TUESDAY 12TH DECEMBER 2023 by THISDAY Newspapers Ltd

FG May Increase 2024 Budget If Revenue Improves Next Year, Says Wale Edun Sunday Aborisade in Abuja The federal government, yesterday, hinted that it might consider returning to the National Assembly to seek the lawmakers' approval for

a supplementary budget next year if the government surpassed its revenue projections. President Bola Ahmed Tinubu's N27.5 trillion 2024 appropriation bill is currently being considered

by the federal legislature. Addressing a joint sitting of the National Assembly Committee on Finance, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, told the

lawmakers that there had been a tremendous improvement in the country's revenue profile in recent months. Edun said if the revenue continued to increase, the federal

government might return to the National Assembly to seek further appropriation for the additional revenue. The minister said, “The revenue performance was encouraging, here

we see that the revenue profile is encouraging. "It is expected that it will continue to be encouraging. There is a fiscal Continued on page 30

Osimhen, Oshoala, Nnadozie, Super Falcons Are Africa’s Best!... Page 29 Tuesday 12 December, 2023 Vol 28. No 10471. Price: N250

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Plot to Impeach Fubara Takes New Turn as Rivers Lawmakers Defect to APC

Governor summons emergency exco meeting over development PDP, LP, others want INEC to declare defectors’ seats vacant Ijaw National Congress urges Tinubu to call Wike to order APC chair welcomes defectors to party

Chuks Okocha, Alex Enumah in Abuja and Blessing Ibunge in Port Harcourt

The plot to impeach Rivers State Governor Siminalayi Fubara assumed another dimension yesterday

as 27 Peoples Democratic Party (PDP) lawmakers of the 31-member state House of Assembly, loyal to

Minister of Federal Capital Territory (FCT), Nyesom Wike, defected to All Progressives Congress (APC).

The development caused the governor to summon an emergency State Executive Council (exco)

meeting. Continued on page 30

Tinubu: I’m Not Satisﬁed with Nigeria’s Security Situation Vows not to relent until insecurity is over Says security remains his government’s top priority Grieves again over Kaduna bombing Deji Elumoye in Abuja President Bola Tinubu, yesterday, reviewed the country's security situation and declared that he was not satisfied with the current state. Tinubu declared that he would not relent until insecurity became a thing of the past across the country, stressing that protection

of lives and property remains the top priority of his government. Speaking in Maiduguri at the palace of Shehu of Borno, Alhaji Abubakar Ibn Umar Garbai AlAmin El-Kanemi, the president grieved again over the recent military bombing of civilians Continued on page 30

Edo 2024: I'm Nobody's NIGERIA’S OSIMHEN AND OSHOALA ARE AFRICA’S BEST PLAYERS IN 2023... Candidate, Right Man For the Napoli striker, Victor Osimhen; Confederation of Africa Football (CAF) President, Patrice Motsepe; and Barcelona Femeni forward, Asisat Oshoala on the podium after the two Nigerians were presented with their coveted trophies as Africa's best players in 2023 Job, Says Asue Ighodalo... by the CAF chief in Marrakech, Morocco last night Page 31

TUESDAY DECEMBER 12, 2023 • T H I S D AY

T H I S D AY ˾ ˜ ͹ͺ˜ ͺ͸ͺͻ

Group News Editor: ÙÎÎã ÑÏØÏ Email: ÙÎÎã˛ÏÑÏØÏ̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×˜ ͸΀͸ͻ ͻͽ͸ ;΀ͺ͹˜ ͸΀͸΁ ͿͿͿͿ ͻͺͺ˜ ͸΀͸Ϳ ͼ͸͹ ͸ͽ΀͸

NEWS

TINUBU PAYS HOMAGE TO SHEHU OF BORNO ... L-R: President Bola Ahmed Tinubu; Shehu of Borno, Alhaji Abubakar Ibn Umar Garba; Borno State Governor, Babagana Zulum; former governor, Ali Modu Sheriﬀ during the president's visit to the Emir in Maiduguri..... yesterday

TCN Conﬁrms Another Grid Collapse, Says Power Restored in Most Parts of Nigeria Emmanuel Addeh ÓØ ÌßÔË ËØÎ Peter Uzoho ÓØ ËÑÙÝ The Transmission Company of Nigeria (TCN) yesterday confirmed another collapse of the national power grid, two months after a similar incident, with the development causing a nationwide outage at about 1.49 pm. Data from the system operator indicated that supply fell from 4,032.80 megawatts to 43mw, before rising to a meagre 303mw at about 5pm. A number of Distribution Companies (Discos) confirmed that their feeders were out, even as the over 22 electricity plants on the grid fell to zero at some point. Recently, the TCN celebrated what it termed 400 days of “no system collapse.” At just after 1pm yesterday, only Ibom power was left on the grid even as Azura returned to the grid at about 5pm with 303mw. Many Discos confirmed to their

customers that their feeders were out yesterday. TCN’s General Manager, Public Affairs, Ndidi Mbah, in a brief statement said the restoration of the national power grid was already ongoing last night. According to Mbah, the power supply had already been restored in Abuja and a few other areas. “Abuja has already been restored, so have different areas. Full restoration is ongoing,” she said. A further check on the system operators showed that as at 3pm , the grid had begun to pick, with about 115.40 mw, while it rose to 616mw at about 6pm, indicating that restoration was ongoing nationwide. “The collapse happened by 13.49 this afternoon. It is now almost fully restored by 18.51 pm. The grid experienced a collapse today. Presently, it (supply) has been restored except for the Jos Axis, which will soon have supply within the hour,” a further post by

Mbah noted. But following the incident, some of the distribution companies (Discos) had alerted their customers of the grid breakdown and its impact on power supply. The Aba Power Ltd had notified consumers in its ring-fenced area covering nine local government areas in Abia State of the development. Apologising for the blackout, the utility firm, which is Nigeria’s 12th Disco, pledged to resume power supply once the “problem is sorted out”. In a statement signed by the Aba Power Managing Director, Patrick Umeh, the company said “The National Control Centre (NCC) engineers are sparing no effort to restore electricity throughout the country as soon as possible”. In a message to its customers, Ikeja Electric apologised for the long period of outage. "Dear Prestige Customer, Kindly be informed that the present outage

is due to a fault in the system collapse. Supply will be restored as soon as possible. Kindly bear with us”, Ikeja Disco said. Nigeria, a nation of over 200

million persons still depends on about 4,000mw to power their homes and businesses. Many citizens depend on generators, a major source of carbon emissions.

Nigeria Lost over N7tn to 2022 Flooding, Says World Bank Reviews preparedness plans with FEMA Olawale Ajimotokan ÓØ ÌßÔË The World Bank has put Nigeria’s loss in the devastating 2022 floods that killed over 600 persons and displayed over 1.4 million Nigerians at over N7 trillion. The Senior Disaster Risk Management Specialist, World Bank, Nkem Joseph- Palmer, gave the estimation yesterday, at

an interactive meeting organised by the World Bank in conjunction with the FCT Emergency Management Agency (FEMA). Joseph-Palmer, who noted that when disasters happen, communities are the first to be impacted, said the loss also amounted to about 41.4 percent of the country’s GDP. "How are we engaging at the community level and at the Federal

Court Decides Emeﬁele's Fundamental Rights Suit January 8 Alex Enumah ÓØ ÌßÔË A High Court in Maitama, Abuja, has fixed January 8, 2024 to deliver judgment in the enforcement of fundamental rights suit filed by the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The trial judge, Justice Olukayode Adeniyi, fixed the date for judgment yesterday shortly after listening to submissions for and against the suit by lawyers representing parties in the suit. Besides, the judge adjourned to same date for ruling in the preliminary objections filed by all the four respondents in the suit, marked: FCT/HC/ CV/040/2023. The immediate past CBN governor had sued the federal government, Attorney-General of the Federation (AGF), Executive Chairman, Economic and Financial Crimes Commission (EFCC) and the commission over alleged breach of his fundamental rights to life, personal liberty,

fair hearing and freedom of movement. Before the adjournment for judgment Emefiele's lawyer, Mr Mathew Burkaa (SAN) told the court that the applicant was detained for 151 days contrary to the law stipulating 48 hours and urged the court to enter judgment and award damages in favour of Emefiele. He argued that the assertion of the first and second respondents challenging the authority of the deponent to Emefiele's affidavit in support of the originating summons, claiming that the deponent, Dr Okanta Emefiele, never had any meeting with the applicant to make the deposition showed that the federal government held him incommunicado. Burkaa argued further that the action of the respondents was enough ground for the court to enter judgment in Emefiele's favour, adding that every Nigerian deserved the court's protection. He further told the court that Emefiele's rights had been

Emeﬁele violated and the former CBN governor was apprehensive of being further arrested going by the activities of the respondents after the applicant filed the enforcement suit and his arraignment before Justice Hamza Muazu, also of the Abuja High Court. The applicant's further harassment by agents of the

The Minister of Power, Mr Adebayo Adelabu is expected to make public his blueprint for the revamping of the power sector later today.

respondents, Burkaa submitted, may eventually affect Emefiele's life. On his part, counsel for the first and second respondents, Oyin Koleosho, urged the court to dismiss the suit for lacking in merit. He submitted that the government's opposition to the suit was based on the authority and the source of information of the deponent to the affidavit in support of the originating summons. According to him, Emefiele was transferred to the custody of EFCC on October 26, while the application was filed on October 31, saying that between that period there was no contact or communication between Emefiele and the deponent. He added that in Emefiele's further affidavit, there was nowhere reference was made to the time, date and venue where the applicant and the deponent met, submitting that this rendered the deposition incompetent.

Counsel for the third and fourth respondents, Farouk Abdullah, while praying the court to dismiss the suit for being misconceived and brought in bad faith, informed that Emefiele was brought to EFCC custody on October 26 and the commission obtained a remand order on October 27 to remand the applicant for 14 days. He said while he would not trivialise the activities of the federal government, there were different ministries, departments and agencies with different mandates. According to him, Emefiele in his originating summons made certain allegations in which he alleged some infractions were made by the Department of State Service (DSS), adding that the DSS ought to have been brought into the suit. Earlier, counsel for the respondents had argued their respective preliminary objection against the suit brought before the court by the former CBN boss.

level? What are we doing and what can we do better?” He said. He described the meeting as an assessment exercise for the country to enable the World Bank to provide technical expertise and support for emergency responders in the country. He emphasised the importance of multi- hazard early warning system in mitigating the impact of flooding in Nigeria. In his remarks, the Acting Director General, FEMA, Mohammed Ibrahim Sabo, stressed the importance of proactive rather than reactive measures in tackling flooding. He stated that the meeting would enable responders to review their response plan in 2022 to improve on their activities. Noting that most flood disasters in the FCT were human-induced, Sabo appealed to residents to always heed the early warnings put out by FEMA to mitigate the impact of disasters. Also speaking, the Head of Operations, NEMA Abuja Office, Mr Justin Uwazuruonye, said the meeting was to review its emergency preparedness, recovery and response in 2022, what happened, gaps in the response and how to improve. In his submission, World Bank consultant, Mr Al Hassan Nuhu, said the pilot exercise would be replicated in the six geopolitical zones. Representatives of Local Emergency Management Councils,(LEMC) from AMAC, Gwagwalada, Kwali and Abaji as well as community based Organisations participated in the survey.

TUESDAY, ͹ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

QUEEN MEETS PRESIDENT... First female president of Kosovo, President Atifete Jahaja (left) with Queen Consort Warri Kingdom, Olori Atuwatse III, at the Global Reputation Forum in London... recently

Local Content: Nigeria Rejects 328 Expatriate Requests from Oil Firms in 12 Months NCDMB insists on achieving 70% Nigerian content by 2027 Peter Uzoho The Nigerian Content Development and Monitoring

Board (NCDMB) has revealed that it rejected 328 expatriate applications from oil and gas companies, an action that

enabled the agency to achieve 83 per cent implementation of its 10-Year Strategic Roadmap spanning 2017 to 2027.

The NCDMB, however, insisted on achieving 70 per cent Nigerian Content target in the country's oil and gas

by the next four years. The Manager in charge of Strategy Development and Information at NCDMB, Mr.

Umahi at NASS, Says Contractors Frustrating Concrete Roads Initiative with Frivolous Estimates

Solicits support to implement directive from 2024 Declares Ajaokuta Steel Firm will start producing rods in March

Sunday Aborisade in Abuja The federal government raised the alarm yesterday, that contractors handling it's projects were bent on frustrating its determination to discourage the use of asphalt for road construction. The Minister of Works, David Umahi, stated this while defending his ministry's 2024 budget proposal before the joint National Assembly Committee on Works, chaired by Senator Mpigi Barinada. He therefore solicited the cooperation of the National Assembly to ensure full implementation of the policy from next year, saying there was no existing law that had hindered it from doing so. He told the federal lawmakers that apart from being too expensive to import with foreign currency, the use of asphalt had been counterproductive because it doesn't last compared to those constructed with concrete. The Minister noted that while the concrete roads could last up 50 years, asphalt ones have a lifespan of about 10 to 15 years. He also said embracing concrete roads would save the country a lot of foreign exchange because it would prevent frequent upward review of road projects. He said, "We have received a lot of attacks concerning our policy to make concrete roads construction mandatory for our contractors. "Some people were saying that it is illegal for us to insist on concrete for road construction. "However, Article 2 of all contracts and clause 51 of all conditions forming the contracts allow the ministry to change the scope, quality and quantity of every contract that is ongoing.

"We have the right to change from asphalt to concrete without defiling the contract. "All the contractors know this. The major reason we want to change from Asphalt to concrete is because we have many ongoing projects that need to be reviewed. "If the contract must be increased the President of Nigeria must know. After his approval, we would head to BPP which would evaluate and give approval. "It will then go to the Federal Executive Council. It is a lot of rigours and this brings out a lot of delays in projects execution. The more the projects delay, the more inflation sets in. "That's why we then said the use of concrete apart from the fact that it would last longer is better. "While the rise in the prices of asphalt is on geometric progression, that of the concrete is all about local contents and the rise of its price is on arithmetic progression. "At the moment, we are being frustrated by contractors who are giving us a very high cost of N350,000 per metre cubic. I think it's unreasonable. We have allowed it in a number of critical roads like Lokoja-Benin and the entire East-West roads. "We have told the contractors handling those critical roads with asphalt that the new lanes would be built with concrete. "The first 40 kilometres on the Abuja-Kaduna road is critical and we are doing it with concrete. "Generally, we have moved back to concrete. Starting from 2024, roads projects apart from palliatives and emergency repairs, would be built on concrete so that we can maintain steady stability in the course of our projects."

He added: "The basis of the 2024 projects is to look at critical ones and their funding and to keep all projects alive. "We have a bitumen deposit in Ondo State. It should be developed. From the research we made, we discovered that the importation of bitumen represents about 30 percent of the cost. "We are discussing with the Minister of Steel on how we can partner with him on how to get the steel content. "He has assured us that before March next year, the production line that would produce the rods we needed would begin full operation. "We have got those that would finance it and we had guaranteed it. That is the reinforcement. The

cement is produced here. The chippings are produced here. The sand is produced here. The labour is here. "Therefore the local content law as passed by the National Assembly is brought to the front burner." Umahi informed the lawmakers that without any presidential pronouncement, some parastalas which were hitherto under the Ministry of Works had been provided for in the Budget proposal of the Ministry of Housing and Urban Development. He listed them to include, Office of the Surveyor-General of the Federation (OSGoF); Federal School of Surveying, Oyo (FSS); Council for the Regulation of Engineering in Nigeria (COREN); and the Surveyors’ Council of Nigeria

(SURCON) "It will be good that these Committees do get these Parastatals back to the Federal Ministry of Works," he said. Umahi, explained that the total sum of N657,228,251,596 was proposed for the Federal Ministry of Works and its parastatals for capital, personnel and overhead estimates in the 2024 Appropriation Bill. He said the main ministry got an allocation of N 566,466,977,361; Federal Road Maintenance Agency (FERMA) got N 51, 282,456,911; while the African Regional Institute for GeoSpacial Information Science and Technology AFRIGIST (RECTAS) got N104,039,920 making a grand total of N617,853,474,192.

Olubisi Okunola, disclosed this yesterday in Lagos, at the capacity building workshop for media stakeholders, with the theme: "The Strategic Role of the Media in Sustaining Nigerian Content Legacies." He maintained that the board received more applications for expatriates quota increase in 2023 than in 2022, leading to more rejection in 2023 than in 2022. Giving the latest Nigerian Content data, Okunola said; “In 2023, 1484 applications for expatriates were received by the board, 1156 requests granted, while 328 applications were rejected. "Compare this to 2022 data, there were 1125 applications, 943 requests granted, while 172 applications were denied.” Similarly, the General Manager, Corporate Communications and Zonal Coordination, NCDMB, Mr. Esueme Dan Kikile, said the board has achieved “83 per cent level for its 10-year roadmap.”

Gbajabiamila Tours N21 Billion Presidential Clinic, Rates Facility High Deji Elumoye in Abuja The Chief of Staff to President Bola Tinubu, Hon Femi Gbajabiamila, yesterday undertook an official tour of the N21 billion Presidential Clinic at the State House, Abuja. The state-of-the-art clinic which was conceived and delivered by former President Muhammadu Buhari's administration last year was to stem medical tourism by the first family and other senior officials of the government. Speaking after the tour of the clinic, Gbajabiamila rated the facilities high saying the budget allocated to the project was well utilised.

On his impression of the facility, the former Speaker of the House of Representatives said, "there's been a lot of talk about this clinic, not just today, even when I was in the National Assembly as Speaker and so I thought, having been here a few months, let's have a look and see exactly what is going on. "I have seen, I am very impressed and I'm sure you are as well because you went around with me. This is a clinic like anywhere in the world, you will find, the standard is very high. The equipment is world class. From my understanding, there's some equipment that you wouldn't even find in too many places all over the world.

"So, as far as clinics go, in terms of equipment, in terms of what they can do, in terms of, I mean, I've just been lectured about kidney transplant now from one of the best… There's a Cath. Lab, that's world class and so many other things. "There’s an equipment they called C-ARM, this gladdens my heart that at least when we were appropriating money in the House of Representatives as Speaker, I can see where the money has gone to. "So it's for them to dot the I's and cross the T's and put finishing touches and I think we’ll be proud to say that we have a clinic of international standard like this one."

On his part, the Chairman of State House Clinical Services, Dr Jane Ifechukwu, who was asked what the CoS meant by dotting the 'I's' and crossing the 'T's' said, "right now, the last administration stopped; everything is in place. But they wanted this administration to drive the process-that was the language. "We've carried our principals along, it's for them to give us a go-ahead. What we have here is skeletal, just the way we were having the Villa Clinic. That's what we do here. But once we dot the I’s, we can't take decisions on our own, they give us the go-ahead and we are good to go."

TUESDAY DECEMBER 12, 2023 • T H I S D AY

T H I S D AY ˾ TUESDAY DECEMBER 12, 2023

POLITICS

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

Makinde Gears Up for Oyo’s Economic Recovery Governor Seyi Makinde of Oyo State has presented what he christened “Budget of Economic Recovery” for Year 2024 to the state House of Assembly, in response to the current economic situation in the country. Kemi Olaitan reports

very end of the year government at all levels especially at state and federal have continued to engage in the ritual of presenting budget estimates of incoming year to the various lawmaking houses for deliberation and approval. And with year 2023 gradually coming to an end and humanity generally looking forward to year 2024, Governor Seyi Makinde of Oyo State last Tuesday, presented the 2024 appropriation bill of N434,221,765,938.79, to members of the state House of Assembly presided over by the Speaker, Hon. Adebo Ogundoyin, with top government functionaries, traditional rulers and political office holders, among others, in attendance. Makinde presented the 2024 Appropriation Bill tagged Budget of Economic Recovery, to the state House of Assembly, noting that the budget is a chance for his administration to show its responsiveness to the current economic situation in the country. According to him, with the 2024 Budget, the admistration has taken all the necessary steps to ensure that it addresses the economic challenges of the coming year and ensure that his vision of sustainable development in the state is achieved. The governor, who lauded the House of Assembly for its cooperation with his administration over the past years, urged the lawmakers to speedily consider the 2024 Appropriation Bill with the total capital expenditure standing at N222,337,320,199.85 and total recurrent expenditure at N211,884,445,738.94, with education, infrastructure, health and agriculture sectors getting the lion share of the allocations, for passage for the benefit of the people of Oyo State. Makinde said the capital expenditure is 2.4 per cent higher than the recurrent expenditure and the budget estimating an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly. Education got the highest share of the budget N90, 664, 994, 252 (20.88 per cent), followed by infrastructure which got N74, 316, 325, 706 (17.11 per cent); health has N40, 998, 197, 758.30 (9.44 per cent) and agriculture got N15, 848, 707, 310.80 (3.65 per cent). He said, “I am happy to come before you today to present the 2024 Appropriation Bill. This year ’s presentation is special in two significant ways. First, this is the first full budget presentation since our re-election into office in March 2023. “This budget presents an opportunity for us to show how we are matching our promises as stated in our roadmap for sustainable development 2023-2027 with definite action plans. “Second, this budget is a chance for our administration to show our responsiveness to the current economic head winds. You will agree that the effects of the removal of fuel subsidy and dollar-Naira currency by the federal government have brought hardship to our people. Therefore, this budget proposal will cover specific projects, policies, and actions that, when implemented, will cushion the impact of the economic issues that we are currently faced with.” According to him, “it is against this backdrop that we have tagged this budget ‘Oyo State Budget of Economic Recovery’. It is my honor to present a total budget of N434,221,765,938.79. The total capital expenditure is N222,337,320,199.85 while the total recurrent expenditure is N211,884,445,738.94. “What you will immediately notice is that we have been able to, once again, achieve a budget where capital expenditure

Makinde is about 2.4 per cent higher than the recurrent expenditure. We believe that the growth of our economy is dependent on the fiscal decisions we take regarding our capital expenditure. Therefore, we are focusing on projects that will yield positive results for our economy in our areas of comparative advantage.” Makinde explained that the budgetary allocation for education has remained consistent with his administration’s commitment to allocating over 20 per cent of the budget to the sector, a development for which it has continued to receive commendations for matching the UNESCO standard for budgetary allocation on Education. He added, however, that the government has also increased the sum allocated to education from N58 billion in 2023 to N90 billion in the 2024 Budget proposal to help reduce the infrastructure and manpower deficit in the sector. The governor equally stated that

his government’s commitment to building infrastructure that targets the economic expansion of the state will continue in 2024, noting that the government will continue the 110 kilometres Ibadan Circular Road project and other ongoing projects such as the Saki-Ogbooro-Igboho Road, the Olorunsogo-Akanran-Dagbolu Road, among others. He maintained that apart from the Circular Road, the allocations have also been made for the rehabilitation of 16 roads and four bridges in the 2024 Budget Estimates, adding that the government is estimating an Internally Generated Revenue of N72 Billion at an average of N6 Billion per month. Makinde also seized the opportunity of the budget presentation to reassure residents of Ibadan, the state capital, on the plan to construct internal roads within the metropolis, noting that the contract for the projects would be awarded within the next few days and contractors mobilised to sites on some of the inner roads. The governor while speaking on the health sector, said the state government

First, this is the first full budget presentation since our re-election into office in March 2023. This budget presents an opportunity for us to show how we are matching our promises as stated in our roadmap for sustainable development 2023-2027 with definite action plans. Second, this budget is a chance for our administration to show our responsiveness to the current economic head winds. You will agree that the effects of the removal of fuel subsidy and dollar-Naira currency by the federal government have brought hardship to our people. Therefore, this budget proposal will cover specific projects, policies, and actions that, when implemented, will cushion the impact of the economic issues that we are currently faced with.

would go ahead with the upgrade and equipment of healthcare facilities with funds allocated in the budget, adding that the state government would also work with international organisations and development agencies to ensure that secondary and tertiary health care facilities receive the necessary attention in bringing them up to standard. “Mr. Speaker and the Honourable members of the 10th Assembly, you will note the same marginal increase of about N4 billion in the allocation to agriculture. You will recall that we have initiated an input distribution package for our smallholder farmers under the SAfER initiative. “We also work with the World Bank to provide input for our smallholder farmers under the Oyo State Cares programme. We plan to build on various interventions we have introduced to help them. “At the same time, we will, in the next few months, be completing work on the Fashola Agribusiness Industrial hub. I am happy to report that the work done has further revealed the economic benefits of locating projects around our areas of comparative advantage. Because of this project, the Oyo Zone has been opened up for more business as this axis now hosts large and medium-scale agribusinesses. The Oyo-Iseyin road construction, which was commissioned in September 2023, is also driving businesses to this zone,” Makinde added. In his remarks on the occasion, Speaker of the state House of Assembly, Hon. Ogundoyin, while lauding Makinde for steps taken to rebuild the state under Omituntun 2.0, said the governor has set out a new order of transformation towards sustainable development in the state. On his part, the state Commissioner for Budget and Economic Planning and a Professor of Economics, Musibau Babatunde, while given a breakdown of the budget estimates last Friday in a parley with the Civil Society Organisations, disclosed that the 2024 Budget was prepared against the backdrop of continuing global and national economic challenges, noting that the government would execute the budget to bring about sustainable economic recovery in the state. He said, “The budget indicates the commitment of the administration to economic reforms necessary for creating opportunities towards achieving economic recovery and also reflects government desires on sectoral allocations to reflate the economy, unlock private investment, stimulate effective demand, accelerate economic growth and achieve sustainable development.” He noted, however, that the 2024 Budget would focus more on ongoing capital projects and programmes that would boost human capital, unlock the state’s economic potential through agriculture and agribusiness value chain, tourism and solid minerals development, as well as promotion of Public Private Partnership, among others. The commissioner also gave an assurance that there would be control and enforcement on spending limits to ensure that a sound budgetary system is put in place to include aggregate fiscal discipline, efficiency and effective spending of the budget. Commenting on the budget, an analyst, Mr. Adewale Babalola, noted that it would have meaning when it impacted on the lives of the people of the state. According to him, while the sectoral allocations are good especially that of education, the most important thing is implementation. He said, “Governor Makinde deserves a pat on the back for allocating over 20 per cent of the budget to education, however it remains to be seen whether this would really impact the sector in terms of the implementation of the budget.”

T H I S D AY ˾ TUESDAY DECEMBER 12, 2023

POLITICS

Anambra’s Changing Political Landscape Amid Ubah, Ekwunife’s Defection to APC The All Progressives Congress in Anambra State has perfected plan to unseat Governor Charles Soludo of the All Progressives Grand Alliance ahead of the 2025 gubernatorial election with the recent defection of Senators Ifeanyi Ubah and Uche Ekwunife into the party. David-Chyddy Eleke writes.

Soludo

arly in October, 2023, the Senator representing Anambra South, Senator Ifeanyi Ubah, announced his defection from Young Progressives Party (YPP) to All Progressives Congress (APC) on the floor of the Senate. The movement had caused political upheaval in Anambra, especially among supporters of the Anambra State governor, Prof Chukwuma Soludo, as Ubah’s long time ambition of becoming governor of the state is not hidden. Last week, Ubah however caused a major political stir among opposition All Progressives Grand Alliance (APGA), when he was formally received into APC. Ubah was not received alone, he came in with several supporters of his, but what was shocking was that another prominent political player in the state, Senator Uche Ekwunife, joined him in defecting officially. Ekwunife’s defection, coupled with Ubah’s confidence in his acceptance speech about taking Anambra in the next election left many with the belief that a secret plan had been struck. Ubah in his acceptance speech had said: “The wait in Anambra APC (to take the government house) has ended. APC would no longer keep quiet in Anambra pretending that all is well, when things are bad. APC has finally arrived in Anambra.” Also, the state Chairman of APC, Chief Basil EJidike in his address said: “We can achieve this great feat if we want, because the manpower and resources are readily available. Year 2025 affords us yet another opportunity to contest and win Anambra State Government House. Let us as one family work towards achieving this goal for our party. “I enjoin you the new members not to fail to sustain their dogged and positive humanitarian spirits, which is their hallmark. We urge you to double this inherent spirit in your service to the party. The APC will definitely provide you the platform to do more in this regard. I pledge our unalloyed support and cooperation in all our dealings with all of you. Please, rest assured that the party is large enough to accommodate everyone’s political aspirations.” Some members of APC who spoke under the cover of anonymity, during the stakeholders meeting said the plan of the party was for Ubah to run for governorship on the platform of the party, while Ekwunife would be his running mate. THISDAY noted that the plot perfectly suits Anambra’s unwritten zoning pact. Prof Soludo who is currently the governor is from the southern senatorial zone; the zone favoured with the governorship, after

Ubah

the northern zone concluded an eight-year term through Chief Willie Obiano. With the zoning pact, Soludo will be entitled to re-election in 2025, but Anambra people can also feel free to vote another indigene of the southern senatorial zone; where Ubah hails from too. The snag however is that any other candidate from the south except Soludo will only do one term to give way for power to move to the central senatorial zone. Ekwunife, who hails from the central zone, hasn’t taken her eyes off the position since 2010 when she first contested. If Anambra people dump Soludo for another candidate from the south, there may be need for a firm commitment from the candidate to do just one term in office to avoid distorting the zoning arrangement. The perceived plan of the APC has however not gone without criticisms from the ruling APGA. The State chairman of the party, Chief Ifeatu Obi-Okoye in an interview with journalists said it was better for Anambra people to stick with Soludo for a second term, instead of settling for another person from the southern senatorial zone. He argued that such person may not be relied upon to truthfully do one term and leave, and for such a person, doing a second term after Soludo had already done one, would give the south more number of years, against other zones, thereby

Ekwunife

distorting the zoning arrangement. For Hon Chinedu Obigwe, Ubah cannot be trusted with the esteemed position of governor of Anambra State. He said same Ubah who took over the construction on Nnewi Catholic Cathedral and failed to complete it in many years cannot be entrusted with the entire Anambra. Obigwe who is the coordinator of APGA media warriors in a press statement said: “A man that destroyed Nnewi Catholic Cathedral with a promise of building a befitting edifice for them and abandoned the project along the line. That project is being built by the parishioners as I pen down this piece. “Ndi Anambra are firmly of the belief that Ifeanyi Ubah has nothing to offer them because of his antecedents. The good works of Governor Soludo is already speaking for him and that will be the determining factor in the 2025 governorship election.” Reacting to the purported alliance of Ubah and Ekwunife, Obigwe said: “The alleged alliance of Ifeanyi Ubah and Uche Ekwunife for the Anambra State 2025 governorship and deputy governorship race respectively on the platform of APC has been described as a pure business venture. “The truth is that Ifeanyi Ubah and Senator Uche Ekwunife political alliance is just a business venture that has nothing to do with the interest of the masses. What they are after is their pocket and nothing more. Both of them have reached their political end point and they are now fighting a battle of political survival. Ifeanyi Ubah knows very well that for him to return to the Senate for third term can be like a camel passing through the eye of a needle, hence his reason for

With the zoning pact, Soludo will be entitled to reelection in 2025, but Anambra people can also feel free to vote another indigene of the southern senatorial zone; where Ubah hails from too. The snag however is that any other candidate from the south except Soludo will only do one term to give way for power to move to the central senatorial zone. Ekwunife, who hails from the central zone, hasn’t taken her eyes off the position since 2010 when she first contested. If Anambra people dump Soludo for another candidate from the south, there may be need for a firm commitment from the candidate to do just one term in office to avoid distorting the zoning arrangement.

defecting to APC as the ruling party at the federal level. “The 2025 governorship election is still far but they started the campaign early to scam APC Governors, Ministers and other appointees of APC at the Federal level. They are boasting to APC leadership in Abuja that they have the capacity to whittle down Peter Obi’s political influence and take over the State from Governor Soludo in 2025. Well, they can lie and deceive Abuja based politicians but when they return to Anambra, the good people of the State will confine them to where they rightly belong. We know their antecedents and will not make the costly mistake of entrusting the future of five million ndi Anambra in their hands. “I learnt that APC Governors donate one billion naira each to anybody contesting for Governor with their party ticket and they have up to 20 Governors in Nigeria. What ifeanyi Ubah and Uche Ekwunife are scheming to corner in the guise of contesting the 2025 governorship election is the APC Governors’ huge donation and nothing more. Their alliance will not last, they will scatter in different ways immediately after their shameful defeat in the 2025 governorship election.” Meanwhile, Ubah and Ekwunife who seem to have paid a deaf ear to all the tirades launched against them, may have commenced work, to poach as many people into their fold as possible. Last week, spokesperson of APGA, Mr Ejimofor Okpara, raised the alarm that Ifeanyi Ubah’s media aide, Mr Chuks Kamen had been in the business of calling all social media influencers in the state, to woo them into pitching their tent with Ubah, with the aim to set up a formidable media team, ahead of the 2025 election. Already, some members of APC in the state have formed a new group, Ikemba Front, with the aim to drum support for Ubah. The group has commenced visits to various political figures in the state, with a view to poaching them. The group last weekend visited Prof. Peter Umeadi the APGA presidential candidate in the last election. National Leader of Ikemba Front, Sir Arinze Awogu, a former APGA stalwart urged Umeadi to join the party. As the state counts down to 2025, other political parties will still spring surprises hoping to push Soludo out of the Anambra government house, but it is obvious that Ubah’s defection to APC which is the ruling party, and his popularity, which saw him winning the Senate position from an obscure party, even against known politicians in the state may have been the reason for the hoopla.

T H I S D AY ˾ TUESDAY, DECEMBER 12, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

1 1 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT MONDAY, JULY 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

FAO: Africa Remains Off-track to Meet Food Security, Nutrition Targets by 2030

Gilbert Ekugbe The Food and Agriculture Organisation (FAO), has declared that Africa is still off-track to achieving the food security and nutrition targets of the United Nations (UN) Sustainable Development Goal (SDG) target by 2030. The FAO made this declaration in its latest report tagged, “Africa Regional Overview of Food Security and Nutrition - Statistics and Trends 2023.” The report, posted on FAO’s website, stated that Africa is also far

from achieving the Malabo targets of ending hunger and all forms of malnutrition by 2025. It also highlighted the continent’s alarming statistics on food insecurity and malnutrition that underscored the urgent need for comprehensive action. According to the report, nearly 282 million people in Africa (about 20 percent of the population) are undernourished and unable to afford a healthy diet. It said: “The deterioration of the food security situation and the lack of progress towards the

World Health Organisation (WHO) global nutrition targets make it imperative for countries to step up their efforts if they are to achieve a world without hunger and malnutrition by 2030.” The report found that the prevalence of stunting among children less than five years of age was 30 per cent in 2022, which remained high despite a substantial improvement during the past two decades. It stressed that the prevalence of wasting in children in the region remained just below the global

estimate of 6.8 per cent in 2022 and was relatively high in all sub regions except Southern Africa. The report revealed that the prevalence of anaemia among adult women remains high in Africa, above the global estimate, and especially so in Western Africa and Central Africa, adding that despite modest progress in Africa in the reduction of the prevalence of low birth weight during the last two decades, the prevalence was still high compared to the global estimate. It added that the prevalence

of adult obesity in Northern and Southern Africa is about twice the global estimate. However, it stated that the prevalence of exclusive breastfeeding in Africa is high in Eastern Africa, with considerable progress made in Central Africa and Western Africa since 2012. The FAO said that the majority of Africa’s population, about 78 per cent or more than one billion people, remained unable to afford a healthy diet, compared with 42 per cent at the global level, warning that the number is rising.

“The average cost of a healthy diet has been increasing over time, and was at 3.57 purchasing power parity (PPP) dollars per person per day in 2021 in Africa, which is much higher than the extreme poverty threshold of USD 2.15 per person per day. This means that not only the poor but also a large proportion of people defined as non-poor cannot afford a healthy diet in Africa. Western Africa and Eastern Africa had the largest cumulative increases in the cost of a healthy diet between 2019 and 2021,” FAO lamented.

