MONDAY 11TH DECEMBER 2023

Access Bank UK Receives Approval to Commence Operations in Hong Kong In a significant milestone towards realising its five-year strategic plan, Access Bank UK, the wholly owned subsidiary of Access Bank PLC has received approval to commence

operations in Hong Kong. The approval, granted by the Hong Kong Monetary Authority, through Access Bank’s UK subsidiary, stands as a testament to the Access Group’s

international capabilities and strategic partnerships.

Furthermore, Access Bank's commitment to a global presence and adherence to the highest regulatory

standards is underscored by the decade-long effort to secure the license for operations in the sophisticated and tightly regulated market of Hong Kong.

Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc and Chairman, Access UK, expressed his excitement and pride in achieving this long-awaited goal, stating, “I am

immensely proud that Access UK has secured approval to commence formal banking operations in Hong Continued on page 5

Concerns Mount over Naira's Free Fall Against US Dollar...

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Monday, December 11, 2023 Vol 28. No 10470. Price: N250

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Senators Donate N109m to Kaduna Bombing Victims Chuks Okocha, Sunday Aborisade in Abuja, John Shiklam in Kaduna, Francis Sardauna in Katsina and Laleye Dipo in Minna

L-R: Founder, Diamond Awards for Media Excellence (DAME), Mr. Lanre Idowu; ex-Managing Director/Editor-in-chief and new DAME Fellow, Mr. Emeka Eluem Izeze; Chairman, THISDAY/ARISE Media Group and DAME Lifetime Achievement awardee, Prince Nduka Obaigbena, and ex-Managing Director/Editor-in-chief, The Sun Newspapers, also a new DAME Fellow, Mr. Mike Awoyinfa, at the DAME Awards in Lagos... yesterday

The Senate has donated N109 million Continued on page 5

ECOWAS Leaders: It’s Time to Activate Counter-terrorism Standby Force

Promise gradual easing of sanctions on Niger, sets up committee ȱ ¢ȱ ȱ ȱť Tinubu stresses need to re-engage nations under military rule Says move key to fast-tracking return to civil rule Hails Weah for conceding defeat in Liberian poll

ZENITH BANK 2023 CHRISTMAS YOUTH PARADE… Group Managing Director/CEO, Zenith Bank Plc, Dr. Ebenezer Onyeagwu (3rd Right) flanked by Executive Director, Mr. Akin Ogunranti (1st Right); Executive Director, Dr. Temitope Fasoranti (2nd Right); Executive Director, Mr. Henry Oroh (4th Left) and Executive Director, Mrs. Adobi Nwapa (3rd Left) with children during the 2023 Zenith Bank Christmas Youth Parade held at Ajose Adeogun Street, Victoria Island, Lagos ... yesterday

COP28: Oando to Match FG’s 100 Electric Vehicles to Support Nation's Net Zero Agenda...

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Concerns Mount over Naira's Free Fall Against US Dollar Nation’s currency hits N1,200 at parallel market, N1, 099 at official window Analysts say situation troubling James Emejo in Abuja and Nume Ekeghe in Lagos There was growing frustration over the continued depreciation of the naira against the dollar at the weekend, with the local currency weakening to N1, 099 against the greenback at the official window and N1, 200 at the spot market.

President Bola Tinubu had severely criticised former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for, allegedly, running the economy aground and mismanaging foreign exchange.

Tinubu later suspended some of the initiatives in place since Emefiele to stimulate domestic production as well as boost FX earnings.

At the inception of the current administration, the naira stood at N462 to the US dollar at the official rate and N758 at the black market.

One of the drastic actions embarked upon by Tinubu on assumption of office was unifying the exchange rate as well as floating the local currency.

By that move, he was believed to have only yielded to pressure from international investors and rating agencies, who had long pressured

Emefiele to allow market forces determine the real value of the naira.

Before the floating of the local currency, CBN had adopted a managed-floating regime, where the bank intervened in the market when necessary.

The previous leadership of the apex bank had argued that countries that had free-floated their currencies had stronger export base and were heavily industrialised, and, thus, were able to earn foreign exchange.

However, since the administration of Tinubu floated the naira and unified the exchange rate, the local currency had been under severe pressure with no end in sight at the moment.

The FX market continues to face unprecedented liquidity challenges due to demand pressure amid limited capital inflows.

The implication of the continued depreciation of the naira is increased hardship on Nigerians amid rising inflation, now at 27.33 per cent as of October.

Analysts, who spoke to THISDAY yesterday, expressed worry over the continued weakening of the naira.

They attributed the weakening of the exchange rate to the activities of

currency speculators and hoarders.

Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the situation called for concern.

Ekechukwu said, "We should, indeed, be concerned because there is no seen or known measure in sight that is likely to turn the tide positively.

"We need to ensure our refineries work as soon as possible to reduce pressure on our reserves.

"All incentives should be on export and export alone, while we encourage manufacturers to consider backward integration and source their raw materials locally."

In a similar vein, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, expressed worry that the depreciation of the naira will further affect the purchasing power of the people at this period.

Gbolade said, "The continued depreciation of the naira, despite the best efforts of the CBN, calls for concern, especially at this yuletide period, where consumer spending is expected to increase.

"The depreciation of the naira will

definitely affect the purchasing power of the people at this period.

"The government should come up with temporary measures to stem rising cost of food products so that people can celebrate the festive season with some happiness."

On his part, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said, "As long as the CBN fails to control the FX inflows and outflows, the country will continue to lose the battle with currency devaluation."

Shelleng added, "A large part of this is driven by speculation. Buying FX and hoarding have continued to be one of the most lucrative investments for wealthy individuals in Nigeria.

"The harsh reality that Nigerians must confront is that the value of the naira against the dollar cannot suddenly change until we become net exporters and there is increased demand for our currency.

"The fact that we have low domestic production means we are heavily reliant on importation.

This in turn puts pressure on our economy."

On Friday, the naira experienced a staggering 30.35 per cent depreciation, from the previous day's rate of

N843.07. On the official market, intra-day trade from the data obtained, which was not updated for yesterday on the FMDQ, showed the highest spot rate and another all-time low at the official window.

The daily turnover recorded on Friday showed $70.90 million, a decline compared to $137.35 recorded on Thursday.

Head of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi, attributed Naira's sharp fall to a fundamental imbalance in dollar supply and Nigeria falling short of its crude oil production quota.

Olubunmi said, “It is a simple issue of demand and supply. So, what we've seen is that the CBN has also admitted now that the supply of dollars is not as much as the demand.

"Also, there is a quota for crude oil production we can’t meet and we know that our major earner of FX in Nigeria is crude. So, the demand is more than the supply and, unfortunately, that is what is driving it.

“Also, remember that CBN has obligations that are past due, that is the forwards they have not been able to meet, which is also hampering

Tinubu portfolio or foreign investors from coming in.”

He added that with the current trajectory or unclear policy direction, the slide might continue to happen at both the official and parallel market.

“This is a very difficult scenario and uncharted waters because if you have a typical scenario with things in place, you can be predicted, but the way things are going, unless something is done the slide may continue.”

ECOWAS LEADERS: IT’S TIME TO ACTIVATE COUNTER-TERRORISM STANDBY FORCE Deji Elumoye and Michael Olugbode in Abuja Heads of State and Government of Economic Community of West African States (ECOWAS) have agreed to review efforts to activate a standby force for counterterrorism operations in areas troubled by terrorist groups in the sub-region. This was one of the resolutions of the West African leaders in a communiqué read by President of ECOWAS Commission, Dr. Omar Touray, at the end of the 64th ordinary session of the Authority of Heads of State and Government of ECOWAS on Sunday in Abuja.

The leaders, who reiterated their commitment to the eradication of terrorism and other threats to peace, security, and stability in the region, also promised to gradually ease

sanctions on Niger Republic and set up a committee to that effect.

The decisions came as President Bola Tinubu, weekend, said there was need for ECOWAS to re-engage West African nations under military rule on the basis of realistic and short transition plans that could deliver democracy and good governance to the peoples as well as fast track the return to civil rule.

Tinubu also charged West African leaders to prioritise good governance and collective prosperity as essential tools to prevent authoritarianism and unconstitutional changes of government in the region.

Addressing the 64th ordinary session of the ECOWAS Authority of Heads of State and Government at the Conference Hall of State House, Abuja, on Sunday, Tinubu commended

President George Weah of Liberia for conceding defeat during a recent national election.

Regarding the fight against terrorism and other related security matters, the leaders instructed the commission to expedite the convening of the meeting of ministers of finance and defence to agree on the modalities for the mobilisation of internal financial, human, and material resources on a mandatory basis to support the deployment of the regional counterterrorism force.

The communique read, “The Authority takes note of the commencement of assignment by the Special Envoy on Counterterrorism, Ambassador Baba Kamara, and directs the commission to facilitate his mission.

"The Authority directs the commission to intensify collaboration

with sub-regional counterterrorism initiatives, such as the Accra initiative and MTJN, and urges member states to increase funding for joint maritime operations and exercises in the region and to improve coordination and collaboration among various ministries, departments, and agencies responsible for maritime security."

The West African leaders also resolved to hold an extraordinary summit on unconstitutional changes of government aimed at promoting peace, security, and democracy in the region. They directed the commission to embark on deep reflection and explore the possibility of convening the extraordinary summit.

The commission immediately established a committee of Heads of State to engage with CMSP, the military junta in Niger Republic,

Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through four business segments: Corporate and Investment Banking; Commercial Banking; Business Banking, and Personal & Private Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

on the need for a short transition roadmap and the emplacement of monitoring mechanisms.

The Authority promised a gradual easing of sanctions on that country based on outcomes of the engagement, and emphasised the need for the immediate and unconditional release of detained President Mohammed Bazoum.

The communique said, "The Authority deeply deplores the continued detention of President Mohammed Bazoum, his family and associates by the CMSP regime.

"The Authority further deplores the lack of commitment on the part of the CMSP to restore constitutional order. Consequently, the Authority calls on the CMSP to release President Mohammed Bazoum, his family, and associates immediately and without precondition.

"The Authority decides to set up a committee of Heads of State made up of the President and Head of State of the Republic of Togo, the President and the Head of State of the Republic of Sierra Leone, the President and Head of State of the Republic of Benin, to engage with the CMSP and other stakeholders with a view to agreeing on a short transition roadmap, establishing transition organs as well as facilitating the setting up of a transition monitoring and evaluation mechanism towards this speedy restoration of constitutional order.

"Based on the outcomes of the engagement by the committee of Heads of state with the CMSP, the Authority will progressively ease the sanctions imposed on Niger.

"In the event of failure by the CMSP to comply with the outcomes of the engagement with the committee, ECOWAS shall maintain all sanctions, including the use of force, and shall request the African Union and all other partners to enforce the targeted sanctions on members of the CMSP

and their associates."

The regional leaders commended efforts by member states and the ECOWAS commission to work on the consolidation of democracy, peace, security, and stability in the region.

The Authority noted, in particular, the peaceful elections that took place during the year in Nigeria, Guinea Bissau, Sierra Leone, and Liberia. It welcomed the peaceful resolution of the electoral disputes in Nigeria, as well as the peaceful outcome of the dialogue between the opposition and the government in the Republic of Sierra Leone.

On The Gambia, ECOWAS leaders implored the government and stakeholders to expedite the adoption of the new constitution ahead of the 2026 general election, as well as implementation of the white paper on the recommendations of the Truth, Reparation, and Reconciliation Commission.

They extended the mandate of the ECOWAS mission in The Gambia by one year and instructed the mission to continue to support the country in the implementation of the white paper and defence on security sector reforms.

On Guinea Bissau, the leaders condemned the violence that erupted in the country on December 1, and all attempts to disrupt constitutional order and rule of law in the country.

Condemning the attempted coup in Sierra Leone on November 26, the leaders expressed sadness over the loss of lives and destruction of property and called for a thorough and transparent investigation to identify and bring perpetrators to justice.

They applauded the signing of the agreement for national unity resulting from mediated dialogue between the government and the opposition in Sierra Leone, and called on all parties

"Here in Kaduna, we are one family. There is no difference between Muslims and Christians, this incident can happen anywhere in Nigeria. What we are asking for is justice for the people of Tudun Biri, who lost their lives and those in the hospital.”

LP, in a statement by its National Publicity Secretary, Obiora Ifoh, expressed worry that bombing a target without precision and intelligence was anachronistic and difficult to imagine in modern warfare.

The party said the military must assure Nigerians that such nihilistic approach to combat, capable of destroying unintended targets, would be properly reviewed.

LP said the federal and state governments must ensure adequate

compensation for the victims.

Similarly, while addressing journalists in Katsina, yesterday, Coordinator of CNG in the state, Habibu Ruma, said Yar’Adua lacked compassion, pity, and empathy towards the bereaved families and the affected community.

Yar’Adua had in an interview with a national television described the drone attack as an honest mistake that should not warrant the resignation of the Chief of Army Staff, Lieutenant General Taoreed Lagbaja.

The group explained that by trivialising the incident, the senator representing Katsina Central had shrugged off the pain and trauma experienced by the victims and their

families. It said Yar’Adua should have been at the forefront to demand an all-embracing investigation to unravel and bring to justice those responsible for the “heinous act.”

On his part, Musa, in a statement, described the termination of the life of the dreaded bandit as "a positive step in the fight against terrorism and banditry in my senatorial zone and Niger state as a whole".

Yellow Jabros was said to be among the 50 terrorists killed by the air component of the special task force last week in a boat as they tried to escape from the ground operation. His body and those of other bandits were said to have been recovered from the river a day after the incident.

ACCESS BANK UK RECEIVES APPROVAL TO COMMENCE OPERATIONS IN HONG KONG Kong, marking a monumental achievement in our journey towards global prominence. This license is a testament to our unwavering commitment, strategic foresight, and resilience over the past decade. Across the Access Group, we are excited about the possibilities that lie ahead.

“Hong Kong serves as a strategic cornerstone in our mission to be the world's most respected African bank and we are ready to bring innovative, customer-centric financial solutions to the Asian market. We look forward to the opportunities and challenges that come with expanding our footprint in this dynamic international arena.”

With plans to commence operations in the coming year, this achievement reflects Access Group’s international capabilities and the strength of its strategic partnerships, scaled through the growing strength of its international operations through Access Bank UK, with regulated operations in the UAE, and Paris.

The establishment of Access in the Hong Kong market holds immense strategic potential for boosting cross-continental trade.

Hong Kong, renowned for its status as a global financial hub, serves as a pivotal gateway connecting Asia with the rest of the world. Access Bank's presence in this sophisticated market positions it strategically to facilitate and enhance cross-border trade between Africa and Asia.

With its commitment to providing innovative financial solutions, Access will play a vital role in supporting businesses and investors involved in international trade. Furthermore, the Bank's expertise and global network will not only streamline financial transactions but also foster economic collaboration between African and Asian enterprises.

About Access Bank UK Access Bank UK, a wholly owned

subsidiary of Access Bank PLC is authorised by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority, with a Dubai branch that is regulated by Dubai Financial Services Authority (DFSA), and a Paris branch that is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE. Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock

Continued on page 35

SENATORS DONATE N109M TO KADUNA BOMBING VICTIMS to victims of the drone bombing in Tudun Biri community, Igabi Local Government Area of Kaduna State, as part of efforts to provide relief for people affected by the incident.

As reactions mount following the military bombing of civilians on December 4, which the Defence Headquarters claimed was a mistake, Labour Party (LP) called on the federal government to publish names of the dead from the incident and ensure that their families were well compensated.

But the Coalition of Northern Groups (CNG) lambasted Chairman of the Senate Committee on Army, Senator Abdul’aziz Yar’Adua, over his comments on the incident, in which he claimed the attack was in error.

In a related development, the

senator representing Niger East Senatorial District, Sani Musa, hailed the killing of one of the dreaded bandit kingpins in the area, Yellow Jabros, by the special military operation in the Shiroro Local Government Area of Niger State.

Deputy Senate President Jibrin Barau announced the senate donation yesterday at Government House, Kaduna, when he led a delegation of principal officers of the upper chamber to condole with Governor Uba Sani.

Barau said each of the 109 senators would contribute N1 million from their salaries for the donation, adding that the money would be sent to the governor for onward distribution to the victims. He said the senate was

sad about the incident and prayed for the repose of the souls of the victims while wishing those injured speedy recovery.

He said the senate president, Godswill Akpabio, sent the delegation to sympathise with the government and people of Kaduna State.

Responding, Sani thanked the senators for the support and appreciated the level of empathy Nigerians had shown to victims of the incident.

Condemning attempts by some people to introduce ethnic and religious sentiments into the bombing, Sani said, "In the last few days, some people have been trying to make the incident look as if it is either ethnic or religious issue.

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

64TH ORDINARY SESSION OF THE ECOWAS AUTHORITY OF HEADS OF STATE...

L-R: President Julius Maada Bio of Sierra Leone; President, ECOWAS Commission, Dr Omar Alieu Touray; Chairman ECOWAS Authority of Heads of State and Government, President Bola Tinubu; President Nana Akufo-Addo of Ghana and President Faure Gnassingbe of Togo, during the 64th Ordinary Session of the ECOWAS Authority of Heads of State and Government at the Presidential Villa in Abuja...... yesterday GODWIN OMOIGUI

FG Sets Up Six C'ttees to Review N1.5tn Debt Owed Road Contractors Tinubu approves concrete pavement for selected roads

Emmanuel Addeh in Abuja The Minister of Works, David Umahi, yesterday announced that he had set up six regional

committees to review all debts of unpaid certified certificates generated before May 29, 2023, and from then till date.

A statement signed by the Chief

PIA: Ugborodo Community’s Deadline to Chevron, SPDC Ends Monday, Affirms Confidence in NUPRC Sylvester Idowu in Warri The people of oil rich communities of Ugborodo, Deghele and Ugboegungun in Warri South-west Local Government Area of Delta State have expressed confidence on the stance of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in their quest for both Chevron and Shell to follow due process and the law in the registration of the Host Community Development Trust (HCDT) for the implementation and operationalization of the Petroleum Industry Act, (PIA) in their domain.

The communities affirmed their position during an emergency Congress held over the weekend at Ugborodo Town Hall, to appraise the two-week deadline reportedly handed down to Chevron Nigeria Limited (CNL) by the NUPRC, to implement its verdict on the Petroleum Industry Act (PIA) as it relates to the Itsekiri host communities.

The deadline is expected to elapse today December 11, 2023.

Deliberating on the issue during the congress, the indigenes were informed of the earlier directive of a meeting held November 28, at the NUPRC headquarters in Abuja, between the Commission, representatives of Chevron Nigeria Limited, the host communities of Ugborodo, Deghele and Ugboegungun as well as the representatives of Olu of Warri, Ogiame Atuwatse III. A leader in Ugborodo Community, Mr. Alex Eyengho, who read the NUPRC’s report to Ugborodo indigenes at the congress, said Chevron Nigeria Limited was asked to convene a meeting to be midwifed by the Warri office of Commission with a view to examining closely how the delineation of Host

Communities was conducted, to ensure it was in accordance with the provisions of the Petroleum Industry Act 2021.

According to him, the NUPRC, in its letter signed by Mr. Benjamin Ogunubi, on behalf of the Chief Executive Officer of the Commission, had directed that membership of the Host Communities Development Trust (HCDT) be amicably thrown open by the host communities, advising all parties to mutually work out a formula to select the nine members in each HCDT. Parts of NUPRC letter read: “The settlor and the Host Communities, should re-examine the name (s) and unanimously resolve on the name (s) for the HCDT. That Chevron Nigeria Limited, transmit to the Commission, a report on the implementation of the rulings within two weeks.

“The report should be fully signed and certified by representatives of both parties (CNL and the Host Communities).”

Among prominent Ugborodo indigenes that spoke during the well-attended congress were Itsekiri Opinion leader, Chief Ayirimi Emami, former Executive Director of Projects in Niger Delta Development Commission, NDDC, Engr. Tuoyo Omatsuli, Prince Perry Atete and Mrs. Oritsematosan Nuko, woman leader of Ugborodo.

Speaking with Journalists shortly after the meeting, Eyengho said the Congress of Ugborodo holds once or thrice a year where Ugborodo indigenes from all over the world return home to discuss issues of importance but "this one is more like an emergency Congress because it’s a one agendum congress which is the issue of proper implementation and operationalization of the PIA as it concerns Ugborodo community and other neighbouring communities.

Press Secretary to the minister, Uchenna Orji, said the minister gave the hint during an in-house budget defence with directors in the ministry, in preparation for their presentation to the joint committees of the National Assembly slated for today.

While thanking all those who handled the ministry's budget for their commitment to the appraisal of the budget proposal, the minister noted that the road sector needed a different kind of attention beyond the 2024 budget envelope received by the ministry.

For a developing nation like Nigeria, Umahi noted that road infrastructure development remains a catalyst for economic growth and has the potential to

improve security, agriculture, trade and investment as well as health and education.

“The minister thanked President Bola Tinubu for the attention given to the ministry and his approval of concrete pavement in most of the 2024 projects. “He stated that the ministry is committed to the development of road infrastructure in line with the Renewed Hope agenda.

“The minister noted the huge debts arising from unpaid certificates inherited from the past administration, which run up to N1.5 trillion up till date and the expected contract reviews arising from inflation. These two factors are recognised in the ministry as issues that must be confronted in

order to move forward.

“The minister has therefore, set up six committees of one committee per geopolitical zone to review all debts of unpaid certified certificates generated before May 29t, 2023, and from May 29, 2023 to date,” the statement added.

The committees, it stressed, will also review the approved and unapproved variation of prices and all augmentations that were approved or are yet to be sanctioned and make recommendations to the ministry's management.

“The ministry has exposed these debts and all reviews in the ministry to Mr. President’s economic team and also to the Federal Executive Committee (FEC) on road sector funding.

“ It is believed that the internal works through these constituted committees will help them to use external consultants to re-verify the works so that concrete decisions will be made to move the ministry forward,” the statement added.

It noted that contractors who are being owed are requested to approach the committees with all documents to back up their claims from Tuesday to Friday, between 9am and 7pm at the ministry headquarters in Mabushi, Abuja.

Umahi pledged the ministry’s commitment in using judiciously whatever fund is allocated to the ministry, explaining that such funds must have an impact on road infrastructure improvement nationwide.

COP28: Oando to Match FG’s 100 Electric Vehicles to Support Nation's Net Zero Agenda Emmanuel Addeh in Abuja Oando Clean Energy (OCEL), the renewable energy subsidiary of Oando Energy Resources, yesterday announced that the company will be matching the efforts of the federal government through the purchase and deployment of an additional 50 new electric buses.

This, it said, is in addition to the fleet of 50 buses already committed to and ordered for Lagos State, making it a total of 100 new buses that the company will be deploying across the nation.

A statement from the organisation said the announcement was made at the ongoing Conference of the Parties (COP28) event in Dubai, United Arab Emirates.

On May 24, 2023, OCEL said it launched its sustainable transport initiative with a Proof-of-Concept (PoC) in collaboration with Lagos State through the Lagos Metropolitan Area Transport Authority (LAMATA).

At a side event in the Nigeria pavilion, the company’s Executive Vice President (EVP), Ademola Ogunbanjo, it said , spoke of the successful completion of the 90-day PoC phase.

“During the PoC, we rolled out

two electric mass transit buses, and they plied four routes covering over 43,800 kilometres, carrying over 73,000 passengers, saving bus operators 21,000 litres of diesel and mitigating 57.8 tons in CO2 emissions within the state,” he said.

He said that the company’s sustainable transport initiative is now being progressed to a pilot phase of 50 buses and 2,000 buses at full rollout for Lagos state.

“On the back of the successful PoC and deliberations with several state governments, OCEL will match the federal government’s commitment of 100 electric buses towards reducing the country’s carbon emissions.

“The distribution of the buses will be as follows: 50 buses for a pilot phase in Lagos state, the remaining 50 buses will be spread across Cross River, Kaduna, Edo states and Abuja.

“This action directly supports the announcement made by President Bola Tinubu, in his address during the Nigeria Carbon Market and Electric Buses Rollout Programme on the margins of the COP28 climate summit.

“The president explained the strategic initiative of his administration in rolling out 100 electric buses aims to reduce Nigeria’s carbon footprint and modernise the country’s transportation

systems, a position that Oando had advocated and demonstrated over the last year,” it stressed.

Recognising the critical role of private sector players in the country’s energy transition journey, it quoted the Director General, National Council on Climate Change (NCCC) Dr Salisu Dahiru, as saying at a COP28 side event that it was heart warming to see that some of the key players in the oil and gas industry were even ahead of government.

“Oando is ahead of everybody, we want to see their approach replicated by other private sector players, and on the part of government we will deliver the conducive environment that will allow the private sector to thrive,” Dahiru was quoted as saying.

In making the announcement, President of Oando Clean Energy, Dr Ainojie Irune, said that the strategic ambition was to use Lagos State as a launch pad and eventually roll out nationwide “Through our partnership with Lagos state, we led the scaling up of sustainable mass transit solutions in the country. Our strategic ambition was to use Lagos state as a launch pad and eventually roll out nationwide.

“A year in, we have realised a successful PoC and seen buy-in

at a national scale via the federal government’s public commitment to purchase 100 electric buses.

“We are proud to be at the forefront of sustainable transport in Nigeria and delighted to support the efforts of federal government by matching their commitment to deploy 100 electric buses for the country.

“We are particularly elated that the government is aligned with Oando’s strategic vision in creating a clean and eco-friendly transportation system for Nigerians,” he said.

Earlier, Oando used the COP28 event to showcase to an international audience the actions it’s taking to push its sustainability agenda.

The company signed a Memorandum of Understanding (MoU) with the Cross River state government to set up an Electric Vehicles (EV) assembly plant, supply EVs for mass transportation and build a 100mw wind plant for power generation.

It also announced an MoU with CarbonAi, a world-leading provider of full-cycle greenhouse gas (GHG) reduction services, which will partner with the company on a range of initiatives, including the commercialisation of flared gas from the company’s oil and gas operations.

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INTERNATIONAL HUMAN RIGHTS DAY...

L-R: Chairman of the Police Service Commission, Dr. Solomom Arase; President of the Nigerian Bar Association (NBA), Mr. Yakubu Maikyau; Director of Solicitor Department, Federal Ministry of Justice, Mrs. Gladys Odigbaro; AIG of Police, Forensic & Crime Data, Shehu Gwarzo; with Director-General, Legal Aid Council of Nigeria (LACON), Mr. Aliyu Abubakar; during the 2023 International Human Rights KINGSLEY ADEBOYE Day by ROLAC II and LACON in Abuja... recently

FG Moves to Cut Gas Prices, Removes LPG from VAT, Customs Duty List Emmanuel Addeh in Abuja Again, the federal government has removed imported Liquefied Petroleum Gas (LPG), also known as cooking gas and its associated equipment from the list of payment of customs duty and Value-added Tax (VAT), two years after its reintroduction.

It was learnt that the move is expected to result in a drop in the cost of cooking gas which had recently skyrocketed nationwide.

The new policy was disclosed in a letter dated November 28, 2023, written by the ministry of finance in an official communication with the special adviser to the president on energy; the comptroller-general of the Nigeria Customs Service (NCS); and the chairman of the Federal Inland Revenue Service (FIRS).

The letter seen by theCable was signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

In 2019, the federal government had

removed VAT on LPG in Nigeria, with the then Chairman, FIRS disclosing at a stakeholders’ meeting with the former Vice President Yemi Osinbajo, in Abuja, that the measure was targeted at growing the LPG sector. It was then reintroduced in 2021.

But in the latest instance, the ministry said the exemption aligned with President Bola Tinubu’s commitment to enhancing Nigeria’s investment climate, and promoting clean cooking practices.

“In line with His Excellency, President Bola Tinubu’s commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices and promoting clean cooking practices, I hereby affirm presidential directive dated July 29, 2022, with reference number PRES/88/ MPR/99.

“Accordingly, the importation of LPG utilising HS Codes 2711.12.00.00, 2711.13.00.00 and 2711.19.00.00 is exempt from import duty and Value-Added Tax. Consequently,

PRP: 2024 Budget Proposal Cosmetic, Glorifies Mediocrity Adedayo Akinwale in Abuja The Peoples Redemption Party (PRP) has described the 2024 budget recently submitted to the National Assembly by President Bola Tinubu as a cosmetic, stressing that it is aimed at glorifying mediocrity and continuous impoverishment of the people.

