WEDNESDAY 13TH DECEMBER 2023

Fubara Secures Crucial Win as Court Confirms Ehie Authentic Rivers Assembly Speaker APC threatens to petition NJC, accuses governor of orchestrating tension

Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt A Rivers State High Court sitting in

Port Harcourt, yesterday, confirmed Governor Siminalayi Fubara’s ally, Edison Ehie, as authentic Speaker of the House of Assembly. The

decision was the latest twist in the continuing saga of wrangling and bitterness in the state between Fubara and his erstwhile political

godfather, and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The court presided over by Justice

Call Wike to order, Clark tells Tinubu M.W. Danagogo also restrained Martin Amaewhule and Dumle Maol, Wike’s associates, from parading themselves as Speaker and Deputy

Speaker, respectively, or interfering with the activities of Ehie as Speaker Continued on page 9

Tinubu: My Plan for Massive Investments in Health Sector... Page 5 Wednesday 13 December, 2023 Vol 28. No 10472. Price: N250

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Rewane: FG’s Target of $1tn

Economy in Eight Years Becoming a Pipe Dream Nume Ekeghe

L-R: Dean, Lagos Business School, Prof. Chris Ogbeche; Chairman of the BOT, Mr. Jacob Ajekigbe; Representatives of Lagos State Governor/Secretary to the State Government, Mrs Abimbola Salu-Hundeyin; Members, BOT, GAMSU, Ms Evelyn Oputu and Toyosi Akerele-Ogunsiji during the commissioning of Gamaliel and Susan Photo: Abiodun Ajala Onosode International Management and Research Centre at the Lagos Business School, Lagos...yesterday

Chief Executive Officer of Financial Derivatives Company Limited and Non-executive Director of Parthians Continued on page 9

FG Charts New Roadmap for Power Sector, May Halt Dollar-denominated Gas Transactions N250 per kWh of self-generated power unsustainable, says Adelabu Electricity subsidy gulps N2.8tn in 7 years, may guzzle N600bn in 2023 Edun: Result from 10 years of privatisation disappointing Govt to accelerate unbundling of TCN into two entities BPE to sell shares of Discos, EPCL, Nicon, others to public Ndubuisi Francis and Emmanuel Addeh in Abuja The federal government, yesterday, began another round of consultation aimed at revamping Nigeria’s

ailing power sector, with a hint that industry players might need to dump dollar-denominated transactions to surmount the gas supply problem.

Continued on page 9

UNITED TO SAVE LIVES...

Kwara State Governor/Nigeria Governors' Forum (NGF) Chairman, AbdulRahman AbdulRazaq and President Bola Ahmed Tinubu at the commemoration of the Universal Health Coverage (UHC) Day and signing of the Health Renewal Compact by Federal, State Governments, and Development Partners at the State House in Abuja... yesterday

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T H I S D AY • WEDNESDAY, DECEMBER 13, 2023

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

NEWS

LAUNCH OF TINUBU'S 4D Foreign Policy Exhibition...

L-R: Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar; Minister of Youth Development, Jamila Ibrahim; Doyen of the Diplomatic Corps in Nigeria, Amb. Salaheddin Abbas and Chairman, Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, during the launch of the President Bola Ahmed Tinubu’s 4D Foreign Policy Exhibition at the Ministry of Foreign Affairs in Abuja ... yesterday

Tinubu: My Plan for Massive Investments in Health Sector

Charges developed countries poaching Nigerian doctors to invest in manpower devt in Nigeria FG plans to mobilise $2.5bn to improve primary healthcare centres

Deji Elumoye and Onyebuchi Ezigbo in Abuja

President Bola Tinubu has disclosed that his administration was prioritising and improving Nigeria’s health sector through massive investments and allocation of increased funds to the sector in the proposed 2024 budget.

The President made this declaration yesterday, at the unveiling of Nigeria’s Health Sector Renewal Investment Initiative and the signing of the Health Renewal Compact by Federal, State Governments, and Development Partners at the Conference hall of the State House, Abuja.

The event was part of activities marking Universal Health Coverage (UHC) Day, observed annually on December 12.

According to him: "Delivering improved quality health is an underpinning factor in my promise of Renewed Hope to Nigerians. That hope is ignited here today with the support of all multilateral partners and agencies; health is back on the front burner. ''This occasion marks an opportunity for collective reflection and action as we recommit ourselves to the noble pursuit of health for all.

The theme for this year 'Health for All: Time for Action' encapsulates the urgency and the determination with which we must approach this noble goal.

''Health is not merely the absence of disease but the embodiment of physical, mental, and social well-being.

It is a fundamental human right and Nigeria's commitment to achieving Universal Health Care Coverage is reflected in the unwavering dedication of my administration to uphold this right for every individual, young or old, in rural or urban areas.

“Recognising the importance of primary healthcare as the cornerstone of a resilient, integrated healthcare system, my administration is embarking on a massive effort from 2024 to revamp physical infrastructure, equipment, and retraining of frontline health workers, in collaboration with all the that the 36 states. I say again, thank you for your presence, all the governors here today.”

He added: “It’s not a political affiliation matter, it’s a commitment to the welfare of our people, working together as one single entity.

Nigeria, with knowledge, people and determination, we will achieve it, we owe our people this, it’s a promise we made; campaigning dancing, ranting, making promises.

“Here we are. They gave us the mandate, all we pledged, that we will serve them. Now we must deliver. Yes, we agree that funding an investment in health is the cornerstone of a resilient, integrated healthcare programme, my administration will continue to work with all of you in

equipping and retraining of frontline healthcare workers.

“Critical to my administration's goal to provide universal health coverage for Nigerians is our commitment to reduce the financial burden in accessing healthcare, we must help our people.

“We are currently revitalising the basic healthcare provision fund to better provide access to essential healthcare services under a full implemented National Health Care Act. “We understand the importance of well-trained human resources as valuable in delivering quality care

and we are committed to investing in training, retention and welfare of health professionals to ensure a skilled and motivated workforce.”

Tinubu also advised developed countries coming to Nigeria to poach medical professionals to also consider investment in the sector so as to keep it afloat.

He boasted that Nigeria was still a rallying point for best brains in the medical profession, a development he said had seen him budgeting a substantial sum for the sector in the 2024 appropriations currently before the National Assembly.

“We encourage those Nigerian health professionals in the Diaspora, just like Professor Ali Pate and Tunji Alausa have done, sacrifice their time to come back home and serve their people. Consider your contributions here at home, as we say, ‘Charity begins at home’.

“For the developed countries, who benefited from amazing talents of Nigerian health workers, we’ll really encourage them to consider how to support the expansion of training facilities in Nigeria to replace those that they have recruited from here.

You should also look at short and

Umahi: No Going Back on Decision Not to Vary Bodo-Bonny Project Sum Beyond N200bn Emmanuel Addeh in Abuja Minister of Works, David Umahi, has said the federal government will not rescind its decision not to embark on the variation of the cost of building the Bodo-Bonny federal road in Rivers state, awarded to Julius Berger.

A statement by the Chief Press Secretary to the minister, Uchenna Orji, said Umahi spoke when the management of Nigeria LNG led

by its Managing Director, Dr Philip Mshelbila, visited him in his office in Abuja.

“I saw your letter with regard to requests by Julius Berger Nigeria Plc, the contractor, to increase the contract sum. And you and your board together with your team vehemently stood against that.

“That gave me some teeth to bite because I saw a commitment by all parties that this project will not increase beyond the augmented

amount of N199 billion,” Umahi told the delegation.

The road is being built in collaboration with the gas company.

The minister enjoined Julius Berger to respect the letter of the tripartite agreement and go back to site, assuring that the federal government would only offer compassionate considerations on the remaining 16 per cent part of the uncompleted job without necessarily expanding the contract envelope.

Our Budget Too Small to Fight Poverty, Says Humanitarian Affairs Minister

Laments non-allocation of funds to poverty eradication trust fund in ministry's 2024 appropriation bill

Sunday Aborisade in Abuja

The Minister of Humanitarian Affairs, and Poverty Alleviation, Dr. Beta Edu, yesterday, raised the alarm, that the amount allocated to her ministry in the 2024 budget was not capable of fighting poverty in the country.

