at best they will have some kind of mechanical completion by the end of December, because he said they are 75 per cent done overall, but 98 per cent done on procurement. “But by end of December, at best, they will have mechanical completion, then they will do the testing

of each equipment and systems. “You test one equipment, you see how it fits with another one. Then you put everything together as a system. The system tests may take anything from two weeks to one month before you can start, in my opinion, based on what he said. “I don't think it can be done more than within two or three months. Now, what you will get there again, is something like the old refinery of 60 years ago with just new equipment. The capacity is still 60,000 barrels per day. “The old refinery that is being repaired now, cannot produce more than 25 per cent maximum of crude oil. In other words, one barrel of crude will produce a maximum of 25 per cent of petrol. Whereas, the newer Port Harcourt refinery which is next door to the old one they are repairing can produce up to 48 per cent or 50 per cent on crude oil. “So, overall, I don't expect any appreciable contribution. That is even if all the systems work. I don't have confidence in that right now from what I've seen,” he stated. He said in October, during an engineers’ fellows’ meeting made up of at least three ex-managing directors of NNPC refineries, they were not allowed to visit as the scheduled event was cancelled in the last minute. Ogedengbe, stated in the early 90s when he ran the facilities, there was no need to import products as all the refineries which were working at the time have now shut down. As an engineer, he argued that if he was told that there was a proper plan to get the refineries from zero production to 100 per cent 10 years ago, he would believe, but noted

that with the depth of damage that had happened, he doubted it. Ogedengbe, wondered why the national oil company did not pick the newer 150,000 barrels per day facility which was built 30 years later and is beside the 60,000 bpd built almost 60 years ago. “The old refinery, the one that was built in 1965, that’s about 58 years ago, has not operated since 1990 when the new refinery came on. So, it's been shut down,” he disclosed. Ogedengbe recalled that he was the project manager when the new refinery in Port Harcourt was built between 1985 to 1990, stressing that the new one is a more complex and modern facility and should have been fixed first.

“If you put one barrel of crude oil into the new one, 48 to 50 per cent of it will be petrol. The old refinery, if you put one barrel of crude oil into it, you only get maximum 23 to 24 per cent of petrol, which shows the complexity. “The old refinery has just one conversion unit that can produce petrol. The new refinery has four different conversion units. That is the issue. Why is this old refinery being rehabilitated instead of the new one? “The old refinery was built in 1965 with a different old technology. Now what is being done there? “ he asked, stressing that rather than rehabilitation as Nigerians have been told, it was actually being reconstructed.

is now placed on carbon market development and enhanced social governance credentials directly supporting the methane pledge. He said: "We have the decade of gas initiative to promote low carbon natural gas as preferred choice of fuel and energy in Nigeria. The country is actively steering its energy landscape towards a lower methane intensive path aligning with the methane pledge. "We are focused on transitioning towards lower methane emissions. We are committed to consistently publishing comprehensive methane emissions data demonstrating accountability and progress in line with the methane pledge. In Nigeria we are doing everything possible to ensure that flare gas is eliminated." Meanwhile, the NNPC has expressed its commitment to work with global partners in the march towards reducing methane emissions in oil and gas operations. A statement by the Chief Corporate Communications Officer, NNPC ,Olufemi Soneye, said the commitment was made on the sidelines of the release of the Oil and Gas Decarbonisation Charter at the ongoing COP28, taking place in Dubai. The Charter, the NNPC said, calls on the oil and gas sector to achieve the goal of reaching net-zero emissions for their own operations by 2050. It also includes commitments to achieve near-zero methane emissions and ‘no routine’ flaring by 2030. Speaking on the development during a Panel Session titled: “Accelerating the Elimination of Methane

Emissions & the Decarbonisation of Oil & Gas,” Eyesan said the charter was a major opportunity not just for the NNPC, but for the African sub-region. “Africa contributes 3 per cent to emissions, but that does not exclude us from the consequences of the emissions. I think the decarbonisation drive and the charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours. “We believe this charter is an important one. We are committed to working with all stakeholders to deliver on that,” Eyesan stated. She added that to achieve its nearzero methane emissions, Nigeria has since declared this decade as "Decade of Gas", which is not only geared towards producing more gas for export, but also towards producing gas for local economy and that of the entire African sub-region. “I assure you that we are open to working with our partners towards achieving zero-flare and methane emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Eyesan stated. She described finance and technology as the two major challenges in delivering on the provisions of the charter, noting that for the two problems to be solved, African countries need to work with partners who have the technology and finance. She said NNPC remains committed to expanding its alternative energy sources through investment in solar, wind, and other renewable sources.

FG Flags-off Cash Transfer to Vulnerable Groups in Kogi Ibrahim Oyewale in Lokoja As part of efforts to ameliorate the suffering of the masses, the Federal Ministry of Humanitarian Affairs and Poverty Alleviation has flagged-off the distribution of grants to vulnerable groups in Kogi State. The N20,000 cash grant is touted a way of tackling poverty and cushioning the effect of fuel subsidy removal among vulnerable groups in Nigeria. The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, while flagging-off the distribution of grants to the beneficiaries explained that the grant for vulnerable groups is not a loan and will not be repaid. Her words; "The President is

committed to seeing that he pulls Nigerians out of poverty. He has placed a demand on himself and his team to see that a minimum of 50 million Nigerians are out of Poverty. To achieve this, the President set up a team to identify the poorest of our people and came up with series of programs that will improve the economy of the common man. "Today in Kogi State, we are officially flagging-off the Grant for Vulnerable Groups in Kogi State. It is a kick starter and it should be used the right way. This is intended to boost your business and it is expected that it will help in whatever you are doing.” Kogi State’s Governor Yahaya Bello commended President Ti-

nubu for alleviating poverty and eradicating hunger in the country, describing President Tinubu as a humanitarian who has the interest of the common man at heart. According to Bello, "I appreciate the President because apart from the ones we did as announced by Commissioner for Finance, we were planning on how to do more and empower them when the President empowered the Humanitarian Affairs Minister and mandated her to run programs that is benefiting all. "We need to key in properly into this program and to be able to key in properly, we must have the Ministry and Agency that will be relating with the Mother agency properly. By the special grace of God, I hereby create the Ministry of

Humanitarian Affairs and Poverty Alleviation, Kogi State. "We will also transmit a bill for the creation of Kogi State Social Investment Agency to the House of Assembly alongside the budget of 2024." In their separate goodwill messages, the Head of Service and Commissioner for Finance, Mrs. Hannah Odiyo and Mukadam Asiwaju Idris applauded the Poverty Eradication initiatives of the President Bola Ahmed Tinubu led administration for looking inward and having the people of Kogi State in their mind. They expressed confidence that Kogi State will continually benefit from all the poverty reduction programs of the President Bola Ahmed Tinubu-led Government.

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SIDELINES OF THE ONGOING UNITED NATIONS CLIMATE CHANGE CONFERENCE... Executive Vice President, Upstream, NNPC Ltd., Oritsemeyiwa Eyesan during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” on the sidelines of the ongoing United Nations Climate Change Conference, also known as COP28, taking place in Dubai, the United Arab Emirates... yesterday

Mbah Presents N521.5bn ‘Disruptive Growth’ Budget, Makinde N434.2bn ‘Economic Recovery’, Obaseki N325.3bn ‘Finishing Strong’ Kemi Olaitan in Ibadan and Gideon Arinze in Enugu The Governor of Enugu State, Dr. Peter Mbah, yesterday presented a N521.5 billion budget for the 2024 fiscal year before the Enugu State House of Assembly. The budget proposal, which he tagged: “Budget of Disruptive Economic Growth” is the highest in the state’s history, comprising N414.3 billion capital expenditure and N107.2 billion recurrent expenditure. Also, Governor Seyi Makinde of Oyo State, presented the 2024 Appropriation Bill of N434.2 billion themed:” Budget of Economic Recovery”, to the state House of Assembly, noting that the budget was a chance for his administration to show its responsiveness to the current economic situation in the country. In the same vein, the Edo State Governor, Mr. Godwin Obaseki presented a N325.3 billion proposal christened: ‘‘Budget Home Run: Finishing Strong,’’ to the Edo State House of Assembly. Presenting the budget, Mbah said the budget was named budget of disruptive economic growth on account of the fact that it was structured to drive growth in a markedly different pattern than was done before now. “We are proposing a total budget of size of N521,561,386,000.00 for the 2024 fiscal year as against the approved revised provision of N224,697,899,063.00 for 2023. This represents a 132 per cent increase from the 2023 revised budget. “In the area of our revenues, we estimated that total recurrent revenues during 2024 will amount to N383,789,000,000.00 as against the approved revised provision for 2023 of N143,571,592,917,” he noted. Giving a breakdown of government’s expected sources of revenue,

the governor said, whereas the state had an opening balance of N11 billion, it expects to rake in N252.7 billion from Internally Generated Revenue (IGR), N60 billion from statutory revenue, N16 billion from excess crude oil revenues and others, while N44 billion would come from Value Added Tax (VAT). On the recurrent expenditure and capital expenditure, Mbah explained: “For 2024 fiscal year, recurrent expenditure which is proposed at N107,227,266,000.00 is made up of N47,583,677,000 personnel costs, N41,804,698.000 overhead costs, and N17,838.891,000 consolidated revenue charges. “With the total recurrent expenditure at N107,227,266,000.00, this translates to a net recurrent revenue of N276,561,734,000.00, which is thus transferred to the Capital Development Fund. “The total capital expenditure for the year 2024 is projected at N414,334,120,000.00 as against N135,715,099,693.00 for 2023 revised budget. The current capital expenditure estimate will be funded from the sum of N276,561,734,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of N137,772,386,000.00 to be realised as follows: “External and Internal Aids and Grants, N27.922,386,000; Public Private Partnership, N6,100,000,000; Domestic Loans/ Borrowings, N71,000,000,000; and International Loans/Borrowing Receipts, N32,750.000.000”. On sectorial basis, the economic sector got the highest in the Capital Expenditure Distribution, which is N207.8 billion, followed by the social sector, which got N182.9 billion. However, education got 73.6 per cent of the social sector allocation, and 33 per cent of the total budget, representing the highest in both instances.

“This capital expenditure on education combined with the planned recurrent expenditure in the sector will bring our total spending on education to 33 per cent of the total budget”, the governor stated. Other top allocations include infrastructural development and maintenance, particularly roads and public buildings, with N82.5 billion to, according to the governor, “smoothen connectivity, bolster trade, and enhance overall accessibility and attract investments that create jobs”. Agriculture got N25.1 billion in pursuit of the self-sufficiency and economic diversification agenda; water got N28.9 billion to ensure safe and quality water supply in the state and boost reticulation across the Enugu metropolis; and health, got N21.7 billion. Responding, the Speaker, Hon. Uchenna Ugwu, while commending the governor for the remarkable impacts he had made in six months, including the restoration of water to Enugu city, pledged a thorough and expedited work on the 2024 budget estimates. Makinde in his presentation to the state House of Assembly, noted that the budget was a chance for his administration to show its responsiveness to the current economic situation in the country. The governor, who presented the N434,221,765,938.79 budget proposal to the House of Assembly presided over by the Speaker, Hon. Adebo Ogundoyin, said his government had been proactive in responding to the hardship people face. He added that the administration had taken all the necessary steps to ensure that the 2024 budget addresses the economic challenges of the coming year and ensure that his vision of sustainable development in the state is achieved. The governor urged the lawmak-

Food Security: FG Laments Uncultivated 50 Million Hectares of Arable Land

Sunday Aborisade in Abuja

The federal government has lamented that about 50 million out of the 80million hectares of arable land in the country remain uncultivated . It has therefore called on all Nigerians to plant a crop in line with its policy on food security. The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, made the call in his office yesterday while addressing journalists covering the National Assembly He explained that out of the

8-point agenda of President Bola Ahmed Tinubu-led administration, food security was the most critical because of multi-faceted benefits derivable from it. He added that some of the benefits were war against corruption because some people take to corrupt way of life as a result of hunger, just as some others also take to crime as a result of poverty which in itself, can be substantially addressed by food security . The minister said: "When you secure their stomachs, the tendency for average Nigerians, to resort to corruption or outright crime and

criminalities would be reduced. "Nigerians need to key into the policy by planting something where ever they live. "Government is also determined to get substantial part of the uncultivated hectares of land in the country cultivated. "As it is presently, out of 70-80 million hectares of arable land in the country, only 34 million hectares are cultivated, meaning that there is more than enough uncultivated arable land for government and Nigerians to explore for farming and by extension, ensuring food security in the country", he said.

ers to speedily consider the 2024 Appropriation Bill for passage for the benefit of Oyo State people. The total capital expenditure in the proposed Budget Estimates stands at N222,337,320,199.85 while the total recurrent expenditure is 211,884,445,738.94, with education, infrastructure, health and agriculture sectors getting the lion’s share of the allocations. The governor said: “This budget presents an opportunity for us to show how we are matching our promises as stated in our roadmap for sustainable development 20232027 with definite action plans. “Second, this budget is a chance for our administration to show our responsiveness to the current economic headwinds. You will agree that the effects of the removal of fuel subsidy and dollar-naira currency by the federal government have brought hardship to our people. “Therefore, this budget proposal will cover specific projects, policies, and actions that, when implemented, will cushion the impact of the economic issues that we are currently faced with.”

He added, “it is against this backdrop that we have tagged this budget ‘Oyo State Budget of Economic Recovery’. It is my honour to present a total budget of N434,221,765,938.79. The total capital expenditure is N222,337,320,199.85 while the total recurrent expenditure is 211,884,445,738.94. “What you will immediately notice is that we have been able to, once again, achieve a budget where capital expenditure is about 2.4 per cent higher than the recurrent expenditure. “We believe that the growth of our economy is dependent on the fiscal decisions we take regarding our capital expenditure. Therefore, we are focusing on projects that will yield positive results for our economy in our areas of comparative advantage.” The Speaker of the House of Assembly, Ogundoyin, in his address, commended the governor for steps he took to rebuild the state under Omituntun 2.0, adding that the governor has set out a new order of transformation towards sustainable development in the state.

Meanwhile, Obaseki also presented a N325.3 billion budget to the Edo State House of Assembly, for the 2024 fiscal year, which is a slight increase from the N320 billion budgeted for the year 2023. Obaseki, who presented the budget to the Assembly, at the Anthony Enahoro Assembly Complex in Benin City, said the budget is made up of N178 billion for capital and N146 billion for recurrent expenditure. The governor noted that the total projected revenue for 2024 is N303 billion, consisting of N55billion statutory allocation, VAT of N38 billion, capital receipts of 40 billion and IGR of N72 billion and N10 billion from grants, among others. He added: “The revenue estimates are based on a $65 per barrel benchmark for crude oil with an average daily production of 1.60 million barrels per day as well as an increase in IGR to N72 billion, which will be bolstered by reforms in revenue collection, property laws and land management reforms.” Continues online

Members Urge ICAN to Sponsor Bill on Budgetary Reform Tell banks to increase agricultural loans Dike Onwuamaeze The Institute of Chartered Accountant of Nigeria (ICAN) has been charged by its members to sponsor a bill in the National Assembly that would advocate for budgetary reform in the country. The charge was contained in the communiqué of the recent 53rd Annual Accountants Conference of the ICAN that attracted 8,074 delegates with the theme “Nigeria: Imperative of Inclusive Development,” which also charged governments at all levels to recognise the need to foster a culture meritocracy and gender based diversity. The communiqué of the conference, which was made available to journalists in Lagos, by the 59th President of ICAN, Dr. Innocent Okwuosa, also called government’s attention on the need to address the multidimensional poverty and socio-economic challenges plaguing 133 million Nigerians. The communiqué stated: “In the interest of the public, it is suggested that the ICAN should take the initiative to sponsor a bill aimed at reforming Nigeria’s budgetary system. Such reforms are essential to

enhance transparency and efficiency in budget management.” It also stated that, “the conference encourages financial institutions to have confidence in lending to farmers. This is crucial for agricultural development and food security. “The following strategies can be applied to achieve this: risk assessment and management, collateral alternatives, agricultural training and education, flexible loan products, interest rate subsidies from government, monitoring and evaluation among other strategies.” The communiqué also “highlighted the stark reality that around 133 million Nigerians are grappling with multidimensional poverty.” It attributed the dire poverty in the country to several interconnected issues that included insecurity, food scarcity, low revenue, high public debt, reduced investments, limited foreign exchange inflow and decline in domestic capital formation. “Therefore, there is an urgent and compelling need for all hands to immediately get on deck to arrest this situation,” it said. Furthermore, “participants at the conference recognised the need to foster a culture of meritocracy and

gender based diversity, ensuring that opportunities are granted to the most qualified individuals. “They urged Nigerians to embrace the country’s rich diversity and advocate for inclusion in all aspects of life while celebrating those who demonstrate unwavering integrity against all odds.” The communiqué further called on the government to embrace transparency, accountability and human capital development, arguing that, “transparency and accountability were identified as mutually reinforcing elements critical for effective governance.” It noted that the conference, “enphasised that public trust is more readily earned when there is transparency and accountability. Additionally, it stressed the importance of integrity in advancing the country’s development.” The conference, therefore, called on professional accountants, “to be champions of accountability, transparency and trust in their respective domains,” encouraging them “to actively engage in promoting good governance, recognising that their skills and expertise are invaluable in shaping the nation’s progress.”

WEDNESDAY DECEMBER 6, 2023 • T H I S D AY

T H I S D AY ˾ WEDNESDAY DECEMBER 6, 2023

POLITICS

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

Shaibu’s Unrelenting Pursuance of Edo 2024 Guber Goal Adibe Emenyonu likens the move by Edo state Deputy Governor, Philip Shaibu, to contest the 2024 Peoples Democratic Party Governorship primary to a celebrity who works hard to attain fame and years after, wears dark glasses to avoid being recognised.

do State deputy governor, Mr. Philip Shaibu’s ambition has put him at loggerheads with his principal, Governor Godwin Obaseki, who is believed not to be disposed to his deputy taking over from him. Shaibu was actively involved in the State Governorship poll back then in 2020. That was when he dazzled the opposition All Progressives Congress (APC) led by his political godfather, Adams Oshiomhole, which earned him a lot of respect especially among political watchers both within and outside the state. To this extent, Governor Obaseki gave Shaibu the sobriquet, ‘digital deputy governor’ at every occasion while introducing him. Then, they were like siamese twins. But somewhere along the line, the holy passion of their friendship that looked so sweet, steady, and with enduring nature that will last through a whole lifetime was punctured because one of the duo asked the other to lend him money. The money to be lent is not physical cash but political power. Shaibu wanted Obaseki to transfer power to him at the expiration of his tenure. And the incumbent said no. Like Pope Alexander rightly puts it, “histories are more full of examples of the fidelity of dogs than of friends, both parted ways as their political harmony disintegrated”. At the height of the face-off, Shaibu approached an Abuja High Court to stop Obaseki, State House of Assembly, and state Chief Judge from impeaching him. Although he later withdrew the court case after the intervention of well-meaning individuals, Obaseki never forgave him for that singular act. Thereafter, Shaibu was stripped of all roles as deputy governor and all those who came in through him were either relieved of their duties, redeployed or compulsorily retired. As if that was not enough, his office at Government House was relocated to an apartment outside with an ultimatum to resume there after his annual vacation. But the adamant Shaibu trudged on saying his ambition is personal to him, and nobody can stop him apart from God in the quest to contest the forthcoming gubernatorial election. The height of opposition against his ambition also manifested when at the last minute, he was turned down by the management Eterno Hotels, situated at the high brow Government Reservation Area (GRA), Benin City, the state capital from using the facility for his governorship declaration on Monday, November 27. The declaration was abruptly shifted late Sunday night when information filtered in that one of Governor Obaseki’s support groups, “Obaseki Finishing Well”, had also scheduled an event for the same venue same Monday by 7.30am. Shaibu, it was gathered was informed by a staff of the hotel owned by a prominent PDP chieftain, who had paid for the same venue and subsequently refunded the money paid for the use of the venue. A source in the know over the development stated: “We found this very preposterous that we were contacted by the hotel management that a group had paid for the same venue we paid for that they have a program slated for 7am same date. We know were this is coming from. Whatever their plans to frustrate our declaration will definitely fail. They are jittery over Shaibu’s declaration and popularity”. The deputy governor’s planned declaration was contained in a letter issued by the Philip Shaibu Campaign Organisation which was dated November 23 and signed

Shaibu

by the deputy governor himself; a copy of which was made available to newsmen. The letter entitled ‘Special Invitation,’ read in part: “On behalf of Rt. Hon. Comrade Philip Shaibu Campaign Organisation, I invite you to honour me with your esteemed presence as I offer myself to serve as the Chief Servant (Governor) of Edo State.” As stated in the letter, the event was scheduled to be held on Monday, November 27, at the Eterno Hotels, by 8am However, with the last minute refund by the hotel management, Shaibu was forced to look for an alternative venue and he chose the sacred ground of a Catholic Church in Benin City, the state capital where he knows no one will likely dare to distrupt proceedings. At the Bishop Kelly Pastoral Centre at the St. Paul’s Catholic Cathedral in Benin city, the Edo State Deputy Governor last Monday formally declared his intention to contest the 2024 governorship primary election on the platform of the PDP, saying “no body can stop my ambition”. Shaibu at the declaration even alluded to his political travails in the last couple of months, declaring that he remained unbowed even as

he forged ahead against the unfavourable disposition of his principal, Governor Obaseki. Addressing his supporters who gathered at the new venue he secured, he said despite his present predicament, his antecedents in the struggle for democracy were part of the propelling factors for him to move on to actualize his ambition. Describing himself as “100 percent Home Boy”, an allusion to the clamour that the next governor of the state must be someone who knows the state very well, and not someone imported, a veiled reference to the reported preference of an “outsider” by Governor Obaseki, Shaibu hinged his campaign on five pillars that include: infrastructural development, economic diversification, education, sports. Others, he said, are skills development and job creation, healthcare, social welfare system, agriculture and rural development, poverty alleviation, environmental sustainability, and transparent governance. He said while working closely with Governor Obaseki in the past seven years, a solid foundation for progress had been laid in the state. According to him: “Under our administration, we have seen remarkable achievements and milestones, but there is still much work to be done. I am aware of the need by the greater Edo people for a more inclusive government, a government

To this extent, Governor Obaseki gave Shaibu the sobriquet, ‘digital deputy governor’ at every occasion while introducing him. Then, they were like siamese twins. But somewhere along the line, the holy passion of their friendship that looked so sweet, steady, and with enduring nature that will last through a whole lifetime was punctured because one of the duo asked the other to lend him money. The money to be lent is not physical cash but political power. Shaibu wanted Obaseki to transfer power to him at the expiration of his tenure. And the incumbent said no.

of the Edo people, by the Edo people, and for the Edo people.” The state number two citizen who reiterated that his administration would be “a government of individuals who have been there and know the pains and wishes of an average Edolite”, maintained that under his supervision, the state Internally Generated Revenue (IGR), grew impressively, which he attributed to the introduction of digital and cutting-edge ideas. He also went down memory lane as legislator at both state and federal levels saying “back in the day, you didn’t just call me “Mr Constituency Project” for nothing. In my time as a legislator, I delivered 49 constituency projects at the state level and 13 solid constituency projects within my short stint at the federal level. “I have fought the good fight for you my people, Along the way, I suffered humiliations and enjoyed many moments of victory but I am thankful in all things. I have been pressed but not crushed, persecuted but not abandoned, badly hurt but not destroyed. I resonate with the tireless and irrepressible spirit of the Edo People. By the grace of God, nothing and no one can stop us. After all, I be original Edo son; your 100 percent home boy. “This is why today, I stand before you with great conviction and resolve, as I declare my intention to run for the office of the governor of Edo State under the platform of the Peoples Democratic Party (PDP) in the upcoming 2024 election”, he declared. It has been alleged that Shaibu was motivated to declarare his interest because of the funding he got from a certain Minister from the South-south in President Bola Tinubu’s cabinet who is hell bent on causing disaffection in Edo State PDP. The embattled deputy governor, as further alleged, gleefully accepted to join the plot because he wanted to carry out his pay master’s bidding. The plot, was reportedly hatched few weeks ago to create a division in the state PDP with the aim that the governor who has a preferred candidate must be stopped by all means. According to political commentators in the state, it will amount to share greed for Shaibu knowing fully well that he would not get the PDP ticket to continue to push which means he has other motives apart from satisfying his ambition to contest. Edo State Chairman of Coalition of Registered Political Parties (CRPP), Dr. Faluyi Isibor in an interview with THISDAY in Benin City, differ saying from all records available, the Edo PDP structure is in the hands of Obaseki, who should not be afraid of the deputy governor’s ambition as, according to him, there is no crime in having political ambition. He stressed that with Obaseki fully in control of the party in the state, it is who he wants that will pick the party’s governorship ticket, so, the friction is unnecessary as it is giving the embattled deputy more publicity and sympathy. Isibor further argued that it’s the fundamental rights of Shaibu to aspire, to vote and be voted for as enshrined in the constitution of the federation. He said: “Obaseki should not cage his deputy. The best thing he can do is not to support him instead of all these unnecessary friction. As the governor is projecting someone, Shaibu also have the right to project himself. In 2016, Oshiomhole’s deputy, Dr. Pius Odubu aspired to succeed his boss but Oshiomhole preferred the present governor (Obaseki) “Oshiomhole did not crucify Odubu. The only thing he did was to give his support to somebody else which is Governor Obaseki”.