The National Chairman of the party, Falalu Bello, in a statement issued yesterday titled: ‘‘The Appropriation Bill: Seeing Beyond Semantics’’, urged Nigerians not to place any hope on the 2024 budget.

He noted that the government was still a relic of the past that was jealously protecting the few oligarchs as it does not have a path to the good future Nigerians seek.

Falalu added that while the statistics and assumption underlying the budget was good on the surface, a thorough look showed clearly that the current administration wasn't ready for nation building.

He noted: "Indeed, this government is still a relic of the past that is jealously protecting the few oligarchs as it does not have a path to the good future we seek as a nation.

"This, though, is not surprising as it is a continuation of an All Progressives Congress (APC) eight years administration we advised Nigerians not to re-elect."

Falalu pointed out that a government that claimed to have inherited a bankrupt and empty treasury appeared not to be circumspect of the state, as its actions particularly in making appointments did not appear to show that the administration was indeed serious in its desire to provide "renewed hope".

He added: "A critical look and review of the sectoral allocation of funds further reveal the level of thinking of the people in government today, the somewhat deceitful approaches to revenue generation and spending and clear absence of any strategic thinking of how best to get us out of the doldrums.

"The 2024 budget as seen and analysed in this address is one on which Nigerians should not place hope on to promote development and protect their welfare.

"It is just a cosmetic that is aimed at glorifying mediocrity and continuous impoverishment of our people.

the Importation of LPG shall incur a 0 per cent duty rate and 0 per cent VAT rate, effective immediately,” the letter stated.

The ministry instructed the NCS and FIRS to comply with the directive pending its official gazetting.

Also, the ministry directed the NCS to comply with the presidential directive, dated July 29, 2022, and withdraw all debit notes issued to petroleum marketers who have imported LPG “using codes 2711.1.2.00.00 and 2711.13.00.00 from August 26, 2019, to the present date”.

Other items exempted from VAT and duty payment were LPG cylinders,

LPG cascades, gas leak detectors, steel pipes, steel valves and fittings, LPG dispensers, gas generators, LPG trucks, among others.

The Special Adviser to the President on Energy, Olu Verheijen, said the decision was prompted after consultations with stakeholders revealed that the lack of a clear fiscal directive had hindered investments in the LPG sector.

The report said she spoke while informing the chairman of the Nigerian Alliance for Clean Cooking of the exemptions in a separate letter, dated November 30, 2023.

Verheijen said the paucity of

investment had led to a rise in the prices of cooking gas and an uptick in the use of “unhealthy fuels such as kerosene”.

After reintroducing the tax in 2021, the federal government had commenced implementation of the 7.5 per cent tax on imported LPG, exempting locally manufactured gas.

Earlier, the Minister of Petroleum (Gas), Ekperikpe Ekpo, had also in a meeting to curb the rising gas prices, urged International Oil Companies (IOCs) and other producers to fulfil their domestic obligations before export.

At a meeting in Abuja, Ekpo told

the producers that Nigeria had to find a way to surmount the challenges in the country's domestic market, expressing Tinubu’s concerns over how unaffordable the product was becoming.

The intervention came as the National Bureau of Statistics (NBS) in its latest report, said that in October LPG prices rose by as much as 14 per cent for a 12.5 kg tube during the month.

Ekpo said the intervention on the LPG issue, followed the rise in recent months in the price of the product per kg from about N700 to above N900 in some parts of the country.

Ajaokuta Steel Critical to Revival of Nation's Manufacturing, Says Innoson Yinka Kolawole in Osogbo

The Head of Corporate Communication, Innoson Vehicle Manufacturing (IVM), Mr. Cornel Osigwe, has appealed the federal government, Nigerian governors and members of the National Assembly to critically look into the revival of the nation's steel industry.

Specifically, Osigwe, who spoke at the weekend at the 8th Coronation anniversary of the

Ooni of Ife, Oba Enitan Adeyeye, listed the steel plant in Ajaokuta, Kogi State as key to meeting this aspiration.

The company also donated two vehicles and two motorcycles to support the monarch on his 8th coronation anniversary celebration at his palace in Ile-Ife. "We have been advocating the revival of the steel industry and as you know, the raw materials that are being used in producing steel, the iron raw materials we

have them in huge abundance in this country.

"We have it in Kogi, Niger state, Abuja, even in Enugu and we have about 8.3 billio tons of iron too that is not being tapped,” he said.

Osigwe emphasised that if the steel industry is revived, it will go a long way in reducing the price of the commodity in Nigeria and help car manufacturing companies to slash the cost of production.

He stated that the traditional ruler ha been one of the strong

advocates of Innoson Vehicle, as an indigenous company.

Recently, the king admonished Nigerian leaders to encourage local production and patronage of products with relevant laws and policies.

He also enjoined Nigerian governors and members of the National Assembly to promulgate policies and laws that would galvanise local production, boost the nation’s economy and provide job opportunities for youths.

Rubber Processing Firm to Build Factory, Expand Plantations in Edo Private sector key to Obaseki's reforms, says Uwaibi Adibe Emenyonu in Benin City Rubber Estates Nigeria Limited (RENL) has disclosed plans to strengthen partnership with the Edo state government to establish a rubber processing factory, expand its out-grower scheme and facilitate reactivation of dormant rubber plantations for Edo indigenes living in the diaspora.

RENL, a subsidiary of Socfin, a leading global agribusiness company, manages a 10,000-hectare rubber plantation in Urhonigbe, Orhionmwon Local Government Area of Edo State.

Speaking on the development, Managing Director of RENL, Olivier Odoukou, said: “We are excited to partner with the Edo

state government to develop the rubber industry in the state.

“We believe that Edo state has the potential to become a major producer of rubber, and we are committed to helping the state achieve that goal.”

On his part, the Managing Director, Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi said: “This partnership is a major step forward for Edo State's rubber industry.

“Rubber is a valuable commodity with a growing global demand, and Edo State has the potential to become a major producer. This partnership will help us to realise that potential.”

According to FAOSTAT, Nigeria was the world’s twelfth-largest and Africa's second-largest producer of rubber in 2018, and currently

produces an estimated 160,000 metric tons annually. Global and local market demand for natural rubber is high due to its wide range of applications in various sectors of the economy.

At an average of 60,000 tons per year, Nigeria’s export of natural rubber trails far behind the annual global demand of 12 million tons.

Edo is Nigeria’s highest producer of rubber, leading 17 other rubberproducing states. The tree crop is grown in several local government areas across the State, including Uhunmwode, Orhionmwon, Ovia South West, Owan West, Ikpoba Okha, Esan Central and Esan South East.

Meanwhile, Uwaibi has said that the state is taking significant steps to

enhance its business environment and create a more conducive atmosphere for businesses to thrive.

Uwaibi who is also the Secretary of the Edo Ease of Doing Business (EoDB) Council, articulated the consensus reached among stakeholders during a one-day private sector consultation forum.

He said the Obaseki-led government's commitment to addressing these challenges and fostering a more investor-friendly environment is evident in the planned reforms.

Uwaibi listed the plans to include the initiatives which focused on implementing the Edo State Export Strategy Plan, developing an export policy, and establishing cluster schemes for smallholder farmers.

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SENATE DELEGATION TO KADUNA STATE...

L-R: Chief Whip of the Senate, Senator Ali Ndume; Leader of the Senate, Senator Opeyemi Bamidele; Kaduna State Governor, Senator Uba Sani; Deputy President of the Senate, Senator Barau Jubrin, and Senate Minority Leader, Senator Abba Moro during a visit of the Senate delegation to the government house over the recent military drone attack on Tudun Biri in Kaduna … yesterday

Amid Controversy, NG Eagle Begins Flight Operations with Leased Aircraft Management: Nothing wrong with using leased aircraft Chinedu Eze A new start up, NG Eagle has been allowed to start flight operations with a leased aircraft, apparently against Nigeria’s Civil Aviation Regulation 2006 as amended, it was learnt yesterday.

The airline conducted a flight by 12 midday on Sunday, December 10, 2023 with Flight No. 2N 903, from Lagos to Abuja.

But a management staff of the airline, Roland Ahmed defended the airline and explained to THISDAY that the airline still has three Boeing 737 NG aircraft registered in Nigeria and handed over to NG Eagle by Super Bravo Limited, which were used for flight demonstration that earned the airline an Air Operator Certificate (AOC).

Ahmed explained that it has ‘Part G’ approval, which allows the airline to use leased aircraft, adding that the existing Boeing 737 NG aircraft are AOG (aircraft on ground) and needed to be maintained before the would fly again.

Ahmed who confirmed that the airline operated its first schedule service on Sunday, December 10, 2023, said: “We are free to use leased aircraft because we carried out demonstration flight with Nigerian

registered aircraft, which are still in our fleet but currently off spec and due for maintenance.

“The two Airbus A320 we leased are in addition to our existing three Boeing B737NG that we used for demonstration. We are using leased aircraft because we already have Part G approval.”

But THISDAY checks revealed that the three Boeing 737NG are no more owned by the airline, according to the decision of the Federal High Sitting in Lagos on March 31, 2023, which ordered that the three aircraft should be returned to Arik Air in the case of Johnson Arumemi Ikhide, Mary Arumemi Ikhide vs Kamil Alaba Omokide and others.

NG Eagle was initially owned

by Asset Management Corporation (AMCON), which was unable to obtain AOC after carrying out demonstration flight with the said Boeing 737 NG aircraft, so AMCON sold the process through a company it registered to take over Arik Air assets, known as Super Bravo Limited.

Under the new buyer, the airline was able to obtain AOC one year after it carried out demonstration flight and when the aircraft were down for maintenance, the airline

leased two Airbus A320 aircraft.

The NCAA in a letter dated December 7, 2023 with reference number, NCAA/DOLT/NGE/ Vol. 1/33523 and addressed to the Accountable Manager, NG Eagle, had approved the leasing of the two Airbus A320.

When contacted to comment on the issues concerning NG Eagle, the acting Director-General of NCAA, Captain Ibrahim Danbazau told THISDAY: “I cannot talk to you because you are a press man. If you can go to the DG…” The DG of NCAA, Captain Musa Nuhu, THISDAY learnt, is out of the country and had handed over to Danbazau who is in acting capacity.

Also, in line with the decision of the court, Femi Falana (SAN) through his Chamber, Falana and Falana wrote a letter to NCAA on October 3, 2023, concerning the order of the court on assets of Arik Air. But THISDAY investigations revealed a new twist, which indicated that the three aforementioned aircraft were initially leased to Aero Contractors

by Super Bravo Limited and the leasing was not vacated before the aircraft were handed over to NG Eagle after it obtained its AOC

under a new company.

A document made available to THISDAY by inside sources from Super Bravo Limited, dated February 7, 2022, stated, “We write in respect of the above-mentioned wherein we propose the lease of the three Boeing 737 NG aircraft belonging to Super Bravo Limited to Aero Contractors of Nigeria Company Limited.

“Please be informed that Super Bravo Limited and NG Eagle Limited had signed a lease agreement in respect of the three Boeing 737 NG aircraft for the purpose of the issuance of the AOC to NG Eagle Limited.

“However, the three 737 NG aircraft have been on ground since February 2021 and no revenue has been generated to the benefit of Super Bravo as NG Eagle is yet to obtain its AOC and commence operation.

“To ameliorate our position, Super Bravo has decided to put the lease arrangement with NG Eagle in abeyance and lease its aircraft to Aero Contractors of Nigeria Company Limited pending the issuance of the NG Eagle’s AOC,” it said.

The aircraft were Boeing 737-800 NG, registration mark, 5N-BXV,

Electricity Supply: FG May Unbundle DISCOs Swap Stakes with States, Says Adelabu Emmanuel Addeh in Abuja The federal government may soon begin the unbundling of electricity Distribution Companies (Discos) to limit their franchise areas to states, instead of the current regional arrangement. This was disclosed

by Minister of Power, Mr Adebayo Adelabu, at the weekend, during a meeting with the governor of Abia State, Dr Alex Otti, in Abuja.

It was widely perceived that many of the Discos did not have the required capacity to effectively manage the unwieldy franchises they were allocated during the privatisation programme in 2013, thereby contributing to Nigeria’s deplorable power supply situation.

On his X handle, Adelabu, who said he shared the federal government’s short, medium, and long-term strategies with

the governor, reiterated his commitment to collaborating closely with state ministries of power/ energy to tackle challenges in the distribution segment, considering its retail nature.

The minister stressed the crucial role of state governments in transforming the power sector, describing it as essential.

He stated, “States’ involvement is essential for improving infrastructure, reducing metering gaps, enforcing bill collection, rural electrification, tackling power theft, and securing right-of-way for transmission lines.

“To enhance states' involvement, we're exploring the idea of unbundling regional Discos into different states for more localised oversight. We're also looking into financial collaboration between federal and state governments.

“This will potentially be involving a swap of stakes in Discos with states’ stakes in the Niger Delta Power Holding Company (NDPHC)."

Adelabu explained that his vision included active collaboration in rural electrification. He encouraged states to establish rural electrification boards in coordination with the Rural Electrification Agency (REA).

“States' support in providing distribution transformers and replacing weak power lines is crucial for maintaining reliable power supplies,” he added.

Adelabu further disclosed that the ministry was hosting the inaugural ministerial retreat for the power sector from December 12 to 14. He said the gathering would be a platform to extensively discuss strategies for revamping

the sector.

He invited Otti to the event, recognising the sector's importance to the economic growth at both national and state levels.

In response, Otti and other dignitaries expressed support for the transformative efforts coming up in the sector. He noted that Abia State’s commitment aligned with the federal ministry’s vision for a robust and efficient power sector. The governor stressed that he looked forward to a productive collaboration to drive positive change in the Nigerian power landscape.

Nigeria, a country of over 200 million people, currently supplies an average of 4,000mw of electricity to its citizens, with majority of the people depending on generating sets to power their homes and offices.

serial number 35638, year of manufacture, 2009; Boeing 737-700, 5N-BXW, 33944, manufactured 2008; Boeing 737-700 and 5N-BXX, 34761.

Until Super Bravo sold the airline process to the company that bought NG Eagle, the lease agreement had subsisted and there was no written document that terminated the leasing deal, THISDAY gathered.

A surprised Aero insider told THISDAY: “A new airline has started flight operations with leased aircraft with foreign registration.

This is the first time where a start-up airline with leased aircraft is put on Part G. “First time an airline conducted a demonstration flight and it was given AOC one year after while operating a leased aircraft that is

not the aircraft type it used for the demonstration flight, which is Airbus 320. See how low we have gone.

“There are some waivers you will do, it will weaken the regulator and this is one of them. It goes to show there is interest in the airline. We know the rigours airlines go through to get their AOC. They carry out rigorous demonstration flight and get their AOC in 90 days if they passed. We hope the minister will look at this. But if he intervenes, it will be taken that he is eroding NCAA autonomy,” the source said.

But when contacted, the Managing Director of Aero Contractors, Captain Ado Sanusi, told THISDAY that he would not comment on the issue.

Otti: It's Time to End Brain Drain with Appropriate Policies Emmanuel Ugwu-Nwogo in Umuahia The Governor of Abia State, Dr. Alex Otti has expressed displeasure at the rate Nigeria is losing its best brains to developed economies, saying that political leaders have a duty to reverse the trend.

He stated this at the weekend at Isiugwu Ohafia during the funeral service of one of Nigeria's foremost chartered accountants, Uke Kalu, who was a founding partner and Executive Director, SKOUP & Company Limited.

The brain drain syndrome, which has now been christened 'japa' syndrome has assumed alarming dimension following the harsh economic realities and the attendant high rate of unemployment.

However, Otti in a release by his Chief Press Secretary, Mr. Kazie Uko, said that with appropriate policies, Nigeria could not only halt the japa phenomenon but also lure back those that had already emigrated.

He said that those at the helm of affairs should make deliberate efforts to ensure that the best brains are retained in service of the nation and not allowed to migrate to other countries in search of greener pastures.

The Abia governor said that on his own part, his administration's policies were geared towards making Abia conducive for people and businesses to thrive.

"When we do all the things we do in Abia, we want to attract our people

that are outside, most importantly the people that are outside the shores of the State.

"We need to get them back, otherwise, we would get to a level where what will be left here will be the trace of the society," he added.

Otti noted that Kalu, who died at 88, was a great Nigerian, who contributed immensely to the development of the society, unlike what is happening today where highly skilled professionals are moving out of the country in droves.

He said: "Today, we are here celebrating him, but as we celebrate him, we need to talk to ourselves.

A lot of good men are going. We are now wondering, the best of the young people, are they here?

"Most of them have left the country.

So, for those who are opportune to lead, we need to deliberately make efforts to attract our best people back".

Otti stressed the need to encourage the younger generation to stay back in the country as well as make deliberate efforts to bring back those that had left.

He described the late chartered accountant as a friend and mentor, who excelled in life and left behind numerous legacies, adding that he was a man of utmost humility, integrity in his service to the society, to the church, to the community.

He stated that the life lived by the deceased corporate chieftain "left challenges for us to copy" as he was "humility personified and integrity personified".

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AUCHI POLYTECHNIC ALUMNI ASSOCIATION EXECUTIVES MEETING...

L-R: Vice Chairman Board of Trustee, Auchi Polytechnic Alumni Association (APAA), Chief Lance Momodu; New President, APAA, Zakeri Salawe; Outgoing President, APAA, Sanni Onogu and Former Secretary, APAA, ENOCK REUBEN Tenitope Ukana, during end of the year/inauguration of new executive members of APAA, Abuja chapter in Abuja at the weekend

CPPE: Frequent Raise in FX for Import Duties Will Hurt Businesses Dike Onwuamaeze

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has stated that frequent increases in the exchange rate for computation of import duty will hurt businesses and aggravate poverty in Nigeria.

Yusuf said yesterday in a press statement that the recent decision by the Central Bank of Nigeria (CBN) to increase the customs exchange rate from N783 to N952/$ would worsen the already prohibitive production and operating costs for businesses in the country.

“It would also inflict more pains on the citizens, erode profit margins, reduce purchasing power and put the survival of businesses at an elevated risk,” he said.

He further said that the frequent changes in the rates was also creating serious issues of uncertainty for investors and making the international trade process increasingly unpredictable.

According to him, the CBN had on June 24, 2023, adjusted the exchange rate from N422.30/$ to N589/$.

On July 6, it was re-adjusted to N770.88/$, and again on November 14, it was re-adjusted to N783.174/$,

and now reviewed to N951.941/$.

He observed that already, businesses were contending with an incredibly difficult operating environment arising from severe macroeconomic headwinds.

He added that the persistent currency depreciation was making access to intermediate products very difficult for manufacturers, while energy cost remains very high and purchasing power is weakening.

He further lamented that investors’ confidence was declining and consumer confidence was on the downward trend.

"This is not a good time for the

CBN to increase the exchange rate for the computation of import duty and the clearing of cargo by importers.

“This review will impact the cost of all imports, including raw materials for manufacturers, pharmaceutical products, machineries, energy products, petroleum products and many more.

“This will make a bad situation worse for investors in the economy.

It will worsen the misery of the citizens amid an excruciating inflationary condition,” he said.

The CPPE also appealed to the CBN and the Coordinating Minister of the Economy, Wale Edun, to

Abbas Distributes Palliatives to 26,619 People in Zaria Adedayo Akinwale in Abuja The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has distributed palliatives to 26,619 people in Zaria Federal Constituency of Kaduna State.

The speaker in a statement issued yesterday by his Special Adviser on Media and Publicity, Musa Krishi, said the second phase of palliatives distribution commenced over the weekend.

Abbas said that this brings the total number of beneficiaries for the speaker's palliatives programme

between September and now to 41,619.

The speaker had in September, while marking his 100 days in office, distributed bags of rice to 15,000 of his constituents, under the phase 1 of his palliatives programme to ease the difficulties caused by the removal of fuel subsidy.

The breakdown of the beneficiaries showed that a total of 2,105 primary school teachers and 1,715 of their counterparts in secondary schools in Zaria Federal Constituency would benefit from the programme.

The speaker noted that 301 village heads within the federal constituency

were among the beneficiaries of the phase 2 of the Speaker's palliatives distribution.

Abbas added that 12,000 persons from groups that comprised Qur'an reciters, merchants, Al-Raihan Du'a Forum, Ina Mafita, Naka Sai Naka, motorcycle mechanics, mobile phone dealers, car wash operators, vulcanizers, forums of football coaches, Okada riders, tricycle operators, Taskira, Arewa Youth, Youth Ambassadors, people living with disabilities, orphans, women groups, among many others, were selected to benefit.

He noted that there were also 8,592

religious leaders such as imams and their deputies as well as Muazzins (those that call to prayers) and their deputies from sects such as Izala, Darika and Salafiya.

The Speaker stressed that a total of 265 persons across 53 churches as well as 200 bishops, officials of the Christian Association of Nigeria (CAN), Sarkin Wusasa, among others, also benefited.

Also, 363 Islamic schools and 238 Qur'anic boarding schools teachers with 200 volunteers from Izala, Darika and Hisba were among the beneficiaries, the statement said.

Antimicrobial Resistance: World Risks Reversal of Progress Made in Public Health, Says WHO Onyebuchi Ezigbo in Abuja World Health Organisation (WHO) has warned that increasing incidence of drug resistance to medicines used in treatment of fungal infections, neglected tropical diseases, such as tuberculosis, HIV and malaria parasites may reverse decades of progress made in key areas of public health globally.

WHO said that this drug resistance also known as Antimicrobial Resistance (AMR) poses a major threat to human health.

It said that as a result of drug resistance, antibiotics and other antimicrobial agents become ineffective and infections become difficult or impossible to treat, thereby increasing the risk of disease spread, severe illness and death.

The apex health organisation said that an estimated five million deaths were associated with bacterial AMR in 2019, including 1.27 million deaths being directly caused by it.

A report by WHO, said that AMR

related deaths is significantly more than the number of deaths caused by tuberculosis, HIV and malaria, thereby making it a leading cause of death around the world.

It said that low- and middle-income countries bear a greater burden of infectious disease and with limited resources will be most adversely affected by AMR. "The burden of AMR is highest in low-resource settings, particularly sub-Saharan Africa and South Asia, which already carries much of the world’s burden of communicable diseases.

This makes AMR not only a global public health problem, but an issue of health equity and socioeconomic development.

"Lower respiratory tract infections, like pneumonia, accounted for more than 1.5 million deaths associated with AMR, making it the most burdensome infectious syndrome in 2019.

"Although antibiotics are a key focus, drug resistance to medicines used in treatment of

fungal infections, neglected tropical diseases, tuberculosis, HIV and malaria parasites is compromising the ability to treat these infectious diseases, and we risk reversing the decades of progress that have been made in these important areas of public health".

While making a presentation at the weekend during a conference organised by Association of Nigeria Health Journalists (ANHEJ) with support from WHO in Akwanga, Nasarawa State, the organisation's Cluster Lead AMR Expert, Dr. Chavan Laxmikant said that a person with a drug-resistant infection is more likely to be sick and in hospital, and absent from work and family commitments, for longer, and require more expensive medicines and medical care compared with someone with an antimicrobial-susceptible infection.

According to him, this has major implications on health-care costs and productivity, both for patients and their caregivers, as well as more

broadly on the health system and national economy.

Laxmikant explained that drugresistant infections often require the use of second- or third-line treatments, which are usually more expensive, not widely available and can cause serious side effects, like organ failure.

"Sometimes these infections no longer have effective treatment options. Modern medicine is dependent on the ability to prevent and treat infections using antibiotics, including during joint replacement surgery, organ transplantation, cancer chemotherapy and the treatment of chronic diseases like asthma and diabetes.

"If antibiotics and other antimicrobials lose their effectiveness, we lose the ability not only to treat infections, but also to manage other public health conditions," he said.

The WHO Lead Expert gave the key drivers of AMR as when bacteria, viruses, fungi and parasites no longer respond to antimicrobial agents.

review the increase.

“Trade policy measures should not be subjected to the full vagaries of the philosophy of market forces.

"The CBN should allow for a concessionary rate for the computation of import duty to protect the economy and the citizens from the reality of unbearable inflationary pressures.

“We propose that going forward, CBN should fix the customs duty rate at 20 per cent less than the official exchange rate in the light of the prevailing harsh economic conditions," Yusuf said.

He argued further that the recent review would make the cost of importation through official channels even more prohibitive and this may result in the following unintended outcomes like greater incentives for smuggling and closure of industries that are dependent on the imported

raw materials.

"Customs revenue may decline as imports through official channels become difficult, which will worsen an already bad inflation situation and bad poverty situation and the welfare conditions of the citizens," he warned.

Other unintended consequences, according to him, are heightened corruption vulnerabilities in the international trade ecosystem and increase in the influx of substandard products, amid high and increasing cost of products.

In the light of the realities, the CPPE recommended that the CBN should review its decision to increase the exchange rate for customs duty computation.

"The frequency of rate reviews should also be reduced to minimise uncertainty and risk for investors," Yusuf said.

Abia Reforms: Otti Canvasses Synergy among Perm Secs, Commissioners, Others Emmanuel Ugwu-Nwogo in Umuahia Governor Alex Otti has said that synergy among Permanent Secretaries and Commissioners was highly needed for the successful outcome of the ongoing reforms in the Abia State civil service.

He made this known while speaking at a two-day executive retreat in Aba, organised for the newly-appointed Permanent Secretaries and their Commissioners.

Both the Secretary to the State Government (SSG), Prof. Kenneth Kalu, the new Head of Service, Dr. Mrs. Ngozi Queen Obioma were also among the participants.

Otti charged the top civil servants to maintain a good working relationship with their respective commissioners and other stakeholders in government in order to birth a virile civil service.

He said that the retreat which ended at the weekend was an opportunity for the participants to sharpen their skills in order to effectively play the roles expected of them in their offices.

The governor reiterated that expectations of Abia people remain very high, hence the need for the Permanent Secretaries to get set for the task ahead.

"The most important thing which is why this retreat became necessary is that you need to get your acts

together and understand how to have a seamless work environment between the Commissioners and other government appointees and your staff in the Ministry," he said.

The Abia chief executive underlined the need for the top civil servants to have a clear idea of their job definition, how to go about it "and relate with others because you cannot do it alone".

"So, if you have not learnt how to relate well with people, it's timely now for you to learn it, and I believe that those that have learnt will also sharpen their skills after going through this two days retreat," he said.

The governor advised the senior civil servants to strive hard and make their jobs smooth by taking from the retreat everything that they require to perform better and add it to the ones they already know.

According to him, "the civil service, like all of you know, in Abia, requires a lot of retooling, retrofitting and reformation," adding that the new Permanent Secretaries were expected to hit the ground running.

"In the next few days after the retreat, I expect you to have settled down in your different ministries and begin the reform process and the reform has to be total."

He stressed the need for putting square pegs in square holes and round pegs in round holes, saying that "it always pays to use the right people for the job".

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As Apex Court Gets Set for Full Complements of 21 Justices...

Following the recommendation of 11 Justices for appointment as Justices of the Supreme Court, Chief Justice of Nigeria, Justice Olukayode Ariwoola, has made history by ensuring that the apex court for the first time has full complements of 21 Justices as required by law, writes Alex Enumah.

Tinubu

W

hen confirmed by the Senate and approved by President Bola Tinubu, the appointment of 11 justices into the bench of the Supreme Court will bring the bench to its full compliment of 21 justices; a feat that have been elusive to the judiciary since inception.

Section 230 (2) (b) of the 1999 constitution (As amended) provides that, “The Supreme Court of Nigeria shall consist of such number of Justices not exceeding 21 as may be prescribed by an Act of the National Assembly.”

However, the last time the bench of the apex court got very close to achieving its full compliment was in 2020, when eight Justices of the appellate court were elevated to join 12 of their brother justices on the bench of the apex court. Unfortunately, the bench since 2021 took a steady nosedive from 20 Justices to its current 10 Justices, a situation the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, described as the lowest in the history of the country’s judiciary.

The depletion was attributed to mandatory retirement and death in the last three years, without a commensurate appointment to fill vacant positions despite the unbearable working conditions at the apex court.

Although, it was not clear where to place the blame for the non appointment of Supreme Court Justices over the last three years but one thing that was obvious was that efforts were made to fill the vacant positions.

Recall that Ariwoola, at the opening of the 2023/2024 new legal year while acknowledging efforts of his predecessor, Justice Tanko Muhammad (rtd) to increase the number vowed to break the jinx at the apex court. “As soon as I assumed office on the June 27, 2022, I immediately got down to work on this urgent and immediate need in particular. Though we have not gotten them on board yet, I can convincingly assure the litigant public that within a very short while, the Supreme Court of Nigeria will, for the very first time in its history, get the constitutionally-prescribed full complement of 21 Justices”, Ariwoola had said.