The Minister stated this when she led officials of her ministry and parastalas under it, to defend her 2024 appropriation bill before the Joint National Assembly committee on Humanitarian Affairs and Poverty Alleviation, chaired by Senator Idiat Adebule.

She said her ministry was given an overhead ceiling of N532.5

billion which represents a 28 per cent increase over the 2023 budget to cushion the effects of inflation.

She said it was pertinent to note that the 28 per cent increase in the overhead ceiling was not commensurate to the 27.33 per cent inflationary rate in the economy today.

Conversely, she said the capital budget ceiling was reduced from N3.7 billion in 2022, to N1.328316 billion in 2023, and it represented 71 per cent reduction.

So, in the 2022 and 2023 there was a 71 per cent reduction.

She said, "However the pittance capital ceiling of N1.535 billion which is an increase from the

long term opportunities that we offer.

“Yes, we have vibrant, welleducated society, but we need Nigeria to rise…on one side with climate change and drop the health system to decay. We will rise”, he said.

To address the high cost of healthcare, the President said the Basic Health Care Provision Fund (BHCPF) will be redesigned to enhance access to essential healthcare services as outlined in the National Health Act (2014).

President Tinubu emphasised the coordination and implementation of these initiatives must be non-partisan.

current year's budget does not in any way match with the mandate of the ministry's headquarters in order to shrink poverty in Nigeria."

Simply put, Edu said, "there was an over 71 per cent reduction between 2022 and 2023 so the minimal increase between 2023 and 2024 does not in any way match with the mandate which we have been given and what is expected of us."

She therefore pleaded with the committee chairman and members to intervene in the matter in the interest of poor Nigerians.

She said, "The burden lies on us to actually tackle the issue of poverty with sincerity.

"One thing you can take from myself and my team working under the guardian of President Bola Ahmed Tinubu is that he truly wants Nigerians to be out of poverty.

"Except the budget is appropriated for it, we would be completely unable to meet that mandate.

"It will be words that would not be marched with actions. I am happy that you represent constituencies and senatorial zones a lot is being expected of you from the Government in your constituencies to meet their real sincere demands.

"That is the reason why this committee must go beyond board

to ensure that the present budget which was given to the Ministry and agencies is carefully looked into, reconsidered and something more reasonable and in keeping with the realities on ground is done.

"The ministry has several special projects which I will not like to mention and we intend to use these special projects as agencies under us to meet the target.”

Speaking further, she said: "Something very serious was omitted.

If you followed the news closely, the President who is the chairman of the Federal Executive Council recently approved the creation of Humanitarian and Poverty Eradication Trust Fund.

"I discovered by the letters of JB that they have abandoned the site, and that's against the contract they signed. Even if they needed to leave the site, there are general conditions of contract specifying the procedures for notices in such a circumstance.

“We have discussed with them and we are going to look at the remaining 16 per cent on compassionate ground and see whether there is any merit, and we can see if there is any money left in the contingency, but definitely we will not expand the envelope.

“Expanding the envelope means you are going back to your board.

Expanding the envelope means my going back to Federal Inland Revenue Service (FIRS), going back to the Bureau of Public Procurement (BPP), going back to Mr. President, going back to the Federal Executive Council (FEC). So, it's a long journey, and that will not allow that project to be completed as planned," he argued.

Speaking on behalf of the management of NLNG, Mshelbila reiterated the vision of the company in not only building a globally competitive company, but also in contributing towards building a better Nigeria.

He added that this can be done by delivering quality infrastructure through projects such as the Bobo-Bonny road being funded

by NLNG.

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signing of Memorandum of Understanding...

L-R: Vice Chancellor University of Benin (UNIBEN), Prof. Lilian Imuetinyan Salami; Director General, National Institute for Legislative and Democratic Studies (NILDS), Prof. Abubakar O. Suleiman; and President and Chairman of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria( ICSAN), Mrs Funmi Ekundayo , during the signing of the Memorandum of Understanding (MoU) for the M.Sc programme in Governance between UNIBEN , ICSAN and NILDS in Benin City , Edo State recently

LCCI Commends CBN’s Suspension of Processing Fees on Cash Deposits Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has commended the decision

of the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits that are above N500,000 and N3 million for individuals and corporate

organisations respectively.

The Director General of LCCI, Dr. Chinyere Almona, in a statement titled, “CBN’s Suspension of Processing Fees on Large Cash

Deposits,” yesterday, noted that, “the CBN's announcement, effective immediately and lasting until April 30, 2024, is a commendable move that will undoubtedly have

Otedola: Dangote Refinery Will Help Nigeria Meet Net Zero Target, Capture over 90% of Carbon Emissions Says $20bn project 8th wonder of the world

Emmanuel Addeh in Abuja Billionaire businessman, Mr Femi Otedola, has described the Dangote Refinery as the 8th wonder of the world, stressing that by capturing over 90 per cent of its carbon emissions, the plant will help Nigeria on its way to meeting its 2060 net zero target.

In a post on Instagram, Otedola who has business interests in shipping, banking, oil and gas, real estate and power, among others, lauded Africa’s richest man, Aliko Dangote profusely for his vision in establishing the $20 billion refinery.

He explained that the plant which received its first tanker of feedstock on December 7, remains a beacon of hope for the continent.

“This refinery is a beacon of hope for millions of Nigerians and Africans. It is also at the vanguard of championing environmental sustainability. With its carbon capture technologies and storage processes, it will capture up to 90 per cent+ of the CO2 emitted.

“It will also play a significant role in reducing well-to-tank carbon emissions from crude oil maritime transportation, thereby playing its own role in helping Nigeria meet its target for net zero emissions by 2060.

“The refinery recycles 100 per cent of its water. The heat coming out of the process is fully captured to produce 50mw of power.

Dangote is also producing Euro 5 to replace the bad Euro 5 that has been dumped on Africa for a long time,” he stated.

While congratulating the founder of the Dangote Group, Otedola who described him as his bestie, noted that as the 650, 000 bpd refinery officially commences production, it will champion energy security for the nation.

“The Dangote Petrochemical complex, which consists of the world’s largest single-train 650,000 barrels per day petroleum refinery, a 1 million metric tonnes of polypropylene per-annum facility, and two of the world's largest fertiliser trains with a capacity of producing 3 million tonnes of urea — is much more than just an industrial milestone. “ It’s a testament to the visionary leadership and relentless pursuit of excellence of one of Africa's finest and most dogged patriots.

“I had a front-row seat as this vision was conceptualised and took shape. And I am familiar with the sleepless nights you (Dangote) have had to work through over the last decade to bring this dream to fruition,” he added.

According to him, shipping 65,000 barrels per day of crude out of Nigeria and 650k bpd in refined products to Nigeria and nearby countries, which he said is 480 ships of 1 million barrels per day will save 1.5 million to 2.5 million tons of CO2 emissions.

“This will help the environment,” he added.

By meeting Nigeria’s requirements for all refined petroleum products, Otedola added that it will champion energy security and independence for the nation

and act as a catalyst for a new era of prosperity for the subcontinent.

“It promises economic transformation for Nigerians today and for generations to come.

Congratulations. Africa is proud of you!” he said.

positive implications for the Nigerian business community.

“This policy adjustment will bring several benefits to businesses and the broader economy.

“The chamber recognises that this proactive action will eliminate an additional financial burden on businesses and individuals, contributing to a more conducive business environment.”

It further stated that the move aligned with the government's commitment to improving Nigeria's ranking on the global ease of doing business index, and also demonstrated responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape.

“Thus, the chamber commends CBN for its forward-thinking ap-

proach to supporting businesses and enhancing economic activities by suspending processing fees on cash deposits.

“We believe this decision will have a far-reaching positive impact on businesses, contribute to economic growth, and strengthen the overall business climate in Nigeria,” it added.

The central bank had in its "Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions," issued on December 20, 2019, under reference FPR/DIR/ GEN/CIR/07/042, stated that individuals making cash deposits above N500,000 and corporates above N3 million were subject to processing charges of two per cent and three per cent respectively.