WEDNESDAY DECEMBER 6, 2023 • T H I S D AY

WEDNESDAY DECEMBER 6, 2023 •T H I S D AY

WEDNESDAY DECEMBER 6, 2023 • T H I S D AY

T H I S D AY ˾ ʹ˜ 2023

FEATURES

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

Shema: The Architect of Modern Katsina How the former governor of Katsina State, Barr. Ibrahim Shehu Shema sourced funds to develop the state is still a mystery. But this may not be unconnected with his economically-literate policies and vast experience in monetary management and accountability, Francis Sardauna writes

ay 29th, 2015 can never be forgotten in the history of Katsina State, the memories left by this day will forever remain fresh and indelible in the minds of patriotic citizens of the state, including political gladiators irrespective of their political inclinations. It is a memorable day because it was the day that the Architect of modern Katsina State, Barrister Ibrahim Shehu Shema, handed over the mantle of leadership to his successor, Aminu Bello Masari after eight years of stirring and unwavering developmental projects. While the Nigerian political space is currently being dominated by invariably self-serving and office-seeking actors, here comes a man with unparalleled selflessness and inclination to developmental politics and people-oriented projects. It is incontrovertible that no sector in Katsina state has been left undeveloped by Shema when he served the state between 2007 to 2015 because he initiated and completed numerous developmental projects without borrowing a single kobo during his administration. He constructed the Umaru Musa Yar'Adua University, Katsina State Institute of Technology and Management, Yusuf Bala Usman College of Legal Studies, 200 secondary schools, 34 Girls primary school and 100 Almajiri Model schools to support Almajiri system of education with a total population of over 17,000 students as at 2015. During Shema's tenure, primary schools structures were expanded to storey building with state-of-the-art learning facilities, while primary education was free and compulsory for all children in the state. Payment of WAEC, NECO and other examination fees for indigent and non-indegent students in public schools were a yearly routine during his tenure. Over 800 students were sponsored by Shema's government to study medicine, pharmacy, nursing, dentistry, physiotherapy, radiology, computer and marine engineering within and outside the country. He also reviewed salaries of lecturers in state-owned tertiary institutions and provided school buses to convey students to their various schools in the state. Shema set a new record of achievements which remained indelible in the state's health sector. He built and equipped 361 clinics in each of the 361 political wards of the state, 86 primary healthcare centres in strategic or catchment communities across the state. The Sarkin Fulanin Katsina also stamped the feats with the construction of a 250-bed capacity Orthopaedic and Specialist hospital, and rehabilitation of all the state’s general hospitals and supplied them with state-ofthe-art equipment for effective and efficient healthcare delivery. He is the first Katsina governor to introduce an ambulance service scheme in the 34 local government areas of the state. It is noteworthy that the government of Shema provided free medical care to women, children, dialysis and malaria patients as well as accident victims worth billions of naira. Training and retraining of state’s medical doctors and nurses within and outside the country on areas of specialisation was another ultimate priority for Shema's administration throughout the lifespan of his government, because hundreds of such health workers had benefited from the gesture in the state. The electoral promise of the former governor to revolutionise and sustain agricultural activities in the state was equally fulfilled. He provided fertiliser at the cost of less than N1,800 throughout the eight years of his administration. He procured and distributed 340 Messi Ferguson tractors at discounted price to farmers in the state. He established Katsina Songhai agricultural project in three senatorial districts of the state, resuscitated irrigation farming schemes

Shema at Jibia, Sabke, Mairuwa, Ajiwa and provided irrigation pumps, improved seedlings with insecticides and extension services to farmers, especially those in hard-to-reach communities. In the area of water supply, Shema drilled over 3,000 boreholes across the state, purchased borehole-drilling equipment and trained the state engineers in Germany during his tenure as the governor of Katsina state. As a political footsoldier of later President Umaru Musa Yar’Adua who had the plight of the masses in mind, Shema did not neglect rural dwellers in his scheme of affairs. He constructed over 100 semi urban water schemes and rehabilitated Dams for the general improvement of water supply in the state. To boost economic activities, the ex-governor constructed over 3,000 kilometres of roads with solarpowered lighting in major streets, especially in Katsina, the state capital. He dualised the township roads of Malumfashi, Kankia, Mani, Dutsinma, Daura, Funtua/ Sokoto road bypass. Shema built a dualised ring road around the state capital and numer-

ous other road projects within the Katsina metropolitan area. He procured road-making equipment and electrified many towns and villages across the state. This architect of development also constructed several markets in the state in his quest to encourage and boost commercial activities. He built Dubai International market, Katsina City Mall and Model markets in all the 34 local government areas of the state. Building and upgrading of houses in the state was another area of major concern to Shema's administration because he built over 3,500 houses in Katsina metropolis, and in each of the 34 local governments of the state, and Karfe district in Abuja. Similarly, the lawyer and astute politician built a new ultra-modern Government House (Gen. Muhammadu Buhari House), Governor's lodge in Abuja, 3,5000-seater Muhammadu Dikko stadium which is adjudged to be the best in the country. Shema also built two houses for Emir of Katsina and Daura at Barhim Housing Estate. He procured 100 vehicles for the Katsina State Transport Authority, environmental sanitation vehicles and many water tankers and fire fighting equipment for the 34 local government areas of the state. Youth empowerment and poverty alleviation have been of importance to the ex-governor.

It is incontrovertible that no sector in Katsina state has been left undeveloped by Shema when he served the state between 2007 to 2015 because he initiated and completed numerous developmental projects without borrowing a single kobo during his administration

He established Katsina Youths Craft Village which has trained thousands of youths in computer networking, programming, repair, filmmaking and photography, auto mechanic and electronic, generator repair and maintenance, paint and chalk making, shoe making, among others. Shema's vast knowledge played considerably in steering the affairs of the state through hard times, he defied all odds despite receiving one of the lowest allocation from the federal government to build infrastructures never comparable to any state with the same size or monetary allocation during his administration. The source of these funds still remains a mystery which can only be unravelled by time. But this, analysts said, can never be far from Shema's economically-literate policies, programmes and vast experience in monetary management and accountability in governance. Reasons abound why he should fail during his tenure, but failure is not an option for Barrister Shema. He understands the weight of the mandate handed over to him by the good people of Katsina State, hence his fathomless commitment to the rapid development of the state. In recognition of his exceptional and indelible achievements, the management of Umaru Musa Yar'Adua University recently honoured the former governor for his untiring efforts in developing the educational sector in the state. The ceremonial award presentation and lectures on Mr. Shema's revolving role in educational development in Katsina, was organised by the state-owned institution’s Faculty of Law. The monumental occasion, which was held at the University's 1,500-seater auditorium built and equipped by Shema, brought in educationalists, top government functionaries, traditional and religious leaders from within and outside the state. While receiving the award, the former member of the National Political Reform Conference in 2005, advocated for a sustainable educational drive that will resuscitate the sector for growth and development to thrive in the state. The former national deputy chairman of the Peoples Democratic Party (PDP), said the state must continue to work harder to sustain its status of being the Nigerian epicentre of both Western and Eastern education it has always had since pre-colonial era The erstwhile Katsina state's Attorneygeneral and commissioner for justices (1999-2003), said he drew inspiration from late President Umaru Musa Yar’Adua, who laid a solid foundation for the state-owned university during his tenure as the governor of the state. The rare breed and a silent achiever had within a space of one week, bagged another Honorary Doctorate Degree of Law (Honoris Causa) from Federal University Dutsin-Ma, an institution he single-handedly brought in the state. He also received an award of excellence in recognition of his passion for education from the Association of Katsina State Foreign Trained Health Workers (AKSFTHW) who are now heads of departments and health workers in various hospitals in the state. Shema did not only remain a household name and role model for leaders of Katsina state on accountability and transparency, but on his politics without bitterness. He proves to be playing healthy politics, and this can be seen from his projects that he left no sentiment irrespective of political differences. He is a rare gem that every society needs in terms of his political and leadership style, which is evidenced in his developmental strides while he was the Governor of Katsina State. Shema has been adjudged to be the best northern governor in all facets of human endeavours.

T H I S D AY ˾ ʹ˜ 2023

PERSPECTIVE

Natasha Akpoti-Uduaghan: Beauty, Brains, Brawn on Eve of 44 Tunde Olusunle

he was a breath of fresh air when she joined the political fray in Kogi State. She's an attorney who is reputed for her efforts in advocacy. She is also a multitasking entrepreneur and dedicated philanthropist. She certainly was not the first woman to aspire to elective office in the "confluence state," an alias which derives from the convergence of Nigeria's largest two rivers in the capital of her state. She came, however, with distinctive flair, style, guts, grit and elocution. The trademark veil over her head re-echoes memories of the iconic former Pakistani Prime Minister, Benazair Bhutto. Like Bhutto, Natasha Akpoti-Uduaghan is cerebral, self-confident, articulate, charismatic and strong-willed. Recall she outrightly rejected the congratulatory message of Yahaya Bello, outgoing governor of Kogi State, after she floored Sadiku Ohere, the former's candidate for the Kogi Central senatorial seat at the appellate court weeks ago. Akpoti-Uduaghan alluded to attempts on her life by Bello's henchmen in the run-up to the February 25, 2023 general elections. On that occasion, she ran for the Senate on the platform of the Peoples' Democratic Party, (PDP), against Bello's candidate, Ohere, who contested on the banner of the All Progressives Congress, (APC). Akpoti-Uduaghan started out years ago as a member of the APC in Kogi State. She aspired for the governorship ticket of the party in the lead up to the 2019 poll to no avail. Frozen out of the APC scheme, she moved over to the Social Democratic Party, (SDP), and made serious waves on her campaign outings. As she prepared to launch out on her second political advent and participation in the 2023 polls, Bello, according to Akpoti-Uduaghan, offered her the sum of N50million to jettison her ambition. She turned it down without batting an eyelid. She was similarly unimpressed with Bello's increment of his offer to N70million. She told him she was not in politics for primitive fiscal acquisition, but was driven by a genuine conviction to serve her people. Bello, she confirmed, was furious at her unbending resolve. And so she was back again on the campaign dais like the proverbial phoenix ahead of the 2023 political cycle. The proverbial ram in Yoruba folklore which took a few steps backwards in a contest with its challenger did not back out of the duel out of cowardice. No. It retreated to gather more steam and velocity to fight more pointedly and more determinedly. Akpoti-Uduaghan undertook due diligence about the most appropriate political vehicle to help the actualization of her quest. Despite efforts to annihilate the PDP at all levels by the incumbent APC, she was convinced that that party would serve her purposes. And so, she was on the road again, repeatedly touring the five local government areas in her senatorial

Akpoti-Uduaghan district and spreading the gospel of the kind of impact she would bring to bear on her people if voted into office. She severally toured Adavi, Ajaokuta, Okehi, Okene and OgoriMagongo council areas within her senatorial catchment sensitising her people and requesting their support for her bid. The APC was paranoid on the eve of the February election on account of Akpoti-Uduaghan's ever rising political profile. Totally bereft of ideas about how to stop the rampaging amazon, agents of the APC excavated all three accesses to the PDP senatorial candidate's home. The idea was to prevent electoral officials from reaching her community and its environs, with the aim of disenfranchising that critical constituency in the poll. Akpoti-Uduaghan also noted that that orchestrated action could compromise her personal security and the safety of her people in the event that they had emergencies. Bello would thereafter concur to the act, saying the action was taken in the PDP senatorial candidate's best interests, to prevent intending terrorists from attacking her on the eve of the election, a most unintelligent alibi. After the senatorial election of Saturday February 25, 2023, the Independent National Electoral Commission, (INEC), declared Abubakar Sadiku Ohere of the APC as winner of the contest. INEC's Returning Officer for Kogi Central, Rotimi Ajayi, a professor at the Federal University Lokoja, (FUL), stated that Ohere garnered 52,132 votes, while Akpoti-Uduaghan secured 51,763 votes. Ohere was thereafter issued a Certificate of Return by

INEC and sworn in as a Member of the 10th Senate early June 2023. Undaunted and dogged, Akpoti-Uduaghan promptly sought justice at the Election Petitions Tribunal. September 6, 2023, the tribunal ruled that the PDP candidate was the rightful and authentic winner of the contest. Akpoti-Uduaghan actually polled 54,074 votes, as against Ohere's 51,291 votes. The judges observed that results from "nine polling units in Ajaokuta local government area, were inflated, while the votes of Akpoti-Uduaghan were intentionally reduced by INEC ward collation officers." Dissatisfied and prodded by his principal, Ohere proceeded to the Court of Appeal for further adjudication. Tuesday October 31, the court dismissed Ohere's appeal as "lacking in merit." It declared Natasha Akpoti-Uduaghan as the "duly elected candidate for the Kogi Central senatorial election held in February 2023." She was inaugurated as senator Thursday November 2, 2023, at a ceremony held during plenary, under the supervision of Godswill Akpabio, President of the Senate. She made history as the first female senator from Kogi State. Instructively too, she effectively dilutes the preceding Kogi all APC-cast in the senate of the federal republic. Natasha Hadiza Akpoti-Uduaghan was born December 9, 1979, in Ilorin, Kwara State, to Jimoh Abdul Akpoti and Ludmila Kravchenko, a Ukrainian. Abdul Akpoti who hailed from ObeibaIhima, Okehi LGA in Kogi State, met his wife while training as a medical doctor in the Eastern European country of Ukraine, several decades ago. A "home girl," she was educated at Christ the King Nursery and Primary School, Okene; Government Girls Unity School, Oboroke, and the Federal Government College, Idoani, Ondo State. She demonstrated leadership potentials even as a young girl, and was the "Head Girl" in her final year in secondary school. She was serially acknowledged as quiet, hardworking, disciplined and diligent, and always posted sterling academic performances. She studied law at the University of Abuja, enduring an intricate balance between her academics and early motherhood having gotten married at the tender age of 19. Her first son, Daniel was born within the period. She attended the Nigerian Law School, Bwari, Abuja beginning from 2004, and was called to the Bar November 2005. She obtained a masters in business administration from the University of Dundee, Scotland, in 2012. She previously served as legal counsel at the Brass Liquefied Natural Gas, (LNG) complex during which she travelled expensively across the world. Akpoti-Uduaghan has acquired pluri-dimensional competencies in management, mediation, leadership and arbitration among others. Her soft, humane side has been influenced considerably by her father's selflessness and generosity. He was famous for treating many of his patients free in the course of his private medical practice

unconcerned about profit-making. On Saturday March 5, 2022, Natasha Akpoti got wedded to the Itsekiri billionaire, Emmanuel Oritsejolomi Uduaghan, the *Alema of Warri.* The event took place in Akpoti-Uduaghan's primordial homestead in Ebiraland, Kogi State. The chief host was the recently departed *Ohinoyi of Ebiraland,* His Majesty, Ado Ibrahim. It was chaired by a former governor of Edo State, John Odigie-Oyegun, who also previously chaired the APC at the national level. Dignitaries at the high octane event included: Bukola Saraki, former Senate President; the *Olu of Warri,* His Majesty Tsola Emiko; the groom's cousins and former governors of Delta State, James Ibori and Emmanuel Ewetan Uduaghan. Former Delta State governor, Ifeanyi Okowa; incumbent Senate President, Godswill Akpabio; former PDP Chairman, Iyorchia Ayu, among several dignitaries, honoured the event. Akpoti-Uduaghan's first contribution on the floor of the Senate was to request that the recently departed Ohinoyi of Ebiraland, Ado Ibrahim be immortalised. She spoke of his disposition as an urbane father and patriarch, and an apostle of peace all through his 25-year reign. Within the period, his sociocultural domain witnessed some physical development. She canvassed the rechristening of the Federal College of Education, (FCE), Okene, after the transited royal. Akpoti-Uduaghan was recently named Senate Committee Chairman on Local Content as replacement for her former sparring partner, Ohere. She was concurrently appointed Vice Chairman of the Committee on Steel. That she is in leadership positions in both very important committees, attests to her qualities and capabilities. Akpoti-Uduaghan's advocacy for the resuscitation of the moribund Ajaokuta Steel Project located in Kogi Central, her primary sphere of representation, will gain desired traction, courtesy of her placements in the upper parliament. The multibillion dollar complex has been emblematic of abandonment, waste, greed, graft, mismanagement in the past four decades now. Akpoti-Uduaghan grew up in Ebiraland and is fully cognisant of the humongous resources in foreign exchange previously sunk into the project which, nonetheless, has remained dysfunctional. The decrepit, melancholy-eliciting condition of the sprawling steel city is best appreciated via a drive through the gargantuan, multidimensional "steel city" of Ajaokuta. Akpoti-Uduaghan wants to proceed beyond preceding peripherals and platitudes to add breadth to the strident advocacy for the functional resuscitation of the octopoidal complex. It is very close to her heart because of its potential to sustainably impact the economy of her people, her state and Nigeria at large. -Tunde Olusunle, PhD, poet, journalist, scholar and author, is a Fellow of the Association of Nigerian Authors, (FANA)

Akpabio’s Diplomatese as Enabler Emmanuel Aziken

enator Godswill Akpabio’s jaunt into the diplomatic circuit as number three citizen was on the springboard of a lush background of accomplishments in the domestic arena. His arrival in Launda, Angola last October for the 147th meeting of the International Parliamentary Union, IPU was as simple as he arrived at the Akwa Ibom Government House in 2007. Just as he left the Akwa Ibom Government House with the adornment of the Uncommon Governor, he similarly left the IPU summit with resounding glory, having won for Nigeria a place in the IPU Executive Committee. It is a feat that had not been achieved for Nigeria for 59 years. Nigeria last sat on the IPU Executive Committee in 1964 during the First Republic. Special Adviser to the Senate President on Media, Hon Eseme Eyiboh seducing the new garnish on his boss with a trifle of his own tinge of embroidery, equated the ambassadorial decoration to “a diplomatic Nobel laureate” for Nigeria. The election of Akpabio into the Executive Committee of the 179-nation network of national parliaments is significant, not for Akpabio alone, but for Nigeria. It reflects a significant milestone in the solidification of

Akpabio democratic roots in Nigeria given the fact that parliament is the bedrock of democracy in any nation. Eyiboh even sees the election of his principal on a grander scale with a prospect of the makeover of Nigerian travelers who have in recent times been harassed on account of the green passport they carry. According to his spokesman, Akpabio’s “uncommon emergence as an executive member of the IPU has opened the door and not

the window for an average Nigerian to be respected, including with the ease of obtaining Visa for travels.” The outing in Launda was, however, not a sole errand for the Senate President who went with a strong delegation of the National Assembly with the deputy speaker of the House of Representatives, Benjamin Kalu as the top man from the House of Representatives. Many like Eyiboh expect the upshots from the elevation of Akpabio into the IPU executive committee to go beyond more respect for the Senate President and Nigerians with the green passport. Many also see Akpabio using the position to provide navigation for Nigeria in thorny issues that may confront the country where the executive branch may be otherwise hampered. We have seen past Speakers of the United States Congress (the second in the order of succession in the United States just like the Senate President in Nigeria) leverage the office to project the clout of the legislative branch in the international arena. As Akpabio settles as an influential member of the Executive Committee, as he is bound to be, no less is expected from him, given his antecedents as an uncommon converter of infrastructure and processes. Indeed, as his official orator, Eyiboh said in the sparkle of the IPU appointment, “The average Nigerian should now be proud of the

Senate because the present Senate is going to give Nigeria a new image that will translate into prosperity and growth plans. “This Senate will be the best in our annals if they consistently follow their growth template as is being led by the president of the Senate.” Besides, the splurge at the IPU, the Senate President has also used interactions with the Diplomatic Corp in Abuja to project Nigeria. On Tuesday, October 10, he received a delegation of the United States mission in his office during which he challenged the American government not to tire in its responsibility as a big brother to Nigeria plying its presidential system of democracy hook, line, and sinker. Receiving on a courtesy call the diplomats from Ireland led by the Ambassador of Ireland, Peter Ryan, and his entourage earlier in November in his office in Abuja, Akpabio reminisced on the very warm relationship between him as governor of Akwa Ibom State and a former Irish ambassador to Nigeria. Unlike some flops he may have had here and there in his stewardship of the Senate which are really not unexpected in the milieu of the political twists and twirls of the legislature, Akpabio’s excursion in the diplomatic arena has been largely eventful. That in effect is a reflection of the uncommonness in his persona. -Aziken is the publisher of GWG.ng and writes from Abuja.

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EDITORIAL

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

EMIGRATION OF THE LAST SCHOLARS The authorities must do more to stem the brain drain

on Foreign Relations, Ebenezer Obadare recently ince the brain drain from Nigerian SRVHG VRPH TXHVWLRQV ´+RZ FDQ $688 LQVLVW RQ universities began in the late 1980s, ‘autonomy’ and at the same time maintain that the there has been a progressive decline in federal government pick up the tab for the running QXPEHUV DQG TXDOLW\ RI DFDGHPLF VWDͿ of the universities? Why should university faculty LQ RXU XQLYHUVLW\ V\VWHP $W ÀUVW PDQ\ spread across 36 states be paid the same salaries of the best brains left the universities to HYHQ WKRXJK WKH\ WHDFK GLͿHUHQW WKLQJV DQG OLYH join the media and the private sector while some DQG ZRUN LQ GLͿHUHQW VRFLDO FLUFXPVWDQFHV" $QG went abroad to take up teaching and research jobs why should a single union be the one to negotiate in foreign universities, including on the continent. on their behalf?” That this exodus seems to have heightened is why $GRSWLRQ RI WKH ,QWHJUDWHG 3D\UROO DQG WKH $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 LV 3HUVRQQHO ,QIRUPDWLRQ 6\VWHP ,33,6 E\ WKH crying out now. Worst hit are the public universities federal government has been a contentious issue. which also witness an internal migration by many :H DJUHH ZLWK $688 WKDW WKHUH LV QRWKLQJ ZURQJ of their best lecturers who move to the better paying with a university lecturer trading his knowledge in private universities in the country. The latest wave two or three universities of migrations is tied to and getting rewarded in the ‘Japa’ syndrome as the process as it is done brilliant young minds, in many countries. The The more debilitating impact is socioeconomic. Now that most of the driven by hunger and challenge of course is that the arrogant stance of medical personnel are relocating in droves, many of our hospitals are $688 ZDQWV WKH IHGHUDO government at all levels, government to use its own move abroad. lacking in critical personnel software which suggests Glaring evidence of that they are hiding the impact is in the something. Meanwhile, abysmal quality of our most of our lecturers that T H I S D AY graduates. Most are functional illiterates. The more WHDFK DQG JHW SDLG LQ GLͿHUHQW XQLYHUVLWLHV XVXDOO\ EDITOR SHAKA MOMODU debilitating impact is socioeconomic. Now that DEPUTY EDITORS WALE OLALEYE abandon their primary responsibility and do not most of the medical personnel are relocating in MANAGING DIRECTOR ENIOLA BELLO want to pay taxes on all their earnings. That cannot droves, many of our hospitals are lacking in critical DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU be an acceptable practice. personnel. Besides, the foreign exchange cost of elite CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI Going forward requires critical stakeholders in EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN 1LJHULDQ FKLOGUHQ VWXG\LQJ DEURDG LV D VLJQLÀFDQW WKH HGXFDWLRQ VHFWRU MRLQLQJ LQ WKH HͿRUWV WR ÀQG D THE OMBUDSMAN KAYODE KOMOLAFE part of the drain from the Central Bank of Nigeria lasting solution to what has become a perplexing &%1 0RUH GLVWXUELQJ LV WKDW RXU FKLOGUHQ EHLQJ national challenge. But in doing this, the federal educated in foreign universities at great cost are not government must take the initiative so that we can heading home after their studies. They are staying collectively come up with ways to reposition tertiary out to add value to advanced economies. The T H I S D AY N E W S PA P E R S L I M I T E D HGXFDWLRQ LQ RXU FRXQWU\ $ OHVV DQWL LQWHOOHFWXDO EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA question now is, how do we address the problem? attitude by government, a conscious involvement GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, 'XULQJ WKH WK FRQYRFDWLRQ RI WKH 8QLYHUVLW\ RI ISRAEL IWEGBU, EMMANUEL EFENI of universities in governance and public policy Benin last Saturday, President Bola Tinubu pledged DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, and development endeavours will help. Beyond that his administration would work towards full ANTHONY OGEDENGBE granting autonomy, the president must understand university autonomy. While that may be one of DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI that we need a pragmatic solution to the problem SNR. ASSOCIATE DIRECTOR ERIC OJEH WKH VROXWLRQV $688 LV DOVR SDUW RI WKH SUREOHP of tertiary education in Nigeria so that we can ASSOCIATE DIRECTOR PATRICK EIMIUHI A former lecturer at the Obafemi Awolowo stop the brightest and best of our academics from 8QLYHUVLW\ 2$8 ,OH ,IH ZKR LV FXUUHQWO\ D 6HQLRU CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO leaving our country for greener pastures abroad. Fellow for African Studies at the American Council 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 DEMOCRACY AND HERO WORSHIPPING IN NIGERIA , ZDV WDNHQ DEDFN ZKHQ VRPHRQH VKDUHG D YLGHR clip on a mutual school alumni platform, where our present legislators, in a joint session of the National As sembly, “replaced” the national anthem with a party campaign song and slogan of the ruling APC and Pres ident Bola Tinubu when he visited with the hallowed chambers to present the budget recently. ,W ZDV D GDULQJ DVVDXOW RQ RXU VHQVLELOLWLHV DV PXFK as an open display of ignorance of what the doctrine of separation of powers means on the side of this crop of lawmakers. ,W ZDV WKH )UHQFK SROLWLFDO 3KLORVRSKHU 0RQWHV quieu, who in his wisdom, as encapsulated in his the ory, thought that the three departments of government ([HFXWLYH /HJLVODWXUH DQG -XGLFLDU\ PXVW EH PDQ aged by a separate body of persons such that no one of them should have a controlling power over either of

the others. This was to allow for checks and balances in the daily operation of government and governance. And this has become the cornerstone of modern de mocracies all around the world ever since. He must be turning in his grave by now with what has been in existence in our clime, which advertently or inadvertently allows for a congenital arrangement that makes the other arms functionally subjugated and conquered by the head of the executive arm. Watching that video clip makes one wonder if Ni JHULD VWLOO RSHUDWHV D PXOWL SDUW\ GHPRFUDF\ RU LV WKLV RQH SDUW\ FRQYROXWLRQ" 2U HOVH KRZ FDQ RQH GHVFULEH the overwhelming hypocrisy that made elected repre VHQWDWLYHV RI WKH SHRSOH IURP GLͿHUHQW SROLWLFDO SODW forms suddenly jettison reason, and appropriateness to kowtow the line of infamy and mediocrity? 2XU OHYHO RI K\SRFULV\ DQG KHUR ZRUVKLSSLQJ LQ

Nigeria is worrisome and therefore, a threat to public morality and trust by the remaining few who took the risk of believing in our political elites despite their re curring shortcomings. The Senate of Godswill Akpabio should kindly apologize to Nigerians for this show of shame. :KLOH RQH PD\ QRW DGYRFDWH IRU ZLWFK KXQWLQJ DQG FUDVV DGPLQLVWUDWLYH UHG WDSLVP DQG XQZDUUDQWHG ERW tlenecks in the name of checks and balances, the he UR ZRUVKLSSLQJ GLVSOD\HG E\ WKHVH KRQRXUDEOH DQG distinguished members of the National Assembly, to say the least, was dishonourable and didn’t distinguish them from the pain we have witnessed in that cham bers over the years. And this is painful. Austen Akhagbeme, Abuja

WEDNESDAY, DECEMBER 06, 2023 ˾ T H I S D AY

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As Onyeagwu Moves to Strengthen Zenith Bank International Operation

Donatus Eleko

enith Bank Plc under the leader of its Group Managing Director, Mr. Ebenezer Onyeagwu, recently signed a memorandum of understanding (MoU) with the French government to establish a subsidiary of the bank in France. Already, Zenith Bank has subsidiaries in Ghana, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; The Gambia, Zenith Bank (Gambia) Limited. The Bank also has a Representative Office in The People’s Republic of China. Clearly, with the increasing financial services opportunities in the international market as well as the need for Zenith Bank to further diversify its earnings, the decision by the bank to set up a subsidiary in France has been commended. Analysts believe that driven by the vison of Onyeagwu, the move would also enhance Zenith Bank’s brand recognition as well as offer the bank direct access to new markets. The MoU, which was signed by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, would enable Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, seek and secure the requisite regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France. Speaking during the signing ceremony, Ovia said, “It gives me great pleasure to welcome you to Nigeria and Zenith Bank. I am indeed very delighted about the signing of this MoU with France. “For me, it is an honour to do this on behalf of the bank, and we look forward to securing the licence and starting operations in early 2024.” He thanked the French Ambassador to Nigeria, Emmanuelle Blatmann and her colleagues at the French Embassy in Nigeria for their efforts towards improving French-Nigerian business relations. Also speaking during the ceremony, the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, said: “I want to thank you very much for your decision to open a branch of Zenith Bank in Paris. We are thrilled to welcome in France Zenith Bank’s first office inside the European Union. “For us, that’s a very good signal, and it is undoubtedly a demonstration of mutual confidence. No doubt also that your vision on international finance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship.” He noted that the government of President Macron had adopted a probusiness agenda in order to make France more attractive by undertaking several reforms in labour law, simplifying a lot of procedures and cutting business taxes, corporate taxes and production taxes by more than 25 billion Euros, adding that, “we hope that the opening of the branch of Zenith Bank in France will also be an occasion to boost the French-Nigerian business in order to have more French companies investing in Nigeria and also to have more Nigerian companies investing in France.” Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings,

Onyeagwu

unique customer experience and sound financial indices. The bank remains a clear leader in the digital space, with several firsts in deploying innovative products and solutions and an assortment of alternative channels that ensure convenience, speed, and safety of transactions. Zenith Bank blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. Driven by a culture of excellence and strict adherence to global best practices, the bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/

digital channels. Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities. He does not waver. Onyeagwu always wins for the good of humanity, corporate sustainability, and the profitability that ensures prosperity. Little wonder, he was recently adjudged the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, saw Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa. Onyeagwu had explained that the award reflected the bank’s position as a leading financial institution in Nigeria and the African continent. It also attested to Zenith Bank’s commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution.” He had dedicated the award to Ovia, for his guidance and mentorship;

“For us, that’s a very good signal, and it is undoubtedly a demonstration of mutual conﬁdence. No doubt also that your vision on international ﬁnance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship.”

the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice. Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN). Onyeagwu’s outstanding career had led to him to receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper. As Group Managing Director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability. These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards. On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University. In his acceptance speech during the award ceremony, Onyeagwu had expressed his gratitude to UNN for finding him a worthy recipient of the honorary doctoral degree in Business Administration of one of the leading universities in Nigeria, considering the rigorous selection process of awardees by the institution. He said, “For me to have been considered and to have passed through the meticulous selection process makes it more dignifying because I have no connection with the university.” Therefore, when the new subsidiary to be planted in France becomes operational, it is expected that it would facilitate the financing of trade transactions and investments. It would increase the bank’s customer bank, expand its revenue and further strengthen the Zenith Bank brand.