“That is one of the legacies I have been working assiduously to leave behind as it now seems that the Court has been somewhat ‘jinxed’ from meeting its constitutional requirement since that piece of legislation was enacted several years ago”, he had added.

The issue of appointment to fill vacant positions at the apex court has been in the front burner of national discourse for a long while, owing to the litigious nature of most Nigerians and also the fact that year 2023 was an election year character-

Akpabio ized by political suits with their timelines. By nature of Nigerian politicians who must have their way at all costs, courts from the high court up to the Supreme Court for nearly two years are seized by political matters to the detriment of other cases. These cases dated back to 2022 when political parties started conducting their primaries and runs up till early 2024, when the last batch of the 2023 election petition cases would be decided by the apex court.

Besides, there is the off cycle election in Bayelsa, Imo and Kogi States which will take six months of judicial time at the tribunal and two months each at the Court of Appeal and Supreme Court in 2024.

Be that as it may, the appointment no doubt is a huge relief for the CJN and nine of his brother justices who hitherto had been saddled with the herculean task of providing justice for the over 200 million Nigerians.

While the current 10 Justices at the apex court are CJN Ariwoola, Kudirat Kekere-Ekun, John Okoro, Uwani Abba Aji, Garba Mohammed, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Abubakar Tijjani and Emmanuel Agim, the new Justices subject to their confirmation by the Senate and approval of President Tinubu include Justice Haruna Tsammani, Justice Jummai Sankey, Justice Chidiebere Nwaoma Uwa, Justice Chioma Egondu Nwosu-Iheme, Justice Moore Aseimo A. Adumein,

Ariwoola Justice Obande Festus Ogbuinya and Justice Stephen Jonah Adah.

Others are Justice Habeeb Adewale O. Abiru, Justice Jamilu Yammama Tukur, Justice Abubakar Sadiq Umar and Justice Mohammed Baba Idris.

Besides the issue of reducing the burdens on the apex court bench, the new appointment has also addressed the issue of balance raised by Justice Musa Dattijo Muhammad, at his retirement recently. Recall that the former number two justice on the bench of the Supreme Court had accused Ariwoola of deliberately refusing to appoint justices from some geopolitical zones for political reasons.

According to the retired jurist, the absence of such zones in the presidential election appeal was dangerous for the country’s democracy.

It was his position that in pursuit of justice and transparency in presidential appeals from the lower court, all geopolitical zones are required to participate in the hearing.

“It is therefore dangerous for democracy and equity for two entire regions to be left out in the decisions that will affect the generality of Nigerians. This is not what our laws envisaged”.

Recall that the apex court sometime ago delivered its verdict in two separate appeals filed by Atiku Abubakar of the People’s Democratic Party (PDP) and Mr Peter Obi of the Labour Party (LP). The seven-man panel of the apex court led by Justice John Inyang Okoro had dismissed the two appeals on grounds that they lacked merit.

According to the apex court, the appellants did not present convincing and credible evidence before the apex court so as to enable the apex court set aside the judgment of the presidential election tribunal, which

The issue of appointment to fill vacant positions at the apex court has been in the front burner of national discourse for a long while, owing to the litigious nature of most Nigerians and also the fact that year 2023 was an election year characterized by political suits with their timelines. By nature of Nigerian politicians who must have their way at all costs, courts from the high court up to the Supreme Court for nearly two years are seized by political matters to the detriment of other cases. These cases dated back to 2022 when political parties started conducting their primaries and runs up till early 2024, when the last batch of the 2023 election petition cases would be decided by the apex court.

had on September 6, upheld the declaration of Asiwaju Bola Tinubu as winner of the February 25, presidential election.

It would be noted that while Tinubu is from the South-west geopolitical zone of the country; Atiku and Obi who came second and third respectively are from the Northeast and South-east geopolitical zones of the country.

Speaking further, Muhammad noted that with the passing away of Justice Chima Centus Nweze on July 29, 2023, “the South East no longer has any presence at the Supreme Court” adding that neither has there been any appointment to fill the vacuum created by the death of Justice Sylvester Ngwuta, on July 7, 2021. While observing that no one had expected the sudden death of late Justice Nweze, the newly retired justice lamented that, “it has been two years and seven months since the previous justice from the South East died and no appointment was made”.

Besides the South East, Muhammad also stated that with his retirement, the North Central will also now suffer the same fate as that of the South East, since no replacement was made for the region two years ago following the retirement of Justice Ejembi Eko and Justice Sidi Bage, some years ago.

“Also, it was clear ab-initio that I will be leaving the court this day on attaining the statutory age of 70. It is then not in doubt that there has been sufficient time for suitable replacements to have been appointed. This is yet to occur”, he said.

While observing that as at today, only four geopolitical zones - the South-west, South-south, North-west and North-east are represented in the Supreme Court with the Southwest and Northwest fully represented, he queried why appropriate steps have not been timeously taken to fill outstanding vacancies in the apex court.

“It is evident that the decision not to fill the vacancies in the court is deliberate. It is all about the absolute powers vested in the office of the Chief Justice of Nigeria and the responsible exercise of same”, he said.

However, all that would be in the past now as all six geopolitical zones are fully represented in the apex court. Recall that 22 names were initially shortlisted for elevation from the Court of Appeal to the Supreme Court in order of priority and reserve. The regional distribution of nominees revealed that, the North-Central region has six, while the South-West and South-South regions has two each. The South-East and North-East regions both have six and two nominees, respectively.

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

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T H I S D AY ˾ DAY ͯ​ͯ˜ 2023

FEATURES

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

FHA: Setting the Records Straight over FESTAC Demolition To counter allegations by concerned stakeholders over the demolition exercise in FESTAC Town Phase 11, the Federal Housing Authority, who posited that these narratives have been tailored towards falsehood with the intention to create mischief of ethnic dimension, said they followed due diligence including an initial compromise that the house owners reneged on. Chiemelie Ezeobi reports

W

hen the Federal Housing Authority (FHA) moved to sight on November 26, 2023, after marking over 677 houses and 744 others for total and partial demolition, respectively, nothing could have prepared it for the umbrage the exercise would attract. From allegations of politics revenge to ethnic cleansing and even kickbacks, the FHA received severe backlash from the owners of the affected houses and even some Nigerians.

But the FHA was determined to demolish the multimillion naira houses for several building contraventions, such as false or incomplete documentation, or inappropriate location of the building.

Clarifying Ethnic Colouration Reacting to the umbrage the demolition caused, the FHA at different fora, while clarifying their stance, also bemoaned the ethnic colouration that has tainted the entire exercise.

According to FHA Management, having monitored the various statements over the recent demolition of illegal houses in Festac Town Lagos, "these narratives have been tailored towards falsehood with the intention to create mischief of ethnic dimension. Management wishes to put the records straight and correct the erroneous impression of ethnic targeting being peddled by mischief makers, especially those who are serial land grabbers".

Approved Design for Phase 11 Buttressing their point, the authority said after the development of the first phase of FESTAC Town, FHA designed the second phase with a standard layout for development. However, due to litigation that arose with some families and subsequent court orders, the development was delayed.

Unfortunately, they lamented that the situation was capitalised on by some persons, who started selling parts of the land to individuals. However, on noticing this, they said they quickly placed caveats; warning members of the public not to patronise such illegal transactions. The caveat specifically advised the public to visit FHA offices for legal searches before transacting any business with respect to the land.

"However, the result of those unscrupulous land transactions was the springing up of many illegal developments, built without approvals and against the Master plan. Houses were built at the center of major roads, very close to the canal with no proper set backs, and very close to Oil pipelines. The area was rapidly developing into a modern slum."

Stiff Rebuff of Initial Attempt According to its account, the initial attempt by the Authority to rectify the anomaly was met with stiff resistance.

"The Authority’s attempt at checking this was met with heavy resistance. Armed thugs molested and beat up staff on Development Control duties, and in many instances, beaten near to the point of death".

In 2018, the Authority said they sought the collaboration of the Lagos State government to provide security and enable staff to enter the site on official duties, adding that even though the team started serving Stop Work orders and eviction notices in 2019, it was not until 2021 that they decided to embark on the demolition of "these illegal and substandard structures that had rapidly sprang up in total disregard to the existing layout, and in defiance of the numerous Stop Work orders that were issued by the Authority".

Dangers Posed by Illegal Structures Noting that the immediate decision to embark on the demolition was because of the dangers such illegal structures pose, the Authority said such substandard buildings under construction in the encroached areas were on swampy land, with large chances of collapse due to soil type and behavior, and therefore require both professional approvals and supervision.

They further noted that some of the structures

One of the demolished structures were at the center of major roads because they were built outside the Master Plan.

Also, "the buildings never had approvals and were not supervised by approved professionals as provided by law, such that FHA cannot vouch for their structural integrity.

"Other structures were on road setbacks, drains and other infrastructure. Houses were built below the level of the roads and prone to collapse because of soil settings".

Initial Compromise However, after several appeals from some of the affected persons, who accepted to have illegally built on government land, the Authority said they had initially decided to reconsider the exercise.

This was at a stakeholders meeting in FESTAC Town Lagos in January, 2022, where the FHA decided to reconsider the demolition exercise, and try to salvage as many buildings as possible, without compromising standards.

However, these on based on the following terms that all developments along the roads must be demolished; all buildings close to the canal, and pipelines must go; that every building not certified

by FHA officials must undergo integrity test; and that all forms of developments must stop.

They said contravention notices and conditions for regularisation were served on affected buildings which would lead to the FHA carrying out a VRR exercise: Verification and Regularisation exercise, and where necessary Recovery.

Noting that they immediately started the implementation of the exercise as agreed by carrying out an aerial survey to ascertain the level of distortion and subsequent redesign of the area, which led to the commencement of verification and Regularisation exercise.

Broken Agreement The FHA said it observed that the despite the agreement, new houses continued to spring up.

"Under these circumstances, Management cannot standby and watch this phase of Festac willfully being distorted".

Thus, the FHA said the reneging of the agreement was what led to the demolition notices served on September 2023, which led to the current exercise.

"Management wants to state here that there are many buildings that are standing in this area.

There are also hundreds of buildings that are undergoing regularisation.

Federal Housing Authority would not wait until a building collapses in this area before reacting.

Our proactive action which predates now is to save impending danger that looms around this area of Festac."

Martinson Realtors Investment Limited, Taoheed Amusa and R. Balogun, seeking a pre-emptive order of injunction against FHA and LSBCA. In the pre-emptive order of injunction, the court restrained the first defendant/respondent whether acting by itself or through its agents, privies, assigns or any special task force, para-military officers or otherwise, howsoever, described from demolishing and/or removing any building or property erected in 6th Avenue Festac Town or any other part of Festac Town in alleged enforcement of ‘Town Planning Laws’ pending the applicant’s compliance with the Lagos State High Court Practice Directions No. 2 of 2019 on Pre-action Protocol.

The order was a sequel to the motion exparte by the claimants, who adduced 10 grounds upon which they sought the order

Demolition Exercise In an earlier report by THISDAY’s Sunday Ehigiator, who visited the demolition site, emotions ran high as the building owners wailed at the sight of the sight of their investments crumbling down while tenants, whose rents weren't due, bemoaned their fate.

He however reported that the notices on many of the demolished buildings indicated that pronotices were given long before the caterpillars were brought in to pull the structures down, adding that some of the notices dated back to November 2022 (FHA/AR/34 23.11.2022), while some of the most recent notices date back to August 25 and September 22, 2023.

"Some were only asked to ‘Remove upper floor’ which somehow correlated with the FHA’s claim of wanting to reclaim some of the properties and restore order to the estate," he reported.

Current Truce With the hullabaloo surrounding the demolition, which soon reached dangerous crescendo, attempts were made to douse the raging tension.

Just last week, the Chairman Senate Committee on Diaspora and NGOs, who is also Vice Chairman, Senate Committee on Land, Housing and Urban Development, Senator Dr Victor Umeh recently led the owners of houses in Abule-Ado area of Festac, Lagos State to FHA Headquarters in Abuja where they met with the Managing Director, Senator Gbenga Ashafa and the General Manager, Zonal Coordination of FHA, Barrister Hajara Kadiri, in a bid to permanently resolve all the issues that led to the demolition of houses in Abule-Ado and to forestall further occurrence.

Emerging from the closed door meeting, the group led by its Chairman, Chief Henry Arinzechi, while expressing satisfaction with the resolutions reached in the meeting said the matter has been brought to favourable conclusion.

Commending Senator Victor Umeh for his commitment in ensuring a cease fire of demolitions, he also thanked Senator Ashafa for yielding to the pleas and consequently, calling off the demolition exercise.

In another meeting with Chairman of Senate Committee on Land, Housing and Urban Development, Senator Aminu Tambuwal, also facilitated by Senator Umeh, the association's chairman further disassociated the Kings Royal Estate from any legal suit challenging the F.H.A for the removal of structures built on the “right of way and waterways.”

Stressing that though the executioners overstepped the perimeters earlier stipulated, he said with the intervention of distinguished Senators Tambuwal and Umeh, the FHA has shown commitment to bring the matter to a logical and favorable conclusion.

Restraining Court Order As expected, the owners rushed to the courts and prayed the Lagos State High Court, sitting in Ikeja, on November 29, 2023 to restrain the FHA and Lagos State Building Control Agency (LASBCA), from further demolition.

The trial judge, Justice Omolade Awope, granted the order, following the suit by Samuel Ahmed,

The buildings never had approvals and were not supervised by approved professionals as provided by law, such that FHA cannot vouch for their structural integrity. Other structures were on road setbacks, drains and other infrastructure.

Houses were built below the level of the roads and prone to collapse because of soil settings

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MONDAY DECEMBER 11, 2023 • T H I S D AY

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20I S D AY

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MONDAY DECEMBER 11, 2023 TR

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& RE A S O

Monday December 11, 2023 Vol 27. No 10468

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opinion@thisdaylive.com

www.thisdaylive.com

SEC’S CAPACITY BUILDING FOR FINANCIAL PRESS

The curriculum for training financial journalists should be reviewed to include new developments in the market, argues SOLA ONI

See page 25

EXPATRIATES’ CONTRIBUTIONS TO NIGERIA’S ECONOMY

SUFUYAN OJEIFO argues that the country can earn more revenue from expatriates to boost the economy

See page 25 EDITORIAL

THE BANE OF OIL AND GAS ECONOMY

26

With all its shortcomings, the influence of the Declaration has been seminal, contends CHIDI ANSELM ODINKALU

75 YEARS OF THE UNIVERSAL DECLARATION OF HUMAN RIGHTS

Seventy years ago, precisely on December 10, 1948, the General Assembly of the United Nations adopted the Universal Declaration of Human Rights “as a common standard of achievement for all peoples and all nations.” Forty eight of the 58 countries eligible voted to approve the Declaration.

The Byelorussian Soviet Socialist Republic, Czechoslovakia, Poland, Saudi Arabia, Soviet Union, South Africa, Ukraine, and Yugoslavia abstained, while Honduras and Yemen absented themselves from the vote altogether. There were no votes against its adoption.

The previous day, on 9 December 1948, they had adopted the Convention on the Prevention and Punishment of the Crime of Genocide and just three and a half years earlier, in June 1945, 50 countries had signed the Charter of the United Nations establishing the foundations for a new global order at the end of a profoundly ruinous war. In the three years separating the adoption of the UN Charter from the Universal Declaration, more countries emerged to independence, including Korea, India, Indonesia, Philippines, Myanmar, Pakistan, Syria, and Vietnam. In the decade that followed, the cascade of decolonization arrived Africa.

7ZR VLJQLÀFDQW HYHQWV LQ 0D\ preceded the adoption of the Universal Declaration. In Bogota, Colombia, the countries of the Organization of American States (OAS) proclaimed the American Declaration on the Rights and Duties of Man, according human rights salience on a regional scale that had until then been absent.

In the same month, the National Party eked out a win in South Africa’s parliamentary elections, enabling them to take over power and launch a government founded on the idea of the inherent supremacy of one race over all others, which many around the world thought had been defeated with the Nazis in 1945. It was entirely consistent that a country led by such a party could not bring itself to vote for the Universal Declaration.

Like the Genocide Convention, the Universal Declaration was inspired by Nazi atrocities which, in the explicit language of the text “outraged the conscience of the world.” It would have been preferable if that conscience could also have been bothered to notice the preceding atrocities of colonialism and slavery or the genocides at the beginning of the 20th century, including those perpetrated by Germany against the Herero and Namaqua of present day Namibia; King Leopold’s genocide in the Congo; and the Ottoman genocide against the Armenians. Those went un-noticed largely because the victims were – in the dominant wisdom of the day - from expendable races.

Much of what the Declaration promised was aspirational then. Around the world, discrimination was the order of the day.

Many of the leading countries at the adoption of the Declaration, notably France, Portugal, Spain and the United Kingdom, were still reluctant to give up their colonies.

They could not be taken seriously when they promised not to discriminate because colonialism was founded on an inherent inferiority of colonized peoples. This inequality was racist. A mere quarter of a century earlier, these nations had described colonies in the Covenant of the League of Nations as “inhabited by peoples not yet able to stand by themselves under the strenuous conditions of the modern world.”

Despite the adoption of the Slavery Convention in 1926, slavery was also still alive at the time. Therefore, simple as it was, the proposition that “all human beings are born free and equal in dignity and rights” was quite radical in 1948. The RULJLQDO GUDIW KDG FRQÀQHG WKDW HQWLWOHPHQW only to men. Hansa Mehta, the feminist educator and writer who was India’s ÀUVW UHSUHVHQWDWLYH WR WKH 8QLWHG 1DWLRQV Human Rights Commission, ensured that WKH ÀQDO ODQJXDJH RI WKH 'HFODUDWLRQ DSSOLHG to everyone, not just men. Her imprint on WKH ÀQDO WH[W VKRZHG WKDW GHFRORQL]DWLRQ ZRXOG SURIRXQGO\ DͿHFW WKH PDQQHUV DQG meanings of international law and relations.

Four days after its adoption, the Guardian in London editorialized that the Declaration “is no smug statement of the Western way of life”, calling it “a bold step for the world to take when there is no government in existence which can guarantee, even to its more favourite citizens, all the rights laid GRZQ µ 2Q WKH ÀUVW SURSRVDO WKH QHZVSDSHU was far from accurate; on the second, its insight proved far more durable.

With respect to the former, Kathryn Sikkink recalls that it was the Chilean jurist DQG GLSORPDW ÉOHMDQGUR $OYDUH] ZKR ÀUVW proposed the idea of the “international rights of the individual” to the American Institute of International Law in 1917, which eventually evolved into the UDHR. The caricature of the Universal Declaration as

some kind of donation by the West to the rest is, therefore, easily shown to be unfounded.

As to the latter, its evident shortcomings QRWZLWKVWDQGLQJ WKH LQÁXHQFH RI WKH Declaration has been seminal. Many of the ideas originally formulated as aspirations in the Declaration have been transformed into binding law domestically and internationally. All the current 193 member VWDWHV RI WKH 8QLWHG 1DWLRQV SURIHVV ÀGHOLW\ to it with varying degrees of conviction and many have it enshrined by reference in their national constitutions. Its claims to being universal, somewhat ostentatious 75 years ago, are closer to reality today.

The Declaration has inspired a complex of international treaties and mechanisms at global and regional levels patented for the protection of human rights. Courts of human rights exist in Africa, the Americas, and Europe. The 22 countries of the Arab League now have in place an agreement to create one. An active community of advocates around the world toils to ensure that the guarantees inspired by the Universal Declaration continue to prosper.

It has spawned a grammar appealing to GLSORPDF\ JRYHUQPHQW DW GLͿHUHQW OHYHOV and even to security and intelligence agencies as they seek to communicate or justify their actions.

At the landmark of the 75th anniversary of the Universal Declaration of Human Rights, the evidence of progress is unmistakable, but so are the challenges. The rise of populist authoritarianism increasingly endangers the promise of the Declaration and those who work to defend or realise that promise as well as the integrity of institutions for its implementation nationally and internationally. In Europe, the United Kingdom is increasingly voluble with its sovereign skepticism about the European Convention on Human Rights. In many parts of the world, violent non-state actors such as insurgents, terror groups, or networks of organized crime now endanger the mission of the Universal Declaration.

In a world of permanent crises, the political and diplomatic investments needed to advance human rights are increasingly in doubt, nowhere more so than in the West, as countries as well as multilateral institutions direct their attentions to a succession of pressing crises or foster the idea that the advancement of a more equal world in IUHHGRP DQG ULJKWV FDQ VXͿHU GHIHUUDO to a convenient future time. Appealing as this may seem, it is evident on closer examination that nearly all of these crises are either caused by or the causes of deepening inequality.

A lawyer and a teacher, Odinkalu can be reached at chidi.odinkalu@tufts.edu

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MONDAY DECEMBER 11, 2023

The curriculum for training financial journalists should be reviewed to include new developments in the market, argues SOLA ONI

SEC’S CAPACITY BUILDING FOR FINANCIAL PRESS I was privileged to be one of the discussants during a session at the annual Conference of Chartered Institute of Stockbrokers (CIS), held in Abeokuta last month, apart from serving as a Rapporteur as usual. The session was created to enable some of us that crossed the carpet from different backgrounds, ranging from Law to Journalism to discuss what motivated us to become stockbrokers and how the profession has enhanced our career path. As a parting question, the moderator, Dr Mohammed Momoh, asked each of us what should be done to improve the training of stockbrokers . My response was totally different. I seized the opportunity to appeal to the market regulators and operators to do a lot more in the training of financial journalists.

These are the media professionals that report

the activities in the capital market. Their stories and analysis can make or mar the market. At the basic level, the government, market regulators, operators, investors and analysts consume media reports for sundry reasons.

From the perspective of the constitution , the press is the watchdog of the society . They are to hold those in offices accountable through professional reportage of their activities. The press informs, educates and entertains. But the myth about this great profession is that a journalist does not need to be a specialist in finance and investment to report and analyze the capital market. He does not require a strong background in medicine to report the healthcare and the same applies to other sectors. This is why journalism is called an eclectic profession just as lawyers call theirs sui generis. This means they possess a broadbased knowledge. Journalists are not magicians and they need not have extra-sensory perception . All they do is to gather information from authentic sources, speak to experts and be very careful not to be misled by pseudo-experts or those who want to exploit inadequate knowledge of a journalist about a subject and exploit this for selfish interest.

Journalists play vital roles in every society. They set agenda on any issue and determine which one deserves prominence at any point in time. Every media organization has operational philosophy and editorial policy. This manifests in the way they treat news, including their styles. Some media houses appeal to reason while some appeal to emotions.

For instance , two journalists may have the same information about a company that has just laid off 30 percent of its staff. While the first Media house casts a headline : Company X downsizes 30 percent Staff, the other one may use a screaming headline: Earthquake claims 30 percent Staff in Company X. The two captions are correct but one is sensational.

Credibility is the hallmark of a responsible media and this imposes on every journalist the need to ensure accuracy of facts and sanctity of balanced reports by talking to all the parties.

A serious journalist is a researcher and must be on top of any story he undertakes to publish or air. The popular saying in the newsroom is that bad news is good news. But there is development journalism and what we call self-censorship when the media considers the far-reaching damages that a story can cause an organization, government or society and either moderates it or kills the story on its own.

Of all the desks in the media houses, the most challenging is arguably that of finance, particularly the capital market. Stories from the capital market are not that of bread and butter. A capital market correspondent must keep tab on all the sectors in the economy as companies are quoted across the sectors. While an Insurance Reporter is primarily concerned with the Insurance Sector, his colleague in the capital market on the other hand must know what drives the share prices of insurance companies on a securities exchange and how government policies affect the sector among others.

He must monitor the performance of each quoted company, the company’s compliance with the Post Listing Requirements of a securities market and investors’ perception of the company. New products are introduced into the market daily and technology is fast shaping all the market activities . The financial press must be on top of this. Are there regulatory lapses? What about infractions by market operators? What are the pain points of investors? How does boardroom intrigues affect the fortunes of shareholders in a quoted company?

How many times have you woke up to see some screaming headlines such as:” Investors lose N100 billion in Three Trading Days” and similar captions in the newspaper or electronic media almost daily?

Whether the caption is right or wrong is not an issue for debate. It is a question of news judgment which lawyers call legal opinion. The same story could have been captioned: “Bears rule Trading, depresses Share Prices”. Another reporter could peg it from the angle that many investors are taking advantage of share glut to increase their portfolio. Some reporters could dig into the profile of the buyers and sellers to know their motives. An effective reporter should know that there cannot be transaction without buyers and sellers and the intersect of demand and supply leads to price discovery. In basic economics, a rational buyer buys low, a rational seller sells high. The critical issue is the depth of the knowledge of those who report the market. They need to be exposed to some basic knowledge of the market dynamics to enable them ask the right questions and be more rational in their news judgment. They should appreciate the nexus between the economy and the stock market as the latter is a barometer that gauges the former. If there is a misalignment, reporters should ask questions. The quality of stories they push to the public impact investor confidence and market integrity. It is like a crime to tell a journalist how to write his story but the way to manage them is to provide accurate information and explanation.

Every Editor wants what is regarded as a strong copy. But such copies do not have to be sensational or negative at all times. Sensational stories on the market can cause reputational damage for the regulators and operators and cast aspersions on market integrity. This is where training of capital market correspondents should be accorded priority. It is a popular saying that you cannot give what you do not have.

Oni, an integrated communications strategist, chartered stockbroker and commodity trader, is the Chief Executive Officer, Sofunix Investment and Communications

SUFUYAN OJEIFO argues that the country can earn more revenue from expatriates to boost the economy

EXPATRIATES’ CONTRIBUTIONS TO NIGERIA’S ECONOMY Systems and societies are regularly compelled to review policies in light of changing realities.

The review readies the system for the times ahead and puts them on a better ground for advancement. It is the reason systems have crops of leadership, expected to be knowledgeable enough to think out of the box, in the interest RI QDYLJDWLQJ GL΀FXOW WLPHV (YHQ ZKHQ WKH leaders are necessarily political and do not have the requisite expertise, the onus is often on them to consult the experts for policy modelling for the good of the people.

This practice permeates the dimensions of the sectors, including politics, economics, education, health, and much else. It is a continuing one, often dictated by exigencies, and it is in this light that we can situate the skills. Companies should now be inclined government’s new thinking around expanding to employ skilled Nigerians rather than its revenue net by bracketing expatriates, more bringing them in from abroad. into it, than they are presently doing. Recent Largely, the policy should improve reports have said the government is planning SULYDWH VHFWRU SURÀWDELOLW\ DQG DGGUHVV to broaden the contribution of expatriates LQÁDWLRQ LQFUHDVH ODERXU SURÀWDELOLW\ to the nation’s income net, beyond the entry impact employment and nationalism, requirement and their regular obligation like and boost earnings from non-oil sources. the average citizen. The arguments, thus far, It should also ease the commencement of have been robust. businesses, fast-track regulatory permits, One is that it is a practice that is obtainable enhance the availability of credits, protect in countries like Japan, Slovenia, Belgium, investments, and eventually provide Portugal, Finland, Sweden, Ireland, France, the ground for adequate infrastructure, Spain, Portugal, Belgium, and Zimbabwe. If including electricity, roads, ports, ICT, rail these countries are doing it to shore up their and the import and export process. revenue bases, why not Nigeria? Second is Reports have also said about $2 billion that Nigeria needs to raise enough money, in annual income, a gross reduction in even continuously, to meet its infrastructure unemployment and unemployment needs in the next 30 years. With declining and ÀJXUHV ORZHULQJ RI WKH TXHVW IRU IRUHLJQ unpredictable revenue from oil, new thinking H[FKDQJH DUH DPRQJ RWKHU NH\ EHQHÀWV RI on revenue generation has to be ramped up.

WKH LQLWLDWLYH 5HJDUGHG DV DQ HͿRUW GHVLJQHG 7KLUG LV WKH QHHG WR FUHDWH D OHYHO SOD\ ÀHOG to increase the employment of Nigerian for skilled Nigerian workers. The expectation citizens, especially because expatriates are for welcoming expatriates is that they are to not required for low-hanging jobs which populate areas where local expertise is absent. can easily be replaced by Nigerians, the But reports have it that many of them fail to plans should envelope workers in the leave, even after honing the skills of locals, construction, supermarkets, restaurants, more because the nation has been sleeping and retail businesses because we have more on its rights. With the new plan, expatriates than enough citizens who can handle the are likely to be more mindful of their exit VHFWRUV DV H[HPSOLÀHG LQ WKH H[FHOOHQFH RI times, and then preparing the ground for local the Banking sector, where expatriates are occupation of positions they will be vacating. hardly involved.