Factional PTD Chair Kicks over Alleged Manipulation of Tanker Drivers’ Insurance Scheme Emmanuel Addeh in Abuja The factional National Chairman of the Petroleum Tanker Drivers (PTD), Lucky Osesua, yesterday kicked against the alleged manipulation of the group’s health insurance scheme by the parent body, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

Osesua cautioned drivers across the four zones of the union not to be taken in by the "gambit" of the General Secretary of NUPENG, Afolabi Olawale, on the reintroduction and launch of the health insurance scheme.

He insisted that he was the brain behind the programme, which he had earlier introduced to the drivers as the branch chairman and urged PTD members to critically assess the current situation instead of falling for empty rhetoric.

In a press release in Abuja,

signed by Osesua and the National Secretary, Humble Power, the PTD chairman said the scheme under his leadership sought to address the welfare of all members who traverse the length and breadth of the country on wheels.

He, however, expressed regrets that the scheme was now shrouded in secrecy, adding that signatories had been changed and there was no more transparency and accountability in it.

He added that this was contrary to the initial scheme, which was in the best interest and welfare of the drivers on wheels and principal officers of the union.

According to him, the programme was being deliberately manipulated, “making it so obnoxious for our members to key into, due to the regime of multiple taxes, levies and rates being introduced at various depots and loading stations.”

“Putting the records straight, my humble self and my deputy, Dayyabu Garga alongside the entire executives introduced the health insurance scheme for our drivers to have a new lease of life and access to quality and affordable health care in any part of the country once they tender their automated identity cards which contain their biometrics.

"Afolabi Olawale cannot try to take the credit as though the initiative was his brainchild.

What they are doing currently lacks acceptability, consultation, education or due process. They are only using coercive force to lure our members into it, which is against the good intent of the health insurance scheme.

“Our reaction underscores the lack of attraction in the NUPENG programmes and policies which ostensibly lack direction, sincerity

and purpose as it is being orchestrated by the current leadership under Afolabi Olawale (General Secretary) and Williams Akporeha (President).

“We therefore urge our members to take informed decisions about their welfare, health, life, wellbeing, and livelihoods and never allow anyone to negatively alter their destinies through dubious and questionable scheme,” part of the statement added.

It noted that the scheme which is set to kick off on December 14, 2023 was only hurriedly reintroduced to seek empathy from members.

Osesua argued that it was strange that the General Secretary of the parent union will be among signatories to PTD's health insurance scheme.

“This is the first time this will be happening; it is alien to our byelaws and extant rules,” he said.

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NEWS

inaugural ceremony flight of United Nigeria Airline TO Benin...

L-R: Edo State Governor, Godwin Obaseki; Chairman of United Nigeria Airlines, Prof. Obiora Okonkwo; with Director of Administration of the airline, Mr. Linus Awute; during the inaugural ceremony flight of the airline to Benin... yesterday

Tinubu: With Nigeria in Lead, Africa Can Become World's First Green Manufacturing Hub Reiterates commitment to rebuild a better, cleaner economy

Deji Elumoye in Abuja President Bola Tinubu has stressed that African countries, including Nigeria, need partnerships for a new green economy, emphasising that efforts against climate change would only be successful through a cooperative approach.

Writing in an OP-ED article penned in CNN yesterday, the President said the security threats, the dislocation of people, the environmental atrophy and other collateral impacts of climate change were at the forefront of his mind during his participation at the COP28 World Climate Action Summit in Dubai, United Arab Emirates.

According to him, Nigeria had battled against major obstacles, including the impact of the COVID-19 pandemic, short-term challenges from economic reforms and ongoing unification of foreign exchange rates.

Tinubu, added that the nation remains steadfast in its resolve to reconstruct a better, cleaner economy despite these challenges.

"To uphold our legally binding commitment to a cleaner world, Nigeria launched the Nigerian Carbon Market Initiative at COP28 by joining the African Carbon

Market Initiative," he said.

Reiterating his stance on the inequity in the economic status quo, the President noted that developing nations, despite contributing minimally to the problem, endure most of its impacts.

He said African countries simply cannot go at it alone, adding: "There must be a fair and cooperative approach. For too long, too many developed nations have hesitated to do what they should."

Highlighting Nigeria’s efforts and commitment to its pledges, Tinubu said: "Nigeria has taken significant steps and acted decisively in enacting the Climate Change Act and committing to net-zero emissions between 2050 and 2070.

"Africa’s most populous nation has successfully mobilised tens of thousands of youths nationwide to plant 250,000 trees annually to honor a pledge to plant 25 million trees by 2030 as we build our great green wall to fight back against encroaching desert across the northern region of our nation."

The President said Nigeria was aggressively pursuing the exploitation of the nation’s abundant wind and solar resources but added that transitioning from fossil fuels, which were Nigeria’s economic

mainstay, would not be easy.

His words: "While in Berlin last month at the G20 Summit, I announced Nigeria’s commitment to develop blue and green hydrogen capacity for international export. In conversations with Middle Eastern oil producers, I also solidified this commitment.

"We now seek to mobilise private

capital with support from initiatives like the Climate Finance Leadership Initiative and the new US and EU global infrastructure programs".

He also said the European Union’s Global Gateway program and the U.S. Government's Build Back Better World initiative are potential resources Nigeria is seeking to explore in its efforts

The Minister of Marine and Blue Economy, Adegboyega Oyetola has disclosed plans by his ministry to seek the support and buy-in of the National Assembly towards the establishment of coastal guard as part of efforts to enhance security along coastlines of the country.

The Minister made the disclosure when a delegation from the House of Representatives Committee on Marine Safety, Education and Administration led by its Chairman, Khadija Bukar Abba Ibrahim, paid him a courtesy visit in Abuja.

Oyetola disclosed that the establishment of a coastal guard became necessary given its place in Nigeria's maritime domain.

He stated: "Very soon, we will be coming to you to seek your support on coastal guards, which has become of paramount importance.

There's a need for executive bill to be considered and passed on this subject," the minister said.

The Minister in statement, yesterday, in Abuja, by the Director, Press & Public Relations of the ministry, Olujimi Oyetomi, requested his visitors to note that at a recent stakeholders’ engagement, participants and all constituted committees at the engagement identified and harped on the need for coastal guards.

Hence, the request for the buy-in of the National Assembly through initiation of a bill or proposition of a legislation and subsequent support of the assembly.

Nigerians ditch their generators.

But the time for watching and waiting is over. Developed nations must honor commitments in the form of significant contributions to the Loss and Damage Fund and the $100 billion annual climate financing pledge.

"It is time to seize the moment," Tinubu stated.

Edo Govt Canvasses 24hrs Operations for Benin Airport ...As United Nigeria Airlines commences operation Ugo Aliogo

The Edo State government has appealed to the federal government to make the Benin Airport a 24- hour aerodrome for optimal use of the facility.

This was as United Nigeria Airlines yesterday, commenced operation at the Benin Airport from it’s the Nnamdi Azikiwe International Airport (NAIA), Abuja and its base at the Murtala Muhammed Airport (MMA), Lagos.

Speaking at the inaugural flight of the airline to Benin, Governor of Edo State, Mr. Godwin Obaseki,

who was on ground to receive the airline’s Chairman and crew members, said upgrading of facilities at the airport would further increase the passenger surge, adding that it would also the economic activities of the state would receive a boost.

He explained that plans had reached advanced stage for the Instrument Landing Systems (ILSs) at the airport to be upgraded, assuring that some of the facilities would be installed before the end of this year.

Obaseki also lauded United Nigeria Airlines for joining seven

Oyetola Seeks NASS Support on Executive Bill Establishing Coastal Guard

Kasim Sumaina in Abuja

to transition to cleaner energy.

"We are also looking to diversify our economy by engaging in friendly competition with Russia in the supply of energy to European markets. We can do it with natural gas and through green energy.

This is why we are investing massively in both.

"Batteries for hire could help

He pointed out that the establishment of coastal guards in the country would enforce maritime laws, generate revenue, create jobs, promote economic wellbeing, maritime security, aggregate peace, and will serve the purpose of international prestige.

On harnessing the abundant potential of the marine and blue economy, Oyetola said stakeholders and industry players had predicted that the ministry could generate trillions of dollars for the nation, stating: "Harnessing the numerous potential that abound in the sector can only be realised with the right enabling environment and infrastructure.

"The coastal guards assured are critical to realising these benchmarks within the blue economy."