T H I S D AY ˾ WEDNESDAY, DECEMBER 6, 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

D E C E M B E R

S & P INDEX

5 , 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%

Foreign Reserves Decline by $4.07bn in 11 Months as CBN Clears FX Backlog

Kayode Tokede Nigeria’s foreign reserves dropped by $4.07 billion in 11 months of 2023 amid Central Bank of Nigeria (CBN) intervention in the foreign exchange market. Nigeria’s foreign exchange buffer closed November 30, 2023 at $33 billion; dropping by nearly 11 per cent or $4.07 billion from $37.069 billion it opened this year. The CBN governor, Mr. Olayemi Cardoso, recently disclosed that it responded to the backlog of foreign exchange forward obligations with payments made to 31 banks.

According to him, “We have been subjecting these payments to detailed verification to ensure only valid transactions are honoured. In a properly functioning market, it is reasonable to expect significant FX liquidity, with daily trade potentially exceeding $1 billion. We envision that, with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies.” The foreign reserves, recorded one of its highest decline in November 2023, dropping by 1.17 per cent or $392.08 million to $33 billion as of November 2023 from $33.396 billion

it close October 2023. In October 2023, the foreign reserves had gained 0.48 per cent or $158.5 million to $33.396 billion as of October 2023. The downtrend in foreign reserves continued to mount pressure on the naira at the official market closing November 2023 at N942.117 against the dollar from N448.55 against the dollar it opened this year. Analysts attributed the depletion of the foreign reserves to CBN clearing backlog in the aviation sector, and among other sectors. Sealing, The Vice President, Highcap Securities Limited, Mr.

David Adnori noted that continuous intervention, external debt servicing and the lower foreign exchange inflow from oil exports contributed to the dwindling foreign reserves in 11 months of 2023. He added, “The country has struggled to meet the Organization of the Petroleum Exporting Countries (OPEC) oil production quota in the past few years, robbing the opportunity to benefit from the elevated oil prices, which should shove up the external reserves.” On their part, analysts at Cordros Research described the International Monetary Fund (IMF), reserve

liabilities as all foreign exchange liabilities to residents and nonresidents, including commitments to sell foreign exchange arising from derivatives (such as futures, forwards, swaps, and options) and all credit outstanding from the Fund. “Also, the following are excluded from reserve assets: any assets that are pledged, collateralized, or otherwise encumbered, claims on residents, claims in foreign exchange arising from derivatives in foreign currencies vis-a-vis domestic currency (such as futures, forwards, swaps, and options), precious metals other than gold,

assets in nonconvertible currencies, and illiquid assets. “Based on the methods above and using data from the CBN’s 2022 financial statement, table 1 represents our findings and estimates of (1) Nigeria’s international foreign exchange liquidity position and (2) net foreign reserves as of the end of 2022. In line with the CBN’s guidance, N461.50 against the dollar is the exchange rate we used in converting the naira balances to US dollars. The story continues online on www.thisdaylive.com

Economists: FG Must Rethink Import Substitution Industrialisation Policy Oluchi Chibuzor

Renowned economists in the country have urged the federal government to rethink its import substitution policy to be more of value addition driving and protect local industry. According to them, this has become necessary as factors like digitalisation, biotechnology and ecological advancement are increasingly taking margin off industries. Speaking lunch of a book written by the former Minister of Finance, Dr. Kalu Idika Kalu in Lagos yesterday, Economist and former Minister

of Commerce and Industries, Dr. Charles Ugwu said that Nigeria must rethink its import substitution policy. According to him, ”The effort to transform Nigeria from a basically agricultural nation to export oriented will be down to the nation transforming its industrial policies of the 60’s and 70’s. I am surprise still Import Substitution subsists today.” Earlier in his welcome speech, the Minister of Budget and Economic Planning, Atìku Bagudu, said the central message of the book was that there are choices that countries have made to achieve development. He said Nigeria is not different;

adding the country has to make those choices and the sooner it makes them the better. According to him, “There was an attempt to do so in the past but it was not sustained. So, the courageous effort that President Bola Ahmed Tinubu is leading is a step in the right direction. We have to develop a critical mass of support in other to sustain reforms so that we can achieve what other countries have achieved. “That is the central thesis of Dr. Kalu Idika Kalu public life in economics. So for somebody that has helped in reforms in Asia countries,

we should be proud that we even have somebody whose policy has been tried and those messages should resonate. So, you can see him and our President share common traits in what they belief should be done.” For the Chairman of the event, Obi of Onitsha, Igwe Nnaemeka Achebe, despite experimenting with several types of government, Nigeria is still not were it ought to be. Achebe said the argument Dr. Kalu presented in his book still remains relevant today, adding it was probably the reason why he is moved to represent it with current data and, “those current data did not

invalidate those argument he has.” “Since the military coup of 1966 the country has spiral downwards with every regime ending up worse than its predecessors and yet each regime comes up as a corrective regime.” For the author, who is a former World Bank Economist and former Minister of Finance, Kalu, said the book is to remind all Nigerians of the basic issues they have been discussing for the last 50 years. He said it is to refresh minds about the issues that have limited the nation from attaining Nigeria’s real potential.

For former World Bank Counsel, and Founder Due Process Advocates, Emeka Ugwuonye, “there must be a rule of law component for any policies to have intended impact and effects. One particular area of rule of law deficient in Nigeria is issue of corruption. Without effective correspondent reforms occurring in the area of rule of law, Nigeria will not be able realise the potential of reforms such as critical reforms that are expounded in the book.” The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT T U E S D AY, D E C E M B E R 5 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) October ^13.53 230,00 31, 100.95 12.77 2023 MAR-2025 ^12.50 22October 98.78 13.11 0,00 JAN-2026 31, 2023 ^16.2884 17October 108.14 13.24 0,00 MAR-2027 31, 2023 ^13.98 23October 99.32 14.18 0,00 31, FEB-2028 2023 ^14.55 26October 98.82 14.87 0,00 APR-2029 31, 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24

1.80

October 0.00 31, 2023

2.57

October 0.00 31, 2023

3.92

3.94

October 0.00 31, 2023

3.75

3.79

October 0.00 31, 2023

4.45

October 0.00 31, 2023

JULI CP II 25-OCT-23 ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

4.39

OTC F X F U T U R E S

CPS Discount Yield 16.82

16.88

14.68

14.86

19.23

19.60

11.26

11.39

19.22

19.60

Change (%)

Updated Time

October 105,00 31, 2023 October 79,00 31, 2023 October 74,00 31, 2023 October 72,00 31, 2023 October 72,00 31, 2023

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS OCT 1 – 30 2024 NGUS NOV 2 – 27 2024 NGUS DEC 3 – 24 2024 NGUS JAN 4 – 29 2025 NGUS FEB 5 – 26 2025

Updated Time

October 31, 2023 October 31, 2023 October 31, 2023 October 31, 2023 October 31, 2023

WEDNESDAY, DECEMBER 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Hassan: Single Customer View Framework H a s E n h a n c e d S p e e dy Pay m e n t The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation, Bello Hassan, on the sidelines of the recently concluded Finance Correspondents Association of Nigeria workshop organised by NDIC, spoke on reforms within the corporation, including improvements facilitating prompt payment to depositors of failed banks, he also addressed various industry reforms and other pertinent issues. Nume Ekeghe presents excerpts You have embarked on reforms and may have faced challenges; can you tell us the major challenges? DIC primarily is a deposit insurer that is charged with the responsibility of, among others, supervising banks, and guaranteeing deposits in the event of failure, resolution and liquidation. One of the greatest challenges the NDIC is facing is debt recovery. 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 and 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. So that is one of the greatest challenges that we’re facing. Luckily enough there is a revise in the 2023 NDIC act, a lot of powers have been given to the corporation to expedite this process. So, we are hoping to leverage that to ensure that we recover more so that we can pay those depositors.

“No doubt you know there is regulation in place, the central bank is there and that is why we have regulation and supervision. The central bank ensures that banks abide by the rules and regulations, which is the basis of the license they have. So, I believe as we strengthen that process, the risk of failure is going to be reduced to the barest minimum.”

What is the value of the debt you are about to recover? The value of the debt that we are about to recover if you take into account all the banks in liquidation that is the Deposit Money Banks (DMBs), the Microfinance banks, the primary mortgage institution, is a debt that is well beyond N400 billion, and that’s what you’re expecting to recover so that we can pay depositors of those banks’ liquidation. Already will have made a substantial recovery and will have made payment and that is why in the recent past, we have put out adverts that depositors of those failed banks should come forward so that we can verify them to pay what we call liquidation dividend is what we pay over and above the insured amount and we are still doing that. And even for those banks that recently closed, that is those microfinance banks and the primary mortgage institutions whose licenses were revoked in May this year, we have also made substantial payments of the insured amount. In fact, today would have paid more than N1.6 billion to more than 40,000 depositors and we are calling on the depositors of those institutions, especially those that did not have Bank Verification Number (BVN) attached to their bank accounts to come forward so that we can get them verified to pay them the insured amount. Immediately we finish that, we have already commenced the assessment and valuation of the assets

for the failure of those institutions and tremendous progress is being made in that regard.

Hassan

“Luckily enough there is a revise in the 2023 NDIC act, a lot of powers have been given to the corporation to expedite this process. So, we are hoping to leverage that to ensure that we recover more so that we can pay those depositors.”

of those banks’ liquidation so that we can equally dispose of them to enable us to pay the liquidation dividend, which is over and above the insured amount. We are using this medium to call on the depositors of those banks to come forward to NDIC offices in Abuja, Lagos, and various places across the six geopolitical zones so that we can get the verified in order to pay them the insured amount. What measures is NDIC putting in place to prevaricate the failure of banks? No doubt you know there is regulation in place, the central bank is there and that is why we have regulation and supervision. The central bank ensures that banks abide by the rules and regulations, which is the basis of the license they have. So, I believe as we strengthen that process, the risk of failure is going to be reduced to the barest minimum. If you could ask any request from the government, what would your request be? Our request to the government is for the government to assist us in making sure that we expedite and bring in all the stakeholders that is the legislature and the judiciary to make sure that anytime we take our cases before the court those cases are given expedited hearing. So that justice can be dispensed. Because in all the cases that we have taken before the courts, what we are trying to prove is that Mr. X has borrowed from the bank and let the courts decide and judge that yes, this person is owing and let him pay. Like I said at the beginning, the loans that were granted but those banks in liquidation were out of depositors’

money not by their capital. So, it is only when they pay that we will be able to pay those depositors. It is only when the debtors repay back that we would be able to pay the depositors. So that is one of our greatest challenges. There are talks about recapitalisation, some banks may be acquired and some may not be able to meet some requirements and may likely go under. How prepared is the NDIC for this development? The central bank has already put forward that they are going to embark on recapitalisation. So, it is important for us to just wait and see the clear direction, what that requirement is going to be how much level of recapitalisation will be required. But I knew as we speak, if you look at the performance of the industry, it is very sound. If you look at the look at the key financial soundness indicators of capital adequacy, liquidity, earnings, and quality of asset but certainly, the government is definitely trying to grow our GDP to $1 trillion. You also need bigger banks to be able to play within that space. As the government is implementing the agenda of growing the GDP to beyond $1 trillion, You also need bigger banks to be able to play in that space and I believe it is within that context, that CBN is looking at recapitalising banks. So, we await the CBN, for further details on this recapitalisation process. Can you speak on the collaboration you have with the EFCC? We are collaborating with all the law enforcement agencies, especially with the EFCC. We have already established a desk there in order to deepen the investigation, and prosecution of those debtors, as well as the parties responsible

Can you speak on the recent reforms undertaken by NDIC? We have introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks; we have enhanced collaboration with the bar and the bench, leading to speedy dispensation of justice and more informed judgements on failed banks cases; we have equally put in place policy and framework on Alternative Dispute Resolution for outof-court settlement, which had enabled us to resolve some hitherto protracted failed bank litigations; 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 banking system since its adoption in 2008; and we have established a special desk at the Economic and Financial Crimes Commission (EFCC), which has energised investigation and prosecution of parties responsible for failure of banks. The Corporation has also reached an advanced stage in the review of the maximum deposit insurance coverage, to account for the impact of macroeconomic developments, since its last review. It is our belief that the new coverage level once approved will go a long way in reinforcing depositors’ confidence on the NDIC’s deposit guarantee scheme. In complementing the consumer protection efforts of the CBN, we have 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; 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; and we have also improved our systems, processes and procedures to promote transparency and accountability in our operations, amongst other humble achievements.

T H I S D AY ˾ WEDNESDAY, DECEMBER 6, 2023

BUSINESSWORLD

PERSPECTIVE

Sustainability is a Scam Khadija M-Williams

he Bola Tinubu-led administration has shown its support for climate and sustainability- friendly initiatives. In particular, this administration has endorsed the President Muhammadu Buhari-led Energy Transition Plan which sets a clear path to carbon reduction, as well as a net-zero emissions by 2060 target. The previous administration also signed into law the Climate Change Act 2021, which requires governmental bodies at the Federal Government level; and public and private organisations to adopt practices that are geared towards fostering a society that is environmentally sustainable, emits low carbon emissions and is climate resilient. This support sets the scene and provides the favourable atmosphere needed for various entities in Nigeria to operate more sustainably. Recent hiring patterns at multinationals based in Nigeria also highlight this shift towards sustainability. Why is it then, that a number of Nigerians view sustainability, and its proponents, as a scam? Simply put, Sustainability is ensuring that we use resources in a way that does not prevent future generations from accessing the resources they need. It involves meeting the needs of the present while also allowing future generations to meet their own needs. If we go one level deeper, sustainability leads to the ESG concept (i.e., Environment,

Social and Governance), which is a way to measure how sustainable any entity is. Entities in the private and public sectors employ this concept to communicate to stakeholders how well they perform in these areas, but any entity can use this to analyse its performance. However, I get it; people have not met their basic needs and sustainability proponents ask them not to burn fossil fuels or dump refuse indiscriminately when alternatives are inaccessible or too expensive. Even when solutions are available, there may be significant barriers to accessing them or they do not cater to our specific context. One cannot ask a mother of 3 in the village to switch from firewood, in a bid to save the trees, when she has no access to expensive gas, not to talk of renewable energy sources. Perhaps the main issue is in the framing of what sustainability is and the lack of context- specific solutions and examples. Proponents may not be doing a good job of communicating what it is and isn’t in easily digestible formats. Let’s look at the circular economy concept; at its core, the circular economy aims to design processes that minimise waste as much as possible. This concept is not new to Nigerians. Growing up, I was exposed to a lot of everyday processes that involved the reuse of materials and wastage was very much frowned upon. Examples included

taking empty glass soft drink bottles to a vendor and exchanging them for new (filled) ones, and turning old clothing to rags for domestic use or handing them down to others. These are clear examples of living sustainably, especially in the environment and social areas. On the other hand, we have clear examples that show how we are preventing upcoming generations from enjoying the gifts we currently enjoy. An example is in the pollution of riverine areas in oil producing states. Another example will be the contamination of land from the dumping of e-waste. Thirdly, in the social realm, is the lack of or inadequate healthcare in some areas of the country. These examples also have flow on effects that will disproportionately affect different socio-economic groups. The above examples can be said to be caused by, linked to or be exacerbated by the changing climate, which is perhaps one of the biggest challenges of our time. Once again, I get it; climate change is not a problem for the mother of 3 working to sustain her family. However, if we do not work to address it, we will only continue to treat symptoms. It is true that developed nations got to where they are by using the same resources they now ask developing nations to shun. One may then argue that it is

unfair of them to ask developing nations like Nigeria to stop using its abundant oil and gas resources in its attempt to achieve developed nation status. However, when we think about the fact that developing nations will bear the brunt of the changing climate, it is in our best interest to adopt sustainable living initiatives and encourage other developing nations to do so. One only needs to recall the 2022 floods in Pakistan and the 2023 heatwaves and heavy rainfall in parts of India to understand the issues we are likely to face should we not correct the course we are currently travelling. Ultimately, we need to think about what we want for ourselves and our future generations. There are developing nations that still use fossil fuels but are planning for a renewable and sustainable future. The Giant of Africa will do well to ensure it joins the ranks of these countries. We cannot continue to harbor ill will towards developed nations because we feel they are unfair; we need to view the evidence before us and act objectively. Africa needs to create a roadmap for its own sustainable development and Nigeria is well placed to lead the charge. In subsequent articles, I will take a deep dive into specific environmental and social issues facing Nigeria and the current and potential solutions we can adopt to solve them. t ,IBEJKB XIP JT BO FOWJSPONFOU BOE TVTUBJOBCJMJUZ FYQFSU XSJUFT GSPN .FMCPVSOF "VTUSBMJB

Mitigating Climatic Change Challenges via ERM With the emergence of climatic change and other related risks, finance experts said Nigerian insurers need effective implementation of the Enterprise Risk Management system to weather the storm, writes Ebere Nwoji

he National Insurance Commission(NAICOM), precisely in May this year released a new code of conduct for operators in the insurance industry. The main focus of the guideline was effective risk management and internal control framework. Aside the insurance regulatory sandbox guidelines, the Enterprise Risk Management Framework for Takaful and Retakaful operators was one of the three guidelines released by the commission within the period. In releasing the ERM guidelines for Takaful and Retakaful operators, NAICOM said it intends to establish minimum risk management standards for Takaful Insurance Operators (TIOs) in Nigeria. According to NAICOM, the guideline discusses how management of risks inherent in the TIO shall be implemented as a TIO is exposed to risks that may affect its ability to achieve its objectives or even its continuing existence. The commission has received a lot of commendations since the release of the guidelines . On the other hand, industry analysts have viewed that as important as ERM is in the business of insurance which is core risk management, how effective operators of conventional insurance firms have strictly followed their own ERM if at all they still remember its content remains a big question. Their reason for this question is not far fetched. It stems from the fact that if actually these conventional insurance underwriters have the ERM guidelines or are following the stipulations strictly, how come more and more firms in the system are going down to the extent that some are not being able to pay claims or even pay staff salaries. This question has come up because even among the firms that are assumed to be doing well, there are some weak ones lying prostrated.

NAICOM, ANALYSTS VIEW Shortly after the cancellation of operating licenses of Niger and Standard Alliance insurance, the commission threatened to withdraw the licenses of more erring firms to sanitise the industry. “We have to sanitised the institutions and we will not allow weak companies to continue in order to protect the policy holders .This is important so that at the end of the day , no body will accuse

manufacturing as well as in agriculture. They now regard this as aspect of ‘enterprise risk management process.

EFFORTS BY AFRICAN COUNTRIES

us of having weak regulations .We are out to really protect the policy holders” said the Chairman of NAICOM Governing Board, Dr Abubakar Sani. Insurance sector analysts said such weak firms exist because of weak ERM system. Finance experts described ERM as a framework for managing organisational risk. According to them, organisational risk is a broad term. It can encompass concerns ranging from ensuring employee safety and securing sensitive data to meeting statutory regulations and stopping financial fraud. Risk can be internal, such as equipment malfunctions, or external, such as natural disasters. What is considered risk varies from one entity to another. In their view, managing risk is traditionally viewed as minimising harm to the value the organisation creates for itself, employees, shareholders, customers, and the community. They said every enterprise decides what it perceives as a risk to the organisation and performs some form of risk assessment. According to them, an ERM framework is a set of principles and procedures that help the organisation manage anticipated risks so that it can successfully achieve its objectives. In this sense, they said risk management solutions do two things: protect the enterprise from harm and create opportunities to improve business performance.

Finance experts said in Nigeria, the effectiveness of ERM in many insurance firms is questionable, especially in the face of stiff competition and rush to grab every available business to build their annual premium written, a situation which has pushed some to grabbing businesses they know they can’t handle their claims even with their reinsurance backing. But the experts said there is solution at the end of the day as NAICOM girds up to reintroduce risk based capital model.

ENTHRONING ERM IN NIGERIA Presently with the advent of emerging risks like climatic change, cyber crime and risk from civil unrests, the urgent need for enthronement of proper ERM system regime is starring on the faces of both big, medium and small scale insurance operators just like their counterparts in other climes. Among global insurers, in the face of prevailing negative impact of climatic change on businesses and human lives, they have learnt to structure their business model to meet the challenges and realities of the change and its associated risks. In doing this, they have through their risk surveying activities and professional advice influenced the choice and pattern of their clients in key areas such as construction, transportation of people and goods, and in

Even among African countries, insurers don’t play with foreign alliances to mitigate against unforeseable risk through ERM survey. For instance, way back in 2016 during the tenure of Ban Ki-Moon as the Secretary General, United Nations, African insurers entered into alliance with the United Nations World Food Programme (WFP) to give insurance coverage to farmers in the face of damages from climatic change in the region. Commending their efforts then, Ki- Moon had said African insurers have worked with the UN World Food Programme to cover small-scale farmers in Africa so that should the rains fail, a policy pays out before they are down to their last cow or supply of maize. He also said the UN Environment Programme, with funding from the Global Environment Facility, had partnered with insurers to develop wind power derivatives in Mexico that cover a wind farm during less windy periods. The insurers do this under the newly evolved Principles for Sustainable Insurance (PSI) which targeted at providing global roadmap to develop and expand the innovative risk management and insurance solutions. THISDAY recalls that few years back, the global insurance industry as part of its contributions towards combating the menace of natural disaster risk, went into strategic alliance with the United Nations Environmental Programme(UNEP) under the PSI initiative which held in Nairobi. Media reports said the purpose of the PSI Initiative was to better understand, prevent and reduce environmental, social and governance risks, and better manage opportunities to provide quality and reliable risk protection. The initiative aimed at tackling natural disaster risk by identifying the most effective measures to combat disasters and helping communities implement them. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY DECEMBER 6, 2023 •T H I S D AY

T H I S D AY ˾ WEDNESDAY DECEMBER 6, 2023

PROPERTY & ENVIRONMENT COP28: Nigeria, African Countries to Join Pioneering Global Battery Energy Storage Consortium Bennett Oghifo Nigeria and several African countries have formally expressed interest to join the groundbreaking Battery Energy Storage Systems (BESS) Consortium, launched Saturday during COP28. According to The Rockefeller Foundation, “Battery Energy Storage Systems are a critical element to increasing the reliability of grids and accommodating the variable renewable energy sources that are needed to power economic development. In many cases, a combination of BESS and renewables are already cheaper than fossil fuel alternatives. The BESS Consortium is a multistakeholder partnership set up to ensure these BESS benefits transform energy systems across low- and middle-income countries (LMICs). The Consortium is on track to meet its target

of securing 5 GW of BESS commitments by the end of 2024 and deploying these by the end of 2027.” The BESS could revolutionise Africa’s energy landscape by developing advanced energy storage solutions through collaboration and innovation. Joining the BESS Consortium, a multistakeholder partnership initiative of the Global Leadership Council, commits members to participate in efforts to reach energy storage commitments of 5 GW through the end of 2024. This will in turn provide a roadmap to ultimately achieving 400 GW of renewable energy by 2030, according to a statement issued by the African Development Bank, (AfDB). Nigeria, Burkina Faso, Egypt, Ghana, Kenya, Malawi, Mauritania, Mozambique, and Togo have formally expressed interest to join the Consortium.

These countries are expected to receive support from BESS Consortium resource partners that include the African Development Bank, the World Bank, the Asian Development Bank, the Inter-American Development Bank, the Agence Française de Développement (AFD), Africa50 and Masdar. Resource partners will help prepare projects, improve the regulatory environment and unlock private and public investment. In response to the announcement, Malawi’s President Dr. Lazarus Chakwera said, “Malawi is committed to maintaining a renewable energy generation pathway for a sustainable future – and it’s projects like the BESS Consortium that will make our low carbon pathway a reality. We need more projects like that.” Mauritania’s Minister of

Petroleum, Mines and Energy, Nany Ould Chrougha expressed satisfaction over his country’s membership in the consortium.

He believes that the need for battery storage is paramount for the country, which already records 40% reliance on re-

newable energy, and is set to become increasingly dependent, particularly, on solar and wind power.

R-L: Head of Special Business Unit HOA, Thomas Balzuweit; Regional Manager, Commercial, Region West, Alexander Bauer; Head, Media Relations, Prince Moses Duku; and Head, Strategic Business Development, Jochem Stole, all of Julius Berger Group at an infrastructure event in Lagos… recently

Demolition of Buildings in Lagos Punishes Owners, Spares Corrupt LASBCA Ofﬁcials, Says CACOBAG Bennett Oghifo A non government organisation, Coalition Against Corruption and Bad Governance (CACOBAG) has condemned the ongoing demolition of buildings considered to have violated Lagos State’s planning laws, saying the government is punishing home owners but not its agency officials that gave approval for the construction of these buildings. In an open letter to Babajide

Sanwo-Olu, dated 2 December, 2023, that was signed by the Chairman, CACOBAG, Toyin Raheem, the group said, “CACOBAG is saddened that in respect of buildings that are being demolished in Lagos State, it is the building owners and tenants alone that are being punished, leaving the compromised officials of the Lagos State Building Control Agency (LASBCA) to enjoy the proceeds of their crime. “Law and order are sacrosanct

in organised societies. Building plan approval is a prerequisite for building construction. The Urban and Regional Planning Development Law 2010 that established LASBCA empowers its staff to monitor the environment and ensure that buildings under construction have approved building plans and do not deviate from the approved designs. “For effective monitoring, Lagos State was divided into

districts with LASBCA officials covering specific locations. Under this apportioned surveillance, it is virtually impossible for any building development in any part of Lagos State to escape the monitoring human radar in the LASBCA officials. That is why many buildings are marked in red X. “Whenever contraventions are discovered in a building construction, stop work order is applied. This is legally bind-

ing. Disobedience could lead to sealing of such a building site. LASBCA enforcement team ensures no construction work proceeds. Recalcitrant building owners or developers could even be arrested. “With this system in place, one wonders how buildings without approval would have been successfully developed beyond foundation or, at most, lintel level where the fence would no longer be able to hide construction

activities. Rampant collapse of buildings under construction in Lagos State is a clear indictment of LASBCA officials. “It is an open secret that LASBCA officials collect bribes to look the other way when building regulations are being violated. This criminal attitude of LASBCA officials encouraged and emboldened developers on infringement. Experiences of many developers are the undisputable testimony in this regard.”