The increasing problem of unemployment and It is trite to say there are skilled Nigerians underemployment is likely to be lessened as a who do similar jobs given related skills but result. Fourth is that while the government is are not regarded as expatriates. The policy WKLQNLQJ RI GLYHUVLÀFDWLRQ WKURXJK DJULFXOWXUH would likely put these sets of Nigerians steel development, mining, manufacturing, RQ D OHYHO SOD\ ÀHOG ZLWK WKH H[SDWULDWHV production, and others, it should also begin to some extent. Multiple sources have also to imagine other quick wins, happening in cited valued examples saying if a Nigerian the short term, like harnessing the untapped company goes to China and India and resources in which they are entitled to from the sets up a plant, it may have a handful nation’s over 200,000 expatriates population. of expatriates at the management level, And what is more? The plan, it has been ZKLOH WKH UHPDLQGHU ZLOO DOVR EH ORFDO VWDͿ said, has nothing to do with ease of doing members. This is not the same case in business. The government is rightly concerned Nigeria, where expatriates are more at the about attracting foreign investments, especially top and fewer at the bottom. It is time to portfolio investments, to boost its liquidity. It is reverse the narrative for Nigerians. also encouraging Foreign Direct Investments With the plan, there will be a reduction [FDIs]. The policy is likely to enhance these of expatriates resulting in lowered demand by making the working conditions for all to be for scarce foreign exchange, especially from better regulated, making foreign workers much the parallel market, ultimately dropping PRUH FRQÀGHQW DERXW WKHLU HQWU\ DQG H[LW WLPHV pressure on the currency. Besides the above, their obligations and commitments and much all the technology start-ups in Nigeria more determined to be compliant. are also 99% Nigerian entrepreneurs’, ,W UHSRUWHGO\ KDV QRWKLQJ WR GR ZLWK (DVH RI harnessing skill sets, and knowledge that 'RLQJ %XVLQHVV (R' EHFDXVH WKH SULPDU\ are always available. So there is no sector idea is to create an additional source of which cannot achieve this. revenue, which is rather helpful to achieve the Ojeifo, REMHFWLYH EHKLQG (R' ,W VKRXOG DOVR UHJXODWH Publisher of THE CONCLAVE [online the situation where many companies import newspaper], can be reached via ojwonderngr@ workers, whereas Nigerians otherwise have the yahoo.com

22

T H I S D AY

MONDAY DECEMBER 11, 2023

EDITORIAL

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

THE BANE OF OIL AND GAS ECONOMY The nation must look beyond oil by diversifying the economy

D

espite all his promises, there is still no indication that President Bola 7LQXEX LV PDNLQJ HͿRUWV WR UHGLUHFW the economy of the country from the extractive industries. Yet, apart from the few people involved in the oil and gas sector, which is about the only industry that still thrives in Nigeria despite its own challenges, many other industries that provide sources of livelihood are in comatose. In fact, many of the foreign-owned manufacturing industries are currently divesting from Nigeria because of the operating environment.

Meanwhile, at the end of every month, oil proceeds are distributed to the states and local governments to be spent. This cheap money has tended to retard other productive activities in the country such that the need for economic GLYHUVLÀFDWLRQ LV RQO\ remembered in times like this when revenue available for distribution to the three tiers of government is dwindling.

Unfortunately, even in these moments, there is no real commitment to the much-talked-about agriculture sector which nonetheless still contributes the bulk of the Gross Domestic Product (GDP) in the country today.

We are particularly worried that Nigeria continues to neglect cash crops like cocoa, oil palm and groundnuts, which for years constituted the mainstay of the country’s economy. In the early 1960s, Nigeria’s palm oil production accounted for 43 per cent of the world production, but today it accounts for less than seven per cent of global output, with most of the production coming from dispersed smallholders.

0HDQZKLOH 0DOD\VLD ZKLFK VRXUFHG LWV ÀUVW RLO palm seed from Nigeria, is the world’s second largest producer.

The case of cocoa is lamentable because Nigeria XVHG WR UDQN DPRQJ WKH ÀUVW ÀYH ODUJHVW SURGXFHUV before the neglect. Nigeria’s coca production which peaked at around 400,000 tonnes a year in the 1970s QRZ DFFRXQWV IRU IDU OHVV 7KLV LV GHVSLWH WKH EHVW HͿRUWV

of the National Cocoa Development Committee 1&'& WR UHKDELOLWDWH ROG ÀUPV VXSSO\ KHDYLO\ subsidised agro-chemicals, start new plantations or replant aged ones with high-yield trees, and promote the local consumption of cocoa-based products to boost prices.

Also, the famous groundnut pyramids, which hallmarked the groundnut boom in the 1970s started disappearing with the discovery of oil. Not even the establishment of the African Groundnut Council under the aegis of the African Union to promote the production, consumption and exportation of groundnut oil in six countries of Africa including Nigeria, has helped matters. Like the case of oil palm, groundnut production is done today mostly by small holders. Worse, the largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports most of its food products. Even with all the arable lands, Nigeria is now a nation that cannot feed its people.

Because of this neglect, the economy is sadly overdependent on the oil sector, which provides less than 25 per cent of GDP, despite accounting for more than 80 per cent of foreign exchange earnings, and about 65 per cent of government revenues. Oil has also created a culture of fast money through government patronage and corruption. The farms are no longer attractive to the able-bodied youths of the country, who stream daily to the political capitals of the nation – federal, states, local councils – for this cheap money.

We believe that there are still very many opportunities for the country to diversify its economy. As we have said repeatedly on this page, overdependence on oil revenue is risky, unsustainable and even unwise. That of course is why the national economy remains so fragile. We therefore urge President Tinubu to work towards diversifying the economy from oil to others sectors capable of putting millions of our young people to work.

The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports most of its food products T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS TUDUN BIRI BOMBING: ONE TRAGEDY TOO MANY On December 3rd, the people of Tudun Biri community of Igabi local government, Kaduna State, witnessed one of the worst tragedies in their lives. They were celebrating Maulud when a military drone going after bandits dropped bombs and killed over 100 innocent people. When the unfortunate incident happened, the Nigeria’s Air Force (NAF), was accused of the dastardly operation which it denied. The Nigeria’s military later admitted responsible for what it described as accidental bombing. The killing of hundred innocent people was greeted with condemnations from all. Since the terrible bombing, there have been FDOOV IURP GLͿHUHQW SDUWV RI WKH FRXQWU\ IRU SURSHU LQvestigation. Nigeria’s military, until it was dragged into counter-terrorism war, had remained in barracks and defended our territorial boundaries whenever the need arises. Besides, it also carried out other international assignments with utmost professionalism. The emergence of Boko Haram insurgency in 2009 and

the threat it posed to the country, the military was deployed to crush the insurgents and provide internal security.

The Nigeria’s army is not only waging war against Boko Haram insurgents, but also tackling the menace of banditry in the north-west and unknown gunmen in South-East. However, there are problems. The military is being blamed for human rights violation in the course of carrying out their assignments. They intimidate, maim and sometimes kill innocent people. Evidences abound. In 2017, Nigeria’s Air force bombed Internally Displaced Persons (IDPs) camp in Rann, Borno State.

The same Air force killed some Fulani herdsmen in Doma, Nasarawa State, who went to reclaim their cows seized by security guards in Benue State. Sadly, LW WRRN 1$) ÀYH PRQWKV WR H[SODLQ WKDW WKH ERPEHG victims were bandits. One can continue to count more atrocities committed against defenseless Nigerians by

the military since it began the counter-terrorism war.

No wonder, when the Tudun Biri tragedy happened, Nigerians quickly responded.

The military did not need to claim accidental discharge for their fatal killings. The so-called accidental bombings of civilians has occurred several times. The question begging for answer is: What did the military do to avert a reoccurrence? Unless those who operate the military jets or drones lack professionalism, they cannot keep dropping bombs at every gatherings in the name of killing terrorists. They have to be guided by intelligence and precision. There is no doubt, war DJDLQVW WHUURULVWV ZKR UHVRUW WR JXHULOOD ÀJKWLQJ LQ WKH midst of civilians would always cause collateral damage. The military needs to exercise extreme caution to minimize it.

Ibrahim Mustapha, Pambegua, Kaduna State

T H I S D AY ˾ MONDAY, DECEMBER 11, 2023

23

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

8 , 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 FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amid Increased Demand, Players Trade N55.77tn FX in 10 Months

Kayode Tokede Following sustained investors and exporters demand, a total of N55.77 trillion foreign exchange was traded in the first 10 months of 2023, representing an increase of 29.8 per cent when compared to N42.96 trillion traded in corresponding period of 2022.

This is according to trading activity data obtained from the FMDQ Exchange.

Foreign exchange transactions, followed by Money Market (MM) and Central Bank of Nigeria (CBN) bills have continued to dominate total secondary market turnover

transaction at the FMDQ Exchange.

Other tradable instruments on the FMDQ Exchange include: Treasury Bills, Open Market Operations, and FGN & Other Bonds.

Out of the N184.7 trillion transactions at secondary market on FMDQ Exchange in 10 months, FX and market transactions contributed 30.19 per cent and 23.26 per cent, respectively.

Business activities rebound after the 2023 general elections amid steady rise in global oil prices as global economic activity has been mixed during this year, with distinct signs of improvement in

the United States and China.

The FMDQ Exchange data showed that the value of Naira against the dollar depreciated by 80.81 per cent Year-on-Year (YoY) to an average N797.43/dollar as of October 2023.

The data revealed that Naira against the dollar was trading at N441.02/ dollar October 2022 at the Spot FX market.

Analysts attributed the growth recorded in the total foreign exchange turnover to increasing business activities amid doubledight inflation rate.

However, Vice President, Highcap Securities Limited, Mr.

David Adnori stated that the double-dight inflation, and hike in Monetary Policy Rate (MPR) by CBN to 18.75 per cent slowdown foreign exchange demand by investors and exporters.

He added that the backlog of unpaid foreign exchange by CBN also contributed to weak foreign exchange trade so far in 10 months of 2023.

Also speaking, Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose said, “The global economy growth in 2023 was better than 2022. Same with the Nigerian economy, which has recorded better growth in

2023 than 2022. The growth in foreign exchange turnover trade in 10 months of 2023 is a reflection of demand by investors and exporters.”

Ambrose added that naira depreciation is a function of demand and supply stressing that the central bank in the past 3-4 years has been struggling to meet demand for foreign exchange.

On its part, Investment One research in its report titled, ”2022 Review and 2023 Macro-Economic and Financial Markets Outlook,” said in 2023, a combination of limited inflows from crude oil sales, fragile capital flows and foreign

remittances, would continue to hurt the local currency.

According to the report, “While the rising oil production volume is slightly positive for oil earnings and by extension, the reserves, we still think that crude oil production of less than 2 million barrels is unlikely to significantly move the needle on exchange rate.

In addition, elevated subsidy payments should curtail oil inflows, albeit the likely suspension of this cost at the 2nd half of the year should be positive for the reserves.

The story continues online on www.thisdaylive.com

CPS: PFAs Pay N1.63tn to Retirees as Pension Benefits in 15 Years Ebere Nwoji Pension Fund Administrators (PFAs), in the country have said that they have paid a total sum of N1.63 trillion to retirees in both public and private sectors under both progrmme withdrawal and life annuity in the past 15 years.

The PFAs said the above figure was paid to 442,000 Nigerians who retired from services in various employments in the country during the period.

The administrators speaking

under the aegis of Association of pension fund Operators of Nigeria (PenOp) disclosed this at a media parley organised by PenOp in Lagos.

Speaking on the theme, “At the Dawn of 20 Years of Pension Reform What Are the Gains?” the Chief Executive Officer, PenOp, Oguche Agudah said out of the N1.63 trillion lump sum paid on both life annuity and programme withdrawal, in the second quarter 2023, total life annuity payment stood at N665.1 billion.

According to him, 111.708 applicants received the amount.

He said in third quarter 2022, a total of N595.22 billion was paid to 102,696 applicants as annuity lump sum.

He said in third quarter 2019, a total of N386.30 billion was paid as annuity life lump sum to 71,214 applicants while a total of N101.96 billion was paid to 20,615 applicants in the third quarter 2015, and in third quarter 2011, N1.51 billion was paid to 331 applicants as annuity.

Oguche said under programme withdrawal, in second quarter 2023, a total of N964 billion was paid to 339,201 applicants as lump sum under programme withdrawal while in third quarter 2022, N887 billion was paid to 315, 112 applicants in third quarter 2022.

He added that in third quarter 2019, a total of N 589 billion was paid to 117,502 applicants under the programme withdrawal while in third quarter 2015, N288 billion was paid to 117,502 applicants and in third quarter 2011, a total of

N99 billion was paid to 35,419 applicants.

The annuity and programme withdrawal systems are two windows through which retirees under the Contributory Pension Scheme receive their retirement benefits.

He insisted that twenty years down the line the Contributory Pension Scheme instituted by the former President Olusegun Obasanjo has recorded significant growth with the total assets now standing at N17.65 trillion as at

October this year.

Also speaking, Head of Surveillance Department, PenCom, Dr Ehimeme Ohioma said the three key issues in pension management which all PFAs must not joke with were adequacy, sustainability and service delivery.

According to him, pension payment must be adequate for retirees to solve their problems.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 8 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 234,00 December 100.65 12.92 8, 2023 MAR-2025 ^12.50 22December 98.58 13.27 17,00 JAN-2026 8, 2023 ^16.2884 17December 106.43 13.76 36,00 MAR-2027 8, 2023 ^13.98 23December 99.42 14.15 51,00 FEB-2028 8, 2023 ^14.55 26December 100.86 14.30 35,00 APR-2029 8, 2023

BILLS MATURITY

Discount Yield

NTB 8-Feb24 NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24

7.24

7.33

0.00 December 8, 2023

6.95

7.07

0.00 December 8, 2023

8.57

8.83

-0.01 December 8, 2023

9.87

10.30

0.00 December 8, 2023

10.93

0.00 December 8, 2023

10.37

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY

Discount Yield

STBP CP IV 12-DEC-23

9.80

9.81

MCIL CP VIII 27-DEC-23

12.45

12.53

RMBL CP VI 31-JAN-24

10.57

10.74

FLOURMILLS CP III 29-FEB-24

15.17

15.71

UACN CP VI 19-MAR-24

13.23

13.74

Change (%)

Updated Time

0,00 December 8, 2023 0,00 December 8, 2023 0,00 December 8, 2023 0,00 December 8, 2023 0,00 December 8, 2023

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

Updated Time

December 8, 2023 December 8, 2023 December 8, 2023 December 8, 2023 December 8, 2023

24

MONDAY, DECEMBER 11, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Wema Bank MD Calls for Innovative Finances to Address MSMEs Challenges Ugo Aliogo The Managing and Chief Executive Officer, Wema Bank, Moruf Oseni, has stressed the need to provide a platform to address fundamental issues impacting Micro, Small and Medium Enterprises (MSMEs) and Women in Nigeria, while also focusing on climate issues.

Oseni, spoke at the Bank’s Donor Roundtable, tagged: “Innovative Financing: Genderlens and Climate Resilient Solution,” held in Lagos.

He bemoaned that MSMEs,

despite being the largest employers of labour across the country, they continue to suffer from problems of access to capital, development of critical managerial skills, access to markets, logistics challenges, a slowing economy, and heightened inflation which ensures that most of them do not grow or even survive.

He said: “The world we face is a transformed one. The COVID-19 pandemic shut millions of people inside their homes and completely disrupted the global economy and the supply chain that underpins

it. Global growth has been firmly below double digits for the last few years.

“Climate change have also unleashed a flood of migrants from the developing world into more developed countries.

Pockets of conflict on the global stage have further exacerbated the growth problems we were already experiencing.”

Co-Founder, Africa Sustainable Trade, Dr. AMA Onyerinma, revealed that the need to tackle the issues of gender inequality, noting that there is a challenge for women in entrepreneur.

Expanding Pension Coverage: MPP’s Impact on Nigeria’s Informal Sector (Part 2)

Micro Pension American Business Council, CIPE Partners The Plan (MPP) is a of financial to Strengthen Democracy in Nigeria beacon stability for informal Gilbert Ekugbe The American Business Council Nigeria in partnership with the Center for International Private Enterprise (CIPE) has launched a Private Sector Development for Democracy Forum (PSDdF) to strengthen democracy in Nigeria.

At a media parley to launch the PSDdF, the Chief Executive Officer, American Business Council, Margaret Olele, expressed the Council’s excitement over the launch, explaining that the mission of the PSDdF is to facilitate strategic broad-based collaboration between stakeholders in the private sector, civil society, and policymakers with the vision and commitment

to improving democratic institutions within Nigeria for shared prosperity.

“The Council has served as a vehicle to drive trade and investment in Nigeria and foster economic development through US–Nigeria partnerships. The Council also engaged the VicePresidential candidates of the four leading parties before the 2023 elections to share expectations of the private sector. Constructive and not prescriptive dialogue at various levels of engagement from the private sector and allies can contribute to the nation’s democratic trajectory,” she said.

On her part, the Country Director of CIPE, Lola Adekanye, noted that the quality of governance

determines the growth potential of any country and region, saying that as a strategically important country in the African region, Nigeria’s governance and economic success is Africa’s governance and economic success.

“Therefore, as Nigeria excels in innovation both in the tech and entertainment spaces, Nigeria can excel in governance,” she said.

She noted that this aligns with CIPE’s vision for a world where democracy delivers the freedom and opportunity for all to prosper and expressed optimism about the opportunity to collaborate with some of the best, brightest greatest minds on the PSDdF towards this vision.

Fir m C o mmi t s t o C ombating Cybersecurity Breaches in Nigeria Gilbert Ekugbe A technology company, Zoracom, has announced plans to checkmate the persistent threat of cybersecurity breaches with its strategic investment in state-of-the-art technologies and strategies within its NSOC (Network & Security Operation Centers) in Nigeria.

Speaking at a media parley, the Chief Strategy/Executive Officer – CSEO Zoracom, John Nwachukwu, said the facility specializes in providing cybersecurity solutions and network monitoring capabilities to public and private organizations, offering services such as network security monitoring, security incident response, vulnerability management, compliance management, security analytics, and security training and education.

He pointed out that in an era of rapid digitalization where

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

organizations worldwide are heavily investing in digital assets, the persistent threat of cybersecurity breaches has underscored the critical need for robust cybersecurity partners.

He emphasised the evolving nature of the digital landscape, stating, “As the digital landscape is constantly changing, and is becoming increasingly difficult to protect against the various forms of cyber 0attacks that are targeting organizations of all sizes.”

He stated that the company is committed to empowering businesses with the right technology to secure their digital footprint, gain flexibility, and achieve agility in connecting, securing, managing, and analyzing data.

Nwachukwu said, “Rising to meet this demand is Zoracom has achieved significant milestones since the establishment of its Network and Security Operations Center (NSOC), touted as one of the most sophisticated in both Nigeria and Sub-Saharan Africa.

Zoracom’s NSOC has made remarkable advancements in capacity building for cybersecurity experts and the mitigation of digital breaches.”

Furthermore, Zoracom operates as a Managed Security Service Provider (MSSP), offering services such as threat analyses, ransomware detection, 24/7 expert-led threat monitoring and response, compliance monitoring, and forensic analyses.

‘CVFF Disbursement Critical to Nigeria’s AfCFTA Competitiveness’ The President, League of Maritime Editors (LOME), Mr. Timothy Okorocha, has urged the President Bola Tinubu led administration to exercise the required political will to facilitate the disbursement of the Cabotage Vessel Financing Fund (CVFF).

Okorocha stated this in his opening address to kickstart the 25th Annual Retreat/Awards of the League of Maritime Editors (LOME), themed, “Harnessing Nigeria’s Potential in Marine and Blue Economy/The new customs 2023 Act and its Implication on Trade.”

He stated that as Africa draw closer to commencement of the African Continental Free Trade Area (AfCFTA), there is an urgent need to develop Nigeria’s indigenous shipping capacity to meet the trade opportunities of the continental trade agreement.

He stated that without a significantly vibrant indigenous shipping industry, Nigeria may not stand a chance at competing

favourably at the commencement of the world’s biggest trading arena which the AfCFTA represents.

“We urge President Tinubu to provide the Minister of Marine and Blue Economy, Hon. Adegboyega Oyetola and his ministry, the needed impetus to bring to an end, the unending rat race of the disbursement of the Cabotage Vessel Financing Fund (CVFF), established since 2003; to jump start a new lease of life for the capacity development of our indigenous ship-owners, and to enable Nigeria participate meaningfully in our seaborne trade, specially with the proposed commencement of the implementation policy for the blue economy, “he said.

Responding, the Minister, Marine and Blue Economy, Adeboyega Oyetola, stated that while the League of Maritime Editors have presented genuine topics for consideration, the shortcomings of the sector pose challenge, which may not be swiftly nipped in the bud.

sectors at retirement.

It offers a reliable income stream during retirement and effectively combats old-age poverty. The MPP distinguishes itself through its straightforward, accessible, and flexible process.

An essential appeal of the MPP is the flexibility it affords contributors r e g a r d i n g contributions and accessing a portion of their savings PENCOM DG, Aisha Dahir-Umar before retirement.

This flexibility, part or all of their outstanding contingent designed by the National Pension Commission (PenCom), balance to their retirement benefits portion.

Notably, the Revised Regulation on aims to alleviate the constraints of the the Administration of Retirement and mandatory Contributory Pension Scheme Terminal Benefits ensures clarity in benefit (CPS) and encourage broader participation payments to Micro Pension Contributors in the MPP. (MPCs).

Those unable to procure monthly The MPP’s design considers the diverse pension/annuity up to one-third of the income patterns within the informal prevailing minimum wage receive en-bloc sector, hence the flexibility in allowing payments. participants to determine the frequency It is crucial to note that the MPP differs of making contributions. Accordingly, significantly from a savings account in individuals determine their contributions a Commercial Bank. MPP savings can and frequency based on their financial only be withdrawn as a monthly pension capacity and pension aspirations. or contingent withdrawal, approved by Whether daily, weekly, monthly, or at PenCom. On the other hand, commercial any convenient time, contributions must bank savings allow withdrawals anytime. occur at least once a year and adhere to Additionally, MPP accounts cannot serve as reporting requirements under the Money loan collateral, and transactions exceeding Laundering (Prohibition) Act. Contributions can be made through the account balance are prohibited by the various channels, including cash deposits Pension Reform Act 2014 (PRA 2014).

In case of the demise of an active or electronic transfers via approved or retired MPC, the RSA balance is payment platforms and financial service disbursed to legal heirs, as stipulated agents sanctioned by the Central Bank by a Will, Letter of Administration, or of Nigeria (CBN). court directive.

The forgoing underscores The MPP’s flexibility extends to accessing the MPP’s role in providing financial pension contributions, with a 40-60 split security to the families of deceased between contingent withdrawal and informal sector workers. pension allocation, respectively. The In conclusion, MPP registration is open contingent portion permits contributors to to individuals aged 18 and above. The withdraw funds for immediate financial registration process is easy and seamless. needs, easing pressures before retirement.

Informal sector workers are encouraged The retirement/fixed portion, constituting to register for the MPP to safeguard 60 per cent, becomes accessible only upon their financial future.

The concluding retirement, with eligibility set at 50 years part of our series on MPP will focus on or due to health reasons. other features that distinguish the plan The MPP also offers contributors the from the mandatory CPS and make it option to convert the contingent portion fit for informal sector workers. annually and transfer their Retirement PenCom remains committed to effectively Savings Account (RSA) from one Pension regulating and supervising the pension Fund Administrator (PFA) to another. industry to ensure that retirement benefits Upon retirement, contributors can transfer are paid as and when due.

T H I S D AY ˾ MONDAY, DECEMBER 11, 2023

25

BUSINESSWORLD

STATUS REPORT

Transcorp Remain Resilient Despite Challenges

Kayode Tokede

T

ransnational Corporation Plc (Transcorp) listed on the Nigerian Exchange Limited (NGX) has continued to show impressive results amid prevailing economic challenges, including foreign exchange challenges, hike in inflation rate, among others.

The Company maintained controlling interests in Trans Afam Power Limited, Transcorp Hotels Plc, Transcorp Hotels Calabar Limited, Transcorp Energy Limited, Aura by Transcorp Hotels, Transcorp Power Limited, Transcorp Properties Limited, Transcorp OPL 281 Limited, Transcorp Hotels Ikoyi Limited, Transcorp Hotels Port Harcourt Limited and Teragro Commodities Limited.

The publicly quoted conglomerate declared N26.16billion profit before tax in nine months of 2023, representing an increase of 25.4 per cent from N20.87billion reported in nine months of 2022, while profit after tax hit N22.74 billion in nine months of 2023, an increase of 19.4 per cent from N19.04 billio in nine months of 2022.

The power sector recorded N23.77 billion profit before tax, contributing about 90.8 per cent to overall profit before tax in period under review.

The power subsidiaries of Transcorp that include Transcorp Power Limited (TPL) and Transafam Power are well positioned to exploit available opportunities for growth.

Specifically, TPL holds a significant position as one of Nigeria’s foremost electricity generation companies, and it proudly possesses ownership of the esteemed Ughelli Power Plant.

The Group has been investing in the power sector for 10 years, with its first investment in the Ughelli Power Plant through TPL.

CERTIFICATE OF DISCHARGE

TPL is the first company to receive the certificate of discharge from post-privatisation monitoring, having surpassed all requirements within the stipulated period.

TPL is a single cycle 972MW installed capacity power generating plant located in Ughelli, Delta State.

It is the largest gas-fired power generating station in the country.

Its mission is to improve lives, and currently leading

the way in energy generation for millions of people in Nigeria and Africa.

In November 2023 Year-till-Date (YTD), TPL has sent out 2,857,950.40MWh (357MW on average daily) which represents 8.65 per cent of the energy sent to the National Grid.

TPL had a stellar performance in November 2023 sending out an average of 438MW and was ranked second only behind Egbin. For the year 2023 YTD TPL is ranked 4th. TPL currently has a generation capacity of 500MW, and can generate enough energy to power 1.6 million homes daily.

Since the privatization of the power sector in November 2013, TPL has generated over 29,574,447MWh (29TWh) of energy to the national grid powering countless homes and industries in Nigeria and West Africa. TPL currently has a generation capacity of 500MW and currently generates 426MW on average daily in December.

The group, however, recorded a commendable growth across all its major indices signposted by an impressive revenue of N128 billion in nine months of 2023, a growth of 33 per cent when compared to N96.2 billion in nine months of 2022, while operating income increased to N42.7 billion in nine months of 2023, an increase of grew by 36 per cent from N31.5 billion reported in nine months of 2022.

The breakdown revealed that its Hospitality subsidiary reported N29.85 billion in revenue, an increase of 31.78 per cent from N22.65billion reported in nine months of 2022.

The hospitality business is made up of its direct subsidiary Transcorp Hotels Plc. (THP) and indirect subsidiaries, Transcorp Hotels Calabar Limited (THC), Transcorp Hotels Ikoyi Limited, Transcorp Hotels Port Harcourt Limited and Aura by Transcorp Hotels.

Power subsidiary generated N98.18billion revenue in nine months of 2023, an increase of 33.4 per cent from N73.59 billion reported in nine months of 2022, while revenue from Corporate centre of Transcorp generated N10.01 billion revenue in nine months of 2023, a growth of 31 per cent from N7.64 billion in nine months of 2022.

The 33.4 per cent increase in Power subsidiary of Transcorp is coming on the backdrop of challenges of Gas and infrastructure in the sector, showcasing

the group’s innovative and resilient business strategy.

kobo in nine months of 2022.

COST OF SALES

DIVESTMENT BOOSTS BALANCE SHEETS

Cost of sales increased to N63.77b illion in nine months of 2023, an increase of 29 per cent from N49.55 billion in nine months of 2022, to bring about N64.26 billion gross profit in nine months of 2023 from N46.7 billion reported in nine months of 2022.

The group’s CoS/Revenue dropped to 49.81 per cent in nine months of 2023 from 51.48 per cent in nine months of 2022.

Natural gas and fuel costs contributed N44.52billion to the group’s cost of sales in nine months of 2023 from N35.59billion reported in nine months of 2022.