Supporting this initiative, the Minister added, "will translate to quick turnaround in terms of foreign direct investment, coastal tourism and other deliverables.

"Yes, we have the potential, but we need to ensure we have the enabling environment, the infrastructure, so that we can get the result that we want."

Speaking earlier, the Chairman, House Committee on Maritime Safety, Education and Administration, Ibrahim said the Committee decided to pay the Minister the visit, so as to identify with him, with an overall objective of establishing harmonious working relationship between the lawmakers, the Ministry and the Minister towards achieving the ideals of the Ministry.

other airlines to operate direct flights into the airport, maintaining that this would further make the airfares more competitive with arrays of choice for the travelling public.

He recalled that about seven years ago, Benin had only one aircraft operating into the aerodrome, adding that the State government’s collaboration with private investors had further increased the airlines to present eight.

He said: “Let me remind all of us that when I came into office in 2016, there was only one commercial airline flying into Benin. Today, we have the seven airlines coming into Benin and I heard that there is another one that we expecting to start operation soon.

“So, in seven years, we have been able to attract seven new airlines into the marketplace and that has been made possible because of the openness and collaboration with the aviation authorities.

“I recall my meeting with the former Minister of Aviation Sen. Hadi Sirika and the conversation at that time was that we were ready to collaborate with the federal government to increase the traffic flow into Benin City, Edo State,” he added.

Obaseki, further assured of the administration’s commitment to provide top notch security during the yuletide season, saying that the State was the most secured in the entire South South.

Also speaking, the Chairman, of United Nigeria Airlines, Prof.

Obiora Okonkwo, expressed delight at the launch of flight services from Lagos and Abuja to Benin by the airline. He commended the State

governor Okonkwo, explained that the launch of the flight would enhance competition on the route, stressing that the airline would operate twice daily to the airport.

According to him, “Before we think about the competition, we have to say that we are glad to be here. It is not about the number whether we are ranked number seven or eight. I want to commend the governor who took the initiative to invite us to Benin. This discussion started in Lagos last year.

“The governor has been opened to every meeting. our team has organised with him and today we have fulfilled the first promise which was flying to Benin city. I can tell you that we are encouraged by his commitment, support and persistence.

“Many people have been talking about attracting investments but it is only by word of mouth, and rhetoric, but the governor has followed his words with action and that is why we commend the governor, not many people understand the importance of air travel to the economic development of the State. Air travel is a catalyst for growth.

“Consider the volume of traffic and passenger yield coming into Edo State due to the number of aircrafts that comes to the state daily, before it was one airline, it has increased to seven airlines.

So, we think they until other state governors understand that the importance of air travel, they will not realize that there is no other way to grow the revenue of their state than through air travel.”

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2024 Budget: Lokpobiri Insists Nigeria Will Meet 1.7m bpd Oil Production Target

Emmanuel Addeh in Abuja

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that Nigeria will meet and surpass the 2024 crude oil budget benchmark of 1.7 million barrels per day.

Speaking at a stakeholders’ interactive session on creating value and enabling investments in Nigeria’s oil and gas sector, organised by Chevron Nigeria, Lokpobiri also noted that the country has the capacity to increase crude oil production to 2 million bpd.

A statement in Abuja by the Special Adviser to the minister

on Media and Communication, Nneamaka Okafor, stated that at the event, Lokpobiri restated his commitment to fostering collaboration with stakeholders to enhance the country's oil and gas sector and his ambitious target for next year.

"The success of the upstream sector will determine the success of the midstream and the downstream and as a government, we are willing to sustain that engagement with the stakeholders.

“This is so that in the year 2024 and beyond, we will together ensure that we produce not just the 1.7 million bpd that we need for our budget, but ensure that we produce

what is needed to meet the local demand," he said.

The minister outlined the trajectory of sector growth since the current administration took office, starting at about 1 million barrels per day and steadily increasing to 1.4 million barrels per day.

He expressed his ambition to continue the upward trajectory, highlighting the government's commitment to creating an enabling environment for stakeholders to thrive.

"As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our

fiscal regime is competitive globally.

“My appeal is that this old marriage, let us manage it, sustain it and improve on it. Whatever your concerns may be, let us put them on the table to disagree to agree," Lokpobiri added.

He reassured stakeholders that the government was working diligently to address the challenges facing the sector and is committed to providing a fair playing field for both International Oil Companies (IOCs) and independents to make the necessary investments.

"As a country, we have the capacity to produce more than 2 million barrels per day. We have

identified the issues bede villing the sector and we are already working on them. “ I would replicate this programme with all the IOCs and independents so that we can make the sector work for all of us and Nigerians at large, and I know that 2024 will be a much better year," he stressed .

The minister also highlighted ongoing efforts to rehabilitate refineries and ensure the functionality of modular refineries to enhance the country's refining capacity, meet local and regional demands and thrive internationally.

He invited all stakeholders to

FG Charts New Roadmap for Power Sector, May Halt Dollar-denominated Gas Transactions

Minister of Power, Chief Adebayo Adelabu, stated this at the opening of a three-day retreat he convened in Abuja.

The summit saw a huge turnout of players in the power sector.

Adelabu argued that a good way to tackle the volatility of gas prices by the Generation Companies (Gencos) was to remove the dollar factor.

Even by African standards, Nigeria remains one of the least ‘’electrified’’ countries on the continent, with over 40 per cent of citizens not having any access to electricity at all and the majority depending on the national grid struggling for their share of the meagre and unreliable 3,000mw to 4,000mw daily supply.

The federal government said the retreat was a first step towards the establishment of the Integrated National Electricity Policy and Strategic Implementation Plan, as required by the Electricity Act, 2023.

According to Adelabu, “As at 2022,

70.5 per cent of our grid electricity was generated by thermal plants, 27.3 per cent from hydro, whilst solar and other power plants made up 2.2 per cent.

“The good news here is that over 98 per cent of the feedstock powering electricity generation in the country are transition or clean fuels, as Nigeria ramps up capacity to generate more electricity through renewable means such as solar, hydro, wind, bioenergy and others.”

The minister revealed, “A major issue in the sector is the pricing of gas utilised by Gencos in US dollars, a hugely volatile variable that significantly affects the pricing of electricity to end-users.

“A more preferable option is to ensure that the gas utilised by the Gencos is traded in naira so as to better manage the foreign currency-related inflationary trends that challenge the faithful application of the Multi-Year Tariff Order (MYTO)

methodology.”

While acknowledging the interplay of contractual obligations, economics and the application of the Petroleum Industry Act (PIA), Adelabu maintained that as a matter of urgent national interest and economic survival, Nigeria must find ways to pursue domestic gas policies.

The minister said this would incentivise stakeholders to supply gas for inland use in electricity supply, other industrial activities, and conversion to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) for transportation and domestic uses, respectively.

He said that would also attract and unlock investments into the production of naira-denominated gas from inland gas basins, and in non-associated gas fields from Nigeria’s various prolific hydrocarbon basins.

With Nigeria’s low electricity consumption per capita, which was

at 140 KWh in 2021, lower than that of neighbouring countries and almost three times lower than the average for sub-Saharan Africa, the minister described Nigeria as a case study in a "deep electricity paradox".

He stated, “Nigeria has grown to become the host of probably the world’s largest fleet of diesel and petrol-powered generation capacity that is utilised for base-load supply.

“Various figures have been mentioned but it is safe to say that this fleet measures no less than 40,000mw of total capacity. At an average operating cost of no less than N=250/kWh as opposed to an average economic tariff today of approximately N=120/kWh, the daily cost of this extreme inefficiency in electricity supply in Nigeria is measurable in tens of billions of naira daily.

“This is hard-earned money that would better be deployed to savings, discretionary consumer spending and

Fubara Secures Crucial Win as Court Confirms Ehie Authentic Rivers Assembly Speaker of the Assembly.

The court verdict places Fubara in a vantage position in the current power tussle.

But the leadership of All Progressives Congress (APC) threatened to drag Danagogo to the National Judicial Council (NJC) to protests the order.

Meanwhile, the Pan Niger Delta Elders Forum (PANDEF), led by elder statesman, Edwin Clark, called on President Bola Tinubu to call Wike to order. Clark accused the former governor of being the mastermind of the crisis in Rivers State.