Receipts from Nigeria’s Excess Crude Oil Export Falls $24 Per Barrel in One Year Emmanuel Addeh in Abuja Whereas Nigeria earned an extra $30 for every barrel of crude oil export in comparison to its budgeted benchmark in 2022, the receipt from the surplus in the international price of oil slumped to $6 in 2023, a THISDAY analysis has shown. A peek into the proposed 2024 budget details as well as the breakdown earlier released by the federal government indicated

that in 2022 while Nigeria’s oil price benchmark was $73, the actual average price sold per barrel was $103.87, that is roughly $30 surplus. On the other hand, this year, whereas Nigeria pegged its oil price benchmark at $75, the excess revenue it received per barrel sold has been a paltry $6, that is, given an oil price of $81.22 for the year so far. Nigeria operates the Excess Crude Account (ECA), which is a fiscal account that was created to save revenues in excess of the budgetary

benchmark price generated from the sale of oil. The ECA was established in 2004 to help stabilise the country’s economy and smooth out the impact of price volatility in oil exports and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the government’s appropriation bill. Despite its good intentions, it is believed that the ECA has been riddled with controversy, allegations

FOOD

of corruption, and uncertain performance even when the funds were available in the account. As at August this year, the National Economic Council (NEC) revealed that the nation’s excess crude account stood at $473k as against $2.1 billion it had at some point after its establishment under the Olusegun Obasanjo government. However, the budget breakdown further stated that in 2022, Nigeria’s oil production was projected to be 1.6+ million bpd, but actual output

COMMODITIES

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

RICE

100KG

ABUJA

N35,000 – N45,000

SORGHUM

50KG

OYO

N35,000 – N45,000

50KG

PLATEAU (JOS)

PRICE

later turned out to be 1.28+ million bpd, while oil production was 1.33 million bpd as against 1.69 million bpd projection for 2023. Furthermore, the exchange rate was N435.57 in the 2023 budget, but fell to N601.02 per dollar actual for the year 2023, according to the figures, due to the massive devaluation of the naira. Compared with 2022, it was an exchange rate of N410 and N402 to the US dollar as budget and actual respectively. According to the document,

gross oil and gas revenue was projected at N9.37 trillion for FY 2022, but actual receipts totalled N6.54 trillion, representing 69.8 per cent performance. But after all deductions, including 13 per cent derivation, the net oil and gas revenue inflow to the Federation Account was N1.61 trillion, which was N2.93 trillion or 64.6 per cent short of the projection. NOTE: The story continues online on www.thisdaylive.com

T O D AY

STATE

PRICE

NAME OF COMMODITY

SIZE

STATE

PRICE

100KG JIGAWA

N30,000

BEANS

MAIDU GURI

N22,000 – N30,000

100KG

BENUE

N32,000

50KG BAG

N32,500 – N42,000

100KG

KADUNA

N32,000

100KG LAGOS

N36,000

50KG

KWARA N24,000–N27,000

50KG

ENUGU

N24,000

100KG

KANO

N35,000

50KG

LAGOS

N35,000 – N45,000

50KG

LAGOS

N26,000

100KG

DELTA

N36,000

50KG

RIVERS N36,500 – N46,500

100KG

DELTA

N35,000

50KG

SOKOTO

N60,000 – N70,000

100KG

ABIA

N36,000

100KG

ABIA

N35,700

SIZE

˾ TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Registrar/CEO, Institute of Public Analysts of Nigeria (IPAN), Aliyu A.Angara; President of Society of Testing Laboratory Analysts of Nigeria (SoTLAN) and Former Chairman,IPAN Governing Council, Prof. Olugbenga Ogunmoyela; Head of Operations and Quality Control, Nigeria Commodity Exchange Commission, Abuja, Dr. Khadijat Abdulaziz; Former President,IPAN and Managing Director, SAAG Chemical Nigeria Limited, Ganiyu Ayodele Sanni and Director of Legal, Federal Competition and Consumer Protection ˝ Commission (FCCPC), Mr. Tam Tamunokobia, at the 31st IPAN Mandatory Continuous Professional Development Workshop held ,Ikeja, Lagos… recently

NTU-SBF: Nigeria Can Reduce Crop Losses by 50% by Leveraging Digital Agriculture Gilbert Ekugbe The Nanyang Technological University (NTU) and the Singapore Business Federation (SBF) Center for African Studies report has stated that Nigeria could reduce crop losses by 50 per cent by deploying the use of digital agriculture. In a report, they said that digitalisation of agriculture could detect early weather warning systems that would help farmers to adjust their planting and harvest times and

reduce high crop losses as a result of pest damage, improper handling and storage of harvested crops. The report stated that agricultural crop production is the most economically significant segment of the agricultural sector, but stated that for the most part, crop production volumes are not sufficient to meet domestic demand, which leaves a supply gap addressed by imports. “There are deep infrastructure gaps across the value chain-notably poor road networks of storage

facilities, and unreliable electricity supply. This makes agriculture unproductive. “The situation is made worse because crop production and agricultural processing facilities are geographically far as most farming takes place in the northern states such as Niger, Kaduna, Gombe, and Bomo are among those with highest low agriculture output. “On the other hand, agricultural processing mainly occurs in the south, where of Nigeria’s five megacities

are located and where demand for food is increasing,” the report said. At a national level, NTU-SBF said that a digital solution that would help to manage the national food deficit could also help to improve food and nutrition security by monitoring countrywide food production and consumption, maintaining that it could be achieved through the development of a digital Food Balance Sheet (FBS). On postharvest losses in Nigeria, the report said that it could be as

NNPC Gives Update on PH Refinery, Insists Production to Commence This Month Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has said that “substation 1” of its Port Harcourt refinery has now been activated, explaining that this will help energise 14 others. In a second video update on the level of progress made in the

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)

refinery’s rehabilitation project, the NNPC insisted that the Port Harcourt refinery was gearing up for commencement of operations. To do this, it noted that 15 substations will be needed to power its operations, explaining that till date, its team has laid 64 kilometres of electrical cables to facilitate the task, with 65 per cent of the cables sourced locally. However, a former Executive Director of the NNPC and exManaging Director of the Kaduna and Port Harcourt refineries, Alex

Ogedengbe, recently said that it will take about three months for the refinery to start refining activities, even if it is completed today. He stated that this period will be used to test-run the project. He also doubted that the refinery will come on stream this month, given that the first update last week indicated that it was 75 per cent completed, explaining that even if it happens, just about 25 per cent petrol throughput will be achieved. But according to the NNPC report, substation 1 which has now been

PALM OIL

as farmers are unable to harvest their crops within the appropriate window due to lack of access to machinery.

MACBAN Berates Nigeria’s Annual Milk Importation at $1.7bn Gilbert Ekugbe The National President of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), Mr. Baba Ngelzarma, has revealed that Nigeria spends around $1.7 billion yearly in the importation of processed milk into the country. It, therefore, called on President Bola Ahmed Tinubu’s administration to end milk importation due to its huge burden on the country’s exchange rate at a period the country’s naira is losing its value to the American dollar. According to him, the livestock sector has not and never received the needed attention from the federal government, insisting that the only support the group (MACBAN) have gotten is vaccination of cows. He, therefore, called on the federal

government to pay more attention to the dairy industry through budgetary allocation. Ngelzarma said: “The aspect of livestock production, marketing, transportation, and processing among others is left in the hands of the pastoralists; the entire value chain of cattle is not harnessed by the government. “Nigeria has the largest population of livestock compared with neighboring countries, yet we produce less milk due to neglect of the sector. Livestock will contribute significantly to Nigeria’s GDP with the government’s support.” He further stated that if the sector received the attention it deserved, the nation could become a major hub for milk exports and other value chains in the livestock industry.

TCN Energises New 60mva FG to Complete Bodo-Bonny Road, Transformer at Sagamu Substation Directs Julius Berger Back to Site Emmanuel Addeh in Abuja The Minister of Works, David Umahi, has assured the host communities of the Bodo-Bonny road project in Rivers state that the federal government would ensure the speedy completion of the project. Umahi gave the assurance during a courtesy visit by a delegation of the Bodo–Bonny Road “Peace Committee” to his office headquarters in Mabushi, Abuja. The minister who described the project as a catalyst for economic revolution in the area, stated that the project was awarded to Julius Berger Nigeria Plc by the previous administration and about 84 per cent of the project had been completed. He noted that there was a

partnership agreement in 2017 between the federal government and Nigeria LNG on modalities for the funding of the project and wondered why the contractor was no longer on site despite its commitment under the agreement to deliver within the revised date of completion. He faulted the stand by Julius Berger on variation of the project even when the company had signed a commitment to complete the project without asking for further variation. “No equipment must be allowed to be moved out of site, they must complete that project as agreed and as signed and nothing has removed that responsibility which they willingly on their own signed. I

FOOD NAME OF COMMODITY

energised will power all other 14 substations, with substation 1 serving as the primary power hub for both the old and new refineries. The update also indicated that the refinery is set to receive electricity from gas turbine generators by mid-December 2023, supplying power to various areas within the refinery complex. The Lead Electrical Engineer at the refinery rehabilitation site, Chukwudi Iweha, explained that activating the substation was a critical step in powering the other ones.

high as 60 per cent as a result of limited transport, storage, and processing facilities, saying that produce is often left to rot,

implore you the peace committee to report to me the progress that has been made on that road. “Bobo-Bonny project was augmented to N199 billion. I am told by the ministry and NLNG that there was a document signed by Julius Berger that the project cannot be varied, which means that the project cost cannot be increased. The project is about 35 kilometres,” he added. The Peace Committee’s Acting Chairman and leader of the delegation, Dr. John Jumbo, said the delegation was in the minister’s office to register their displeasure over the sudden demobilisation from site and abandonment of the Bodo-Bonny road by the contractor.

COMMODITIES

PRICE

Emmanuel Addeh in Abuja The Transmission Company of Nigeria (TCN) has announced the successful restarting of a newly installed T3 1x60MVA 132/33kV power transformer in its Sagamu transmission substation in Ogun State. The 96MW 132/33kV transmission substation, it said, now has the capacity to wheel 144mw, with the addition of the newly energised facility. It listed the direct beneficiaries of the project as Ibadan Distribution Company (Disco) customers in Sagamu, Ogijo, Remo and Ikenne. “Projects also completed recently with the region include a newly constructed control room and the installation of a T4 1X60MVA 132/33kV

power transformer which was recently energised at the Sagamu transmission substation. “Similarly, another T1 1X60MVA 132/33kV power transformer was recently installed and energised, upon the completion of the new Oluewu 132/33kV substation in Oyo State. The increase in transformers’ capacity means more power for IBEDC to offtake and distribute to its customers in Sagamu and environs,” the TCN stated. Meanwhile, the TCN’s Project Monitoring Office of transmission and distribution service level projects led by the Programme Manager, Mathew Ajibade, has taken stakeholders on an inspection tour of power equipment delivered at the 132/33kV Gwagwalada transmission substation.

T O D AY

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

SIZE

LOCATION

PRICE

GROUNDNUT

100KG KANO

N20,500

ONIONS

100KG

IBADAN

N60,000

MAIZE

100KG

OYO

N10,000

N24,000 – N35,000

100KG BENUE

N27,000

100KG KANO

N30,000

100KG ENUGU

N16,500

100KG BENUE

N65,000

100KG DELTA

100KG LAGOS

N32,000

N14,000

25CL IBADAN N22,000 — N35,000

100KG PLATEAU

N45,000

100KG

ABIA

N11,000

100KG DELTA

N50,000

50KG

LAGOS

N9,000

SIZE

STATE

PRICE

25CL LAGOS N20,000-N35000 25CL

25CL

IMO

N24,000 – N36,500

25CL

EDO

N20,000 – N35,000

25CL ABUJA N25,500 – N35,000

100KG DELTA

N34,000

100KG

ABIA

N27,000

100KG LAGOS

N60,000

100KG KANO

N9,400

100KG ENUGU

N23 000

100KG ENUGU

N45,000

50KG

BENUE

N6,000

T H I S D AY ˾ TUESDAY, DECEMBER 12, 2023

BUSINESSWORLD

INDUSTRY

RMRDC as Handmaiden of Nigerian Industrialisation Far from being among indolent research institutes in the country, the Raw Material Research Development Council, is living up to its billing as the handmaid of the Nigerian industrial sector, writes Dike Onwuamaeze

t was dubbed West Africa’s largest manufacturing, equipment and raw material event. The event was the Manufacturing and Equipment Expo and Nigerian Raw Materials Exposition with the theme “Future Manufacturing: A Roadmap to an Enabling Environment with Sustainable Industrialisation.” It was organised last month in Lagos by the Manufacturers Association f Nigeria (MAN) and the Raw Materials Research and Development Council (RMRDC). Its message was that the environment is changing and putting pressure on the industrial sector that no manufacturer would afford to ignore in the emerging new manufacturing realities. Setting the ball rolling was the Minister of Federal Ministry of Innovation, Science and Technology, Mr. Uche Nnaji, who stated in his welcome address the event’s two major purposes. The first was to deepen local raw materials sourcing by the manufacturers for sustainable industrial development in Nigeria. The second objective was to serve as a critical window to embrace machinery and equipment to produce goods, support sustainable development and ensure that Nigeria would not be dependent on developed nations. According to Nnaji, it is a well-known dictum that any country that would not stand its developmental efforts on science, technology and innovation would not expect the dividend of socio-economic rejuvenation. This underscores the indispensable need to deploy a demand-driven research and development solution for industrialisation that is built on the unrelenting efforts of the organised private sector of the economy. Nnaji said: “The RMRDC is exemplifying this by its adherence to the development and promotion of pilot agricultural and mineral raw materials as well as process equipment that meet the requirements of manufacturing industries. “Recently, I paid a working visit to the Technology and Innovation Centre (TIC) of the RMRDC. I was impressed with the work the council has done to facilitate Nigeria’s economic diversification initiative and manufacturing contribution to GDP. “The centre provides a platform for technology adoption, adaptation and transfer for agricultural and mineral raw materials process technology in Nigeria. “This is a testament to my ministry’s unwavering commitment to ensuring competitiveness in raw materials and products development. The centre offers a window for industrial/academic research as it relates to raw materials development and utilisation in Nigeria. “The centre also serves as a one-stop process technology outlay that showcases equipment, processes, instrumentation, etc. that a potential investor or an entrepreneur could take up in areas of agricultural and minerals processing. “In line with this and with the strategic implementation of the Presidential Executive Order No. 5, my ministry, through the RMRDC, has commenced the process for the establishment and replication of the centre across the six geo-political zones to allow for even development of resource-based industrialisation and encourage local production of raw materials where Nigeria has the wherewithal and competitive advantage over and above other nations of the world. “I urge industrialists and investors to replicate the process technologies showcased at the centre at

commercial scale for increased manufacturing activities, more so that their feasibility and viability as well as the capability of Nigerian engineers to design and fabricate process equipment have been demonstrated. Secondary and tertiary raw materials produced locally will reduce dependence on importation and conserve foreign exchange.” Indeed, the expo was an opportunity for the RMRDC to showcase its numerous research products that would aid local sourcing of raw materials for the Nigerian industrial sector. A Deputy Director of RMRDC, Mr. Sirajo Musa, an engineer who is also in charge of council’s TIC, told THISDAY that the RMRDC has about 45 pilot plants for the demonstration of the commercial viability of its research products. Indeed, there is enough evidence on ground to prove that the RMRDC has done much to provide raw materials for Nigerian pharmaceutical, paint and chemical and allied industries as well as the bludgeoning automobile industry. “Our task is to develop the raw materials and demonstrate their viability through our mini-plants projects but it is for businesses in the private sector to commercialise them through mass production for Nigerian and export markets,” Musa said. Some of the manufacturing firms that have shown interest for partnership with the RMRDC included Emzor, Unilever, Greenleaf, NASCO, Innoson Vehicle Manufacturing Company, Greenleaf as well as the totality of the paint making industry. The Greenleaf that is based in Kano has partnered with the council’s phytomedicines research where the RMRDC has produced supplements derived from Nigerian herbs. These include Gascar D, which is a medication for sugar related ailments like diabetes. “We have Gascar N that is a medication for blood pressure and stress. Then we have the phytobiotics, which is like antibiotic, for the treatment of bacterial infections. Then we have the phytoherb-5vits, which is a multivitamins derived from local herbs, for boosting immunity. At the moment the drugs are on sale in Healthmedics in Abuja to show that it is highly accepted,” Musa said. Apart from the chemicals that the RMRDC have developed, the council has also formulated key critical inputs like Active Pharmaceutical Ingredients (APIs) for manufacturing industry. Musa explained that every drug has two components. The API is the component of the drug that is for the treatment ailments. “We will be having a meeting on Monday (November 27) with the pharmaceutical group of MAN in Lagos. They gave us a task to research and come up with a pain reliever from local herbs, which we have done. “We are also having a discussion with Emzor on the development of Artemisia, which is an API. Artemisia does not grow in Nigeria. It is a plant that grows wild in Vietnam. We were able to get the seeds and domesticated them in Nigeria. We have planted it in Kano State, Niger State and the FCT as sample farms to see whether it could grow very well. To our greatest surprise in the past two years we noticed that it has been growing very well and even better than in Vietnam where we

got the seedlings from. “It grows only once in a season in Vietnam but it grows in two seasons in Nigeria both in the dry and wet seasons. When we analysed it to know the percentage of Artemisia inside the Artemisia anua, the one grown in Nigeria is above 86 per cent and that of Vietnam is just 70 per cent,” Musa said. The good news about this breakthrough, according to him, is that Nigeria is emerging as a potential market for China and India that used to import Artemisia from Vietnam to produce Artemisia based drugs. Based on this also Emzor asked for a collaboration with the RMRDC. Currently, the council has designed, developed and installed a plant for the production of Artemisia in Abuja where production would commence very soon. “We need to patent the research output that we have started with the patent office in Abuja. Our discussion with Emzor will facilitate this project,” Musa disclosed. The RMRDC has also produced lovastatin from mushroom that could be used as an API to produce drugs for cardiovascular diseases. It production is being tested and would soon be commercialised. Hydrating lime is a secondary raw material that is derived from limestone and could be used in water treatment, in steel manufacturing, in sugar refining, and in so many other treatments. The best quality limestone in the world is found in Nigeria. Yet, no single industry in Nigeria is processing it to produce hydrated lime for the steel rolling mills in Oshogbo, Jos and Kaduna to use as flux. These mills are importing a bag of 50kg hydrated lime at N17,000. “There is a saying that for any country to develop technologically it needs a steel plant. And for any steel plant to stand very well it must have hydrated lime plant. If you check around the world, all industries that are producing steel have an inbuilt hydrated lime plant because they need it. Even the Ajaokuta plant, though not on stream, also have hydrated line plant. “Eighteen states in Nigeria have limestone of very high quality that we are not using for anything apart from cement making. We should add value to them to create employment and save foreign exchange. “However, in line with its mandate the RMRDC designed a small plant that can produce 10 tons per day. We want stakeholders in the manufacturing sector to come on board and pick up the products and commercialise it. We already have patent for them,” Musa said. One of the major beneficiaries of RMRDC’s output is the paint manufacturers. Although raw materials for paint production are many, the council identified four raw materials that are being imported, which Nigeria has advantage and tried to develop them. One of them is Kaolin that is available in about seven states in Nigeria in high commercial quantity that could be developed to replace titanium dioxide. He said: “Initially when we started the R&D, the paint manufacturers told us that it was not possible. We told them that there is no problem since it is a matter of science and engineering. Later they were amazed when

they saw our samples. As we speak now we have substitute for titanium dioxide in paint making.” Soap manufacturing firms are also enjoying the benefits from RMRDC’s efforts that delivered a process for producing soap noodle in Nigeria. Soap noodle is the basic raw material used in large scale production of soap. The demand for it in Nigeria is very high. But the domestic production of soap noodle is low opening the door for its importation. Now, a plant for local production of soap noodle has been fabricated by the council for the private sector to commercialise. In the same manner, a pilot plant for multi chemicals that could utilise copper wire to get copper sulphate has been developed by the RMRDC. It is used as a dye in the textile industry, fertilizer and pesticide for treatment of woods. The plant could also produce aluminum sulphate and iron sulphate. That is why it is called a multi chemical plant. Nigeria is endowed with talc that is used as filler in the pharmaceutical industry. It is also used in fertilizer, food, agriculture, powder and paper making. Kebbi State has the purest form of it. But it comes with contamination with other ores that required a mechanism to remove. “What the council did, especially during COVID, when we were getting high price from abroad for talc, was to develop the separation of contamination. Unilever gave us the challenge and we developed filter process that remove the iron sulphate that is used in match industry. We have an investor in Abuja that is called Santara and very soon will start supplying to companies like Unilever. This is our target,” Musa said. Caustic soda and Precipitated Calcium Carbonate (PCC) are two important raw materials that are not produced in Nigeria. But the council has fabricated a plant in Abuja for their production with capacity to produce 250 litres per day. Soda is used in crude oil refining, soap making, paper making, water treatment, construction and in textile. NASCO, which is located in Jos, has approached the council and asked for a higher capacity of the plant to be erected in its premises, which is a way to commercialise RMRDC’s products and services. Sodium silicate is another major raw material that is being imported. Although a company in Nigeria is producing it from silica sand. However, the RMRDC has fabricated a plant for the production of sodium silicate in larger quantity and higher conversion than products that were derived the silica sand. The starch is also a very good important raw material for pharmaceutical in Nigeria. The RMRDC found a substitute for cassava in producing starch. Musa explained that there is a plant called Tacca that grow only in the wild. But the RMRDC, in collaboration with an institute in Umudike, developed the Tacca and now have seeds that could be planted by farmers and a plant that could extract starch from Tacca for pharmaceutical uses. Some are producing paracetamol with it. Castor Oil is another wonderful crop and a major raw material in cosmetics and aviation industries. India has developed castor oil that it can blend with aviation fuel to fly jet planes. Castor oil is also used now as transformer oil. More than 100 chemicals can be extracted from castor oil. The RMRDC has developed a sheller and is developing an expeller for castor production that could turn around the Nigerian economy.

‘Financial Inclusion Continuous A Journey, not Destination’ Ugo Aliogo The Chief Executive Officer, Accion Microfinance Bank, Taiwo Joda has stated that financial inclusion is about providing access to affordable and convenient financial services to every individual, regardless of socio-economic status. He remarked that Accion Microfinance Bank’s commitment to this noble cause is unwavering, with a mission to economically empower micro-entrepreneurs and low-income earners sustainably, ethically, and profitably. Joda, who disclosed this virtually at the Annual Accion Microfinance Bank Financial Inclusion Seminar, noted that their approach hinges on leveraging digital literacy, products, and services to harness the transformative power of the digital revolution, adding that steps

taken include enhancing digital literacy, introducing a range of digital products and services, and forming Fintech partnerships for innovative solutions. He remarked that the impact of their efforts is evident in the positive transformation of lives, noting that they are looking forward, and remained committed to being a market leader in microfinance, investing in technology and innovation to stay at the forefront of financial inclusion efforts. He added: “Accion Microfinance Bank, with over 16 years of empowering businesses and transforming lives, plays a pivotal role in this journey. Our objectives are twofold: firstly, to inspire innovation by sharing practical knowledge gained during our decade of operations, and secondly,

to foster collaborative learning for influencing policies, particularly in the responsible provision of digital financial products and services.

“Financial inclusion is a continuous journey, not a destination. While we are proud of the progress made, we recognize

that there is much work ahead. Driven by our mission, inspired by our customers, and guided by the belief that financial inclusion

is not just our responsibility but our privilege, we are poised for the challenges and opportunities that lie ahead.”

Nigerian Breweries Announces Board Changes Nigerian Breweries Plc, has announced changes to the composition of its board of directors with the resignation of the Chairman, Asue Ighodalo and the completion of the tenure of Ndidi Nwuneli as an Independent Non-Executive Director. The announcement was contained in a notification to the Nigerian Exchange Limited (NGX) signed by the Company Secretary/Legal Director, Uaboi Agbebaku following the Board Meeting of the company held in Lagos. Ighodalo informed the Board at

the meeting, of his decision to offer himself for public service. “He will be resigning from the Board and in his capacity as the Chairman of the Board in line with proper corporate governance practice, on December 31, 2023, “NB said in a statement. Speaking on the announcement, outgoing Nigerian Breweries’ Board Chairman, noted that decision comes with the mixed emotions of a painful sacrifice made to enable his full devotion to the new cause. “It is with heartfelt regret that

I announce my resignation as Chairman of the Board of Nigerian Breweries Plc effective December 31, 2023. After extensive deliberations, I have decided to offer myself for public service to our dear country. The decision comes with the mixed emotions of a painful sacrifice made to enable my full devotion to the new cause. It is my pride to have been part of such a formidable organization well positioned to meet the opportunities and challenges in Nigeria’s ever-changing business environment, ”he said.

NB said Nwuneli, who was appointed Non-Executive Director of the company 9 years ago, will be stepping down from the role effective December 31, 2023, following the completion of her tenure. The company equally announced the appointment of the longestserving Director, Sijbe “Siep” Hiemstra, as Chairman of the company in an interim capacity effective January 1, 2024, pending the appointment of a substantive chairman.

T H I S D AY TUESDAY DECEMBER 12, 2023 20 TR

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& RE A S O

Tuesday December 12, 2023 Vol 27. No 10469

opinion@thisdaylive.com

www.thisdaylive.com

NIGERIA’S CREDITRATING BOUNCE FREDRICK NWABUFO argues that the policies of the administration are positive, and getting noticed

See page 21

CREATIVE SOLUTIONS TO HOUSING DEFICIT Lagos is set to bridge the housing deficit by reviewing its property laws, writes OLU MASOTE

See page 21 EDITORIAL

THE IMPERATIVE OF LAND REFORM

PAT ONUKWULI canvasses mass investment in critical road infrastructure in the commercial city

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Lagos is set to bridge the housing deficit by reviewing its property laws, writes OLU MASOTE FREDRICK NWABUFO argues that the policies of the administration are positive, and getting noticed

NIGERIA’S CREDIT-RATING BOUNCE The reports are coming in. And they betoken blue skies and clement weather for Nigeria’s economy. In November 2023, Morgan Stanley made a fetching prognosis on Nigeria’s economic health. The global financial services firm said President Bola Tinubu’s “policy reforms could spur economic growth and the rise of a mass consumer market, with potential opportunities in mobile banking and consumer goods” in Nigeria. Earlier in August, S&P Global Ratings volte-faced its outlook on Nigeria, revising the previous negative outlook to stable. And just recently, Moody’s Investors Service raised Nigeria’s credit outlook from stable to positive.

According to Moody’s, “these policy changes, and those potentially to come, have raised the prospects of a fiscal and external improvement in the country’s credit profile’’. The premise of these reports has a common provenance in the policy initiatives of the Tinubu administration. On May 29, 2023, President Tinubu announced the immediate cessation of petrol subsidy. The decision was most judicious as Nigeria grappled with mounting national debts, desiccating revenue, haemorrhaging economy, corruption, and shadowy sectoral enterprise. The nation was spending as much as N400 billion every month to subsidise the petrol price and had racked up $6 billion in petrol-subsidy debts. The scheme was projected to have wolved over N11 trillion in eight years. The petrol subsidy regime was clearly a Venus flytrap and tough decisions had to be made for the common good. The Tinubu administration went further in its bold reforms with meticulous monetary policy prescriptions like the (ongoing) unification of foreign exchange rates and the lifting of foreign exchange restrictions on the importation of 43 items. The restrictions had pushed importers into the parallel market, contributing to the surplus demand for FOREX, and inadvertently, weakening the parallel-market exchange rate, pushing up prices. The implication of the embargo abrogation was the effectuation of a willing-buyer and willing-seller system that allows the exchange rate to adjust to clear the market and ensure that there is always supply. Also, local production benefits from cheaper imported inputs, and consumers benefit from cheaper retail products. And not discounting the expected employment stimulation and other attendant corollaries.

On October 23, at the 29th Nigerian Economic Summit (NES) in Abuja, President Tinubu announced that his administration would honour legitimate foreign exchange obligations and restore confidence in the financial markets. The President allayed the concerns of the business community, assuring them that crucial plans were underway to improve foreign exchange liquidity. “My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” the President said. And true to his pledge, a few weeks after, the Central Bank of Nigeria (CBN) began clearing a backlog of foreign exchange forwards in banks, delivering over 80 percent of outstanding FOREX forwards in some financial institutions in November. Nigeria had a FOREX forwards backlog of $7 billion. The concomitants of these monetary policy recipes are a buoyed and confident market as well as an optimistic and captivated boardroom of investors. In conformity with its reforms, the Tinubu administration is burnishing its fiscal policies by enhancing the tax system and prudently allocating resources. The 2024 Appropriation bill provides clear evidence of the administration’s determination to deepen its refinements, and sail Nigeria through unsteady waters into a more salubrious economic climate. The proposed budget prioritises defence and internal security, job creation, macro-economic stability, better investment environment, human capital development, poverty reduction, and social security. In the bill, exquisitely titled, ‘Budget of Renewed Hope’, security takes a considerable chunk of N3.2 trillion. Securing citizens, property, and investments is the primary objective of government. Investments are cowardly, namby-pamby; they go where there is safety, stability, and security. The administration has been on a passionate drive to attract foreign investments, the allocation to defence and internal security clearly means that the government understands it must make the ground fertile and secure for investments, and as such, it is ensuring that. Also, in the proposed budget, education gets an allocation of N2.2 trillion, and health N1.33 trillion. This is in consonance with the government’s focalisation of human capital development as the most critical resource for national development. Other priority allocations include infrastructure N1.32 trillion, social development and poverty reduction, N534 billion. The monetary policies and fiscal policies of the Tinubu administration align in an umbilicus of vision. The vision is to reoxygenate the economy to bring about growth and development through job creation, food security, ending extreme poverty, building resilience, and bringing the future to Nigerians. Nwabufo is Senior Special Assistant to the President on Public Engagement

CREATIVE SOLUTIONS TO HOUSING DEFICIT *RYHUQDQFH LV REYLRXVO\ QRW D WHD SDUW\ ,W requires deep creative thinking and reasoning RXWVLGH WKH ER[ IRU VROXWLRQV WR WKH P\ULDG RI challenges that are facing the people. This was GHPRQVWUDWHG E\ WKH KLJKO\ UHJDUGHG JRYHUQRU RI /DJRV 6WDWH 0U 2OXVROD %DEDMLGH 6DQZR Olu at the just concluded 5th Lateef Jakande +RXVLQJ /HFWXUH 6HULHV 2UJDQLVHG E\ WKH 5HDO Estate Developers Association in Lagos where KH XQYHLOHG WKRXJKW SURYRNLQJ YLDEOH RSWLRQV IRU WKH PDVV KRXVLQJ GHÀFLW Land is gold in Lagos. As the Niger Delta UHJLRQ FKHULVKHV RLO WKH VDPH ZD\ /DJRV treasures its land. This is understandable considering the fact that Lagos has the smallest He said, “In looking ahead, we have landmass size in Nigeria, despite being host also digitised the processes of our to millions of Nigerians from all walks of life. GHSDUWPHQWV IRU LQFUHDVHG H΀FLHQF\ It also controls a large chunk of economic activities both corporate and commercial in the and greater customer satisfaction. While acknowledging our strides in the provision FRXQWU\ SXWWLQJ PRUH SUHVVXUH RQ WKH VWDWH 3URYLGLQJ GHFHQW DQG DͿRUGDEOH KRXVLQJ of homes for all, I want to charge all for the teeming population of Lagos has stakeholders in the built sector to do more EHHQ D KHUFXOHDQ WDVN IRU \HDUV 6XFFHVVLYH E\ VSRQVRULQJ OHDGLQJ HGJH UHVHDUFK LQWR governments from the golden era of Late Lateef LQQRYDWLYH EXLOGLQJ WHFKQRORJ\ WKDW FRXOG -DNDQGH WKH ÀUVW HOHFWHG FLYLOLDQ JRYHUQRU help reduce the cost of building. “The scenario that I had painted showed RI /DJRV WR WKH PRGHUQ GD\ /DJRV XQGHU WKH leadership of former governor, Asiwaju Bola the abundance of opportunities in the entire Ahmed Tinubu. Late former governor Jakande housing value chain. Given our audacious EXLOW PDVV KRXVLQJ DFURVV /DJRV IRU PLGGOH JRDO RI SURYLGLQJ QHZ KRPHV E\ income earners. Most of the estates have 2027, our doors are open to partnership and been refurbished and repurposed to meet the collaboration both in the present and in the future. KRXVLQJ DQG DFFRPPRGDWLRQ QHHGV RI WRGD\ “Of course, we will go vertical in Asiwaju Bola Tinubu, like his successors, providing safer homes for our people. Babatunde Raji Fashola and Akinwunmi Ambode also strengthened the housing We also anticipate that as our population SROLF\ DJHQGD E\ EXLOGLQJ PDVV KRXVLQJ IRU increases, the number of vulnerable would also increase, so we must make provisions Lagosians. 7KH FXUUHQW JRYHUQRU 6DQZR 2OX KDV WDNHQ for social housing. ´:H ZLOO H[SHFW D UH LPDJLQLQJ RI WKH mass housing a notch higher. He has delivered some of the iconic housing schemes like the expectations of future urban dwellers, Ibeshe Housing Estate, Ikorodu and others. He ZKLFK RI FRXUVH PD\ H[FOXGH KRPH has also announced an ambitious 10,000 units RZQHUVKLS :H H[SHFW WR VHH PRUH HͿRUWV RI KRXVLQJ E\ WR DJJUHVVLYHO\ EULGJH WKH LQ WHUPV RI KRXVH UHQWDOV DQG FR KRXVLQJ )RU WKLV SXUSRVH ZH DUH DOUHDG\ UHYLHZLQJ KRXVLQJ GHÀFLW JDS The governor understands the massive VRPH RI RXU ODZV PDLQO\ WKH 3URSHUW\ economic opportunities that will be unleashed Law of Lagos State 2010 and Rental Law of ZLWK VXFK GHYHORSPHQWV /RFDO HFRQRP\ RI Lagos State 2011, to take care of the interests the host communities will be stimulated and RI ERWK LQYHVWRUV DQG HQG XVHUV ‘’The state was looking at leveraging WKH VRFLR HFRQRPLF FRQGLWLRQ RI WKH SHRSOH ÀQWHFK WR SURYLGH WDLORU PDGH VROXWLRQV ZLOO EH LPSURYHG $OVR PDQ\ \RXQJ DUWLVDQV who have been out of jobs will be engaged to our pertinent problems in creating DQG FRQWULEXWH SURGXFWLYHO\ WR WKH HFRQRPLF convenient mortgage options for our growth of the state. All this, also has a great people” . Aside from the above espoused creative LPSDFW RQ VHFXULW\ DQG VDIHW\ RI FLWL]HQV 0DQ\ ÀQDQFLQJ RSWLRQV WKH JRYHUQRU DOVR PXOOHG of the hands that would have been accessories IRU FULPLQDOO\ PLQGHG SHRSOH ZRXOG EH EXV\ plans to ink the paper with neighbouring at construction sites and involved in other states with large expanse of land for mass HFRQRPLF DFWLYLWLHV LQ WKH FRQVWUXFWLRQ YDOXH KRXVLQJ GHYHORSPHQW 7KH JDWHZD\ 6WDWH chain. That was the deep, holistic thought RI 2JXQ UHDGLO\ FRPHV WR PLQG GXH WR LWV SUR[LPLW\ WR /DJRV 7KH ERUGHU WRZQV process of the governor. +H ZDV QRW EOX΀QJ 7KH JRYHUQRU ZDV VXUH LQ 2JXQ 6WDWH ZKHUH PDMRULW\ RI /DJRV of his plans and he had the roadmap. He tabled workers reside will experience massive various creative means of bridging the housing development as road infrastructure and GHÀFLW ZKLFK LQFOXGH D VWURQJ OHJDO IUDPHZRUN other amenities will be channelled towards IRU WKH UHDO HVWDWH VHFWRU E\ UHYLHZLQJ WKH the axis as a result of the Lagos State H[WDQW 3URSHUW\ /DZV RI /DJRV 6WDWH DQG Housing Scheme located in the area. “We have also opened our doors to the Rental Law of Lagos State 2011. partnerships with investors, who have 7KH ODZV DUH LQYHVWRU IULHQGO\ WKH UHTXLUHG capital to develop the real estate space will innovative ideas that could result in shorter ÁRZ LQ DQG WKH SURVSHULW\ ZLOO EH VKDUHG time of completion, cheaper homes, and among the people. No sensible investor will convenient mortgage packages. We had LQYHVW PDVVLYHO\ LQ DQ XQUHJXODWHG VHFWRU ZLWK a partnership that leveraged building D ODLVVH] IDLUH UHJLPH 7KDW FRQÀGHQFH EXLOGLQJ WHFKQRORJ\ ZKHUHE\ EHGURRP ÁDWV ZHUH KDV DOUHDG\ EHHQ HVWDEOLVKHG 7KH JRYHUQRU FRPSOHWHG ZLWKLQ GD\V µ hinted on the compelling need to protect the Masote interest of investors and end users in the state writes from Lagos through the review.