The group’s administrative and general expenses stood at N23.25billion in nine months of 2023, representing 45.5 per cent increase from N15.98 billion in nine months of 2022, coming on the backdrop of double-digit inflation rate and weaken of Naira at the foreign exchange market.

From the profit & loss figures, about N6 billion “other operating expenses” in nine months of 2023 from N3.29billion in nine months of 2022 and management and incentive fees of about N3.7 billion in nine months of 2023 from N2.06 billion in nine months of 2023 were the key drivers of the group’s administrative expenses.

Transcorp’s operating profit closed the period under review at N42.74 billion, an increase of 35.6 per cent from N31.52 billion reported in nine months of 2022.

Finance cost hits N19.43 billio in nine months of 2023, a growth of 69.2 per cent from N11.49 billion in nine months of 2022.

Transcorp’s foreign exchange loss on borrowings stood at N6.1billion in nine months of 2023 from N1.05 billion in nine months of 2022 and N13.34 billion interest expense on loans in nine months off 2023, an increase of 28 per cent from N10.44billion in nine months of 2022, responsible for 69.2 per cent growth in finance cost.

Finance income, however, closed nine months of 2023 at N2.86 billion from N828.97 million in nine months of 2022, representing an increase of 245 per cent.

In addition, Basic Earning Per Share increased to 36.41kobo in nine months of 2023 from 21.93

The groups’ investment in Power, other critical sectors boost the group’s total assets that gained eight per cent from N442.7 billion in 2022 full year to N479.8 billion as of September 30, 2023.

As Non-current assets stood at N352.76 billion as of September 30, 2023 from N340.83 billion in 2022 FY, current assets hits N127.06 billion as of September 30, 2023 from N101.9 billion in 2022FY. Transcorp’s total liabilities gained 4.16 per cent to N299.91billion as of September 30, 2023 from N287.93billion in 2022.

Consequently, total liabilities contributed 62.5per cent to total assets in nine months of 2023 from 65.04 per cent in 2022.

Current liabilities was at N204.97billion as of September 30, 2023 from N200.15 billion in 2022, as non-current liabilities stood at N94.94 billion as of September 30, 2023 from N87.78 billion in 2022FY. In addition, Transcorp closed nine months with N179.92billion, representing an increase of 16.2 per cent from N154.77 billion reported in nine months of 2022.

CONCLUSION

The group’s stock has appreciated by 503.54per cent Year-till-Date to N6.82 per share as of December 8, 2023 from N1.13 per share it opened for trading in 2023.

The President/Group Chief Executive Officer, Transcorp, Dr. (Mrs) Owen Omogiafo, had expressed enthusiasm and confidence in the Group’s performance trajectory.

According to her, “Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”

“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Omogiafo.

Query: NPA Clarifies $852.93m, N1bn Levies Flagged in Audit Report Eromosele Abiodun The Nigerian Ports Authority (NPA) has offered clarifications to the Senate Committee on Public Accounts on the debt sum of N1 billion, which the committee said was not clarified in the report of the Auditor General of the Federation (AuGF).

Contrary to media reports, the NPA said a total of $232,354,156.43 out of the $852,093,731.10 cited in the AuGF’s report had been recovered.

Managing Director of the NPA, Mr Mohammed Bello-Koko, who appeared before the Committee said that the House Committee on Public Accounts in the 9th Assembly had thoroughly verified the money and gave the NPA a clean bill of health. Bello-Koko explained that the misunderstanding between the position of the Senate and House of Representatives Public Accounts Committees arose from the continuous repetition of sums dating back to the period before the year 2006 Concession of the authority,

which the current NPA management had already accounted for but the sums had yet to be expunged from its books.

Bello-Koko exhaustively explained the facts of the matter to the senators, stressing, “Most of the debts date back decades. I mean legacy debts from companies like Nigerian National Shipping Line Ltd and from pre- concession period.

“But we have been carrying these debts in our books and we have been impairing the amounts, thereby making provisions for all such debts. We have written to Auditor-General of the Federation on the procedure to take them out of our books and solicited for the support of the Senate Committee in this regard. In the spirit of public accountability, we will always be open to give account.”

He explained that the debt figures were composed of estate rents, lease fees and throughput charges among others as stipulated in the Concession Agreements.

According to him, “The debts date back to the period 2006 to 2019,” adding that “There have been recoveries within the period under review, and they are unrecoverable debts owing to issues such as Volume Change, Gross Minimum Tonnage (GMT)/Penalties, Encumbered Areas. etc.

“Volume Change – Means volume adjustment. The Executed Contract Agreement stated that if the percentage variation between actual/ performance and projected volume is within minus 10% to plus 10% the lease fee will be paid in full. However, if the percentage variation performance is more than minus 10% to plus 10% the lease fee payable will be adjusted by an equivalent percentage. Therefore, the adjustment is against the lease fee payable by the percentage change in volume.

“Encumbered Areas – Refers to areas that are inaccessible due to factors not caused by the tenant such host community hostility, marshy land etc. Guaranteed

Minimum Tonnage (GMT)- This to the projected tonnage pledge by the Concessionaire to achieve, this arises from the inability of the Concessionaire to meet up the pledge.

“Unpaid VAT- This relates to the VAT element of the unpaid Lease Fees arising from adjustment brought about by the volume change defined above. Penalty- Refers to financial burden suffered for failure to meet terms of payment in a contractual agreement. It is as a result of the Concessionaire not paying within the specified time /days allowed in the contractual agreement.

Simply put, it refers to a charge for late payment.”

He continued: “The figure quoted in the press relates to the 2019 Auditor General’s report and it doesn’t reflect the current position of indebtedness to NPA. It would be pertinent to clarify that out of the amount of $852,093,731.10 cited in the Auditor General of the Federation’s report and being circulated in the media, a total of $ 232,354,156.43 have been recovered.

“The balance $504,663,452.37 constitutes uncollectible portion due to volume change and Contentions, $54,663,452.37 constitutes uncollectible portion due to Gross Minimum Tonnage (GMT), $19,619,459.00 constitutes Portion due to Encumbered Areas, $11,908,355.82 constitutes various penalties imposed on the terminal operators for not meeting set

standards and $ 28,693,607.07 represents VAT of said amount .

“In relation to the concessionaire debt of N1.8billion, a total of N269million has been recovered leaving a balance of N1.6billion which represents encumbered areas of the terminals. As regards the outstanding estate rent, Ship Dues and service boats of $67million a total of $10.6million has been recovered.”

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MONDAY, DECEMBER 11, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Housing Finance: HSF Completes Series 1 Issuance under N100bn Programme Oluchi Chibuzor Housing Solution Fund, a local currency real estate investment trust (REIT) has announced the successful completion its Series 1 issuance under its N100 billion Programme.

The Housing Solution Fund is a local currency real estate investment trust (REIT) authorised and registered by the Securities & Exchange Commission (SEC) with a N100billion funding programme.

The Fund is managed by alternative investment management firm, FundCo Capital Managers and co-sponsored

by Shelter Afrique, alongside pioneer investments from 4 domestic pension funds and one insurance company.

Chief Investment Officer of Housing Solution Fund, Maurice Okoli, in a statement said: “We are excited to have completed our first series under

our programme with a mix of DFI, pension funds and insurance investors. We are confident that our innovative business model will play a pivotal role in increasing the housing stock in the market through strategic collaborations with key partners such as InfraCredit, Shelter Afrique, Nigeria Mortgage Refinance Company and eligible developers. These partnerships are designed not only to enhance the Fund’s impact but also to contribute significantly to alleviating the housing deficit in Nigeria.

“The successful Series 1 issuance was led by Shelter Afrique Development Bank, a well-established pan-African housing development financial institution, alongside domestic pension fund managers and insurance companies, including FCMB Pensions, Fidelity Pensions, Radix Pension, Norrenberger Pensions, Leadway

Assurance, among others.

The diverse commitment underscores the industry’s recognition of the Housing Solution Fund’s potential and its critical role in reshaping Nigeria’s housing finance landscape.

Housing Solution Fund’s collaborative funding model seeks to address the fragmentation of housing demand and supply-side activities by ensuring that the demand and supply-side intervention occur in a symbiotic and complementary manner.

On the supply side, eligible developers will access sustainable construction funding from domestic institutional investors and DFIs like Shelter Afrique on the back of guarantees from credit enhancement institutions like InfraCredit thereby creating a strong pipeline of completed housing projects for the Fund.”

L-R: Opayemi Fausat Toyin; Oseni Akeem; Osinowo Funke Olusola; Olabe Daniel Agbua and Omodele Augustina, all of APM Terminals Apapa, with the awards they won at the maiden Dockworkers Day celebration organised by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Surulere, Lagos...recently

MARKET INDICATORS

Bank Directors’ Association Reports 29.7% Growth in 2022, Pushes for Advocacy Agenda Nume Ekeghe Bank Directors Association of Nigeria (BDAN) has said the association grew its income by 29.7 per cent for 2022 compared to the previous year.

BDAN in a statement noted that it held its 26th Annual General Meeting virtually over the weekend after it successfully concluded its annual summit in Abuja.

It stated: “The Association under the leadership of Mr. Mustafa Chike-Obi presented its 2022 financial statement which ended on the 31 of December 2022. The total income performance of the Association increased by 29.7 per cent year-

on-year in comparison with 2021 activities, a surplus income of N11.35milion was contributed to the accumulated fund.”

Chike-Obi reiterated the association’s commitment to advancing its advocacy agenda for the benefit of member banks.

He emphasised the importance of BDAN’s role in representing the interests of bank directors and ensuring the sustainable development of the Nigerian banking sector.

He stated: “The success of the recently held Summit and reiterated the intention of the Association to push further on its advocacy agenda to the benefit of the member banks.”

Echoing Mr. Chike-Obi’s

sentiments, the Association’s Executive Secretary/Chief Executive, Adebukola Orenuga, elaborated on the progress made during the year. She highlighted the Association’s strategic efforts based on three pillars: Advocacy, Capacity Building, and Research & Development.

She affirmed the Association’s dedication to actively engaging with stakeholders and pursuing its mandate of effectively representing the interests of bank directors in Nigeria.

Orenuga stated: “The Efforts made during the year are based on the three strategy pillars of the Association, that is, Advocacy, Capacity building, and Research and development.”

Seven APM Terminals Dockworkers Win NIMASA Awards Seven dockworkers of Nigeria’s largest container terminal, APM Terminals Apapa, were last week honoured with various awards at the maiden Dockworkers Day celebration organised by the Nigerian Maritime Administration and Safety Agency (NIMASA).

The Dockworkers Day with the theme, “Healthy Dockworker, Better Productivity,” held at the Nigerian Ports Authority (NPA) Recreation Centre in Surulere, Lagos, saw five female crane operators and

two male terminal workers from APM Terminals Apapa being honoured with awards.

The five female crane operators namely Oshinowo Funke Olusola, Opayemi Fausat Toyin, Omodele Augustina, Ngozi Perpetua Onyia and Umeano Chidera received the, “Outstanding Female Dockworkers Award” while Olabe Daniel Agbua and Oseni Akeem received the “Outstanding Male Dockworkers Award.”

Speaking at the event, the

Director General of NIMASA, Dr. Bashir Jamoh, said the Dockworkers Day was created to recognise the contributions of dockworkers to the nation’s economy.

On his part, the PresidentGeneral, Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, thanked the management of NIMASA for organising the event to celebrate Nigerian dockworkers in recognition of the important roles they play at the port.

LAPO Commission’s New Head Office Building in Lagos Sunday Ehigiator LAPO Microfinance Bank (MfB), over the weekend, commissioned its new multi-billion naira head office building located at the heart of Maryland, in Lagos State.

Speaking at the commissioning, the Chairman, of LAPO Mfb, Mrs Osaretin Demuren, said the occasion represents a significant milestone in the institutional journey of LAPO MfB, “and indeed Lift Above Poverty Organisation (LAPO), the non-governmental community

development organisation.”

According to her, LAPO as a development finance organisation has come a long way adding, “Its legacy organisation, Lift Above Poverty Organisation, a pro-poor organisation, was initiated in the late 1980s by Dr Godwin Ehigiamosoe. This building is the first building to be owned by LAPO MfB in its 13 years of existence.

It provides accommodation for the various units of the bank as well as facilities that enhance staff welfare and productivity. These

include a well-equipped crèche for nursing mothers, a library, gym and a learning centre.”

She said LAPO started a non-governmental response to the spike in the level of poverty as a result of the implementation of the Structural Adjustment Programme (SAP).

“It was to address the three dimensions of poverty namely; material deprivation with credit, poor health with health awareness, and social exclusion with social empowerment programmes.

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

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Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

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 ˾ DAY, DECEMBER 11, 2023

27

MARKET NEWS

Stock Market Up 0.17%, Ends First Week in December Positive Kayode Tokede The first full trading week of December 2023 ended on a positive note last Friday, with investors and fund managers engaging in year-end seasonality activities and strategic portfolio rebalancing.

Consequently, the equities market gained 0.17 per cent, driven by increased investors’ demand for Access Holdings, Ecobank

Transnational Incorporated (ETI) and FBN Holdings Plc. The benchmark index closed northward by 0.17 per cent week-on-week (W-o-W) to close at 71,541.74 basis points. Similarly, investors’ value appreciated N67 billion as market capitalisation rose to N39.149 trillion.

Despite the overall mildly positive market performance, sectoral dynamics revealed a mixed bag. The NGX Industrial,

P R I C E S MAIN BOARD

F O R DEALS

NGX Insurance, and NGX Oil & Gas indices faced minor setbacks, witnessing weekly declines of 3.03 per cent, 1.44 per cent, and 0.58 per cent, respectively.

Conversely, the NGX Banking index and NGX Consumer Goods index recorded gains of 6.08 per cent and 0.21 per cent, respectively.

Market breadth for the week was positive as 49 stocks appreciated in price, 33 depreciated in price, while 73 equities remained

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

QUANTITY TRADED

unchanged.

Multiverse Mining and Exploration led the gainers table by 57.02 per cent to close at N9.39, per share. Thomas Wyatt Nigeria followed with a gain of 32.80 per cent to close at N3.32, while Infinity Trust Mortgage Bank went up by 32.09 per cent to close to N1.77, per share.

On the other side, Consolidated Hallmark Holdings led the decliners table by 12.70 per cent to

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

close at N1.10, per share. Oando followed with a loss of 12.29 per cent to close at N10.35, while Abbey Mortgage Bank declined by 10.47 per cent to close at N1.54, per share.

Overall, a total turnover of 2.423 billion shares worth N45.070 billion in 34,704 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.543 billion shares valued at N38.644 billion that

exchanged hands prior week in 36,138 deals.

On the market performance this week, aanalysts have predicted mixed trading amid festive season.

The stock market has demonstrated resilience despite instances of profit-taking. As the year gradually winds down, paving the way for the forthcoming earnings reporting and dividend season in Q1, 2024, the equities market exhibited a nuanced trend.

D E C E M B E R / 7 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

28

MONDAY, DECEMBER 11, 2023 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984

AIRTEL AFRICA UNLEASHES NXTRA, TRANSFORMING AFRICAN TECH LANDSCAPE

A

irtel Africa’s launch of Nxtra marks a pivotal leap in revolutionising Africa’s digital sphere. Following establishing their initial Lagos data centre a year prior, Nxtra signifies Airtel Africa’s steadfast commitment to shaping the continent’s technological future. Its primary objective is to meet Africa’s rising demand for secure and sustainable data centre capacity, energising its flourishing digital economy. The Lagos facility, with an impressive 34-megawatt capacity, stands as Nigeria’s largest high-density marvel. Airtel Africa envisions a network of strategically positioned data centres beyond Lagos, offering businesses unprecedented data storage and processing capabilities and unlocking numerous growth avenues. Nxtra puts sustainability at the forefront, ensuring its operations contribute positively to the environment while guaranteeing stringent global security standards with an aim for “five nines” availability. With cloud services in Airtel Africa’s operating countries, businesses will enjoy enhanced scalability, efficiency, and access to cutting-edge technologies. Nxtra’s launch signifies a significant stride in overcoming infrastructure hurdles, propelling Africa into a new era of digital prosperity. Increased access to secure and reliable data storage promises thriving businesses and reinforces the continent’s position as a global digital leader.

nosakhare.alekhuogie@thisdaylive.com

GLOBAL 5G SURGE DEFIES EXPECTATIONS, PAVING WAY FOR DATA-DRIVEN FUTURE In a paradigm-shifting surge, global 5G subscriptions are racing ahead, outstripping initial predictions and heralding an era dominated by data. Ericsson, at the forefront of telecommunications, anticipates an astounding 1.6 billion 5G subscriptions worldwide by the close of 2023, marking an unprecedented 18% of all mobile subscriptions. North America leads this charge with a staggering 61% penetration rate, eclipsing even Ericsson’s earlier forecast of 1.5 billion by year-end.

The third quarter alone witnessed an astonishing addition of 163 million new 5G subscribers, propelling the total count to 1.4 billion by September, showcasing a breathtakingly rapid growth trajectory.

Peering into the future, the prospects for 5G

Alekhuogie

TECH PERSONALITY OF THE WEEK

Chika Nwobi Leads Decagon in Revolutionising Africa’s Tech Landscape

T

his week’s tech personality is Chika Nwobi.

Nwobi is the CEO and Founder of L5Lab, a dynamic holding company specialising in incubation, growth capital, and seed investments. Nwobi’s impactful initiatives extend to Decagon, which he is also the CEO and founder of, where top-tier Nigerian software engineers are honing their skills, driving the advancement of Africa’s tech ecosystem.

Renowned as a tech investor, entrepreneur, and company builder within the technology sector, Nwobi’s influence spans diverse spheres. His board membership at Unilever and partnership with Rise Capital underscore his multifaceted involvement in fostering innovation.

Nwobi’s legacy traces back to co-founding and serving as Group CEO of MTech Communications PLC, a trailblazing mobile technology firm credited for pioneering value-added services in Nigeria. His leadership extends to founding the Wireless Application Service Providers’ Association of Nigeria (WASPAN), dedicated to championing local ICT content and fostering the use of indigenous software and hardware.

Notably, Nwobi’s imprint in incubating startups spans over 20 ventures, including impactful platforms like Babybliss, Nigeria’s premier omnichannel hub for mothers and babies, Jobberman, Nigeria’s largest online job board (acquired by Ringier), and Cheki, Africa’s foremost online car marketplace (acquired by Autochek).

His involvement with game-changing ventures like Gokada and Bamboo further solidifies his influence in shaping innovative enterprises.

Acknowledged for his remarkable contributions, Nwobi received the Young Person of the Year award in 2008 from The Future Awards. In 2018, he garnered recognition as one of the People of African Descent among the United Nations General Assembly’s distinguished Global Top 100 Under 40.

CBN SET FOR FINTECH LICENSING FRAMEWORK REVIEW The Central Bank of Nigeria (CBN) has disclosed plans to thoroughly review its payment services licensing framework in response to mounting worries about fintech firms straying beyond approved activities and breaching regulatory limits.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, unveiled this initiative recently in Lagos. While acknowledging technology’s pivotal role in financial inclusivity, Cardoso highlighted concerns over observed deviations from approved activities by licensees.

“Operating beyond approved activities and breaching set boundaries have been observed among some licensees,” stated Cardoso. “Any deliberate or unintended non-compliance will face sanctions as operators are responsible for conducting only licensed activities.”

The CBN deems a comprehensive licensing framework review imperative to address these concerns and ensure sustained growth and stability in the fintech sector.

The intended outcome is to formulate an updated regulatory and compliance framework for payment services. This framework offers clearer guidelines for businesses operating in this sphere, safeguarding consumer interests and fortifying financial stability.

The announcement has elicited a mixed response from the fintech community. Some have lauded the initiative, advocating for a level playing field ensuring universal adherence to regulations. Conversely, others fear increased regulation resulting from the review might stifle innovation.

The CBN’s move signals a proactive stance to maintain order and stability in the ever-evolving fintech landscape while fostering an environment conducive to innovation and fair competition.

Nosa

are nothing short of spectacular. Ericsson’s projections envision a mind-boggling 5.3 billion global subscriptions by 2029, reaching 85% population coverage, a substantial leap from the current 45%. This monumental growth foretells an unparalleled data explosion, with monthly smartphone data consumption projected to soar from 21 GB in 2023 to a staggering 56 GB by 2029. This tripling of mobile data traffic owes momentum to increasingly potent devices, data-rich content, and ongoing enhancements in network infrastructure.

While the full potential of 5G Standalone (SA) technology, promising escalated network capacity, speed, and reduced latency, has yet to achieve widespread deployment—currently limited to 40 service providers—the overall 5G subscription figures are surpassing all projections. This paints an electrifying picture for the future of mobile communication, hinting at thrilling advancements in network capabilities and paving the way for an era defined by data-driven innovation.

As 5G subscriptions surge and the horizon expands for data growth, we stand on the precipice of a transformative epoch in mobile technology. The pathway to connectivity’s future gleams brightly, offering limitless possibilities and heralding an era where data takes the lead.

GOOGLE UNVEILS GEMINI: DAWN OF NEW ERA IN ARTIFICIAL INTELLIGENCE Google has unveiled Gemini, a robust AI model series poised to challenge OpenAI’s GPT-4, which fuels the premium edition of ChatGPT. This is a new phase set to revolutionise Google’s consumer applications and elevate the capabilities of Android smartphones.

The grandeur of Google’s aspirations was evident in the company’s announcement,

heralding Gemini as their “largest and most capable AI model” and proclaiming the onset of a “Gemini era.” This visionary statement outlines Google’s ambitions for their model to permeate every facet of technology, from corporate landscapes to the hands of consumers through devices like the anticipated Google Pixel 8 Pro. According to Google, Gemini distinguishes itself from existing AI models and embodies a “multimodal” design, a breakthrough feature. This approach enables Gemini to process diverse inputs encompassing text, images, audio, video, and even programming code, setting it apart from predecessors that specialise in a single type of user prompt.

In a monumental declaration, Google CEO Sundar Pichai revealed that the advent of these new AI models signifies one of the tech giant’s most extensive scientific and engineering endeavours to date. In a blog post, Pichai highlighted the magnitude of this achievement, marking it as a pivotal moment in the company’s history.

Google took a significant leap forward by integrating its proprietary AI chatbot, Bard, with a version of the cutting-edge Gemini model. The company announced this Wednesday, signalling plans to extend the Gemini model’s integration beyond Bard, aiming to infuse it into globally embraced products such as Google’s search engine and the widely used Chrome web browser.

These plans underscore Google’s commitment to introducing Gemini’s transformative capabilities to billions of users worldwide.

FLUTTERWAVE SECURES 13 MONEY TRANSFER LICENCES ACROSS US Flutterwave, a prominent payments technology company in Africa, has revealed its acquisition of 13 money transfer licences. This strategic move

aims to streamline and fortify the transfer of funds between the US and Africa via its remittance product, Send App. The newly acquired licenses cover a significant geographic expanse, including Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. With Flutterwave’s existing collaboration with another licensed financial institution, this expansion enables the company to cater to customers in 29 US states.

These licenses, issued by state regulators, empower financial technology entities to conduct money transmission operations.

Flutterwave’s enhanced regulatory reach amplifies the functionality of its solutions, facilitating seamless money transfers between the US and Africa and supporting enterprises leveraging Flutterwave for global last-mile payouts.

Stephen Cheng, the executive vice-president overseeing Global Expansion and Partnerships of Flutterwave, emphasised the significance of these licences, citing their extension of the company’s regulatory influence. He highlighted the importance of demonstrating operational prudence to instil confidence among regulators, partners, and clientele.

The acquisition of these licenses holds significant promise for the African diaspora residing in the US, alleviating challenges associated with remitting funds back to Africa. Flutterwave’s user-friendly Send App is poised to become accessible to this demographic, empowering them to send money to their roots effortlessly.

Founder and CEO of Flutterwave, Olugbenga Agboola, emphasised the company’s overarching vision to bridge global payment gaps, simplify transactions, and nurture connections between Africa and the world.

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MONDAY, DECEMBER 11, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Capital Market and Impeding Banking Sector Recapitalisation Goddy Egene writes on the timing and preparedness of the capital market for the expected banking recapitalisation exercise being planned by the Central Bank of Nigeria

“C

onsidering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability.

“However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is No. Unless we take action. Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital.”

The above were the words of the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to the banking community in Lagos recently.

These words have given a strong indication and confirmation that another major recapitalisation exercise is in the offing for the banking industry.

The last recapitalisation ordered by the CBN took place in 2005, when Prof. Chukwuma Soludo, was the Governor of the apex bank. The CBN then raised the minimum capital base of the banking sector from N2 billion to N25 billion, which led to a remarkable reduction in number of banks from 89 to 24. While some of the banks merged, others were completely taken over by the stronger ones.

About 18 years after that recapitalisation, the CBN has said there is the need for another exercise to make the banks stronger in line with the government’s vision for a bigger economy.

The banking industry and the entire financial system is awaiting the directive of the apex bank on the next line of action.

While there is no doubt about the necessity an imperativeness for the banks to beef up their capital bases, there have been some questions around the timing and depth of the capital market to successfully provide the funds needed by the banks.

To some stakeholders, should the CBN give the directive for the recapitalisation right now. They do not see any problem, saying the market has the depth to provide funds the banks would need to meet the capital base requirement.

However, other stakeholders sounded a note of caution, advising the apex bank to ensure a very good timing for the commencement of recapitalisation exercise.

A professor of Capital Market at the Nasarawa State University, Uche Uwalake, is optimistic that the timing is right and the recapitalisation will attract many retail investors.

According to him, given the state of our economy, especially our currency, Nigerian banks need more capital to remain competitive and contribute significantly to the revival and growth of the economy.

Uwaleke said: “In view of what the economy has gone through recently in terms of currency value, if you look at size of capital base of our banks today, they have so much depreciated in dollar terms. So, for our banks to be competitive globally, their capital base must be bigger than what it is today. The truth of the matter is that some of banks have made efforts to increase their capital base over the years. I think the time is right, especially when the government is talking about $1 trillion economy.”

He expressed the confidence that the market is deep enough to fund the recapitalization exercise.

“On the issue of market depth, I believe the market is deep enough because the recapitalisation is not going to be through the sale of shares only. There will also be mergers and acquisitions. In the market today, it will be the case of supply creating its own demand. Once the banks begin to come into the market, you will see investors willing to invest. It will generate interest on the part of retail investors. Demand by institutional investors is almost given. Just as we saw in 2005, the recapitalisation will elicit interest among retail investors that are not in the market today. I foresee a situation whereby more people will come into the market because they want to buy the shares of these banks, especially the non-listed banks, coming to list. People will show interest. So it is a positive thing.”

Uwaleke, however, advised the CBN to provide incentives that will enable the banks to shore up their capital base instead of coaxing them. “ I advise that CBN should provide incentives for banks to shore up their capital base. The CBN should not coax banks into recapitalisation. What I mean is that the capital base should be in tiers and categories.

It should not be a uniformed as it is now, which is N25 billion.

It should be done in a way that banks that want to play at regional level should be allowed to do so with different capital base, while those that want to play big at national or international level should be given their separate capital base,” he said.

Similarly, former Economist and Head, Investor Relations at United Bank for Africa Plc, Abiola Rasaq, also believes

Cardoso that the recapitalisation of the banking sector is timely, given the impact of Naira depreciation on the capital adequacy of the banking industry.

“More so, there is need to strengthen the banking sector to support the expected growth of the economy.

The current administration is seeking an ambitious target of growing the economy from current Gross Domestic Product (GDP) of just over $400 billion to $1trillion within seven years.

“That an audacious growth forecast of over 10 per cent annually. Whilst Nigeria does have the potential for this growth ambition, the realisation of such economic expansion would depend on well-coordinated big push policies across multiple sectors. I believe the recapitalisation and perhaps consolidation of the banking sector is one the relevant reforms, as we need a vibrant financial services sector capable of financing the economy through such growth cycle,” Razaq said.

On the depth of the market, he said the capital market is recovering strongly, with steady improvement in asset pricing and liquidity, especially within the banking sector.

“This presents a good opportunity for banks to access seasoned equity and perhaps convertible debt or other forms of quasi-equity from the capital market to fulfill their recapitalisation need. The banking sector index has surged 80 per cent year-to-date, reinforcing renewed investor risk-on sentiment and more importantly the stellar earnings prospect of banks, especially the tier-1 lenders, which recorded double-digit earnings growth in the first nine-months of the year, partly on the back of foreign currency revaluation gains and sustained annuity-based income lines. Market liquidity still stands at an average of about $5million per day. It’s steadily improving and the positive secondary market environment supports the prospect of successful primary market offerings.