Peniel Investment Spearheads US-Nigeria Real Estate Collaboration to Tackle Housing Deficit Fadekemi Ajakaiye In what looks like a bold move to address Nigeria’s pressing housing deficit, Peniel Investment and Development LLC, a US-based real estate investment powerhouse founded by Nigerian

visionary, Mr. Ibukunoluwa Otinwa, is set to orchestrate a groundbreaking US-Nigeria Real Estate Collaboration Conference and Exhibition. This pivotal event is slated to unfold in Texas, United States, in August 2024. Nigeria currently grapples

with a staggering housing deficit of 28 million units, requiring an astronomical N21 trillion to bridge the gap, as per expert estimates. Recognising that the solution extends beyond governmental capacity, Mr. Otinwa’s initiative aims to

empower citizens both at home and abroad to actively engage in resolving this critical issue. The forthcoming five-day conference, exhibition, and business dinner promises to unite real estate investors, private investors, real estate developers,

brokers, realtors, individuals, celebrities, and government dignitaries from both nations. Mr. Otinwa envisions the event to generate a substantial $500 million in transactions and investments, providing a catalyst for transformative change.

This immersive experience will include a comprehensive programme featuring a conference with distinguished speakers from the US and Nigeria, three exhibitions, an engaging business dinner night, and illuminating site tours.

Blakskill School of Employability Studies Graduates 98 Trainees Fadekemi Ajakaiye Blakskill Limited has celebrated a new milestone in its mission to empower African talents, as it marks the first graduation

ceremony of Blakskill Academy’s School of Employability Studies (BSES). This milestone marks the successful completion of an intensive global skills train-

ing programme designed to empower talents across subSaharan Africa with competencies required to thrive in the international talent marketplace. The BSES initiative builds

bridges for African talents to access opportunities in today’s borderless talent marketplace. The graduating class of 98 trainees underwent rigorous upskilling, gaining globally

demanded skills like project management, agile team collaboration, workplace readiness, intercultural communication, data analytics, data analysis, self-leadership,

intrapreneurship and many more. The curriculum ensured the skills acquired are relevant and adaptable to the dynamic demands of the contemporary job market.

Glitz, Glamour as LUCAVisage Celebrates 10 Balogun Charges Facility Managers to Years of SCAVOLINI in Nigeria Improve Operational Model Fadekemi Ajakaiye It was an evening of glitz and glamour as LUCA VISAGE – Nigeria’s leading interior design company and exclusive partner of SCAVOLINI, the leading Italian designer of luxury kitchens, bathrooms, wardrobes and living-room systems hosted the crème de la crème of the society for the 10th-anniversary celebration of the SCAVOLINI brand in Nigeria. The event was held at the LUCA Visage/ SCAVOLINI showroom, Lekki Phase 1, on Sunday, November

26, 2023. In his opening remarks at the event, the Founder and Chief Executive Officer of LUCA Visage, Ayokunle Dina, described the celebration of 10 years of the SCAVOLINI brand in Nigeria as a significant milestone for noting that the company has consistently demonstrated its commitment to adding value to its numerous clients by delivering world-class best services. Dina explained that the company is also using the anniversary celebration to unveil a brand-new collection

of over 40 luxurious SCAVOLINI kitchens, bathrooms, wardrobes and living-room systems. According to him, the kitchen has different features such as glass, mat, and steel that can be customized to the client’s style and preference. He described that the new SCAVOLINI models represent a grand introduction to a worldclass range of luxury lines of distinct and exclusive products designed with a touch of elegance, modernity, and excellence that spells versatility, convenience, and perfect harmony.

Fadekemi Ajakaiye Facility managers have been urged to rethink their business model to enable them to add value to buildings and lower cost of operation. Dr. MKO Balogun stated this in a keynote address he delivered at the Association of Facilities Management Practitioners Nigeria 2023 annual conference in Lagos, recently. The theme was “Integrating Facilities Management into the Built Environment.”

Balogun said, “The theme of the conference is not only apt but timely, in the current global economic landscape. Facilities management, like any other business unit, must rethink its model and how it can add more value to businesses and help achieve better results, lower costs of operations and focus on delivering exceptional results for the business, while focusing on ensuring the wellbeing of the users of the buildings

is guaranteed.” He said, “Our Industry as at 2022, world GDP is estimated to be $103 trillion FM contributes about 2.3% to world GDP about $1.7 trillion It is expected to grow at an annual rate of 7% FM in Africa is about $65.7b as at 2021 figures, data per region is not available. The private sector will continue to be the major driver of FM services in the continent. There are opportunities in the public sector.

WEDNESDAY, DECEMBER 6, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Makinde Presents 2024 Budget, Education Gets Largest Allocation Oluchi Chibuzor Governor of Oyo State, ‘Seyi Makinde, yesterday presented the 2024 Appropriation Bill tagged, “Budget of Economic Recovery,” to the state House of Assembly, noting that the budget is a chance for his administration to show its responsiveness to the current economic situation in the country. The governor, who presented the N434,221,765,938.79 Budget Proposal to the 32-man House of Assembly presided over by the speaker, Rt. Hon. Adebo Ogundoyin, said his government has been proactive in responding to the hardship people face. He added that the administration has taken all the necessary steps to ensure that the 2024 Budget addresses the economic challenges of the coming year and ensure that his vision of sustainable development in the state is achieved. The governor, who commended the House of Assembly for its cooperation with his administration over the past years, urged the lawmakers to speedily consider the 2024 Appropriation Bill for passage and for the benefit of Oyo State people. The total capital expenditure in the proposed Budget Estimates stands at N222,337,320,199.85 while the total recurrent expenditure is 211,884,445,738.94, with education, infrastructure and health sectors getting the lion share of the allocations. The governor said: “I am happy to come before you today to present the 2024 Appropriation

Bill. This year’s presentation is special in two significant ways. First, this is the first full budget presentation since our re-election into office in March 2023. “This budget presents an opportunity for us to show how we are matching our promises as stated in our roadmap for sustainable development 2023-2027 with definite action plans. “Second, this budget is a chance for our administration to show our responsiveness to the current economic head winds. You will agree that the effects of the removal of fuel subsidy and dollar-Naira currency by the federal government have brought hardship to our people. Therefore, this budget proposal will cover specific projects, policies, and actions that, when implemented, will cushion the impact of the economic issues that we are currently faced with.” He added, “It is against this backdrop that we have tagged this budget ‘Oyo State Budget of Economic Recovery’. It is my honor to present a total budget of N434,221,765,938.79. The total capital expenditure is N222,337,320,199.85 while the total recurrent expenditure is 211,884,445,738.94. “What you will immediately notice is that we have been able to, once again, achieve a budget where capital expenditure is about 2.4 per cent higher than the recurrent expenditure. We believe that the growth of our economy is dependent on the fiscal decisions we take regarding

our capital expenditure. Therefore, we are focusing on projects that will yield positive results for our economy in our areas of comparative advantage.” The governor explained that the budgetary allocation for Education has remained consistent with his administration’s commitment to allocating over 20 per cent of the budget to Education, a development for which it has continued to receive commendations for matching the UNESCO standard for budgetary allocation on Education. He added, however, that the government has also increased the sum allocated to education from N58billion in 2023 to N90billion in the 2024 Budget Proposal to help reduce the infrastructure and manpower deficit in the sector. The governor equally stated that his government’s commitment to building infrastructure that targets the economic expansion of the state will continue in 2024, noting that the government will continue the 110 kilometres Ibadan Circular Road project and other ongoing projects such as the Saki-Ogbooro-Igboho Road, the Olorunsogo-Akanran-Dagbolu Road, among others. In his address, the Speaker of the House of Assembly, Rt. Hon. Ogundoyin, commended the governor for steps he took to rebuild the state under Omituntun 2.0, adding that the governor has set out a new order of transformation towards sustainable development in the state.

Customs Vow to Improve Detection Mechanisms for Ingenious Concealment Eromosele Abiodun The Nigerian Customs Service (NCS), Federal Operations Unit (FoU), Zone ‘A,’ Ikeja has stated that it would improve its detection strategy with the aid of intelligence to checkmate ingenious concealment deployed by smugglers to evade custom duties. The acting Controller of the unit, Hussein Ejibunu, at a press briefing on the interception of a vehicle with an ingenious concealment of foreign parboiled rice said the Zone would up its ante to stem the activities of smugglers who indulge in nefarious activities to smuggle contraband goods into the country. According to him, ingenious

concealment is an activity that plays a significant role in smuggling operations and allows smugglers to hide illicit goods from detection by concerned authorities. He reiterated that smuggling is illegal and a crime that has negative social, economic, and security implications. “It is our resolve to continuously work hard to improve detection methods with the aid of intelligence. The strategic deployment of officers with intelligence-driven in antismuggling operations led to the arrest of a Toyota Highlander with an ingenious concealment of suspected bags of foreign parboiled rice at Iju-Ojuore, Ogun State,” he said. On revenue, Ejibunu said

the sum of N71,254,984.71 was generated through conscious and thorough documentary checks, followed by the issuance of demand notices on consignments that were found to have paid lesser amounts than the appropriate Customs duty. He pointed out that the seizures reflect its commitment to the discharge of its functions aimed at protecting the nation’s economy and preventing the importation of prohibited and harmful products from entering its domestic markets. He highlighted that the total duty paid value of the seized goods stood at N872,575,250. While a total of 11 suspects were arrested in connection with some of the suspects.

Oyo State Governor, ‘Seyi Makinde, presenting the 2024 Budget Proposal to the State House of Assembly, at the House of Assembly Chamber, Secretariat, Ibadan yesterday

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

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

Sunil Natraj Appointed Jumia Nigeria CEO

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

and business development and growth, “Jumia said in a statement. ”We extend our sincere thanks and wish the best to Massi as he departs our teams following 11 years since the very start of Jumia. Massi has been part of the founding team since Jumia was launched in 2012 and has covered many leadership roles across all our countries and functions until his current one as CEO in Nigeria and EVP for the group. We wish the very best for Sunil for this new challenge,” said Francis Dufay, CEO of Jumia.

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

Jumia, Africa’s leading ecommerce platform, yesterday announced the appointment of Sunil Natraj, as Nigeria’s new Chief Executive Officer effective January 1st 2024. Sunil will be taking over the leadership mantle from former CEO Massimiliano Spalazzi who will be leaving the company on December 31st 2023. “I’m thrilled I will be leading Jumia in Nigeria, one of our largest markets, and to help transform Africa’s economy through e-commerce. It’s an honour to contribute to Jumia’s success in the country, prioritising customer satisfaction,

secure payments, and strong partnerships. Our dedicated team is key to our future success, and I am confident we will achieve even greater milestones, always earning our customers’ trust,” said Sunil upon his appointment. “Sunil came to Jumia in 2022 with extensive experience in Sub-saharan Africa. In Jumia, he handled the Jumia Express logistics business as VP of Sales and Marketing based in Lagos, Nigeria before becoming the CEO of Jumia Ghana. He has worked towards cost definitions and reduction, price definition and standardisation,

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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 ˾ ˜ ʹ˜ 2023

MARKET NEWS

Buying Interest in BUA Cement, Others Lift Stock Market by N166bn Kayode Tokede Recovering from the previous session’s loss, the stock market segment of the Nigerian Exchange Limited (NGX) yesterday gained N166billion in overall capitalization as investors renewed interest in BUA Cement Plc, FBN Holdings Plc, Access Holdings Plc, among 37 other stocks. As the stock price of BUA Cement rose by 4..70per cent,

the NGX All-Share Index (ASI) gained 303.34 basis points or 0.43 per cent to close at 71,250.17 basis points from 70,946.83 basis points. Also, market capitalisation rose by N166 billion to close at N38.989 trillion from N38.823trillion it closed for trading the previous day. Consequently, the stock market Month-to-Date and Year-to-Date returns closed at -0.2 per cent and +39per cent, respectively. On sectors performance, the

P R I C E S MAIN BOARD

F O R DEALS

NGX Industrial Goods added 1.9 per cent, NGX Banking rose by 1.5per cent, and NGX Consumer Goods appreciated by 0.1per cent, while the NGX Oil & Gas index closed flat at ,047.07 basis points. The NGX Insurance depreciated by 0.2per cent, the sole loser yesterday. As measured by market breadth, market sentiment was positive, as 40 stocks gained relative to 16 losers. Secure Electronic Technology emerged the highest price gainer

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

of 10 per cent to close at 77 kobo, per share. Multiverse Mining and Exploration followed with a gain of 9.95 per cent to close at N7.07, while SUNU Assurance advanced by 9.92 per cent to close at N1.33, per share. FBNH rose by 9.86 per cent to close at N26.75, while Thomas Wyatt Nigeria appreciated by 9.82 per cent to close at N3.02, per share. On the other side, Abbey Morgage Bank led others on the losers’

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

chart with 9.88 per cent to close at N1.55, per share. FTN Cocoa Processors followed with a decline of 9.09 per cent to close at N1.50, while DAAR Communications shed 8.82 per cent to close at 31 kobo, per share. Wapic Insurance lost 7.14 per cent to close at 65 kobo, while Veritas Kapital Assurance depreciated by 5.41 per cent to close at 35 kobo, per share. The total volume traded rose by

20.93 per cent to 433.568 million units, valued at N11.114 billion, and exchanged in 7,016 deals. Transactions in the shares of UACN led the activity with 61.711 million shares worth N947.412 million. United Bank for Africa (UBA) followed with account of 58.297 million shares valued at N1.241 billion, while Guaranty Trust Holding Company (GTCO) traded 22.997 million shares valued at N908.187 million.

D E C E M B E R / 6 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

WEDNESDAY, DECEMBER 6, 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 04Dec-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 295.26 295.26 56.63% Afrinvest Plutus Fund 100.00 100.00 9.75% Nigeria International Debt Fund 337.77 337.77 4.81% Afrinvest Dollar Fund 109.78 109.78 6.06% 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 13.79% AIICO Balanced Fund 4.79 4.89 40.66% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.03% Anchoria Equity Fund 183.10 185.50 26.32% Anchoria Fixed Income Fund 1.24 1.24 0.83% 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 29.25 30.13 33.30% ARM Discovery Balanced Fund 646.39 665.88 24.01% ARM Ethical Fund 53.45 55.06 18.47% ARM Eurobond Fund ($) 1.17 1.17 4.01% ARM Fixed Income Fund 1.15 1.15 3.39% ARM Money Market Fund 1.00 1.00 10.16% ARM Short Term Bond Fund 1.06 1.06 2.52% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.32 103.32 13.56% AVA GAM Fixed Income Naira Fund 1,120.29 1,120.29 4.62% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 191.88 193.23 42.26% AXA Mansard Money Market Fund 1.00 1.00 11.34% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.22 2.22 9.47% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.98 3.05 34.14% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 7.60% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.69% Cordros Milestone Fund 163.73 164.82 27.35% Cordros Fixed Income Fund 106.95 106.95 10.31% Cordros Halal Fixed Income Fund 108.72 108.72 11.05% Cordros Dollar Fund ($) 113.80 113.80 6.06% 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 10.66% Coronation Money Market Fund 1.45 1.46 27.34% Coronation Balanced Fund 1.37 1.37 0.67% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 1534.15 1534.15 11.85% FBN Balanced Fund 259.58 261.79 40.68% FBN Halal Fund 0.00 0.00 13.38% FBN Money Market Fund 100.00 100.00 10.44% FBN Dollar Fund 0.00 0.00 7.40% FBN Smart Beta Equity Fund 234.68 237.79 57.18% FBN Specialized Dollar Fund 0.00 0.00 9.17% 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 8.35% Legacy Debt Fund 3.57 3.57 -0.17% Legacy Equity Fund 2.63 2.69 31.73% Legacy USD Bond Fund 1.32 1.32 4.72% 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 5,462.48 5,502.51 29.84% Coral Income Fund 3,976.41 3,976.41 7.69% Coral Money Market Fund 100.00 100.00 11.55% FSDH Dollar Fund 1.19 1.19 5.82%

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 1.78 1.81 15.63% Lotus Halal Fixed Income Fund 1,205.50 1,205.50 10.13% 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 17.31 17.45 48.06% Meristem Money Market Fund 10.00 10.00 12.92% 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) 103.76 103.76 11.93% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.97% Norrenberger Dollar Fund (NDF) ($) 103.23 103.23 11.23% 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 29.29% PACAM Fixed Income Fund 11.95 12.16 7.77% PACAM Money Market Fund 10.00 10.00 9.09% PACAM Equity Fund 2.08 2.11 46.61% PACAM EuroBond Fund 128.14 131.19 15.02% 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 152.87 157.62 21.61% 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 N/A N/A N/A 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 4,795.06 4,837.84 41.51% Stanbic IBTC Bond Fund 255.42 255.42 8.43% Stanbic IBTC Ethical Fund 1.99 2.01 58.73% Stanbic IBTC Guaranteed Investment Fund 350.39 350.52 11.92% Stanbic IBTC Iman Fund 365.12 369.43 56.30% Stanbic IBTC Money Market Fund 1.00 1.00 10.96% Stanbic IBTC Nigerian Equity Fund 17,304.08 17,517.46 58.50% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.75% Stanbic IBTC Shariah Fixed Income Fund 127.62 127.62 9.16% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.11 125.11 17.61% Stanbic IBTC Absolute Fund 4,973.72 4,973.72 16.91% Stanbic IBTC Aggressive Fund 5,097.23 5,160.63 83.33% Stanbic IBTC Conservative Fund 5,166.40 5,190.44 35.77% 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 1.26 1.27 38.03% United Capital Balanced Fund 1.78 1.79 37.11% United Capital Wealth for Women Fund 1.35 1.36 25.36% United Capital Sukuk Fund 1.17 1.17 11.51% United Capital Fixed Income Fund 1.94 1.94 6.89% United Capital Eurobond Fund 123.84 123.84 5.54% United Capital Global Fixed Income Fund 1.08 1.08 8.48% United Capital Money Market Fund 1.00 1.00 10.49% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.13 18.34 30.86% Zenith ESG Impact Fund 21.51 21.74 36.12% Zenith Income Fund 25.32 25.32 7.49% Zenith Money Market Fund 1.00 1.00 11.27% 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 7.50 7.60 85.93% Vetiva Consumer Goods Exchange Traded Fund 11.36 11.46 93.63% Vetiva Grifﬁn 30 Exchange Traded Fund 25.61 25.81 44.58% Vetiva Money Market Fund 1.00 1.00 10.04% Vetiva Industrial Goods Exchange Traded Fund 27.71 27.91 38.48% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

N/A 55.89 101.79 9.99

N/A 5.41% -12.52%

Bid Price

Offer Price

Yield / T-Rtn

20.85 460.00 594.01 21.23 32.79

23.04 460.00 594.01 21.58 33.19

41.37% 257.36% 489.00% 49.12% 88.19%

NAV Per Share

Yield / T-Rtn

N/A

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.

T H I S D AY ˾ WEDNESDAY DECEMBER 6, 2023

EDUCATION Navigating High Exchange Rate, Visa Challenges for International Students With the devaluation of the naira and scarcity of foreign exchange, some Nigerian parents are increasingly finding it difficult to keep their children in foreign universities. Uchechukwu Nnaike spoke to some affected parents on how they are coping

eter Omo is a final-year student at an European university whose parents practically sold off all their property to send him abroad and support his four-year course of study. They eagerly await him to complete his studies and possibly secure a job in Europe. However, the scarcity of forex and the high exchange rate have prevented them from sending support to their son. To help himself, Peter had to pick up a menial job to enable him to meet his financial obligations or risk being expelled. Many Nigerian students in the diaspora and their sponsors are in a similar dilemma. In the past, tuition fees were paid at the official CBN rate. But with the collapse of the dual exchange rate in June, parents are struggling to buy at the new rates. At the Bureau de Change (or parallel market), a dollar exchanges for between N1,165 and N1,170, while the pound goes for about N1,455 and the euro N1,245. Many families are having a rethink about sending their children to foreign universities, and those whose kids are already abroad are considering bringing them home to continue their education. For some parents, the benefits of foreign education for their children are why they sacrifice so much to pay exorbitant fees. They include the opportunity to learn a foreign language, good quality education, and a conducive learning environment. Others learn about other cultures, develop a global network of lifelong friends and connections, discover the world through travel, engage with schools from other countries, and build relationships with people worldwide. Recounting his experience, a parent, who identified himself as Ike, said his daughter is currently studying Accounting at the University of Salford, UK, and her tuition fee is around 15,000 pounds a year. Ike says supporting his daughter was a bit easier until the recent devaluation of the Naira and the sharp increase in inflation. He says banks are not selling foreign exchange for school fees, so parents have to rely on the Bureau de Change and buy at the

Education Minister, Prof. Tahir Mamman market rate. The businessman says he will not give up because he desires to see his daughter reach and surpass the height he attained. Another parent, who gave her name as Ms. Rose, said her son was in one of the public universities in Nigeria, but the incessant strikes and ill-equipped laboratories and other facilities made her opt for a foreign university. Her son is studying Adult Nursing at the University of Northampton, UK, with a tuition fee of about £17,000. Sending support to her son has become increasingly difficult, but her UK relatives help her sometimes. If her son has an urgent need for money and she cannot send it across immediately, she would appeal to any of her siblings in the UK to send it to him and reimburse the person later. Ms Rose is appealing to the Nigerian government to fix universities. She also wants private universities to

reduce fees for Nigerians and work towards attracting international students. “Sometimes, after considering the cost of sending our children to private universities in the country, we just add a little more money and send them abroad where quality education is guaranteed, and you know when your child will graduate once admitted.” Another parent who spoke on condition of anonymity said the financial burden is so enormous that he is thinking of bringing his daughter back to Nigeria to complete her education but is worried about the effect that will have on her. He is also worried that some private universities in the country are now out of the reach of the people. A parent whose son is studying software engineering at Cyprus International University said though the fee is about €6,000, the harsh economic situation in the country has made it difficult to continue supporting him. He said his son will return to the country if the situation continues, but he has yet to decide which Nigerian universities to send him to. An education consultant, who preferred anonymity, said most Nigerians send their children to foreign universities because they believe they would secure employment in those countries once they graduate. So, they go out of their way, even selling off their property to get their children admitted to foreign universities. However, employment for foreign nationals is becoming very difficult to secure. He said the current situation in the country has affected many family relationships negatively as some Nigerians, after getting assistance from their relations living abroad to pay fees for their children, fail to pay back. Sometimes, those relations living in the UK, for instance, cannot be supported because of the high cost of living in that country, which causes strife among family members. The consultant added that many Nigerian students are stranded abroad, as some cannot secure jobs. He said the more realistic parents are bringing their children back to the

country to continue their education, adding that there is also a high admission demand in some notable private universities for this new academic session. In addition to high tuition fees and scarcity of foreign exchange, restrictive student visa requirements hinder foreign education. The US embassy and the UK High Commission charge each applicant about N500,000 in visa fees, yet less than 20 per cent of applicants receive student visas every year. “I spent over N1 million on visa fees for my son last year, and yet, his application was declined,” said Prof. Philip Etta. “Consular officers have come to realize that many Nigerians who want to migrate from the country pose as students going for post-graduate studies. They apply for student visas as if they are seeking educational opportunities, whereas they are going to look for jobs. This is creating problems for genuine students.” Apart from the financial burden of schooling abroad, there are other reasons why parents have been advised to keep their children at Nigerian universities. Some experts have severally advised parents to allow their children to acquire their first degrees at home and then travel abroad for further studies to allow them to attain some level of maturity to make informed choices. First, private universities in the country are far cheaper than foreign institutions. Secondly, studying abroad benefits young people from classmates and alumni networks. Students develop lifelong relationships and friendships with their classmates and schoolmates. Thus, parents are now searching for good local alternatives where their children can obtain good quality education devoid of strikes, sexual harassment and other challenges. Many universities have strong alumni associations through which essential lifelong contacts are made. “If we have very good private universities of international standards within the country, fewer and fewer Nigerians will bother to send their children overseas,” says Prof Etta.

Borno Governor to Deliver Convocation Lecture as Summit University Holds Combined Maiden Convocation Summit University Offa in Kwara has announced its maiden combined convocation ceremonies to be held from December 6 to 9. The Vice-Chancellor, Prof. Abiodun Aibinu, announced this during a virtual press interactive session, which was also joined by captains of industry and top management staff of the institution, including the Pro-Chancellor and Chairman, Governing Council, Alhaji Rafiu Ebiti. Founded on March 6, 2017, the university has achieved academic excellence. The university boasts well-equipped laboratories, a state-ofthe-art library with e-facilities, and high-speed internet connectivity. Highlighting activities lined up for the convocation, Aibinu said the four-day ceremonies would commence on Wednesday with a press conference where numerous achievements and

future goals will be unveiled. This will be followed by a research exhibition, which will unfold the Research and Innovation Unit of the university and will run concurrently with other events daily until Saturday. On Thursday, the maiden convocation lecture titled ‘Revitalising the Nigerian Economy: The Roles and Responsibilities of the Youth in the Digital Economy’ is expected to be delivered by Governor Babagana Zulum, while renowned historian Prof. Oluwatoyin Falola will give the keynote address. Ground-breaking ceremonies for the Engr. Kola Balogun College of Artificial Intelligence and Digital Engineering, the College of Innovation and Computing Technology, and the

College of Postgraduate Studies will follow immediately after the lecture. The day will culminate with the special convocation dinner and award night ceremony at the Imperial Event Centre, opposite the university. On Friday, the programme will feature the inauguration of the New Central Mosque donated by the Ansar-Ud-Deen Society of Nigeria Northern Council and the investiture of the university’s Chancellor, Alhaji (Dr.) Sulaiman Adebola Adegunwa. The day will also witness the conferment of Honourary Doctorate Degrees (Honoris Causa) on Alhaji (Dr.) Sulaiman Adebola Adegunwa, Alhaji Lateef Okunnu (SAN), and Moshood Kola Balogun. Also, the launching of the university, a N5 billion development plan and the groundbreaking ceremony for the Senate Building will take place.

Prof. Aibinu

Lagos Seeks Technology, Tertiary Institutions’ Collaboration The Commissioner for Tertiary Education, Lagos State, Hon. Tolani Sule, has emphasised the need for collaboration between technology and tertiary institutions. He noted that due to the universal curriculum, there is need for connections which can only take place through the help of technology. Sule said this at the Payaza Fintech Hackathon 2.0, themed ‘Empowering Africa: Leveraging Generative AI for a Tailored Financial Journey’, held in Lagos. He explained that the tech industry operates on the cutting edge, and students need exposure to

the latest trends, tools and methodologies. He added that collaboration between tech companies and tertiary institutions ensures that students are not only wellversed in theory but also equipped with practical skills that are directly applicable in the workforce. “By partnering with academic institutions, companies can tap into the vast pool of research talent that exists within these institutions, accelerating the pace of technological advancement,” he said. The Product Marketing Manager,

Payaza, Margaret Cole, stated that the Hackathon sought to bridge the gap between young talents and an ecosystem that can incubate, grow and establish them. “The tech industry is almost always interested in established, experienced and ready to use talent and this leaves little or no room for young nascent talents with so much potential and hunger with no opportunity to nuture, grow and demonstrate their skills in the right environment,” she said. On the reason behind the theme, she said, “the future of AI is today, it is this very moment as we speak. AI will soon become the

new way of life transcending across all sectors and industry. And Payaza is in the business of providing payment solutions using up to date technologies and infrastructure so our customers’ needs are met. It is only logical that we begin to seek solutions that are AI embedded so we can achieve this goal.” The wining team, Iya Finance, was awarded $5,000. The first runner-up, Naya, received $3,000, while the second runner-up, Enigma, went home with $1,500. All the teams present at the finale received $100 for participation and other cash gifts.