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T H I S D AY

TUESDAY DECEMBER 12, 2023

EDITORIAL

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

THE IMPERATIVE OF LAND REFORM There is urgent need to review the Land Use Act

World Bank Ease of Doing Business index in terms of he Federal Capital Territory (FCT) HDVH RI UHJLVWHULQJ SURSHUWLHV LV D UHÁHFWLRQ RQ ODQG Minister, Nyesom Wike recently management. States such as Kaduna, Nasarawa and PDGH VRPH VLJQLÀFDQW FKDQJHV LQ Kano have tried to carry out reforms of the land land administration. He approved system with some minimal results. the immediate revocation of plots of Nigeria needs land reforms that will improve land, gave people a three-month grace land administration, create an equitable system period to commence development of their property, WKDW ZLOO OHDG WR DͿRUGDELOLW\ LPSURYHG ODQG inaugurated a task force to review public complaints titling and property registration procedure and on the land swap policy and expressed his concerns reduce corruption in the land market. According to DERXW IDNH &HUWLÀFDWHV RI 2FFXSDQF\ :KLOH WKHVH PricewaterhouseCoopers (PwC), about $900 billion, HͿRUWV DUH FRPPHQGDEOH WKH\ FDQQRW DFKLHYH WKH ZKLFK LV WZLFH 1LJHULD·V *'3 FDQ ÁRZ LQWR WKH intended result until there is a total reform of land economy if we get our land reforms right. The PwC DGPLQLVWUDWLRQ LQ 1LJHULD (ͿHFWLYH ODQG UHIRUPV report claims that the real estate market alone holds will improve livelihoods, maximise the land market, between $230 billion and $750 billion of value that DQG FUHDWH PRUH H΀FLHQW V\VWHPV :H KRSH WKH is locked up. To do this, current administration there is an urgent need of President Bola Tinubu to review the Land Use will make that part of its Effective land reforms will improve livelihoods, maximise the land Act. The enormous power legislative agenda. granted the governor All over the world, land market, and create more efficient systems needs to be reduced and an is such a vital resource accountability framework that it determines the created to ensure the wealth of nations, Governor continues to individuals, and society, function as a real trustee. LQÁXHQFHV WKH EDODQFH RI T H I S D AY Land reforms requires a lot of thinking, a power and how resources are used and managed. EDITOR SHAKA MOMODU GHÀQLWLRQ RI FOHDU REMHFWLYHV WKH FUHDWLRQ RI WKH The contest for land has also led to wars and ageDEPUTY EDITOR WALE OLALEYE ULJKW LQVWUXPHQWV WKH GHYHORSPHQW RI HͿHFWLYH ORQJ FRQÁLFW WKDW JRYHUQPHQW PXVW EH LQYROYHG LQ LWV MANAGING DIRECTOR ENIOLA BELLO administrative mechanism, improved governance, management. In Nigeria, the law that government DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU and processes to drive inclusion, transparency, and CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI uses to manage land resources is the Land Use Act of EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN H΀FLHQW FXVWRPHU VHUYLFH 6XVWDLQHG ODQG UHIRUPV 1978. This 45-year-old legislation was passed under THE OMBUDSMAN KAYODE KOMOLAFE FDQQRW EH EDVHG RQ NQHH MHUN UHDFWLRQV RU DWWHPSWV the military and has not been reviewed since then. to become popular. The urgent task to unlock the 7KH ODVW WLPH D SUHVLGHQW VKRZHG VLJQLÀFDQW LQWHUHVW wealth in our land resources cannot be delayed. in land reforms was under the late Umaru Musa Fortunately, the work done by the Presidential Yar’Adua but he couldn’t complete the process Technical Committee on Land Reforms, led by Prof. T H I S D AY N E W S PA P E R S L I M I T E D before he died. EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA Peter Adeniyi, is still in place. The draft bill may By the law currently in operation, the power over GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, only need to be reviewed. the land within the territory of a state is vested in ISRAEL IWEGBU, EMMANUEL EFENI According to the World Bank, land reform involves the governor. While we know that the governors DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, changing the institutional structure. This includes a ANTHONY OGEDENGBE have assumed their full powers based on the vesting review of how access to land is regulated, property DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI done by this law, there is little to show they have SNR. ASSOCIATE DIRECTOR ERIC OJEH ULJKWV DUH GHÀQHG DQG RZQHUVKLS FRQÁLFWV DUH managed the powers as trustees nor have allocated ASSOCIATE DIRECTOR PATRICK EIMIUHI resolved. We therefore hope that President Tinubu land in a fair and transparent manner. That Nigeria CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI will collaborate with the National Council of States is currently ranked 186th out of 190 countries on the DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO to make land reform a priority of his administration. 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

AKPABIO: THE HOMEBOY JAMBOREE Senator Godswill Akpabio is probably among the WULEH RI OXFN\ SROLWLFLDQV ZKR HQMR\ SRSXODU DSSURbation and applause from his countrymen, or so it seems. His recent 61st birthday celebration and the accompanying fanfare that turned the stadium named after him, into a beehive of activities laced with opulence DQG HOLWH SURÁLJDF\ E\ SROLWLFDO FURQLHV DVVRFLDWHV friends and mostly the people of Akwa-Ibom State, speaks volumes of the general perception of his people about him. It is not a crime to be celebrated. But like every othHU WKLQJ LQ RXU FOLPH H[FHVVLYH LQGXOJHQFH FDMROHU\ and false heroism often take the shine away from what ordinarily would have passed for a mere celebration of life, given the short life expectancy for Nigeria in 2023, which is 55.75 years. 8QFRQÀUPHG LQIRUPDWLRQ KDG LW WKDW HYHQ 0'$V

like NIMASA, NPA, NNPC, NDDC, etc., were conWDFWHG LQ WKH VSRQVRUVKLS RI WKLV MDPERUHH ZKLFK ZDV DOOHJHG WR KDYH EHHQ R΀FLDOO\ NLFN VWDUWHG E\ 6HQDWRU %DULQDGD 0SLJL ZKR PRYHG D PRWLRQ RQ WKH ÁRRU RI WKH KRXVH DEO\ VHFRQGHG E\ 6HQDWRU 2VLWD 1JZX 'UDJJLQJ R΀FLDOGRP LQWR SULYDWH YHQWXUHV KDV EHcome the Nigerian lot. It is what truly shows that we are Nigerians. The state purse must directly or indiUHFWO\ VXͿHU IRU RXU HOLWH·V LQVDWLDEOH DSSHWLWH IRU DJgrandisement and razzmatazz. There is no denying the fact that the former governor did well for his people in his days as the governor of Akwa Ibom State, especially in the area of infrastructural development. But this will not negate the fact that the over N150m donated by the senators as alleged and the millions reportedly withdrawn from a dedicated account in a popular bank, and used for this ego massage would

have gone a long way to revive an inactive economy like that of Akwa Ibom State. As at today, almost all access roads to Uyo, the capital city are in a deplorable state. Yet, our elites and their gullible followers, chose short-lived fanfares, bazaars, praise-singing and hero chants over what could made life meaningful to the greater number of the people. Senator Akpabio’s homecoming (sorry, birthday) was, therefore a tacit but resounding warning to Governor Umo Eno of the Peoples Democratic Party (PDP), that Akpabio and his party were on their way back to the reins of power in the state in 2027. Believe Nigerian politicians and you will believe anything. Happy birthday to the distinguished Senator. Austen Akhagbeme, Abuja

LAWYER TUESDAY, DECEMBER 12, 2023

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& RE A S O

WEEKLY PULLOUT

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& RE A S O

CHIEF CH JUSTICE OF NIGERIA, HONOURABLE JUSTICE OLUKAYODE ARIWOOLA, GCON

ATTORNEY-GENERAL OF THE FEDERATION & MINISTER OF JUSTICE, PRINCE LATEEF FAGBEMI, SAN

PRESIDENT OF THE NIGERIAN BAR ASSOCIATION, YAKUBU MAIKYAU, OON, SAN

Bar and Bench: Review of 2023 and Hopes for 2024

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

IN THIS EDITION

R E Y W A L EM BER TUE SDAY, DEC

12, 202 3

LLOUT WEEKLY PU

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T H & RE A S

TRU

T H & RE A S

Bar and Bench: Review of 2023 and Hopes for 2024

OURABLE NIGERIA, HON F JUSTICE OF CHIE , GCON CH ODE ARIWOOLA JUSTICE OLUKAY

THE NIGERIAN PRESIDENT OF N, YAKUBU BAR ASSOCIATIO , SAN MAIKYAU, OON

OF THE ATTORNEY-GENERAL TER OF JUSTICE, FEDERATION & MINISEMI, SAN PRINCE LATEEF FAGB

Propriety of Conviction Solely on Confessional Statement of a Defendant

f o w e i v e R : h c n e B Bar and 4 2 0 2 r o f s e p o H 2023 and

QUOTABLE

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‘In Nigeria, the Constitution allows virtually everybody to appeal…The Supreme Court has thousands of cases coming in….The 21 JSCs can’t even cope. There is something wrong, in overworking the JSCs’ -Ikeazor Akaraiwe, SAN

COLUMNIST

The Supreme Court’s Award of Costs Against Lawyers: “Bad Measure, Pressed Down....!” Page V

LAWYER

ONIKEPO BRAITHWAITE: EDITOR, JUDE IGBANOI: DEPUTY EDITOR, PETER TAIWO, STEVE AYA: REPORTERS

III THE ADVOCATE

T H I S D AY ˾ TUESDAY, DECEMBER 12, 2023

The Military, Law and the Tudun Biri Tragedy

The Tudun Biri Tragedy hile Nigerians remain grateful to our Armed Forces, for constantly risking their lives in their efforts to keep Nigerians safe, the inexcusable bombing by military drones of innocent civilians in Tudun Biri, Kaduna State on December 3, 2023 (TB Tragedy), is definitely one bombing too many. Over 80 people, including the elderly, children and women were killed, while about 71 were admitted to the hospital for treatment of injuries, ranging from minor to major, with one death already recorded at the Hospital. I seize this opportunity to express my heartfelt condolences to the people of Tudun Biri, on this avoidable tragedy. I say avoidable, because it is obvious that not much was learnt following the unfortunate incident which occurred in Kalabalge, Rann Town, Borno State in January 2017. I covered this incident in my piece of 24/1/2017, “The Kalabalge Tragedy”. Nothing came out of the Probe launched by the House of Representatives into that accident then, and it is unlikely that anything will emerge from the Probe that the President and Commander-in-Chief of the Armed Forces, HE Bola Ahmed Tinubu, GCFR (C-in-C) has ordered into the TB Tragedy if the usual lethargic pattern of Probes and Inquiries is followed, unless the C-in-C insists that the Probe is done according to global best practices, meaning that for one, other bodies must be invited to join the Investigation Committee instead of leaving it solely to the Armed Forces. See Section 14 (2)(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) (the Constitution), on the primary purpose of Government being security and welfare of the people.

An Error too Many: Could it be Lack of Training? Even though it has long been established that ours is not a country that is strong on Government accountability to the people on any issue (see Section 6(6)(c) of the Constitution particularly), this time at least, the new Chief of Army Staff, Lt General Taoreed Lagbaja owned up to the mistake of the Army in this particular incident and rendered a public apology, unlike the various coverups that we saw in the past, for instance, during the time of Lt General Tukur Buratai and Air Marshal Sadique Abubakar, in the administration of former President, Muhammadu Buhari, GCFR. I’m sure we still recall the Kalabalge Tragedy, when the Air Force dropped three bombs on an IDP Camp apparently located only 200 metres away from the Military Camp Headquarters in that area, allegedly mistaking it for a Boko Haram hideout; at least 100 innocent civilians were killed in that regrettable outing. How could anyone have mistaken a civilian camp located so close to a Military one, as a Boko Haram hideout? Nor have we forgotten how the Army opened fire on innocent, defenceless, unarmed youths during the #EndSARS Protest at the Lekki Tollgate in October 2020. Initially, the Army had denied being at the Lekki Tollgate, then admitted to being there, but firing only dud bullets, until CNN outed them with its investigation, tracing the origin of the bullets fired at Lekki to Serbia where the Nigerian Army had purchased bullets. Indeed, Lt General Lagbaja has been more honest by owning up, instead of covering up like his predecessors. Even though the Kalabalge Tragedy was suspicious and clumsy, in that the Army bombed their neighbours, the IDP Camp just 200 metres away, literally next door to them, at the time, I don’t remember any group of Lawyers from any set of States threatening to sue the Government because of that incident. I was therefore, surprised to see the headline of one of the Dailies on Sunday, reporting that 600 Lawyers from the 19 Northern States would be suing the FG for the TB Tragedy. We must refrain from ethnicising and politicising everything, especially such a sad and unfortunate incident like this. Nevertheless, we must appeal to Lt General Lagbaja and the Chiefs of the Air Force and Navy, to review the credentials and records of those who are in charge of these sensitive duties, and ensure that they are in their positions because they are the brightest and the best for those roles, and not just because of nepotism and tribalism etc. We must also interrogate the level of training given to those who operate these equipments, as it has been alleged that in Nigeria, for example, in Government Hospitals, in the past, it wasn’t unusual to see state-of-the-art equipment still in its packaging, abandoned for years, rotting away because the Staff hadn’t received the requisite training on how to operate the machines! Could this also be the

the part of the Army, and innocent civilians were killed and injured instead. This doesn’t really fit into the definition of Manslaughter.

ONIKEPO BRAITHWAITE onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “…..at least…. Lt GeneralTaoreed Lagbaja owned up to the mistake of the Army in this particular incident and rendered a public apology, unlike the various coverups that we saw in the past, for instance, during the time of Lt GeneralTukur Buratai and Air Marshal Sadique Abubakar, in the administration of former President, Muhammadu Buhari, GCFR” case with some of the Operators of military equipments, like Jets and Drones? That they lack adequate training? Of course, we know that even the best make errors, but when it is a similar error that is made repeatedly, then it is a cause for concern. A few weeks before the Kalabalge Tragedy of January 2017, there was allegedly another mistake incident on IDPs in Gamboru Ngala - military troops mistakenly killed about 30 IDPs who went to collect firewood in a nearby forest to cook. Also, in September 2021, about 20 Fishermen were said to have been mistakenly killed in an air strike aimed at Jihadists, in Kwatar Daban Masara in the Lake Chad area. Recently, someone mentioned to me that one of the heads of a Government establishment, can barely read or write! I found it difficult to believe. How did someone who is more or less illiterate, get into that establishment in the first place, let alone rise to the helm of his career, when they have to sit exams at various levels in order to be promoted?! Your guess is as good as mine! Why are we shocked anyway, since we know that Section 318 of the Constitution permits people with Primary School education to hold top governance positions! But, surely, for specialised roles in the Armed Forces, Personnel should be properly trained. Lt General Lagbaja and his colleagues in the Airforce and Navy must take a more critical look at what could be termed as life saving or life taking operations and their Operators to ensure they are qualified, in order to prevent any other unfortunate and avoidable occurrence in the future. I watched an interview on our Arise TV’s Morning Show last Wednesday, in which the Kaduna State Chairman of Christian Association of Nigeria, Reverend John Hayed commended Lt

Tundun Biri

General Lagbaja, for his honesty in owning up to the Army’s error and rendering an apology for same, unlike the cover-ups we have seen in the past. The only way that General Lagbaja’s sincerity can be affirmed, is for him to ensure that there are meaningful outcomes from the Probe into the TB Tragedy, and going forward, only properly trained people are allowed to man such sensitive equipment. Offences 1) Manslaughter or Culpable Homicide Not Punishable With Death? The first thought that may come to the mind of a Lawyer, is whether the TB Tragedy constitutes the offence of Manslaughter. In Egbirika v State 2024 4 N.W.L.R. Part 1398 Page 558 at 578 per Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC, the Supreme Court defined Manslaughter thus: “an unintentional killing of a human being. Such a killing is not premeditated but accidental, in the sense that it was not intentional”. The TB Tragedy situation is different, because the drones were actually meant to kill, so in a way, it was premeditated, only that they hit the wrong target. Section 192 of the Kaduna State Penal Code Law 2017 (as amended) (KSPCL) provides that in a case where the killing is premeditated but an unintended victim is murdered instead, the culpable homicide caused by the perpetrator will be the same as if it was the person that was originally intended that was the one who was killed. However, the difference in the TB Tragedy and Section 192 of the KSPCL, is that though the killing was premeditated, it was for a lawful purpose - to annihilate terrorists who have been on the rampage killing and maiming innocent Nigerians. In a bid to protect Nigerians, there was an error on

2) Negligence It appears that the description that suits the TB Tragedy more, may be the Tort of Negligence. In Anyah v Imo Concorde Hotels Ltd (2002) LPELR-512(SC) per Umaru Atu Kalgo, JSC the Supreme Court held inter alia that Negligence arises when a legal duty owed by the Defendant to the Plaintiff is breached. Similarly, in I.M.N.L. v Nwachukwu 13 N.W.L.R. Part 891 Page 543 at 560 per Dahiru Musdapher, JSC (later CJN) the Supreme Court held that “Negligence is a breach of duty to take care. A duty to take care can be imposed by law or can be created by contract or trust”. And, in U.T.B. v Ozoemena 3 N.W.L.R. Part 1022 Page 448 at 464-465 per Umaru Atu Kalgo, JSC, the Supreme Court held inter alia thus: “Negligence has been defined in Oxford Advanced Learner’s Dictionary 5th Edition as “lack of proper care and attention, careless behaviour”. In an action for Negligence, a successful Plaintiff is awarded damages. In NEPA v Auwal 2011 5 N.W.L.R. Part 1241 Page 571 at 592-593 per John Inyang Okoro, JCA (as he then was), the Court of Appeal held that to be awarded damages, a Plaintiff “must show the existence of a duty of care by the Defendant, the breach of that duty and the damages suffered as a result of that breach”. We notice this breach of duty of care on two levels, in the TB Tragedy and previous incidents like the Kalabalge Tragedy; firstly, if the Operators of the equipment used to mistakenly kill innocent civilians were not properly trained in their usage, before allowing them to go on the various unfortunate expeditions like the Kalabalge incident, then that is negligence on the part of the Armed Forces, as the legal duty of care to Nigerians was breached, since our lives were put in danger by allowing the unqualified or inexperienced to operate machinery whose purpose is to take lives. Secondly, not being cautious enough before hitting targets, is also a breach of duty of care constituting negligence. Article 48 of the UN Additional Protocol 1 to the Geneva Conventions which Nigeria is a signatory to “requires that parties to a conflict distinguish between civilian persons and objects on the one hand, and combatants and military objectives on the other, and that they direct their operations against military objectives (persons and objects) only”. In the TB and Kalabalge Tragedies for example, the military objectives should have been the terrorists and their objects only, not innocent civilians. ‘Mistaken Target Identification’, which is what occurred in these two tragedies, is negligence and careless behaviour. According to the Protocol, it is mandatory that precautionary measures are taken in a conflict, before launching an attack on the enemy. One of these measures, is “to do everything feasible to verify that the objectives to be attacked are neither civilians nor civilian objects and are not subject to special protection, but are military objectives within the meaning of Paragraph 2 Article 52 and that it is not prohibited to attack them”. It is prohibited to attack civilians and civilian objects, like schools, hospitals, markets and so on. This duty of care was obviously not taken, and resulted in the death of 80 or more in the TB Tragedy, and injury of others. Conclusion The damages occasioned by the Army on the people of Tudun Biri who were gathered for Maulud is obvious, consequent upon the deaths and injuries in that incident. The doctrine of Res Ipsa Loquitur, that is, the thing speaks for itself is applicable here - that the occurrence of the TB Tragedy speaks for itself, and is sufficient to prove the negligence on the part of the Army, thereby shifting the burden of proof from the Plaintiff to the Defendant, in this case the Defendant being the Army that has already pleaded error and accident. See NEPA v Auwal (Supra); C.S. & A.C. Ltd v Mandilas and Karaberis 1969 6 N.S.C.C. Page 306 at 311 per Atanda Fatai Williams, JSC (later CJN). Again, to affirm the sincerity of the apology of Lt General Lagbaja, the people of Tudun Biri must be adequately compensated for their losses, though life cannot be quantified in terms of monetary compensation. Finally, I find the attempt to politicise this unfortunate incident by some mischievous people, shameful and ludicrous, especially as they didn’t tow the same line when there was a series of military mistakes in the aforementioned past tragedies. Hopefully, this is the last we will see of these unfortunate incidents.

IV LAW REPORT

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

Propriety of Conviction Solely on Confessional Statement of a Defendant

Facts On May 24th May, 2011, a robbery incident occurred at Illela Village, Safana Local Government Area of Katsina State. The robbers attacked and robbed one Mrs Sa’adatu Abubakar. They also shot and injured others, while at it. The angry villagers apprehended and killed three of the armed robbers, while one of the robbers escaped. The next day, the Respondent, who was in Safana Town for the purpose of meeting with his business partner, was accosted by the villagers. They accused him of being one of the robbers, arrested him and took him to the Police Station. The Respondent was consequently, charged before the trial court for the offences of criminal conspiracy and armed robbery punishable under Section 6(b) and 1(2) (b) of the Robbery and Firearms Act, Cap. R 11, Laws of the Federation of Nigeria, 2004. At the trial, 8 witnesses testified for the Prosecution, and 14 exhibits were tendered by the Prosecution witnesses. The Respondent raised an objection to the voluntariness of the confessional statements sought to be tendered by the Appellant, leading to the conduct of trial-within-trial. The trial court however, ruled against the Respondent, and admitted the statements (Exhibit 13A & B). The Respondent testified as the sole witness in his defence, but he did not tender any exhibit. In its judgement, the trial court held that the ingredients of the offence of conspiracy and armed robbery against the Respondent, were fully proved beyond reasonable doubt as required by law. The Respondent was thereby sentenced to death by hanging. Dissatisfied with the judgement of the trial court, the Respondent appealed to the Court of Appeal, which allowed the appeal and set aside the conviction of the Respondent. He was acquitted and discharged. The Appellant thus, appealed the decision of the Court of Appeal to the Supreme Court on two grounds.

Honourable Helen Moronkeji Ogunwumiju, JSC In the Supreme Court of Nigeria Holden at Abuja On Friday, the 31st day of March, 2023

Before Their Lordships Musa Dattijo Muhammad Chima Centus Nweze Uwani Musa Abba-Aji Mohammed Lawal Garba Helen Moronkeji Ogunwumiju

Issue for Determination In its determination of the appeal, the Supreme Court adopted the sole issue raised by the Respondent, thus: Whether the Court of Appeal was justified in setting aside the decision of the trial court, which convicted the Respondent of the offences of conspiracy to commit robbery and armed robbery? Arguments Arguing the appeal, counsel for the Appellant argued that considering either of Exhibit 13A and 13B or Exhibit 14A and 14B which are the confessional statements of the Respondent, the lower court ought to have affirmed the conviction of the Respondent. Counsel argued that apart from the Respondent identifying himself as one of the robbers, he also identified other accomplices including the deceased corpses at the Police Station. Counsel contended that identification of an accused person is not necessary, where the accused person in his confessional statement identifies himself - ASIMI v STATE (2016) 12 NWLR Pt. 1527 Pg. 414 at 432 Paras A-C. He submitted further that the Respondent had identified himself as one of the armed robbers in all his extrajudicial statements, which were admitted before the trial court as exhibits. PW7 gave credible evidence which was never contradicted against the Respondent, corroborating the two confessional statements and that the evidence of PW7 cannot be regarded as hearsay evidence, because the confession of the Respondent was made at the Police Station in the presence of PW7. On the issue of conspiracy, Counsel relied on the case of AKOGWU v STATE (2018) 3 NWLR Pt. 1605 Pg. 137 at 160 Paras A-B, to argue that there is no need for express agreement before a common intention can be shown in conspiracy. PW1 and PW2 did not know the Respondent and did not identify him among the robbers, because it is on record that he remained outside the house and not among those that entered the house.

Justices, Supreme Court SC.1577C/2019 Between THE STATE

APPELLANT

And

MUHAMMADU IBRAHIM

RESPONDENT

(Lead Judgement delivered by Honourable Helen Moronkeji Ogunwumiju, JSC)

Counsel submitted that the Respondent’s act of staying outside with some of the robbers armed, cannot exonerate him. Responding to the submissions, Counsel for the Respondent argued that from the testimonies of all the Appellant’s witnesses given at the trial court, none of the witnesses seemed to have given an affirmative answer regarding the identification of the Respondent at the scene of the robbery incident. Counsel argued that the evidence of PW7 is hearsay evidence and cannot be described as compelling in establishing the guilt of the Respondent in this case, as he was not even present at the time of the arrest of the Respondent; therefore, the evidence of PW7 is speculative - ORISA v STATE (2018) LPELR - 43896 (SC). Counsel submitted that the Court below, having carefully considered the evidence on record, was right to hold that there was no reason for the trial court to have rejected the cogent evidence of involuntariness of the confessional statement made by the Respondent during the trial-within-trial. Counsel argued that there was no independent evidence establishing

“….. it is against settled principles of law to go ahead and convict a Defendant based on his confessional statement alone, where there is no other tangible evidence linking him to the commission of the offence. Corroborative evidence is of great necessity….”

the truth of the facts contained in Exhibit 14, and no independent evidence to corroborate the offences of conspiracy and armed robbery. He relied on STATE v USMAN ISAH (2012) 7SC Pt. III Pg. 93, in respect of his submissions on this point. Counsel concluded that though the court can convict a Defendant on his retracted confessional statement, there should be some other independent evidence which corroborates the facts in the confessional statement. Court’s Judgement and Rationale Deciding the appeal, the Apex Court stated that the salient question in this appeal, is whether the trial court was right in convicting the Respondent when there was no direct eye witness evidence implicating or linking the Respondent to the offence before, during or after the robbery incident. The Supreme Court reiterated the trite principle of law that to prove the offence of conspiracy to commit armed robbery, the Prosecution must establish the following ingredients beyond reasonable doubt: (a) that there was an agreement between the Defendant and others to commit armed robbery; (b) that in furtherance of that agreement, the Defendant took part in the commission of the armed robbery or series of robberies; (c) that the robbery or each of the robberies was an armed robbery. Furthermore, the Prosecutor must prove beyond reasonable doubt that: (a) that there was a robbery; (b) that the robbers were armed with offensive weapons as at the time of the robbery; (c) that the Defendant participated in the robbery. In this case, the record of proceedings revealed that all of the eight witnesses of the Prosecution, that is, PW1 – PW8 at the trial court did not identify the Respondent at the scene of

the robbery incident. PW 6 (Sergeant Rufai Sule), the Investigating Police Officer testified on record that he was not a witness to any incident where the Respondent identified the corpses of the three robbery suspects, nor did he know whether the Respondent was found with weapons when he was arrested. Their Lordships agreed that indeed a robbery incident occurred at Illela village, Safana Local Government Area of Katsina State on 24/05/2011. However, what is in doubt is whether the Respondent was one of the armed robbers. Although Exhibits 13A & 13B and Exhibits 14A & 14B were admitted as evidence by the trial court after a trial-within-trial was conducted, before the court can convict solely on a confessional statement of a Defendant, the court must ensure that all legal requirements were satisfied in obtaining the statement - TOPE v STATE (2019) LPELR-47837(SC) (Pp. 12 paras. A). On this point, the Supreme Court affirmed the findings of the lower court, that the trial court did not give adequate reason for the rejection of the Appellant’s complaints of the involuntariness of the statement. Though the trial court cannot be faulted for admitting the confessional statement, however, the weight which it attached to the confessional statement of the Respondent is against the principles of law. The Supreme Court relied on its earlier decision in the case of LASISI v STATE (2013) LPELR-20183(SC) Pp. 51-52 paras. F, where it held that A Judge is expected to pose the following questions for himself when faced with the weight to be attached to confessional statement in that circumstance. (i) Is there anything outside the confession to show that it is true? (ii) Is it corroborated? (iii) Are the relevant statements made in it of facts, true as far as they can be tested? (iv) Was the prisoner one who had the opportunity of committing the murder? In this instance, the Prosecution failed to prove any agreement between the Appellant and the robbers, to commit armed robbery. It also failed to prove an essential constitutive ingredient of the offence of armed robbery - that the Appellant was one of the armed robbers. The identification of the Appellant as one of the robbers was based largely on hearsay evidence, and such is inadmissible. The Apex Court agreed with the reasoning of the court below, that in a case like the present, it is always better to err on the side of caution and exercise restraint in sending a man to the gallows, unless it is patent that he, beyond all reasonable doubt, committed the crime - BOZIN v STATE (1985) 7 SC Pg. 276 at 280. The Apex Court held further that it is against settled principles of law to go ahead and convict a Defendant based on his confessional statement alone, where there is no other tangible evidence linking him to the commission of the offence. Corroborative evidence is of great necessity and in this case, the Respondent is a victim of the long arm of the law by reason of Police Officers who fail to carry out diligent investigation, especially in matters where the life of a person is hanging by a thread. It is a trite and sacred principle of law, that the onus is on the Prosecution to prove the guilt of an accused person beyond reasonable doubt. The Appellant failed to discharge this burden and therefore, the judgement of the trial court was in error. Having resolved the sole issue in the appeal against the Appellant, their Lordships unanimously dismissed the appeal and affirmed the judgement of the Court of Appeal. The Respondent was acquitted and discharged. Appeal Dismissed. Representation Abdur–Rahman Umar Esq. (DPP Katsina State) for the Appellant. Habeed A. Oredola, Esq. with Temitope Saliu Esq. and Jennifer Adole for the Respondent. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)(An afﬁliate of Babalakin & Co.)

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

ARTICLE

Supreme Court of Nigeria Sitting

his article by Adekunle Omobolaji, focuses on a recent case in which Prof Mike Ozekhome, SAN appeared for the Applicant, bringing an application before the Supreme Court for enforcement of its judgement; examining the justification and possible consequences of slamming a Lawyer personally with heavy costs, on the dismissal of an application or matter that fails. In this case, Prof Ozekhome was ordered to pay N40 million costs Introduction “The first thing we do, let’s kill all the Lawyers.”- William Shakespeare’s Henry VI (Part 2, Act IV, Scene 2). The Supreme Court’s award of costs against Prof Mike Ozekhome, SAN, on 4th December, 2023, following its ruling dismissing an application filed before it for the Enforcement of its own judgement delivered on 20th December, 2019, in Appeal No: SC/1384/2019: Ugwumba Uche Nwosu v Action Peoples Party & 3 Ors, has again brought to the fore, this sore issue of penalising Lawyers personally for doing their job. Available records show at the Supreme Court, that the first motion was filed since early 2020, and that this was to be withdrawn and substituted with the motion filed 24th November, 2023, praying the Apex Court for consequential orders on its own judgement delivered in 2019. In its Ruling, the Apex Court was unable to persuade the Learned Silk to withdraw his application for lack of jurisdiction. It dismissed the application in limine, describing it as “strange, frivolous, baseless, unwarranted, vexatious and irritating, brought in bad faith, and calculated to demonise the Supreme Court”. If this were all, there would not have been any issues. But, why penalise the senior Lawyer, for insisting that the court had jurisdiction? Facts The facts of the matter as deduced from the proceedings which are in the public domain, are that the Appellant in Appeal No: SC/1384/2019: Ugwumba Uche Nwosu v Action People’s Party & 3 Ors, Mr Ugwumba Uche Nwosu, had sought and contested the Gubernatorial election of Imo State in 2019, having been nominated by two political parties (AA and APC), contrary to Section 37 of the Electoral Act, 2010 (as amended). The PDP won that election through its candidate, Emeka Ihedioha. This electoral infraction by Nwosu was challenged, and the Federal High Court on 19th August, 2019, disqualified him from contesting the Gubernatorial election. The legal consequence is that he never partook of the 9th March, 2019 election, as ex nihilo, nihil fit. Nwosu appealed and lost from the Federal High Court up to the Supreme Court. It said Nwosu could not benefit from his own illegality. It is this judgement Ozekhome wanted enforced. The Role of Advocates in Nigeria The Nigerian Advocate, like his counterparts worldwide, is an agent and minister in the temple of justice. He has been described as the “rapporteur of unceasing rights”. He is prevented by the Cab-Rank Rule to “pick and choose” briefs or clients, as a matter of course. He is under a professional obligation to accept Any work in a field in which he professes himself competent to practice, at a court which he normally appears, except where conflicted. This rule is codified in the Rules of Professional

The Supreme Court’s Award of Costs Against Lawyers: “Bad Measure, Pressed Down....!” This article by Adekunle Omobolaji, focuses on a recent case in which Prof Mike Ozekhome, SAN appeared for the Applicant, bringing an application before the Supreme Court for enforcement of its judgement; examining the justiﬁcation and possible consequences of slamming a Lawyer personally with heavy costs, on the dismissal of an application or matter that fails. In this case, Prof Ozekhome was ordered to pay N40 million costs Conduct (RPC), 2007 (as amended). Rule 24 (1) thereof provides: “It is the Duty of a lawyer to accept Any brief in the court in which he professes to practice, provided the proper professional fee is offered, unless there are special circumstances which justify his refusal.” Rule 1 provides that: “A Lawyer shall uphold and observe the rule of law, promote and foster the cause of justice, maintain a high standard of professional conduct, and shall not engage in any conduct which is unbecoming of a legal practitioner”. The Lawyer is immune from liabilities which may arise, in the course of defending his clients. This is stated in the English case of Rondell v Worsley (1966) 3 All E.R 657. Lord Denning, M.R., illuminated thus, at page 665: “There is, in my judgement, a sure ground on which to rest the immunity of a Barrister. At any rate, so far as concerns his conduct of a case in court. It is so that he may do his duty, fearlessly and independently as ought…. As an advocate he is minister of justice equally with the Judge. He has monopoly of audience in the higher courts. No one, save he, can address the Judge, unless it be a litigant in person. This carries with it a corresponding responsibility. A Barrister cannot pick and choose his clients. He is bound to accept a brief, for any man who comes before the courts. No matter how great a rascal the man may be… No matter how undeserving or unpopular his cause. The Barrister must defend him to the end. He must accept the brief, and do all he reasonably can on behalf of the client…”. Legal Justification for Applications to the Supreme Court for Enforcement of Its Judgements It is not “rocket law” to know that, enforcement is what gives court judgements their effectiveness. A law, rule or judgement without enforcement, is dead. At best, such law, rule or judgement will stand still, while the rest of society moves on (Parker v Parker [1953] 2 All E. R. 121). Admittedly, the 1999

“This new punitive stance will deﬁnitely affect Lawyers’ research, scholarship and advocacy. It will frighten Lawyers, from forcefully presenting their clients’ cases. It will narrow access to justice. This is absolutely unjustiﬁable. Courts of law do not exist for high-handed punishments; but, for even-handed justice”

Constitution (as amended), provides in Section 187(1): “The decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons…”. “All authorities”, includes the Supreme Court. The Supreme Court can surely enforce its own judgements. See Stanbic IBTC Bank Plc v L.G. C. Ltd (2020) 2 NWLR (Pt. 1707), pp. 17-18, paras. D-C. The rationale behind this power was graphically painted by Oputa, JSC, in Adegoke Motors Ltd v Adesanya & Anor (1989) 3 NWLR (Pt. 109) 250 at 274, 275, thus: “We are final, not because we are infallible, rather we are infallible because we are final. Justices of this court are human beings, capable of erring. It will certainly be shortsighted arrogance not to accept this obvious truth. … This court has the power to overrule itself (and had done so in the past), for it gladly accepts that it is far better to admit an error than to persevere in error...where therefore, it appears to learned counsel that any decision of this court has been given per incuriam, such counsel should have the boldness and courage to ask that such decision be overruled”. From available records in the public domain, the application by Ozekhome, was merely for enforcement; not even for overruling, or review, which is guaranteed under the 1999 Constitution. Surely, the Constitution is supreme. The impatience displayed by the Supreme Court to hear the application on its merit, and its insistence that the Lawyer should withdraw it peremptorily, was curious! The presiding Justice kept saying “Our hands are full…you bring these type of cases to burden us”, etc. Obviously their Lordships’ hands are “full”. Were they also “tied”! The Apex Court appeared not to have cared to understand the kernel of the application, due to its impatience about its crowded docket. Dismissal and award of humongous costs against the Applicant’s Lawyer, is untenable and baseless. The Supreme Court had recently in 2020, slammed N60 million (N30 million each), on both Chief Afe Babalola, SAN and Chief Wole Olanipekun, SAN, for daring to make applications for review to it. Supreme Costs, indeed! Appropriateness of the Supreme Court’s Orders on Payment of Costs Against Lawyers The special calling of an Advocate or Lawyer should entitle him to some inalienable privileges, as he navigates the tortuous labyrinth in search of justice. The Lawyer has a right to argue cases in court, without fear of reprimands or reprisals. One is not oblivious of Rule 24(2) of RPC which provides: “It is the duty of every Lawyer on his own responsibility to decide what cases he would

bring into court for the Plaintiffs and what cases he would contest in court for the Defendant; and he is not absolved from bringing questionable action or arguing questionable defences or giving questionable advice on the ground that he is only following his client’s instructions.” Let us analyse this provision in the light of two posers, anon. One, what is the measure for determining the extent of the phrase, “bringing questionable action or arguing questionable defences or giving questionable advice”? The law is clear on the cases and applications, that should be brought before the Supreme Court. They include application for review, correction of slips, and enforcement. The Supreme Court has a duty to hear a Lawyer out, and determine each case on its merits. Chiefs Babalola, Olanikpekun, Ozekhome, and indeed, other victims, acted within the law in bringing their applications. Can a Lawyer determine a case ahead in future, when he genuinely believes in his research? I think not. Was there more to that? Was this why the Ihedioha application was allowed to stay in the court’s docket for nearly four years, having been filed since 9th July, 2020, with a refiled copy dated 23rd November, 2023, and filed 24th November, 2023? The Counsel said in open court, that there were a total of eight letters written to the former Chief Justice of Nigeria and the present one, to set the matter down for hearing. This never happened until 5th December, 2023, when it finally came up. Yet, the Supreme Court used this delay which was not caused by the Applicant, as part of its anger. Two, is the Supreme Court right in dismissing applications with such humongous costs against Applicants’ Lawyers? I think not. Such needless costs, leave a sour taste. Rule 55 of the RPC provides that any breach of the Rules shall amount to professional misconduct, punishable by the Legal Practitioners Disciplinary Committee. This means that the Supreme Court, or any court, is to report any Lawyer to the LPDC, in line with the Rules and the Legal Practitioners Act for appropriate disciplinary action, if it genuinely believes such a Lawyer crossed the red light. This new punitive stance will definitely affect Lawyers’ research, scholarship and advocacy. It will frighten Lawyers, from forcefully presenting their clients’ cases. It will narrow access to justice. This is absolutely unjustifiable. Courts of law do not exist for high-handed punishments; but, for even-handed justice. Lawyers and Judges, are both Ministers in the Temple of Justice. The one without the other, is nothing. To quote Chinua Achebe, “Let the kite perch, and let the eagle too - if the one says no to the other, let his wing break”. May things never completely fall apart in the Judiciary and in Nigeria! Adekunle E. Omobolaji

VI COVER

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

Attorney-General of the Federation & Minister of Justice, Prince Lateef Fagbemi, SAN

Chief Justice of Nigeria, Honourable Justice Olukayode Ariwoola, GCON President of the Nigerian Bar Association, Yakubu Maikyau, OON, SAN

Bar and Bench: Review of 2023 and Hopes for 2024 The Nigerian Bar and Bench had quite a challenging year in 2023, and the events that made it so, are disconcerting and curious, such as the 2023 general elections from which pre-election matters and election petitions arose. As 2023 draws to an end, THISDAY LAWYER sought the views of a cross-section of Nigerian Lawyers on what they think about the 2023 legal landscape, and what their postulations for 2024 are Bar and Bench Fared Well in 2023 - OCJ Okocha, SAN, the 19th/Millennium President of the Nigerian Bar Association

ayIsay, with all sincerity, that both the Bench and the Bar actually fared well in the year 2023, and I commend all the members thereof for a job well done; even if not “very well” done!

The Bench, that is, the Judiciary, continued to discharge its constitutional duties and functions in the adjudication and determination of causes and matters that were brought before the courts. So, did the Bar, in the pursuit by its members in dealing with causes and matters whereby, they sought to secure the rights and interests of their clients. 2023 was a year in which general elections were held at national and State levels in Nigeria, which elections generated several election petitions. Both the Bench and the Bar duly dealt with the challenges brought up, and performed well in that regard; even as they continued to deal with other causes and matters before the regular

“I also found it rather discomﬁting that unwarranted abuse and attacks were directed at the Judiciary, even by Legal Practitioners, and even by some Justices who used the occasions of their Valedictory Addresses to lambast the Supreme Court”

courts. Taking a rather more critical view of the matter, delays in the determination of causes and matters before the courts are still being experienced. This is not good, and the cliché still holds true that Justice Delayed is Justice Denied! It was quite obvious that the lack of full constitution of the Supreme Court and the Court of Appeal, posed serious challenges. It is my hope that in the coming year, 2024, the said courts will have their full complements of Justices. I also found it rather discomfiting that unwarranted abuse and attacks were directed at the Judiciary, even by Legal Practitioners, and even by some Justices who used the occasions of their Valedictory Addresses to lambast the Supreme Court. This should not be so, as it is unseemly to denigrate the Courts, which courts should ordinarily command total respect from all. It is my hope that in the year 2024, and in other succeeding years, the Bench and the Bar will continue to improve in the delivery of their respective duties and functions in the administration of justice, and the maintenance and enforcement of Law and Order throughout Nigeria.