“Bank valuations are attractive and at levels which largely reflects the fundamentals and intrinsic value of the banks. So existing investors should not be too concerned about the dilutive impact of the upcoming capital raising at this time. Nonetheless, I expect the secondary market would take some breather pending clarity on the Indicative recapitalisation reform,” he explained.

Talking about the capacity of the domestic capital market to adequately meet the need of the banking sector recapitalisation, Razaq said: “It is a chicken and egg situation. You don’t know exactly how much capacity the market has until you test it and we have seen this market demonstrate strong bandwidth in the past, including the financing of the 2005/06 banking sector recapitalisation as well as recent absorption of large-cap entities like MTN Nigeria.

“The more sizable translations the market sees, the deeper it gets and the more capacity it develops.

Interestingly, I believe this would be an opportunity for fund managers and broader foreign investors who have been waiting on the sideline to take a new dive into the Nigerian market, especially as the foreign currency market gradually gains steam, with steady improvement in liquidity.

Speaking further, Rasaq expressed expectations

CEO , Nigerian Exchange Limited, Temi Popoola for lower dividend payouts by most banks, as they seek to leverage stronger earnings retention rates as internally generated capital to reduce the amount of additional capital they would seek to raise when the recapitalisation regulation and framework are finally released by the CBN. “Thus, whilst earnings growth of the toptier banks has been exceptional, the bulk of the earnings would be retained to reduce the amount of new capital required and attendant dilutive impact on existing shareholders. At best, most lenders would maintain their last year dividend payment, as they reduce the payout ratio and give more importance to capitalizing the earnings through retention of profits.

“Indeed, the CBN would serve to moderate any exuberance tendency from any lender that seeks higher dividend payment, since dividend are approved by the CBN anyways. This is perhaps why valuations based on dividend yields needs to be moderated and not based on banks’ earnings and payment capacities, rather on the expectation that there would be higher earnings retention to shore up capital levels and partly bridge the gap that would be necessary to fill by capital raising, when the CBN announces the new capital requirements.”

In the opinion of he Chief Executive Officer, Sofunix Investment and Communication Limited, Mr. Sola Oni, although the 2005 recapitalisation exercise came with its challenges, the capital market was able to provide the platform for the successful exercise.

“In 2004, CBN raised the banks’ minimum capital. That period was characterised by Initial Public Offerings (IPOs) and were largely successful. It had its own challenge later as many banks forced loans on their staff to purchase shares. But the key issue was that the market provided a platform for the success of the recapitalisation programme.

“This can be replicated in a more professional way and investors are now more sophisticated.

Besides, banks that have strong fundamentals cannot find it difficult to attract investors if there is a need.

Moreover, development of science and technology will enhance the entire processes,” Oni said.

Speaking from an investor’s perspective, the Chairman, Ibadan Zone Shareholders Association, Mr. Eric Akinduro, said this is not first time the recapitalisation of banking sector will occur, noting that the banks seem prepared for it.

Akinduro said: “Before the pronouncement by the CBN, some of the banks had made their intention to raise capital base known to the investing community. Banking system particularly in our country has a very low capital base when compared to some other countries.

“We have to do this to be relevant and to perform maximally within the economy. As shareholders, we have confidence about the recent performance and results of our banking sector and this confidence will help us to support the recapitalisation exercise despite the dwindling economy.

“I believe the market is ready to fund the recapitalisation process. The current dividend yield and returns on investment, we are getting from the banks, is quite encouraging and we should be expecting more after the recapitalisation.”

However, in the opinion of a founding partner of a leading investment banking firm, who spoke on the condition of anonymity, while there was need for banking reforms and recapitalisation exercise, he said CBN must get the timing right.

According to him, “I don’t think the market is deep enough. It has never been deep enough. The last time success was propelled by reforms that had already taken place. From 1999 to 2003, President Olusegun Obasanjo had prepared the country for reforms.

“So, by 2003 and 2004 when he was bringing Professor Soludo as Governor of the CBN, we had done three to four years of cleaning up. That was when he brought in people like Ngozi Okonjo-Iweala. So, the country was ready to absorb reforms. The GDP growth was 15 per cent in one year alone. So, we were ripe for reforms and that attracted a lot of foreign capital. Majority of the funds for that recapitalisation came from abroad and not local.”

“Today, where we are, is very different. Foreigners are leaving, even Nigerians are leaving to other countries. It is not at the time you are increasing interest rate where fixed deposit and treasury bills rates are going to 20 per cent to 21 per cent, that people will be interested in equity.

“The inverse relationship between capital market and money market is playing out. You are literally attracting people to take little risk with 20 per cent, while will I take high risk by investing in equity market. Foreign investors will be reluctant to invest because the dollars they brought, they have not been able to repatriate their dividends and you want them to bring in more dollars.

“So timing wise, it is going to be risky because reforms have not been completed and there is no clarity.

Charity begins at home; you can even encourage retain investors to start keeping their money in Naira. Let it stabilise first before you bring foreigners because majority of the money will come from foreigners. PFAs today, even with all the rallies we have seen that only eight per cent of their total sum of N17 trillion is in equity. Not to talk of now that you increased the bond rates, you are even encouraging some of them to sell their equity and increase their bonds. When bond was 10 per cent, the PFAs where buying not to talk of now that is 18 per cent.”

“Again, unlike the last recapitalisation when many young people invested, I do not think that will happen now. Then margin loans assisted the young people and many others to invest. But now there are no margin loans. From data the average age for investors in the market is 48 years, meaning that young people are not investing in shares. So, the timing must be considered very carefully.”

“There are building blocks to be put in place before the exercise. There must be some reforms before you can succeed. Obasanjo stabilised the economy, he did not just come. He created some confidence, GDP was on upward trajectory, reserves that were negative when he came, was beefed up. Those reforms led to the success of the last recapitalisation exercise.”

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ANALYSIS

Halting Exit of Multinational Manufacturers Dike Onwuamaeze writes on the need for the President Bola Ahmed Tinubu to take steps to make the Nigerian business environment more friendly so as to prevent the exit of more foreign manufacturing companies

T

he news that Procter & Gamble (P&G), a United States firm, would shut down its production plant in Nigeria has filled many people with a grim sense of foreboding. They are concerned that it has become a monthly ritual since the commencement of President Bola Ahmed Tinubu’s administration to hear a multinational organisation in the Nigerian manufacturing sector announcing that it would close its production line due to unbearable domestic business condition in the country.

The first organisation to vote with its feet was the GlaxoSmithKline Consumer Nigeria Plc, (GSK), which announced its exit from Nigeria in August. On the heels of GSK were a French pharmaceutical company, Sanofi-Aventis, and a top energy firm, the Norwegian behemoth, Equinor, which has sold off its Nigerian business development associates.

The latest to announce its exit plan from Nigeria is P&G. Recently, its Chief Financial Officer, Mr. Andre Schulten, stated at the Morgan Stanley Global Consumer & Retail Conference that the P&G has announced that it “will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”

Schulten added that it is getting increasingly difficult to operate and create U.S dollar value in places like Nigeria where it is difficult to operate because of the macroeconomic environment.

He said: “So with that in mind, we are announcing a restructuring program with the intent to adjust operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.”

Reacting to this development, an Economist and Founder of the Stanbic IBTC Bank Plc, Mr. Atedo Peterside, provided a sober and penetrating insight on the factors behind the emerging trend where multinational manufacturing concerns are shutting down factories and leaving the country.

Peterside said: “Another way to look at this @ ProcterGamble exit story is that multiple investors who cherish the rule of law, policy consistency, macroeconomic stability, a level playing field etc. are running away from Nigeria.

“They are being ‘replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions etc.”

Speaking in the same vein, the Presidential Candidate of Labour Party, Mr. Peter Obi, who wqs reacting in a series of posts on his X handle last Thursday, noted that absence of the rule of law and lack of a conducive business environment would make it hard for “iconic companies” to stay in Nigeria.

Obi said: “A few months ago, I lamented the exit of one of the top global pharmaceutical giants, GSK from Nigeria.

“The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity. Today, P&G is again leaving Nigeria, for the same reason GSK left.

“Following this also are French pharmaceutical company Sanofi-Aventis, and top Energy firm, Norwegian behemoth Equinor which has sold off its Nigerian business development associates.

“Fifteen years ago, P&G viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale.

“The presence of these iconic companies in any economy signifies trust and confidence. The exit of these top global companies shows that our medium to long-term prospects strategy is in the negative. Our investment profile is not attractive and our business environment is deteriorating continually.

“In the face of the absence of the rule of law, and conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones.”

He warned that “national greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors.”

Also, the Director General of Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Ayorinde, has urged the federal government to take proactive action to

stop business organisations from moving out the country because their “regrettable departures will persistently undermine the federal government’s efforts to attract Foreign Direct Investment, rendering its initiatives ineffective.”

Ayorinde said that NECA “strongly emphasised the immediate need for decisive measures to halt the ongoing trend of companies divesting from the country.

“We urge a quick and definitive action to arrest the continuous exit and divestment of legitimate organisations in Nigeria. In the last few years, hitherto strong brands, both multinationals and strong local brands have either closed shop or divested fully or partially.”

He highlighted that Nigeria’s “challenging business landscape, marked by stringent regulatory and legislative activities, insufficient infrastructure, and policy inconsistencies collectively exacerbates the difficulties faced by businesses.”

According to him, the situation whereby “regulatory bodies tasked with fostering business growth persist in prioritising revenue generation at the expense of their core mandate while legislators, in the guise of oversight functions, consistently create impediments for organised businesses, hindering their operations” would frustrate businesses and foster their exit from Nigeria.

Oyerinde, therefore, implored President Bola Tinubu and the Minister for Finance and the coordinating Minister of the Economy “to prioritise the survival of local businesses as the primary step before actively seeking Foreign Direct Investment.”

Similarly, the Director General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, has described the consistent increase in exit plans, or a reduction in involvement in the Nigerian market, by the multinationals as worrisome.

Almona said: “In Nigeria, lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, have taken a toll on many businesses in the country.

“The chamber recommends that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.

“The LCCI also implores the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

“Furthermore, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to

collaboratively develop solutions that will forestall the exodus of businesses from Nigeria.

“The CBN should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability.”

However, some economists are seeing an opportunity in the emerging exit of multinationals from Nigeria.

The Chief Executive Officer of Nigeria Economic Summit Group (NESG), Mr. Laoye Jaiyeola, told THISDAY last week that the current development is inevitable because of the careless ways Nigeria has managed its financial and monetary affairs in the recent past.

Jaiyeola, however, said that the exit of foreign manufacturing firms from Nigeria could be an opportunity for Nigerians to produce and consume made in Nigeria products.

He said: “We are all paying for it. It is bad but in every setback there is an opportunity to look inward. We all know that it will get to this level when we were printing money and being reckless about the way we were conducting our financial and monetary position.

“And now it seems that the chicken has come home to roost and we are all suffering for it now. However, this is an opportunity for us to start looking for made in Nigeria.

“If they (P&G) think that we will import from them and we now develop our own local substitute and did not import from them what will happen? And if we produce locally, we will create jobs. The time is ripe for us to know that for everyone (foreign firm) that goes we should look for local substitute.

“Government’s own is to ensure that it is making the environment for doing business good enough for us.”

Reacting to the news of the announced exit of the P&G, the Founder of the Centre for Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, also told THISDAY that the move by the P&G is a reflection of the challenges that businesses with high foreign exchange exposures are facing in the country.

Yusuf further explained that the challenge is not limited to foreign companies as indigenous Nigerian companies, both big and small companies that are not well known, are facing this challenge because of the foreign exchange rate situation.

He said: “Competitiveness and sustainability issues now for businesses that have high foreign exchange exposure. The only way out of this situation is for us to accelerate the process of backward integration as much as we can. Secondly, is to accelerate the rate of import substitution.

“We know that there is effort by the CBN to stablise the market. Some progress has been made but it depends on how fast we are able to fix the fundamentals, especially around the supply of foreign exchange. So, these are reflections of the macroeconomic challenges that we are facing at the moment.”

The prevailing economic circumstance in the country that is constraining businesses to exit from the country is arguably precipitated by President Tinubu’s announcement during his swearing in on May 29 of some monetary and fiscal policy measures, which included the unification of the exchange rate and a tilt toward a market determined exchange rate system. This has seen the value of the Naira tumbled by almost 100 per cent from N450 in May to N952.441 as at December 5 in the official market to the current.

The Chief Executive Officer of Guinness Nigeria Plc, Mr. John Musunga, explained the impact of the new economic order. Musunga said: “When the President Tinubu announced new policies that resulted in currency devaluation, we were carrying huge foreign exchange exposure that we have to revalue, which removed us from very healthy profit position which we were going to report in June. If that announcement had been made on July 1, we would have made quite a bit of profit. But because it was made in June and our year closes in June we made N19 billion lost because of that revaluation.

“We do not want to carry forward that kind of exposure whereby we increase our foreign exchange exposure in our balance sheet and in our profit and loss account.

“By being very tactful of how we move these imported spirits around, it will free Guinness Nigeria to utilise the foreign exchange that we earn from our business and the little that we receive from the government to buying raw materials that we use to manufacture. That is one of the big motivations for that change.”

He said that while “we are doing this, we creating two different enterprises in Nigeria: Guinness Nigeria remains as it is but the Diageo, the mother company, is committed to introducing a new organisation in Nigeria to be selling these imported spirits.

“We are not moving away from spirits. We are just adjusting the way we market our foreign spirits brands in Nigeria.

“The expectation from the business is that we will see hopefully in the coming future two businesses that will be growing and more adept and attuned to the market and hopefully free us from foreign exchange situation.

“As a business we will always have to look at our strategies and review them in the light of market dynamics.”

For now many felt that it would be more rewarding for Tinubu to fix the domestic challenges that are militating against manufacturing than to be globetrotting in the name of attracting the elusive FDIs.

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T H I S D AY • MONDAY, DECEMBER 11, 2023

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NEWS

ANNOUNCING THE UPCOMING UNUSUAL PRAISE...

Standing L-R: Nkiru Emmanuel, BeeJay Sax, Blessed Sunday, Fabian Nwafor, Dr Okey Nwuke, Joe Vibes, Mr Miracle Orabueze (Mr M), Queen Edegwa, Orji Chikaima Sitting L-R :Tope Alabi, Mrs. Promise (Revelation), Ada Jesus, Christine N at a press conference on Saturday announcing the upcoming Unusual Praise scheduled for December 15, 2023.

Edwin Clark: Despite President Tinubu's Intervention, Ondo Crisis Not Abating Urges president to adopt Gowon's doctrine of necessity

Sunday Aborisade in Abuja Elder statesman, Chief Edwin Clark, yesterday, lamented that the crisis created by the ill-health of the Ondo State governor, Rotimi Akeredolu, SAN, had continued to escalate, despite the intervention of President Bola Tinubu.

In an open letter to Tinubu, Clark urged the president to adopt the doctrine of necessity suggested by some eminent Nigerians, led by former military Head of State, General Yakubu Gowon, which was used to resolve a similar logjam in 2010.

The 96 year-old First Republic Minister of Information expressed

fears that the situation in Ondo State could snowball into a bloody crisis.

Akeredolu returned to Nigeria on September 7 after about three months of medical leave abroad, notably in Germany, and had remained at his Ibadan private home since then.

The state House of Assembly had rejected attempts to declare Akeredolu's deputy, Lucky Aiyedatiwa, acting governor and, instead, made desperate efforts to impeach him.

The development forced Tinubu to intervene and ask the warring parties to maintain the status quo.

However, a recent alarm

Dogara Calls for Inclusion of Private Varsity Students in FG’s Student Loan Scheme

Fidelis David in Akure

A former Speaker of the House of Representatives, Yakubu Dogara, has called on the federal government to include students of private universities among the beneficiaries of its Students’ Loan Scheme, to cushion the effects of the fuel subsidy removal.

The former speaker who stated this at the 13th convocation ceremony of Achievers University, Owo, Ondo State, held at the weekend said there was need for government to ensure the students’ loan scheme was properly managed for the benefit of the teeming youths across the country, both in private and public tertiary institutions.

Dogara, who is also the Chancellor of the institution said: “Let me appeal to the federal government to consider the plight being faced by students of tertiary institutions. While commending the Students’ Loan Scheme of this present administration, I join my voice in the call for the inclusion of private university students in the Students’ Loan Scheme of this administration as part of the palliative measures since they are also Nigerians.

“The scheme should also be properly managed for the benefit of the teeming youths of this country.”

Besides, the former lawmaker said since underemployment and unemployment are bedmates of poverty, eliminating them must be the focal point of government's policies.

Further according to him, "I have said before that poverty is by far the greatest threat to our democracy. Those

who doubted me have seen that threat manifest itself in vote buying and in the use of money to compromise electoral and security officials.

“On account of the sense of despondency and powerlessness that poverty breeds amongst the poor, the poor will always remain ever ready tools in the hands of tyrants and demagogues, who in the course of history have always found it easy to mobilize for the purposes of subverting democratic institutions.

"Since underemployment and unemployment are bedmates of poverty, eliminating them must be the focal point of government's policies. If we don't ever make it to the point where we can have a rational conversation about economic justice, it would not be because it's impossible to achieve but because we lack the right leadership.

“We have talked so much about ending so many things in Nigeria.

Now is the time to talk about creating wealth and ending poverty," He also called on President Bola Tinubu to resist the temptation to continue blaming others for the country's national decay but rather concentrate on the solutions the promised.

In his address, the Pro-Chancellor of the university, Dr. Bode Ayorinde, said despite the harsh economic environment being witnessed globally, the university’s Governing Council had prioritised and would continue to prioritise the welfare of its staff and students.

raised by Ondo State-born Senior Advocate of Nigeria SAN, Dr. Kayode Ajulo, that some persons had been, allegedly, forging Akeredolu’s signature to engage in underhand activities to enrich themselves, sparked fresh controversies in the Sunshine State.

Clark, in the letter, said, "Mr. President, I think there is need to act fast because we have seen that despite your good intentions, the

crisis is brewing much tension rather than abating.

"There is a growing agitation for and against each of the parties.

I listened to the argument of Barrister Kayode Ajulo, SAN, saying whatever action that took place at the Villa was unconstitutional and that there was enough provision in the constitution to resolve the crisis.

"He went further to talk about the inability of Governor Rotimi

Akeredolu, whom he described as his friend, to perform his duties as governor of the state whilst recuperating in his personal house in Ibadan, Oyo State.

"He went further to state that the signature on the memo allegedly sent to Governor Akeredolu was forged, as he said he is very conversant with the governor’s signature. He, in fact, suggested that the signature should be subjected to a forensic

examination.

"My letter may come to you as a surprise because I am not from the South-west geopolitical zone, Ondo State, in particular.

But as a senior citizen of our dear country, I sincerely believe that we have a duty to give you support and advice in all ramifications. Every effort should, therefore, be made, in this regard, to avert any crisis in any part of the country.”

‘Unusual Praise 2023’Anticipates 50,000 Attendees Vanessa Obioha The 2023 edition of ‘Unusual Praise’, a Catholic Church-organised impactful, soul-stirring music and prayer extravaganza, anticipates a worshippers’ congregation of over 50,000, converging at the Tafawa Balewa Square, Onikan, Lagos, on December 15.

The chairman of the Planning Committee Okey Nwuke, who revealed that around30,000 people graced the 2022 edition of the event, stated this.

During a chat with THISDAY, Nwuke revealed that requests have poured in to extend the event to other cities nationwide.

According to Nwuke, “We're getting requests for that. But again, it is something that we have to process. There is a whole

lot of work to organising these live events. People are calling us to come to Abuja, Benin; people have even called from the U.K. “They however need to form a support group; we require support structures and once they are able to form a support structure, we know they can run the programme. Then we can now deploy our technical support. So it goes beyond just requesting.”

Over the years, ‘Unusual Praise’ has transcended its role as a platform solely dedicated to praising and worshipping the God. It has evolved into a transformative space where entrepreneurs receive seed funding for their ventures through the Unusual Entrepreneur initiative.

Nwuke further stated that this year, approximately 100 entrepreneurs

will receive seed funding ranging from N300,000 to N1.5 million.

Already, 25 entrepreneurs have been selected from Onitsha, with an additional 75 to be chosen from Lagos.

His words: “The idea is not just about money but about mentoring.

Our desire is that over time if we only have 10 people that benefited, based on the success of their business, they will give back and help other people to come in.”

Additionally, the event seeks to give up-and-coming gospel artists a platform to shine on. These artists will join established gospel music ministers like Sinach, Nathaniel Bassey, Tope Alabi, Ada Jesus, Beejay Sax, and a host of others.

“Unusual Praise is you going out of your way to praise God so that he can bless you all over again,”

enthused Alabi who is already geared to lead worshippers into an encounter with the Supreme One. Reflecting on the success of the event so far, Nwuke said: “The growth of ‘Unusual Praise’ is akin to the proverbial mustard seed. It started with just 150 people from a group called the Catholic Charismatic Renewal. It grew from an internal gathering to a parish event and is now an event that has the support of the Bishop. That's a major milestone,” he said.

Nwuke also highlighted that 100 buses will be on hand to transport attendees from various locations to the venue. ‘Unusual Praise’ is an inclusive event, accessible to all, and will be broadcast live on ARISE News and dedicated channels on DStv and GOtv, as well as across all its social media platforms.

Women Group Appeals to Govt, UN for Improved Funding to Tackle SGBV Michael Olugbode in Abuja The federal government, United Nations and all relevant stakeholders have been advised to step up funding and investment in the ongoing battle against Sexual and Gender Based Violence (SGBV).

A Non-governmental Organisation, Women Aspire Empowerment Initiative (WAEI) gave the advice at the weekend in Abuja as part of its activities to commemorate the 2023, 16 days activism.

Making the appeal at a summit in Abuja, WAEI in collaboration with Aegis Widows Support Network (AWSN) and other

stakeholders, said it is only with improved funding that SGBV can be wiped out.

Founder AWSN, Bibiana Okereafor, emphasised the need to address the socio-economic demands of survivors of SGBV, by empowering women and girls to reduce the inequality that exists in the society.

She advocated for the reduction of gender-based violence through the implementation of laws and policies to stop Violence Against Women and Girls(VAWGs).

“Practical evidence shows that strong and independent women movements are the most important force to drive policy change in GBV. Unfortunately,

such women entities and movements that are key drivers of mobilisation/recruitment are not being funded.

"Increasing funding sources that are long term in nature to finance women-focused rights organisations is key to funding solutions and response to VAWGs in Nigeria.

"We are calling on the federal government through the office of the Women Affairs Minister, Uju Kennedy to push for the inclusion of funding organisations that are involved in the fight to prevent VAWG, as well as the rehabilitation of existing victims/ survivors and reduce incidents of future violence.

"We also call on federal government organisations, states, international bodies, UN Women and corporate organisations, high net-worth individuals within and outside Nigeria to give financial support to stop continued VAWG in Nigeria”, she said.

Also speaking, the Founder of WAEI, Ebere Ulelu, questioned the government's desire to end VAWG. She pointed out the nation's poor distribution of the amount allocated to the nation through international funding.

She added that the funds earned are not distributed fairly among organisations that strive to end violence against women and girls.

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T H I S D AY • MONDAY, DECEMBER 11, 2023

NEWS

SLOT @ 25...

L-R: Professor of Marketing and Retail Congress Chair, Lagos Business School, Prof. Louis Nzegwu; Founder/CEO, SLOT Systems Limited, Mr. Nnamdi Ezeigbo and Executive Director, SLOT Systems Limited, Mrs. Nkechi Ezeigbo, during the unveiling of new corporate office in Ikeja to mark SLOT @ 25 last Saturday

Human Rights Day: Experts Want Police Duty Solicitors Scheme Repositioned IGP, Arase, Fagbemi advocate increased access to justice HURIWA calls for rule of law Chuks Okocha and Michael Olugbode in Abuja Experts, weekend, at a stakeholders meeting in Abuja to commemorate the International Human Rights Day, have asked for the repositioning of the Police Duty Solicitor Scheme (PDSS) to enable Nigerians everywhere in the country access justice.

They also called for renewed understanding among police officers on how the PDSS has supported the Police Force from investigation to court appearance.

Among those who spoke at the event were a former Inspector General of Police and Chairman, Police Service Commission, Solomon Arase; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN; Director General, Legal Aid Council of Nigeria, Aliyu Abubakar; Project Manager, Criminal Justice Reform, Rule of Law and Anti-Corruption (RoLAC Phase II) Programme, Dr. Oluwatoyin Badejogbin, among

others.

The event which marked the end of the 16 Days of Activism against Sexual and Gender Based Violence 2023, was organised by the European Union-funded Rule of Law and Anti-Corruption Programme (RoLAC II) of International Institute for Democracy and Electoral Assistance (International IDEA) in collaboration with the Legal Aid Council of Nigeria (LACON).

In his opening remarks, Abubakar highlighted the benefits of the scheme to include fostering community policing and strengthening service delivery by the Police, increase protection and promotion of the legal and human rights of suspects and detainees.

Heb also cited the benefits to include improve accountability and transparency in the Police Force, promoting access to justice for the poor, vulnerable and marginalised persons; improve the quality of legal assistance and justice delivery in Nigeria and increase Nigeria’s compliance with her international

human rights obligations.

Arase, who delivered the keynote address, noted that the introduction of the PDSS, in response to the imperative outlined in the Administration of Criminal Justice Act (ACJA), was a watershed moment in our commitment to safeguarding the rights of individuals in police custody.

According to the Police Service Commission boss, the gains achieved through the PDSS had been transformative, not only in principle but in tangible, lifechanging ways.

He however, called for a more comprehensive and integrated approach that addresses systemic issues within the country's criminal justice system.

Fagbemi, who was represented

by Gladys Odigbaro, Director of Solicitor Department, Federal Ministry of Justice, pointed out that the enforcement of Force Order 20 and other relevant provisions of Administration and Criminal Justice

Act (ACJA) were commendable milestones in the concerted efforts to address the crisis of arbitrary, irrational and interminable pretrial (awaiting trial) detentions in the country.

He noted that the scheme also came with the advantage of preventing undue congestion of inmates in correctional facilities with the consequential benefit of saving government the resources required to maintain a large population of inmates or detainees.

The IG, Egbetokun, also represented by AIG Shehu Gwarzo, said the Police Duty Solicitor Scheme as captured by Force Order 20, aimed to contribute to the realisation of the ongoing reform programme of his administration.

He said: “Force Order 20 addresses 'free legal services for arrested and/or detained persons in police formations' and institutes the PDSS as a country-wide mechanism for its delivery. It expands the provision of legal services in police stations by ensuring prompt access

NDLEA Bursts Katsina Wedding Drug Party, Arrests Groom, 25 others Michael Olugbode in Abuja Twenty-five youths have been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) at a pre-wedding drug abuse competition in Katsina State According to a statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, the occasion was part of activities lined up to mark a wedding ceremony.

Babafemi said NDLEA officers acting on intelligence disrupted a pre-wedding ceremony drug abuse competition in a community popularly known as Shola Quarters, Katsina and arrested 25 youths participating in the drug party.

He said operatives swooped on the suspects while they were busy taking turns abusing all sorts of illicit substances including a mixture of multiple drugs mixed in a plastic bucket.

He added that though the groom, Musa Gwandi who organized the drug party along with his friends was not at the venue at the time

the 25 others were arrested, he was however nabbed on Sunday 3rd December following a manhunt for him.

Babafemi said on the same day, operatives in Anambra State intercepted a truck marked BEN 302 YS (Edo) and after a search, 5,612 bottles of codeine-based syrup; 57,800 capsules of tramadol and 5,100 ampoules of pentazocine injection, among others were recovered.

He noted that the driver, Ambrose Oyamedan, conductors - Samuel Otejere and Obey Jonathan as well as the truck were taken into custody for further investigation, adding that two women, Chiemenam Akusoba, 25, and Chidinma Ibenwa, 28, were also arrested last Saturday with 15.8503kg of Cocaine, Heroin, Methamphetamine and Cannabis sativa in Umuogbu, Nnobi and Onitsha respectively.

Babafemi also said at least, three suspects: Monday John, 50; Maryam Adang, 48; and Mohammed Musa, 36, were arrested in different parts of Kaduna state. While John was arrested with 28.4k kilogrammes

cannabis last Thursday, Maryam was nabbed with 18.6 kilogrammes of same substance last Saturday, same day Musa, an indigene of Damagaran, Niger Republic was arrested with 34 kilogrammes of cannabis sativa along AbujaKaduna highway while he was on his way to Niger Republic with the substance.