WEDNESDAY, DECEMBER 06, 2023 ˾ T H I S D AY

POLITY

Lanre Alfred Bags Doctor of Letters from American University

n Saturday, December 2, 2023, Lanre Alfred was conferred with an honorary doctoral degree (Doctor of Letters) at the Achievers University Atlanta, USA. As he stood on the podium to speak, Lanre Alfred squinted under the limelight and remembered his journey to that particular moment. But it was neither the day nor hour for a teary recourse to the past; this was his moment of attainment, a diadem on his wall of laurels. Soon after the conferment, Alfred stood on the podium before graduating students of the prestigious institution in a speech titled, ‘Graduation: A commencement of new beginnings in the journey of learning’, addressed salient issues characteristic of every graduate cum ambitious human’s life. Alfred established why he is not seen competing or running with the crowd. As a journalist, publisher and prose stylist, Alfred may be likened to a force of nature or the proverbial chisel of the muse used to create masterpieces. Moved by his works’ intricate depth and brilliance, the university awarded him an honorary Doctor of Letters, recognising his immense contributions to journalism and literature.

The Speech For a start, Alfred took a cursory look at why knowledge acquisition has remained central to human existence, civilisation and innovations, stressing that the innate curiosity of the human mind has been the driving force behind the relentless quest for knowledge. The cultural evolution of knowledge acquisition, argued Alfred, paved the way for the advancements that have shaped the modern world. “Have you imagined a world without computers, mobile phones, aeroplanes, ships, automobiles or the Internet?” he asked, reasoning that the quest for knowledge drove the world into the contemporary digital age, which has exponentially expanded humanity’s access to information. He said, “The internet has become a vast repository of knowledge, connecting people from different corners of the globe and democratising access to education. These are some of the products of our insatiable quest for knowledge.” What Alfred failed to state was how the quest for knowledge had also driven him to dare and achieve exploits hitherto considered beyond the reach and capacity of a journalist. Despite the remarkable progress made in understanding the world, he said, the quest for knowledge remains an ongoing and open-ended journey. “As we unlock new mysteries, we invariably encounter new questions and challenges. The more we learn, the more we realise the vastness of the unknown. This realisation, far from discouraging us, should fuel our curiosity and propel us forward,” said Alfred. Alfred urged the graduates to maintain a culture of seeking knowledge and acquiring skills beneficial to self-improvement outside the university walls. He said, “The quest for knowledge is no longer confined to academic institutions; individuals can now pursue knowledge in diverse ways. As I said earlier, the internet has democratised access to education. Therefore, I charge every one of us not to relent in seeking knowledge but rather seek to add value in our respective fields, for therein lies our relevance to humanity. “Finally, as we devote ourselves to

Lanre Alfred displays his honorary Doctoral certiﬁcate

continuous learning, we are assured of continued intellectual development, readiness to face the complexities of the real world, a myriad of opportunities, both personally and professionally, and an opportunity to make meaningful contributions to society. It’s worth emphasising that the commencement of new beginnings extends beyond the academic realm; it encompasses personal growth, relationships, and a broader understanding of the world we live in. “The pursuit of knowledge, he argued, will remain a defining aspect of the human experience for as long as humanity exists, and so will problems requiring the breadth of knowledge. “It will then be a matter of choice to proffer lasting solutions or be drowned in the problems. If the former is our collective choice, we should then choose whether to be mere beneficiaries or be among those who brought about positive change. To this amazing audience, I leave you with this verified fact: ‘It’s either we keep learning or we are left behind!’”

The Dedication An elated Alfred, however, dedicated the award to millions of Nigeria’s outof-school children whose horizons may change if granted the opportunity to experience quality education. There is no gainsaying Alfred is most deserving of the award given the way he commits to his work; he carries on with the passion and understanding of a man who knows that nobody achieves excellence by doing the bare minimum.

From Bottom to Top Alfred’s work has, over time, established him as a doyen of celebrity journalism. He is to the genre what the pliant wind is to a merchant ship. Alfred is a force of nature: a leader, writer, celebrity journalist

and social activist all rolled into one impressive character. His journey to acclaim, however, dates back to his integration into larger society in childhood. As a child, Alfred watched people around him give life to utterances by their actions and inaction, which were oftentimes precipitated by the purpose and intensity of their words. It was a rich experience that nurtured Alfred’s interest in society and exposed him to human intrigues and episodes that manifested theatrically – new characters walked in and out, conflicts arose, and conversations got interpreted and misinterpreted, giving rise to a range of actions that thought him to see the world through any prism but a tunnel vision. The experience was enriching and not far removed from the theatrics of the most captivating literary masterpiece or movie. Hence, Alfred’s background was vocal. His evolution through those impressionable years undoubtedly had a great bearing on the adult he became. As a young adult, Alfred fell in love with society journalism at his encounter with Gay Talese, the Italian-American journalist notable for his impressive contribution to the 1960s new journalism. The piece that endeared him to Talese and celebrity journalism was the one he did in the winter of 1965. Talese had arrived in Los Angeles, USA, with an assignment from Esquire Magazine to profile the late music genius, Frank Sinatra. Sinatra was clocking 50, feeling sick and unwilling to be interviewed. So Talese remained in LA, hoping Sinatra would recover and go back over his initial refusal to grant Talese an interview. Talese reportedly started ferreting information from Sinatra’s associates, staff, groupies and family members even as he closely observed the late music genius. Eventually, his persistence paid off, and he got his exclusive entitled,

‘Frank Sinatra Has a Cold’. The feature article was published in 1966 and went on to become one of the most celebrated magazine stories ever published, a revolutionary example of what came to be called new journalism. He said, “I remember the way Esquire introduced the story: ‘A work of rigorously faithful fact enlivened with the kind of vivid storytelling that had previously been reserved for fiction. The piece conjures a deeply rich portrait of one of the era’s most guarded figures and tells a larger story about entertainment, celebrity, and America itself. We’re very pleased to republish it here.’ Reading Talese and the encomium that his effort garnered, I wanted to write like him. I wanted to write better than he did.” Subsequently, Alfred developed an inexorable thirst for celebrity journalism and went on to tell not one or two great stories similar to Talese but multiple ones as part of a rich repertoire of timeless narratives replete with the most interesting characters. Alfred advocates a journalism practice that seeks to truly inform and entertain rather than one that perverts our vision and ruins it. He seeks to achieve this with an inquisitive eye and a reflective mentality while remaining deeply committed to traditional media values and standards. Conscientious practice brings joys and challenges, he said, adding that it is rewarding to produce quality content that attracts a growing audience — and to do so efficiently. It’s all part of navigating the intersection of the news business and the exploding world of social media. Alfred is the publisher of the widely accepted coffee table book, ‘Nigeria At 60’, ‘Highlife —Amazing Lifestyles of Nigeria’s Rich and Famous and biographies including ‘Pacemaker — Triumphs of Igho Sanomi at 40’, ‘The Lion of Afia Nsit —Triumphs of Scott Tommey at 45’, and ‘Julius Rone…The Jewel of the Delta’.

WEDNESDAY DECEMBER 6, 2023 • T H I S D AY

IMAGES

T H I S D AY ˾ ʹ˜ 2023

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

L-R: Group Chief Executive Oﬃcer, Airtel Africa, Segun Ogunsanya; Minister of Finance and Coordinating Minister of the Economy, Wale Edun (representing President Bola Ahmed Tinubu); and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, at the Airtel Africa-Africa Business Leaders Coalition Side Event at the COP28 hosted by the United Nations Global Compact’s African Business Leaders Coalition and Airtel Africa in Dubai, United Arab Emirate…recently

L-R: Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, presenting the bank’s monetary reward of N1 million and an Outstanding Integrity Award to Ms. Nhizi Kekwaaru, a staﬀ of Eko Hotel and Suites, Lagos, who found and returned $70,000 left behind by a guest at the hotel; and President/ Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, during the annual dinner of the Institute held in Lagos...recently

L-R: Director of Kokopelli Gallery, Dare Herald; Nigerian movie producer and actress, Ajoke Silva; Managing Partner, Upstream Information Update -Energy Intelligence Consulting and Arts Enthusiast, Toyin Akinosho; and Programme Director of Culture Advocates Caucus, Jahman Anikulapo, during Kokopelli Gallery private viewing of ‘Parallel Passages’ Art Exhibition held in Lagos…recently

L-R: Pioneer General Overseer (GO), Christ Way Ministries International, Ile-Ife, Osun State, Pastor Odun Orioke; former Clergy-in-charge of St. Mary Anglican Church, Oluorogbo, Ife, Anglican Diocese, Venerable Dejo Opapeju (rtd); ﬁrst Deputy GO, Prof. Omolayo Ademola Ajayi (rtd); immediate-past Deputy G O, Prof. Olaniyi Onayemi; and kneeling is the new GO, Pastor Enoch Olujide Gbadegesin, and his wife, Mrs. Modupe Gbadegesin, during the installation of the new General Overseer at the church’s headquarters in Ile-Ife, Osun State…recently

L-R: Ondo State Coordinator of the National Youth Service Corps (NYSC), Mrs. Nnenna Ani; Director-General of NYSC, Brigadier General Yushau Dogara Ahmed; Director, Special Duties, NYSC, Alhaji Musa Abubakar; and Director, Press and Public Relations, NYSC, Mr. Eddy Megwa, when Ahmed visited Ondo State Orientation Camp in Ikare-Akoko to address corps member…recently

L-R: Groom’s father, Mr. Olukunle Bolawa; the groom, Pelumi Bolawa; his bride, Olayemi; groom’s mother, Mrs. Nike Bolawa; and Chief Bridesmaid, Dolapo, during the marriage solemnisation between Pelumi and Olayemi at Christ Propagating and Prayer Ministry International in Idi-Iroko, Ibadan, Oyo State... recently

T H I S D AY ˾ ˜ ͸;˜ ͺ͸ͺͻ

THIRTY-NINE

Nduka Obaigbena to Receive Lifetime Achievement Honour at DAME Awards

Peter Uzoho

The Chairman of THISDAY and ARISE Media Group, Prince Nduka Obaigbena, has been named lifetime achievement awardee of the 2023 Diamond Awards for Media Excellence (DAME). A letter signed by DAME trustee, Lanre Idowu, said Obaigbena’s contribution to the media and his dedication to mentoring leaders in the industry,

earned him the nomination for the award. The award was initiated in 1991 to promote and recognise professionalism in the media by awarding outstanding individuals and organisations. Obaigbena is a recipient of the national honour of the Commander of the Order of the Niger (CON) and had also earned the highest journalistic honour of the fellowship of the Nigerian Guild of Editors (FNGE).

"As an entrepreneur, you have provided jobs for numerous people in the media industry. As a professional, you have trained many leaders in the media,” Idowu said. Idowu noted that the 32nd edition of the annual award would also confer fellowship on two senior journalists for their works and positive contributions to the media. The two journalists are: former Managing Director and Editor-in-Chief of the Guardian

Newspapers Ltd, Emeka Izeze and former Managing Director and Editor-in-Chief of Sun Publishing Ltd, Mike Awoyinfa. “Both have been line editors, title editors, and columnists before attaining the professional recognition of the fellowship of the Guild of Editors,” the statement added. The award ceremony would have 15 media houses as finalists, while 52 nominations have been made in various categories from which overall winners will emerge.

Obaigbena

EDUN: NIGERIA EYEING MULTI-TRILLION DOLLAR CLIMATE CHANGE FINANCING, PRIVATISATION TO FUND 2024 BUDGET the country was to reduce deficit by focusing on concessioning funding and climate financing, among others. The minister said, "The direction of the government is to reduce budget deficits, place emphasis on borrowing, particularly reducing foreign debts and capital market expensive borrowing. "At the meeting we just concluded in Dubai, the IMF Managing Director said the world is still suffering the shocks of the major global incidences, like the COVID-19, and that the fiscal space is exhausted. "Nigeria's fiscal space is exhausted and the solution is that we have to focus on concessioning funding and climate financing. "There is an estimated $1trillion per annum to be spent for climate change. Just yesterday (Monday), the UAE announced $30 billion for

climate action. Another $1.5 billion was announced by a global group. "What that means is that as we move to fund the N27.5 trillion budget next year, our first port of call must be to target the cheapest concessionary financing, including the climate change financing "The federal government, three days ago, signed a €100 million equity foreign direct investment for re-afforestation in the Mangrove Forest in Cross River State. We will go and search for similar types of transactions as much as possible.” The minister added, "Our 2024 proposed budget states clearly that there is room for privatisation, maximising our own assets without borrowing. "We have to be brave, courageous and innovative to make sure that we use the financial market to take our

fiscal stress down so as to reduce our debt servicing and reduce our emphasis on borrowing.” He said, "One of the ways available is that there are now countries and organisations willing to invest in our economy more than ever before. "We need to optimise the resources we have, particularly oil resources. The world is turning to CNG. "Hence a few days ago, the president launched an initiative of electric vehicles. Major manufacturers of electric vehicles have started expressing interest and started discussions with us on their determination to establish electric vehicles plants in Nigeria. "Such is the opportunity for our market here and such is the attraction the new innovation has attracted to us as a nation." On his part, Minister of Budget

and National Planning, Senator Abubakar Atiku Bagudu, said his ministry had developed a data base to attract foreign direct investment into the country. Bagudu said, "There is National Integrated Infrastructure Master plan, which is in the custody of the Federal Ministry of Budget and National Planning. It has over 19,000 projects. "We have commenced meetings with stakeholders in the infrastructure space, the MDAs, the Bureau of Public Enterprises, the infrastructure Bank, the DMOs, and the NIPC, to analyse them and take them to Investment Grid. "This is to provide adequate information to investors. The 2024 budget also has provision for the Infrastructure Project Development Funds for that purpose." He explained that there were plans

to block leakages by stopping some MDAs disregard for accountability. Bagudu added, "President Bola Tinubu has asked the Coordinating Minister for the Economy to ensure that all GOEs operate accounts that could only be debited on the authority of the Coordinating Minister of the Economy and the Accountant General of the Federation." President of the Senate, Godswill Akpabio, stressed the need for aggressive revenue drive. Akpabio said all the revenue generating agencies must rise to the occasion. No matter how beautiful the budget was, it would not work if there was no money to spend, he added. He stated, "My message is that all the GOEs must gear up to raise more revenues, block all the loopholes,

CDS ON KADUNA BOMBING: WE ACTED ON INTELLIGENCE, BUT MISSED, IT’S HIGHLY REGRETTABLE eliminated, presuming that terrorists, who were in the habit of using civilians as shield, were operating at the time. The DHQ regretted the civilian casualties and claimed it always did its best to distinguish between civilians and terrorists. It said the suspicious movement of the allegedly celebrating crowd, had posed a major threat in an area notorious for terrorist activities, thus propelling the drone attack. Chief of Army Staff (COAS), Lt Gen Taoreed Lagbaja, who visited victims of the attack, tendered “unreserved” apology for the drone strike that hit a civilian community and claimed many Worried by the incident, President Bola Tinubu ordered a thorough investigation, describing it as painful, disturbing, and Former Vice President Atiku Abubakar and former governor of Anambra State, Mr. Peter Obi, said rampant miscalculated air strikes by the military were becoming worrisome and embarrassing. On their part, Arewa Consultative Forum (ACF), Northern Elders Forum (NEF), and Jama’atu Nasril Islam (JNI) called for thorough investigation into the accidental bombing. Chairman of Northern States Governors' Forum and Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya, also expressed deep sorrow and heartfelt condolences to the families of the Maulud celebrants, who were tragically affected in the unfortunate bombing. Reacting, too, the senator representing Kaduna South Senatorial District, Sunday Marshall Katung, regretted the bombing of his constituents, but he called it a temporary setback in the war against terrorism and banditry in the country. Meanwhile, Kaduna State Government set up a committee for compensation and other forms of assistance to the families of victims of the bomb attack. Musa, while responding to a question on why it was the army that carried out the operation rather than the air force, which had the training, noted that all the segments of the armed forces had a smaller version of the sister security agencies within their ranks. The CDS explained that the pattern of movement of the civilians, who were affected, looked almost like that of the terrorists, who had been operating heavily around the area, causing the army to engage them.

Musa refuted insinuations that it was lack of synergy among the armed forces that probably caused the incident. He explained that the cordial relationship between the heads of the forces had never been better. He stated, “The army has air operation. We have the army aviation, the air force has its own, and the drones are also enablers that we use for modern warfare. The pilots are well-trained and well prepared for the operations. “I just want to remind individuals that it is a war we're fighting and, therefore, we make mistakes. As human beings, we all make mistakes and this is just one of them. It was not deliberate. “They went on after receiving an information of a threat of attack within the general area and they saw the traits of individuals moving similar to the way the terrorists also move, and then they went to congregate under a tree, just the way terrorists do. “And I think from there, they felt it was time for them to act and then they reacted. It was based on intelligence, but I think they just missed it. And now we just want to convey to Nigerians to understand that mistakes are human and it is highly regrettable. "We will make amends and ensure we look back and see where these mistakes came from, and then to be able to make sure that we get rid of them properly and to avoid such mistakes.” Musa noted that it was the duty of the military to protect civilians, not to harm them, especially Nigerian citizens, describing the incident as “highly unfortunate.” He added that the allegation of partiality against him in some quarters was unfortunate, stressing that the area comprised a mix of more than one tribe and one religion. “We're trying to make sure that we're putting up our best to ensure that we defeat the terrorists and mistakes do happen. It has nothing to do with tribe, religion or ethnicity,” Musa said. From DHQ, a statement by Director, Defence Media Operations, Maj Gen Edward Buba, said on December 3 about 2200hrs, and based on untoward activities by terrorists, the Nigerian Army Unmanned Aerial Vehicle (UAV) detachment observed movement of terrorists at Ligarma, a terroristinfested area of Kaduna State. The statement said, "Aerial surveillance captured movement

of groups of persons synonymous with the terrorists tactics and modus operandi. The observed advance of the terrorists that were gathered posed a threat to key infrastructure within reach of the untoward activities. Accordingly, the threat was eliminated to prevent the terrorists from unleashing terror on innocent civilians. "It should be noted that terrorist often deliberately embed themselves within civilian population centres in order for the civilian population to bear the consequences of their atrocities. Nevertheless, the Nigerian military does its best at all times to distinguish between civilians and terrorists. "The military views every civilian death in the cause of operations as a tragedy. Such tragedies are needless and unwanted, that cause the armed forces to take extensive measures to avoid them. "One of such measures taken by the military is to continually give precise instructions to communities. For instance, communities are to always alert troops of their activities, particularly when such a community is known to be infested with terrorists and their sympathisers. These instructions are intended at enabling the military distinguish between friendly and untoward activities." The defence headquarters affirmed that the armed forces would continue

to operate consistent with international law, as it had always done, and will also continue its determined and cautious progress in eradicating terrorists from the country. It said, "These terrorist, as part of their tactics, disguise as civilians to perpetrate terror. Accordingly, we will continue to find innovative solutions to the challenges faced in the conduct of operations." Lagbaja, who visited the victims yesterday, apologised for the unfortunate incident. He ordered a thorough inquiry to ascertain and identify areas of deficiency that led to the inadvertent disaster. The COAS added that the findings and the outcome of the investigation would guide the Nigerian Army in meticulously and professionally seeking and applying lasting solutions to identified lapses and deficiencies in both the human and artificial intelligence variables that would forestall future occurrence. Lagbaja affirmed that in spite of the unfortunate incident, the military remained committed to its constitutional role and democratic stability. The army chief, who paid a condolence visit to Tudun Biri community, arrived the place in the early hours of Tuesday. He was accompanied by Principal Staff Officers (PSOs) from the Army Headquarters and General Officer Commanding 1 Division, where he

met with the Dangaladima Zazau, the District Head of Rigasa, Architect Aminu Idris, and other leaders and members of the community. A statement by Director, Army Public Relations, Brig. Gen Onyema Nwachukwu, said Lagbaja, in an emotion-laden speech, "expressed regrets on the unfortunate mishap, describing it as a very disheartening occurrence". Lagbaja noted that in the recent past, the general area of Tudun Biri and adjoining villages had been infested with armed bandits, who terrorised the communities, until troops of the Nigerian Army started conducting operations to sanitise the area and make it habitable. He pointed out that the "troops were carrying out aerial patrols when they observed a group of people and wrongly analysed and misinterpreted their pattern of activities to be similar to that of the bandits, before the drone struck". The army chief stated that he was in Tudun Biri "to personally witness the site of the mishap and to convey sincere regrets and unreserved apologies on behalf of the Nigerian Army to the District Head and people of the community, as well as the government and entire people of Kaduna State". Lagbaja also commiserated with Chairman of Jamaa' atu Nasru Islam, Continued on page 43

leakages and wastages so that the 2024 budget would be successfully implemented. "The senate and the House of Representatives are very determined to pass the budget before the end of this year to continue with the tradition of the January to December budget cycle. "It, however, depends on the attitudes of the ministers and the MDAs to the budget defence sessions, which will start immediately. "I will urge the ministers to take the exercise very seriously by bringing all the heads of agencies under their supervision while coming to the National Assembly." Chairman, Senate Committee on Finance, Senator Sani Musa, stressed the need to have the statistics of all the national assets, which is almost non-existent. According to him, "Some government owned enterprises were keeping the assets as if they owned them. There is the need for us to harmonise and get a national registry for our assets" The keynote speaker at the occasion, Professor Ayo Teriba, a Professor of Economics, expressed confidence that the country had the potential to meet its revenue projections for 2024 based on the performances of the 2023 budget in the last quarter of this year. Teriba called for a paradigm shift from over-reliance on petroleum revenue and tax to leverage marketing the country's assets. He said, "There is the need to take 35 per cent of the governmentowned enterprises assets to the market to generate some liquidity. "Apart from GOEs, national assets also included real estates. There is no MDA that does not have one choice real estate or the other and most of them are lying their fallow. "We need to know the current value of the real estate of the MDAs and the value of their current usage." Teriba also stressed the need to develop infrastructure that could generate revenues through a public-private sector participation. He said the country should focus attention on what it owned rather than what it owed as debt. He said, "We talk about what we own as against what we owe. We have assets that can attract foreign direct investment which can liquidate our N89 trillion foreign debt."

Tinubu Back in Abuja from COP28 Summit in Dubai Deji Elumoye ÓØ ÌßÔË President Bola Tinubu yesterday evening returned to Abuja after a six-day official visit to Dubai, the United Arab Emirates (UAE) where he participated in the ongoing United Nations Climate Change Conference (COP28) and some other engagements on the summit sidelines. The president, who departed Abuja last Wednesday arrived the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, at about 6:45pm. While in Dubai, the president, last Friday, witnessed the signing of an accelerated performance agreement aimed at expediting the implementation of the 12,000 megawatts Presidential Power Initiative (PPI), to improve electricity supply in Nigeria. On Saturday, he joined a panel

on African Green Industrialisation, which was organised by the CoP28 presidency and the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, telling global leaders that risk management is vital for Africa’s full and swift transition to cleaner energy. Earlier same Saturday, while speaking at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme, Tinubu said Nigeria was taking a significant step towards a sustainable and ecofriendly future by introducing a pioneering initiative to deploy a fleet of 100 electric buses. Highlighting some of the investment and partnership opportunities, as well as benefits accruing to the country from the COP28 in a statement on

Monday, Minister of Information and National Orientation, Mohammed Idris, listed some of the earlier mentioned positives. "Nigeria and Germany signed an accelerated performance agreement to expedite the implementation of the Presidential Power Initiative (PPI) to improve Nigeria's electricity supply. “The agreement was signed by Mr. Kenny Anuwe, the Managing Director and CEO of FGN Power Company, and Ms. Nadja Haakansson, Siemens Energy's Senior Vice President and Managing Director for Africa, at a ceremony witnessed by President Tinubu and Chancellor Scholz. "President Tinubu hosted a high-level meeting with stakeholders and investors on the Nigeria Carbon Market

and the Electric Buses Rollout Programme on the margins of the COP28 climate summit. "The president unveiled the Nigeria Carbon Market Activation Plan, co-chaired by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Dr. Dahiru Salisu. "The Electric Buses programme is only the first step in a series of innovative, clean, modern, and sustainable initiatives across diverse sectors, all aimed at simultaneously addressing climate change-related challenges, reducing carbon footprint, modernising infrastructure systems, and positioning Nigeria as an attractive destination for global investments,” he said.