2023 Witnessed Huge Millstones in Virtual Hearings and Raising Retirement Age of Judges - Boma Alabi, SAN, former President of Commonwealth Lawyers Association This was an election year, and an unusually significant election year for the country, as we had the opportunity to test our newly minted electoral law and the Judicial interpretations of its provisions. Sadly, we witnessed members of the Bar vociferously litigating these matters in the media. A discomforting commentary on the profession in this jurisdiction, and the lacuna in the regulation of the legal profession. 2023 witnessed further progress with virtual hearings, which was the silver lining from the pandemic. It has become fairly routine, and we are no longer dealing with fierce objections to applications for virtual hearings. Indeed, the virtual hearing is often ordered by the courts suo motu, which is certainly progressing in the right direction. The other milestone from 2023, is the

VII

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

COVER Bar and Bench: Review of 2023 and Hopes for 2024 increase in the retirement age of Judges to 70 years from 65 years. My considered opinion is that, it is a positive development on the balance. Naturally, one can choose to retire earlier, it simply permits the jurists some flexibility.

Nigerian Legal Landscape in 2024 - Jean Chiazor Anishere, SAN The Nigerian Bench and Bar may benefit from considering: 1. Legal Reforms: Addressing and advocating for necessary legal reforms, to enhance the efficiency and effectiveness of the judicial system. 2. Technology Integration: Embracing technology for case management, virtual hearings, and overall improvement in legal processes. 3. Continued Legal Education: Encouraging ongoing education and training for legal professionals, to keep abreast of evolving laws and global legal standards. 4. Access to Justice: Focusing on initiatives to improve access to justice, especially for marginalised and underserved communities. 5. Ethical Standards: Upholding and reinforcing ethical standards within the legal profession, to maintain public trust and confidence. 6. Alternative Dispute Resolution: Supreme Court of Nigeria Promoting alternative dispute resolution mechanisms, to alleviate the burden on proceedings in long hand, making the traditional court system. their performance less effective. In 7. Diversity and Inclusion: Striving for the digital world of today, few courts increased diversity and inclusion within have functional video conferencing the legal profession, to reflect a broader facilities that will enable effective range of perspectives. virtual hearing of cases. We seem 8. Collaboration with Stakeholders: stuck in the analogue age, despite Collaborating with governmental bodrealising the imperative of necessary ies, non-profits, and other stakeholders, change in the administration of to address systemic issues and improve justice. In many courts, Case Files the overall legal framework. compete with Lawyers for space, and 9. These are my postulations for 2024, it is truly amazing how Registrars whilst my assessment is that both arms have are able to find needed Files! The tried fairly to achieve their Constitutional consequence has been an increasing and Statutory Obligations in this tough loss of confidence in the Judiciary, terrain. I say this because, the Nigerian by the average Nigerian politics is unique and peculiar to our All these problems come down to domain, and it’s no mean fit even for the financing of the Judiciary, and “giants”. the urgent need for true financial autonomy. Unless and until this is Courts had Huge Infrastructure achieved, we are not like to to make Challenges in 2023,Virtual Hearing substantial progress. is the Way to Go in 2024 - George The Bar has generally speaking, Oguntade, SAN performed very well, particularly The Bench and in the area Public Interest Law and the Bar can only be checking the excesses of government assessed, against the agencies and the abuse of power. background of available resources in As we prepare to enter 2024, it is which they operate. my hope that substantial progress Today, it is generally will be made in achieving complete acknowledged by financial autonomy for the Judiciary. the vast majority This is crucial to meaningful progress. of the citizenry, that I will also want a situation where there exists a huge some erring Lawyers amongst us, are infrastructural deficit that has made the properly and effectively sanctioned performance of judicial duties more onerous, for any improper conduct. There and by extension, the ability of the Bar to must be a significant deterrent deliver optimum services to their Clients. to bad behaviour, and the Bar In most of our courts, the problem Council needs to do much more of power supply remains a recurring in effectively regulating the Bar. If decimal. Judges are oftentimes unable things continue the way they are, to sit or forced to abandon sitting, as a it will not be long before Outsiders consequence of this problem which remains come along to regulate us. Such a insurmountable all these years. Where the day, must not come. courts manage to sit, there is the issue of recording of proceedings. Many Judges The Bar and Bench in 2023: still engage in the tedium of recording Prospects for 2024 - Mrs

“As we prepare to enter 2024, it is my hope that substantial progress will be made in achieving complete ﬁnancial autonomy for the Judiciary. This is crucial to meaningful progress”

Folashade Alli, SAN The Bar and Bench play a crucial role in upholding the rule of law, and ensuring the fair administration of justice in Nigeria. In reviewing their performance in 2023, it is important to consider their accomplishments, challenges, and prospects for the future. Some Accomplishments 1. Increased Access to Justice: The continuous use of initiatives such as legal aid clinics and pro bono services, have helped bridge the gap between the rich and the poor in accessing legal representation. 2. Judicial Independence: The Judiciary has demonstrated a level of independence in its decision-making, which is crucial for upholding the rule of law. Decisions need to be made based on the merits of the cases, without undue influence from external forces. 3. Proposal on the Increase in Judicial Remuneration: The NBA Working Committee on Judicial Remuneration and Conditions of Service submitted a memorandum to the Revenue Mobilisation Allocation and Fiscal Commission on the increment in judicial officers’ salaries and allowances. Challenges 1. Judicial Corruption: Despite efforts to combat corruption, there are still reports of unethical practices. This undermines public trust in the legal system, and hampers the effective administration of justice. 2. Backlog of Cases: Due to 2023 being an election year, the already existing backlog of cases became exacerbated, leading to delays in the resolution of disputes. This backlog can be attributed to various factors, including inadequate funding, insufficient infrastructure, and a shortage of Judges. Of particular concern, are incidents of conflicting decisions at the appellate courts that bring uncertainty in the law. Prospects 1. Judicial Reforms: The Nigerian Bar

and Bench should continue to push for reforms, aimed at addressing corruption and improving the efficiency of the justice system. This could include the implementation of performance evaluation mechanisms for Judges. 2. Public Education and Awareness: The Bar and Bench should engage in public education campaigns, to increase awareness and understanding of the legal system among the general population. This can help foster trust in the Judiciary, and promote a culture of respect for the rule of law. In conclusion, while the Bar and Bench have made significant strides in the administration of justice, there are still challenges that need to be addressed. By implementing reforms, strengthening legal education, and promoting public awareness in the coming year, 2024, the Bar and Bench can continue to improve the justice system in Nigeria, and ensure equal access to justice for all citizens.

2023: An Election Year Was Challenging for Bar and Bench - Sam Ologunorisa, SAN, Abuja My assessment of the Bench for the year 2023 being a political season of both pre and post election disputes, is that the Judges gave their best in meeting up with the timelines for hearing of Petitions and Appeals. We did not hear many complaints of deliberate hoarding unto judgements to frustrate litigants, conflicting judgements of courts of coordinate jurisdiction, and failure to determine cases and deliver judgements timeously as provided by the Electoral Act and the Constitution, so, that in itself is commendable. There are however, areas that I expected better outcomes from the Bench. For instance, consistency in the interpretation of the provisions of the Electoral Act, 2022. We have had situations where on very similar facts and circumstances, there were adverse outcomes. On the part of our colleagues from the Cont'd on page VIII

VIII COVER Bar and Bench: Review of 2023 and Hopes for 2024

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

Cont'd from page VII

Bar, I will say that they also did not fare badly. There were little or no complaints of forum shopping orchestrated by Lawyers, professional misconduct emanating from the Bar. So, I will say that it was a great year for the Bar with high turn out of cases, of course not unconnected to the electoral matters that characterised the year. I will advocate for more consistency, in the interpretation of the novel provisions of the Electoral Act, 2022. This can be achieved through a robust training and retraining of members of the Bench. The welfare of the Bench is also paramount, in enhancing quality of justice delivery. We agree that just like every face to our national life, there is room for massive improvement, both at the Bench and at the Bar. 2024 will be great, but it is not an election year, so we expect the courts to devote more time to other cases.

Internal Conﬂict in the Bar Made 2023 Look Bad - Adam Adedimeji, Senior Legislative Aide with the National Assembly Service Commission, Abuja In 2023, both the Bar and the Bench have done well, and contributed their quota to the nation’s development. However, there is room for improvement. The relationship between the two is like that of mother and child, and there is no way that their affairs will not be interwoven. We all know that the Bar gave birth to the Bench, and whatever happens to one, must affect the other. One of the things that 2023 will be remembered for, is the controversy between the President of the Bar and the National Officers. Thank God, it has been resolved. One of the lows for the Bench, has to do with conflicting decisions of the appellate courts regarding electoral cases. There are insinuations that political cases’ decisions are procured by highest bidders, and people are beginning to lose interest in the neutrality of our courts. Another one is the flagrant disregard for judgements of the courts, especially on rights of litigants to bail. My advice here is that the new AttorneyGeneral and Minister of Justice, Prince Lateef Fagbemi, SAN, has a onerous task to get the Federal Government to start obeying/ respecting courts’ decisions, even if the decisions are not in its favour. Upholding the rule of law and respect of citizens’ rights, should be one of the things we look forward to in 2024. In other words, I want to see a departure from our experiences of the past years, on these important issues.

The Bar Didn’t Achieve Much in 2023 – Bayo Akinlade, former NBA Ikorodu Chairman The Bar in 2023, unfortunately did not achieve much, and this is perhaps, because it is an election year and many

President, Court of Appeal, Hon. Justice Monica Dongban-Mensem leaders within the Bar were busy in court handling cases for various political parties and politicians. Though this is not an excuse, and we see from the various outcomes of these political cases, that both the Bar and the Bench have much to do in gaining the confidence of the citizens. Lawyers and Judges, are under the intense gaze of the general public. It is sad to say that, in my opinion, we have largely failed the common man in protecting their rights, and securing their confidence in the justice sector. We however, have some hope that once all the dust has settled, and as we go into 2024, we will see a more robust engagement from the Legal Profession and it's members who are engaged in reforms and other worthy causes. The Bench is also preparing itself for the future with the appointment of new Justices of the Supreme Court, which has seen the inclusion of much younger Justices being elevated. I would like to see a change, in the way and manner appointments are made into the Bench and the Higher Courts. I hope that more Magistrates with age and experience on their side are elevated to the higher Bench, and given their due respect.

2023: A Tumultuous Year Kunle Edun, Immediate Past National Publicity Secretary of the NBA The year 2023 has been a tumultu-

“My advice here is that….Prince Lateef Fagbemi, SAN, has a onerous task to get the Federal Government to start obeying/respecting courts’ decisions, even if the decisions are not in its favour. Upholding the rule of law and respect of citizens’ rights, should be one of the things we look forward to in 2024”

ous one, for both the Bar and the Bench in Nigeria. On the part of the Bench, we saw an unparalleled level of assault on the Judiciary in the social media, and for the first time in living memory, names and pictures of Judges handling election petitions were published in the social media, and subjected to intimidation and attacks from every corner. The conduct of election cases, made the Judiciary to be in the eye of the storm. The year 2023 also saw the Supreme Court having a number of 11 nominees, recommended for appointment by the President of Nigeria as Honourable Justices of the Supreme Court. This is novel, and will go a long way to reduce the workload of the overburdened few Justices on the Supreme Court Bench. While I welcome the new addition to the Supreme Court Bench, it is concerning that non-judicial officers were excluded amongst the 22 initial nominees. The NBA has been clamouring for many years, the need for the Supreme Court to have a good mix of private legal practitioners and academicians being appointed to the Bench. Generally, the Judiciary did not fare well in the area of dispensation of justice, as the courts are still having heavy dockets. The courts are still analogue, and yet to deploy the use of technology in their proceedings. It is very baffling that in the 21st century, Nigerian Judges and Justices are still writing in long hand. On the part of the Bar, 2023 is one of a mixed feeling. Indiscipline amongst Lawyers is on the increase, and the disciplinary mechanisms at the Bar have not been effective in checking professional misconduct amongst Lawyers. Nigerian Lawyers are still doing their best on nationhood, as can be seen in the various pro bono activities of the NBA and the NBA-SPIDEL, being the voice of the people and the vulnerable in the society. Looking forward to 2024, I hope to see a Judiciary that will be less controversial

in its appointment procedure to the Bench, Judges that will not quickly strike out cases on the ground of locus standi in constitutional matters, but will be bold enough to take decisions that will move the country forward. I want to see a Judiciary where delays in the hearing of cases will no longer be the norm, but with the proper deployment of technology there will be good case management, and the Nigerian public confidence will be restored. According to Christopher Sapara-Williams, Lawyers live for the direction of the people, and the cause of the advancement of the society. We hope to see Lawyers in Nigeria playing their noble roles in leading the country on the right path towards peace, progress and the rule of law.

With the Full Complement of Apex Court, 2024 Will be a Better Year - Dr Monday Onyekachi Ubani, former NBA-SPIDEL Chairman The assessment of the Bar and Bench is full of mixed reactions, especially when the electoral cases which were decided after the 2023 general elections are taken into consideration. There were cases that were decided on solid legal precedents, and there were others that departed from established precedents with no clear reasons for such decisions. When placed on a scale, the Bar and Bench can be said to have saved our tottering democracy by providing an avenue for aggrieved parties to ventilate their grievances, instead of using guns and other war instruments for same purpose. There are two areas of concern, for me. The application of the New Electoral Laws by the Judiciary, was not in tandem with the spirit of the new amendment of 2020. The courts still stuck to the old manner of interpreting the Act as if there was no amendment, and the spirit behind the amendment was jettisoned. Secondly the abandonment of other cases to concentrate on electoral issues all over the land, does not augur well cont'd on page IX

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

COVER Bar and Bench: Review of 2023 and Hopes for 2024 Cont'd from page VIII

for the justice system in the land. We must, as a nation, develop a legal system that does not put other cases in abeyance, while attention is devoted to one particular area of law because it involves the elites and the ruling class. That system needs a change, like yesterday. By and large, the courts and the Bar did their best, but there is room for improvement. The Bar needs re-engineering, as it is gradually losing its voice as the voice for the common man. The Bar must speak on issues of respect to court decisions, and observance of rule of law by all and sundry. Next year is the annual Bar election, for leadership change. As we prepare for it, let Lawyers choose persons that are bold enough to advocate for good governance, on behalf of teeming Nigerians who look up to the Bar to speak for them. We are happy that the Supreme Court of Nigeria will soon have its full complement of Justices, as prescribed by the Constitution of the land. This is a cheery news, as outstanding cases that have been piling on the court shelves will be heard and disposed off as required. We pray and hope for more fruitful Bench and Bar activities, next year.

Conﬁdence in Bench and Bar has Almost Vanished - Mrs Muna Esegine, Bar Activist, Ikeja Some of the Newly Appointed Supreme Court Justices

The primary function of the Judiciary, is to ensure that justice is delivered at all times, irrespective of class or political leaning. It is also expected that if a crime is committed, appropriate sanctions should be meted on the guilty party without fear or favour. Lawyers are equally expected to preserve the rule of law, through advocacy in court and out of court. The year 2023 in my opinion, has turned out to be very challenging in more ways than one. The confidence earlier reposed on the Bench and Bar vamoosed almost completely, because of inconsistent and conflicting judgements, stances and utterances. We are seen by the common man, as the problem of the nation. We need not go far, to know how we got to where we are! Should we remain in this sorrow state in 2024? It is my sincere desire and hope that we can intentionally and deliberately retrace our steps, redeem our image once again, and become the beacon of hope for every Nigerian irrespective of political leanings, irrespective of variance in tribe and tongue, to avert a catastrophe. May that day never come!

The Bench in 2023 and Postulation for 2024 - Vincent Ejike Anigbo Esq, Lagos I am very concerned about the increasingly negative perception of the Judiciary in Nigeria which has reached an unprecedented height in 2023, especially with regard to its handling of political cases. This negative perception was fuelled by some apparent inconsistencies, in the various judgements of the appellate courts.

The legal profession, unlike the medical profession or the accounting profession, is the only profession where the practice is done in the open. The Doctor goes into the operating room, and performs a surgery. His negligence goes largely unnoticed by the general public, except when occasionally subjected to vigorous peer scrutiny. But, the legal practice is done in open court, sometimes covered by the media, and subjected to analysis by even market women. So, the Judiciary must be careful about the perception of the ordinary Nigerian about its performance, and you don’t blame them. In real life, perception is everything. That is why justice must not just be done, but also must be seen to be done. Moreover, the legal profession is the only profession that runs an adversarial legal system, where at least two parties forcefully canvass opposing views over a legal dispute. Also, although we often see Lawyers arguing aggressively for their clients, the truth is that, the outcome of a majority of the cases in our courts are largely predictable by Lawyers. This is because the positions of the law in over 85% of all legal disputes in the courts are already settled, and are known to Lawyers. And, because they are settled law, Lawyers are generally able to predict the outcome of these cases. That is why Lawyers are able

“But, now, we seem to be talking more about corruption on the higher Bench. We should all be very worried. Heading into 2024, I would advice the CJN not to waive this issue aside. History will judge him harshly, if he does.”

to advise their clients, on the strength and weaknesses of their cases. This ability to predict the outcome of cases, is one of the bedrocks of the legal profession. The moment our highest courts begin to take away this element of predictability by delivering inconsistent judgements, proper dispensation of justice will be harmed. I am of the opinion that, in 2023, our superior courts have had some avoidable missteps in this respect, especially in their handling of political cases. Of significant concern to me this year, is also the allegation that Judges now actively lobby the executive arm to help them get elevated to higher Bench. It’s been said that many of our appellate Justices owe their positions to the Governors, Senators, Party Chairmen and other political big wigs. In other words, their prospect of getting elevated is dependent on the lobbying influence of their State Governors, etc. That’s definitely dangerous and scary. How can these Judges, ever give judgement against these benefactors? How well the Bench will do in 2024, will depend largely on the attitude of the Chief Justice of Nigeria, given that the laws have given him overwhelming powers over the Judiciary. And, because of this, we cannot carry out any changes on the Bench without his buy-in. Did you notice that, decades ago, we talked more about corruption on the lower Bench than on the higher Bench? But, now, we seem to be talking more about corruption on the higher Bench. We should all be very worried. Heading into 2024, I would advice the CJN not to waive this issue aside. History will judge him harshly, if he does. We should not act like the proverbial ostrich, which feels safe just by burying its head on the sand. The CJN should be at the front seat of the drive to deal with this issue, as we head into a new year. Harmony Between the Bar and Bench is Needed in 2024 - Nosa Francis Edo-Osagie, Chairman, NBA Benin, Lion

Bar Firstly, in order to understand the Bench-Bar relationship, it is appropriate to explain the meaning of the terms, describe the relationship, and the roles they both play in the administration of Justice. The Bar refers to Lawyers who are members of the Nigerian Bar Association (NBA), and are qualified to practice law. On the other hand, the Bench represents the Judiciary, comprising of Justices, Judges, Presidents of Courts and Magistrates, who preside over court proceedings and apply the law. The Bench and the Bar occupy significant roles, in the administration of justice. In other words, they are considered as the two wheels of a chariot, that play a role in administering the law. Both are subordinate to and interrelated to one another, in their respective roles. The relationship between the Benin Bar and the Edo State Judiciary has been robust, cordial and professional. In the coming year, we hope to sustain and strengthen the harmonious relationship, as it's necessary to advance the course of justice. Epilogue It is crystal clear that despite the humongous challenges in the year just ending, many Nigerian Lawyers are still unrepentantly optimistic about the Bar and Bench in 2024. The year 2023 will go down in the annals of Nigerian legal history as one that witnessed unprecedented incidents on the Bench, with apparently inexplicable decisions by the appellate courts, including conflicting decisions. The Bar wasn’t without its internal conflicts and squabbles, but, the resilience of both the Bar and Bench has brought the year to a partly successful close. Optimistically, many still retain faith in the system, with absolute confidence that 2024 holds a lot of positivity, especially if those who are in a position to effect the necessary changes to make the Bench and Bar flourish, step up to the plate.

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

INSIGHT ABUBAKAR D. SANI

XL4sure@yahoo.com

08034533892

Are You Being Shortchanged at the Pumps? Introduction his puzzling poser is prompted by the ongoing practice of the Weights and Measures Department of the Federal Ministry of Industry, Trade & Investment (FMIT & I), of regulating weighing and measuring instruments in ‘filling’ (petrol or gas) stations, to ensure that consumers get value for money. This practice has continued for almost half-a-century (since the enactment of the Weights and Measures Regulations of 1965, in fact). That subsidiary instrument itself was made pursuant to the provisions of the Weights and Measures Act, Cap W3, LFN, 2004. I believe that this is something of an aberration (an anomaly) at least in the midstream and downstream sectors of the petroleum industry, what with the copious provisions made by the Petroleum Industry Act, 2021 which have explicitly conferred such functions on a separate agency of government (the Midstream and Downstream Petroleum Regulatory Authority). Is that view correct? Has the latter law displaced the former? Are the operatives of the Weights and Measure Department right to continue ‘harassing’ owners of petrol (‘filling’) stations across Nigeria to open their facilities for assessment and inspection ostensibly in compliance with the Weights and Measures Act and subsidiary legislation made thereunder? Let’s find out. We start by examining the relevant provisions of both laws.

The Weights and Measures Act The provisions of this Act which appear to empower the Department of Weights and Measures of the Federal Ministry of Industry, Trade & Investment to regulate fuel- dispensing pumps in petrol stations are the following: t 4FDUJPO “No person shall use any article for trade as equipment to which this section applies, or have any article in his possession for such use, unless that article, or equipment to which this section applies in which that article is incorporated, or to the operation of which the use of that article is incidental, has been passed by an inspector as fit for such use and, except as otherwise expressly provided by or under this Act, bears a stamp indicating that it has been so passed which remains undefaced otherwise than by reason of fair wear and tear. If any person contravenes this subsection he shall be guilty of an offence, and any article in respect of which the offence was committed shall be liable to be forfeited”. t4FDUJPO “General powers of inspection and sealing of premises (1) Subject to the production of his credentials, if requested, an inspector may, within the area for which he was appointed. (a) at all reasonable times(i) inspect and test any weighing or measuring equipment which is used for trade or which he has any reasonable cause to believe may be so used, or which is in the possession of any person or upon any premises for such use; (ii) inspect any goods to which any of the provisions of this Act or any subsidiary instrument made thereunder for the time being applies for which he has reasonable cause to believe to be such goods; (iii) enter any premises at which he has reasonable cause to believe there is any such equipment or goods as aforesaid, not being premises used only as a private dwelling-house; and (b) at any time seize and detain- (i) any article which he has reasonable cause to believe is liable to forfeiture under this

Act; (ii) any document displayed with any goods as evidence of price or quantity of the goods and which the inspector believes may be required in the course of proceedings under or pursuant to this Act. (2) If an inspector finds any equipment, goods or articles as are mentioned in subsection (I) of this section on any premises and has reasonable grounds to believe that any offence under this Act has been, is being or is likely to be committed on such premises, he may seal the premises in question”. t4FDUJPO “Obstruction of inspectors (I) Any person who(a) wilfully obstructs any inspector acting in the execution of his duty under this Act; or (b) wilfully fails to comply with any requirement properly made of him by an inspector entering under section 16 of this Act; or (c) without reasonable cause fails to give to any inspector acting as aforesaid any other assistance or information which the inspector may reasonably require of him for the purposes of the performance by the inspector of his functions under this Act or any order or regulation made thereunder, shall be guilty of an offence”. t4FDUJPO “Delivery on sale by false weight, etc. Any person who sells any article by weight, measure, or number and delivers or causes to be delivered to the purchaser a less weight, measure, or number, as the case may be, than is purported to be sold or than corresponds with the price charged, shall be guilty of an offence”. t4FDUJPO “Use of false or unjust weights, etc. Subject to the provisions of this section, any person who for the purposes of any sale, contract or other dealing uses or has in his possession for use(a) any weight, measure, weighing instrument or measuring instrument which is false or unjust; or (b) any weight, measure, weighing instrument or measuring instrument not

i5IF QSFWBJMJOH QSBDUJDF PG UIF %FQBSUNFOU PG 8FJHIUT BOE .FBTVSFT PG VOEFSUBLJOH TQPU DIFDL BOE QBZJOH TVSQSJTF WJTJUT UP QFUSPM TUBUJPOT PTUFOTJCMZ UP FOTVSF DPNQMJBODF XJUI UIF NFUSPMPHZ QSPWJTJPOT PG UIF Weights and Measures Act, is wrong”

stamped or marked as required by this Act, or in respect of which no certificate of verification is in force, shall be guilty of an offence”. The Petroleum Industry Act The relevant provisions of the PIA, which, in my opinion, authorise the Midstream and Downstream Petroleum Regulatory Authority to inspect the facilities of petrol stations (inter alia) are the following: t4FDUJPO “There is established the Nigerian Midstream and Downstream Petroleum Regulatory Authority (in this Act referred to as ‘the Authority’) which shall be a body corporate with perpetual succession and a corporate seal; t4FDUJPO C “The objectives of the authority shall be to ensure efficient, safe, effective and sustainable infrastructure development of midstream and downstream petroleum operations” t4FDUJPO “The functions of the authority shall be to(a) Regulate and monitor technical and commercial midstream and downstream petroleum operations in Nigeria; (b) Regulate commercial midstream and downstream petroleum operations, including(i) petroleum liquids operations. (s) promote the interest of customers with regard to midstream and downstream petroleum operation”. (l) set, define and enforce approved standards and regulations for designs, construction, fabrication, operation and maintenance of plants, installations and facilities used or to be used in midstream and downstream petroleum operation”. (q) establish customer protection measures in accordance with the provisions of this Act; (cc) develop, specify and monitor technical and safety standards for wholesale marketing, processing plant, retail marketing of metering pumps and related measurement facilities and bunkering of petroleum products. (dd) ensure the accuracy of metering pumps and related measurment facilities in midstream and downstream petroleum operations (jj) implement and enforce compliance with laws, regulations, and policies relating to midstream and downstream petroleum operations”. It can be seen that, whilst the provisions of Weights and Measures Act the apply to the weighing and measuring instruments used for trade as defined

in 4FDUJPO BOE of the Act, the aforesaid provisions of the Petroleum Industry Act specifically apply to the midstream and downstream sectors of the petroleum industry. It is trite law (expressed in the maxim: generalia specialibus non derogant) that specific statutory provisions derogate from general ones. This principle has been applied by the apex court consistently over the years. A few instances will suffice. t"5503/&: (&/&3"- 0' 5)& '&%&3"- W "5*,6 "#6#","3 "MM '8-3 1U 1H BU & QFS 0OV +4$ ‘Where there are two enactments, one making specific provisions and the other general provisions and the other general provisions, the specific provisions are impliedly excluded from the general provisions’; t(07&3/.&/5 0' ,"%6/" 45"5& W ,"(0." 4 $ BU QFS 'BUBJ 8JMMJBNT +4$ t)0/ +645*$& "3"," W )0/ +645*$& &(#6& 4$. t."%6.&3& W 0,8"3" -1&-3 BU t3 & 5 W & 4 # * 3 "MM '8-3 QH QH BU t"5503/&: (&/&3"- 0' 0(6/ 45"5& W "5503/&: (&/&3"- 0' 5)& '&%&3"5*0/ '8-3 QU QH BU In the context of the PIA, Section 309 thereof affirms its over-arching superiority by providing categorically as follows: “Subject to the Constitution of the Federal Republic of Nigeria, 1999, upon the commencement of this Act, where the provisions of any other enactment or law except the Nigeria Oil and Gas Industry Content Development Act are inconsistent with the provisions of this Act, the provisions of this Act shall prevail and the provisions of that other enactment or law shall, to the extent of that inconsistency, be void in relation to matters provided for in this Act”. $PODMVTJPO The prevailing practice of the Department of Weights and Measures of undertaking spot-check and paying surprise visits to petrol stations ostensibly to ensure compliance with the metrology provisions of the Weights and Measures Act, is wrong. By virtue of relevant provisions of the PIA, that Department has been divested of that function and it is now to be performed exclusively by the Midstream and Downstream Petroleum Regulatory Authority. So, next time those guys barge into your facility, tell them (politely, of course), that they are imposters, and that, such behaviour is tantamount to criminal trespass.

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T H I S D AY ˾ DAY DECEMBER 12, 2023

FEATURES

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

X-raying the Chronicles of Nigerian Military Airstrike ‘Own Goals’ Following the killing of 85 civilians in Tudun Biri, Igabi Local Government Area of Kaduna State by a Nigerian Army airstrike during a Muslim celebration on Sunday, December 3, 2023, Sunday Ehigiator, who chronicled several of such miscalculated airstrikes by the military, reports that it's an ‘Own Goal’, too many

Scene from recent Kaduna Bombing

icture this; there was a serious bandit attack in one of the communities in the North. For the survivors of the attack, they had taken solace that the military had been informed for them to take action. With that assurance, the next day when the survivors and their families sighted military fighter jets hovering above them in the sky, they began to cheer. The buzzing sounds of the fighter jets faded only to return shortly and opened fire on the happy hitherto happy survivors. Taken unawares, they had nowhere to run as they were left at the mercy of the angry bombs. The aftermath was a gory sight to behold. But this "accidental, miscalculated and grievous" own goal by the Nigerian Army (NA), didn't happen in isolation. There have been such mishaps by the Nigerian Air Force (NAF). In fact, a report titled ‘Air Force Mishaps’ by SBM Intelligence, a research organisation that compiles and analyses data about happenings in the country, in February 2023, revealed that over 300 civilians have been killed in accidental airstrikes by the NAF since 2017. SBM said the airstrikes happened while the NAF was in pursuit of terrorists. The report lamented that mishaps had increased in the last two years, adding that no compensation had been paid to victims’ families with Niger, Yobe, Zamfara, Borno, Nasarawa, Kaduna, and Katsina as worst-hit states in the country. The Kaduna Airstrike The most recent of the accidental mishap is the Kaduna village bombing where 85 villagers in Tudun Biri of the Igabi Local Government Area of Kaduna State were disembodied after a bomb was dropped by the NA that fateful Sunday. Residents of the affected communities said they were celebrating Maulud, an Islamic event, when the bombs were dropped by the military. This development has, however, triggered both local and international condemnation. Following the incident a mass burial was conducted for the victims while the army claimed responsibility for dropping the bomb on the village. The Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, has, however, apologised to the relatives of victims of the accidental bombing. Lagbaja also said an investigation into the incident, noting that the probe would allow the service to avert such situations in the future. In addition, the Chief of Defence Staff, General Christopher Musa, who reiterated that it was not deliberate, rather, a case of human error, said all hands are on deck to ensure "that we take care of the community, take care of those that have been injured, and also ensure that this doesn’t happen again. "It was not deliberate. It was something that should not have been. We are going to move forward and we are using this opportunity (sic)

NAF Fighter jet to appreciate Nigerians for all their support and love for members of the armed forces and to assure them that we will continue to work very hard". Too Many Own Goals On January 17, 2017, a Nigerian Air Force jet mistakenly bombed an Internally Displaced Persons (IDP) camp near the Cameroonian border in the Rann area of Borno State. They had believed it was a Boko Haram encampment. The bombing left at least 115 people dead, including six Red Cross aid workers, and left more than 100 persons injured. In April 2021, some soldiers were killed after a fighter jet belonging to the NAF fired a bomb on the ground troops they were providing air support for in Mainok, Borno state. The jet hit the wrong coordinates while targeting Boko Haram insurgents who had attacked the troops some days earlier. In January 2023, it was reported that 37 people including 27 pastoralists were killed after bombs exploded at the border linking Benue and Nasarawa States at the Doma Local Government Area of Nasarawa State. In April 2022, a NAF fighter jet reportedly killed six children, when it fired a bomb targeted at terrorists in Kurebe village in Shiroro LGA of Niger State. On July 7, 2022, 13 residents were injured while one other died after a NAF fighter jet struck Kunkuna village in the Safana LGA of Katsina On September 28, 2021, about 20 fishermen were reportedly killed by a NAF airstrike in the Kwatar Daban Masara region of Lake Chad. In another instance, seven children were said to have been killed in a border community in the Niger Republic following a Nigerian military airstrike targeting terrorists on February 20, 2022. The incident occurred in Nachade village, Maradi. Maradi Leader, Chaibou Aboubacar, said the victims’ parents were attending a ceremony and “the children were

probably playing” when the air strikes hit them. There were reports that an air force fighter jet killed some wedding guests in Genu, Rijau LGA of Niger state in June 2021. However, in his reactions then, NAF spokesperson, Edward Gabkwet, said the security agency had no record of unintended casualties apart from the bandits. In July 2021, a NAF airstrike targeting bandits at the Sububu forest located between Shinkafi and Maradun LGAs of Zamfara reportedly hit and killed a woman and four of her children. Though NAF confirmed it carried out operations in the said location, it denied that civilian casualties were recorded. A few months later, a military airstrike killed at least nine people in Buhari village, Yunusari LGA of Yobe State. NAF initially denied the incident which occurred on September 15, 2021. It later said the jet was targeting members of the Islamic State in West African Province (ISWAP) when the village was hit. Residents in the village in a report culled from TheCable that they had not witnessed any insurgent attacks in three months, wondering how the mistake happened. They also said they were given only N10,000 as compensation. On April 13, 2020, 17 people, including children, were killed after a NAF fighter jet bombed Sakotoku village in Damboa LGA of Borno State. In July 2022, one person and 13 other residents of Kunkuna village in Safana LGA of Katsina State were reportedly killed and injured respectively, following an air strike conducted by NAF in July 2022. A lawmaker, Abduljalal Haruna, in the Katsina State House of Assembly, said the incident occurred shortly after the attack on ex-President Muhammadu Buhari’s security team in the state. It seemed it was not exactly a miscalculation when an undisclosed number of people in Dansadau district, Maru LGA of Zamfara state were killed during a raid by NAF. The military air raid was conducted in Malele, Mutunji and other villages around Dansadau on December 19, 2022. In his reaction, the then minister of information, Lai Mohammed, said the civilian victims were “collateral deaths”, and that it happens “once in a while. “Fighting insurgency is a tough thing. And

It was not deliberate. It was something that should not have been. We are going to move forward and we are using this opportunity (...sic) to appreciate Nigerians for all their support and love for members of the armed forces and to assure them that we will continue to work very hard

as much as the Air Force or the military are careful, once in a while, it does happen that, innocent people also suffer.” In January 2023, several vigilante personnel in Galadima Kogo, Shiroro LGA of Niger state, numbering 30, were killed following multiple explosions in the area. The local security men were at the location to ambush some bandits sighted around the area when a jet allegedly belonging to the Air Force struck many of them dead. It is yet to be ascertained who exactly sanctioned or carried out the airstrike. Also in January 2023, at least 27 people were reported dead following an explosion in Kwateri, a community between Benue and Nasarawa states in January. The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) said the airstrike occurred after some herders went to get 1,250 of their cows impounded by the Benue livestock guards. A day after the accident, Abdullahi Sule, governor of Nasarawa, said the explosion in Kwateri was not carried out by a NAF aircraft. The NAF would later claim responsibility for the strikes but maintained that no civilians were killed. On April 10, 2019, the Nigerian Air Force released a 47-second video on a military offensive it carted out in Zamfara, claiming to have killed dozens of armed terrorists in the state. On its official Facebook and Twitter pages, the Air Force accompanied the short video with a statement giving details of the operation they said lasted three days. According to the report, the intensive operation by the ATF conducted coordinated air raids against multiple identified armed bandits’ hideouts at Doumborou, Sububu, West Malamawa, Baturia Pond and Rugu Forest, where several bandits were neutralised and their camps destroyed. The news about the destruction of several terror camps by the air force was exciting, only that it was deceptive. The military issued several press statements on the bombardment of terrorists’ hideouts but failed to mention Tangaram, where six innocent civilians died. The air force had told the Tangaram villagers they were trailing two bandits who ran into the village. Recalling the incident, Tangaram’s Village Chief, Shu’aibu Abubakar, said, “I asked them if it was fair to launch an attack on hundreds of villagers because of two bandits, but there was no answer,” Mr Abubakar said, appearing to be angry that the air fighters apologised discreetly, only to tell a misleading story to the public. But beyond these constant apologies and promises to investigate, which is never made public, stakeholders have charged the military hierarchy on preserving the sanctity of life of Nigerians. As President Bola Tinubu has ordered a probe into the circumstances leading to the airstrike in Kaduna, Nigerians await trial and prosecution of everyone found complacent in the incidents, and every previous mishap.