Human Rights Writers’ Association of Nigeria (HURIWA) and some Non-Government Organisations (NGO) also cautioned Wike against interfering in the governance of the state. HURIWA also asked the Independent National Electoral Commission (INEC) to declare vacant the seats of 27 lawmakers, who recently defected to APC, from Peoples Democratic Party (PDP).

In a motion ex-parte in suit number PHC/3030/CS/2023 filed by Ehie, the court also warned against the use of thugs and policemen to forcefully gain access into the assembly complex.

The judge further warned that if the application turned out to be frivolous, the claimant (Ehie) would be made to pay the sum of N50 million as damages to the court.

The court granted, “An order of interim injunction restraining the defendants and the Second claimant/ applicant either acting by themselves or through their agents, servants, privies, assigns or any person(s) acting in whatsoever manner and howsoever called or described, from further use of armed thugs accompanied by police personnel in riot gear to gain access to the Rivers State House of Assembly complex at Moscow Road, Port Harcourt, Rivers State, which was burnt, destroyed, damaged and rendered uninhabitable as a result of the fire that engulfed the Assembly Complex on 29th day of October, 2023, contrary to the order of the executive Governor of Rivers State, relocating the sitting of the First claimant to a secure and more conducive venue to ensure that the activities and meetings of the House are not disrupted during

the period of the renovation of the burnt building, pending the determination of the motion on notice already filed.

"An order of interim injunction restraining the defendants whether by themselves, their agents, servants, privies and representatives in whatsoever and howsoever manner from preventing, disrupting and interfering with the smooth and regular operation, management and administration of the First claimant/applicant pending the hearing and determination of the motion on notice already filed in this suit.

"An order of interim injunction restraining the defendants whether by themselves, their agents, servants, privies and representatives in whatsoever and howsoever manner from preventing, disrupting and interfering with the exercise of the 2nd claimant/applicant's statutory legislative duties of summoning and holding meetings, proceedings, issuing notices, passing resolutions, bills and performing other legislative functions of the 1st claimant/applicant pending the hearing and determination of the motion on notice already filed in this suit."

The claimants were also ordered to serve the interim order, the motion on notice already filed, the originating process and other processes in the suit on the defendants on or before December 13, 2023.

The court adjourned the matter to December 21, 2023 for hearing of the motion on notice.

Ehie is one of the four lawmakers loyal to Fubara. He was suspended and removed as leader of the Assembly by his colleagues in the wake of the crisis at the House of Assembly.

Fubara and his estranged political godfather, Wike, had been embroiled in a supremacy battle over control of the state.

The House of Assembly became a battleground for the duo, with the lawmakers split into pro-Fubara and pro-Wike camps.

The crisis took a new turn on Monday, with 27 members loyal to Wike defecting from the ruling PDP in the state to APC. The lawmakers cited division within PDP as the primary reason for their defection to APC.

Before announcing their defection from PDP to APC, the members adopted a resolution condemning the alleged withholding of funds for the management of the Assembly by the state government.

APC to Petition NJC over Order Recognising Ehie as Speaker

Chairman, Caretaker Committee of APC in Rivers State, Mr Tony Okocha, threatened to drag Justice M.W Danagogo of the State High Court to NJC if he did not reverse his order restraining Hon Martins Amaewhule from parading as the Speaker of the Rivers State House of Assembly (RSHA) pending the determination of the suit in court.

Reacting to the order, which gave Ehie power to assume office as Speaker, Okocha said the order was in violation of the principles of law and a fragrance disobedience of NJC directives.

Okocha alleged that the order was urgently delivered to allow the

governor present the 2024 budget to the Assembly.

He said, "Today, Rivers people woke up to hear that one Justice Danagogo of the Rivers High Court granted with impunity an ex-parte order to one Hon Edison Ehie, recognising him as the Speaker of the Rivers State House of Assembly.

"It would be recalled that the same Hon Edison had approached a Federal High Court in Rivers State, seeking to be declared Speaker. In the case, arguments have been taken, judgement reserved for January 2024.

"Surprisingly, today, on same subject matter, Justice Danagogo granted an ex-parte order purporting to recognise Hon Edison as Speaker of Rivers State House of Assembly.

This is fragrant abuse of court process.”

Call Wike to Order, Clark Tells Tinubu

Elder statesman, Edwin Clark, Continued on page 38

tax revenue for governments, instead of being literally burnt and going up in diesel and petrol emissions that harm our environment and contribute to incessant noise pollution in many of Nigeria's cities.”

Adelabu stated that the government aimed to rectify the “disconcerting situation”. He announced that the immediate goal was to significantly transform the current ratio between backup electricity generation and on-grid supply in the near to mid-term.

He also listed poor track record in contracting, contract management, and adherence to contractual obligations as some of the problems besetting the sector.

The minister explained that the transmission sub-sector remained a weak point in the value chain.

He affirmed that it was time to restructure the Transmission Company of Nigeria (TCN) into two entities: Independent System Operator (ISO) and Transmission Service Provider (TSP).

He said states, local government authorities and the current Discos must work together to invest in reinforcing and extending local distribution infrastructure.

He also advised Pension Fund Administrators, who collectively manage over N17 trillion, to strive for better understanding of Nigeria’s power sector and foster bankable strategies for capital infusion.

In his presentation, Chairman of the Nigerian Electricity Regulatory Commission (NERC), Mr Sanusi Garba, who gave a brief on regulatory challenges, argued that lack of political will and legal constraints had impacted reform implementation.

Garba disclosed that in the seven years between 2015 and 2022, subsidy in the power sector was in excess N2.8 trillion, with Distribution Companies (Discos’) balance sheet impaired by unfunded subsidies.

He listed poor corporate governance in several Discos, litigation against NERC, which had stalled tariff reviews, unrealistic tariff assumptions, and limited enforcement powers by the commission as some of the challenges bedevilling the sector.

Lokpobiri join hands in building a robust oil and gas sector that contributes significantly to the economic growth and development of Nigeria.

While mentioning political influence on investment decisions as another issue that needed to be dealt with, the NERC chairman said there was a reduction of federal government subsidy obligation from N528 billion in 2019 to N155 billion in 2022.

He said insufficient end-user tariffs, poor Disco collections, and revenue shortfalls were major threats to investments and sector viability. He listed others as infrastructure constraints associated with gas, generation, transmission and distribution of electricity.

Garba stated that between January 2020 and January 2023, tariff increased from 55 per cent of cost recovery to 94 per cent, explaining that without the tariff reviews that commenced in 2019, subsidies payable by the government would have grown to about N1 trillion per annum by 2023.

He argued that current inflationary pressures in 2023 had pushed cost-reflective tariffs to N124/kWh, with subsidy from January to April 2023 standing at N57 billion.

In his intervention, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who highlighted the importance of steady power supply to economic growth, noted that it remained one of the eight priority areas of President Bola Tinubu’s agenda.

Edun said, “Power is clearly at the heart of that attempt. You cannot have industrialisation and you cannot have growth of manufacturing without electricity. But apart from the economic imperative, there's also the social imperative. Forty per cent of the population does not have access to electricity.

"And, clearly, to Mr. President and all well-meaning stakeholders, that is not acceptable. And that's why what is being done here today is critical.

“Ten years ago, there was the privatisation exercise. To say the least, it has underwhelmed and we can even go as far as to say that the results have been disappointing.”

Equally speaking at the summit, Minister of Budget and Economic Continued on page 37

Rewane: FG’s Target of $1tn Economy in Eight Years Becoming a Pipe Dream

Partners, Bismarck Rewane, yesterday, said President Bola Tinubu administration’s target of achieving a $1 trillion economy in the next eight years was becoming more like a pipe dream. Rewane said this at the Parthians Partners 2024 Outlook breakfast session held in Lagos, yesterday.

The economist argued that despite the depreciation of the naira, market analysis showed that the country’s currency was 31.43 per cent undervalued on the parallel market, suggesting a true value of N800.19/$. He also forecasted that in 2024, the naira, with the right policies, would strengthen and stabilise.

Speaking on the 2024 appropriation bill and the federal government’s target of $1 trillion economy in eight years, Rewane said, “Oil price is about $76 per barrel today, the price per barrel is at $74 per barrel.