WEDNESDAY, ͸;˜ ͺ͸ͺͻ ˾ T H I S D AY

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ACCESS BANK WOMENPRENEUR PITH -A-THON GRAND FINALE... L-R: Group Head, Access Bank PLC., Abiodun Olubitan; Managing Director/CEO, Roosevelt Ogbonna; overall winner and CEO, Emerge Story Lab., Ololade Okedare; Managing Partner, Paul Usoro & Co., Mfon Usoro; and Deputy Managing Director, Retail Bank, North, Access Bank PLC., Victor Etuokwu, during the grand ﬁnale of the Access Bank Womenpreneur Pitch-a-thon Season 5, in Lagos... PHOTO: SUNDAY ADIGUN yesterday

Diphtheria Outbreak: Red Cross Decries Disinformation Campaign against Vaccines Plans to raise $4.736m to reach 5.4m people Dike Onwuamaeze The National President of Nigerian Red Cross Society (NRCS), Mr. Oluyemisi Adeaga, has decried the intensive disinformation and misinformation campaign against

the federal government’s efforts to reach communities affected by the outbreak of Diphtheria with needed vaccination. The NRCS highlighted the devastating effects of Diphtheria by noting that, “in the months of

September and October, there was a spike with over 15,000 suspected cases, 9,772 confirmed cases, and 530 fatalities reported.” Adeaga said this yesterday, during a press conference in Lagos, where he disclosed that diphtheria

had spread to 20 states in Nigeria but was most severe in 12 states, with Kano State having the highest number of new infections and that 117 children have died of the outbreak in Yobe State. Diphtheria, according to him,

EFCC Calls for Adequate Funding to Combat Financial Crimes in Nigeria Ex-lawmaker commends Olukoyede Juliet Akoje in Abuja The Economic and Financial Crimes Commission, EFCC, yesterday, called for adequate funding to effectively combat financial crimes in Nigeria. The Chairman of EFCC, Mr. Ola Olukoyede, during his appearance before the House Committee on Financial Crimes, decried the nonrelease of budgetary allocation to the Commission. Meanwhile, a former member of the House of Representatives and Chairman of the House Committee on Financial Crimes, Hon. Kayode Oladele, has commended the new Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, over the spate of policy changes he has recently embarked upon to promote the rule of law, transparency and enhance the operational efficiency at the country’s foremost anti-graft agency. Olukoyede said that the consistent and substantial budgetary allocation to the commission would enable the EFCC to operate independently and efficiently. "The commission faces some internal challenges which hinders it from carrying out its mandate due to limited funding," he said. He listed recruitment of qualified personnel, acquisition of modern technology, and development of necessary infrastructure as some of the challenges. The Chairman of the Commitee on Financial Crimes, Hon. Ginger Obinna, while responding, acknowledged the role of the EFCC in promoting transparency,

accountability, and good governance and pledged the committee's commitment to supporting the agency's anti-corruption efforts. Meanwhile, while addressing the Nigerian Financial Intelligence Unit (NFIU), who also came for their budget defense, the chairman said that the challenges the committee faces require not only vigilance but a strategic allocation of resources to empower the NFIU to effectively counteract illicit activities that undermine Nigeria's economic well-being. His words: "Our task is formidable, as financial crimes continue to evolve in sophistication and scale, posing a significant threat to the stability and growth of our economy. I extend my gratitude to each one of you for your commitment to this process. The budget we will review today is not merely a set of figures. "It is a reflection of our dedication to creating an environment where our citizens can trust the financial institutions that drive our economic engine for growth and development. It is a pledge to provide the necessary resources to fortify our defenses against financial crimes" The lawmaker also underscored several key considerations to be deliberated on the budgetary allocation for defense, in collaboration with the NFIU. He elaborated on some key dimensions of the watchdog agencies’ roles: "Information Sharing and Collaboration: The NFIU plays a pivotal role in gathering, analyzing, and disseminating financial intelligence. Strengthening our collaboration with the NFIU is paramount. Allocating

resources to enhance informationsharing capabilities will enable us to stay ahead of emerging threats and bolster our ability to investigate and prosecute financial crimes effectively. "Capacity Building and Training: The evolving nature of financial crimes necessitates a continuous investment in the skills and capabilities of our personnel. By providing comprehensive training programs, we equip our teams with the expertise needed to navigate complex financial investigations and ensure a swift and effective response to illicit activities. "Technology and Innovation: Financial criminals often exploit technological loopholes. Therefore, investing in state-of-the-art technologies is crucial. By staying abreast of technological advancements, we enhance our ability to detect and prevent financial crimes in an era dominated by digital transactions and cyber threats." Furthermore, he added: "PublicPrivate Partnerships: Collaboration between the public and private sectors is integral to our success. Allocating resources to foster public-private partnerships will strengthen our collective ability to combat financial crimes, leveraging the unique strengths and perspectives each sector brings to the table. "International Cooperation: Financial crimes transcend borders. Working closely with international partners is imperative for tackling transnational financial crimes effectively. Allocating resources for international collaboration will enable us to share intelligence, coordinate efforts, and bring offenders to justice

across jurisdictions." However, the chairman said that the decisions made regarding the budget today will shape the trajectory of the country's financial defense strategy. The Director and Chief Executive Officer, NFIU, Mr. Modibbo Haman Tukur, said that the agency is a leading intelligence agency in Nigeria and by the nature of their work, they are under obligation to keep everything about the agency as confidential. Meanwhile, Hon. Kayode Oladele, the anti-corruption expert and erudite lawyer also stated that from all indications, Olukoyede has started very well, saying that the recent changes he is making to rejig the operations of the EFCC shows that he is on course to fulfill the mandate of the commission to curb corruption to tackle insecurity for Nigeria’s economic development. The former federal lawmaker who once served as the Chief of Staff to the former Chairman of the EFCC, DIG Ibrahim Lamorde (rtd), stated this during an interview with journalists in Abuja on Tuesday. He further commended President Bola Tinubu over Olukoyede’s appointment, adding that the President’s decision on the matter was a right step in the right direction. He said, “I commend the President for finding him worthy of the appointment giving his pedigree, knowledge and experience. Olukoyede has started very well and there is the need to commend him over his giant strides since he assumed office as the EFCC Chairman.

was a severe bacterial infection that could affect a person's nose, throat and occasionally skin and those at the greatest risk of contracting it were children and people who have not received any, or only a single dose of the vaccine. He said: “The severity of the outbreak is compounded by low vaccination rates, insufficient testing, and challenges in accessing affected areas. The outbreak, as noted by technical analysis, is the worst in a decade and may escalate further without immediate intervention. “Another challenge, which some of you may have noticed, is deliberate campaign of disinformation and misinformation targeting the efforts of the Nigerian government to get people at risk, vaccinated. “There have been well packaged, professionally produced, viral videos on social media discouraging people from getting vaccinated. “I want to use this platform to advice citizens to ignore any baseless information and instead focus on getting the proper healthcare for themselves and their children, free of charge, at the nearest primary healthcare facility.” Adeaga added: “I would like you to please understand that Nigeria's diphtheria outbreak is not just a collection of statistics. It is a devastating crisis that has families mourning the loss of their loved ones and communities in despair. “Children, especially those aged 0-14, who may never have been

previously vaccinated, bear the brunt of this disease. Kano State, with over 80 per cent of cases, faces an overwhelming crisis. “The outbreak has now spread to 20 states, and in many areas, the lack of active case finding, contact tracing, and vaccinations has resulted in a heartbreaking 20 per cent plus fatality rate.” He disclosed that the NRCS initially targeted reaching 1,585,080, “at risk” individuals. However, “we have since surpassed that number and are now attempting to reach over 5.4 million people. “We are also focusing on vulnerable populations, including zero dose children, pregnant women, the elderly, and those with weakened immune systems. Now, a zero dose child is just ‘medicalese’ for a child that has never been vaccinated. “Through the efforts of the International Federation of the Red Cross and Red Crescent Societies-Disaster Relief Emergency Fund, we utilised CHF 430,654 (Swiss Francs) in the first round of operation. “Now, things have changed. The NRCS now recognising that the NEEDS have increased, now seeks to raise CHF 5.4 million (Swiss Francs), which is about $4.736 million to help it reach more people across 12 of the affected states.” The Diphtheria outbreak was officially declared on January 20, 2023 and the confirmed cases at that time stood at 111, with 22 recorded deaths and a case fatality rate of 19.8 per cent.

Tinubu Rejoices With Elder Statesman, Tanko Yakasai, at 98 Deji Elumoye in Abuja

President Bola Tinubu has rejoiced with elder statesman and founding member of the Arewa Consultative Forum (ACF), Alhaji Tanko Yakasai, on the occasion of his 98th birthday. The President, in a release issued on Tuesday by his Media Adviser, Ajuri Ngelale, joined the Yakasai family, friends and associates in celebrating the distinguished figure who has devoted his life to fight for the unheard masses of the country

as well as for justice, the rule of law, and the enthronement of good governance and transparency in public service. President Tinubu described the elder statesman as a patriot and one of the noblest men in Nigeria’s history. He prayed that the anniversary of Alhaji Yakasai's birth will bring fulfilment to the important causes the statesman has boldly fought for. ''May the good Lord grant the nonagenarian longevity and happiness,'' the President prayed.

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FORGING THE PATH FOR ENHANCED BILATERAL ENGAGEMENTS... L-R: The Mexican Ambassador to Nigeria, Ambassador Alfredo Miranda Ortiz welcoming the Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education, Madam Abiola Arogundade to a meeting towards forging the path for enhanced bilateral engagements in the technical, vocational and entrepreneurship education sector between the two countries at the Mexican Embassy Asokoro, Abuja .... yesterday

COP28: Commonwealth Unveils New Framework for 56 Member States As Tuggar canvasses urgent global action against climate change Potential negative publicity forced my Dubai trip cancellation -Akpabio

Michael Olugbode and Sunday Aborisade ÓØ ÌßÔË The Commonwealth has launched a new implementation framework to facilitate coordinated action among the 56 member countries, including African member states, on land, biodiversity and climate challenges directly impacting a quarter of the world’s land area. A statement on Tuesday from the organisation said the latest framework was launched at the ongoing COP28. The statement read: “The Commonwealth Secretariat unveiled the Living Lands Charter Implementation Framework at a high-level event on December 3 2023, in Dubai, organised alongside the United Nations Climate Change Conference (COP28). “The event comes after extensive consultations with Commonwealth countries since the adoption of the Living Lands Charter last year. It offered Commonwealth leaders, ministers, and development partners an opportunity to learn about the framework, share country experiences and foster collaboration on land issues.” Meanwhile, the Minister of

Foreign Affairs Ambassador Yusuf Tuggar has underscored the urgent need for concerted global action to address the pressing challenges of climate change. The Minister made the observation while speaking at the ongoing 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai. Tuggar said that Nigeria is leading the fight against climate change in Africa by setting ambitious and realistic goals.His words: “Nigeria has ratified its commitments through a Climate Change Act and a National Council on Climate Change (NCCC). Through these, Nigeria set ambitious, albeit realistic, goals, and I am proud to state that we have hit the ground running, transforming our commitments into tangible climate action.” Meanwhile, opening up on his absence at COP28, President of the Senate, Senator Godswill Akpabio, has said he cancelled the parliamentary session where he was to deliver a paper on Wednesday (today), at the ongoing climate conference in Dubai, to avoid negative publicity.

Akpabio, who spoke at a oneday retreat organised by the Senate Committee on Appropriation led by Senator Solomon Adeola, said he doesn't want to be accused of leading lawmakers on the second batch of jamboree. His words "A lot of Nigerians are worried about the numbers of contingent that attended the COP28 in Dubai. Immediately the COP28 ended, the parliamentary aspect started. I am supposed to deliver a paper tomorrow (Wednesday) in Dubai but I have been very worried on how to talk to Nigerians. "I don't know how they would report it. They might say that I have carried 100 senators and 250 House of

Representatives members to a second batch to Dubai. Further according to the statement during the Commonwealth framework launch, speakers including Prime Minister Robert Abela of Malta, and Ibrahim Thiaw, Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD), expressed their support for the framework during the event. The Commonwealth SecretaryGeneral, the Rt. Hon. Patricia Scotland KC, was quoted in the statement to have said: “Our Commonwealth encompasses a quarter of the world’s land area and is home to a third of the world’s mega-biodiverse countries. More than 400 endemic species are

found in our small island states. “The impact of climate change is increasingly severe across our countries. Food insecurity is increasing. Soil is depleting. The sheer scale of these challenges compels us to lead with bold action.” She added: “With this implementation framework, we are taking a giant leap forward. It will leverage the combined strength of the Commonwealth through thematic action working groups – learning from each other and spurring one another on towards systems change and a better future for all.” The statement explained that the framework takes a system-wide approach towards implementing the

Juliet Akoje in Abuja The House of Representatives Committee on Public Petitions yesterday has issued warrant of the arrest on the Governor of Central Bank, Mr Olayemi Cardoso, the Accountant

General of the Federation, Mrs Oluwatoyin Madein and 17 others for refusing to appear to answer questions on their operations. This resolution followed the adoption of a motion moved by Hon. Fred Agbedi at the committee’s

As NIREC tasks Tinubu on Renewed Hope agenda

The federal government has said that religious and ethnic considerations will not have a place under the current administration. The government's assurance came just as the Nigeria Inter-Religious Council (NIREC) said that the masses are eagerly awaiting to reap the fruits of President Bola Ahmed Tinubu's Renewed Hope agenda. However, the Secretary to the Government of the Federation (SGF), Senator George Akume, said the Tinubu-led administration has already demonstrated its commitment to equity and fairness in various appointments it has so far made. He said Nigerians should have trust in the ability of the administration of President Bola Ahmed Tinubu to do all that it takes to address the challenges of hunger and poverty. Akume who spoke at the opening

of fourth quarter meeting of NIREC held in Abuja on Tuesday, said that unity is paramount to government and that it will not weaponize religion and ethnicity. "I therefore call on Nigerian citizens to trust that the incumbent administration of President Bola Ahmed Tinubu will do all that it takes to address the challenges of hunger and poverty. "With our human and natural resources, Nigerians have no reason to live in penury. This government will not weaponize religion and ethnicity as you can see in the appointments so far by the President. "We are laying a foundation that will put smiles on the faces of the citizens. This is why we call for a renewed hope. Let us live in unity to a point that though tongue and tribe may differ, in unity we must stand," he said. Akume said that government at

Continues online

House C’ttee Issues Arrest Warrant on CBN Gov, AGF, Others hearing session on yesterday. Presenting the motion, Agbedi stressed that the arrest warrant had become inevitable following the attitude of those invited adding that the parliament worked with time and the CEOs had been invited

FG: We Won’t Weaponise Religion, Ethnicity Onyebuchi Ezigbo ÓØ ÌßÔË

Living Lands Charter through five thematic action areas: climate-resilient agriculture for food security; soil and water conservation; sustainable green cover and biodiversity; carbon neutral and climate-resilient livestock rearing and animal husbandry; and indigenous and local people for climate-resilient development. It revealed that countries have stepped forward to lead on priority areas of action. Guyana will champion action on sustainable green cover and biodiversity. Kenya will lead action on climate-resilient agriculture for food security. Malta will spearhead the conservation of soil and water.

all levels needs the cooperation of religious leaders to use religion to restore human dignity and not to use religion to divide the people of the nation. According to him, religion is very sensitive and volatile hence religious leaders should encourage religious preachers to emphasize what can promote mutual understanding while the political leaders work for the common good and welfare of the people. Speaking on the Renewed Hope agenda of the present administration, Akume said the first thing about restoration of hope of the citizens is for Christians and Muslims to have absolute trust in God. In addition, Akume said that a change of attitude and hope in Nigeria will stop the Nigerian youths from running away from their dear native land to voluntarily offering themselves as free slaves through the

Sahara, Mediterranean and Atlantic human trafficking routes. He also said that media is a very useful means of proclaiming the message of hope. "However, this message can bring despair without media honesty. I therefore call on journalists and social media bloggers to rekindle the hope in our people. "It is hoped that as this government pursues the agenda of renewed hope, a time will come where graduates will be gainfully employed with our promise of effective leadership. To grow a healthy society, there is need for justice and good governance. This is our promise of hope to the nation," Akume said. Earlier, the Executive Secretary of NIREC, Rev. Fr. Cornelius Omonokhua, said that the meeting themed: "Restoration of Hope in Nigeria,” was convened to have a preliminary assessment of the

current administration's Renewed Hope agenda with regards to the direction things are going. He said: "During this dry season, Nigerians aspire to have a foretaste of the Renewed Hope promised by President Bola Ahmed Tinubu by seeing tractors mending all the dilapidated state and federal roads in Nigeria. "Once this happens, many could believe that very soon the refineries, iron and steel industries along with other areas of development will soon attract necessary attention. "Nigerians want to witness uninterrupted power supply as a sign of hope. We pray for a country that is a conducive place for human habitation. We pray for a nation where the citizens will be meaningfully engaged so that the devil will not give jobs to the youths. An idle mind is the devil's workshop".

four times, but failed to respond. Agbedi stated that the CEOs should be arrested and brought before the committee by the Inspector General of Police through a warrant of arrest after due diligence by the Speaker, Hon. Tajudeen Abbas. The Chairman of the Committee, Hon. Michaël Irom ruled that the IG should ensure they were brought before the committee on December 14. Meanwhile, the petitioner, Mr Fidelis Uzowanem, noted that the petition was anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021. Fidelis said “We took up the challenge to examine the report and discovered that what NEITI put together is only consolidation of fraud that has been going on in the oil and gas industry. Furthermore he noted that “It dates back to 2016 because we have been following and we put up a petition to this committee to examine what has happened. Noting that the 2024 budget of 27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report. However, he said “It is basically a concealment of illegal transactions that took place in NNPCL; they have been in a sink with some oil companies where some companies that did not produce crude were paid cash core, an amount paid for crude oil production"

WEDNESDAY, ͸;˜ ͺ͸ͺͻ ˾ T H I S D AY

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LAUNCH OF THE NEW GODREJ FACTORY... L-R: Chief Executive Oﬃcer, Godrej Group, West Africa, Kayode Oladapo; Consul-General of the Consulate of India, Lagos, Chandramaouli Kumar Kern; Lagos State Governor, Babajide Sanwo-Olu; Managing Director/Global Chief Executive Oﬃcer, Godrej Group, Sudhir Sitapati and Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, at the launch of the new Godrej Nigeria Limited factory in Ikeja, Lagos State... recently

Nobody Forged My Signature, Akeredolu Replies Ajulo Says he’s only one who can allege forgery PDP: Inexplicable expenditure now order of day in Ondo Fidelis David in Akure Ondo State Governor, Mr Oluwarotimi Akeredolu, has faulted claim by a senior lawyer, Kayode Ajulo, SAN, that his signature was being forged by his aides to carry out government business. Akeredolu, who spoke through his Chief Press Secretary, Richard Olatunde, described the claim as “utterly preposterous and ludicrous, stemming solely from the figment of an imagination," because only him could allege forgery of his signature. At the same time, the leadership of the Peoples Democratic Party

(PDP) in Ondo State, yesterday, alleged that curious and inexplicable expenditure had been the order of the day in the state, amidst the absence of Akeredolu since his return on September 7, after a three-month medical vacation in Germany. Ajulo had during a live interview on Arise Television on Monday, alleged that some officials of the state were signing documents in the name of the ailing governor, adding that the deputy governor, Lucky Aiyedatiwa, could not take over from Akeredolu because power has not been transferred to him constitutionally.

He contended that the development had paved the way for a cabal to hijack governance in the state. Reacting, Akeredolu specifically said, "This accusation of forging Mr. Governor’s signature is utterly preposterous and ludicrous, stemming solely from the figment of their imagination. I want to assure you that no one is forging Mr. Governor’s signature. The circulated content on social media, which some people are relying on as evidence, is laughable. “If they genuinely believe there is a disparity, they should present a legitimate document to support their claims. We are more than

willing to thoroughly investigate the matter and prosecute anyone found culpable. “The main issue here is that we cannot entertain baseless speculations and unfounded claims. A group of individuals somewhere has assembled two signatures, yet, they cannot even determine which one belongs to the governor. “They refuse to disclose the documents that were allegedly signed or provide any information regarding the dates. The individuals behind these fabricated signatures are the real culprits engaging in criminal activities." He noted that it was disheart-

Court Clears Njoku of Forgery, Impersonation as APGA's National Chairman I’ve been vindicated, party leader tells police, INEC

Alex Enumah in Abuja A High Court of the Federal Capital Territory (FCT) sitting in Bwari, Abuja, has discharged and acquitted the National Chairman of the All Progressives Grand Alliance, (APGA), Chief Edozie Njoku of allegations bordering on forgery and Impersonation as APGA's National Chairman. Justice Mohammed Madugu, in a judgment, freed the national chairman from all 14 counts criminal charge preferred against him and APGA's National Youth Leader, Chukwuemeka Nwoga, by the Inspector General of Police, for want of credible evidence. According to the judge, the prosecution "failed woefully" both in its oral and documentary evidence to show that Njoku had forged a judgment of the Supreme Court, as well as a letter from Justice Mary Peter-Odili (Rtd) wherein he was addressed as APGA's National Chairman. The police had in their 14-count charge accused the defendants of forging a judgment of the apex court, a letterhead of former Justice of the Supreme Court, APGA's letterhead paper as well as unlawfully presenting himself as the party's national chairman. But, in his judgment, Justice Madugu, dismissed all 14 count charge, stating that the police failed to prove its allegations beyond reasonable doubt. While the court in one count, held

that the police failed to prove that the said judgment of the apex court was forged, in another count, Justice Madugu held that "there is nothing before the court to show that the letter did not emanate from Justice Peter-Odili (Rtd).” Besides, the court held that the police failed to establish the ingredients of forgery, when they did not produce the alleged forged letter or a Certified True Copy (CTC) of the letter. According to the court, Njoku acted in line with the directive of the apex court which had asked him to apply to the court for correction of a slip in its judgment of 2021. Justice Madugu subsequently discharged the defendants from the forgery allegations which he said were not based on credible evidence. "In accordance with section 178 of the penal code, the prosecution did not establish any dishonest intent following the letter Chief Njoku wrote to Justice Mary Peter Odilli, retired," the court held. In discharging him from another count where the police had accused Njoku of impersonation and presenting himself as National Chairman of APGA, Justice Madugu, while recognising the internal crisis in the All Progressives Grand Alliance, acknowledged that Njoku had emerged chairman of the party from the Owerri convention of the party. In totality, the court held that due to "lack of sufficient and credible evidence, the prosecution has failed

woefully to prove it's case against the defendants. "I find the 1st defendant, Chief Edozie Njoku and the 2nd defendant, Chukwuma Nwoga not guilty as charged, and therefore they have been discharged and acquitted." Speaking shortly after the judgment, Njoku thanked God for the positive end of the case, stating that

with their discharge and acquittal, they had been vindicated from the police allegations as well as INEC that has refused to recognise him as APGA's National Chairman because of the court case. He called on the Anambra State Governor, Charles Soludo, Victor Oye and other members of the party to join him in building the party.

ening to see a legal practitioner making such statements on national television, saying only Akeredolu could claim that his signature had been forged. “It is disheartening to see a supposed legal practitioner making such statements on national television. How did they arrive after the forgery? Where is the document that supposedly contained the forged signature? “Why are they not revealing the beneficiary of this document? By concealing such a document and engaging in unnecessary media theatrics, they are doing a great disservice to the state and the people. “The truth of the matter is that only Governor Akeredolu can claim that his signature has been forged. I have personally spoken to the governor, and he has asked me to emphatically refute this claim. The signature of Mr. Governor is not forged. Please disregard these crisis entrepreneurs. Their real gains are in crisis, not peace.” Meanwhile, the PDP has alleged that the state was currently and needlessly beleaguered through a criminal interplay of selfish determinism by cliques within government circles, and the governor's family overbearing interplay in government business is becoming unbearable. The party, therefore, demanded

a balance sheet on the finances of sunshine State, alleging that not once has any financial update been given to the citizenry since the emergence of Akeredolu in 2017. The state Chairman of PDP, Mr Fatai Adams, who stated these at a press conference, held at the party secretariat in Akure, the state capital, emphasised that in a short while, the party would prepare and release to the public a compendium of illegal and illicit actions taken by functionaries of government, to compromise the state financial health, assets requisitioned illegally and sundry unpatriotic actions geared towards compromising the wellness of the future the state. "We feel duty bound to say that the resources and finances of Ondo State is our commonwealth, therefore concerned and totally interested in its management. For the past years that Arakunrin Oluwarotimi Akeredolu has been Governor, not once has any financial update been given to the citizenry. "Curious and inexplicable expenditure has been the order of the day, therefore we demand a balance sheet on the finances of our state. This, we do because when our party was in government, due regards was given to giving an account update every month, or at the end of every financial year by the Agagu and Mimiko administrations."

Obaseki Partners Private Sector for Edo Int’l Film Festival The Edo State Governor, Mr. Godwin Obaseki, has said his government will partner with the private sector to set up a trust to ensure the sustainability of the Edo State International Film Festival (ESIFF). Obaseki said this during a meeting with the Edo State Commissioner for Art Culture Tourism and Diaspora Affairs, Uyi Malaka and German student-filmmakers, at the Government House in Benin City. He said: “We have decided to create an ESIFF Trust and all the activities of the event will be transferred to that trust. It will be driven purely by the private sector. We did it with Alaghodaro where we have a trust; they raise their money and have full government support and help the government promote and attract business to Edo State. “I have mandated that we create a trust manned by those in the creative industry to give direction to this body, which will be responsible for promoting the film festival. We will

still give support until the trust can stand on its own and carry out its activities. “We are ready to work with you in the film academy as this is a natural progression from the film festival. All the facilities will be transferred to the trust; you have the responsibility to raise additional money and make investment.” He hailed the German Government for the support for his administration, leading to the successes recorded over the past seven years, including in the fight against illegal migration and human trafficking. “Our efforts have yielded fruits in the last seven years, especially in the creative industry. We have attracted support and we will soon be exporting people with skills to Europe and other parts of the world. “We have moved from desperation, created hope and now actualizing the hope with our creative industry, using it as a platform for

our youths to showcase their talent and export the same to the world. “The state has significantly made progress in the creative industry and the German government has supported us in the area of job creation from manufacturing, technology and other areas to encourage our youths to remain here to develop the state and nation,” he added. He further stated the Edo International Film Festival started last year , even though there was no incline it would bring people from all parts of the world in such a short time. “This second edition has made me know that we have created a marketplace for films where producers and stakeholders in the industry meet. “We have created a place and a platform where exchange takes place, where people who are selling and distributing products meet young stars, give them products and direction on how to succeed

in the Industry,” he stressed. According to him, the Edo International Film Festival has become the premier festival and a marketplace for the exchange of film products in West Africa, producing real content. “I hope we can have a mechanism where those trained in these exchange programmes have the responsibility to form a faculty to train other youths in the State and Nigeria to enable us continually have knowledge transfer,” Obaseki charged. On her part, Malaka said the partnership between the state and Germany had given birth to cultural exchange, adding that the journey has been one of cultural exchange and learning. Also, Mr. Mark Szilagyi of the Filmakademie Baden-Worttemberg and leader of the delegation, commended the governor for his sustained investment in the creative sector and for supporting young people to realise their full potential.

T H I S D AY ˾ ˜ ͸;˜ ͺ͸ͺͻ

NEWS

SANWO-OLU TOURS ONGOING CONSTRUCTION WORK ON OPEBI-OJOTA LINK BRIDGE... Inset: Governor of Lagos State, Mr. Babajide Sanwo-Olu (middle) addressing journalists, with him from right, his Special Adviser on e-GIS and Urban Planning, Dr. Olajide Babatunde; Permanent Secretary, Oﬃce of Infrastructure, Ministry of Works, Engr. Olufemi Daramola; Committee Chairman on Works, Lagos State House of Assembly, Hon. Desmond Elliot; Deputy Governor, Dr. Obafemi Hamzat; Project Manager, Julius Berger, Dmytriy Denysenko and Special Adviser (Works), Oﬃce of the Deputy Governor, Dr. Adekunle Olayinka during the inspection of ongoing construction of the Opebi-Ojota Link Bridge in Lagos... yesterday

Sanwo-Olu: Opebi-Ojota Link Bridge Ready Q2, 2024 Segun James Lagos State Governor, Mr Babajide Sanwo-Olu yesterday assured that the Opebi-Mende-Ojota Bridge that links Ikeja to Ikorodu Road, the main highway into Lagos heartland will be ready by the second quarter of 2024. Sanwo-Olu who made the disclosure while addressing journalists during the inspection of the project noted that it will be another iconic bridge in the state where people will have enough room for cycling and pedestrian walkway as being experienced in the developed nations. The bridge is meant to ease traffic around Allen-Opebi axis and allow commuters to access Ojota, Maryland, Ikeja and their environs. The governor said: “The project was conceived more than a year ago. It is to provide alternative for our citizens going to Allen-Opebi. "It will solve alternative problems

we have either on Kudirat-Abiola way. People going as far as Alausa. It will also solve the problem we have on Mobolaji Bank Anthony way.” While commenting on the terrain of the bridge, Sanwo-Olu added that to have solid infrastructure, the contractor had to come up with

many more piles. "I'm impressed with the level of work. We came here eleven months ago. We are still on track with the completion. Still hoping that by second quarter of next year towards third quarter we will finish the entire infrastructure so that we

can hand it over to the citizens. "We are still going to see a bit furniture on the bridge. Eventually, it will look like another iconic bridge in Lagos. It will be similar to what we have in Lekki. There is enough room for cycling, there is pedestrian walkway, it is a totally life-changing.

"We are on a stream right under this bridge. This link bridge has a very tough terrain. You can see the soil texture. The project manager, Julius Berger said they had to make additional piling to make sure that they preserved the land,” he said. He urged citizens to be circum-

spect while buying land, saying if things were not done properly, they always have consequences. "Part of the problem we have seen is, how to link this place with Ojota. The road construction had to also go under this old bridge," the governor said.