T H I S D AY ˾ DAY DECEMBER 12, 2023

FEATURES

When LAGFERRY Becomes the Toast of Waterways Funmi Ogundare writes on how the Lagos Ferry Services has been creating opportunity for foreign visitors, embassies and tourists to experience the coastal ambiance of Lagos in a convenient way

hen the Lagos Ferry Services ( LAGFERRY) was relaunched on February 4, 2020, by the Babajide Sanwo-Olu administration, it had one mission in mind; to ensure a modern operation for the state with the aim of transporting Lagos residents, visitors, goods and services on a daily basis using the water ways transmission system. Apart from providing an alternate mode of transportation, it also allows people to appreciate the beauty of the Lagos city from a different perspective. The routes the ferries ply include; Mile 2, Ikorudu, CMS/ Victoria Island/ Apapa, Ojo-Apapa, CMS-Apapa, Badagry-Apapa and Badore-Ijede, among others. Of recent, the Lagos Ferry Services (LAGFERRY), has enjoyed the opportunity of ferrying foreign visitors, embassies and tourists as they experienced the Lagos multi-modal transport system to savour the vibrant ambiance of the state through the inland waterways. It has also gained popularity among embassies/consulates, tourists and foreign visitors who want to experience Lagos from a different perspective and offers a convenient, safe and efficient mode of transportation. The Managing Director and Chief Executive Officer of LAGFERRY, Hon. Abdoulbaq Balogun told THISDAY how it ferried officials from the Indian High Commission for a three-days inspection visits to the Indian Naval Warship INS SUMEDHA which arrived in Lagos on October 13, adding that the French Naval team were also ferried from Five Cowries Terminal, Falomo-Ikoyi to NPA Finger Jetty at Apapa Quays. " Officials from the Consulate General of Brazil (Brazilian Embassy) also sailed with LAGFERRY from Falomo-Ikoyi to Standard Flour Mills (Obelawo) Jetty, Apapa to welcome, inspect and dine on the Brazilian Naval Warship LIBERAL FRIGATE F43 as part of the celebration to mark year 2023 Brazilian national day." The chief executive officer disclosed that hundreds of British military personnel, defense chiefs, British stakeholders, royals and other visitors have commuted over 90 trips spanning six days on return voyage between Falomo-Ikoyi to Apapa to board MS TRENT British warship for consultation, expedition and dinner reception. "The excellent and reliable services provided by LAGFERRY were duly recognised and formally acknowledged by the Deputy High Commissioner of the British Embassy in Lagos State, " he stated. Balogun explained that a 50-man delegation from Africa Association of Urban Mobility Authorities (AUMA) crowned their year 2023 conference by sailing with LAGFERRY from

Foreigners enjoying the comfort of the LAGFERRY

the agency's operational terminal at Mile 2, where they inspected the e-fleet surveilance system. and commended the technological innovation into water transportation as pioneered by Governor Babajide Sanwo-Olu administration in Nigeria. "The African team arrived at the Mile 2 ferry terminal after completing a train ride on the Blue Line from Marina station. After the stopover to briefly understudy our ferry operations, they departed via the inland waterways from Mile 2 to CMS-Marina; where they boarded the Bus Rapid Transit (BRT) to Tafawa Balewa Square (TBS) bus terminal, and thereafter to Ikeja Red Line Rail corridor. "It was a sum of practical experiences of the functional, modern and integrated multi-modal system of public transportation in Lagos state. Interestingly, all members of the delegates were armed with their Cowry Cards, which they used to pay throughout all the modes of

transportation they were served." The Director, Public Affairs Unit, Mr. Akeem Odusina told THISDAY that LAGFERRY has always provided a unique way for people to explore the Lagos city and enjoy its beauty, adding that regular visitors have been ferried on the Lagos lagoon while enjoying the stunning views of the city skyline, waterfronts and famous landmarks such as the Third Mainland Bridge, Banana Island, Lekki corridor, Five Cowries Creek and the Lekki-Ikoyi link bridge, among others. Embassies in Lagos, he noted, have also expressed their interest in using LAGFERRY to transport their staff and visitors, as it will provide them a safe and comfortable means of transportation while also showcasing the beauty of Lagos to their guests. "Tourists are particularly excited about LAGFERRY because it allows them to explore different parts of the city while enjoying a relaxing journey on the waterways. They can visit popular tourist destinations such as Eko Atlantic City, Takwa Bay Beach, Ilashe Beach Resorts, Epe Fish Markets, Ibeju-Lekki La Campagne Tropicana Forest Resort, JARA Beach Resorts, Sanctuary Beach, Inagbe Resorts,

Badagry Slave Routes and Museum; and Ikorodu-Majidun channels, all accessible through LAGFERRY's routes," the director stressed. Odusina added that the Babajide Sanwo- Olu administration has made steady investments and passionate commitments to improve water transportation in the state by providing modern and well-maintained vessels manned by competent and well trained seafarers, bearing in mind the growing population of over 20 million Lagosians. He disclosed that a total of 15 terminal and jetties were being constructed and rehabilitated in the last four years of the administration; with more than eight completed, commissioned and handed over for commercial operations. "LAGFERRY on its part offers onboard entertainment, comfortable seating, internet Wi-Fi, making the journey more pleasurable for passengers, paying high premium to passenger safety and ensuring that safety measures, including passengers liability insurance are in place at all times, while providing a reliable and secure mode of transportation for both locals and foreign visitors," he stated.

NOWA Touches Lives of Orphanages in Lagos, Awards Scholarships

he Naval Officers Wives Association Lagos Island has awarded scholarships to four children in Raco Orphanage who are currently in senior secondary school (SSS1) to complete their secondary education. The group led by NOWA Lagos Island Zonal Director, Oluwabukola Bankole also donated lots of food items and toiletries to the orphanage during their visit to the home in Ibeju Lekki at the weekend. Speaking at the event, Oluwabukola Bankole NOWA Lagos Island Zonal Director said: “For years, it has been our focus to ensure that we touch lives positively. Our anchor drive is to touch lives positively within our environs, that is within and outside the Navy family. We all know that when we train a child through secondary education, we impact the nation.” Explaining further, Bankole stated that with the support of our National President, Mrs. Ijeoma Ogalla, the wife of the current Chief of Naval Staff, we requested to come visit this orphanage

NOWA members led by Mrs. Bankole at the orphanage

because it has been like our baby project for the past years. "We decided to go beyond

donating food items to giving scholarships to four students in the orphanage. At this trying period, we know that

it is best that we not only give them food but also to see how best they can continue with their education. We are sponsoring four students through secondary school from SS1 to SS3 and more.” “It is worthy to note that NOWA is a non-governmental organisation and we are majorly sponsored by our husbands, with little or no assistance from corporate organisations, " she added. Appreciating the kind gesture the visionary and lead responsibility coordinator Raco Orphanage, Olomnwa Daniel Nwata thanked members of the Naval Officers Wives Association Lagos Island. “Their visit today has brought great joy for us again this year, with all these items they have donated and the scholarship awarded to four of our students. Their annual visit to the home has been very impactful.” The highlight of the event was the beautiful rendition by the children at the orphanage to welcome the visiting Naval Officers Wives Association.

XVI

12.12.2023

TUESDAY, DECEMBER 12, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 08Dec-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 298.85 303.03 59.64% Afrinvest Plutus Fund 100.00 100.00 7.55% Nigeria International Debt Fund 338.19 338.19 4.89% Afrinvest Dollar Fund 109.85 109.85 6.12% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.03% Anchoria Equity Fund 183.06 185.46 26.30% Anchoria Fixed Income Fund 1.25 1.25 1.29% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.43 30.32 34.11% ARM Discovery Balanced Fund 649.77 669.36 24.66% ARM Ethical Fund 53.63 55.25 18.88% ARM Eurobond Fund ($) 1.17 1.17 4.11% ARM Fixed Income Fund 1.16 1.16 4.31% ARM Money Market Fund 1.00 1.00 10.45% ARM Short Term Bond Fund 1.06 1.06 2.66% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.65 103.65 13.91% AVA GAM Fixed Income Naira Fund 1,132.00 1,132.00 5.66% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 7.70% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.58% Cordros Milestone Fund 164.48 165.62 27.91% Cordros Fixed Income Fund 107.06 107.06 10.31% Cordros Halal Fixed Income Fund 108.83 108.83 11.04% Cordros Dollar Fund ($) 113.89 113.89 6.08% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.47% Emerging Africa Bond Fund 1.11 1.11 10.33% Emerging Africa Balanced Diversity Fund 1.27 1.28 25.81% Emerging Africa Eurobond Fund 107.10 107.10 5.81% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1537 1537 11.90% FBN Balanced Fund 261.31 263.55 41.54% FBN Halal Fund 132.73 132.73 13.38% FBN Money Market Fund 100.00 100.00 11.49% FBN Dollar Fund 123.52 123.52 7.55% FBN Smart Beta Equity Fund 237.39 240.55 56.94% FBN Specialized Dollar Fund 111.22 111.22 9.61% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.77% Legacy Debt Fund 3.57 3.57 -0.11% Legacy Equity Fund 2.66 2.71 33.03% Legacy USD Bond Fund 1.32 1.32 4.77% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,510.75 5,551.32 33.04% Coral Income Fund 3,979.72 3,979.72 7.69% Coral Money Market Fund 100.00 100.00 11.74% FSDH Dollar Fund 1.19 1.19 5.81%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 17.60 17.75 50.43% Meristem Money Market Fund 10.00 10.00 12.85% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.88 103.88 11.94% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.54% Norrenberger Dollar Fund (NDF) ($) 103.35 103.35 11.24% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 156.28 161.17 24.32% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,836.06 4,878.70 42.72% Stanbic IBTC Bond Fund 255.44 255.44 8.43% Stanbic IBTC Ethical Fund 1.99 2.02 59.13% Stanbic IBTC Guaranteed Investment Fund 350.87 351.00 12.07% Stanbic IBTC Iman Fund 365.59 369.98 56.52% Stanbic IBTC Money Market Fund 1.00 1.00 11.07% Stanbic IBTC Nigerian Equity Fund 17,398.01 17,612.27 59.36% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.89% Stanbic IBTC Shariah Fixed Income Fund 127.77 127.77 9.29% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.31 125.31 17.80% Stanbic IBTC Absolute Fund 4,981.98 4,981.98 17.11% Stanbic IBTC Aggressive Fund 5,145.20 5,209.41 85.06% Stanbic IBTC Conservative Fund 5,182.08 5,206.31 36.18% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.29 1.30 43.86% United Capital Balanced Fund 1.78 1.79 39.74% United Capital Wealth for Women Fund 1.37 1.38 29.17% United Capital Sukuk Fund 1.17 1.17 11.48% United Capital Fixed Income Fund 1.94 1.94 6.90% United Capital Eurobond Fund 123.91 123.91 5.54% United Capital Global Fixed Income Fund 1.08 1.08 8.51% United Capital Money Market Fund 1.00 1.00 10.89% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.15 18.36 31.00% Zenith ESG Impact Fund 21.56 21.79 36.41% Zenith Income Fund 25.35 25.35 7.59% Zenith Money Market Fund 1.00 1.00 11.44% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 7.81 7.91 93.56% Vetiva Consumer Goods Exchange Traded Fund 11.37 11.47 93.80% Vetiva Grifﬁn 30 Exchange Traded Fund 25.67 25.87 44.91% Vetiva Money Market Fund 1.00 1.00 10.28% Vetiva Industrial Goods Exchange Traded Fund 27.05 27.25 35.19% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

N/A 59.23 101.79 9.99

N/A 11.71% -12.52%

Bid Price

Offer Price

Yield / T-Rtn

N/A 460.00 600.00 21.67 34.25

N/A 460.00 600.00 22.02 34.65

N/A 257.36% 494.94% 52.26% 94.16%

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

TUESDAY, DECEMBER 12, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Waibi: Private Sector Collaboration Key to Obaseki’s Drive for Business Growth Adibe Emenyonu ÓØ ÏØÓØ ÓÞã Edo State is taking significant steps to enhance its business environment and create a more conducive atmosphere for businesses to thrive, the Managing Director, Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi has said. Uwaibi who is also the Secretary of the Edo Ease of Doing Business (EoDB) Council, stated this during a one-day private sector consultation forum organised by ESIPO in conjunction with the Sustainable and Inclusive Economic Development for Decent Employment in Nigeria GIZ-SEDIN Programme. He said the 2024 Business Enabling Reforms Action Plan (BERAP) launched on December 4, 2023, is a comprehensive plan that outlines specific action points across eight key areas to ad-

dress the critical challenges affecting businesses in the state, said. He said the Governor Godwin 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. “Additionally, the plan includes initiatives to revive the Edo MSME Trust Fund, equip the Edo State Bureau of Statistics with improved data gathering and management capabilities, and enhance magistrates’ capacity for effective courtroom management. “There is also plan to

streamline government processes for easier access and harmonize local government taxes while establishing clear channels for communication and feedback,” Uwaibi stated. The forum highlighted the importance of collaboration between all stakeholders, including the Ease of Doing Business Council, government agencies, business member organisations, and the private sector itself with government’s commitment to collaboration as evident in the Blueprint for 2024 reforms unveiled and a robust framework of recommendations laid out. The council emphasized the pivotal role of private sector involvement in policy formulation and implementation while unveiling a roadmap brimming with initiatives to foster a more conducive environment for businesses.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA)

CIS, LBS to Build Capacity for Capital Market Chartered Institute of Stockbrokers (CIS) and Lagos Business School (LBS) have announced their commitment to building capacity to drive activities in the Nigerian capital market with the continuing development in information and communication technology. The market is characterized by introduction of new products and services and this underscores the need for structured training of stakeholders in the market ecosystem. Addressing the participants at the second executive training programme jointly organised by CIS Academy in collaboration with LBS, themed, “Risks, Market Infractions and Business Rethinking Models for Sustain-

able Growth & Profitability,” in Lagos, the CIS’ President, Mr Oluwole Adeosun, who was represented by the Institute’s 1st Vice President. Mr Oluropo Dada, explained that the capital market had been witnessing inflows of professionals, traders and investors and they should be exposed to trainings on regular basis to keep them abreast of market developments. “I must commend the partnership between the two organusing entities as this is the second successful execution of this training in mere months. It is no news that the capital market is thriving and a rally is building up and as a result, we are witnessing a

significant inflow of professionals, traders and investors into the capital market, hence the need to keep abreast of the governing regulations and prevailing practices within the market, lest they are confronted with unforeseen contingencies and/or commit errors by way of infractions, “he said. In his remarks, the Director of Sustainability Centre and Associate professor of Strategy, Corporate Governance and Risk Management, LBS, Dr Franklin Ngwu who congratulated the participants for the unique opportunities that the course provided, noted that the first programme, jointly organised by the two organisations in May this year was very successful.

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

CESEL Commissions Solar-Powered Oil Palm Mill, Borehole in Osun

Reserve Money (Base Money

19,429,603.25

Kayode Tokede

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

Community Energy Social Enterprise Limited (CESEL) has further solidified its commitment to community development with the commissioning of a solar-powered oil palm mill and borehole in Osi Community, Osun State. This latest initiative follows the recent deployment of a 45KW Solar Hybrid Mini Grid to the same community, demonstrating the company’s effort to provide reliable and clean energy access for underserved communities. Speaking at the commis-

sioning ceremony, CESEL CEO Dr. Patrick Tolani pledged to further support the community by facilitating the registration of the mill under the National Agency For Food and Drug Administration and Control, NAFDAC, ensuring the highest quality standards for their palm oil production. “This initiative aims to attract the right off-takers and further contribute to the community’s economic development,” he said. Nigeria, despite its vast oil reserves, has struggled with poor power supply for

decades. Over 90 million Nigerians lack access to grid electricity, with rural communities being the most affected. This lack of access stifles economic development and hinders the well-being of millions, a challenge that is estimated to cost businesses about $29 billion yearly, according to the World Bank. The newly commissioned solar-powered oil mill marks a significant upgrade for Osi’s palm oil production, replacing traditional methods with advanced technology powered by the CESEL-Concerto JV mini-grid.

ZojaPay App Unveiled to Streamline Payment Processes ZojaPay, a revolutionary payment app committed to streamlining the payment process, has officially been launched in the Nigerian market. Speaking at the launch in Lagos recently, the Founder/ CEO of ZojaPay, Mr. Olusegun Dada, said the app would transcend the role of a typical payment service, being a symbol of financial inclusion. “The app has been crafted to provide seamless, secure, and convenient transactions, supporting various methods such as QR codes, NFC,

phone-to-phone, Cash-intransit, Scheduled payments or Soft POS functionalities, ensuring payments are feasible however, wherever. “With the NFC features, users can conduct quick and secure transactions through their smartphones as ZojaPay harnesses the NFC technology to deliver a seamless payment experience ensuring users have access to heightened security features of NFC payments, encompassing encryption, tokenization and convenience of effortlessly tapping your NFC-enabled

phone to make contactless payments with ZojaPay,” Dada said. Managing Director of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, while speaking at the launch, said: “The introduction of ZojaPay into Nigeria’s flourishing Fintech industry marks a significant milestone for the entire financial landscape of Nigeria. Positioned to revolutionize the Nigerian approach to financial services, ZojaPay aims for enhanced accessibility, efficiency, and security for every user.

˾ ÙßÜÍÏ ̋

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 12, 2023

MARKET NEWS

Stock MarketAppreciates by N70.14bn on Buy Interest in MTN,29 Others Kayode Tokede The stock market section of the Nigerian Exchange Limited (NGX) kicked off the week on a bullish note, as investors buying interest in MTN Nigeria Communication (+0.6 per cent), Zenith Bank Plc (+1.43per cent) BUA Cement (+0.52per cent), ETI (+9.9per cent) and 26 others lifted market capitalisation by N70.14billion.

The market capitalisation opened trading this week at N39.149trillion, gaining N70.14billion or 0.18per cent to close yesterday at N39.219trillion. The NGX All-Share Index closed at 71,669.91basis points from 71,541.74basis points, leading the stock market Monthto-Date and Year-to-Date returns to +0.4per cent and +39.8per cent, respectively. Sectoral performance was

P R I C E S MAIN BOARD

F O R DEALS

mixed, as the NGX Banking Index gained 1.6per cent and NGX Industrial Goods Index added 0.2per cent, while the NGX Insurance Index dropped by 0.2per cent. Meanwhile, the NGX Consumer Goods and Oil & Gas indices closed flat at 1,143.76 basis points and 1,041.14 basis points respectively. Analysis of the stock market activities showed trade turnover

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

QUANTITY TRADED

settled lower relative to the previous session, with the value of transactions down by 46.53per cent. A total of 375.32million shares valued at N3.85billion were exchanged in 7,011 deals. Veritas Kapital Assurance Plc (+2.86per cent) led the volume chart with 88.84million units traded while Access Corporation (-0.25pepr cent ) led the value chart in deals worth N612.70million.

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

The market breadth closed positive with 30 advancing stocks outnumbering 23 declining ones. SFSREIT top the gainer table after adding 9.98 per cent to close at N101.35, followed by ETI that gained 9.88per cent to close at N22.80 per share. The stock price of Deapcap advanced by 9.84 per cent to N0.67 per share, while SCOA gained 9.63 per cent to close

at N1.48 per share. Among the top gainers was Infinity rose by 9.60 per cent to close at N1.94 per share. RT Briscoe tops the loser chart, dropping 9.68 per cent to close at N0.56 per share, as NSLTECH declined by 9.33 per cent to close at N0.68 per share. NEM Insurance was down by 9.32 per cent to N5.35 per share as NNFM shed 8.44 per cent to close at N34.25 per share.

D E C E M B E R / 1 1 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

TUESDAY, DEC ͹ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

Tuesday, December 12, 2023

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ /ŶĚĞǆ ƵƉ ϯϭďƉƐ

THISDAY AFRINVEST 40 INDEX

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞǆ ŐĂŝŶĞĚ ϯϭďƉƐ ƚŽ ĐůŽƐĞ Ăƚ ϯϰϯϲ͘ϰϭ ŝŶĚĞǆ ƉŽŝŶƚƐ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ 'd K ;нϬ͘ϰйͿ͕ E/d, ;нϭ͘ϰйͿ͕ ĂŶĚ h ;нϬ͘ϰйͿ͘ ƵŵƵůĂƟǀĞůǇ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϭϳ͘ϴй ŽĨ ƚŚĞ ŝŶĚĞǆ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƵůůŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ƉƵƌǀŝĞǁ ǁĂƐ ƉŽƐŝƟǀĞ ĂƐ ĨŽƵƌ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ ŽŶĞ ůŽƐƚ͕ ǁŚŝůĞ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞǆ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ &ZͲ/ d ŝŶĚŝĐĞƐ ƌŽƐĞ ϭ͘ϲй ĂŶĚ Ϭ͘ϯй ƌĞƐƉĞĐƟǀĞůǇ͕ ĚƵĞ ƚŽ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ E/d, ;нϭ͘ϰйͿ͕ ^d Z>/E' ;нϰ͘ϳйͿ͕ ĂŶĚ DdEE ;Ϭ͘ϲйͿ͘ ^ŝŵŝůĂƌůǇ͕ ďƵǇ ŝŶƚĞƌĞƐƚ ŝŶ h D Ed ;нϬ͘ϱйͿ ĂŶĚ &>KhZD/> ;нϮ͘ϯйͿ ƉƵƐŚĞĚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƵƉ ďǇ Ϭ͘Ϯй ĂŶĚ ϯďƉƐ ƌĞƐƉĞĐƟǀĞůǇ͘ ŽŶͲ ǀĞƌƐĞůǇ͕ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ E D ;Ͳϵ͘ϯйͿ ƉƵůůĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞǆ ĚŽǁŶ ďǇ ϮďƉƐ͘

Current Price

Previous Price Change

THISDAY AFRINVEST 40

3436.41

0.31%

Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

45.5%

243.6%

14.9%

3.4%

5.0x

1.2x

5.3%

12.2%

BUA Foods PLC

198.90

0.0%

22.3%

206.0%

46.5%

54.0%

18.0%

28.7x

14.0x

2.5%

3.5%

MTN Nigeria Communications PLC

240.00

0.6%

7.4%

11.6%

-12.2%

85.8%

8.6%

20.7x

16.3x

6.5%

4.8%

Airtel Africa PLC

1,800.00

0.0%

11.1%

10.1%

36.4%

10.0%

3.1%

ƵůůƐ KƉĞŶ ƚŚĞ DĂƌŬĞƚ͘͘͘ ^/ ƵƉ ϭϴďƉƐ zĞƐƚĞƌĚĂǇ͕ ƚŚĞ ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ƐƵƐƚĂŝŶĞĚ ŝƚƐ ďƵůůͲ ŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ E'yͲ ^/ ŐĂŝŶĞĚ ϭϴďƉƐ ƚŽ ϳϭ͕ϲϲϵ͘ϵϭ ƉŽŝŶƚƐ͕ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ d/ ;нϵ͘ϵйͿ͕ DdEE ;нϬ͘ϲйͿ͕ ĂŶĚ h D Ed ;нϬ͘ϱйͿ͘ Ɛ Ă ƌĞƐƵůƚ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϯϵ͘ϴй ;ƉƌĞǀŝŽƵƐůǇ ϯϵ͘ϲйͿ͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ďǇ േϳϬ͘ϭďŶ ƚŽ േϯϵ͘ϮƚŶ͘ ĐƟǀŝƚǇ ůĞǀĞů ǁĂƐ ĚŽǁŶͲ ďĞĂƚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ Ϯϱ͘ϱй ĂŶĚ ϰϲ͘ϱϯй ƚŽ ϯϳϱ͘ϯŵ ƵŶŝƚƐ ĂŶĚ ‫ڇ‬ϯ͘ϴďŶ͕ ƌĞƐƉĞĐͲ ƟǀĞůǇ͘

Ticker

2.4%

Guaranty Trust Holding Co PLC

39.25

0.4%

7.2%

70.7%

12.1%

38.3%

5.6%

2.7x

0.9x

8.4%

36.6%

Zenith Bank PLC

35.50

1.4%

6.1%

47.9%

3.6%

27.6%

3.0%

2.5x

0.6x

9.7%

39.9%

FBN Holdings Plc

23.40

-1.9%

4.9%

114.7%

37.2%

24.9%

2.3%

3.0x

0.6x

2.2%

33.2%

4.0%

22.6%

12.3%

40.4%

15.3%

12.4x

4.1x

6.3%

8.0%

3.0%

23.3%

0.3%

11.6%

7.9%

9.9x

1.1x

6.8%

10.1% 63.9%

Dangote Cement PLC

320.00

0.0%

Lafarge Africa PLC

29.60

0.0%

United Bank for Africa PLC

22.60

0.4%

4.5%

197.4%

84.5%

39.5%

3.9%

1.6x

0.4x

6.2%

3.4%

118.7%

65.0%

1.5%

0.8%

57.2x

0.9x

3.1%

1.7%

1.9%

4.5%

-8.0%

5.4%

-2.9%

SEPLAT Energy PLC

2,310.10

0.0%

Nestle Nigeria PLC

1,150.00

0.0%

Access Holdings PLC

20.20

-0.2%

4.3%

137.6%

117.2%

20.5%

1.5%

2.7x

0.5x

8.0%

37.6%

66.00

0.0%

2.2%

97.3%

22.2%

31.5%

3.4%

6.5x

1.8x

5.6%

15.4% 48.8%

Stanbic IBTC Holdings PLC

-6.1%

Ecobank Transnational Inc

22.80

9.9%

2.6%

115.1%

50.0%

26.9%

1.2%

2.1x

0.6x

2.2%

Okomu Oil Palm PLC

240.00

0.0%

1.4%

45.5%

2.1%

47.0%

24.2%

12.0x

5.3x

1.9%

8.3%

Nigerian Brew eries PLC

37.05

0.0%

1.1%

-9.6%

-17.7%

-39.6%

-9.3%

2.7x

3.6%

-19.1% 34.9%

Fidelity Bank PLC

9.10

-0.5%

1.6%

109.2%

30.0%

26.2%

2.1%

2.9x

0.7x

5.5%

Flour Mills of Nigeria PLC

31.75

2.3%

0.8%

11.8%

-6.9%

6.0%

1.0%

11.1x

0.7x

7.1%

9.0%

Transnational Corp of Nigeria

6.73

-1.3%

1.7%

495.6%

91.7%

11.9%

3.0%

18.6x

2.2x

0.7%

5.4%

International Brew eries PLC

4.50

0.0%

0.7%

-4.3%

-13.5%

-37.7%

-9.3%

AXA Mansard Insurance PLC

4.56

6.0%

0.8%

128.0%

15.4%

40.8%

11.2%

3.1x

1.1x

2.7%

FCMB Group Plc

6.75

-2.2%

0.7%

75.3%

32.4%

18.0%

1.7%

2.3x

0.4x

3.6%

PZ Cussons Nigeria PLC

25.60

0.0%

0.6%

125.6%

16.4%

-102.5%

-14.3%

1.0x

-39.1%

12.2x

Guinness Nigeria PLC

67.90

0.0%

0.5%

-2.0%

-15.1%

-24.1%

-7.9%

Dangote Sugar Refinery PLC

57.40

0.0%

1.2%

257.6%

129.6%

2.2%

0.5%

245.3x

5.5x

2.6%

0.4%

Presco PLC

189.90

0.0%

0.5%

38.1%

6.7%

45.9%

13.7%

9.2x

3.7x

4.7%

10.9%

United Capital PLC

18.00

0.0%

0.5%

28.6%

14.3%

22.9%

1.6%

10.4x

1.8x

8.3%

9.6%

BUA Cement Plc

97.00

0.5%

0.4%

-0.8%

5.1%

25.0%

12.6%

32.6x

8.0x

2.9%

3.1%

NASCON Allied Industries PLC

54.00

0.0%

0.9%

386.5%

188.8%

60.2%

19.8%

5.2x

1.9%

19.3%

TotalEnergies Marketing Nigeri

385.00

0.0%

0.3%

99.5%

10.0%

28.3%

3.9%

9.1x

2.4x

6.9%

11.0%

Wema Bank PLC

5.25

-1.9%

0.2%

34.6%

-0.8%

23.1%

1.3%

3.0x

0.6x

5.7%

33.2%

1.55

-3.1%

0.2%

68.5%

-7.2%

38.4%

2.2%

5.8x

1.9x

32.3%

17.4%

399.00

0.0%

0.3%

167.8%

33.0%

24.6x

2.2%

0.2%

3.9%

-9.5%

15.8%

1.6%

5.4x

0.6x

0.0%

0.2%

42.0%

12.3%

12.7%

1.6%

5.6x

0.7x

7.4%

10.0%

5.0%

13.2x

1.3x

1.7%

3.2%

3.4x

Jaiz Bank PLC

Geregu Pow er PLC

Union Bank of Nigeria PLC

6.65

Julius Berger Nigeria PLC

34.80

2.5x

-12.3%

18.5%

Unilever Nigeria PLC

14.90

0.0%

0.1%

28.4%

-8.6%

Oando PLC

10.45

1.0%

0.2%

166.6%

81.7%

Conoil PLC

86.50

0.0%

0.1%

226.4%

4.2%

41.0%

16.3%

5.0x

1.8x

3.0%

Transcorp Hotels Plc

42.90

-3.4%

0.1%

586.4%

83.3%

6.9%

3.7%

96.3x

6.6x

0.3%

Notore Chemical Industries Ltd

62.50

0.0%

-140.7%

-24.8%

T ic k er

Vo lum e

P ric e C hg %

P ric e

P ric e C hg %

SF SR EIT

101.35

10.0%

VER IT A SKA P

88.8

2.9%

ET I

22.80

9.9%

UN IVIN SUR E

44.4

3.6%

D EA P C A P

0.67

9.8%

A C C ESSC OR P

30.4

-0.2%

9.6%

F ID ELIT YB K

23.7

-0.5% 0.4%

1.48

IN F IN IT Y

1.94

9.6%

UB A

12.9

UP L

2.56

8.9%

Z EN IT H B A N K

12.7

1.4%

R EGA LIN S

0.37

8.8%

T R A N SC OR P

12.6

-1.3%

T IP

1.23

7.0%

IN T B R EW

10.5

0.0%

M A N SA R D

4.56

6.0%

GT C O

10.0

0.4%

CHA M S

1.98

5.9%

FB NH

8.6

-1.9%

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

T o p 10 L o s e r s

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

R T B R ISC OE

0.56

-9.7%

A C C ESSC OR P

612.7

-0.2%

N SLT EC H

0.68

-9.3%

Z EN IT H B A N K

446.2

1.4%

N EM

5.35

-9.3%

GT C O

391.3

0.4%

NNFM

35.25

-8.4%

UB A

291.3

0.4%

UP D C R EIT

4.60

-8.0%

M TNN

256.3

0.6%

M EC UR E

12.00

-7.7%

F ID ELIT YB K

216.2

-0.5%

C A VER T ON

1.51

-5.6%

FB NH

199.7

-1.9%

D A A R C OM M

0.34

-5.6%

SEP LA T

189.3

0.0%

-5.4%

ST A N B IC

109.7

0.0%

-4.5%

A IR T ELA F R I

92.9

0.0%

C ILEA SIN G

5.05

F T N C OC OA

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

1.50

7.6%

20.0% 1.0% -71.9%

T ic k er

SC OA

17.9%

29.1%

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

T o p 10 G a i n e r s

42.8% -24.8%

KƵƚůŽŽŬ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ŝŵƉƌŽǀĞĚ ƚŽ Ϭ͘ϭǆ ĨƌŽŵ ͲϬ͘Ϯϭǆ ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϯϬ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ Ϯϯ ĚĞĐůŝŶĞĚ͕ ǁŚŝůĞ ϲϴ ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂǇ͕ ŝŶ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ĂŶǇ ŵĂũŽƌ ƚƌŝŐŐĞƌƐ͕ ďĂƌŐĂŝŶ ŽƉƉŽƌƚƵŶŝƟĞƐ ŵŝŐŚƚ ĨƵĞů ĐŽŵƉĂƌĂͲ ďůĞ ŵĂƌŬĞƚ ďĞŚĂǀŝŽƵƌ͘

32.6%

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

T H I S D AY ˾ TUESDAY, DECEMBER 12, 2023

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Heavy Israel-Hamas Clashes in Khan Younis, Two Northern Gaza Sites

Israeli forces and Hamas fighters engaged in heavy fighting Monday in and around Khan Younis in the southern Gaza Strip, while battles were ongoing outside Gaza City in the north. Rear Adm. Daniel Hagari told reporters late Sunday that Israeli forces are now focused on fighting in Jabaliya and Shajaiye, two neighbourhoods in northern Gaza, as well as in Khan Younis, Gaza’s second-largest city. Hagari said the Israeli military now controls the Palestine Square area in Gaza City, home to municipal offices and the headquarters for Yahya Sinwar, Hamas’s leader in Gaza, but has yet to find him. Israeli officials have described him as the “mastermind” behind the October 7 Hamas shock attack on Israel that killed about 1,200 people and allowed the militants to capture 240 hostages, 140 or so of whom they are still holding. They believe Sinwar is hiding in southern Gaza, with Hagari saying that capturing or killing him is one of Israel’s goals in the war.

the motorcyclist’s death, but reports said the Somali president’s son had already left Turkey by the time the warrant was issued. On Sunday, dozens of people, including motorcycle courier groups, staged a demonstration in Istanbul demanding that Mohamud face trial for Gocer’s death.

Poland Begins Delayed Transition to Centrist, Pro-EU Government

Philippine Military Head Was Aboard Ship Harassed by China The head of the Philippine military said Monday he was with his forces aboard a supply boat when it was blasted with a water cannon, surrounded and shoved by Chinese coast guard ships over the weekend in the disputed South China Sea. China, meanwhile, accused archrival the United States of encouraging the Philippines, its treaty ally, to provoke China for its own purposes, though it provided no direct evidence. The successive days of heated confrontations underscore China’s determination to assert its claim to virtually the entire South China Sea despite the possibility of fomenting a larger conflict affecting shipping and other maritime activities in the crucial waterway. Gen. Romeo Brawner Jr. told The Associated Press in a telephone interview that China was escalating its aggression in the contested waters but said it would not deter Filipino forces from defending their territorial interests.

Draft for Final Deal Released of COP28 UN Climate Summit The UN’s climate body has published a draft of what is set to be its final agreement from the COP28 climate summit, which ends Tuesday. Activists have condemned the draft as moving away from previously expected language and not containing measures that would tackle the global warming that scientists blame for rising sea levels, increasing droughts, and other trends that threaten hundreds of millions across the world. Specifically, activists are upset that the draft, written by the COP28 presidency, run by an Emirati oil company CEO, does not call for a phasing out of all fossil fuels, which was asked for by over 100 nations. Regarding fossil fuels, the draft says that countries must engage in the “phasing out of inefficient fossil fuel subsidies that encourage wasteful consumption and do not address energy poverty or just transitions as soon as possible.” The COP28 presidency viewed the draft as a success, calling it a “huge step forward.”

Junta: Myanmar Military Meets Rebel Groups with China’s Help Representatives from Myanmar’s ruling military have held talks, facilitated by China, with three armed rebel groups leading an anti-junta offensive, state media reported a junta spokesperson as saying on Monday. Myanmar’s military is battling armed opponents on several fronts in the fiercest challenge to its grip on the Southeast Asian country since it seized power from an elected government in a 2021 coup. Rebel groups aligned with a pro-democracy parallel government launched a coordinated offensive in late October, taking control of several military posts and towns near the border with China in the north and in western states. “Myanmar’s National Unity and Peacemaking Coordination Committee met with representatives of MNDAA, TNLA and AA with the help of China,” said Zaw Min Tun, according to MRTV’s Telegram channel, referring to the armed ethnic

groups spearheading the offensive.

Democratic Republic of Congo Prepares to Hold Elections Campaigning for the top job in the Democratic Republic of Congo is in full swing, a little more than a week before the country is due to hold presidential elections. Incumbent President Felix Tshisekedi, seeking a second term, launched his campaign bid by urging thousands of supporters to renew their trust in him. Other candidates competing for the same job include a Nobel Peace Prize winner, Denis Mukwege; a rival who came in second place in the 2018 presidential elections, Martin Fayulu; and the former governor of copper-rich Katanga region, Moise Katumbi. Dany Ayida, a senior resident director for the National Democratic Institute in the DRC, says some in the opposition are already forming alliances. “The candidates were 26 at the beginning of the campaign… we know 3 or 4 candidates decided to join Moise Katumbi. We know discussions are going on between Mukwege and Fayulu. We don’t know if they’ll keep their candidacies or join effort to have a common candidate,” he told VOA.

Taliban: Iran Deports Almost 350,000 Afghans within 3 Months In the last three months, Iran and Pakistan have forced around 850,000 undocumented Afghan nationals to return to Taliban-ruled Afghanistan, officials reported Sunday. The crackdown on Afghans illegally residing in the neighbouring countries is ongoing, despite warnings by the United Nations that a harsh winter and an uncertain future await returnees in their crisis-ridden, impoverished nation. Abdul Rahman Rashid, the Taliban minister of refugees and repatriation, told the local TOLO news channel Monday that Iran had deported “approximately 345,000” Afghans since the last week of September. Without giving further details, Rashid said the Taliban administration had provided each returning family with cash grants and other urgent assistance. Iranian authorities have pledged to deport Afghans illegally residing in their country.

India’s Supreme Court Upholds Revocation of Kashmir’s Autonomy India’s top court upheld on Monday a move by Prime Minister Narendra Modi’s government to revoke the limited autonomy of Muslim-majority Kashmir, where an insurgency has raged for decades, and ordered elections within a year. The 2019 declaration was “a culmination of

the process of integration and, as such, is a valid exercise of power”, the Supreme Court said in its verdict. The move was accompanied by the imposition of direct rule from New Delhi, mass arrests, a total lockdown and communication blackout that ran for months as India bolstered its armed forces in the region to contain protests. Modi’s muscular policy has been deeply controversial in Kashmir but was widely celebrated across India, with the insurgency that claimed tens of thousands of lives over decades largely quietened. The removal of Article 370 of the constitution, which enshrined the Indian-administered region’s special status, was challenged by Kashmir’s proIndia political parties, the local Bar Association and individual litigants, culminating in Monday’s verdict.

UN Seeking $46 Billion for over 180 Million of World’s Neediest The United Nations is appealing for $46.4 billion to provide life-saving assistance to more than 180 million of the world’s neediest people in 72 countries next year. The appeal comes as donor fatigue sets in amid the proliferation of natural and manmade disasters. In launching its humanitarian appeal Monday, the UN warned that conflicts, climate emergencies and collapsing economies are wreaking havoc in vulnerable communities around the world, resulting in “catastrophic hunger, massive displacement, and disease outbreaks.” Despite the devastating toll taken by these multiple overlapping emergencies on the lives of hundreds of millions of people, “the necessary support from the international community is not keeping pace with needs,” said Martin Griffiths, under-secretary-general for humanitarian affairs and emergency relief coordinator. While 300 million people need humanitarian assistance and protection, he noted that lack of money has forced the UN to drastically scale down its global humanitarian operations and target aid to fewer of the most destitute people.

Pressure Mounts in Turkey to Seek Extradition of Somalia President’s Son for Fatal Crash The Turkish government is facing mounting pressure to seek the return of the Somali president’s son, who allegedly fled Turkey after causing a fatal traffic crash in Istanbul. Yunus Emre Gocer, a 38-year-old motorcycle courier, died of injuries in a hospital on December 6, six days after he was hit by a car driven by Mohammed Hassan Sheikh Mohamud on a busy highway in Istanbul. Turkish authorities ordered Mohamud arrested and barred him from travelling abroad following

The national conservatives who have ruled Poland for eight years are expected to finally relinquish power this week to a centrist bloc led by political veteran Donald Tusk. The transition will come in several steps over three days, starting Monday, nearly two months since Poles turned out in huge numbers to vote for change in a national election. The transition was delayed for weeks by the president, who chose to keep his political allies in office as long as possible. “READY, STEADY, GO!” tweeted Tusk, who is expected to be chosen as the new prime minister by the evening. The change of power in Poland is consequential for the 38 million citizens of the central European nation, where collective anger produced a record-high turnout to replace a government eroding democratic norms. There is relief for many, including women who saw reproductive rights eroded and LGBTQ+ people who faced a government hate campaign that drove some to leave the country. The change holds important implications for Ukraine and the EU as well.