“Normally, your benchmark price should be around 20 per cent below the spot price and now we are already under. Not only that, the production the president announced was a target of 1.7 million to 1.8 million barrels per day and, then, 24

hours later OPEC cuts your quota to 1.5 million per day and revenue is price and quantity.

“So, on the price side, you are under, as well as the quantity. So the goal of achieving a $1 trillion economy in eight years is becoming more of a pipe dream.”

Commenting on the currency, Rewane said, “When you divide the price of goods in Nigeria and the price of goods in New York, you will get about N800 to a dollar.

The official market is N806.73 and the parallel is now N1200/$1, so something is happening as the currency is undervalued at 31.43 per cent. How do we correct this undervaluation?

“You have to correct it by changing the market structure and allowing the wholesale option to take place where the central bank can participate. When that happens, the market would begin to stabilise.

“We believe that the currency will begin to appreciate sometime going into 2024. The currency will stabilise.”

Rewane anticipated a period of rising inflation in early 2024,

attributed to ongoing market reforms and persistent parallel market currency volatility.

However, he projected a moderating trend by mid-year, with average inflation expected to settle at 23.6 per cent in 2024 compared to 24.4 per cent in 2023.

He noted that the expected decline in inflation was expected to trigger a natural appreciation of the exchange rate, noting that Tinubu's target of reducing inflation to 21.7 per cent is achievable.

Rewane added, “Inflation will continue to rise in early 2024 due to market reforms and persistent currency volatility on the black market. However, base effects are expected to kick in by mid-year with inflation moderating to an average of 23.6 per cent in 2024 from an average of 24.4 per cents in 2023, and once inflation begins to decline, the exchange rate would appreciate naturally.

“Tinubu said he is going to get it down to 21.7 per cent, we would look and see how, but we think that would happen.”

He also said, “The number of

foreign participation in the Nigerian investment scene is quite low at 11 per cent. But in 2024, we expect it to be 20-25 per cent."

Rewane stated that Nigeria's economic problems were deeply rooted in structural imbalances and overbearing and bloated government size.

He said, “Nigeria’s economic problems are structural as well as current. Fiscal pressures are there because the normal size of government activities compared to the direct and indirect impact of government activities is a different story.

“The federal government has an overbearing fiscal dominance.

The external imbalances are growing because we have leakages in the system.”

On his part, the firm’s Head, Investment Research, Oluwaseun Dosunmu, noted that with the current pronouncement of recapitalisation of banks, he anticipated mergers among companies, particularly, those listed on the NGX. Dosunmu said such consolidations would likely result in a reduced number of banks in comparison to the current count.

10

WEDNESDAY, DECEMBER 13, 2023 • T H I S D AY

NEWS

UCH Gets Computer-Based Test CENTRE...

L-R: Oyo State Governor, Seyi Makinde; Chairman, BOVAS and Company Limited and President BOVAS Charitable Foundation, Arc Bamidele Samson; his wife, Dr (Mrs) Victoria Samson and Chief Medical Director, University College Hospital ((UCH), Prof Jesse Otegbayo, during the commissioning of Arc. Bamidele Olusegun Samson Computer-Based Test Centre, donated to UCH, Ibadan.... yesterday

Alake: Powerful Nigerians Behind Illegal Mining, Banditry Adedayo Akinwale in Abuja The Minister of Solid Mineral, Dele Alake, has alleged that powerful Nigerians behind illegal mining were also the ones sponsoring terrorism and banditry in the country.

He added that the majority of the illegal miners were not foreigners, adding that the most

disturbing aspect was that most of the foreigners engaged in illegal mining in the country had no proper immigration.

Alake disclosed this on Tuesday in Abuja when he appeared before the House of Representatives Committee on Solid Minerals for the defence of 2024 budget.

He stated: "A lot of banditry and

terrorism are sponsored by illegal miners; they are not people who pick gold on the ground but powerful individuals in the country.

"Nigerians are those powerful people behind them; we are identifying them with both kinetic and non-kinetic means. We have encouraged those petty illegal miners to form cooperatives."

The minister stressed that for mining to generate the requisite revenue, there was a need to have a formal structure that the multinational could deal with, just like the Nigeria National Petroleum Company (NNPC) Limited.

Alake explained that the approach of the ministry under his leadership would be different from NNPCL,

Shettima: FG Ready to Address Post-subsidy Transport Challenges Unveils transport sector reforms blueprint

Deji Elumoye in Abuja Vice President Kashim Shettima has unveiled a bold vision for reforming Nigeria's transport sector, saying the federal government was committed to addressing transportation challenges Nigerians were grappling with following the removal of subsidy on petroleum products.

Speaking yesterday, in Abuja, at the 5th National Summit of the CIOTA, Shettima called for a "collaborative revolution," with the Chartered Institute of Transport Administration (CIOTA) as the driving force for the blueprint.

Represented by his Special Adviser on General Duties, Dr. Aliyu Modibbo, the vice president acknowledged the crucial role CIOTA plays as the "lifeblood" and "artery" of the nation's economic and social progress.

He stressed the need for a robust and efficient transportation system that would connect every part of the country and drive socio-economic prosperity.

“I must appeal to you to remain the architects of a robust and efficient transport system and to partake in managing the connection of every part of our nation, for that is the pathway to knitting together the fabric of our socio-economic prosperity,” Shettima said.

The vice president noted that CIOTA's objectives align perfectly with the Renewed Hope Agenda of President Bola Tinubu, even as he said none of the government's

eight presidential priorities, from food security to job creation, can be achieved without a functional transportation system.

“Mr. President’s critical points of focus require an efficiently functional transportation system to achieve our mandate. We will find it useful to have suggestions from CIOTA: well-thought-out policy enunciation, transportation infrastructure designs, and effective operational management strategies in all modes of transportation,” he stated.

Shettima, called upon CIOTA to provide valuable expertise in the form of policy recommendations, transportation infrastructure designs, and effective operational management strategies across all modes of transportation.

He recognised the technical and managerial skills of CIOTA members, expressing confidence in their ability to build a sector that drives employment, manufacturing and production within the industry.

The vice president acknowledged various concerns raised by CIOTA, including road construction materials, local airline viability, rapid rail development, pipeline security, and waterway navigability, assuring CIOTA of an open door to the government for collaborative problem-solving.

According to him: “We are offering you an open door to the government where we can work together to understand your fears and needs as we redeem the cross-cutting issues of energy pricing, green energy,

funding strategies for various aspects of the transportation project, workable modalities for public-private partnerships, safety and security, technology adoption and adaptation".

Shettima further emphasised the importance of training and attitudinal development for transportation operation personnel, particularly in the road sector, even as he highlighted the need for closer collaboration with transport worker unions and associations to improve the traveling and

business experiences of Nigerians.

He continued: “The reality of our post-subsidy removal adjustment, in which you have played quite a critical role to stabilise the nation, isn’t lost to us. “This is why we trust your aspirations as we develop more solutions while we keep our doors open for innovative thinking, well-researched, and workable recommendations to tackle emerging governance challenges in your industry.”

stressing that the structure being proposed for Nigeria Mining Cooperation would be primarily private sector-driven.

He added that "Nigeria will also have its equity, adding that this would mean that no government after could destabilize the structure."

The minister urged the chairman of the committee to support the process, adding that this would help change mining in the country.

"If we are given that amount of money, I can tell you that what the ministry will contribute will outweigh other ministries, including what we are deriving from oil.

"We can return trillions to the coffers of this country as revenue if we are given such a budget as proposed," Alake noted.

According to him, we have 44 minerals in high demand, but we have six that are in global demand.

The chairman of the committee, Hon. Gaza Gbefwi, said that the solid minerals sector remained the last hope for the country to attain the level of diversity it required.

He, however, said that the funds appropriated to the sector in the 2024 budget were grossly inadequate.

Meanwhile, the House of Representatives has pledged to address environmental degradation through

legislation and policy review.

The Chairman of the House Committee on Environment, Hon. Julius Pondi, disclosed this at the inaugural meeting of the committee on Tuesday in Abuja.

He noted that flood, pollution, erosion, deforestation, and all kinds of disaster were on the increase, adding that this called for urgent steps to be taken to forestall further degradation.