In Kogi State, a 20-year-old Adamu Nuhu was arrested last Monday along Okene- LokojaAbuja expressway while coming from Onitsha, Anambra enroute Kaduna with 2,700 ampoules of pentazocine injection; 11,900 pills of tramadol 225mg and 100mg as well as 124,000 tablets of diazepam.

In Borno State, NDLEA operatives recovered a total of 81,975 pills of tramadol from three suspects: Mohammed Abubakar, 25; and Hassan Mohammed, 25, both in Response Area, Bayo town while Suleman Hamidu, 27, was nabbed by soldiers on a follow up operation in Mubi town, Adamawa state.

While Taye Ali, 43, and Okon Peter, 60 were arrested with 97

kilogrammes cannabis at Kanisuru, Ipele area of Ondo state last Saturday, Nnabuke Christian, 29, was nabbed with 46,000 tabs of diazepam, 4,900 pills of tramadol and 6,000 ampoules of pentazocine injection at Gwagwalada area of the FCT Abuja.

The suspect was said to have admitted that the consignment was for onward supply to illegal miners at Sabongarin Doguwa in Kano State.

Meanwhile, the operatives of the anti-narcotics agency have intercepted at the Akanu Ibiam International Airport, AIIA, Enugu, 12 consignments of cocaine belonging to members of a Drug Trafficking Organisation.

Babafemi revealed that a businessman, Augustine Emeka, 44, who claims he deals in copper wire, was arrested on Saturday at the airport upon his arrival from Douala, Cameroon via Addis Ababa, Ethiopia on Ethiopia airline with the 12 consignments consisting of seven hundred and ninety-seven (797) pellets of cocaine weighing 17.6 kilogrammes.

to Duty Solicitors for suspects. It implements the constitutional promise of access to counsel in police stations in Nigeria.”

Speaking on what informed the event, Badejogbin, said it was aimed at establishing renewed commitment of the IGP to grant duty solicitors access to police detention centres as well as initiate renewed understanding among Police on how the PDSS supports the Police Force from investigation to court appearance.

Meanwhile, the Human Rights Writers Association of Nigeria (HURIWA), has emphasised some of the pressing issues that underscored the urgent need for

a renewed commitment to the rule of law. it argued that the rule of law was the cornerstone upon which any thriving democracy was built, safeguarding against arbitrary governance and protecting the rights and freedoms of citizens.

“It is disheartening to observe instances where this fundamental principle is flouted, thereby undermining the very essence of our democratic institutions,” it said, adding the rule of law, as a cornerstone of democracy, demanded that the decisions of the judiciary be respected and adhered to by all, regardless of their position or power.

AIG Adebowale Vows to End Kidnapping, Armed Robbery on Akure-Ikere-Ado Road Fidelis David in Akure The new Assistant Inspector General of Police (AIG) in charge of Zone 17, comprising Ondo and Ekiti states, Adebowale Williams, has vowed to provide maximum security for commuters traveling on the Akure/Ikere/Ado road which has become a notorious route for armed hoodlums and other criminalities.

The AIG who hails from Akure South LGA Ondo State and recently assumed office following the redeployment of his predecessor, AIG Ebong E. Ebong stated this while familiarizing with crime reporters in Akure.

He said, "Kidnapping along Ondo-Ekiti road especially ItaOgbolu, we will supervise the state commands to ensure they function more effectively by analysing the crime situation.

"We will look at the matrix and the statistics of what happened in the past few months, the spread of the crime, the area where certain crimes used to occur so that we will be able to work proactively to prevent possibly the crime from occurring and ensure prompt response to where they occur.”

The former Commissioner of Police in Oyo State assured that zone 17, under his watch will collaborate with the Western Security Network Agency, codenamed Amotekun and other

security agencies in the Amotekun states with relationship with other security agencies to ensure peaceful environment.

"Just today, we visited the Amotekun and we let them know that we will continue the relationship that exists and we will also improve on it because no agency can do it alone, it is when we work together that we can ensure that the people of the state enjoy peaceful environment.

"All people wants is a peaceful environment, it is for us to work together to maintain and improve the level of security within the zone", he stressed.

The AIG emphasised that the zone under his watch would not condone any act of corruption and indiscipline from officers and men that would dent the image of the force.

His words: "We will continue to look inward to ensure that we don't allow any bad egg in police or sweep under the carpet where officers have done things unprofessional.

"It is the directive of the Inspector General of Police that we must always ensure that we keep tab on our boys and make sure they are punished every time they misbehave or commit any offence against discipline. It is a challenge to every other person to expose any colleague who misbehaves for punishment.

35

T H I S D AY • MONDAY, DECEMBER 11, 2023

NEWS

LAUNCH OF DCSL'S ECONNECT APP...

L-R: Obstetrician and Gynaecologist, Bridge Clinic, Dr Richardson Ajayi; Chairman Citibank, Dr Shamsuddeen Usman; CEO, DCSL Corporate Services Limited, Ms Bisi Adeyemi; Chairman and Founder, The Chair Centre Group, Mrs Ibukun Awosika; Non-Executive Director, DCSL, Adeniyi Obe at the launch of DCSL's eConnect App and tenth year anniversary held in Lagos...recently

Lalong’s Continued Stay as Minister Raises Concern Ex-Gov: I’m confused choosing Senate or Tinubu’s govt Chuks Okocha in Abuja There is a growing concern in why The Minister of Labour and Employment, Simon Lalong, has not presented himself to be sworn in as the senator representing Plateau South after receiving his certificate of return from the Independent National Electoral

Commission (INEC) more than a month ago.

The concern has been mostly because others whose election petition for senate were upheld or validated had been sworn in.

A source from the PDP national secretariat told THISDAY that Lalong must either relinquish his office as minister and make

Atiku: Kokori was a Principled Fighter for Democracy Chuks Okocha in Abuja Former Vice President Atiku Abubakar has expressed deep sadness over the news of the passing on of elder statesman and erstwhile General Secretary of the National Union of Petroleum and Natural Gas Workers of Nigeria, (NUPENG), Chief Frank Ovie Kokori.

In a statement issued, Sunday, by his media office in Abuja, Atiku described Chief Frank Kokori as a man of the people who was wellloved for his sincerity, principles, and sense of purpose.

He said Chief Kokori was a foremost figure in the June 12 struggle where he and other individuals played key roles in the quest to re-validate the June 12, 1993 presidential election.

According to Atiku, “Chief Frank

Kokori’s contributions to the June 12 struggle and Nigeria’s democracy remain an inspiration to many.

“Chief Kokori left enduring legacies, part of which was his considerable effort towards mainstreaming the oil sector in the development drive of the nation.”

He said Kokori will be sorely missed, especially now that our nation is in dire need of strongly principled people who can stand firm in upholding the truth.

Atiku described the passing of Chief Kokori as a great loss not just to the Organised Labour and Delta State but to the entire nation.

“As the nation mourns him, I enjoin the Kokori family, friends and associates to honour his memory by continually upholding the values and principles which he lived for and never stopped fighting for till his death”, he said.

up his mind on whether he will go to the senate or not.

“He can't hold on the senate seat as well be being a minister.

The people of Plateau south must have a voice in the senate," the source said.

National Publicity Secretary of PDP, Debo Ologunagba, told THISDAY that the party was not bothered as Lalong could not hold on to the two offices "Until he is sworn in as a senator, he must resign as a minister. He cannot hold the two

office at the same time. We wait till he is sworn in or decides to stay as a minister, certainly, not the two offices," he said.

But Lalong, has said he was confused in choosing between moving to the Senate or retaining his position in President Bola Tinubu government.

In a video posted SYMFON TV, an online television station, the immediate past Plateau State governor was seen admitting his chaotic state of mind while addressing a crowd of supporters

“Each time I am with him (a comrade), he will remind me that, please don’t go to Senate.

Please, remain with us at the Ministry of Labour. Maybe that is not what my constituency will say because as I am now, I am a very confused man, about whether to go to the left or go to the right but pray for me to take the best decision.

“If I remain with you, I will remain as a comrade but if I go there, things will change. I told Comrade Oshiomhole, I said

they mentioned you to go and speak on behalf of the Labour. I said no, Comrade Aremu should speak. They said ‘Why?’ “I said as a Senator, I think you have partly committed class suicide. You may be shifting a little bit, but until we see you after four years, we will not confirm that you are intact.

So, it is only that time that we will know whether you have committed class suicide or you are still within as a comrade,” Lalong added

TCN: Vandalism, Insecurity Threats to Our Operations in Port Harcourt Region Blessing Ibunge in Port Harcourt The General Manager, Port Harcourt region of the Transmission Company of Nigeria (TCN), Dr Thomas Inugonum, has lamented that vandalism of transmission lines were threatening the smooth operation of the company in the region.

The Port Harcourt region of the transmission company covers communities in Imo, Abia, Akwa Ibom, Cross River, Bayelsa and Rivers States.

Speaking with Journalists in Port Harcourt, yesterday, Inugonum stressed that most transmission

lines within communities in Calabar and Port Harcourt had been vandalised, adding that the company had suffered series of attacks from local thieves.

To ensure that the situation improves, the TCN official called on the federal government to deploy more security personnel to protect the government infrastructure, noting the disastrous risk of tampering with such high tension facilities by hoodlums.

"The transmission sector is a very important sector that without it there is nothing you can do in power. Therefore, it is my own view that the press should help

us to create the awareness about keeping this transmission line safe at all times.

"Many times we have suffered from people attacking the transmission lines, destroying it, removing parts of the towers, making us not to have the transportation done easily.

"I have always advocated we need security agencies to protect the government infrastructure. It is not something we are going to do alone.

"It means sending some military men to our stations so that they can monitor the facilities. There are some of our stations, they have

already cut the earth conductors for big transformers that cost almost N800,000. And when these conductors are severed, technically that machine is floating and it can go into flames anytime," he said.

Speaking on the ongoing development in the region, the Assistant General Manager, Port Harcourt Sub Region, Mr Ben Ezemobi, said the company is presently operating with about 400 megawatts transformers to boost efficient power supply around Rivers State.

He expressed the belief that with 500mw, Rivers State will have improved power supply.

ECOWAS LEADERS: IT’S TIME TO ACTIVATE COUNTER-TERRORISM STANDBY FORCE and stakeholders to implement the agreement in good faith within the specified timeframe.

On Senegal, the Authority took note of preparations for the February 25, 2024 presidential election in the country, and urged inclusivity and transparency in the electoral process.

The leaders also called on the Senegalese government and stakeholders to adhere strictly to constitutional norms, ECOWAS protocols, and the rule of law in managing all electoral processes.

Meanwhile, Tinubu, who is Chairman of ECOWAS, told the 64th ordinary session of the ECOWAS Authority of Heads of State and Government, "The delivery of good governance is not just a fundamental commitment; it is also an avenue to address the concerns of our citizens,

to improve their quality of life, and create a stable environment conducive to the achievement of sustainable development.

"By providing good governance that tackles the challenges of poverty, inequality and other concerns of the people, we would have succeeded in addressing some of the root causes of military interventions in civilian processes in our region."

Recalling decisions taken by West African leaders to further strengthen the region’s democratic achievements and uphold the right of the people to elect the leaders of their choice, Tinubu said the bloc had outlined specific measures to be taken against any member state opting for unconstitutional change of government.

He said, "While the imposition

of punitive sanctions may pose challenges, it is important to underscore that the struggle to protect the fundamental liberties of our community's citizens must be upheld and respected.

"To this end, I would like to reiterate the imperative of re-engaging with the countries under military rule on the basis of realistic and short transition plans that can deliver democracy and good governance to the innocent populations in those countries.

"On our part, we should be prepared to provide them with technical and material support, to ensure the achievement of these strategic goals."

The president applauded Weah for conceding victory and congratulating his opponent during the last

presidential election in Liberia.

He invited leaders at the summit and other participants to give a standing ovation to Weah while he also acknowledged the presence of former President Goodluck Jonathan of Nigeria, who in 2015, displayed a similar commitment to democratic ideals after losing his re-election to the opposition candidate, Muhammadu Buhari.

"I would also like to seize this opportunity to extend my heartfelt congratulations to the people of the Republic of Liberia for the successful conduct of the presidential election, widely adjudged to be free, fair and credible,” Tinubu said.

He added, "Let me also commend my brother and colleague, His Excellency, George Weah, for his exemplary leadership and conduct

throughout the electoral process.

"By accepting defeat and congratulating his opponent, President Weah has left a legacy to be emulated by politicians in our region and beyond."

Tinubu further responded to the recent decision by some ECOWAS member-states under military rule to float a so-called “Alliance of Sahel States”, describing it as distracting.

He emphasised his commitment to pursuing ECOWAS integration.

He stated, "The phantom pushback alliance appears intended to divert our attention from our mutual belief in and commitment to democracy and good governance that will impact the lives of our people.

"We refuse to be distracted from pursuing the collective dreams, aspirations, and the noble path of

ECOWAS integration as it is laid out in our institutional and legal frameworks.

"I take this opportunity to also emphasise that despite the numerous challenges faced in our region, ECOWAS has achieved significant milestones for the betterment of our community.

"ECOWAS activities have always been people-oriented, with a future of raising the living standard of our people. We have to do that through a relentless focus on qualitative service delivery and good governance."

On the recent disturbances in Sierra Leone and Guinea Bissau, the ECOWAS chairman asked fellow leaders to pay attention to protecting democracy. He reiterated ECOWAS’ zero tolerance for unconstitutional changes of government.

36

T H I S D AY • MONDAY, DECEMBER 11, 2023

NEWS

PINNACLE CEO BAGS CHIEFTAINCY TITLE IN IBAGWA-NIKE COMMUNITY...

MD/CEO of Pinnacle Oil & Gas, Mr. Robert Dickerman and traditional ruler of Ibagwa-Nike Community, Enugu, HRH Igwe Emmanuel Ugwu, during the conferment of traditional title on Dickerman

ECOWAS Court, Pan-African Lawyers Union to Collaborate on Litigations, Enforcement of Judgments Michael Olugbode in Abuja The ECOWAS Court of Justice and the Pan African Lawyers Union (PALU) have agreed on collaboration on litigations and enforcement of the judgments.

This was disclosed at a two-day seminar organised by PALU with support from the Rahul Institute of Human Rights and Humanitarian Law at the weekend in Abuja.

The programme officer of the Pan-African Lawyers Union (PALU), Praise-God Joseph, said there is a collaboration between ECOWAS Court and PALU on how litigants can access the court as they hope to create more awareness on the need for member states to enforce judgements of the court.

She said: “First is for them to understand that these courts are the ones who accepted their jurisdiction and established them knowing the importance of this court and also knowing that this court provides decisions which are binding.

“So it is upon the states to implement them and also the last thing that we have seen as an initiative towards ensuring they implement the judgment is to provide advocacy about the decisions that we get from this regional court and also sensitizing our member states to know these decisions and also to find initiatives towards implementing the decisions."

She added that: "Through this publication and also the two-day seminar is to ensure that litigants have been equipped with the knowledge of the regional court.

That means it’s jurisdiction and

procedures of accessing the court, but also understand how they can advocate towards the implementation of the decisions rendered by the regional court.

Through this, we are able to strategize and discuss on what initiatives in case they call us we can implement in our respective organisations and also we can collaborate as partners towards enforcement of decisions of regional courts.

“And on our collaboration with the ECOWAS Court of Justice, we have been working together through different strategic litigations but also mostly through capacity buildings and conferences where we aim to build key stakeholders knowledge about the court but also collaborations on how we as litigants and strategic litigants can access the ECOWAS court mostly.”

She also spoke on PALU and its importance, stating that: “@ Pan African Lawyers union deals with different issues and most of our activities are around strategic litigation so through this strategic litigation we do capacity building to litigants but also we do publications so as to help litigants in accessing justice through regional court.

“So, we organised a two-day seminar which aims for capacity building of participants, litigants, CSOs, NHRIS across the region with the focus of those litigates at the ECOWAS court of Justice."

The programme officer of Rahul institute for human rights and humanitarian law, Gilford Kimathi, said Rahul sponsored the training because of its interest in building capacity of litigants to promote justice.

His words: “We support access to Justice so we support the Pan African lawyers union in its work that supports both the sub-regional bodies that are working on human rights as well as building the capacity of lawyers especially those that are litigating these bodies.

"We hope to have the litigants have increased awareness and therefore strengthen their capacity to engage with the ECOWAS court.

"One of the challenges that

we have is that there is limited awareness of these bodies by many of the advocates we use to have many other challenges like the low levels of implementation of decisions that emanate from those bodies amongst other challenges as you may know therefore our expectation is that through the seminar that was organized by PALU as well as the publication the menu that has been developed

by PALU the litigants will be more

capacitated to be able to litigate at the ECOWAS court."

The Registrar Appeal, Arbitration and Enforcement, ECOWAS Court of Justice, Mr. Gaye Sowe, at the sidelines said, the court has gotten an approval to be at the next ECOWAS Council of Ministers meeting to present it with their challenges and possible solutions.

Sowe said: "For the first time the court is going to meet with the council of Ministers which

has never happened before. We will be at the meeting and make known to them the challenges we face a regional court and proffer possible solutions.", Earlier in his presentation he disclosed that the court has so far made over 390 judgments since inception and that 132 cases against member states are yet to be enforced while 14 has so far been enforced and that the other over 200 judgements are not enforceable.

House Exonerates Agency over Alleged N81.2bn Tree Planting Scandal Adedayo Akinwale in Abuja The House of Representatives has exonerated the National Agency for the Great Green Wall (NAGGW) over alleged mismanagement of N81.2 billion mismanagement of the Ecological Fund released to the agency.

The Green Chamber exonerated the agency in a report submitted by the 15-man Ad Hoc Committee set up to investigate alleged financial sleaze by the agency, which was sighted by THISDAY. Recall that the Ad hoc committee chaired by Hon. Ismaila Dabo, was set up in July, following a motion moved at the plenary by Hon. Ali Shettima on “the Need to Investigate the Utilisation of Ecological Funds Released to the Great Green Wall by the International Organizations from 2015 to Date; and All federal allocations to the National Agency for the Great Green Wall as well as all Contract Awarded to Various Contractors for the Project from 2019

to Date.”

However, at the inaugural sitting of the Ad hoc Committee, the agency was alleged to have spent the sum of N81.2 billion on the planting of 21 million trees across 11 frontline states, including Kebbi, Sokoto, Zamfara, Katsina, Kano, Jigawa, Bauchi, Gombe, Adamawa, Yobe and Borno.

Checks revealed that the Director General of the agency, Dr. Yusuf Bukar during his presentation before the Committee last September explained that the sum of N53,425,423,874.34 was the amount released to the agency from inception to July 2023, as against the sum of N81.2 billion which the agency was alleged to have spent.

Bukar, who assumed office in April 2022, maintained that the agency has not acted outside its mandate in the implementation of the Programme.

The report said: "Not all of the N53,425,423,874.34 received were used directly on planting activities.

The NAGGW cost of planting,

from inception in 2015 to July 2023 is N5,145,735,470.15” “That the approximate sum of N7.2 billion balance in the agency’s account are liabilities already committed to ongoing contracts that have already been awarded.”

“All unutilised funds from capital appropriation are refunded to federal government TSA account at the end of the financial year where applicable.”

The Committee admitted in its report that the evidence from the hearing indicated that the NAGGW received a total sum of N53,425,423,874.34 only from inception in 2015 to July, 2023.

The Committee discovered in its investigation that the agency did not receive budgetary allocation for 2015; while ecological funds were not released to the agency until 2019.

The committee also discovered that the percentage of ecological funding going to the agency was reduced from 15 percent provided for by the Act to just five percent with effect from

January 2020 to date.

The committee frowned at unilateral reduction in the statutory allocation to the agency by fiat, and urged government, as a matter of urgency, to revert the Ecological Fund releases to the agency back to 15 percent as provided for by the NAGGW Act. It said: “That the total sum of N20,168,363,662.18 only being the shortfall of the reduction from Ecological Fund for January, 2020 to date, be immediately released to the Agency to fund its activities;” The committee recommended that: "Ecological fund office should calculate remit to the NAGGW the total sums due to the agency from the Ecological Fund from 2015 to 2018; "Urge the National Agency for the Great Green Wall to as a matter of urgency include the frontline states of Adamawa, Bauchi and Gombe States in the fourth phase of the Afforestation projects which are to commence soon.”

Rwandan High Commissioner Partners Rivers, PHCCIMA on Local Production Blessing Ibunge in Port Harcourt The Rwandan High Commissioner in Nigeria, Amb. Christophe Bazivamo said the country is partnering with the Nigerian government, especially the Rivers State government and the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), in promoting local production.

The Rwandan High Commissioner made this disclosure, during the opening ceremony of the 17th Port Harcourt International Trade Fair,

in Port Harcourt, at the weekend.

In his remarks, Bazivamo noted the need for African countries to promote indigenous products, stressing that production and consumption of home made goods will boost and stabilise economy.

He explained "Our presence here is actually a framework of deepening and widening partnership between the Nigerian government and Rwanda, Rivers State government and Rwanda, with also the Chambers of Commerce, Industry, Mines and Agriculture and private sector in

the federation and Rwanda.

"The idea here is for cooperation in the framework of implementing the recently signed joint permanent commission for cooperation agreement between Rwanda and Federal Republic of Nigeria.

"This year's is about promoting local production, especially this one.

Local production is the same time promoted by local consumption. As Africans, we should act strongly towards promoting our local products, but most importantly, by consuming what we produce

and also produce what we can consume".

Bazivamo thanked PHCCIMA for the invitation, saying that "I will first of all emphasis that Rwanda has opened its door. The framework for the implementation of Africa Continental Free Trade Agreement by ushering the Visa entering free

by Rwanda and invited actually other Africans to come and visit, invest and partner with Rwandans.

"I thank you for the warm hospitality we have enjoyed since we have reached this vibrant commercial

and control central Port Harcourt.

I wish to transmit to you greetings from the government of Rwanda. We are so privileged and honoured to be together with you this evening."

In his remarks, Governor Siminalayi Fubara of Rivers State, represented by the Permanent Secretary, Ministry of Commerce and Industry, Lawson Ikuru, assured of an enabling environment for businesses to thrive in the state.

The governor also advised investors in the state to support his government achieve its mandate of

making Rivers a notable hub for business and ensured an improved infrastructure for development of the state Earlier in his speech, the PHCCIMA president, Mike Elechi, disclosed the theme of this year's trade fair as "MSME/SME Growth: The Wheel to an Entrepreneurial Economy".

Elechi said the fair serves as a platform for collaboration and exchange of ideas, showcasing the dynamism inherent in the local businesses.

MONDAY DECEMBER 11, 2023˾ T H I S D AY

45

,NEWS

AWARDS FOR 20 YEARS MERITORIOUS SERVICE…

L-R: Some recipients of the 20 years meritorious awards, Hassan Garba; Ama Isaac Chukwunyere; Chairman, Dangote Cement Plc, Aliko Dangote; Ngwu Ugochukwu Lucy; Ukamaka Emmanuel, and Mohammed Adamu, at the Dangote Cement Plc, Long Service Awards in Lagos…recently

FG Has Launched Attack on Right to Dignity, Says Osun Coalition Yinka Kolawole in Osogbo

Osun Civil Societies Coalition (OCSC), the umbrella body of civil societies groups in Osun State, has chided the federal government for worsening economic situation of the country, which it said it’s deriding Nigerians’ right to dignity.

The OCSC alleged that the government has deliberately launched an attack on the dignity of Nigerians by subjecting them to hardship through the fuel subsidy removal and devaluation of the naira.

According to the coalition, poverty and hunger, which are weapons in the hand of the

Govt Sabotaging NECO, Says Former Board Chairman Laleye DipoinMinna

Former Chairman of the Board of the National Examination Council (NECO) Professor Abubakar Sadiq Mohammed, shocked a large gathering made up of educationists and policy makers in Minna Niger State at the weekend when he declared that the government, especially some officials in the Ministry of Education, are out to sabotage the indigenous examination body.

Professor Mohammed, who said he did not owe anyone any apology for his outburst, alleged that some government officials

don’t want NECO to exist.

The officials, he said, first withdrew the N6billion found in the account of NECO, “till date the money has not been returned to the examination body, and nobody is even bothered to inform us what they did with the money.”

According to him, the money was examination fees collected from candidates, adding that “it is still a mystery how we conducted the examinations.”

Apart from this, he declared that the federal government has not released even a kobo as subvention to NECO for the running of the organisation.

government and politicians, have taken away the right to dignity of majority of Nigerians.

The OCSC stated this in a statement issued and signed by

Sokoto State Government has expressed commitment to the total eradication of poliomyelitis in the state.

The state Deputy Governor,Alhaji Idris Mohammed Gobir, stated this at a meeting with stakeholders on the eradication of polio, held at Villa one in Sokoto.

The deputy governor, who is also the state chairman of the task force on polio eradication, said concerted efforts are being made to ensure that Sokoto becomes polio-free state.

He said the government is ready

to render all the necessary support toward realising the set objective.

The deputy governor, who represented the state Governor, Ahmed Aliyu, however, stressed the need for synergy among all the stakeholders in that direction.

Gobir warned that the government would not condone any act capable of jeopardising the goal.

In his remark, the Secretary to the State Government (SSG), Alhaji Muhammad Bello Sifawa, called on all the Ministries, Department and Agencies (MDAs) involved in the exercise to remain steadfast for the success of the exercise.

22-year-old Student Commits Suicide in Ilorin Hammed Shittu in Ilorin Tragedy struck in Ilorin, Kwara State capital, at the weekend, when a 22-yearold Arabic student reportedly committed suicide.

The deceased identified as Alfa Musa was said to be a student of Sheikh Kamaldeen Arabic school in Ilorin.

THISDAY investigations revealed that the deceased was said to have hanged himself in his room at

Dagbenu compound in Ogidi area of Ilorin last Friday.

It was gathered that one of his friends, who visited him at his house on the day of the incident, was said to have found the door to his room locked.

He said: “After repeated knocks on the door, there was no response, yet he was in the room, hence the door was forced open and the deceased was found hanging.

attacks on the rights of Nigerians to dignity through fuel subsidy removal, devaluation of the naira and the worsening economy.

“Right to dignity is a

fundamental human right, but the government is robbing Nigerians of their dignity with the high cost of living brought about by the unchecked hyperinflation.

Conference of Opposition Political Parties Vow to End Political Brigandage Chuks Okocha in Abuja A newly formed political pressure group known as Conference of Opposition Political Parties in Nigeria (COPIN) has expressed its determination to end political brigandage, rigging, unlawful allocation of votes, electoral

thuggery and other undemocratic vices by pushing for electoral and judicial reforms.

The convener of the group, Sen. Dino Melaye while addressing the journalist at the end of its inaugural meeting in Abuja, expressed worry that the elections have becomes a very

shameful exercise, adding that the group is determined to rescue the country from all the vices that characterized the last election by pushing for necessary amendments that will make it extremely impossible for even the Independent National Electoral Commission (INEC)

from tampering with election results.

He said: “The purpose of this meeting is to galvanize the support of political parties towards judicial and electoral reform in this country, towards good governance, towards reforming our electoral process.

Federal College ofThe Agric Students, Staff Protest over Encroachment protest held at the The protesters carried placards Addressing journalists, the Fidelis David in Akure The staff and students of the Federal College of Agriculture, Akure (FECA), Ondo State, have protested over an alleged encroachment of the land belonging to the institution by land grabbers.

weekend took them from the gate of the institution to the office of the Assistant Inspector General of Police (AIG) Zone 17, the governor’s office and the palace of the Deji of Akure, Oba Aladetoyinbo Aladelusi Odundun II.

with inscriptions such as: ‘Don’t send FECA into extinction’; ‘Rescue FECA from land grabbers’; ‘FECA land is not for sale’; ‘Federal government should come to FECA’s aid’; Allow FECA to breathe’, among others.

institution’s Chairman of the Academic Staff Union of the College, Mr. Kayode Sule, said the activities of the land grabbers were affecting the training of students of the college, describing them as illegal.

No Going Back on Continuous Drainage Maintenance, Says Commissioner Segun James

state government has Sokoto Govt Reiterates its Lagos said that there is no going on its resolve on drainage Commitment to Eradicate Polio back and canal maintenance in

OnuminyaInnocentinSokoto

its Chairman, Waheed Lawal, to mark this year’s World Human Rights Day yesterday.