Ex-General Says UK ‘Betrays’ Afghan Soldier Allies Afghan special forces trained and funded by Britain and who worked side-by-side with British troops in Afghanistan in the fight against the Taliban are now facing the possibility of being deported from Pakistan, where the Afghan troops and their families fled, according to a BBC report. The 200 special forces would likely be targeted for revenge by the Taliban if they were to return to Afghanistan. Pakistan says it is ready to deport any Afghans who do not possess the proper residency papers. Failing to relocate the Afghans who worked with the British in Afghanistan “is a disgrace,” Gen. Sir Richard Barrons told BBC Newsnight. “It reflects that either we’re duplicitous as a nation or incompetent. . . Neither are acceptable.” In addition, 32 former Afghan politicians now living in Pakistan who worked with Britain and the US have also not received the proper paperwork that would enable them to travel and live abroad. Most members of both groups – the troops and the politicians - have filled out the paperwork to relocate to Britain through the Afghan Relocations and Assistance Programme. The BBC reported that many have been rejected, while others are still waiting to learn their status more than a year later.

US Punishes 15 Airmen for Intelligence ‘Discord Leaks’ The US Air Force took disciplinary action against 15 airmen, charging that a lack of supervision and a failure to take action contributed to the so-called ‘Discord intelligence leaks’ that rattled the US intelligence community. A 21-year-old Air National Guardsman, Jack Teixeira, was arrested this past April, shortly after the leaks were discovered, and is facing multiple charges for removing documents from a secured work environment and then posting the information or photos for a small group on Discord, a social media platform popular with gamers. At the time, a top Pentagon official said the leaks, which revealed information about Russia’s war in Ukraine and US allies, posed “a very serious risk” to national security. In a statement Monday, the Air Force said the commander of Teixeira’s Air National Guard unit, the 102nd Intelligence Wing, was relieved of command.

TUESDAY, DECEMBER 12, 2023 ˾ T H I S D AY

POLITY

Understanding NNPC Limited’s Governance Ecosystem

By Dr Pius Nnolum

x Emir Sanusi Lamido Sanusi, a former Governor of the Central Bank of Nigeria, CBN, from June 2009 to February 2014, on Thursday, December 7, 2023 claimed that “The NNPC Limited is the ‘most opaque’ oil company in the world,” and advised “that the President becoming a petroleum minister is not a good idea,” in an apparent swipe at President Bola Ahmed Tinubu. He made these positions known while delivering his remarks at the Bank Directors Summit organised by the Bank Directors Association of Nigeria in Abuja. These comments have compelled this obligatory need to interrogate the governance ecosystem in the NNPC Ltd on the watch of Malam Mele Kyari so as to reach a clear understanding of how the national oil company is faring under his leadership. President Tinubu, in an apparent tradition of his predecessor, ex-President Muhammadu Buhari, kept the position of the substantive Minister of Petroleum Resources to himself. He clearly has the power to appoint his cabinet and self as minister and ex-Emir Sanusi would do well to note this. Several critical considerations, of course, drove this presidential decision but first a background context. Cut to the bone, energy and its associated infrastructure remain the key development drivers of both ancient and modern civilisations. It’s actually strange that in the morning of the 21st Century, many Nigerian state actors are blissfully unaware that much of the problems of socio-economic transformation are really complications of physical infrastructure - with energy at the epicentre. Undeniably, energy systems tend to be highcost investments but are clearly vital to a nation’s economic development and prosperity. Put simply to thrive in the choppy waters of rapid technology and business model changes, organizations that manage a nation’s energy sector require the right leadership. It is imperativeness for any leader to have a clear vision and articulate it well. Today, National Oil Companies (NOCs) in Africa stand on the brink of significant disruption - and of substantial opportunity - as a new era of structurally lower oil prices challenges business models that have long relied largely on exploration and production of hydrocarbons. This scenario goes beyond the volatilities in the sector, seeded by the Middle East crisis and the Russia-Ukraine war. The onerous responsibility to drive this behemoth energy corporation fell on the sturdy shoulders of Mele Kyari who was appointed the GMD of the now-defunct Nigerian National Petroleum Corporation (NNPC) by President Muhammadu Buhari, on July 8, 2019. Clearly, Kyari, an unassuming scientist who has traversed the entire value chain of the petroleum industry, has turned out to be the right pick as NNPC boss. Perhaps his toughest call in an industry he has spent much of his professional life in, Kyari has responded to his top-draw responsibility by quickly taking charge in close synergy with his corporation’s oversight entity, the Ministry of Petroleum Resources. His four-year leadership has demonstrated a fundamental grasp of what fossil energy means and an adroit understanding of the imperativeness of circumspect governance of Africa’s preeminent NOC. Kyari set sail by defining a clear vision of NNPC’s transformation and sending a clear message that the corporation’s lukewarm governance narratives of the past were gone for good. Recognising the imperativeness of inclusive governance, he considerably up-scaled engagements with various stakeholders to ensure that they were carried along in the Company’s operations. Besides its role as the bedrock of the Nigerian economy, the petroleum sector has been one of the defining features of the country’s post-independence history. This fact centralizes NNPC in the nation’s political economy, given the oil corporation’s assigned role in the industry. Not surprisingly, the corporation’s experience has been marked by struggles over what the corporation controls and over who controls it. Perhaps this unique centrality of the corporation in the Nigerian state has spawned its fair share

Sanusi Lamido Sanusi

of challenges and reproach. It could be recalled that a 2010 joint report by Transparency International and Revenue Watch Institute found that NNPC had the poorest transparency record out of 44 national and international energy companies examined. It is heartening that within his four years in the saddle, the NNPC boss has changed that negative narrative. With Kyari’s new vision, the NNPC is boldly anchored on the principle of Transparency, Accountability, Performance and Excellence (TAPE). Perhaps, one of Kyari’s most important and earliest governance initiatives that sounded a death knell to the extreme operational opacity reputation of the corporation is “Operation White.” It is a presidential-mandated collaborative initiative driven by NNPC with the active participation of regulatory and security agencies as well as other stakeholders in ensuring that all molecules of regulated petroleum products imported by NNPC are well accounted for and utilised in the country. This initiative effectively ended the era of very poor transparency in the corporation’s governance style. I am not sure ex-Emir Sanusi is aware of this initiative. Barely five months after publishing its 2018 Audited Financial Statement, the Kyari-led NNPC released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from N803bn in 2018 to N1.7bn in 2019. On account of these unprecedented governance positives, the conservative Nigeria Extractive Industries Transparency Initiative (NEITI) lauded the corporation. Even the ravages and disruptions of the COVID-19 pandemic did not derail the compelling focus, integrity of service delivery, operational stability and reasoned interventions by the NNPC boss. Looking at the big picture, the NNPC Ltd’s management, under the firm guidance of Mele Kyari, has patriotically and assiduously worked towards building a stable oil industry

for the nation’s growth and development. He has done a good job in posting resounding successes since stepping in the saddle. Kyari had scaled a number of hurdles, including the mindless theft of Nigeria’s oil by criminal cabals and individuals, which had left Nigeria for a long time unable to meet its oil production quota. The NNPC Limited management, under Kyari’s astute leadership, launched the “Crude Theft Monitoring Application”. The portal has application options for reporting incidences of crude theft, with prompt follow-up and responses, and another one for crude sales document validation. In a subsequent operation that followed, Kyari announced the discovery of a four-kilometer illegal oil connection line from Forcados Terminal into the sea which had been in operation for nine years. Certainly, efforts at checkmating crude oil theft and illegal refineries have been yielding positive results as there has been a significant spike of daily oil production to 1.6 million barrels per day. In addition, according to Fourth Quarter 2022 figures released, Nigeria has regained its position as the largest crude oil producer in Africa, ahead of Algeria’s 1.021mb/d and Angola’s 1.088mb/d in November 2022. The management of NNPC Limited under Kyari addressed persistent oil loss that the old NNPC had suffered before he became its helmsman in 2019. In 2022, the company posted its second consecutive year of ‘profit’ announcing N674.1 billion in the 2021 financial period and growing it from N287 billion in 2020. The figure represented an increase of N387 billion or 134.8% when compared to the previous N287 billion recorded in 2020. Kyari, who made the disclosure via the verified Twitter handle of the company, said the improvement followed the approval of the 2021 audited financial statements by

the board of the oil company. Aside from recording profit for the company, Kyari has also led the NNPC Limited to resolve age-old disputes with its business partners notably the International Oil Companies (IOCs). This is part of its efforts at boosting Nigeria’s crude production and unlocking investments in the Deepwater space in the aftermath of the coming into being of the Petroleum Industry Act (PIA). Consequently, the NNPC and the IOCs signed various production sharing contracts (PSCs) agreements that would ensure the production of about 10 billion barrels of crude oil and generate over $500bn revenue. A notable accomplishment of Kyari’s leadership of NNPC Limited is the payment of Nigeria’s joint venture cash call arrears to the IOCs totaling $5.1 billion. This was made possible through the introduction of the Alternative Funding Approach (AFA), which replaced the erstwhile cash-call payment model. Besides, NNPC signed various Memoranda of Association (MoU) with many countries, including the national oil companies of Ghana, Gambia, Guinea, Guinea Bissau, and Sierra Leone in furtherance of the planned Nigeria-Morocco Gas pipeline project. The Nigeria-Morocco Gas Pipeline (NMGP), an initiative of the federal government of Nigeria and the Kingdom of Morocco, is a 5,600 kilometers gas pipeline project traversing 13 African countries namely: Nigeria, Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea Bissau, The Gambia, Senegal and Mauritania to Morocco. But, by far, one of the most impressive accomplishments of Kyari’s stewardship at NNPC Limited is the flagging off in November 2022 of the Kolmani Integrated Development Project in Bauchi State, marking the commencement of effort to commercially exploit oil in the Northern part of Nigeria. The Kolmani Oil Field, estimated to have a reserve of about one billion barrels of crude oil, OPL 809 and 810, lies in the Gongola Basin of the Upper Benue Trough, straddling Bauchi and Gombe States. The oil blocks are owned by the NNPC Limited as a concessionaire with New Nigeria Development Company Ltd, Africa Oilfield Movers Ltd, and SEEPCO as partners. The well is expected to produce 50,000 barrels of crude per day during the first phase. Going forward and putting negative characterisation of NNPC Limited behind, the Kyari leadership as it is has simply chosen the solemn path of sharply focusing on the subsisting challenges in the sector. The leadership stated it was focused at the moment on delivering the task that had been set for the national oil company, stressing that everyone was free to air their opinion. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, told the media that there would be no need for an official response to the claims made by the ex-CBN boss. He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate on handling the work that it was established to do. According to Soneye, “Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms.” But before the Senate recently, the NNPCL GCEO had already made in-sector clarifications that addressed Sanusi’s remittance concerns. He had buttressed that maintaining the energy security target has fostered the confidence that in 2024, Nigeria will become a net exporter of petroleum products. He affirmed that no subsidy was charged to the federation, adding that the NNPC had contributed N4.45 trillion as direct revenue into the federation account in a combination of taxes, royalties and dividends and paid N406 billion as dividend to Federal Government’s account from July 2023. The narratives about the success stories of NNPC under Kyari’s leadership promise to be inexhaustive as he continues to come up with one innovation after another. r%S /OPMVN XSJUFT JO GSPN -BHPT

T H I S D AY ˾ ˜ ͹ͺ˜ ͺ͸ͺͻ

NEWS

COURTESY VISIT BY SPECTRANET TO NCC... L-R: Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Chief Executive Officer, Spectranet, Maneesh Kulshrestha; Executive Vice chairman/ Chief Executive Officer, NCC, Dr. Aminu Maida and Head of Operations, Spectranet, Zakir Hussain, during a courtesy visit by Spectranet management to the commission's head office in Abuja ... recently

Nigeria Lost N1.8tn to Waivers in 2023, Says Customs CG House Committee, NCS increase service's revenue for 2024 to N6tn Juliet Akoje ÓØ ÌßÔË The Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, said yesterday that the government lost a whopping N1.8 trillion to the various waivers between January and November 2023. The customs boss, who said the service was able to generate about 80 per cent of its revenue projection for the year, stressed that if properly monitored to ensure that benefits derivable from such waivers get to the country, the service could surpass its projection. Adeniyi was responding to questions from members of the House of Representatives Committee on Appropriation during an interactive session on the 2024 budget estimates presented to the National Assembly by President Bola Tinubu. He said the revenue projection by the service for the 2024 financial year was N5. 7 trillion, adding that with proper monitoring and collections, the service hoped to surpass the target. He said: “The major source of revenue for the customs is import duty which is charged on all goods imported into the country. The other sources that we are also trying to make a lot of effort on are the ones that are internally generated. The ones charged on goods that are locally produced. We call it excise duty. “Excise duty is increasingly becoming very popular and strategic to revenue. In 2023, excise accounted for almost 17 to 18 per cent of the total revenue and in 2024 we are

already projecting revenue to the tune of N333 billion in excise. “For our performance in 2024 revenue, the total revenue targets that we have for 2023 was N3.684 trillion naira. This would have translated to a monthly revenue target of N307 billion. So we target N307 billion per month and for the total, we have N3.6 trillion. “In terms of performance, as of the end of November, we had done N2.959 trillion naira. In terms of the percentage of the total we are targeting for 2023, this amounts to about 80 per cent of our projected revenue. We still have some days in 2023. We are a little bit optimistic that we will be able to give the target a very good try.” An analysis of the performance in 2023, Adeniyi said, showed that the service started slowly, noting that there were several factors responsible for the slow performance in the year. “But things redoubled a little bit from the second and third quarters of the year. We moved from an average of about 200 billion per month in the first half of the year to something in the region of N350 billion per month in the second half of the year. “In 2024, the projection that we have stands at N5.79 trillion. This would represent N423 billion naira revenue per month for 2024. Like I said, out of all these, we expect that excise would be responsible for over N300 billion. “As far as our figures are concerned in 2023 we lost a whopping N1.8 trillion naira to Import Duty Exemption Certificate (IDEC). So if we add to the revenue figures I

mentioned, we should have been home and dry as of November in terms of realising our target for the year,” he maintained. Adeniyi noted that the issue of IDEC was being addressed, explaining that there are several benefits that Nigeria could derive from it of properly managed. “I have seen this well executed in some developing countries I know

where the customs administration implements IDEC successfully and the benefits are so many in terms of regenerating the economy, in terms of creating employment, and even in terms of tax and in terms of ensuring that we keep our companies in production. “When you give them these kinds of incentives, it gives them the motivation to add some value

The Senate on Monday, passed a resolution to amend the Fiscal Responsibility Act, 2007, based on the Medium Term Expenditure Framework (MTEF) report. Chairman of the Senate Committee on Finance, Senator Muhammed Sani Musa, stated this during the ongoing 2023 budget defence and 2024 budget presentation at the National Assembly. The Fiscal Responsibility Commission, FRC, is one of the most critical agencies of government because its role is not just to monitor the fiscal policies but also to help generate what the monetary policies can achieve. Musa said the Senate was going

to work on the FRA, 2007 and look at those areas that they feel they can strengthen the Commission and also look at the area of human capital because there is no way they can have Fiscal Responsibility Act, 2007. He said, "We are worried every day about the huge debt burden we are experiencing in Nigeria. "We have made a law, and we must abide by those laws because most sub-national governments are not supposed to go to any bank to collect any overdraft without clearance or proof of compliance from the Fiscal Responsibility Commission." He assured the Commission that the Senate was ready to create a better working environment for the

the service to N6 trillion as against the initial N5 trillion proposed as its targeted revenue for the year 2024. “We will be glad if you can make it N6 trillion for the 2024 revenue. The renewed hope agenda of President Bola Tinubu would not be achieved unless the revenue generating agencies increased their targeted revenue,” the lawmaker said.

Osimhen, Oshoala, Nnadozie, Super Falcons are Africa’s Best! Duro Ikhazuagbe Three Nigerians , Victor Osimhen, Asisat Oshoala and Chiamaka Nnadozie were on Monday night voted Africa’s Best Men’s Player of the Year, Best Women’s Player of the Year and Best Women’s Goalkeeper of the Year 2023 at the Confederation of African Football (CAF) Award which held in Marrakech, Morocco. The Super Falcons also emerged the Best Women’s National Team of the Year. It was a beautiful night for Nigeria as the competitions were stiff and close to call in the men’s Best Men’s Player of the Year category in particular. Osimhen saw off challenges from Morocco full-back Achraf Hakimi and Egypt striker Mohamed Salah

Victor Osimhen, Africa’s Best Men’s Player of the Year

Asisat Oshoala, Best Women’s Player of the Year

Chiamaka Nnadozie, Best Women’s Goalkeeper of the Year

to land African football's biggest individual prize. The Napoli forward who led the Partenopei to their third Italian Scudetto last term after 33 years

has joined the illustrious club of Nigerian legends like Rashidi Yekini, Nwankwo Kanu, Victor Ikpeba and Emmanuel Amuneke who were previously Africa’s best. The CAF Award is coming barely a week after Osimhen was voted Italian Footballers Association Best Player of the Year. He has thus ended a 24 years wait for another Africa Best Player award to a Nigerian male player. Nwankwo Kanu is the last Nigerian to win the award in 1999. For Oshoala, the award was her sixth, having previously won it in 2014, 2016, 2017, 2019 and 2022. The 29-year-old striker beat South African Thembi Kgatlana and Zambia's Barbara Banda to retain her crown at Monday's awards gala in Marrakech. It was however the first time for Nnadozie to emerge as the Best Women’s goalkeeper in Africa. After first showing the stuff she’s made of at the 2019 Women’s World Cup in France in 2019, the Super Falcons safe hands was spectacular at this year’s World Cup in Australia and New Zealand.

Nnadozie made several jawdropping saves on her way to being crowned the first-ever CAF Women's Goalkeeper of the Year award on Monday night. The Paris FC captain beat fellow nominees Khadija Er-Rmichi of Morocco and South Africa's Andile Dlamini to the groundbreaking prize at a dazzling CAF Awards ceremony in Marrakech. Nnadozie underlined her credentials during this year's Women's World Cup, producing a player-of-the-match performance to thwart Canada in Nigeria's opener. Her heroic hands pulled off a crucial penalty save and several other gravity-defying stops throughout the tournament. The 25-year-old has also been integral in Paris FC's success this season, keeping six clean sheets as they sealed a maiden Women's Champions League qualification. The Super Falcons who narrowly lost their Last 16 Round to England were voted the best Female Team in Africa to make it a quadruple for Nigeria on the night in Marrakech, Morocco.

16Years After, Senate Set to Amend Fiscal Responsibility Act Sunday Aborisade ÓØ ÌßÔË

to the economy. We have the data for the last two years as requested and would gladly provide this committee with the details of the data as we have it in our records,” he stressed. The Chair of the House of Representatives Committee on Appropriation, Abubakar Bitchi and the NCS thereafter resolved to increase the revenue target of

Fiscal Responsibility Commission. He pointed out that it’s based on the input which the Commission has already started making at the National Assembly which is yielding positive results on revenue. He said the Red Chamber was going to look into this at the Committee level and make a recommendation to the Senate. He hoped that the appropriation Committee would reason with them and do something about the Budget of the Commission. In his presentation, the Chairman of the Fiscal Responsibility Commission, Mr. Victor Muruako, appealed to the Senate Committee on Finance to continue supporting the Commission in actualizing

her mandate. He placed more emphasis on adequate funding in the successful implementation of the Act. He therefore solicited the assistance of the Senate and expressed the willingness of the Commission to ensure higher remittances of revenue by the ministries, directorates and agencies. Muruako considered the proposal of independent revenue, estimated to be N3m as an error and proposed a further increase to the sum of N20m. He expressed optimism that this is attainable; hence their proposal should be adjusted. He also challenged other agencies to improve on their revenue drive.

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THIRTY

CBN Suspends Charges on Cash Deposits Above Approved Threshold Till April 30 Reaffirms resilience, soundness of banking sector James Emejo in Abuja and Nume Ekeghe in Lagos The Central Bank of Nigeria (CBN) yesterday announced the suspension of processing fees of two per cent and three per cent previously imposed on all cash deposits above N500,000 for individuals and N3 million for corporates respectively, with immediate effect. This was just as the apex bank further insisted that the Nigerian banking industry remained resilient as key financial soundness indicators were within the regulatory thresholds as captured in the bank’s most recent Economic Report of 2023. The central bank said the suspension of the processing fees shall remain in effect until April 30, 2024. The bank disclosed this in a circular dated December 11, 2023, signed by CBN acting Director, Banking Supervision, Dr. Adetona Adedeji, which was addressed to all banks, Other Financial Institutions (OFIs)

and non-bank financial institutions under the apex bank’s regulatory supervision. The central bank further ordered the financial institutions under its purview to accept all cash deposits from the public without any charges going forward. The development may not be unconnected with the complaints of cash crunch that had reportedly hit the banks as customers prefer to keep their money away from the banks partly because of the exorbitant charges on deposits, especially those exceeding the approved threshold following the implementation of the cashless policy. On December 20, 2019, the central bank had introduced the revised, "Guide to Charges by Banks, Other Financial Institutions and Non- Bank Financial Institutions," which had detailed approved charges for banking services. The document provided a basis

for the application of charges on various products and services offered by banks and other regulated institutions under its purview. The Guide, which was first released in 2004, was revised in 2013 and 2017 in the light of market developments, such as innovations in products and/or channels and new industry participants. The bank pointed out that the charges prescribed in the guide were arrived at after extensive consultations with stakeholders, adding that the intendment of the guide was to enhance flexibility, transparency, and competition in the Nigerian banking industry. Hence, where a charge is stipulated as "negotiable", financial institutions are required to draw the attention of customers to their rights to negotiate and the two parties are required to mutually agree on the applicable charge via a verifiable means. Although the guide provided for

charges on various products and services of financial institutions, it is not exhaustive, the central bank noted. Financial Institutions are required to present any new product, service, or charge not covered by the document to the CBN for prior written approval. Sources at the apex bank had also told THISDAY that the scarcity of cash in banks especially during the yuletide season had been a major worry to the apex banking regulator. Some Nigerians see no reason to keep their money in banks any longer given the current difficulty in withdrawing such funds when needed. The sources alluded to the fact that the yuletide period was a time when people prefer to keep physical cash for spending purposes – part of the reasons given for the current scarcity. In effect, Point of Sales (PoS) operators have arbitrarily increased

their service charges according to findings by THISDAY. For instance, most PoS operators in Abuja now charge between N150 and N200 for N5,000 withdrawal instead of the initial N100, blaming the extra fee on the scarcity of naira banknotes from the banks. Meanwhile, the central bank yesterday, insisted that the Nigerian banking industry remained resilient, maintaining that key financial soundness indicators were within the regulatory thresholds as captured in the bank’s most recent Economic Report of 2023. CBN acting Director, Corporate Communications, Mrs. Sidi Ali Hakama, stated this in a statement made available to THISDAY. The assurance by the apex bank spokesperson came against the backdrop of some media reports suggesting that some licenced commercial banks in the country had failed the CBN's Capital Adequacy Ratio (CAR) for international

authorisation. She said the CBN was engaging with various critical stakeholders to sustain the level of confidence in the Nigerian financial sector. “We, therefore, appeal to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio (CAR) stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria (CBN),” the statement added.

the Chief of Army Staff Annual Conference 2023 in Maiduguri, reiterated that he would continue to work diligently to provide the military the necessary support to keep troublers of the nation at bay. The president said he would not relent in his effort to secure Nigeria, emphasising that he will win the battle to keep the country safe. Tinubu acknowledged the Nigerian Army's commitment to national security, and told the army to remain non-partisan but vigilant in upholding democratic principles. He emphasised the role of the military as guardian of constitutional order during elections. The president said, "The professional conduct of the armed forces during the elections in Bayelsa, Imo and Kogi states underscores your role as a guardian of our constitutional order and democracy precepts. “In this regard, the Nigerian Army must remain completely non-partisan but vigilantly prodemocracy. “We also note with great satisfaction the many civilian-military projects across the country, some of which will be commissioned during this conference. "These projects not only bring the military and civilian population into closer affinity and mutual understanding, they also serve the practical purpose of tangibly improving the living conditions of the people." Citing the recent procurement of new aircraft as a testament of his resolve to upgrade national defence capability, the president affirmed his administration’s commitment to advancing the ongoing modernisation process within the military, with a focus on improving mobility, communications, and offensive striking

capabilities. He expressed the country's gratitude for the service and sacrifice of the armed forces, and recalled his earlier approval of N18 billion in Group Life Assurance benefits for families of fallen heroes. The president pledged continuous government support for the welfare of serving military personnel and their families. Earlier, Minister of Defence, Mohammed Badaru Abubakar, said the president's new approach to empowering the armed forces and enhancing intra-military collaboration had led to substantial increase in morale for the officers and men. Abubakar declared, "Mr. President, you are a man of your word. Your Renewed Hope agenda assured Nigerians of progress in the fight against insecurity. The men of the armed forces are more committed than ever before. “They see the progress they are recording. They know the damage they are inflicting on our enemies. They have high morale. Our enemies do not, because of your leadership. “Thank you, Mr. President." Chief of Army Staff, Lt. General Taoreed Lagbaja, informed the president that ongoing military operations in different parts of the country had significantly weakened criminal elements, while checking farmer-herders crises in various parts of the country. Lagbaja said, "Notwithstanding these achievements, we recognise the importance of continuous evaluation and this conference will be instrumental in formulating long-term strategies to bolster our ability to carry out our constitutional responsibility in the year 2024."

CBN Governor, Dr Olayemi Cardoso

TINUBU: I’M NOT SATISFIED WITH NIGERIA’S SECURITY SITUATION in Kaduna State, and said, "We are not satisfied yet, we are not satisfied until we reach the end of insecurity in Nigeria." Tinubu added that security issues would remain a top priority under his watch, and they would not be limited to battlefield concerns. He stated, "We will provide better amenities and benefits to our gallant armed forces and their families. We are committed to this and this is factored into the 2024 budget. We will ensure that our administration reflects the grateful heart of the Nigerian people in the way we treat those, who make the ultimate sacrifices on our behalf." He also pledged that the federal government would continue to do all within its powers to provide support and care to families of all Nigerians affected by insecurity in parts of Borno State. "This is my most sacred

responsibility and the trajectory of the larger effort shown by the ratio of victory over defeat has been sliding well in our favour since the new administration resumed office," he said. Expressing his condolences one more time to the families of Nigerians, who lost their lives in the Tudun Biri, Kaduna State, tragedy, Tunubu said most of the victims lost their lives while reciting the Shadada as they observed Maulud, a central statement of faith for practising Muslims. He said about the victims, "They were Nigerians of profound faith and in the moment of the tragedy, they were reciting the Shadada. “God Almighty comforts their families as their nation grieves their passage into glory. May their souls rest in eternal peace!" The president commended the Shehu of Borno for supporting the state and the federal governments

in maintaining peace and stability in the region. He promised to enhance the involvement of traditional institutions in the maintenance of peace and stability at the grassroots across the country. Borno State Governor Babagana Zulum said under the Tinubu leadership, the Office of the National Security Adviser had worked diligently to connect all branches of the country's security architecture by closely coordinating missions and enhancing inter-agency intelligence sharing at all levels. Zulum acknowledged the steady improvement in collaboration between the security agencies and the Borno State government. According to him, "We have seen the close working relationship between our state and the security agencies. The results are speaking for themselves. We remain committed to the

achievement of the “Renewed Hope Agenda” in the fight against insecurity anywhere it exists in Nigeria. “We thank you for your leadership, Mr. President. We will continue to give all required support to the Nigerian Armed Forces." The Shehu of Borno urged the president to deliver his infrastructural interventions to areas that had been hard hit by insurgency over the years. He stated, "We seek the revival of the Lake Chad Commission to provide succour to the large communities in the Lake Chad's surrounding areas. We seek power projects and job creation initiatives for our unemployed youths. “Governor Zulum has been performing beyond what is humanly possible but his resources are limited. Please, assist him." In a related development, Tinubu, while declaring open

PLOT TO IMPEACH FUBARA TAKES NEW TURN AS RIVERS LAWMAKERS DEFECT TO APC But the leaderships of Peoples Democratic Party (PDP), Labour Party (LP), and a non-governmental organisation, Centre for Reform and Public Advocacy asked the Independent National Electoral Commission (INEC) to declare the seats of the defected lawmakers vacant. At the same time, the Ijaw National Congress (INC) asked President Bola Tinubu to call the FCT minister to order, before he set Rivers State on fire. Nonetheless, the caretaker chairman of APC in Rivers State, Mr. Tony Okocha, welcomed the decamped lawmakers, saying by that development, PDP in the state has been decapitated. The rift between Fubara and Wike, the governor’s political godfather, had divided PDP’s political structure in the state, prompting the 27 legislators to move against the governor. A Federal High Court in Port Harcourt had earlier made an order stopping the two factions of the Rivers State House of Assembly from siting, pending the determination of a motion on notice before the court. While the order of court restraining both factions of the Assembly from performing any legislative functions was still pending, the faction led by Martins Amaewhule rushed to Abuja to secure another order from the same Federal High Court empowering his faction of the House of Assembly to start sitting for legislative business. The interim injunction was granted on November 30, which restrained the National Assembly from taking over the legislative functions of the Rivers State House of Assembly. However, at the emergency sitting of the Assembly yesterday, 27

members, who were elected on the platform of PDP, defected to APC. The erstwhile PDP members, in letters they presented, which were read on the floor of the Assembly, claimed that the reason for their defection was the division in the party with regard to the tussle for the position of National Secretary of PDP, which had made communications difficult for them. The lawmakers contended that the confusion surrounding the position of PDP National Secretary had generated a plethora of court cases instituted by members of the party, which had divided the party. They said they could no longer continue to be in such a political party. Fubara held an emergency meeting with members of the state executive council. THISDAY gathered that the meeting was not unconnected with the political crisis in the state, even though details were not made public. But the APC state chairman said the defection was a welcome development. Okocha said what happened was a decapitation of PDP in the state. Describing Wike as an opinion moulder in Nigeria, the APC chairman urged him, like the lawmakers, to also defect to APC, adding, "We need him in Rivers State to lead us. If he finds APC a worthy party, we need him to come over. We need him to come and help us win the 2027 elections." Okocha said the defection of the lawmakers was legal and apt, and dismissed the allegation that Wike was behind it. He stated, "What is the relationship with Wike and the 27 Assembly members, who have been long embattled and arraigned by the governor himself. I don't know

how the Assembly members will comfortably observe four members overrule them. "The decision they have taken is the best. What is more is the fact that the state has been run aground by the former government before Wike. This one is built on consolidation and where is the consolidation. "The decision of the lawmakers was ripe and apt because it’s miscarriage of justice to imagine that four Assembly members will run and overrule the other 27 members, and they have the governor's support in what they are doing."

PDP, LP, Others Urge INEC to Declare Legislators’ Seats Vacant, Hold Fresh Polls

PDP and LP said INEC should

declare the seats of the 27 decamped lawmakers vacant and commence the process of conducting fresh elections to fill them. PDP asserted that by defecting from the party, the political platform on which they were elected into the Rivers State House of Assembly, the seats of the 27 lawmakers had become vacant by virtue of the provisions of Section 109 (1) (g) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). In a statement by National Publicity Secretary of PDP, Debo Ologunagba, the party said, "For the avoidance of doubt, Section 109 (1) of the 1999 Constitution provides that ‘a member of a House of Assembly shall vacate his seat in the House Continued on page 34

FG MAY INCREASE 2024 BUDGET IF REVENUE IMPROVES NEXT YEAR, SAYS WALE EDUN policy and tax reform committee which is already at work. "It is meant to provide fundamental changes together with digitalisation and greater efficiency in collection because it is revenue to debt that can give us the opportunity to even increase this budget. "If we have a solid revenue performance, we will be coming back, and I am sure Mr President will authorise the process to return to the National Assembly to appropriate extra revenue. That is a situation we are all looking forward to." Edun said the federal government was already looking at how to speed up the procurement process in order to increase capital spending in the 2024 budget. He said, "When we look at the actual budget performance,

expenditure as of the third quarter of the year, which is September, was 32 per cent below the budget estimate. "Revenue was five per cent up, the revenue performance is quite encouraging because of a change in exchange rate, a depreciation of the currency and the fact we have foreign debt of about $46 billion outstanding. "This means that debt service was up by 18 per cent, capital expenditure performed below budget quite significantly. "We are looking at the issue of procurement process and ways to speed up capital spending. "In terms of overall balance of the budget, the fiscal deficit is expected to come down from N13.7 trillion to N9.2 trillion.

"Importantly, the deficit, the amount of the budget to be funded by borrowing, is down from 6.1 per cent to 3.9 per cent. That is, the percent of GDP and Capital expenditure remains at 32 per cent, so that is the whole structure of the budget. "In the meantime, the efforts in tax side, to tax revenue as a percentage of GDP from its relatively low figure of under 10 per cent, is doubling now within two or three years to 18 per cent.” Chairman of the Joint National Assembly Committee on Finance, Senator Sani Musa, said Nigeria was currently in a delicate situation, economically. Musa, however, said the Tinubu administration was doing everything possible to change the narrative.

Musa said, "Nigeria today has found itself in a delicate situation, the high rate of unemployment and you know this is transition period. "It is a new government, so we must give Nigerians the right budget. What is the right budget? We must look at our revenue projections, we must look at our performances, and then look at what we are committing to by the time this budget is passed. "We want to make sure that before we even pass the budget we have really checked it, where to dot and cross it, we do it and at the end of the day, we will have a budget that is at least what is expected to do. "We need a budget that will renew the hope of this country and that is why Mr President tagged it the renewed Hope Budget."

T H I S D AY ˾ ˜ ͹ͺ˜ ͺ͸ͺͻ

NEWS

MINISTRY OF POLICE AFFAIRS CITIZENS TOWN HALL ENGAGEMENT... L-R: Assistant Inspector General of Police Zone 2, Lagos, AIG Ari Muhammed; Secretary to the Lagos State government, Barr. Abimbola Salu-Hundeyin; Inspector General of Police, IGP Kayode Egbetokun; Minister of state, Police Aﬀairs, Hon. Imaan Sulaiman-Ibrahim; Governor of Lagos State, Mr. Babajide Sanwo-Olu; member, board of Trustees, Lagos State Security Trust Fund (LSSTF), Dr. Ayodele Ogunsan and Majority Leader, Lagos House of Assembly, Hon. Noheem Adams, during the Ministry of Police Aﬀairs Citizens Town Hall Engagement on Strengthening Policing in Nigeria, at the Lagos Continental Hotel, Victoria Island, ... yesterday

Edo 2024: I'm Nobody's Candidate, Right Man For the Job, Says Asue Ighodalo Pledges to build on legacies of past governors Adibe Emenyonu ÓØ ÏØÓØ ÓÞã Ahead of the 2024 governorship election in Edo State, a frontline governorship aspirant on the platform of the Peoples Democratic Party (PDP), Mr. Asue Ighodalo, yesterday, declared himself the best man to succeed Governor Godwin Obaseki having worked in the background for several years.

Ighodalo, said he worked with Senator Adams Oshiomhole, when he was governor of the state from 2008 to 2016, as a member of the Economic Team, and also doing same currently for the present Governor, as Chairman of Alaghodaro Summit, an economic think-tank of the State government. Speaking during a chat with journalists in Benin City, Edo State,

the former Chairman of Nigerian Breweries, Plc, also described himself as a bonafide Edo citizen from Ewohimi in Edo Central, adding that he was nobody's candidate but one ready to bring his experience of serving as chairman of various companies to bear when he gets the nods of the electorate next year to govern the state. The chairman of Alaghodaro

Summit, said he was offering himself for service because of his desire to make Edo strong economically, noting that there were several parts of the economy that could be used to uplift the standard of living of the people and take them out of poverty. He said Edo as the heart beat of the nation should have good infrastructure like good roads, pipe

HEDA, Presbyterian Church Honour James Ume with Awards Business mogul to hand over rebuilt school to Abia State govt Unveils N300m scholarship for secondary school students Sunday Ehigiator The Human and Environmental Development Agenda (HEDA) Resource Centre has conferred the Gani Fawehinmi Impact and Integrity Awards (GFIIA) on the Chairman, Unubiko Foundation, Chief James Ume. HEDA presented the award to Ume during the 6th GFIIA and Lecture held in Lagos at the weekend. This was just as the Presbyterian Church of Nigeria (PCN), Ketu Parish, Lagos, also honoured Ume with the ‘God’s Mission Ambassadors Award’ during its silver jubilee, held recently in Lagos HEDA Resource Centre, with the support of the MacArthur Foundation, instituted the annual GFIIA, in honour of the late Human Rights activist, Chief Gani Fawehinmi, to reward acts of Integrity, Accountability and Whistleblowing to deserving Nigerians of imperturbable characteristic, Courage, Selflessness and Honesty. According to HEDA, “the award aims to encourage, promote, celebrate and protect the uncommon principles of openness, honesty, probity, accountability and transparency in public and private life and whistleblowing to deserving persons and bodies. “Ume has made a mark, quietly, in ensuring that others find comfort, and convenience and overcome the vicissitude of life. He has touched the lives of the less privileged without making

noise about it and has perfected the act of giving to become one of the shining and inspirational lights in humanitarian spaces in Nigeria. Hence, he is well deserving of the award.” Similarly, the PCN in bestowing the award on Ume, praised his philanthropy. According to the Minister in Charge, PCN, Ketu Parish, the award conferment on Ume was, “in appreciation and recognition of your invaluable work towards the growth of the Parish and The Church Universal.” Reacting to the two awards while speaking with THISDAY, Ume, who is also the Publisher of TheWhistler. ng, said, “This award stands for so many things to me. One of which is a call for service. “It also shows that no matter the little things you do to humanity, people are watching and they are recognising the things you are doing. It also means that you must monitor every one of your activities, and everything you are doing, because people are seeing it, and they are observing you and taking records. “It therefore also means that we just have to keep working harder. For me, serving the people is what gives me ultimate satisfaction, and that’s what I believe in.” On what to expect from the Foundation, moving forward, he said, “We are very grateful for the recognition that is coming. And I can tell you, we didn’t know how all these awards came about, just some random guy reached out to

me to inform me about the awards. “For us, it’s just a beautiful thing. And for the Unubiko Foundation, we are not stopping here. We have had many people support us in many ways, with the work we are doing. “This December, we are handing over a brand new secondary school that we built to the community and

the government on December 26, and we will also be handing over N300 million for scholarships to Abia State students. “So we are not stopping, we will keep uplifting humanity and keep hoping that we will get support from our friends and associates who help us in the works that we are doing.”

borne water, good hospitals, good schools and many others. Admitting that it was a tough decision to leave the private sector for politics, he said he was prepared for the rigours of the job which demands integrity. He said, "I am here to serve the state and I can say I am the best man for the job. I hear people saying I am someone's candidate but I can tell you that I am nobody's candidate. All I will do is to bring my experience to bear having been chairman of several top companies. "It was a tough decision to resign from those positions. I'm coming from a comfort zone and you put all of that down to say you want to do things for your people. I have the ability to do things for many more people having done for fewer people in the corporate world. "All of the experience and connection I have had over the years would be brought to bear. I am committed and convinced that I can do it. It looks uncertain but even if it will be certain in God's name. "I pledge to give youths the opportunity to serve in my government because the youths have talents to build the state. Be assured that I am fully committed to the upliftment of our state and I will give my life to ensure that." Ighodalo, also promised to build

on the legacies of past governors who had ruled that state by looking critically at those policies formulated by them and see those still relevant to the present condition and run along with them, while those not relevant would be set aside or possibly rework on. He said one of the major challenges in government is lack of continuity as every new government would always want to formulate new policies without recourse to its implications on the governed. Ighodalo assured that he is going to support the Oba of Benin to ensure that the rich cultural heritage of the people of the kingdom is preserved. While speaking on the crisis that might probably arise from his party, he said he is going to bring his wealth of corporate experiences into focus. The governorship hopeful said while in the corporate world, he was able to unify several organisations adding that unifying the aggrieved members of the party will not be a challenge to him. He said people should be able to ask other aspirants what have been their track records over the years, stressing that, before anyone could come out to say he wants to govern the state, he should be able to state his antecedents.