Supreme Court Dismisses Suit against Uzodimma Alex Enumah ÓØ ÌßÔË The Supreme Court, yesterday, dismissed a motion seeking to sack Senator Hope Uzodimma as Governor of Imo State, on grounds that he was not validly nominated by the All Progressives Congress (APC) to contest the 2019 governorship election. A five-man panel of the court, led by Justice Inyang Okoro, dismissed the motion for being

frivilous, vexatious, incompetent and lacking in merit. Emeka Ihedioha of the Peoples Democratic Party (PDP), who was initially declared governor by the Independent National Electoral Commission (INEC), had brought the application challenging Uzodimma's continued stay in office as governor, following the apex court judgment in another appeal, where the apex court voided the participation of Uche Nwosu of the Action Alliance (AA)

on grounds of double nomination. Although the motion was filed over three years ago, it was however listed for hearing few weeks back. Ihedioha had applied to be joined as an interested party in the appeal initially filed by Nwosu. Ihedioha and his party had specifically asked the Supreme Court to give effect to its 2019 verdict that disqualified Nwosu on the ground that he was nominated by both the AA and the All Progressives

Congress (APC), to contest the election. It was their submission that since the Supreme Court in its judgment had recognised Nwosu as candidate of the APC, there was no legal basis for its subsequent judgment that sacked Ihedioha and declared Uzodimma, who was also sponsored by the same APC, as the valid winner of the governorship poll. Consequently, the PDP urged the apex court to restore its candidate,

Ihedioha, back to office, since the APC was precluded from sponsoring two candidates in the election. Delivering judgment in the appeal, the apex court held that it had no jurisdiction to entertain the appeal, which it described as frivolous and highly vexatious. The apex court proceeded to award a personal cost of N40 million against Chief Mike Ozehkome, SAN, who represented the PDP and Ihedioha in the matter.

CDS ON KADUNA BOMBING: WE ACTED ON INTELLIGENCE, BUT MISSED, IT’S HIGHLY REGRETTABLE Kaduna State, Professor Shafiu Abdullahi, and other clerics. He also visited affected victims at the Barua Dikko Teaching Hospital Anguwan Rimi, Kaduna, where he made an immediate donation of several provisions for their upkeep and money for their bills. District Head of Rigasa, Architect Aminu Idris, in his remarks, said despite the enormity of the incident, the Nigerian Army showed integrity in accepting responsibility for the drone strike. Idris urged the leadership of the Nigerian Army to intervene to bring succour to the hospitalised victims and the community. He maintained that the community was a mixed community of both Muslims and Christians and the victims were of both faiths, contrary to earlier insinuations that the community was solely Muslim. Meanwhile, at a media workshop organised by the Nigerian Army School of Public Relations and Information (NASPRI) in Abuja, Lagbaja, who was represented by the Commander, Nigerian Army Cyber Warfare Command, Maj-Gen AA Ayanuga, said the military remained committed to its constitutional role and democratic stability. He said, "Nigerian Army remains highly committed to constitutional role of defending the territorial integrity of the nation and democratic stability. We remain resolute in expending all our resources to ensure that all enemies of state are contained."

Tinubu Orders Probe, Says Incident Painful, Disturbing

Tinubu ordered thorough investigation into the bombing. While calling for calm, as the

authorities investigated the accident, the president, in a release yesterday by his media adviser, Ajuri Ngelale, also directed swift and comprehensive medical attention for surviving victims. Tinubu sympathised with the families of victims, the people and government of Kaduna State over the bombing incident. He described the incident as very unfortunate, disturbing, and painful, expressing indignation and grief over the tragic loss of Nigerian lives.

Atiku, Obi: Incident Becoming Worrisome, Embarrassing

The presidential candidate of Peoples Democratic Party (PDP) in the last general election, Atiku Abubakar, and his Labour Party (LP) counterpart, Peter obi have described the miscalculated air strikes by the military as becoming worrisome and embarrassing. In a statement he signed, Atiku said, "I am grieved by the news of the drone airstrike that killed dozens of people and left scores of others with various degrees of injury in the Tudun Biri community in Igabi Local Government Area of Kaduna State. Ironically, the victims of this unfortunate incident were celebrating the Maulud anniversary. "The incidence of miscalculated air strikes is assuming a worrisome dimension in the country. We need to develop counterinsurgency strategies that will insulate the civilian population from tragic incidents of this nature. I call on the authorities to launch a thorough investigation into this tragedy to avert future occurrence." Obi described the bombing as regrettable and embarrassing. In a statement via his official X

handle, Obi said any incident that could lead to harm or the loss of lives of the innocent people the army was meant to protect should be avoided. He stated, “I read with sadness, the devastating reports of the accidental bombing of Tudun Biri Village in the Igabi Local Government Area of Kaduna State, by a Nigerian Army craft that mistook the villagers for terrorists. “The lethal incident left death tolls reported to have risen to 80, with several others injured. While our military continues to fight impressively against insecurity in many parts of the country, they must exercise utmost caution and professionalism to avoid this kind of embarrassment to both the military and the country. “Any incident that leads to harm or the loss of lives of the innocent people they are meant to protect should be avoided. Even though the mishap is one too many, the security agencies should work with reliable human intelligence report on the ground before any offensive attack to avoid innocent casualties, as has been reported in this case."

ACF, NEF, JNI Call for Thorough Investigation

Arewa Consultative Forum (ACF), Northern Elders Forum (NEF), and Jama’atu Nasril Islam (JNI) called for thorough investigation into the accidental bombing by the Nigerian Army, which allegedly claimed over 80 lives, with many others injured. In their separate statements in Kaduna, ACF, NEF, and JNI accused the Nigerian Army of lack of due diligence in carrying out their operations. ACF, in a statement by its spokesperson, Professor Tanimu

Mohammed-Baba, called for “a through, honest and open investigation of the incident,” with a view to punishing those found guilty of professional incompetence. “The ACF is perplexed and deeply disturbed that such an operation could be contemplated and executed in a densely populated area, suggesting an inexcusable, scandalous and plausibly incompetent failure of intelligence,” the statement said. While condoling with families of the victims, ACF urged that anyone found guilty of professional or operational incompetence must be severely disciplined, and transparently so. Similarly, NEF, in a statement its Director of Publicity, Abdul-Azeez Suleiman, said a thorough investigation of the incident “is essential to ensure justice for the victims and prevent future occurrences”. Suleiman said, “By identifying the causes and circumstances surrounding the incident, the investigation can determine whether any negligence or misconduct occurred, holding those responsible accountable. “This will provide a sense of closure and compensation to the victims, fostering trust between the military and the civilian population.” On its part, JNI, said, “The purported bombing of Muslim faithful by the supposed aerial patrol, resulting in the reported loss of no fewer than 100 innocent lives is a reprehensible and deeply condemnable act.” The statement signed by Secretary General of the religious body, Professor Khalid Abubakar Aliyu, said, “Such a callous and devastating incident is utterly antithetical to the principles of peace and unity that we, as a community, strive to uphold at this critical moment of

the Nigerian nationhood. “JNI is in utter disbelief that the military will act in such a manner knowing full that before any operation is carried out, due diligence is usually carried out, backed with irrefutable intelligence. What happened to airspace control procedure? Is it not the norm that directives issued by competent military authority for combat engagement are well-delineated? “Does it not require a commander to plan minimal causality, while conducting attacks, where there may be civilians and/or seek to avoid, if not feasible, minimise the incidental harm to civilians? “We urge authorities to ensure that those responsible are held accountable in accordance with the subsisting laws. We also call on the Federal Government of Nigeria through its relevant MDAs, to, as a matter of urgency, take up the medicals of all the affected victims and pay the due ransom of all the deceased.”

Northern Governors' Chairman, Yahaya, Grieves

Chairman of Northern States Governors' Forum and Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya, expressed deep sorrow and heartfelt condolences to the families of the Maulud celebrants, who were tragically affected in the unfortunate accidental bombing by the Nigerian army. Yahaya, in a condolence message, extended his condolences to the government and people of Kaduna State during the distressing time, describing the loss of innocent lives as a heart-breaking tragedy. The governor emphasised that while the fight against banditry and terrorism remained crucial, it must

be executed with the highest level of professionalism and care to prevent such heart-wrenching accidents. Calling for a comprehensive and thorough investigation into the unfortunate incident, he said, "It is imperative for the authorities to take prompt and necessary measures to not only address the immediate concerns of the victims and the affected community, but also to prevent any future occurrences."

‘Bombing is Temporary Setback to War Against Terror’

The senator representing Kaduna South Senatorial District, Sunday Marshall Katung, said the bombing of his constituents by the military was regrettable, but it was a temporary setback to the ongoing war against terrorism and banditry in the country. Katung said in a statement, "This incident is quite regrettable and a temporary setback to the renewed onslaught against terrorists and bandits in that area, Kaduna State, and the nation at large. "I, therefore, commiserate with the families and community of the victims, the people, and the senator of Kaduna Central Senatorial District, and also the government of Kaduna State over the tragic incident. "I also want to commend His Excellency, Sen. Uba Sani, for his prompt and courageous response by ordering the immediate investigation into remote cause of the mishap, and also meeting with community and religious leaders to avert the possible breakdown of law and order in the state. I enjoin citizens to trust this process and remain calm and peaceful while we all mourn.” Continues online

WEDNESDAY, ͸;˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

ENTREPRENEURSHIP FORUM FOR START-UPS... L-R: Ag. Director, e-Government Development and Regulations, National Information Technology Development Agency, Bernard Ewah; Cybersecurity Professional/Co-Founder, Cyberplural Limited, Chukwuka Isaac; Principal Manager, Nigerian Communications Commission (NCC), Helen Ehidiamhen; Head, New Media and Information Security, Dr. Chidi Diugwu; and Head, New Technology Assessment, NCC, Dr. Amaka Agwaniru, at a national entrepreneurship forum for start-ups in emerging telecom technologies hosted by the NCC in Abuja... recently

Presidency Knocks Obi over Comments on Proposed N15bn Shettima's Residence Renovation Discloses contract conceived, awarded by Jonathan government Says administration ready to complete all abandoned projects Deji Elumoye in Abuja The presidency, yesterday, knocked the presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi, for questioning the motive for the proposed N15.5 billion budgeted by the Federal Capital Territory Administration (FCTA) to

renovate the Aguda House official residence of the Vice President. The FCT Minister, Nyesom Wike, had recently revealed that the government planned to use the funds for a “befitting residence” for the nation's Vice President. With so many significant issues confronting the country, Obi attacked

the idea in a series of tweets on his X handle on Monday, calling it “shocking and disheartening.” Reacting to the criticism, the presidency, in a release by the media aide to the Vice President, Stanley Nkwocha, accused Obi of dancing "naked in the public square, trying to curry the attention of those who

care to listen to his falsehood and warped opinions about waste." It further stated that Obi was merely embarking on armchair criticism of the Tinubu administration after his colossal loss at the presidential poll. According to the presidency, "For good 24 hours, Obi danced naked

in the public square, trying to curry the attention of those who care to listen to his falsehood and warped opinions about waste. "On Sunday, he accused the current administration of sponsoring over 1,400 delegates to Dubai for COP28. The next day, being Monday, the subject of his new found passion –

Shettima Supports Non-Kinetic Approach to Insecurity in S'East Deji Elumoye in Abuja Vice President Kashim Shettima has given his nod to the adoption of a non-kinetic approach in addition to other initiatives already being implemented towards tackling

insecurity in the South East zone of the country. Shettima stated this yesterday, when he received on a courtesy visit to the State House, Abuja, a delegation led by the Deputy Speaker of the House of Representatives, Hon.

Benjamin Kalu. The delegation under the auspices of Peace in South East Project (PISE-P) visited the VP to present the initiative and invite him for the launch of the project that proposed a non-kinetic solution to the crisis

Conduct Council Poll to Strengthen Governance, Rights Group Urges States Gbenga Sodeinde in Ado Ekiti The Nigerian Human Rights Community (NIHRCO) has advised state governments yet to conduct local government elections to do so without delay in a bid to strengthen governance at the grassroots. The advice was contained in a statement issued by the Programme Officers of NHRCO, Fred Ojinika and Taiwo Adeleye in Ado Ekiti, shortly after the conduct of local government elections in Ekiti State. The group stated that Nigeria faces internal threats to democracy and growing concerns about of public trust, explaining that it is important to deepen democracy and strengthen governance at the grassroots. NIHRCO, which monitored the election in 177 wards of the state, is a coalition of 135 civil society and community-based groups spread across the country and was established in 2003. The rights group however pointed out certain challenges that it said should be urgently addressed in future local government elections. NIHRCO said a comprehensive report on the election is being put together which will be distributed across democratic institutions at home and abroad on lessons learnt

and the challenges. “‘The local government election was not perfect, but it represented a remarkable achievement in building sustainable democratic culture in Nigeria’’ the group said. The group called on the National Assembly to create special intervention funds to assist State Electoral Commissions (SECs) to meet democratic obligations in line with the fiscal support given by the federal government to the Independent National Electoral Commission (INEC). It commended the Ekiti State Independent Electoral Commission (EKSIEC) for early arrival of materials and effective administration of the entire process that had almost zero hitches. The coalition said: ‘’At this time that Nigeria faces internal threats to democracy and growing concerns about of public trust, it is important to deepen democracy and strengthen governance at the grassroots. "The National Assembly and INEC need to work with the state commissions to ensure that Bimodal Voters Accreditation System (BVAS) are deployed in local elections,” the organisation noted. NIHRCO said the election had its own strength, opportunities and shortcomings that should be

addressed to deepen democracy and people's representation at the grassroots. The group said Nigerians should be encouraged to show interest in local government elections, adding that if Nigeria gets it right at the local government level, it will be easier to conduct credible elections at the national level.

in the South East region. Speaking after a brief introduction of the new initiative, the Vice President endorsed the concept, noting that the "approach is the most beautiful I have seen so far. We need to build bridges; there is a need for a handshake. That way, those that have not been radicalised can be captured." Shettima further explained the wisdom in adopting a non-kinetic approach in addressing the security situation in the South East, saying it would save the region from endless war. He said, “Unless we want to engage in an endless war of attrition, a non-kinetic solution to the crisis in the South East must be explored and deployed. The most atrocious of wars are at the end of the day sorted out on the negotiation table. “It is how you build bridges that will determine how far you go as a people and society. We have to

reach out to the youths; we have to empower them. Once we empower them, the crisis, the agitation and insecurity will vanish." Earlier, Kalu reiterated the call for a non-kinetic approach to addressing the security challenges facing the South East region. According to him, "We understand that many zones in the country face similar security challenges. However, PISE-P proposes a non-kinetic approach to address these issues that have impacted the economy of the South East and Nigeria." He stressed the urgency of finding solutions, saying, "We cannot ignore these challenges; we must face them head-on. The current situation has severely affected our lives and our sense of unity." Kalu expressed optimism that the Peace in South East Project could bring hope to the region, similar to how other parts of the country have seen improvement.

armchair criticism – after his colossal loss at the presidential poll was the proposed N15.5billion budgeted by the Federal Capital Territory Administration (FCTA) to renovate the house of the Vice President, which he claimed would pay the annual salary of 3,000 University Professors." The statement further clarified that the proposed plan for the construction of the Vice President's official residence, for which budgetary allocation was made in the 2024 budget by the FCT Administration, was awarded by the administration of former President Goodluck Jonathan. "It was not originated by the present administration. This, Mr Obi, knows but chose to play dumb all in a bid to inflame a targeted group of Nigerians and, as usual, score cheap political goals, accolades and praises. "Ordinarily, we wouldn't have bothered to gratify Peter Obi with a response, especially when it is obvious that the Labour Party candidate is an unhealthy subject to post-election trauma. But it has become necessary to put the records straight. “In his recent tirade against President Tinubu and his deputy, Vice President Kashim Shettima, Obi started another series of selfaggrandizement aimed at convincing Nigerians that he is the only person who has their interest at heart. But a clear shift of the veil will reveal deeply a man who is still sobbing after his woeful loss in the 2023 presidential election.”

ASUU Laments Mass Resignation in Public Varsities Kemi Olaitan in Ibadan The Academic Staff Union of Universities (ASUU), yesterday, raised an alarm that most departments and units in public universities in the country are short-staffed due to the resignation of lecturers in search of greener pastures. This is just as the union said that poor and delayed salaries, unpaid allowances, poor infrastructure, lack of respect for the academic community and the seeming dwindling hope are some of the factors responsible for the resignation of lecturers in the past few months. The Chairman, University of Ibadan Chapter of ASUU, Prof. Ayo Akinwole, while speaking with journalists in Ibadan, lamented that

public universities are in a very pitiable condition with stress and frustration visible on the faces of poorly-remunerated lecturers. According to Akinwole, except President Bola Tinubu arrests the situation by reviewing the conditions of service in terms of salaries and allowances, and improves infrastructures, many good hands will continue to resign and leave the country. The ASUU boss noted that it is unfortunate that the same government that is not funding education has a National Assembly proposing to establish 32 more universities. While maintaining that establishing more universities will not solve the problem, Akinwole rather suggested improving the carrying

capacity of existing universities to be able to admit more students. He noted that the Union has received reports on how colleagues resign on a monthly basis because of the way lecturers are treated and poorly remunerated in Nigeria, stating that universities around the world are poaching more quality hands and if not halted by the government through intentional reviewing upward conditions of service, it will be difficult to "retain the best hands." The ASUU boss further revealed that government policy has made it difficult to even retain good hands because to employ and get approval from Abuja may take up to a year and by that time, the good candidate has left

for greener pastures. He said, " Vice Chancellors cannot single handedly employ to replace staff as urgent as it is needed again. They have to contact Abuja for approval which may take six months to a year, if not more, before they get such approval. “By this time, the best candidate has gone to a more serious country that respects quality. Sadly, people from higher up there from the Ministry of Education to legislators themselves want to dictate who the universities should employ. " Akinwole lamented that the situation has become so bad such that those who know little about how a university should be run now dictate how to administer universities.

WEDNESDAY DECEMBER 6, 2023 ˾ T H I S D AY

NEWS

DISCUSSING CAPITAL MARKET FUNDING POTENTIAL…

L-R: Managing Director, Investment Banking, United Capital Plc, Dr Gbadebo Aderenle; Head, Capital Market/Ecosystem Integration, VFD Group, Mr. Folagbade Adeyemi; Executive Commissioner, Operations, Securities and Exchange Commission(SEC), Mr. Dayo Obisan; Chairman, Capital Market Correspondents Association of Nigeria (CAMCAN), Mrs Chinyere Joel-Nwokeoma; Head, Research Division, FMDQ Group, Dr Vincent Nwani, and Deputy Director/Head, Legal Department, Lagos Zonal Oﬃce, SEC, Mr. John Briggs, at the 2023 CAMCAN conference in Lagos…recently

Benue: We are Overwhelmed with Humanitarian Crises from Herdsmen Attack Emergency Management Agency (SEMA), Sir James Iorpuu, who stated this yesterday to THISDAY after the distribution of food and non-food items to IDPs, intimated that there are more displacement, especially in crisis areas of Jootar, Ayati and Afia in Ukum Local Government Area. He said so far, there are 17 IDP

camps, adding that biometrics are still ongoing to ascertain the total number of IDPs in the state. The executive secretary said materials are also distributed to rehabilitation centre as well as

Nursing Council Cancels PTS Exam in Abia

Chairman Senate Committee on Petroleum Downstream Sector, and member, Senate Committee on Education and TETFund, Senator Ifeanyi Ubah, has said that National Assembly will help the federal government to strengthen

George Okoh in Makurdi

Benue State Government has said the humanitarian situation of Internally Displaced Persons (IDPs) in the state as a result of herdsmen attacks is overwhelming, and needs urgent assistants. The Executive Secretary, State

Emmanuel Ugwu-Nwogo in Umuahia The Nursing and Midwifery Council of Nigeria has cancelled the Preliminary Training School (PTS) for nurses in Abia State, following irregularities noticed at the examination hall. The state Commissioner for Health, Dr Ngozi Okoroafor, broke the news of the postponement yesterday at a press conference in Umuahia, saying that the examination has been suspended indefinitely. The controversial PTS

examination had been cancelled last month and rescheduled for December 4, 2023, only for the exercise to run into another turbulent waters. Dr Okoronkwo stated that things got out of hand as a protest erupted at the computer based centre(CBT) where the entrance examination was taking place, thereby scuttling the rescheduled examination. She blamed the problem on the overbloated admission of nursing students carried out by unscrupulous school of nursing principals under the immediate past administration.

Special School for the needy in Vandeikya, the state governor’s area. Among the items distributed were 4,200 bags of 25kg of rice; 2,810 bags of 25kg beans; 2,370

bags of garri; 2,155 cartons of noodles; 324 cartons of 25kg of groundnut oil; 191 litres of palm oil, 433 cartons of maggi; 463 bags of salt; and 466 bags of sugar, adding that NEMA

donated 600 pieces of wrappers to women, 200 men’s wears to 14 camps, 150 mattresses, 300 children’s wears, 200 cooking pots, and 200 blankets to the camps.

I’mFocusedonPoliceReforms,RenewedHopeAgenda,Says Minister David-Chyddy Eleke inAwka

the country’s educational system. Ubah stated this during the commissioning of two students hostels at the Federal Polytechnic Oko, Anambra State. The hostels, which were meant for male and female students of the institution, were valued at N550 million, and sponsored by

the Tertiary Education Trust Fund (TETfund). He said: “The National Assembly will continue to work harmoniously with the executive arm of government to make the nation’s educational institutions globally competitive for economic and technological development.

“I assure you that the 10th Senate under the leadership of the Senate President, Senator Godswill Akpabio, and indeed, the entire National Assembly will continue to provide necessary support through the enactment of legislations that would further advance tertiary education in Nigeria.”

Judicial Workers Commend Adeleke for Payment of Withheld Salaries Yinka Kolawole in Osogbo Members of the Judiciary Staff Union of Nigeria, Osun State chapter, has extolled the state Governor, Ademola Adeleke, for his quickly intervening in the crisis between the union and the

embattled Chief Judge of the state, Justice Oyebola Adepele-Ojo. Speaking on behalf of its members when the union paid a courtesy visit to the governor, the Union Chairman, Gbenga Eludire, commended the governor for clearing the backlog of 57 month

salaries of some members of the union withheld by the embattled Chief Judge. He noted further that contrary to the fake news in circulation, Osun State JUSUN has gotten full nod of its national body and its approval for its strike to continue.

According to him, “We are here today because we are happy; the happiness that has eluded us for several years has been restored. All our efforts in the past to restore the happiness of our members failed, but the present state government has restored it.

Hoodlums Attack Lagos Port Clearance Task Force Team

comprising the Lagos State Truck embarked on the exercise to open up single-lane policy for truck movement Ekugbe and Cargo Operators Committee inbound section of the Tincan Port to allow access for other road users. Sokoto Inaugurates Council Gilbert Barely five minutes into the Hoodlums allegedly under the guise (LASTCOC), Lagos State Traffic access road that has been clogged to of the maritime workers Management Authority (LASTMA), road users as part of efforts to ensure commencement of the exercise of Ease of Doing Business ofgroup,oneyesterday attacked Lagos State Nigerian Ports Authority (NPA) and free flow of traffic, enhance trade from Tin Can’s second gate, thugs

Onuminya Innocent in Sokoto

The Sokoto State Government has expressed its preparedness to accelerate development by providing adequate infrastructure that would enhance the ease of doing business in the state and positions its citizens to effectively harness business and economic opportunities. The Sokoto State Governor, Mr. Ahmed Aliyu, stated this yesterday at the inauguration of council members of ease of doing business at the council’s chamber in the Government

House, Sokoto. Aliyu explained that his administration is currently working towards leveraging on its positive financial management profile to expand its capacity, boost overall productivity and implement empowerment initiatives in the state. According to him, the state government was dedicated to effectively collaborating with stakeholders in order to invest heavily in infrastructural development, adding that this would make Sokoto’s economy more conducive for business and investment.

officials saddled with responsibility of opening up the clogged Tin Can Port access roads. THISDAY with the task team

the Nigerian Police, witnessed the brutal attack on the members of the task team. The task team had on Monday

facilitation and seamless evacuation of cargoes from Tincan Port. The team continued the exercise yesterday to create and implement a

allegedly belonging to Maritime Workers Union led by one Taofeek, popularly known as Tao, disrupted the operation.

Ex-US Vice President, Al Gore, Hails Nextier’s Renewable Energy Initiatives Former United States Vice President, Al Gore, has urged public policy think-tank, Nextier Group, to keep pushing its innovative renewable energy projects in Nigeria and the rest of Africa in line with efforts to find solutions to climate change challenges. Gore stated this at a private

dinner organised by the New York Times during the COP 28 climate change summit in Dubai, United Arab Emirates (UAE). According to a statement, the former American Vice President spoke after he was given an insight into some of the climate change projects being incubated

by Nextier in Nigeria for Africa, by Nextier’s Founding Partner, by Patrick O. Okigbo III and Partner, Nextier Power, Emeka Okpukpara. After the duo shared with Mr. Gore some of the innovative projects Nextier is incubating in Nigeria for Africa, he encouraged them to keep

pushing despite the odds. “When Al Gore (former US Vice President) released his documentary, ‘An Inconvenient Truth’, in 2006, most people weren’t paying attention to the risks of climate change. “Today, the impacts are all around us, and most people are now paying attention.

Lagos Urged to Adopt Community Policing to Tackle Cultism would rather remain anonymous, vicinities. menace. NUJ Honours Bauchi Gov with Award Ugo Aliogo A resident in Ayobo urged law praised the efforts of the Nigerian Whilst the police have Segun Awofadeji in Bauchi

In a resounding acknowledgment of his exceptional commitment to fostering a positive relationship with the media, Governor Bala Mohammed of Bauchi State, has been nominated as the recipient of this year’s prestigious Milestone Recognition of Media Icons in Nigeria, as “Media-Friendly Governor 2023” award by the Nigeria Union of Journalists (NUJ). According to a press release that was issued by Mr. Mukhtar Gidado, Special Adviser on Media and publicity to the Governor which was made available to Journalists Tuesday, “This

accolade stands as a testament to Governor Mohammed’s outstanding achievements in urban and rural infrastructure development , unwavering support for the media, and his commitment to transparent governance. “It is on record that under Governor Bala Mohammed’s visionary leadership, Bauchi State has witnessed a remarkable transformation in its infrastructure landscape. The administration’s unwavering dedication to improving roads, schools, hospitals and other critical amenities has significantly enhanced the quality of life for the people of Bauchi.”

Residents in some parts of Lagos facing the menace of cultism activities have called for the intervention of the state government in reinforcing dedication and efforts of law enforcement in tackling the

announced the apprehension of cult gang leaders within a few months since the declaration, residents in areas such as Ipaja/Ayobo, Isolo and Ikorodu continue to report concerning the wave of cultist activities in their

enforcement to adopt community policing approach as it has done in the past in sensitizing critical members of the communities in collaboration with Police Community Relations Committee. Another resident in Isolo, who

Police in apprehending some wmembers of a newly formed cult named Aleeba and Agbara. The culprits were arrested in hideouts around Ayobo and Atan area of Ogun state, also areas notorious for cultism activities.

‘Senate to Strengthen Nigeria Educational System through Legislation’

David-Chyddy Eleke in Awka

Chairman Senate Committee on Petroleum Downstream Sector, and member, Senate Committee on Education and TETFund, Senator Ifeanyi Ubah, has said that National

Assembly will help the federal government to strengthen the country’s educational system. Ubah stated this during the commissioning of two students hostels at the Federal Polytechnic Oko, Anambra State.

The hostels, which were meant for male and female students of the institution, were valued at N550 million, and sponsored by the Tertiary Education Trust Fund (TETfund). He said: “The National

Assembly will continue to work harmoniously with the executive arm of government to make the nation’s educational institutions globally competitive for economic and technological development.