The chairman stressed that globally, countries are making frantic efforts to salvage and remedy what was left of their environment, saying he was glad that Nigeria was following suit.

Pondi added: “On our part as a Committee, we shall be looking into laws that need to be amended and policies that have out-stayed their relevance and see how we can bring about positive changes and solutions to the challenges staring at us.

“What we are going through is not peculiar to us but a global problem which requires all hands to be on deck to achieve results.

“We are privileged to be part of finding solutions to these challenges and giving our constituents and the nation at large hope of a better tomorrow and we will do all we can to achieve results."

Report: One-Sixth of African Aggregate Govt Revenues is Lost to Tax Avoidance Ugo Aliogo

The United Nations Conference on Trade and Development (UNCTAD) has noted that one-sixth of the continent’s aggregate government revenues derived from corporate tax and 10 percent of that revenue ($6.7 billion) is lost to tax avoidance.

UNCTAD expressed the viewpoint in its Economic Development in Africa Report 2020 on the theme “Tackling Illicit Financial Flow for Sustainable Development in Africa.”

Disclosing this in a statement, the Director General, RDNG African Development Bank Group, Mr. Lamin Barrow, said the report estimated capital flight from Africa at $88.6 billion annually for the period 2013 - 2015 which represent 3.7

percent of Africa’s GDP), whereas total ODA and FDI for the same period stood at $48 billion and $59 billion, respectively.

He said the report revealed that between 2000 and 2015, the total illicit capital flight from Africa amounted to $836 billion, which is more than Africa’s total external debt estimated at $770 billion, in 2018.

Barrow further explained that Africa is therefore a net creditor to the world, adding that Illicit Financial Flow (IIFFs) represents a major drain on capital and revenues on the continent, undermining productive capacity and prospects for achieving the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063 Goals.

In a related development, Barrow

commended the World Bank, IMF and other partners for their support and commitment on the 18-month executive training on: “Enhancing Accountability, Transparency and Curbing Corruption and Illicit Financial Flows in Africa”, which he noted is the last module before the graduation of the first cohort of the Public Finance Management Academy for Africa (PFMA) Public Finance Management Executive Training Series.

He hinted that the journey that started in March 2022 with the first module on Managing Public Finance in Times of Crisis in Africa is coming to a successful end.

He remarked that the Bank undertakes various training activities through the African Development

Institute (ADI) to help build the capacity of officials of Regional Member Countries, adding that the activities include executive training on public finance and debt management under the Public Finance Management Academy for Africa (PFMA), and macroeconomic modelling and forecasting under the Macroeconomic Policy Management Academy for Africa (MEMA).

He added: “I want to thank our founding partners, namely the World Bank and IMF as well as other institutional partners who have collaborated with us over the period of 18-month for their strong commitment and collaboration in the implementation of the training program of the PFMA capacity development initiative.

11

T H I S D AY • WEDNESDAY, DECEMBER 13, 2023

NEWS

Opening of the Renovated Head office building of Africa Prudential Plc...

L-R: Non-Executive Director, Africa Prudential Plc, Emmanuel Nnorom; Chairman, Africa Prudential Plc, Chief (Mrs.) Eniola Fadayomi; MD/CEO Africa Prudential Plc, Obong Idiong; and Independent NonExecutive Director, Africa Prudential Plc, Fumbi Chima at the opening of the Renovated Head office building of Africa Prudential Plc, held in Lagos ... yesterday

Tinubu, Atiku, Obi, Obaseki Congratulate Osimhen, Oshoala, Nnadozie for Winning CAF Awards Deji Elumoye and Chuks Okocha in Abuja President Bola Tinubu, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election Atiku Abubakar; his Labour Party (LP) counterpart, Peter Obi and Governor Godwin Obaseki of Edo State, have congratulated Nigeria's Super Eagles forward, Victor Osimhen, on winning the CAF 2023 Men’s Player of the Year award.

In separate statement yesterday, also congratulated Asisat Oshoala of Nigeria’s Super Falcons, who clinched the 2023 CAF Women's

Player of the Year for the sixth time, and Chiamaka Nnadozie, who was also awarded the Woman Goalkeeper of the Year, as well as the Super Falcons for emerging the Women's National Team of the Year.

Tinubu, in statement yesterday, by his Media Adviser, Ajuri Ngelale, hailed the footballers for their outstanding performances at both national and international stages, and for being sources of pride to the nation and an inspiration for aspiring footballers across the continent. ''Watching the great ambassadors of Nigeria stand atop the podium as the African Footballers of the Year,

in the men and women categories, on Monday night in Marrakesh, Morocco, has strengthened our belief that with hard work, perseverance, and the help of God, everything this nation needs for greatness is within us and available to us. ''I commend Victor and Asisat for not forgetting their roots and days of humble beginnings in the game they love so much and for acknowledging the role of indigenous coaches in shaping their careers. ''I join all Nigerian fans in praying that this well-deserved honour will be the beginning of a continued journey filled with success, triumphs, and the fulfilment of all your footballing dreams,'' the President said.

For his part, Atiku, hailed the Nigerian footballers for winning

the 2023 awards.

Atiku, in his congratulatory message to the players, commended the young generation for aspiring for greatness against the country’s current leadership challenges.

He wrote, “I am both excited and delighted at the news that Nigeria’s Victor Osimhen and Asisat Oshoala have won the prestigious CAF Player of the Year in the men and women categories, respectively. This is no mean feat and is unprecedented in the rich footballing history of our dear country.

“Osimhen bringing the title to Nigeria after 24 years is no mean feat, as is Asisat Oshoala’s winning the same title for the sixth time.

“The greatness of this generation of Nigerians, irrespective of the leadership challenges of the country,

is indeed a beacon of hope to all patriots. Congratulations, Victor Osimhen; congratulations, Asisat Oshoala, and congratulations to all Nigerians,” the former vice president stated.

Also, Obi, in a statement via his Twitter handle, said he was proud of the players.

Obi stated, “I like to join all other sports lovers in the country to sincerely congratulate the Nigeria duo of @victorosimhen9 and @ AsisatOshoala for emerging African Players of the Year, in the Men and Women categories respectively this year.

“We are all proud of their awards, which bear witness to their innate talents, passions for growth, and determination for success.

“My sincere desire is that every

Nigerian youth will have the needed enablement to explore and develop their talents, and skills and live to fulfill their dreams. By doing so helps to contribute to the development of our nation. These things are possible in the New Nigeria we are looking forward to.”

Obaseki, in a statement, stated: “I congratulate the Nigeria duo, Victor Osimhen and Asisat Oshoala for winning the 2023 CAF African Player of the Year, Men and Women categories respectively. Kudos to the 2023 CAF Goalkeeper of the Year, Chiamaka Nnadozie on her win, also.

“Their emergence is a triumph of the Nigerian youth and serves as inspiration for our young people to continue to pursue their craft with determination and hard work.”

IsDB Injects $2.12bn to Finance Projects in Education, Health, Others across Member-countries Exploit Africa Continental Free Trade Area,

Ugo Aliogo

The Board of Executive Directors of the Islamic Development Bank (IsDB) yesterday, approved $ 2.12 billion to finance new development projects in member-countries.

A statement noted that IsDB President and Group Chairman, Dr. Muhammad Al Jasser, who chaired the 353rd board meeting approved 16 projects that support socio-economic development and promote sustainability in member-countries in key strategic sectors such as transport, energy, health and education, in addition to youth development/ entrepreneurship-employment.

In his remarks, the IsDB President highlighted the significance of the approved projects and their transformative impacts on improving

transportation, health, education, and energy as well as fostering regional economic integration.

Al Jasser told the Board members that the IsDB was working to deepen the Sukuk (Islamic bonds) market to enable the bank to finance more projects, be they green, sustainability or ordinary Sukuk.

The statement noted that top among the approvals was IsDB’s EUR 803.3 million (US$ 845.57 million) financing to Indonesia to contribute to “Strengthening Indonesia's Health Care Referral Network Project.”

The statement revealed that the objective of the project was to enhance the physical and service capacity of the health referral system in Indonesia, ensuring that everyone has equal access to quality healthcare services in all districts, cities, and provinces.