NACCIMA, Investors Seek Stronger Collaboration to Boost Rivers Economy Blessing Ibunge in Port Harcourt Leading investment figures have called for greater collaboration among stakeholders to grow the economy of Rivers State. The calls were made yesterday, at the opening of the 2023 Correspondents' Week/Award ceremonies of the Correspondents' Chapel of the Rivers State Council of the Nigeria Union of Journalists (NUJ), held in Port Harcourt. The week-long programmes is being hosted in partnership with the Mayor of Housing, Mr. My-Ace China, with the theme of the programme "Rivers State and the Quest for an Ideal Investment Climate: the Role of the Media." The Deputy President of the National Association of Chambers of Commerce, Mines and Agriculture (NACCIMA), Dr Emi Membere-

Otaji, who lamented the collapse of industries in Port Harcourt over the years, said immediate and intentional steps must be taken to revive the economy of Rivers State. He said if individual investors were left to provide by themselves all the infrastructure needed to operate, they would be stretched thin and would not be able to compete. He, therefore, called on the government to provide the needed infrastructure like roads, electricity, telecommunications and investible funds to support the manufacturing sector. Otaji, who was the keynote speaker, regretted that Rivers State was the oil and gas capital of Nigeria, yet oil and gas businesses and major business decisions were taken in Lagos. He noted that while it was

cheaper for entrepreneurs to import due to the cost of production, the economy would continue to suffer due to capital flight and job losses from lack of manufacturing in-country. "There must be deliberate infrastructure around the 23 LGAs for people living there to curb urban-rural migration, just like in the US, where every state has numerous cities. So infrastructural development should be state-wide. "There must be intentional incentives for businesses to thrive, because the SMEs are crying. Lagos and Ogun are deliberately attracting investments into the state with so many incentives. They are giving businesses all the support to thrive." Also speaking, Mr. My-Ace China, who is engaged in housing development in the new Port Harcourt hub, said the negative

narrative sold to the world about Port Harcourt and the Niger Delta must change to attract investments to the city and the State in general. He said it was not acceptable that people that make their money in Rivers State would not stay back in the state and spend the money they make in the state because of the negative media perception of the state. The Chairman of the Correspondents' Chapel, Mr Amaechi Okonkwo, said the theme of the programme was chosen because the media as agenda setters have a role to play in the environment they operate in. He appealed to politicians in the state to have the interest, wellbeing and prosperity of the state in mind, "because even politics and politicking do not prosper in a troubled and insecure environment."

TUESDAY, ͹ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

CYBERSECURITY WORKSHOP... L-R: Staﬀ Accountant, CSR-in-Action, Mr. Michael Sonibe; Cyber security Engineer, Quomodo Systems Africa, Mr. Olayiwola Dabiri; Channel Manager, Lagos branch, Quomodo Systems Africa, Imole Adetola; Chief Operating Oﬃcer, Brickandclick, Oluwaseyi Adaralegbe; and IT Manager, Reliance Mills Limited, Mr. Lawal Muhammed; at the Quomodo Systems Africa Cybersecurity Workshop held in Lagos ... recently

THISDAY Alumni Congratulates Obaigbena for DAME Lifetime Achievement Award

Adedayo Akinwale in Abuja

The THISDAY Alumni Association, has congratulated the Chairman, THISDAY/Arise Media Group, Prince Nduka Obaigbena, for winning the Lifetime Achievement Award at the Diamond Awards for Media Excellence (DAME). The association, yesterday, in a statement jointly signed by its President, Dr. Tony Onyima and the Secretary,

Juliana Taiwo-Obalonye, said the remarkable achievement was a testament to Obaigbena's outstanding contributions and accomplishments in the media space across Nigeria, Africa and beyond. "On behalf of the members of the THISDAY Alumni Association, we write to extend our warmest congratulations to you on being honoured with the prestigious Lifetime Achievement Award at the

Diamond Awards for Media Excellence (DAME), held in Lagos on Sunday, December 10, 2023. "Your visionary leadership, unwavering dedication, relentless innovation, and courage have been instrumental in shaping the landscape of journalism in our country, Nigeria," the statement read in part. The association added that his commitment to excellence, integrity, professionalism, and free enterprise had served as an inspiration to many budding

journalists and media professionals, both within and outside THISDAY/Arise Media Group. It added: "Throughout your illustrious career, you have consistently demonstrated a deep understanding of the power of media, using your platform to foster dialogue, champion critical issues, and drive positive change in our society. "Your tireless efforts to promote press freedom, provide a voice for the marginalised, and facilitate meaningful conversations have been exemplary. Under your

meticulous guidance, the THISDAY/Arise Media Group, has continued to thrive, setting new standards of journalistic excellence and innovation." The association stressed that his ability to adapt to the ever-changing media landscape, embrace emerging technologies, and deliver high-quality multimedia content has positioned his media group as a leading voice in the industry. It pointed out that the Lifetime Achievement Award was a well-deserved recognition of

his invaluable contributions to journalism and media. It noted: "We take immense pride in having been a part of THISDAY, and we are grateful for the wisdom, guidance, and mentorship you have provided us over the years. "We are confident that you will continue to leave an indelible mark on the media industry and inspire future generations of journalists. We wish you continued success, good health, and many more accolades in the future."

Tinubu Mourns Veteran Broadcaster, Aisha Bello Federal High Court CJ Urges Judges to Be

Deji Elumoye in Abuja

President Bola Tinubu has received with grief the news of the passing of NTA Broadcaster, Aisha Bello Mustapha, who was one of the great icons of the Nigerian broadcast media. The President, in a statement issued on Monday by his Media Adviser, Ajuri Ngelale, extended his deepest condolences to her family, friends, and colleagues, including the management and staff of Nigerian Television Authority, Africa's largest Television network, as well as the Broadcasting Organisations of Nigeria. President Tinubu joined them in paying solemn respects to the highly professional news anchor and presenter, who spent 35 years at NTA until her retirement in 2022. According to the President,

"During her time as the presenter of the flagship 'NTA Network News at 9', Nigerians and viewers around the world looked forward to seeing her smile, warmth, and wisdom as she delivered news that can be trusted objectively. "She mentored many young women who took to broadcasting, mainly by watching and listening to her eloquence, passion, and integrity on the screen, in the newsroom, and off the screen. "Her legacy in broadcast journalism lives on in the rich news archives she leaves behind and the contributions she made to the development of broadcasting in Nigeria. She brought news to life and will continue to be a beacon to inspire generations in the beautiful art of broadcasting.” President Tinubu prayed to God to grant the soul of the departed eternal rest and comfort for those who mourn.

Steadfast, Courageous in Justice Dispensation Carries over 144, 910 cases into 2023/2024 legal year Alex Enumah in Abuja The Chief Judge (CJ) of the Federal High Court of Nigeria, Justice John Tsoho has charged judges on the bench of the Court to be bold and courageous in the discharge of their legal duties. Justice Tsoho gave the charge just as he reminded the judges that they have over 140,000 cases to adjudicate upon in addition to others that may come up in the new legal year. He spoke on Monday in Abuja, during a special Court Session to mark the beginning of the 2023/2024 Legal Year, and the Golden Jubilee celebration of the

Federal High Court of Nigeria. The CJ who noted that the nation's judiciary is on trial, stressed that judges as critical stakeholders in the justice sector must rise up in ensuring the independence and sacredness of the judiciary which he described as the hallowed temple of justice. According to him, the Federal High Court has had a significant influence on how the law is interpreted, how the legal system is shaped and how justice is dispensed and perceived adding added that various Chief Judges of the Court have made series of Rules, Practice Directions and innovations to guide practice and ensure speedy and

Obaseki Pays December Salaries, Pensions …13th month package to be paid 27th December Governor Godwin Obaseki of Edo State has paid the December salaries and pensions for government workers and pensioners in the state. In a statement, Special Adviser to the Edo State Governor on Media Projects, Crusoe Osagie, said workers and pensioners

received their salaries and pensions in the early hours of Monday, December 11, 2023, in line with the announcement earlier made to that effect. He said, “The Edo State Governor, His Excellency, Mr. Godwin Obaseki, has paid the salaries and pensions of workers

and pensioners in the state for the month of December, 2023. “The Governor Obaseki-led administration made the pledge to pay 13th month salary on Workers Day, as a gesture to appreciate the workers for their steadfastness and also ameliorate the hardship caused by the removal of fuel subsidy by

the federal government.” According to him, “The 13th month salary is slated to be paid on December 27th, as earlier announced.” He noted that the state government prioritizes workers’ welfare, in addition to the reforms in the public and civil service.

quality administration of justice in the court. Justice Tsoho disclosed that on assumption of office he set up a special task force to handle the influx of pre-election matters, which he said was a timely intervention that saved the country from a possible political collapse. While noting that, "The Federal High Court had been a beacon of hope for those seeking justice, a guardian of the Constitution and a defender of the rule of law", Tsoho pointed out that the court has evolved with the times, adapting to new legal challenges and complexities, and remains a symbol of integrity and impartiality. Meanwhile, Tsoho disclosed that the court in the last legal year disposed of 12, 870, out of a total of 15,025 cases filed in the 2022/2023 legal year. "When the leftover of 2, 155 cases are added to the total number of cases carried over from the previous year, being 142, 755, we have a total of 144, 910 cases pending at the end of the last legal year. "This comprised of 42,784 civil cases, 36,061 criminal cases, 41,447 motions and 24,618 fundamental rights enforcement applications pending at the end of the last legal year", he said. Speaking on the court's 50th

anniversary, Tsoho, who recalled how the court started in Lagos with one Court and five Judges, stated that as at today, the court now has 38 Judicial Divisions and 95 Judges, adding that the court has recorded huge growth and has become a significant pillar in the hierarchy of the Nigerian Judiciary. The Chief Judge thanked the Chief Justice of Nigeria CJN, Justice Olukayode Ariwoola for his humility and ready disposition to proffer solutions to challenges. He also thanked President Bola Ahmed Tinubu and the National Judicial Council NJC for their unyielding support and understanding and assured that the court would perform better in the new legal year. Speaking on behalf of the Body of Senior Advocates of Nigeria (BOSAN), Dr. Alex Izinyon (SAN) told the Judges of the Federal High Court not to be scared of being dynamic adding that, Judges must be creative. "We must stand up to do all it requires for Justices to be done in the country. We need to fast track for justice to be seen to have been done", he added and expressed worry that civil matters suffer in court as a result of political matters which are given priority.

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MEETING OF OGUN STATE COUNCIL OF OBAS... L-R: Olu of Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle; Ogun State Deputy Governor, Engr (Mrs) Noimot Salako-Oyedele; the Ogun State Governor, Prince Dapo Abiodun; Chairman, Ogun State Council of Obas and Akarigbo and Paramount Ruler of Remoland, Oba Babatunde Ajayi and the Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, during the Statutory Meeting of the Ogun State Council of Obas, at the Obas's Complex, Oke-Mosan, Abeokuta... yesterday

Rivers Executive Council Approves N800 Billion for 2024 Budget Blessing Ibunge ÓØ ÙÜÞ ËÜÍÙßÜÞ The Rivers State Executive Council, has approved an estimation budget of N800bn for the government to spend in 2024 fiscal year. This was approved at the state executive council meeting presided over by Governor Siminalayi Fubara, at the Government House, Port Harcourt, yesterday. The Council also approved that the budget be christened, "Budget of Renewed Hope, Consolidation and Continuity." Addressing journalists after the meeting, Commissioner for Information and Communications, Joseph Johnson, said N412 billion was projected for capital expenditure while recurrent expenditure has N361billion. "We had the 5th council meeting

of Rivers State. We deliberated on the Medium Term Expenditure Framework, which is usually a precursor to discussing the budget. "An 83-page document was also presented, which has the budget estimate. The budget estimate for 2024 is N800 billion and it is tagged: ‘Budget of

Renewed Hope, Consolidation and Continuity. "Essentially, the budget is focused on some key areas with infrastructure taking the lead with N128bn of the budget followed by Education, health and security." Secretary to the Rivers State Government (SSG), Dr Tammy

Danagogo, also said the approved budget estimate was aimed at giving Rivers people a renewed hope that would guarantee continual harvest of projects and human capital development. His words: "We approved an estimated budget of N800,392,485,433.33, which we

The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, has disclosed that the federal government in the last one year provided legal services as well as right to fair trial to over 28,000 detainees in the Federal Capital Territory (FCT), Abuja. According to Fagbemi, this was made possible through the effective implementation of the Administration of Criminal Justice Act (ACJA), 2015 by the ACJA Monitoring Committee (ACJMC) and donor partners on the Police Duty Solicitor Scheme (PDSS) and the Court Duty Solicitor Scheme (CDSS). He spoke while declaring open a two-day Criminal Justice Stakeholders Workshop on Coordination for Effective Implementation of Sections 29, 33 and 34 of the Administration of Criminal Justice Act, 2015, which held in Abuja. While stating that the PDSS has continued to monitor compliance with the provisions of ACJA, and ensures that arrested persons are treated with dignity, the minister stated that, "Records have shown that the PDSS has ensured access to Justice, right to Counsel, legal services and right to fair trial to over 28,000 detainees since inception in February 2022. "The scheme has in collaboration with the Police Divisions in the FCT, taken the extra efforts to ensure a

that there is a consolidation and continuity in what has been happening in terms of the harvest of projects we have been having in the state and of course other areas, particularly in human capital development, security, investment drive and ease of doing business," the SSG explained.

George to Atiku: Don't Attempt Presidential Run in 2027 Segun James A former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has warned former Vice-President Atiku Abubakar not to attempt a presidential bid in 2027, warning that the clandestine moves being made

on his behalf has been exposed. He insisted that the party could not afford to field another northern candidate for the 2027 presidential election, saying such a move would take the party to the garbage heap of history. George, who gave the warning at his Ikoyi office during a press

conference, also asked "the real elders in PDP" to stand up and say the truth. The PDP chieftain recalled that in the build-up to the February 25 and March 18, 2023, general election, some forces in the party ignored warnings which eventually led to the party’s woeful loss.

Fagbemi: How We Provided Legal Services, Right to Fair Trial to over 28,000 Detainees Alex Enumah ÓØ ÌßÔË

believe, by the time it gets to the state House of Assembly, the public will be made to see and understand all the projections and fundamentals. "Basically, the essence of the budget is to give the people and residents of Rivers State the Renewed Hope and to ensure

healthy condition of the cells. Inaddition, the Court Duty Solicitors has continued to offer free preliminary legal services and representation in the courts". The AGF who was represented by the Director, Overseeing ACJMC in the Ministry of Justice, Mrs. Ayoola Daniels, meanwhile said that his vision is to see a justice system that works for all, irrespective of status. He therefore urged participants to unite in creating a criminal justice system that fears or respects no one except the rule of law. "We must uphold the minimum standards that accords respect to suspects throughout the administration of criminal justice. As critical stakeholders, I will like us to have extensive discussions and deliberations on issues hampering us from attaining the kind of criminal justice system that we truly desire", he said. Speaking on Section 29 of ACJA, 2015 which emphasizes the establishment of a database for records of those arrested, the minister pointed out that in today's digital age, data is not just information but life, and when properly utilized, it becomes a powerful tool in shaping government policies and recognition of patterns. "Data sharing is crucial, and the lack thereof contributes to the loss of lives every day. Some crimes are preventable when data is properly harnessed or shared. The implementation of this section in line with the specific details outlined in

section 15 of ACJA, 2015 will require the collaboration of DPOs towards the creation of a robust database for informed decision-making process. "While it is important to recognize all divisions that has been consistent, till date there are some police stations that do not comply with the provision of Sections 29 and 33 of ACJA with regards to the rendering of monthly reports of suspects arrested without warrants. "We have also noticed a reduction in the monthly visits by the judicial

officers to detention facilities", he lamented. In a goodwill, Chairman of the Nigerian Bar Association (NBA), Garki, Abuja Branch, Mr Onions Ezenwobodo, however tasked the federal government on financial support for the scheme, stating that the scheme currently relies more on support from donor agencies. According to Ezenwobodo, "until it takes its rightful place we will continue to have challenges in the society".

"As a life member of the Board of Trustees (BoT), the Upper Chamber and the conscience of our party, the Peoples Democratic Party (PDP), I am raising the alarm today that our party is at the precipice of a looming crisis, if pending critical party issues are not urgently addressed. "I want to sound a note of warning to some gladiators in our great party, the PDP. If care is not taken, the party may become a 'Garbage heap of history' in 2027. "Dustbin of history is a phrase or coinage used to describe an entity, group, organisation or individual that once flourished. At the apex of the existence of such an entity, it was the alpha and omega, the controller of its surrounding. "But, it came crashing down due to a lot of factors, some of which are avoidable. Such a huge downfall can also be described as 'Ash heap of history', 'Garbage heap of history' and 'Landfill of history'. By then, our party will be referred to in the past tense. “God forbid this should happen to PDP. So, this is the time for all members of PDP to be concerned

about the future of our great party. "Obviously, party unity and inclusiveness of all members are ingredients to a viable strategy for our future electoral victories. Some might say 2027 is still far away but realistically, it is not. In a few weeks, we will be entering 2024 and by 2026, politicking will start for the 2027 elections. "We should not also forget that we have off-cycle elections in Ondo and Edo States. So, while I reiterate my solidarity to the tenets of our party constitution, I cannot remain passive when the collective unity of this party is fragmented. How we collectively address the issues at stake will be a major determinant of the fate of this party in months and years to come. "It is our determination to ensure that the PDP returns to the Presidential Villa in Abuja on May 29, 2027. But, we can only go back to Aso Rock if we are united, not divided. So, I don't really understand the rhetorics in some quarters these days that a member of the party from the North is strategising or plotting to return as the presidential candidate of our party in 2027.

Idris: Tinubu Miserable over Mistaken Kaduna Killings Olawale Ajimotokan ÓØ ÌßÔË The Minister of Information and National Orientation, Mohammed Idris, yesterday, said President Bola Tinubu remained extremely dejected by the tragic mistaken drone attack in Tudun Biri, Kaduna State, which resulted in the loss of many lives. Idris, who disclosed this in Minna, while addressing the Central Council Meeting of the Jama’atu Nasril Islam (JNI), acknowledged the collective efforts of traditional and religious leaders in helping to calm frayed nerves in the aftermath of the unfortunate incident. “Your Excellency and Your Highnesses, it is with a deep sense of empathy that I convey the heartfelt condolences of the

President, Bola Ahmed Tinubu, over the death of scores of Muslim faithful in Tudun Biri, Kaduna State through a mistaken drone attack by the Nigerian military. “May Allah Subhanahu Waata’ala give us all the fortitude to bear this unfortunate tragedy. May Allah grant the departed Aljannah Firdaus, and comfort the living, towards their physical, spiritual, and psychological healing, Ameen. “President Tinubu has earnestly expressed how the ‘bombing mishap’ was worrying and ‘painful’ to him and has as a result directed a thorough and full-fledged investigation into the incident and has called for calm, while the authorities look diligently into the mishap,” he said. He noted that to display his

concern over the tragic bombing, the President sent a high-powered delegation led by Vice President, Kashim Shettima to commiserate and sympathise with the people and government of Kaduna State, especially the inhabitants of Tudun Biri, who were affected by the unfortunate incident. The minister added that the Ppresident had since approved the commencement of the Fulako Initiative, where the federal government would embark on empowerment initiatives as well as construct houses, clinics, schools, veterinary hospitals and solar energy as part of a non-kinetic response to the problems of banditry and kidnapping in the North. “The Fulako Initiative is President

Tinubu’s unique humanitarian response to the effects of banditry in our communities and will be implemented in Zamfara, Kebbi, Katsina, Kaduna, Niger and Benue states,” Idris said. He enjoined the Jama’atu Nasril Islam, traditional rulers, Islamic scholars, and all stakeholders to key into the new charter for national values and attitudes tagged “Values Charter for Nigeria” birthed by the administration. “Last week, also, I had the honour to announce a committee of renowned experts to work on and finalise a Values Charter for Nigeria, in line with President Tinubu’s desire for a true and sustained reorientation of national values and attitudes.

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TRANSCORP POWER’S 10 YEARS’ ANNIVERSARY... L-R: Managing Director/CEO Transafam Power Ltd, Vincent Ozoude; Managing Director/CEO Transcorp Hotels Plc, Dupe Olusola; Managing Director/CEO Transcorp Power Ltd, Peter Ikenga; President Transcorp Group, Dr. Owen D. Omogiafo, OON; and Managing Director/CEO Abuja Electricity Distribution Company, Chris Ezeafulukwe, at Transcorp Power’s 10 Years’ Anniversary, held in Ughelli, Delta State.... weekend

Umar, PDP List Nine Grounds for S'Court to Void Judgment Afﬁrming Aliyu as Sokoto Governor Alex Enumah in Abuja Candidate of the People's Democratic Party (PDP) in the March 18 governorship election in Sokoto State, Mr. Saidu Umar and the PDP has listed nine grounds upon which they are asking the Supreme Court to set aside the concurrent judgments of the election petition tribunal and the Court of Appeal which affirmed the election of Ahmed Aliyu as Governor of Sokoto State. In the appeal filed on their behalf by their team of lawyers led by Mr. Sunday Ameh, SAN, the appellants claimed that "the judgment of the Court of Appeal is against the weight of evidence", and as such should be set aside by the apex court. A three-member panel of the appellate court had in a unanimous judgment last month held that the appellants failed to substantiate allegations of irregularities, noncompliance as well as non-qualification contained in their appeal. Justice Mbaba Bassi who delivered the lead judgment had held that the tribunal was right in expunging evidence of non-compliance and other alleged irregularities and malpractices because the evidences were presented by incompetent witnesses. Bassi further held that the failure of the appellants to list and front-

load the statement of the witnesses was fatal to their case. Besides, the court held that even though the appellants provided documents from the Independent National Electoral Commission (INEC ) to prove cancellation of election in 138 polling units across the state, their failure to call witnesses from the affected polling units to speak to the documents was fatal to their case. Justice Bassi pointed that reliance on Section 137 of the Electoral Act, 2022 was insufficient to prove cancellation without oral evidence. But Umar and the PDP in their appeal at the Supreme Court dated December 8 but filed December 10, argued that, "The Court of Appeal in its judgment ignored the Supreme Court’s pronouncement on the application of the provision of Section 137 of the Electoral Act, 2022". According to the appellants, the Court of Appeal made a positive finding that the evidence on record before the court demonstrated that the non-compliance complained of by the appellants were manifest from the Certified True Copies of documents relied upon, adding that by the doctrine of judicial precedent, the Court of Appeal was bound without any discretion by the decision of the Supreme Court in OYETOLA V. INEC (Supra) and not

recent authorities of the Court of Appeal as erroneously held at page 104 of its judgment on the same point that the Supreme Court had made positive pronouncement on. "The Supreme Court's judgment in OYETOLA V. INEC ranks superior to the authorities of COLLINS VS INEC & ORS: (CA/AB)/EP/ HR/IM/79/2023, delivered on 4/10/2023, and UKODHIKO VS PDP & ORS: CA/AS/EP/ HR/OL/16/2023, delivered on 1/11/2023 heavily relied on by the Court of Appeal at page 104 of its Judgment", they submitted. In ground eight of the appeal Umar and PDP further claimed that, "The Court of Appeal erred

in law and thereby occasioned a miscarriage of Justice when it held on page 90 of the judgment that Exhibits SW68 and SW87 remained invalid having been produced by incompetent witnesses going by the position of the Supreme Court in Obi Vs INEC & Ors and Atiku Abubakar & Anor. V. INEC § 2 Ors.: SC/CV/935/2023 (Unreported). "Exhibits SW68 and SW87 are the Certified True Copies of INEC Summary of PVCs Collected in all the polling units in Sokoto State, which were tendered by subpoenaed witnesses from INEC, (PW29 and PW30). "Exhibits SW68 and SW87 are certified true copies of public

documents in the custody of the 4" Respondent, duly certified by it and tendered by the maker. The only admissible form of the said Exhibits SW68 and SW87 are the originals or the certified true copies of the said documents. : "Exhibits SW68 and SW87, were produced by PW29 and PW30 upon subpoena Duces Tecum ad Testificandum which commanded them to appear before the Trial Tribunal to perform dual responsibilities, to wit; tender documents and to give oral testimony", the appellants argued. They therefore prayed the apex court to allow the appeal and "set aside the judgment of the Court of Appeal affirming the decision/judg-

Minister Reads Riot Act to New Heads of Agencies, Says Corruption Won’t Be Tolerated James Emejo in Abuja The Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite yesterday inaugurated the newly appointed chief executives of agencies under the ministry. She warned them to shun corrupt practices, adding that their activities and achievements will be monitored and assessed, with a view to scoring their performance periodically.

She stated that this will be based on key priority areas of the present administration including food security, ending poverty, economic growth and job creation. Other areas of interest, she said, are access to capital, security, fairness and rule of law, anti-corruption stance, and inclusivity as well as drawing on skill base. The minister further tasked the appointees to align their strategic

mandates with the eight points agenda priority areas of the present government. Speaking at the ceremony in Abuja, she said that as chief executive officers of thee agencies, they were expected to discharge their responsibilities in accordance with the rules and regulations of the public service rules, financial regulations and other extant regulations governing the public service.

PLOT TO IMPEACH FUBARA TAKES NEW TURN AS RIVERS LAWMAKERS DEFECT TO APC if … (g) being a person whose election to the House of Assembly was sponsored by a political party, he becomes a member of another political party before the expiration of the period for which that House was elected…’” "By reason of the above constitutional provision and its clear interpretation by the Supreme Court, the 27 defected members of the Rivers State House of Assembly have vacated and lost their seats, rights, privileges, recognition and obligations accruable to members of the Rivers State House of Assembly." PDP, therefore, demanded that Speaker of the Rivers State House Assembly immediately comply with the provisions of the constitution by declaring the seats of the 27 lawmakers vacant. Similarly, LP, in a statement by its Rivers State chairman, Hilda Dokubo, said, "It has come to the attention of the leadership of the Labour Party, the development in the Rivers State House of Assembly, where about 27 members of the Assembly were said to have defected from one party to another

in disregard to the constitutional provisions.” Citing same constitutional sections as PDP, LP said, "The above provision of the constitution is very clear about the fate that must befall those legislators, who betrayed the party that sponsored them. Therefore, Labour is calling on the Speaker of the Rivers State House of Assembly to declare vacant the 27 seats of the defected members without delay in line with the laws of the land.” Likewise, a non-governmental organisation, Centre for Reform and Public Advocacy, give INEC 48 hours to conduct bye elections to fill vacancies created by the defection of the 27 lawmakers. The group, in a letter dated December 11, 2023 and addressed to the INEC chairman, predicated their demand on Section 109(1)(g) of the 1999 Constitution, which they stated forbade the legislators from continuing to hold office after defecting from the party that sponsored them into office. While citing a 2022 judgement of court, the group warned that if the

ment of the Trial Tribunal delivered on September 30, 2023 In Petition No.: EPT/SK/GOV/01/2023". Besides, they prayed the apex court to determine that Aliyu and his deputy were at the time of the election not qualified to contest the election. More: "An order directing the withdrawal of the Certificates of Return issued to the 1st and 2nd Respondents by the 4" Respondent. "That it may be determined that the 1st Appellant having scored the majority of lawful votes cast at the Governorship Election held on March 18, 2023, be returned as duly elected Governor of Sokoto State.

electoral umpire failed to commence the process of bye-election in the next two days, it would have no choice than to commence legal action against INEC.

Ijaw National Congress Urges Tinubu to Caution Wike

INC urged Tinubu to caution Wike against plans to remove Fubara from office. In a statement by its President, Professor Benjamin Okaba, INC wondered why Wike was resolute in the plot to remove Fubara from office in spite of the interventions by the president and other stakeholders. The INC leader also flayed the security agencies for their support for the Amaewhule-led faction of the state Assembly loyal to the FCT minster. It said the plot by Wike and some federal government officials to impeach Fubara was inimical to national stability. Okaba pointed out that the security agencies provided security for the anti-Fubara legislators to sit, against a subsisting court order requiring all parties to maintain the

status quo and to take no official actions until further notice. INC said in the statement, “Mr President, Asiwaju Bola Ahmed Tinubu (GCFR), we implore you once again to call Mr Wike and those federal government agencies and agents, who are putting Rivers State at risk of anarchy, to order. Such elements are inimical to the stability of Nigeria sooner or later. “Mr Wike has also featured on several network TV stations where he made very provocative statements and scandalous claims against Governor Fubara; accusing the governor of attempting to ‘take over’ his ‘structure’, openly taunting him as an ingrate, who is lacking in integrity as well as asserting without investigation that the governor masterminded the burning down of the hallowed chamber of the Rivers State House of Assembly.” Equally reacting, a coalition of civil society groups said the action of Amaewhule-led Assembly was an affront on the rule of law. It said their action amounted to disobedience of court order.

The group appealed to Tinubu to call Wike to order. Convener of Ogoni Development Drive, Mr Solomon Lenu, who addressed journalists in Port Harcourt, alleged that the minister was bent on throwing the state into anarchy by using lawmakers in the Assembly to sack the sitting governor. It said, "Wike is spending government's resources from the FCT treasury to sponsor some dissident lawmakers to ensure that they make the government of Sir Siminalayi Fubara ungovernable. But we, the Rivers people, are telling him that, just as he completed his eight years as governor, Fubara, whom he (Wike) brought to us, will complete his term, no matter the storm. "Wike is bent on ensuring that he causes anarchy in the state such that when the people rise in support of the governor, a state of emergency will then be declared in Rivers State. We can assure you that this will never happen. Nobody will truncate the peace that we are enjoying in Rivers state. Not even Wike and his lawless lawmakers."

"As you are all aware, this administration has zero tolerance for any form of corruption, and this stance must not be compromised in any way. Government will frown on and punish corrupt practices perpetrated by any management team of your agencies," the minister said. Uzoka-Anite further urged the appointees to discharge their duties in a manner that it would be worthy of the trust reposed in them by President Bola Tinubu. She said: "I adjure you to display uncommon leadership that embodies the core values of good governance and strive to entrench same in your various agencies." In her remarks, the Permanent Secretary of the ministry Dr. Evelyn Ngige charged the chief executive to cultivate strong synergy with the ministry as well as with other relevant agencies and extra-ministerial departments, by working collectively. She said: “By working collectively, we can leverage shared resources, expertise and insights, maximising our impact and efficiency in delivering the ministry’s mandates.” Ngige who was represented by the Director, Policy, Planning, Research and Statistics, Baba GanaAlkali, urged the heads of parastatals to familiarise themselves with key public service handbooks. She said:“This will provide you with comprehensive insights and guidance crucial for effective leadership and adherence to established protocols. You are expected to be dedicated to the service of our great nation, and I look forward to witnessing the positive impact of your tenure.”

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COURTESY VISIT TO UMAHI... Honourable Minister of Works, David Umahi (left), and Managing Director/CEO, Nigeria Liqueﬁed Natural Gas Limited, Philip Mshelbila, during a courtesy visit of the NLNG team to the minister in Abuja... yesterday

Mutfwang Condemns Attack as Gunmen Kill Four, Burn Monarch’s Residence in Plateau Seriki Adinoyi in Jos

Gunmen have killed at least four persons in Dungwel Village of Mangu Local Government Area of Plateau State in a night attack that left several others injured, and the residence of the village head torched.

A resident of the village, Mr. Shedrack Gambo, who narrated the incident said that the community is in shock and grieving seriously over the attack, adding that four persons died. Also confirming the attack, spokesman of the military task force in the state, Captain James

Oya said the village head was probably the target. Oya said, “I have called the Commander of the FOB and he confirmed the figure and explained that initial investigation reveals that the target of the assailants was the village head. “According to what the troops

were told, the assailants on arrival were asking for the house of the village head. When the people saw what was happening, they started running away.” Oya said that the bandits set the house of the village head on fire with his family members inside before troops arrived the

scene to rescue some of them. He said: “The village head narrowly escaped, and if not for the intervention of the soldiers, his wives, and children that were locked inside the house would have died because the house was still on fire and everywhere filled with smoke when the troops

Oil Theft: There are Traitors in Navy, Says Tantita Chief Funmi Ogundare The Executive Director, Technical Operations, Tantita Security Services Nigeria limited, Warredi Enisuoh, yesterday expressed concern about the 'Judases', in every sector of the country, even in the Nigerian Navy. Enisuoh, who was a guest on Arise News Channel, stated that his organisation was not at loggerheads with the Navy, but only had a problem with those who

were against fixing the country. “Tantita’s relationship with the Navy has not broken down. If you listen to the Navy, they said they work with a lot of other private security service providers. “ But I guess it is a bit of a culture shock that maybe for the first time, they are working with a company like Tantita which has got such tenacity and capacity to do damage to those who want to do damage to Nigeria. We have

Judas everywhere. We have Judas in the Navy. “We have to be at loggerheads with a few elements that just don’t agree that these crimes have to stop,” he argued. Enisuoh, who refuted the claims of the Navy that Tantita had a hand in the arrested 77-meter-long motor tanker used for crude oil theft, said contrary to the report, the security service provider had been monitoring the ship for a

long time. He explained that it took interest in the ship in 2018 and it had been stealing oil from Nigeria since then. "We weren’t present at that time, but we kept monitoring every situation. Mind you, my contract or Tantita’s contract never stated that that area is under our responsibility. Maybe those who are talking may need to avail themselves of my contract terms. “Secondly, we got our informant

from Ghana who told us that a ship had departed Ghana with the intention to come and steal crude oil from Nigeria. This was November 10, this year. “We knew about it and we knew this ship is well connected and we followed this ship till it switched off its electronic signature three weeks ago and we had to create an ‘EPB’, an umbrella over the Niger delta region and we kept monitoring," he added.

arrived.” He said that the troops had to break into the house and rescue the people. Meanwhile, the state governor, Barr. Caleb Mutfwang, has expressed deep sorrow over “the atrocities by the suspected herdsmen.” In a condolence message signed by his Director of Press and Public Affairs (DOPPA), Mr. Gyang Bere, the Governor sympathized with the affected families, denouncing the barbaric and unacceptable nature of the orchestrated attack. He said that available information revealed that “the assailants set Edward Latu's house ablaze, trapping women and children inside two rooms where seven individuals were rescued after forcing the doors open.” Directing the security agents to go after the attackers, the Governor said they must be made to face the wrath of the law.

AbdulRazaq: Kwara Upgrading Nigerians Elected into ITU’s Infrastructure to Boost Investment Leadership Positions, Working Groups Hammed Shittu in Ilorin The Kwara State Governor, AbdulRahman AbdulRazaq, has reiterated his commitment to upgrading the existing infrastructure in the state so as to boost the investment drive of the state. AbdulRazaq stated that the move would also ease movement of people, goods and services in Kwara. Speaking in Ilorin during the opening ceremony of the Trade Fair organised by the Kwara State Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA), Abdulrazaq said the administration had continued to support businesses to grow, especially small scale businesses that are the arteries of any economy. The governor also said his administration would continue to streamline business processes to improve the ease of doing business and keep Kwara as a top investment destination in Nigeria. AbdulRazaq hailed KWACCIMA, the organised private sector, and

other relevant stakeholders for their efforts and contributions that culminated in the hosting of another amazing trade fair. "Regardless of the general economic situation worldwide, the quality of what we are seeing here is a testament to the conducive environment that Kwara has become for all legitimate businesses and economic concerns. What is at play here are ingenuity, innovation, and collaboration," the governor said. He said the government will continue to work with all stakeholders, especially all the security agencies, to keep Kwara safe and healthy for businesses to thrive. “The Nano, Micro, Small and Medium Enterprises (NMSMEs) are the livewire of any thriving economy. This explains our many interventions in this area, including the Kwapreneur initiative, Owo Isowo, conditional cash transfer, and many others," he stated. He added: “This administration has invested so much in different projects and programmes to upskill our young people and create the

platforms for sustainable job creation. Such initiatives include the innovation hub, garment factory, visual arts centre, sugar film factory, shea butter factory, among others. “The whole world is going through a new phase in economic recovery, owing to climate change and different developments of the past years. At this time, we must work together to build a more resilient economy and a sustainable future, he added". The governor later toured the pavilions, where lots of products and services were being exhibited for sales and networking by various industrialists and some government institutions. Also speaking at the event, the state Commissioner for Business, Innovation and Technology, Mrs. Damilola Yusuf said that the trade fair served not just to showcase products and services, but also served to establish and maintain customer relations, find business partners and personnel, market research instrument and position companies.