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UK Interior Minister Signs New Rwanda Tr e a t y t o R e s u r r e c t Asy l um P l a n

British interior minister James Cleverly signed a new treaty with Rwanda on Tuesday in an attempt to overcome a court decision to block the government’s controversial policy of sending asylum seekers to the East African country. The Rwanda plan is at the centre of the government’s strategy to cut migration and is closely watched by other countries considering similar policies. Last month, the United Kingdom’s Supreme Court ruled that such a move would violate international human rights laws enshrined in domestic legislation. The new treaty will include an agreement that Rwanda would not expel asylum seekers to a country where their life or freedom would be threatened - one of the court’s major concerns. There will also be a monitoring committee to enable individuals to lodge confidential complaints directly to them, and a new appeal body made up of judges from around the world. Cleverly said there was now no “credible” reason to block the deportation flights because the treaty addressed all the issues raised by the Supreme Court, and no extra money had been given to Rwanda to upgrade the deal from the existing memorandum of understanding.

“Pakistan is concerned over the lengthy resettlement process the US has adopted,” he said. “One thing is clear: The US didn’t oppose Pakistan’s deportation policy. It, however, pleaded for going slow during the harsh winters,” the Pakistani official told VOA.

Netherlands Returns Colonial-Era Artifacts to Sri Lanka

Israeli Forces Advance on Khan Younis in Southern Gaza Israel said its forces advanced Tuesday on the heart of Khan Younis, southern Gaza’s largest city, with fierce fighting against Hamas militants even as international aid organisations expressed concern that Palestinians seeking refuge in the region do not have a haven from the war. “We are in the most intense day since the beginning of the ground operation — in terms of terrorists killed, the number of firefights and the use of firepower from the land and air,” the commander of Israel’s southern military command, Maj. Gen. Yaron Finkelman said in a statement. “We intend to continue to strike and secure our accomplishments.”vvFinkelman said that since the week-long cease-fire expired last Friday, “Israeli Air Force aircraft have carried out two rounds of strikes involving dozens of aircraft from all the combat squadrons. Hundreds of munitions were utilised during strikes on tunnels, operational shafts, and anti-tank missile launch positions in order to support the movement of [Israel Defense Forces] infantry soldiers on the ground.” The IDF also reported intense battles farther north in the areas of Jabalya and Shuja’iyya.

EU, China Hold Summit in Beijing Amid Deepening Rift Officials from the European Union and China will hold their first in-person summit since 2019 this week, with leaders from both sides expecting to exchange views on strategic and global economic issues. Some experts say a focus of the one-day summit on December 7 will be “de-risking,” which relates to the EU’s current effort to reduce reliance on China in key sectors. “Brussels wants to show that they have new policy tools to get serious with de-risking, while the key objective for China is to try to hinder the EU’s progress on implementing policies related to de-risking,” Grzegorz Stec, an analyst at the Brussels office of the Mercator Institute for China Studies, or MERICS, told VOA. The summit comes amid a deepening rift between the two sides, as the EU hopes to level the playing field in trade while Beijing tries to highlight the need to maintain bilateral cooperation. It follows a series of high-level dialogues, including a visit to Beijing by the EU’s top diplomat, Josep Borrell, in October. With the EU and China trying to safeguard their interests, some analysts say expectations for the summit’s outcome should be low.

Zelensky to Address US Lawmakers Amid Debate on New Ukraine Aid Ukrainian President Volodymyr Zelensky is set to address members of the US Senate Tuesday amid a push by the White House for Congress to urgently approve new funding to help Ukraine

defend itself against Russia’s invasion. Senate Majority Leader Chuck Schumer said Zelensky was invited to speak via video at a classified briefing “so we can hear directly from him precisely what’s at stake” when lawmakers vote on a bill that includes billions of dollars in aid for Ukraine. Office of Management and Budget Director Shalanda Young warned in a letter to congressional leaders Monday that by the end of the year, the US will no longer have the funds to send weapons and assistance to Ukraine. It “will not be able to keep fighting,” Young said of Ukraine, noting that the US has already run out of money for propping up Ukraine’s economy. “We’re running out of money, and we are nearly out of time,” US President Joe Biden’s national security adviser Jake Sullivan told reporters. “A vote against supporting Ukraine is a vote to improve (Russian President Vladimir) Putin’s strategic position.” On the battlefield, Ukraine’s half-year-long counteroffensive has largely stalled against entrenched Russian forces, with only limited territorial gains in the eastern part of the country.

Moody’s Cuts China Credit Outlook, Citing Lower Growth, Property Risks Ratings agency Moody’s cut its outlook on China’s government credit ratings to negative from stable on Tuesday, in the latest sign of mounting global concern over the impact of surging local government debt and a deepening property crisis on the world’s second-largest economy. The downgrade reflects growing evidence that authorities will have to provide more financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement. “The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,” Moody’s said. China’s blue-chip stocks slumped to nearly five-year lows on Tuesday amid worries about the country’s growth, with talk of a possible cut by Moody’s denting sentiment during the session, while Hong Kong stocks extended losses. China’s major state-owned banks, which had been seen supporting the yuan currency all day, stepped up US dollar selling very forcefully after the Moody’s statement, one source with knowledge of the matter said. The yuan was little changed by late afternoon.

The cost of insuring China’s sovereign debt against a default rose to its highest since midNovember.

Huge Blast Razes Home Outside Washington After Hours-long Standoﬀ In the hourslong run-up to a massive home explosion caught on amateur video Monday night, a suburban Washington, DC, man discharged a flare gun into his neighbourhood dozens of times, police said. By the time the blast occurred during a standoff around 8:30 p.m., reportedly scattering debris throughout the area, police had been on the scene for hours, having received reports of shots fired around 4:45 p.m. Arlington County, Virginia, police had obtained a search warrant and were attempting to talk to the resident using a loudspeaker and phone. When authorities tried to enter the home, the man reportedly fired several shots their way. Then, the duplex suddenly exploded in fire, spewing smoke and leaving rubble. It is unclear if the suspect died in the blast or if others were present inside the duplex, said Ashley Savage, a spokesperson for the Arlington County Police Department. Three officers left the scene with minor injuries, but no one was hospitalised. The duplex was in the Bluemont neighbourhood in a northern Virginia suburb across the Potomac River from Washington.

Pakistan Says US Not Opposed to Illegal Deportation of Afghans Pakistani officials said Tuesday that the United States did not object to Islamabad’s deportation of Afghan nationals who are illegally residing in the country but requested the process be slowed down during winter. The crackdown on undocumented foreigners, including 1.7 million Afghans, came under discussion at a meeting with a visiting US delegation led by Julieta Valls Noyes, the US assistant secretary of state for the Bureau of Population, Refugees and Migration. A Pakistani official privy to the talks said that the US side sought to prevent the deportation of around 25,000 “vulnerable” individuals who fled the Taliban’s August 2021 takeover in neighbouring Afghanistan and could be eligible for relocation to or resettlement in the United States. “The government of Pakistan doesn’t want to deport any vulnerable Afghan, irrespective of whether someone appears on the US prospective resettlement list or any other country,” the official told VOA on condition of anonymity because he was not authorised to share details of the talks publicly.

On Tuesday, the Netherlands returned six artefacts, including a cannon, a ceremonial sword and two guns taken from Sri Lanka more than 250 years ago, as part of efforts by the former colonial power to redress historical wrongs, officials said. Sri Lanka asked the Netherlands to return the artefacts after the Dutch government approved the restitution of historic objects in 2021. The artefacts were taken in 1765 from Kandy, the last kingdom of ancient Sri Lanka, when the Dutch besieged the palace, a statement from the Netherlands embassy said. “The objects were wrongfully brought to the Netherlands during the colonial period, acquired under duress or by looting,” it added. Sri Lanka is grateful to the government and the people of the Netherlands for returning the artefacts, said Buddhasasana Religious and Cultural Affairs Minister Vidura Wickramanayake. “There are more to come. Not only from the Netherlands but also from other countries like Great Britain. So we have already started negotiations, and I hope they will be fruitful very soon,” he told reporters. The artefacts will now be housed at the National Museum in Colombo, and more are expected to follow.

WFP Pauses Distribution in North Yemen Amid Limited Funds On Tuesday, the World Food Programme said it had paused general food distribution in north Yemen due to limited funding and disagreement with local authorities over how to focus on the poorest there. Sanaa and northern Yemeni regions are under the control of the Iran-aligned Houthi group, which has been at war since 2014 with a Saudi-backed government that is based in the southern port city of Aden. The fighting has abated over the last two years, easing what the United Nations has described as the world’s worst humanitarian crisis. However, millions still rely on direct humanitarian aid. The WFP said the decision was taken in consultation with donors and came after a year of negotiations, and no agreement had been reached to reduce the number of people served to 6.5 million from 9.5 million. Food stocks in the areas under the Houthi administration are almost depleted, and resuming food assistance could take up to four months due to supply chain disruption, the UN agency said in a statement. There was no immediate comment from Houthi officials.

Protesters Condemn New Zealand Government’s ‘Racist’ Policies Thousands of demonstrators in New Zealand are protesting the new government’s policies towards indigenous Maori communities. The new centre-right coalition government in Wellington plans to limit the use of the Maori language, review affirmative action policies and reassess how the country’s founding document - the Treaty of Waitangi of 1840 - is interpreted in modern legislation. The treaty was a 19th-century agreement between the British monarchy and about 540 Maori rangatira, or chiefs. It pledged the protection of Maori land and established British law in New Zealand. The government wants to wind back policies that acknowledge Maori as New Zealand’s first people and atone for the wrongs of European colonisation.

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Osimhen Crowned Best Player in Italy

Duro Ikhazuagbe

Nigerian international striker, Victor Osimhen, was Monday night crowned Italian Footballers’ Association (AIC) 2022/23 Player of the Year at the Gran Gala del Calcio which held in Milan. The 24-year-old Super Eagles forward was deservedly selected after scoring 26 goals in the Italian topflight that earned Napoli their first Scudetto in over three decades. Osimhen came out tops in the award that also featured his teammates Khvicha Kvaratskhelia (goal of the season) and his former

manager, Luciano Spalletti (best coach of the season) as awardees. The Nigerian star player has

joined the likes of past recipients like Zlatan Ibrahimovic, Andrea Prilo, Cristiano Ronaldo, Gianluigi

Buffon and Rafael Leao. The year 2023 will be more memorable for Osimhen if he

succeeds in scooping the CAF Best Player award to join the likes of great Nigerian legends like Rashidi

Yekini, Nwankwo Kanu, Victor Ikpeba and Emmanuel Amuneke who were previously Africa’s best.

RESULTS Premier League Luton 3-4 Arsenal Wolves 1-0 Burnley

TODAY Brighton v Brentford Cry’Palace v Bo’mouth Fulham v Forest Sheffield v Liverpool Aston Villa v Man City Man Utd v Chelsea

NPFL Rivers v Bayelsa (PP) Abia War v Sporting Katsina v Enyimba Sunshine v Shooting Heartland v Insurance Lobi v Gombe Utd K’Pillars v Akwa Utd Kwara Utd v Doma Tornadoes v Remo Plateau v Rangers

Victor Osimhen was Monday night crowned Italian Footballers’ Association (AIC) 2022/23 Player of the Year at the Gran Gala del Calcio in Milan

Rasheedat Ajibade (left) was on the scorers’ sheet asSuper Falcons defeated Cape Verde aggregate 7-1 to qualify for the 2024 Women’s Africa Cup of Nations

Umeh, Fashola Claim Rasheedat Ajibade Fires Super Titles at 3rd Quadri Aruna T’Tennis Open Falcons to WAFCON 2024 Femi Solaja Amadi Umeh showed why he is the best local-based player in the country after a hard-fought win over Rilwan Akanbi just as Aminat Fashola had an overwhelming win over Sukurat Ayelabegan to emerge champions at the 3rd Quadri Aruna National Table Tennis Open which ended in Lagos at the weekend. Aruna Sports and Academy organised the five-day tournament in collaboration with Eko Club and Olusoga Odunayo Adesanya Foundation with over 300 players across the country in attendance in the N5million prize money championships. The well-attended final had all the elements of a grand finale as Umeh showed class against the fans’ favourite Akanbi to emerge as the new men’s singles champion. Despite not getting enough support from the Lagos fans, Umeh had in the semi-final beaten 2022 champion Muiz Adegoke before setting up a final clash against homeboy Akanbi. Before the epic final between Umeh and Akanbi, Fashola’s

change of tactics against defensive Ayelabegan was all she needed to win the women’s singles title at 4-2. The men’s singles final produced one of the finest moments of the competition with Umeh and Akanbi entertaining the fans and dignitaries that witnessed the explosive finale. Playing with a lot of confidence Umeh nearly scuttled his opportunity to be crowned the champion as his opponent began to demystify his tactics to stretch the match to more than an hour. Wrong decisions coupled with several unforced errors became the undoing of Akanbi who squandered his chance to hand the title to Umeh. Speaking after emerging champion, Umeh said: “I thank God I won but it wasn't easy because everything was against me, especially the fans. I am happy and I am looking to the next competition before the end of the year,” he said. For the coordinator of the tournament, Ganiat Aruna, the huge support from well-meaning Nigerians and overwhelming turnout of players would inspire the organisers to improve on subsequent editions.

Nigeria’s Super Falcons booked their passage to the 2024 Women’s Africa Cup of Nations last night with aggregate 7-1 defeat of Cape Verde this evening. A late winner by on field Captain, Rasheedat Ajibade,

gave the nine-time African champions a 2-1 victory over the Atlantic ocean island nation. The hosts started the game like a house on fire at the SantiagoEstádio Nacional Cabo Verde in Praia, raiding the Super Falcons’ goal area, and their quick-off-the-

blocks approach paid off when Ivania Tavares Moreira got the ball past goalkeeper Chiamaka Nnadozie for a goal in the 9th minute. But super sub, Esther Okoronkwo canceled out the advantage before Ajibade's

winning strike. Earlier last Thursday in Abuja, the Nigerian ladies defeated Cape Verde 5-0 to make this second leg of the final qualifying match a done deal for Falcons who will be gunning for their 10th African honour in Morocco next year.

CAF Confed Cup: Club Owners Drum Support for Rivers Utd The Vice Chairman of the Club Owners Association of Nigeria, Alhaji Suleiman Umar, is soliciting support for Rivers United, the country’s only representative on the continent in the CAF Confederation Cup to return to

the Adokiye Amiesimaka Stadium for their home games. This he said should be done in earnest so that they can enjoy the support of their fans in Rivers State. Alhaji Umar who spoke on behalf

of the association, was specific about the kind of support the Port Harcourt-based team need to make Nigeria proud. “The most consistent football club from Nigeria on the continent in the

Badminton Shuttle Time Ends Today in Benin The two-day Shuttle Time Programme organised by the Badminton Federation of Nigeria in conjunction with the Edo State Badminton Association is scheduled to end today in Benin City, Edo State. According to Chairman of the Edo State Badminton Association, Onome Obruthe, the initiative is staged for Nigerian secondary school physical education teachers and it is deliberately designed for the grassroots. The indoor Sports Complex, Etete off Limits Road, Benin City is the venue of the event with 25 secondary

schools in Benin participating along with 25 P.E and Games Masters and Mistresses. Obruthe noted that the training programme is supported by BFN’s partner, Community Sport Educational Development (CSED) Initiative. He said “The Shuttle Time Nigeria Project is a grassroots badminton project designed by the Badminton World Federation (BWF) to teach P.E. teachers and games masters/ mistresses, the basic skills of badminton. The teachers would in turn discover and train the students in their various schools, imparting the knowledge and skills

acquired to their students. “Equipment which includes rackets, nets and shuttles are distributed to participating schools to ensure as well as encourage practical establishment of the game in the schools. These equipment are courtesy Community Sport Educational Development (CSED) Initiative.” The Vice Chairman of the Edo Badminton Association, Mrs Amaka Onwuka, told reporters at the venue on Tuesday that the state’s badminton body would continue to stage quality events to take the game to another level.

last three seasons has been Rivers United and it’s not a surprise that they’re the only team still flying Nigeria’s flag on the continent. “What they need right now is for Nigeria to play the politics at CAF’s level so that they can return to Port Harcourt to play their remaining home games at the Adokiye Amiesimaka Stadium. “We’ve seen some of the stadiums they’ve played their away games in Africa that are not anywhere near the facility in Port Harcourt,” explained the proprietor of Doma United of Gombe State. Rivers United are in the group stage of the CAF Confederation Cup alongside Club Africain of Tunisia, Dreams Fc of Ghana and Academica do Lobito of Angola in group C. With a win and a defeat in two games played so far, The Pride of Rivers await Club Africain this Sunday at the Godswill Akpabio Stadium in Uyo, Akwa Ibom State.

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MISSILE PDP to National Assembly, APC “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” --PDP National Publicity Secretary, Debo Ologunagba, condemns rendition of Tinubu’s campaign tune in National Assembly chamber during the budget presentation.

ATTAHIRUJEGA Prospects and Challenges of Tertiary Education E GUEST COLUMNIST

ducation is, no doubt, the most important instrument of change in any modern nationstate. The major difference between developed and underdeveloped (sometimes described as developing or less developed) countries today lies in the quality and utility of their educational provisioning. Countries that are now regarded as having knowledge-based economies are essentially those that have paid remarkable attention to providing, especially tertiary level, educational opportunities to their citizens, through which researched knowledge is taught and reproduced. In general, perceptions of the essence of tertiary education vary among individuals, groups, and nations. In Nigeria, most students and parents, perceive access to university education largely as a gateway to better-paying jobs and a higher quality of life. Other tertiary education sectors, such as polytechnics and mono-technics and colleges of education are ignored. Focus is primarily on university education. Unfortunately, and increasingly, less and less applicants get admitted, and less and less graduates get employment. Meanwhile, Nigerian universities are increasingly losing their capacity to create and reproduce researched knowledge due to declining national investment in education generally and in the tertiary education sector in particular. Hence, while globally, tertiary education has remained the catalyst for economic growth and development, through research, innovation and technology development, the Nigerian tertiary education sector leaves much to be desired in its contribution to national development. Since the return to civil rule in 1999, and despite the rapid increase in the number of tertiary education institutions, particularly at the university level, the value and contribution of tertiary education in Nigeria has declined remarkably. Staff and facilities for learning and research are grossly inadequate, staff are poorly remunerated and, ironically, accused of ‘teaching what they are not paid to teach’, and profit-motivated private universities are cashing in, through extortionate fees from desperate pool of those who couldn’t access public universities, and reckless poaching of senior academics from the public universities. Nigerian universities are no longer as globally competitive as they were in the 1970s and early 1980s. Given this situation, a lot needs to be done to revive, revitalize and reposition the tertiary education in general and the Nigerian universities in particular. It is in the context of this brief introduction that the presentation is structured into six sections, viz: conceptualizing tertiary education; background and context of tertiary education in Nigeria; current / persistent challenges of tertiary education in Nigeria; prospects of tertiary education in Nigeria; recommendations; and conclusion.

Conceptualizing Tertiary Education For a proper understanding of what is meant by tertiary education, it is expedient to start with a broader definition of education. According to Fafunwa (1977), “education is the aggregate of all the processes by which the child or young adult develops his abilities, attitudes and other forms of behaviour, which are of positive value to the society in which he lives”. While tertiary education to him is a process of pursuing research for exploration of the natural and social development of the society. According to World Bank (2021), tertiary education refers to all formal post-secondary education, including public and private universities, colleges, technical training institutes, and vocational schools. Or, tertiary education refers to any type of education pursued beyond the high school level. This includes diplomas, undergraduate and graduate certificates, and associate’s, bachelor’s, master’s and doctoral degrees. In other words, what can be seen as tertiary education is any educational levels following the completion of secondary education. It is worth noting that the education of an individual is measured in terms of his/her positive impact on the social life of his/her community, and no nation can develop to its fullest or keep pace with emerging trends in science and technology, without effective and functional education. While tertiary education may refer to the whole gamut of post-secondary education, it is also used

Minister of Education, Prof. Tahir Mamman synonymously with higher education. Thus, tertiary education is provided by such educational institutions as universities, polytechnics, colleges of education, and mono-technics / post-secondary vocational/skills training centers. According to a document issued by the Federal Government the goals of tertiary education encompass the development of relevant high-level manpower, the advanced development of the intellectual capability of individuals, and the acquisition of physical and intellectual skills (FRN, 2004). Others are to promote and encourage scholarship as well as community service. Tertiary educational institutions pursue these goals through teaching, research, generation, and dissemination of knowledge, which they achieve through a variety of programs such as certificates, diplomas, undergraduate, and postgraduate courses. Specifically, tertiary education and, in particular, university education contributes to the production of high-level manpower in diverse professional callings as dictated by national development requirements. The goals of university education also focus on inculcating community spirit in students through projects and action research. Ideally, one of the major roles of tertiary education as a driver and propeller of the economy is to produce a production-oriented rather than consumption-oriented citizenry. It is significant to note that this assumed definition of tertiary education by the federal government, is derived from the colonial objectives for which tertiary educational institutions, especially universities, were launched in the colonies, as articulated, for example in the Ashby Report, which laid the foundation for the establishment of university colleges and subsequently universities, such as University of Ibadan. The goal was to produce ‘high-level’ manpower for ‘national development’, to especially populate public sector ministries and agencies. But this definition ignores the primary objective of knowledge production and reproduction for its own sake, which was the framework under which the first universities in the world originated (see Jega, 2007). It is therefore significant to emphasize that, the objectives of tertiary education need to be holistically appreciated for its contribution to societal progress and development, which goes much beyond just producing ‘High-level’ manpower in a post-colonial country. Indeed, it can be argued that sticking to such a narrow perspective of what the purpose of tertiary education is, is responsible for the crisis, which has contemporarily engulfed this sector in countries, such as Nigeria.

Background and Context of Tertiary Education in Nigeria Without doubt, countries that have been able to create and maintain an effective and functional tertiary

education system are distinguished in the area of science and technology, making relatively fast progress in all indicators of social and economic growth and development. In most developed societies, tertiary education is acknowledged and respected as the most significant catalyst for research and innovations that are fundamental to social and economic transformation of a country. Responsible and informed governments look to tertiary institutions for empirically based studies and ideas to support policies rather than base such policies on common sense or political expediency. On the contrary, countries such as Nigeria mostly formulate policies without appropriate recourse to research-based knowledge and empirical evidence, only relying of the idiosyncrasies, predispositions and inclinations of public officials. Governments in nation-states that are serious appropriately and substantially fund tertiary institutions to enable them to, in addition to teaching, also carry out research on national priorities such as security, warfare, health, agriculture, etc., to guide and inform policy making. While the University College Ibadan was established during the colonial era (1948), the formal establishment of higher educational institutions, specifically universities, in independent Nigeria started with the establishment of the University of Nigeria, at Nsukka, in 1960. In 1962, the University of Lagos, Akoka, Ahmadu Bello University, Zaria, and the University of Ife were created, among others (Amadi, 2011). The Nigerian tertiary education sector, in particular the universities, have grown phenomenally, if not exponentially, especially since the early 2000s, when it was widely opened up for private sector investment and participation. In recent times, Nigeria has witnessed an astronomical increase in the number of universities. The federal, state, and private proprietorships have established a vast number of such institutions. According to the National Universities Commission (NUC), as of November 2023, the number of universities in Nigeria stood at 270, consisting of 61 federal, 63 state, and 146 private universities. The latter are owned by individuals and corporations, including religious denominations, and are essentially for-profit institutions. The total enrollment, however, is put at approximately 1.9 million (NUC, 9th November 2023). It seems to me that this rapid expansion and growth has happened without adequate planning, funding, and careful, effective regulation. As a result, there has not been a remarkable expansion of enrolment, in spite of the almost exponential increase in the number of institutions. Indeed, growth in the sector has not positively addressed the critical issues of access and quality; rather, it has complicated them negatively. And, as the sector expanded, seemingly uncontrolled, so have the challenges bedeviling it, such as inadequacies of qualified staff, teaching and research facilities, and all types of corruption, and irregularities, both from within and from outside. To the federal and state governments, creation of new universities and other tertiary institutions has become a way of dispensing patronage and for political considerations, rather than evidence-based cost-benefit analysis, while the main attraction seems to be profit making for the private proprietors. Evidence points to the poor state of many of such newly created institutions in terms of poor and authoritarian governance, and inadequacy of qualified manpower, as well as inadequacy of requisite infrastructure and facilities. The recurrent face-off between the Academic Staff Union of Universities (ASUU) and the Federal Government of Nigeria (FGN) on conditions of service and of work, as well as on the revitalization of the universities and education policies, such as the introduction of exorbitant tuition fees the new student loan scheme, which has cumbersome, poorly sought out conditions, is indicative of the government’s unwillingness to recognize the need for a functioning university system, and especially the need to fund it appropriately and adequately. Indeed, the recent circular requiring universities to remit to the coffers of the federal government 40% of their internally generated ‘revenues’ is a further illustration of the insensitive neglect and gross underfunding of public universities. Consequently, the sorry state of our tertiary educational

institutions, especially the universities, as Nebo (2017) once drew our attention, clearly shows how the world has left Nigeria behind in terms of how education and adequate tapping of its potentials is used to change society. For example, Nigerian students are still consigned to obsolete knowledge and methods of teaching that their counterparts in many countries left perhaps a decade or more ago. Nigerian tertiary education lags behind, and its graduates are ill-prepared for effective functioning in an increasingly competitive global political economy. These are rooted in the neglect that the system, especially public institutions, have suffered over the years. Governments pay lip service to the need to provide public institutions with what they require to be effective. Any wonder then, how numerous and formidable challenges persistently bedevil the tertiary education sector, especially universities, in Nigeria.

Challenges of Tertiary Education in Nigeria Given the background and context in the preceding paragraphs, there is ample evidence that Nigerian universities are bedeviled by numerous recurrent challenges. In general, the challenges of tertiary education in Nigeria cannot be isolated from those that have bedeviled Nigeria over the years: lack of vision, reckless leadership, bad governance, inappropriate / inadequate planning, misplacement of priorities, humongous corruption, perpetual crises, etc. However, for the purpose of this presentation, the following specific challenges of the university education in Nigeria are noteworthy: 1. Inadequate budgetary allocation, in other words, underfunding: Over the years, the government has grossly underfunded education to the extent that annual budgetary appropriation falls far below the UNESCO recommended annual allocation of 26% of the budget. The consequences of chronic underfunding are, of course, grave for national development. 2. Policy inconsistency or policy somersault due to some discontinuity in national policy between one political dispensation and the other. If one government starts an education program or project, another incoming government will abandon it and start a new one, which it may also not complete. Hence, there are many abandoned projects. In some other cases, lobbying and the influence of political heavyweights and influential traditional rulers make governments backpedal on enunciated policies. 3. There is also the challenge emanating from the localization of academics and student admissions. Ideally, tertiary, especially university, education has certain universal characteristics: Universities are supposed to be universal communities of scholars, both students and lecturers. As such, limiting the recruitment of staff and management officers to people from the contiguous communities of the university is a global bad practice, which regrettably is prevalent in Nigeria. It has resulted globally uncompetitive low-quality performance and inefficient operations. 4. There are also challenges of inadequate and decaying infrastructure, both as a result of poor funding, misplacement of priorities and corruption. 5. Poor regulation, supervision and monitoring of tertiary education by the government is yet another major challenge. Quite often, in many cases, statutory accreditation exercises, as well as visitations, are stage-managed, and in the case of visitations, not only are they not conducted in the time frame statutorily provided for, no efforts are made to put the reports and recommendations into good use even after the exercise is done. 6. There is also the lack of autonomy at the university level in many fundamental respects. For example, the NUC imposes a carrying capacity rule on each university, and a CCMAS, all of which in many ways impose unwholesome uniformity and undermine the autonomy and statutory responsibilities of Senate of universities. And the FGN issues circulars and introduces measures, such as the IPPIS, and centralization of recruitment, which undermine the roles of governing councils. *Jega is a Professor in the Department of Political Science Bayero University, Kano Continues online

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