The statement read: “The federal government has unleashed

order to permanently address the menace of flooding in the State.

The Commissioner for Environment and Water Resources, Mr. Tokunbo Wahab, who stated this while inspecting some areas in Ikoyi, including State House, Dodan Barracks, expressed satisfaction with the level of the cleaning of drainages at

the Dodan Barracks Mammy market.

According to him, the issue of perennial flooding in that axis had become a matter of serious concern to the state government.

Wahab said: “I must say that i am satisfied with the

level of compliance and ongoing work around the State house on Dodan Barracks/ Norman Williams Corridor; a lot have been done by the government in removing the nuisances blocking the canals and waterways of the collector.”

Produce Funding Template for Police Ministry, Perm Sec Urges Group Kingsley Nwezeh in Abuja The Permanent Secretary(PS), Ministry of Police Affairs, Dr Nasir Sani-Gwarzo, has tasked a non-governmental organisation (NGO), Aged Network, to produce a funding template that would

be institutionalised for the purpose of closing the funding gaps in the ministry.

The group is known to have raised $1.5 billion from the United States, Qatar, Japan, United Kingdom and other nations to fill funding gaps in different sectors of the economy.

The PS spoke at a meeting with the group at the Ministry of Police Affairs in Abuja at the weekend.

The group had also partnered with the Ministry of Education, Ministry of Defence, the Nigerian Police Trust Fund (NPTF) among others.

“Looking at what the Aged Network has done for this country, we felt we need to see how we can deepen the partnership so that we can take the necessary steps. Aged Network works with many countries. Secures funds for projects,” he said.

Dangote Cement Inducts Graduate Trainees to Boost Employment Dangote Cement Plc at the weekend inducted 81 trainees in its Graduate Trainee programme to boost employment in the country. Similarly, the company has rewarded its outstanding staff members with long service awards and ‘Hall of Wall of Fame

Employee Award’ for embracing the Dangote Cement core values of customer care, entrepreneurship, excellence and leadership quality.

The staff members that were awarded with significant monetary value, have spent a minimum of five years in the

employment of Dangote Cement.

Speaking at the event in Lagos to celebrate the long service winners, Hall of Fame awardees and graduate trainees, the Chairman of Dangote Cement, Aliko Dangote said the event was to honour and appreciate “…our

distinguished staff in the outgoing year of 2023.”

He said: “We are honouring some of our staff for their long service to the company. We are also celebrating our graduate trainees who are officially rounding up their induction programme.”

No Compulsory Screening Exercise for Workers in Kogi, Says HoS Ibrahim Oyewale in Lokoja Kogi State Head of Civil Service (HoS), Mrs. Hannah Odiyo, has debunked a report by an online publication alleging that the state Governor, Yahaya Bello, directed staff audit of all

state workers.

He clarified that the ongoing exercise is purely an internal routine for biodata update by the office of the Head of Civil Service, especially after the last screening.

Odiyo also pointed out

that the officer, Mr. Fadumila Olowo, who painfully died during the in-house exercise, was said to have been ill before the exercise and that he had in recent time, slumped elsewhere before this fateful day, adding that as against the falsehood reported by

the online newspaper, the incident happened around 11.00a.m., shortly after he arrived at the venue.

She, however, commiserated with the family of the deceased and prayed for the peaceful repose of the soul of the deceased.

T H I S D AY • MONDAY, DECEMBER 11, 2023

38

BACKPAGE CONTINUATION COMPOUND TRAGEDY AT TUDUN BIRI very small scale and totally inevitable. The first Army statement said the drone that hit Tudun Biri was after terrorist targets who ran into a community and immersed themselves in it. The question is, was that clear to the commander before he released the drone’s firepower? It is not for nothing, all over the world, that guerilla fighters and terrorists take hostages as “human shields.” It is assumed that a professional military force will not open fire where innocents are in harm’s way. It must either wait for another opportunity, or try to persuade the terrorists to free the hostages.

Many years ago, I heard a former Chief Judge of old Sokoto State saying that, in matters of capital punishment, a judge will rather free ten guilty persons than convict one innocent person. In other words, the evidence has to be beyond reasonable doubt, before a judge convicts.

Those of us who sat for weeks on end in 1995 watching the O. J. Simpson trial on live telly always remember his lead counsel Johnnie Cochran’s devastating final pitch to the jury: “The glove does not fit, so you must acquit!” And acquit the jury did. One juror explained as they emerged from sequestration that “the glove did not fit” was enough reason to acquit.

Does the military operate by the same principle, that if there is any iota of doubt, withhold fire? Just like capital punishment, lives are at stake here. And what is the corroborating evidence? In journalism, our rule is that an exclusive story obtained from a source must be corroborated by another, independent source before it is fit for publication. Now, journalism is much less deadly [sometimes] than judicial ruling or military action, so information about suspected terrorist movements supplied

by a drone, however cutting-edge the tech it has, must be corroborated by another source before action is taken.

For example, Nigeria Airforce statements about aerial operations against terrorist targets in the Northeast carefully state that action was carried out after reconnaissance confirmed the authenticity of the terrorist targets. Still the Airforce made mistakes, the worst being at Rann in 2017 when its planes dropped bombs on an IDP camp, in the full view of humanitarian aid workers, and killed an estimated 50 people. More recently there was the episode in Doma area of Nasarawa State, where Fulani leaders waiting to load their cattle onto trucks were attacked by air force jets and scores were killed. I believe however that it was the checks and double checks, using both human and tech assets, in the years since terrorism exploded in this country that these mistakes were minimised. Until the Army joined in the aerial action.

However, the Army, Defence Headquarters, Kaduna State and Federal Governments all rose to the occasion and have expressed deep sorrow and compassion over what happened at Tudun Biri. Army Chief Lt General Taoheed Lagbaja attended the funeral prayers for the victims and offered profuse apologies, as did the Ministers of Defense.

Kaduna State Governor Uba Sani has been there many times; senators donated their December pay to the victims, and Sultan of Sokoto Muhammad Sa’ad cried out for justice. Vice President Kashim Shettima personally went to Tudun Biri, prayed at the mass grave sites and was seen kneeling down by hospital beds to console injured victims.

Chief of Defence Staff General Chris Musa, himself a native of Kaduna State, assured us that it will not happen again. We

hope it doesn’t, but before that there is the small matter of the probe and punishment of culprits that Commander-in-Chief of the Armed Forces Bola Tinubu promised.

Some people said, perhaps correctly, that the military could not be trusted to investigate itself. I however disagree with them that this probe, whether judicial or administrative, must be public. Holding an open inquiry, either at the National Assembly or by a Judicial Commission, would enhance transparency but it could also expose military and intelligence secrets to the country’s internal and external enemies.

In all previous cases of this nature, it was never made public if the military punished anyone who was responsible for the tragic mistake. Was it the intelligence assets that could not differentiate between women, children and terrorists, in which case we should punish the persons who purchased it? Was someone supposed to corroborate the information about terrorists’ movements but did not do so, in which case we must punish him or her? Did someone give the order to fire when he knew the pursued terrorists ran into a crowd of civilians, in which case the person should be super charged?

Or even, who really is responsible for giving the final order to open fire? We remember that when American special forces undertook the mission to kill Osama Bin Laden in 2011, President Barack Obama sat all night in the Situation Room and monitored the mission. He could have stopped it at any stage if he suspected that large civilian casualties could be inflicted on the Pakistani city of Abbottabad. There are other reasons why civilian bosses must closely monitor such operations. Army Generals cannot always be trusted not to overdo things.

During the Cuban missile crisis of 1961, US President John F. Kennedy’s political adviser Kenneth O’Donnell warned him after a security council meeting that some of his service chiefs, notably Airforce Chief General Curtis LeMay, could shoot at Soviet warships that tried to breach the embargo around Cuba and precipitate a nuclear war. Secretary of Defence Robert McNamara then phoned warship commanders enforcing the blockade and said under no circumstances should they open fire without his permission.

In our own situation, where the military is pursuing terrorists, separatists and oil thieves all over the place, I don’t expect the President, Defence Minister or the service chiefs to sit down all day and retain the power to authorize strikes.

However, they must put in charge very experienced Generals who should check and double check before they open fire at any target.

Which brings me to the last issue.

It was the Kaduna-based cleric Sheikh Ahmed Gummi who first alleged that the shooting of Maulud celebrants was not an accident. He was shortly followed by the equally incendiary Sokoto-based cleric Bello Yabo, who asked why such incidents happen only in the North.

Gummi once told assembled bandits that the Army was killing them because they are Muslims. As a former soldier himself, he must know that every military unit in Nigeria is thoroughly mixed up regionally, ethnically and religiously and cannot possibly pursue an ethnic cleansing agenda. A tragic mistake was made at Tudun Biri, but it was most certainly a mistake. Compensate the victims and their families, as the Sultan of Sokoto demanded but on top of all, ensure that it does not happen again.

The fifth is related to the Institutional Independence and Effectiveness of INEC. We need to rethink the process of nominating and empanelling INEC. The National Assembly should amend both the constitution and the electoral Act to review the process of appointments into INEC, specifically to divest the power

from the appointment of Chairman and National Commissioners from Mr President, to free the commission from the damaging negative perception of "he who pays the piper dictates the tune" and professionalise lower-level administrative appointments, including headship of state offices of INEC. In this regard, the appointment of Resident Electoral Commissioners should be divested from the president and given to the Commission at INEC, with powers to hire and fire.

Also, INEC needs to be unbundled to improve its efficiency and effectiveness in the preparation and conduct of elections, while an independent body should also take the registration and monitoring of the activities of political parties.

Electoral reforms are essential for maintaining and improving the health of a democracy, ensuring that it remains responsive, representative, and accountable to its citizens' diverse needs and interests. It plays a crucial role in strengthening and enhancing the functioning of democracy by promoting inclusivity, transparency and accountability, electoral integrity, and legitimacy. Given the importance of electoral reforms to democracy and the quality of governance, we must take it seriously this time. Our democracy is a work in progress; we must do our best to make it functional. Though tortious and painstaking, these extensive reviews are needed to keep reshaping our democracy.

As imperfect as our electoral acts have been, they would have provided better elections if they had been adequately implemented. The bane of our electoral system is our penchant towards subverting the laws, sometimes with great impunity, and our total disregard for the rule of law.

As we think about improving the Electoral Act to serve our electoral needs, we must reflect on implementing the Act's content effectively. I also call for an attitude change among our politicians who are ingenious in coming up with ways to undermine the Electoral Act to their advantage. The Machiavellian approach to politics will continue to impede our electoral process no matter how perfect our electoral Act is. It is time for real change.

THE DRUM FOR ELECTORAL REFORMS the Act of cross-carpeting. The provision that INEC can only fill such vacancies if they have been declared vacant by the Speakers (NA and SHAs) and Senate President is unrealistic as, in practice, they have failed to report such vacancies, as 'de-campees' invariably become members of their(Assembly leaders)parties.

Besides, instead of Sections 86 and 87, which place all the responsibility of monitoring party finances with INEC, given the prevailing tendency of parties and candidates to violate campaign finance limits, this responsibility should either be handled by a newly created agency (in the context of unbundling INEC) or given to an Inter-Agency Committee consisting of INEC, Security, and anti-corruption agencies. Although Sections 31 and 33 specify conditions regulating withdrawal of candidature and substitution, there is a need to place stringent requirements for candidate withdrawal and replacement to prevent abuse of this provision.

The third is related to electoral dispute resolution and Judicial adjudication.

Notwithstanding,provisions of Section 29(5), which allows aspirants who participated in primaries to pursue pre-election litigation, there is a need for the legislation to allow even candidates outside the political parties, as well as tax-paying citizens, to file suits against candidates who provide false information to INEC regarding their candidature. Although Sections 132(8) and (9) have given timelines within which the Tribunals and courts of appellate jurisdiction should deliver verdicts, there is a need, particularly concerning elected executive positions, to ensure that all cases are resolved, and judgments made before the date of swearing-in other as found in Kenya and other African countries .

The fourth relates to voters register and the voting process. INEC must enhance the quality of the voter register/voter registration process. And the increasing phenomenon of vote buying and vote selling needs to be explicitly proscribed, with stiff penalties provided. Section 121, which deals with bribery and conspiracy, is insufficient to decisively deal with this phenomenon, which is destructive to the integrity of the elections. Accordingly,

INEC Chair, Mahmood Yakubu

as recommended by the Justice Uwais Electoral Reform Committee, the current statutory responsibility of INEC regarding the prosecution of electoral offenders should go to an 'Election Offences Commission'.

To accelerate the trial and punishment of offenders and address the impunity with which such offences are committed.

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T H I S D AY • MONDAY, DECEMBER 11, 2023

MONdaysports

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

0811 181 3083 SMS ONLY

Will Osimhen Restore Pride to Nigerian Football Today?

Duro Ikhazuagbe The 2023 CAF Awards will hold today at the Palais des Congrès, Movenpick, Marrakech, Morocco with Nigeria’s Victor Osimhen in the running for the CAF Africa Player of the Year.

Also in the running for other Honours include; Asisat Oshoala and Chiamaka Nnadozie who are running for the women’s best player and the Best Goalkeeper awards respectively.

CAF PLAYER OF THE YEAR 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.

Kanu was the last Nigeria star to win the CAF Player of the Year Award in 1999.

Osimhen, was penultimate 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.

Meanwhile, seven Nigerian legends expected at the ceremony include; Austin Jay Jay Okocha, who inspite of his stellar performances, agonisingly missed out in 1998 and 2003.

Also invited is Mikel Obi who also missed out in 2013, 10 years after that of Okocha. He will be joined by another Nigerian legend, Amuneke, winner of the award in 1994.

Other Nigerian legends expected to grace this year’s CAF Awards are: Mercy Akide, Onome Ebi, Perpetua

Nkwocha and Precious Dede.

Among the prestigious guests from other countries who have confirmed their presence are football legends, music and art celebrities and prestigious names from other sporting disciplines, including Samuel Eto’o (Cameroon), Abedi Pele (Ghana), El Hadji Diouf (Senegal), Emmanuel Adebayor (Togo), Jonathan Pitroipa (Burkina Faso), Kalusha Bwalya (Zambia), Ahmed Hassan (Egypt), and Patrick Mboma (Cameroon), among others.

Osimhen

Everton Claim Third Consecutive Win, See Off Chelsea

Everton claimed three consecutive Premier League victories for the first time since 2021 as they saw off Chelsea 2-0 at Goodison Park.

Abdoulaye Doucoure and substitute Lewis Dobbin both fired home first-time efforts in the second half as Sean Dyche's side moved four points clear of the relegation zone.

It was a tight and tense first half with Jordan Pickford making decent saves to deny Enzo Fernandez's rasping shot and Cole Palmer's dipping drive from range.

Jack Harrison's acrobatic volley which flew narrowly wide was Everton's most presentable opportunity in the opening period and Dwight McNeil forced visiting goalkeeper Robert Sanchez into an excellent stop at the start of the second half.

Chelsea's attacks were breaking down in the final third and they were punished on the break as Doucoure smashed in and Dobbin smacked home in stoppage time for the in-form Toffees.

The loss is Chelsea's seventh in the league under Mauricio

PREMIER LEAGUE

Pochettino this season, dropping them two places to 12th in the table.

RESULTS Premier League Everton 2-0 Chelsea Fulham 5-0 West Ham Luton 1-2 Man City Tottenham 4-1 Newcastle La Liga Atletico 2-1 Almeria Granada 0-1 Athletic Cadiz 1-1 Osasuna Barcelona 2-4 Girona NPFL Gombe 2-0 Heartland Akwa Utd 1-0 Lobi Bayelsa 2-0 Rangers B’Insurance 1-0 Sunshine Enyimba 2-1 Abia War Tornadoes 2-3 Plateau Remo 2-0 Kwara Utd Shooting 1-1 Katsina

Everton players celebrating the club’s 2-0 victory against Chelsea ...yesterday

NPFL: Remo Regain Top Spot as Plateau Pick Vital Away Win NAF Calls for Archery Mainstreaming in Nigeria Femi Solaja

Remo Stars returned to the top of the Nigeria Premier Football League log on Sunday after a 2-0 win against visiting Kwara United but it was Plateau United’s away win at Niger Tornadoes that was the only victory secured by any club in the Match-day 13 fixtures.

The win achieved by Remo Stars yesterday means the club will lead others into the Christmas break with only the outstanding matches that will be concluded before the turn

of the new year.

It was Adedayo Olamilekan in the 26th minute and Samad Kadiri’s goals in the 68th minute that shot the club back to the top just as Doma United continued their impressive run with a lone goal win against Kano Pillars on Saturday but dropped to second spot with 25 points.

Former champions, Lobi Stars lost 0-1 away at Akwa United with Seyi Oguntayo’s first-half stoppage-time goal that settled the match. But the team still retained

its third position on the log while Akwa United moved away from relegation waters to 16th position with 14 points.

Insurance of Benin continued to put pressure on top teams with a lone goal win against Sunshine Stars of Akure. The penalty kick awarded against the visitors in the third minute was converted by Benjamin Tanimu to put the side in fifth position on the log while resurgence Enyimba retained the fourth position with a 2-1 win in the city derby against Abia Warriors

in Aba. Shooting Stars of Ibadan failed to beat Katsina United following a 1-1 score line at the Lekan Salami Stadium.

Struggling Kastina United had silenced the crowd with an early goal but the home team restored parity in the 15th minute with a goal from Taofeeq Ayodeji.

Bayelsa United pipped Rangers International by a 2-0 and bettered their position to 17th on the log after spending too many weeks at the bottom.

Sunday Ehigiator The Nigeria Archery Federation (NAF) has called for the inclusion of archery in national and state-based games to create awareness of the sport among members of the public as well as promote public interest in the game.

NAF Secretary General, Mr. Olatunji Boluji, made the call in Lagos while giving his remark at

Ikoyi Club National Badminton Okinali Team Clinches TotalEnergies Trophy with 1-0 Goal Classic Back After 24 Years Duro Ikhazuagbe

After 24 years hiatus, the country’s biggest badminton tournament, the Ikoyi Club 1938 National Badminton Classic, will make a return beginning from Wednesday, December 13 through December 16, 2023.

The second edition of the Classic last held in 1999.

Speaking at the unveiling of programmes lined up for this third edition of the Classic, President of the Nigeria Badminton Federation (NBF), Francis Orbih, said at the weekend that the country’s best 16 male and 16 female players will be on display in the quests to win the mouth-watering prizes at stake.

“This competition started as National Badminton Open in 1989 and nine editions took place before it became the Ikoyi Club National Badminton Classic. Two editions

held between 1998 and 1999 before it went into the cooler. But thank God that after 24 years absence, the Classic is back bigger,” began Orbih whose tenure at NBF has given the sport a new lease of life in the country.

He however admitted that for this edition, only the top ranked men’s 16 and the women’s 16 players will compete for the prize money at stake, stressing that from the next edition, all the other categories like the men and women’s doubles as well as the mixed doubles will be competed for prizes.

“In the past, if you have not played the Ikoyi Club Classic, you have not started. We are determined to make it the competition that top badminton players look forward to with excitements,” stressed the NBF Chief.

Interestingly, the return of the Classic has heralded the creation of

a Badminton Hall of Fame, where personalities that have contributed to the growth of the sport in Nigeria would be appreciated and recognised.

“The idea behind the Badminton Hall of Fame is to recognise and appreciate those who have contributed to the game while they are alive and not when they have died and gone,” hinted Orbih who stressed that those to be honored will be unveiled on the final days of each edition of the Classic.

Chairman of the Badminton Section of Ikoyi Club 1938, Thomas Adeoye, expressed his excitement over the return of the Classic, stressing that the section will do everything to ensure that it holds annually without a break anymore.

Seven past chairmen of the Badminton section of the top club in Lagos were in attendance at the unveiling of the programme to give their support for the Classic.

Blessing Ibunge in Port Harcourt

TotalEnergies EP Nigeria Limited, TEPNG/NNPCL Joint Venture's 20th edition of the annual football competition for the youths of the OML58 host producing communities in Rivers State ended yesterday with Elele Okinali team defeating Elele Alimini 1-0 to emerge champions.

Eighteen communities that participated in this year’s tournament, include, Ede, Obagi, Ubio, Ogbogu, Obiyebe, Akabta, Oboburu, Elele Okinali and Amah.

Others include; Obunwo, Ibewa, Idu, Elele Alimini, Obite, Egita, Rumuekpe, Akabuka and Erema.

The participating communities cut across Ogba/Egbema/Ndoni, Ikwerre, Ahoada East and Ahoada West LGAs. In all, teams played 25 matches with 76 goals scored. 103 yellow cards were issued with four players sent off on red card infringements.

Elele Okinali emerged as the highest scoring team on 11 goals, but equally conceded 10 yellow cards before victory.

Rumuekpe team exited at the group stage without scoring a single goal but conceded two goals in the process.

At the end of the match yesterday, Elele Okinali won with 1-0 against Alimini. This makes Okinali four times champion, while Alimini is two times champion in the TotalEnergies tournament with OML58 host communities.

Speaking at the closing ceremony of the event which was held at Obite, ONELGA, the Deputy Managing Director, JV Asset, Mr, Guillaume Dulout, said the football competition is a unique project that has become one of the hallmarks and testimonies of an enduring relationship between NNPCL/ TEPNG Joint Venture and its OML58 host Communities.

the opening ceremony of the third private archery club in Nigeria, Zen Archery.

Boluji stated that although the sport is integral to ancient African societies, not many people know about the game as a contemporary sport and are not aware of the sport as an internationally thriving game.

"At the local level, we have archery but not many people know about modern archery. We have over 300 registered archers in Nigeria. At the Nigerian Art Festival (NAFEST), there are always archery participants from each state.

"It should be included in games at the national and state levels like the National Art Festival. Members of the public will embrace it more.

Every sportsperson wants to go to the Olympics. When they know that it is in the Olympics, they would want to embrace it more."

On his part, the Founder of Zen Archery Club and celebrity photographer, Mr Emmanuel Oyeleke, shared that the club was born out of his love for the ancient sport and a desire to preserve the sport while raising a community of archers from various age ranges saying that the dream is to nurture archers from the "seeds of curiosity to the blossoming of ambition."

Oyeleke, who is a member of the Team Nigeria at the just concluded 13th African Archery Championships and supported the team to win a silver and two bronze medals, expressed his delight at the opening of the Club stating that the “Zen Archery Club is not just about hitting targets; it's about fostering a sense of community and passion for archery.

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MISSILE J.K. Randle to FG “Education in Nigeria has suffered a huge setback and the tragedy is that a lot of money we should be spending on education, is being spent on other things, while the pro-catalyst for development is education. This has been proven over and over in so many countries, but is not getting the right attention in Nigeria" –Former ICAN President, Bashorun J.K. Randle, criticising FG's neglect of education in the country.

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MAHMUDJEGA VIEW FROM THE GALLERY

Compound Tragedy at Tudun Biri

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o become very well known for the wrong reasons. I lived in Kaduna for 16 years and Igabi Local Government, where it is located, is mostly Kaduna city’s sprawling suburbs but I never heard the name of Tudun Biri village, until last week. Now, nearly everyone in Nigeria has heard the village’s name, no thanks to the Army’s botched “anti-terrorist operation” when an unmanned drone fired rockets at the townsfolk on Sunday night, December 3.

Some 120 people were killed in the attack and another 60 were badly injured and are hospitalized in Kaduna. Add to the tragedy the fact that many, if not majority, of the victims were women and children, hardly the usual terrorist suspects. Multiply the tragedy by the fact that the victims were participating in a religious festival, Eid el-Maulud, marking the birthday of the Holy Prophet Muhammad. Compound the tragedy by the fact that not one but two rocket strikes happened that night. After the first strike hit, villagers who rushed to the victims’

Chief of Army Staff, Lt. Gen. Taoreed Lagbaja

aid were hit by a second strike which, according to witness accounts, took more lives than the first strike.

Complicate the tragedy by the senselessness of the second strike. During the Second Gulf War of 2003 when US troops invaded Iraq, I remember reading a story that warned locals that when an American plane is shot down by antiaircraft fire, don’t hurry to go near it, because strikes will follow to prevent it from falling into enemy hands. Since the Tudun Biri villagers did not shoot down the first drone [they couldn’t have, armed as they were only with prayer beads and water kettles], the necessity of the second, more devastating strike was hard to see.

Doubly magnify the tragedy by the communication mishaps that followed.

Kaduna State Government was the first to make the story public, working very hard to put its finger on it before the social media takes charge and creates irreparable damage. The Army then acknowledged that it was its [botched] operation. I, for one, was hearing for the first time that Nigerian Army has an air wing with armed drones. All previous aerial anti-terrorist strikes in

the Northeast and Northwest as well as in the Niger Delta that I read about were always attributed to “the Air component” of Operation Hadin Kai, Hadarin Daji, Delta Safe etc. which is the Airforce.

May be the Army must have an air wing but the first question to ask is, why does it need it, since Nigeria Airforce has no ground forces, has existed since 1964, with the same mission, with better equipment for aerial warfare, a lot more men and bases and much more experience?

Besides, given the well-known inter-service rivalry in our armed forces and security services, how can we be sure that conflicts will not occur in the air between Army and Airforce?

Ok, before the Army got into the aerial action, the Airforce too, had bungled several operations and hit innocent civilians instead of terrorists. Just as in ground warfare, what the military calls “collateral damage” is inevitable in air strikes and civilians could get killed in the crossfire, but these should be on a Continued on page 38

DAKUKUPETERSIDE BENEATH THE SURFACE

The Drum for Electoral Reforms

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ohn Dewey, an American philosopher of the 20th century, argued that "we do not learn from experience … we learn from reflecting on experience". At the core of this statement is the critical role of reflection in the learning process.

When we reflect and analyse past experiences, we gain insights, identify lessons learned from our mistakes, and integrate these insights into our lives to make better decisions in the future. In line with this sentiment, the call for electoral reforms is usually high after every election cycle. It has become a priority public commentary issue because of its linkage to the sustainability of democracy and quality of governance. Civil society, opposition politicians and international multilateral organisations are usually at the forefront. The 2023 election is no exception. The 2023 elections were held under what was considered one of the most responsive and innovative electoral acts since 1999, but it turned out to be one of the most contentious.

The degree of contention signals that the quality of election management may have plummeted from our 2015 experience.

Penultimate week, Yiaga Africa, in collaboration with the National Assembly, organised a Town Hall on Electoral Reforms in Abuja. The most critical challenge I see as we embark on the journey of another electoral reform is, given the level of political corruption prevalent in our system, how do we get the average enlightened citizen to believe that the pursuit of electoral reform is worth his time and that democracy has any value beyond periodic election for which he is not sure his vote will count? Sadly, we have attempted four electoral reforms or electoral acts from 2007 to 2022, but the quality of our elections is yet to keep pace . Why did these electoral reforms not deliver? The reason is plausible. Like everything else in Nigeria, there is a wide gap between laws and the implementation of laws.

We fail woefully at implementing laws put in place to make our elections free and fair. It is as if politicians and legal

practitioners actively look for loopholes to either circumvent the law or outrightly disregard it to achieve their electoral desire – which often is to win at all costs.

After an extensive review of the last election, notes shared with me by the former election umpire, Prof.Attahiru Jega and the brilliant suggestions made at the Yiaga Africa event, i have identified urgent issues to focus on as we march towards 2024/25 electoral reforms.

We need to rethink our entire electoral process to make it fit for purpose. We must identify loopholes and block them altogether. The lacuna in the electoral process is our penchant towards making rules that, at face value, make sense but may not align with our current reality based on technology or our prevailing political attitude. This mismatch leads to unenforceable rules that open itself to judicial interpretation. I will articulate some of these issues thematically below.

The first is relating to the use of technology in elections. We must remove the ambiguity evident in Section 64 of the EA22 and make electronic transmission

of results mandatory from the next general elections in 2027, including uploading polling-unit level results and result sheets used at different levels, and invest in the technology . This was a sticking point in the last election and created many legitimacy issues when handled poorly.

The second relates to political parties and their candidates. The new Act should stipulate sanctions for failure to submit a register of party members not later than 30 days before the date of party primaries, congresses, or conventions concerning Section 77 (3), which the political parties have observed in the breach in the 2023 elections without penalty. It should proscribe cross-carpeting not only for members of the National Assembly but also for elected executives, governors, and Chairmen of LGAs. And empower INEC to prepare for elections to fill the vacancy once it has evidence of Continued on page 38

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