Emma Okonji

Two Nigerians, working with the Nigerian Communications Commission (NCC) and the Nigerian Communications Satellite Limited (NigComSat), have been elected into leadership positions at the ongoing International Telecommunications Union (ITU)’s World Radio Communications (WRC) Conference 2023, holding in Dubai, United Arab Emirates. Others from NCC were also elected into working groups of the ITU WRC Conference. Pleased with the election, the NCC said they were all elected based on their impressive performance at the ongoing WRC Conference. According to the Executive Vice Chairman of NCC, Dr. Aminu Maida, the Director of Spectrum Administration at NCC, Abraham Oshadami, has been elected Vice Chairman of the ITU’s Radiocommunication Advisory Group (RAG). Also, the Acting General Manager and Project Manager, Navigation Project Office, Nigerian Communications Satellite Limited, Dr. Lasisi

Lawal, he said, was elected Vice Chairman of the ITU-R Study Group Four (Satellite Services). Maida added that some other members of the NCC delegation were elected into WRC 2023 Working Groups. While congratulating the successful delegates, Maida commended the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, who led Nigeria's delegation to WRC 2023, for “providing guidance, leadership, encouragement and support to the Nigerian delegation at the conference.” The WRC Conference brings together the global community to agree on the use of the world’s finite spectrum resources, the electromagnetic waves that provide connectivity for the day-to-day technologies. Maida expressed delight at the outcome of the elections, stating that roles of the Nigerian elected delegates will enhance Nigeria’s global standing in the telecom space, as well as ensure that the country’s interests and goals are more aptly aligned with global

best practices. In a statement released by NCC and signed by its Director, Public Affairs, Mr. Reuben Muoka, the commission said: “The leadership of the NCC is excited about Nigeria's impressive performance at the ongoing International Telecommunications Union (ITU)’s World Radio Communications (WRC) Conference 2023, holding in Dubai, United Arab Emirates, where two Nigerians were elected into leadership positions, while some other delegates from the Commission were elected into Working Groups. “We are excited about the election of two of our colleagues, Oshadami and Dr. Lawal as Vice Chairs of the Key Study Groups. It is an honour for the NCC and the Nigeria Communications Satellite Limited to have produced these two intellectuals as global radio communication leaders. “Their positions will also ensure that our interests and goals aptly align with global best practices, especially as we work towards attaining the target set by the National Broadband Plan."

TUESDAY DECEMBER 12, 2023 ˾ T H I S D AY

NEWS

SUPPORTING THE POLICE TO PERFORM… …

L-R: Commissioner for Justice and Attorney General of Lagos State, Mr. Lawal Pedro,SAN; Chairman, Police Community Committee, Idimu, Mr. Ademola Adesina; Secretary to Lagos State Government, Mrs. Bimbola Salu- Hundeyin; Assistant Commissioner of Police, Operations, Lagos State Police Command, Mr. Dotun Odunbona; Chairman, All Progressives Congress (APC) Lagos State, Pastor Cornelius Ojelabi, and Chairman, Egbe- Idimu Local Council Development Area, Hon. Kunle Sanyaolu Olowoopejo, at the oﬃcial inauguration of Police Area M Command Phase 11 and 111, Idimu by Lagos State Ministry of Justice in Lagos…recently

AnglicanBishopTasksTinubutoFulfilElectoralPromisestoNigerians Kemi Olaitan in Ibadan

The Bishop, Ibadan North Anglican Diocese, Rt. Rev. Williams Aladekugbe, yesterday, urged President Bola Tinubu, to make good his electioneering promises of making life better for the people of the country. This is just as he enjoined

Nigerians to adopt costcutting measures as a way of addressing the current economic challenges in the country. The cleric, while addressing journalists during a press conference on activities to commemorate the 25th anniversary of the Diocese, said now is the time for the

president to walk the talk of letting Nigerians know that he means business of turning Nigeria around positively, stating that Nigerians are hurting under the policies

The federal government is to resettle victims of banditry and terrorism in Niger and five other states, the Minister of Information Alhaji Mohammed Idris Malagi has disclosed in Minna the Niger state capital. The other states, according to Malagi, are Katsina Kaduna Zamfara Benue and Kebbi . The minister said the programme will entail the construction of houses, clinics, schools, veterinary hospitals and provision of solar energy and inauguration of empowerment schemes for members of the communities in the state that

have been under the siege of bandits and terrorists for years. Speaking at the opening of the Jamatu Nasril Islam Central Council Meeting at the Justice Idris Legbo Kutigi International Conference Centre in Minna, the minister said the initiative is the government’s non-kinetic approach to solving the problems faced by the people who are gradually emerging from the grip of terrorists and bandits “The initiative is President Tinubu’s unique humanitarian response to the effects of banditry in our communities. It will be implemented in Zamfara, Kebbi, Katsina, Kaduna, Niger and Benue states,” the minister said.

Osun Varsity Medical Students Receive WAPCo Scholarship Yinka Kolawole in Osogbo Two medical students from the College of Health Sciences at Osun State University have been awarded a scholarship totaling N940,812 by the West African Gas Pipeline Company Limited (WAPCo). This recognition is part of the company’s annual scholarship award scheme for the 2023/2024 academic session. A statement issued by the university’s Public Relations Officer, Ademola Adesoji,

yesterday revealed that Akande Omowunmi Oluwadamilare and Efuwape Adedayo Seseyon, both from the Department of Medicine and Surgery in the College of Health Sciences, have recently been awarded a scholarship of N470,400 each by WAPCo. Dr. Isaac Adjei Doku, the general manager of Corporate Affairs at WAPCO, emphasised that the selection of Oluwadamilare and Seseyon was based on their remarkable academic performance.

Sunday Aborisade in Abuja

from agricultural intervention programmes of the federal government was corrupt and

diligently to sustain the driving principles of DUG anchored on modernising Delta State. He said: “We are very clear that our desire, which is our mantra remains modernising Delta together. That’s what binds us. Whatever dictates legitimately and morally and ethically sound to modernise Delta together, we will join hands with such people and partner with them to achieve that objective.

“Government must be sincere with the people and cut down expenses, be considerate in its policies, actions and decisions by doing what its officials preach.

politicised. He said many beneficiaries of the funds did not have a square metre of agricultural land anywhere in Nigeria. He also lamented that the naira redesign policy carried out by the Central Bank of Nigeria (CBN) from December 15, 2022

to early February this year when Supreme Court ruled against it , ran farmers bankrupt . The federal government had on Jul 31, 2023, approved N200 billion as intervention for provision of stable food and agricultural inputs. The minister stated spoke

when he appeared before a joint National Assembly Committee on Agriculture to defend his ministry’s budget for the 2024 fiscal year. Kyari told the lawmakers that the existing farmers’ database consisted names of politicians who are not even farmers.

Ondo Streets Sweepers Protest Four Months’ Unpaid Salary Fidelis David in Akure

Scores of women employed as street sweepers in Akure, the Ondo state capital, yesterday occupied major streets in the metropolis to protest the nonpayment of their stipends for four months.

The women, among whom are widows, took their protest to the Ministry of Environment, where they expressed their grievances and threatened to down tool work if they aren’t paid. The protesters, who were dressed in their green jackets, lamented over the “shabby”

treatment being melted on them by the management of the ZL Global Alliances, a private company in charge of waste management and recycling in the state. Addressing journalists, one of the leaders of the protesters, Oluwaseun Ogunniyi, said they were former staff at the Ondo

State Waste Management that was contracted by the ZL Global Alliance since 2019. Ogunniyi explained that the angry protesters were the ones sweeping the streets, highway roads, and markets and still been owed the stipend of N10,000 for four months.

Civil Society Groups Call for Investigation into Murder of Lagos Youth Leader SundayOkobi Acoalition of civil society organisations (CSOs) in Nigeria has called on the federal and state governments as well as the Inspector General of Police (IG) to investigate what it described as the gruesome murder of Mr. Sheriff Ishola

Salami at Moba town, Ajiranland in Lagos, on April 18, 2023. During a peaceful protest at the Governor’s Office, NHRC office, and the state Police Command all in Ikeja, the President of CHSR, Mr. Alex Omotenhinse, disclosed that Late Salami was the youth leader

in Ojomu community, Ajiranland, who was loved by all because he stood for justice, adding that for justice to prevail, the perpetrators of the murder must be brought to book. He said: “Following the murder of Mr. Sherriff Ishola Salami, we had made representations to the Assistant

Inspector General of Police, Zonal Command headquarters, Zone II, Onikan, Lagos via a petition to draw the attention to the indifference of the police and apparent lack of commitment to investigate the incident which was duly reported at Ogombo Police Station.

Abiodun Warns Traditional Rulers against Sale of Govt ‘s Land James Sowole in Abeokuta Ogun State Governor, Dapo Abiodun, yesterday alleged that some traditional rulers had been found selling lands belonging to the state government. He warned that his administration would take disciplinary action against any

person found selling land in its forest reserves and plantations across the state. Abiodun stated this at the Statutory Meeting of the state’s Council of Obas, held at the Oba’s Complex, Oke-Mosan, Abeokuta, describing the actions of the people, including some Obas who sell

government land as unpatriotic. He said: “We will continue to seek your support in the area of lands. Sadly, cases have been reported to us here inAbeokuta about some of our monarchs who have taken upon themselves to allocate government land, government forest reserve, plantations to others.

They’ve been allocating and selling government lands. “I have found this very difficult to believe. I consider this extremely unpatriotic that our monarchs will now begin to allocate such lands to others, and worse still, in some of the areas, the land is being allocated to non-Ogun State indigenes

Orlu Youths Decry Economic Implications of Demolition in Imo Tony Icheku in Owerri

apex socio-cultural Ofuani Elected New Chairman The group in Orlu zone or Imo West senatorial district of of Delta Unity Group Imo State, Orluzurumee

Chief Clement Ofuani has emerged as the new National Chairman of Delta Unity Group ( DUG). He was elected at an enlarged meeting of the DUG which was held at the Agbor, Delta residence of Chairman of the Niger Delta Development Commission(NDDC), Mr. Chiedu Ebie. Ofuani in a brief remark after his election said he would, at all times, work

lamenting that the recent journey to Dubai for COP28 with 442 delegates sponsored by the Federal Government is uncalled for. According to him,

Ghost Farmers Major Beneficiaries of FG’s Agric Intervention Funds, Says Minister

Minister of Agriculture Banditry: FG to Resettle Victims The and Food Security, Abubakar said yesterday that the in Niger, Five Others Kyari, database of farmers benefiting Laleye Dipo in Minna

introduced by the government. He said the government must lead by example in tightening its belt by cutting wasteful spending that does not add any value to Nigerians,

Youth Assembly (OYA) has waded into the controversy over Imo State Government

“unlawful demolition of business premises owned by members of the opposition parties in Owerri, the state capital,” lamenting that such development would worsen the unemployment crisis in the state. In a related development,

the Chairman of All Seasons Hotel, Mr. Mike Ikeokwu, has stated that inferences from the action of Imo State Government in maltreating and witch-hunting top-rated investors and stakeholders like him, shows that small-scale businesses faces extinction in

the state in the nearest future. The group, which was reacting to the demolition of the 20 years old All Seasons Hotel in Owerri, argued that the onslaught appears to be a political vendetta, “which does not speak good of the government.”

Joseph Ayo Babalola Varsity Chancellor Raises the Alarm over Energy Cost The Chancellor of Joseph Ayo Babalola University, Professor Anthony Adegbulugbe, has raised the alarm that the high cost of energy in Nigeria universities is killing the system. He said the amount of money being spent on diesel alone to

provide electricity in Nigerian universities is simply not sustainable. “It is a big challenge in almost all the universities in the country,” he declared. Professor raised the alarm at the recent 14th convocation ceremony and his installation as the 3rd

Chancellor of Joseph Ayo babalola University Ikeji Arakeji in Osun state. He therefore, appealed to the federal government through the Rural Electrification Agency (REA) to address the energy issue urgently in the universities. . Adegbulugbe said: “I want

to use this medium to applaud the federal government’s efforts through the REA in addressing this challenge through the implementation of the multi million dollars World Bank Supported Energizing Education Programme.”

TUESDAY DECEMBER 12, 2023 ˾ T H I S D AY

NEWS XTRA

Ondo Amotekun Arrests 62 Suspects for Kidnapping, Armed Robbery,Arson

Fidelis DavidinAkure

Operatives of the Ondo State Security Network Agency, (Amotekun) have arrested 62 suspected criminals across the 18 local government areas in Ondo State. The State Commander of Amotekun, Mr. Adetinji Adeleye, who paraded the suspects at the corps headquarters in Akure

yesterday, said that the arrest was part of the achievements of the 2023/2024 Ember Months Campaign and Operation 24/7 Patrols and Joint-border Patrols of the corps. Adeleye, who doubles as the Special Adviser (Security Matters) to Governor Oluwarotimi Akeredolu, explained that the suspects were arrested for various alleged offences that included kidnapping, armed

robbery, unlawful possession of firearms and theft among others. He said: “Today, we are parading 62 suspected criminals arrested across the 18 local government areas and local council development areas of

Gombe State Governor, Alhaji Muhammadu Yahaya, has issued Executive Order 002 of 2023, to establish the Gombe State Small Towns Water Supply and Sanitation Agency (STWSSA). This is pursuant to the authority vested in him by the Constitution of the Federal Republic of Nigeria 1999(as amended) and all other powers enabling him in that act. It is also a step towards achieving sustainable water supply and improved sanitation facilities across the state in line with national and international initiatives for a holistic development. The Executive Order outlines a comprehensive framework to revolutionise water supply and sanitation across urban and rural areas in the state. Yahaya, citing the pressing need for improved water access, pointed out the commitment of Gombe State to promoting healthy living and sustainable economic growth through this initiative. Under the newly established

STWSSA, the agency’s mandates are multifaceted. It is mandated to oversee various critical aspects related to water, sanitation, and hygiene (WASH) facilities in all small towns across the state. The mandate of the agency also includes managing and controlling water, sanitation, and hygiene facilities in small towns as well as planning, designing, constructing, and maintaining same. Also, it is expected to focus on public enlightenment, training, research, and sustainable management of sanitation infrastructure as well as coordinating inter-governmental and non-governmental linkages for effective implementation. Governor Yahaya emphasised the importance of community participation, indicating that ownership of schemes would gradually transition to benefiting communities through Water Consumer Associations (WCA) to encourage sustainability and local engagement.

in various joint operations. “This ember month patrol is strategic as we are determined to guarantee safety of lives and properties in Ondo State and for those passing through the highways of the state.

“Across board, we were able to track down about 15 suspected kidnappers. Some of them with guns they use, the money received as part of the ransom and all they told those coming to pay ransom to bring along with the money.

Gunmen Kill Seven Fun-Seekers in Anambra Nightclub, Behead One

David-Chyddy Eleke in Awka

people were shot dead Gombe Establishes Small Towns’ Seven at a nightclub in Oba, Idemili Local Government Area Water Supply, Sanitation Agency North of Anambra State, on Sunday’s Segun Awofadeji inGombe

Ondo State. The arrest of these suspected criminals arouse from distress calls received, surveillance activities of Amotekun men and all the security agencies in the state, inclusive of the police, the civil defense, the DSS and the army

night following an attack by gunmen. THISDAY gathered that gunmen stormed Porsche

Nightclub in the semi-urban city of Oba and attempted to kidnap the owner of club, but were stopped by vigilance operatives attached to the club, leading to massive shooting. A source, Mr. Chukwuemeka Ezefunamba, said: “As a result of the resistance, the gunmen started shooting sporadically,

killing many people in the process. “They also beheaded one of the security men who resisted them from taking the owner of the night club while also cutting off the foot of one of them.” Spokesperson of the Anambra State Police Command, DSP. Tochukwu Ikenga, confirmed

this, saying: “Yes, the incident happened. Our men were alerted and they quickly moved to the scene of the incident, but the gunmen had already fled. “Our men have recovered the bodies of the vigilante operatives who were fatally wounded, while others sustained various degrees of injury.

True Lagos Indigenes Must Take over Political Space, Group Insists Segun James As the statement by the Oba of Benin over the ownership of Lagos continues to reverberate, De Renaissance Group, comprising the ‘true indigenes of Lagos State’, has said the true owners of the state must be allowed to take over the political space in the spirit of equity and fairness. In a statement titled: ‘The

Rebirth Start Now’, and signed by the Protem Chairman, Major General Tajudeen Olanrewaju (rtd); Protem Secretary, Yomi Tokosi, and Coordinator, Prince Adelani Adeniji-Adele, they promised to redefine Lagos State as what it used to be. According to them, “An indigene with the love of the people, our values and our passion for greater heights must emerge as the next

governor of Lagos State. An indigene in this regard is one from any of our five divisions of Lagos State. “With the exception of the Raji Babatunde Fashola administration, the Lagos State indigenes have been deliberately schemed out of participatory governance in the state. The source of the legitimacy of our claim is that there is no state in the Nigerian space that has a

non-indigene as its executive and legislative authorities except in Lagos State.” They explained that the uproar over the recent statement of the Oba of Benin was a distraction that was unneeded at this crucial time. The group said: “God had pleased our Lagos State to be prosperous, and for our dear state to attain this enviable position in the comity of states in the country and beyond.”

Students Protest Abduction of Varsity Girls in Kano

Ahmad Sorondinki in Kano

Students unions took to the streets of Kano City yesterday in a peaceful protest over rampant cases of abduction of female students in universities in some northern states. The protesting students who

matched along BUK Road in the metropolis carried different placards with inscriptions “Arewa Mu Farka,” meaning northerners wake up. The students who were believed to be mostly from the Bayero University Kano (BUK), demanded the immediate

release of female students kidnapped by armed bandits from Federal University Gusau (FUGUS), about three months ago, as well as other females students seized from Federal University, Dutsinma (FUDMA) and recently from Nasarawa State University, Keffi, Nasarawa

State. Mr. Sharfuddeen Bature, who led the protest, told journalists That “we have been on the matter for long. It has been eighty days now since the abduction took place. We have ministers in our region – in Zamfara.

TUESDAY, ͹ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

TUESDAYSPORTS

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

0811 181 3083 SMS ONLY

Shaibu, Gusau Hail Osimhen, Oshoala, Others for Bringing Honours to Nigeria Edo State Deputy Governor, Rt Hon Comrade Philip Shaibu, has congratulated Victor Osimhen, Nigeria and Napoli FC forward, for clinching the coveted 2023 African Footballer of The Year Award. Similarly, he also congratulated sensational female footballer, Asisat Oshoala for winning the African Women's Player of the Year Award

2 0 2 3 C A F AWA R D S for the record sixth time. Oshoala is the Super Falcon forward. In his congratulatory message he personally signed, the Deputy Governor noted: "I am profoundly delighted to congratulate our own Victor

Osimhen and Asisat Oshoala for bringing football glory to our dear country, Nigeria. Super Eagles of Nigeria forward, Victor Osimhen, has been crowned the CAF Best Footballer of the year 2023 while Asisat Oshoala, for the record 6th

time, clinched the CAF's African Best Women's Player of the Year 2023. Indeed, the icing on the cake is the fact that for the very first time, these two prestigious football titles are won by Nigerians. "No doubt, this is a great feat worth celebrating by sports enthusiasts, particularly football lovers in Nigeria and beyond,

for the breath of fresh air the glamorous awards have brought to Nigerian football". "For me, these awards are well deserved and befitting of the record-breaking performances both of you have put up in your respective clubs outside our shores and of course, in the Nigeria male and female national teams". "Indeed, you have not only done well for yourselves, you have made Edo and Ogun States proud and taken Nigerian football to the next level". "Once again, congratulations and many more exploits in your football career,” concludes the Deputy Governor who played in some of Bendel Insurance NPFL matches last season. Also speaking about the feat achieved by these Nigerian footballers, President of Nigeria Football Federation, Alhaji Ibrahim Musa Gusau was a very happy man on Monday night, as Nigeria swept important honours at this year’s CAF Football Awards held in Marrakech, Morocco. The NFF supremo was

personally present at the Hotel Movenpick and collected the first honour that came Nigeria’s way – Women’s National Team of the Year. He dedicated the award to all women football teams on the African continent. Gusau said: “I am very excited tonight. This has been hugely rewarding for our football and for our country as a whole. I congratulate Osimhen, Oshoala and Nnadozie, and I congratulate the Super Falcons as a team for bringing us this honour. “My charge would be that they all keep doing what they know how to do best, keep improving and keep winning. The sky will be the beginning for them.” Ex international and 1997 African Footballer of the Year, Victor Ikpeba, similarly hailed Osimhen, Oshoala and Nnadozie for achieving the feats. Speaking on SuperSport Monday Night Football, Ikpeba however stressed that the award will now put more pressure on Osimhen to deliver for the Super Eagles.

NPFL Moves to Bring Back Friday NightMatches Nigeria’s Super Falcons were last night voted Africa’s Best Women’s National Team of the Year at the CAF Awards in Marrakech, Morocco

Halkin Heeds Diri’s Clarion Call, Sponsors Bayelsa Utd FC The call by Bayelsa State Executive Governor, Senator Douye Diri, to corporate organisations in the state to sponsor sports has been identified as the significant reason for the sponsorship of Bayelsa United Football Club, the state owned Nigeria Premier Football League side by Halkin Exploration and Production Limited. “We know Governor Diri has charged corporate organizations to sponsor different sporting activities as a way of reducing youth restiveness in the state. We have come to play our role in response to his request. “It is exciting to know that Bayelsa is also a state that respects the rule of law and open to local as well as international investors”, MatchRoom Sports and Media Limited, the Sports Marketing Consultants that facilitated the sponsorship said in a statement on Monday. Determined to improve the club’s position on the log and contribute

to the development of communities where it operates, Halkin, a key player in the upstream, midstream and downstream sectors of Nigeria’s oil & gas industry sealed a one-year renewal deal with the club. Halkin’s sponsorship turned out to be the energy that fueled the club’s return to winning ways in front of their fans with a 2-0 victory over Enugu Rangers in Sunday’s NPFL match day 13 clash at the Samson Siasia Stadium, Yenagoa. Bayelsa United were on a two-match winless run at home after sharing points with Sunshine Stars and Abia Warriors, in previous matches, before the sponsorship was sealed. Before Sunday’s kick off, Club Chairman, Timitimi Ebiki and Halkin’s GM Operations and Production, Engr. Lawrence Ayebatonye unveiled the team’s new jersey. A 44th minute free kick by league joint top scorer, Mizo was parried by Rangers goalkeeper Japhet

Opubo, but Kehinde Lawal was alert to put the ball in the net for Bayelsa’s opener. Ekeson Okorie stepped up in the 78th minute with the second goal after connecting Kehinde’s assist

to send the home fans into ecstasy. MatchRoom Sports and Media Limited revealed that Halkin has several initiatives to encourage the players and ensure Bayelsa United represents the state well this season.

With the full return of matches on television screens and broadcast streaming platforms, the Nigeria Premier Football League (NPFL) has turned attention to introducing Friday nightmatches. In a memo to the NPFL clubs, Davidson Owumi, the Chief Operating Officer, informed the clubs Chairmen and Chief Executives that the night fixtures would be introduced pursuant to cited sections of the NPFL Framework and Rules. "Pursuant to Section B, Article 4.1 and 13.4 of the Framework and Rules of the Nigeria Premier Football League 2023/24 season and in conjunction with the CAF Club Licensing procedure, the NPFL wishes to schedule some of its fixtures for Friday nightmatches", the memo read. NPFL matches began streaming through the Propel Sports Africa NPFLLive on the Over The Top (OTT) platforms at the start of

the season while StarTimes began Direct To Home (DTH) broadcasts on November 18. The clubs were consequently directed to ensure that all facilities, especially the electric flood lighting are functional. The NPFL said it would be in communication with selected clubs to ascertain the readiness of their facilities. "The Nigeria Premier Football League will be in communication with clubs that have been selected for the Friday nightmatches to make sure that all logistics are in place for a successful fixture schedule", the memo concluded. Owumi told NPFL Media that the introduction of Friday nightmatches is to expand the league value chain by creating a platform to stimulate local businesses in areas where matches will hold. "Football is a part of the entertainment industry and generally, people get off work on Fridays, hence we want to capture this segment of the weekend market by offering them safe places beyond what they become accustomed to", the NPFL COO explained.

TODAY UCL

L-R: Chairman of the Badminton Section of Ikoyi Club 1938, Mr Thomas Adeoye; President of the Badminton Federation of Nigeria, Francis Orbih and Lagos State Badminton Association Chairman, John Duru at the press brieﬁng to herald the Ikoyi Club National Badminton Classic in Lagos...at the weekend

Copenhagen v Gala’ray Man Utd v B’Munich Lens v Sevilla PSV v Arsenal Napoli v SC Braga U’Berlin v R’Madrid Salzburg v Benfica Inter v Sociedad

Maiden "Keep Fit Lagos" Holds at Mobolaji Johnson Arena The 2023 inaugural edition of "Keep Fit Lagos" organised by the Lagos State Sports Commission in collaboration with the Senior Special Assistant to the Governor on Sports, Damilare Orimoloye, was on Saturday, flagged off at the Mobolaji Johnson Arena, Onikan, Lagos Island. It's a unique fitness event designed to promote the culture of healthy living and provide an enabling environment for the people of Lagos

to bond and foster unity. People from all walks of life stormed Mobolaji Johnson Arena to be identified with an initiative that tends to improve physical and mental well-being and raising the importance of health education. Speaking with journalists, Orimoloye said "Keep Fit Lagos" is a statewide agenda bringing people together to connect and embrace a lifestyle worthy of living.

Damilare lauded the state government through the sports Commission for the unflinching support of the aerobics programme in keeping the people of Lagos aware of their general health status and promoting a safe and healthy society. Director General Lagos State Sports Commission Oluwatoyin Gafaar, expressed satisfaction with the inaugural edition of "Keep Fit Lagos", adding that the next one

will also be better. Gafaar said it's not a one off programme and everybody need to keep fit and it will be hosted in every suburb of the state. In his remarks, Commissioner For Youth and Social Development, Mobolaji Ogunlende, encouraged participants not to relent in their efforts in pushing for a safe Lagos and continues to train their mind, body and soul for a better state.

Dignitaries who graced the event include Honourable Commissioner for Youth and Social Development, Mobolaji Ogunlende, Chairman, House Committee on Sports, , Abiodun Orekoya, DG, LSSC. Oluwatoyin Gafaar, LSSC Board members, Fatai Abatan, Lanre Saheed and Adeshina Ogunjimi, Chairman, Lagos State Association, Fouad Oki, Director, Public Affairs, Titilayo Oshodi-Eko, Director, School

Sports, Oluyomi Oluwasanmi, SSA, Sports, Damilare Orimoloye and SSA Grassroots Sports, Adebanji Atewogboye. The Keep fit Lagos monthly event is an avenue for Lagosians to burn calories, inspire healthy lifestyle modifications, bond, network, entertain themselves and have maximum fun. Certificates of Participation were doled out to the participants at the end of the exercise.

TUESDAY DECEMBER 12, 2023 • T H I S D AY

Tuesday, December 12, 2023

UT H

& RE A S O

Price: N250

MISSILE

EFCC to Treasury Looters

“We are going to give sleepless nights to those stealing our money. We are going to remove opportunities for corruption. We are going to plug the loopholes. We have sent word to all the gatekeepers of our ﬁnances in Nigeria that we are going to work with them. Every money that is released, we are going to track them. We are tired of corruption in Nigeria.” --EFCC Chairman, Ola Olukoyede, vowing to tackle treasury looters in the country.

MAGNUSONYIBE Is Tinubu Reforming Nigeria Without Concept? P GUEST COLUMNIST

resident Bola Ahmed Tinubu has initiated a multitude of policy reforms in our country over the past six months, indicating an active administration. However, tangible evidence of the positive impact of these reforms is not yet apparent. Currently, his work may seem thankless as it is not completed to a point where the masses can readily appreciate it. Despite this, President Tinubu’s regime is undeniably off to a promising start. As we are well aware, the visible manifestation of a pregnancy does not occur on the first day a man impregnates a woman. It typically takes approximately nine months for a pregnant woman to develop a noticeable baby bump, progress through the stages of pregnancy, and ultimately give birth. Similarly, the development and implementation of government policies and programmes undergo a comparable process. The timeline for a government programme or policy to materialise is even lengthier than the gestation period of a child. This protracted duration is reflected in the tenures of governments or the terms of elected public officials, which commonly span a minimum of 4-6 years. This extended time frame is necessary to ensure the comprehensive planning, execution, and evaluation of policies and programmes, mirroring the intricate and time-intensive nature of fostering meaningful societal change. In Nigeria, there exists a customary limitation of two four-year terms for the presidency, mirroring the governance structure observed in the United States, that is linked to the fact that Nigeria adopted this presidential governance system from the USA. In my assessment, considering that President Tinubu has been in office for a relatively brief period, expecting immediate dividends from his policies and programmes is unrealistic. So, the deliberate question intrinsic in the title of this piece serves the purpose of addressing concerns that have surfaced in public discussions, reflecting the inquiries and uncertainties on the minds of certain Nigerians. The unequivocal response to the inquiry, “Is President Tinubu Reforming Without Concept?” is a resounding no. Contrary to the allegations made by detractors, Tinubu’s reforms are meticulously conceptualised, marked by aggressive transformations in the economic and sociopolitical fundamentals of our nation—unprecedented in their scope and impact as has been laid out in this discourse. After a cursory look, it would become obvious that President Tinubu exhibits bravery by directly confronting challenges instead of avoiding them, although he is not without imperfections. Unlike his predecessors, who shied away from combating the powerful petrol subsidy mafia, Tinubu has chosen to confront this issues bedeviling Nigeria head-on. Numerous Nigerian leaders, spanning multiple regimes, were challenged and ultimately defeated by the petrol subsidy mafia. This resistance persisted through the tenures of military heads of state, including Gen. Muhammadu Buhari (1983-1985), Gen. Ibrahim Badamasi Babangida (1985-1993), and Gen. Sani Abacha (1993-1998). The challenge endured into the democratic era, with Chief Olusegun Obasanjo’s presidency (19992007) and continued through the administrations of Umaru Yar’Adua and Goodluck Jonathan (2007-2015). Former President Buhari’s eight years reign is generally believed to have reversed the fiscal gains made by previous administrations with subsidies in petrol and naira becoming more deeply entrenched and corruption assuming unprecedented dimension. President Tinubu’s courage in addressing this longstanding issue sets him apart, demonstrating a willingness to tackle challenges that his predecessors avoided. By retaining the subsidies on petrol and the naira, which were akin to a suffocating giant anaconda constricting our nation, the leaders in question implicitly share responsibility for the current hardships endured by Nigerians. The only leader from the past who bears less culpabil-

President Bola Ahmed Tinubu ity for subjecting Nigerians to unnecessary suffering is General Ibrahim Babangida. He attempted to address the subsidy issue on Premium Motor Spirit (PMS) by introducing the Structural Adjustment Program (SAP). This homegrown initiative served as an alternative to the International Monetary Fund’s (IMF) conditions for providing a loan to Nigeria, aiming to help the country navigate financial challenges. Regrettably, this endeavour faced a spectacular failure due to a lack of political strength to see it through to a logical conclusion. At this juncture, it is pertinent to note that the reforms advocated by the International Monetary Fund (IMF) in 1985, which the military regime of President Babangida replaced with a domestic alternative known as the Structural Adjustment Programme (SAP), are akin to the reforms initiated by President Tinubu since assuming office in Nigeria on May 29th of this year. These reforms have been consistently implemented through executive and parliamentary bills signed into law over the past six months, all of which are aimed at resetting the nation and the economy with a view to putting the ship of state on even keel. While the nomenclature “Tinubunomics” has not officially been labelled as his reform policies identity, some of us (yours truly in particular) have colloquially adopted this term. This inclination stems from the discernible pattern observed in the economic and financial landscape of Nigeria since his inauguration on May 29, approximately six months ago and which mimicks Bidenomics in the USA that entails a package of reforms revolving around investments in infrastructure, empowering education and workers to grow the middle class thereby boosting employment and rescuing the economy. The appropriation and investment of $1.9 trillions dollars COVID-19 pandemic rescue package aimed at significantly impacting the socioeconomic landscape of that country, appears to tie in with the rescue package of N5 billion that Tinubu’s administration has advanced to the 36 states of the federation to cushion subsidy removal fallouts on the masses This media intervention seeks to systematically consolidate and analyse the multitude of policies articulated during this eight months period of Tinubunomics. The primary objectives include elucidating the rationale behind these policies, delineating the criticisms that have accompanied the introduction and execution of select initiatives, and, ultimately, furnishing the public with a comprehensive understanding of the anticipated outcomes as envisioned by the current administration. By undertaking this effort, it is hoped that we can

dispel any misconceptions held by skeptics regarding the perceived disconnect between the policies and programmes of the current administration and the expectations of the Nigerian populace. It is essential to rectify the inaccurate notion circulating in the public sphere. Upon closer examination of the prevailing circumstances, characterised by a sense of urgency, it becomes evident that despite the initial rapidity in policy formulation – exemplified by the president’s pronouncement on the abolition of petrol subsidy during his inaugural speech on May 29 – there exists a method to the seeming disorder. President Tinubu’s address in Berlin, Germany, as part of the Germany-Africa Campact meeting during the G-20 summit, has been lauded for its masterful display of salesmanship. “....look at me—I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil. Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years. Today, I can proudly beat my chest that Lagos state is on the horizon and the fifth-largest economy in Africa, rising from ground zero. “This is the track record that led me to the presidency. Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do. I removed the fuel subsidy that is a great burden to Nigerians from the moment I stepped into office. “The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them. “I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations. You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time....” It incredible that in his apt presentation, president Tinubu front-loaded the apparent negative reputation challenges shackling Nigeria and addressed the fears of his audience which is a strategic way of getting investors to buy into their initiative. By so doing he exhibited a trait identified as a deal clincher in the book titled: “Backable. The Surprising Truth Behind What Makes People Take A Chance On You” written by Suneel Gupta a faculty member in Harvard University where he teaches how to be backable. Mr. Suneel argues in his unique book which Mike Krieger co-founder of Instagram endorsed in the following glowing terms: “Backable provides a super-readable and actionable look at how to make your ideas take flight. Whether you are pitching a brand new startup or an idea for your company’s next product, you will find a wealth of insights and stories throughout ” and Mr. Reid Hoffman, co-founder of LinkedIn amongst other notable authorities also took notice of and recommended it thus: “Whether you want to get ahead inside a company or build a start up from the ground up, this fascinating book is a must read.” It is not a mean feat that President Tinubu’s marketing pitch to the various audiences from France to India, United Arab Emirates (UAE) and Saudi Arabia where he has visited in the past six months in quest of foreign direct investments into our country, can be likened to “secret steps that anyone can take to stand out and achieve their dreams” which is how Reshma Saujani, founder of Girls Who Code characterised the sagacity displayed by President Tinubu during his marketing storms as encapsulated by the nuggets of wisdom in the book by Suneel earlier referenced. Before delving further into an analysis of the concrete measures undertaken by the current administration to steer our nation away from the precipice of collapse by attracting foreign investors to bolster the Nigerian economy, fostering job creation, and enhancing prosperity, it is imperative to scrutinize the underlying reasons for Nigeria’s fundamental economic challenges. This examination is aimed at highlighting the necessity for increased discipline among public servants in managing the country’s limited resources and the

formulation of policies conducive to a transformative journey akin to Singapore’s remarkable progression from a third-world to a first-world nation within a relatively brief time frame. Aside from the unjust trade practices imposed by industrialized nations on African countries, another significant factor contributing to Africa’s, particularly Nigeria’s, economic struggles is the prevalence of theft, graft, and corruption among public officials, including both politicians and civil servants. This assertion finds support in the case of Mr. Jonah Ogunniyi Otunla, who served as the Accountant General of the Federation from 2011 to 2015 in Nigeria. During this period, Mr. Otunla openly admitted to defrauding government of public funds out of which he is refunding a substantial sum of N6.3 billion. That is likely a minuscule portion of the public funds he had illicitly diverted from the federal government treasury while holding the position of the country’s treasurer. The successor to the role of Accountant General of the Federation, Mr. Ahmed Idris, similarly faced legal action in 2022 when he was apprehended by the nation’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), on charges related to the misappropriation of a staggering N80 billion. A recent updated report reveals that the aggregate sum of public funds pilfered by the Accountant General of the Federation (AGF) and his accomplices, who are presently undergoing trial in Nigerian courts, has surged to N109 billion. In a prior instance, Mr. Abdulmalik Maina, a senior public official entrusted with the task of recovering pension funds lost to corruption syndicates within the pensions office, paradoxically became implicated in embezzling the very funds he was assigned to reclaim for the government. Although he was tried and sentenced to incarceration, the current status of his serving term in any penitentiary remains uncertain. The cornerstone of our nation’s economy lies in the exploration and export of crude oil and gas, a vital source of foreign exchange earnings. It is approximated that a minimum of 80% of our foreign exchange income is derived from the export of these petroleum products. Nigeria’s allocated export quota from the Organisation of the Petroleum Exporting Countries (OPEC) stands at 1.8 million barrels of crude oil per day. However, as of June of this year, approximately six months ago, the officially available quantity for export was less than one million barrels. The shortfall is primarily attributed to the rampant theft of crude oil from the pipeline responsible for transporting the product to the export terminal. Despite the encouraging news of a current increase in crude oil production to approximately 1.3 million barrels, credited to enhanced surveillance and anti-theft measures implemented by the Nigerian National Petroleum Company (NNPC) Ltd, the nation’s oil giant, which engaged Tantita Security for pipeline protection in the past year. Sources within the oil industry have disclosed that an astonishing amount of funds, were being lost to international crude oil theft syndicates that held sway in the oil and gas-rich Nigerian Niger Delta region. This situation persisted until recently when authorities discovered their clandestine pipelines used for siphoning products and successfully apprehended vessels engaged in transporting stolen goods, subsequently setting them ablaze. Arising from the above revelations, a significant conduit for draining our nation’s wealth is corruption perpetrated by past leaders. One notable example is the late Gen. Sani Abacha, a former head of state who unexpectedly passed away in 1998. It is widely believed that he embezzled billions of dollars, dispersing the ill-gotten gains across multiple countries worldwide. Continues online

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