Sanwo-Olu Urges Business Community Segun James

Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged Micro, Small, and Medium Enterprises, (MSME) to take advantage of the Africa Continental Free Trade Area, (AfCFTA) as government is duty bound to providing the platform and exposing them to skills required to accelerate the effectiveness to stimulate intra-African Trade.

The governor gave the charge during the 8th Lagos State MSMES Exclusive Trade Fair in Ikoyi. The fair is designated as an annual marketing access and intervention platform for Lagos MSME operators to showcase their products and services to the

larger population of the state and Nigeria at large.

The governor who was represented by his Deputy, Dr Kadri Obafemi Hamzat disclosed that to achieve the goals of AfCTA, the state government had set up Technical Working Group on AfCFTA, which comprises the representatives of both the public and private sectors.

The theme of this year’s edition of the fair: “Empowering MSMEs for AFCFTA Excellence through Sustainable Economic Growth’ was a means of identifying new opportunities for diversification and value chain development available under the agreement The governor said, "There is no

CBN Suspends New Applications for Intervention Loans, Orders Banks to Ensure Recovery

James Emejo in Abuja and Nume Ekeghe in Lagos

The Central Bank of Nigeria (CBN) has stopped accepting new loan applications for processing under any of its existing intervention programmes and schemes.

The central bank disclosed this in a circular dated December 8, 2023, and signed by its acting Director, Development Finance Department, Sa’ad Hamidu, which was addressed to chief executives of Nigerian banks.

The central bank also said banks shall be responsible for the recovery

of the outstanding balance on all facilities previously accessed through their banks.

The apex bank explained that the move was in furtherance of its new policy thrust focusing on its core mandate of ensuring price and monetary stability.

Hamidu said the CBN has therefore, commenced its pull back from direct development financing interventions.

Accordingly, he stressed that the bank would be moving into more limited policy advisory roles that support economic growth.

The statement said: "In consideration of the above, the CBN wishes to inform you that it has stopped accepting new loan applications for processing under any of its existing intervention programmes and schemes.

"It is important that you communicate this to your customers and kindly note that the interest rates, as well as other terms and conditions on all existing facilities remain as contained therein their respective approval letters."

Essentially, the intervention schemes were aimed at ensuring

monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development.

Its involvement in development financing, it said, was driven by the need to address market failures resulting from the apathy of banks to lend to critical sectors/segments of the economy due to perceived risks.

The previous leadership of the bank believed it must maintain a sound financial environment that supports the ease of access to finance by the real sector.

other place I would rather be on a day like this, than around you all to challenge you and open your horizon to the economic potentials embedded in this sector for our dear State.

“In most developed and developing countries, the MSME sector is far bigger than the formal economy and it is a means of livelihood for many people. This sector is a huge economic catalyst, as it constitutes 95 to 98 percent of all businesses, generates 50 percent of the Gross Domestic Products, GDP and creates between 60 to 70 percent of employment.

“In Sub-Saharan Africa and South Asia for example, workers in this sector are estimated to account for about 90 percent of the labour force.

“It is quite important, as it bears direct relevance to the clarion call of our administration to transform and position the state as a 21st Century Economy, in line with our T.H.E.M.E.S+ Development Agenda, and in alignment with the economic diversification agenda of the federal government.

"Given the prevailing economic uncertainties, added value is an important strategy to acquire and retain customers, increase brand awareness, and differentiate one’s place in the AfCFTA market.

"Consequent upon Nigeria’s joining the AfCFTA, which is poised to become a game changer for the African economy, we are duty bound to position our MSMEs to take advantage of this continental agreement by providing the platform and exposing them to skillsets required to

accelerate the effectiveness of AfCFTA in stimulating intra-African Trade.

“This will particularly impact the exports of the state and the nation to African countries, significantly increasing it between 10 percent and 15 percent in the nearest future.

By extension, it will tremendously increase the Gross Domestic Product, GDP of Nigeria, of which our dear State’s economy is a subset.

"We understood that we are in a critical time when we cannot afford to downplay the things that we need to do to support our MSMEs to produce high quality products to meet the demand of AfCFTA market in the leather, fishery, rice production, vegetables, food products, livestock and many other sectors.

“We know we must put in place relevant infrastructure to enable MSMEs in the state compete favourably among other African countries.

We also appreciate the fact that all hands must be on deck, to enable the state government significantly increase exports through the MSMEs, to other African nations.

“Aside the MSMEs Exclusive Trade Fair, the governor highlighted that other programmes designed by the state government to boost MSMEs include, Lagos International Trade Fair; providing access to finance through agencies such as Lagos State Employment Trust Fund, and provision of infrastructure such as the 44-Unit Light Industrial Park, Imota, construction of roads and bridges, completion and operation of the Lagos Blue Light Rail and many others."

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politics

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

As Akeredolu Proceeds on Another Medical Leave in Ondo...

Fidelis David writes that the political tension in Ondo state occasioned by the face-off between Governor Oluwarotimi Akeredolu and the deputy governor, Lucky Aiyedatiwa, may have come to an end with the former, for the second time in less than a year, transferring executive powers in acting capacity to the latter.

Akeredolu

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ight whole months could really be a long horrendous, awful period of hopelessness and wretchedness if the journey of life was rough and tough. A period which could span like a century if misfortune snagged around one’s neck making life meaningless in all its entirety.

Yet, it could be like a twinkle of an eye when bliss and felicity held sway, eliminating every sorrow and its delirious impact; a period of ecstasy with pleasurable fantasies. Figuratively, that is the situation in the sunshine state of Ondo.

The South-West state has been battling a political crisis for months after Governor Rotimi Akeredolu returned from his three-months medical trip in Germany last September.

Some believe that the progress of the state was deliberately put on hold while others were of the opinion that the crisis had no negative effect on the state.

No doubt, each day came with its drama and each month started with a new approach and rapidity, the hope of peace, truce and total recovery rose and advance every passing day.

Akeredolu’s absence threw the state into a political quagmire as many question his state of health. Also, there were several calls on the governor to transfer executive powers to his deputy, citing concerns over the economic standstill caused by the governor’s prolonged absence due to ill health but it yielded no positive result.

Even, the earlier meeting and deliberations between President Bola Tinubu, Ondo state officials, the All Progressives Congress, members and other stakeholders over the political logjam on November 28, 2023 had no positive effect on the crisis.

But in the latest move to resolve the impasse, it was gathered that President Tinubu ordered the Ondo State House of Assembly, to transfer power to deputy governor Lucky Aiyedatiwa.

It was also learnt that Tinubu made the decision at a meeting he summoned to resolve the leadership crisis in the state on Monday, emphasizing that the transfer should be conducted without any conditions, as it aligns with the “doctrine of necessity.”

Besides, it was learnt the transfer of power was going to be done by electronic signature (e-signature) as the ailing governor was said to be too weak to sign any document and the decision allows Governor Akeredolu to take a medical leave to ensure his well-being.

Aiyedatiwa Takes Over As Captain The President’s meeting and decision with the leadership of Ondo Assembly was further cemented when Governor Akeredolu, revealed that he will today (Wednesday) commence another round of medical leave as a follow-up to his medical treatment.

Recall that Akeredolu returned from Germany on September 7 2023, after a three-month medical leave and has since remained in his private residence in Ibadan, the Oyo State capital where he has been performing his official duties, a move

Aiyedatiwa which has generated lots of criticism and uproar.

However, a statement by the Governor’s Chief Press Secretary, Richard Olatunde, yesterday revealed that a formal letter regarding the medical leave and a notice formally transferring power in line with the Nigerian Constitution will be transmitted to the House of Assembly.

It emphasised that in the absence of Akeredolu, the Deputy Governor, Lucky Aiyedatiwa, will assume the responsibilities of the Governor in acting capacity.

“During his medical leave, Governor Akeredolu will prioritise his health and ensure a full recovery before resuming his official duties. Governor Akeredolu expresses his gratitude for the unwavering support and affection of the people of Ondo State. He assures them that his administration remains committed to the path of progress and prosperity for the people”.

Tinubu’s intervention provides constitutional solution Speaking on the development, constitutional lawyer and human rights activist, Dr Tunji Abayomi said the intervention of President Tinubu has provided the most appropriate constitutional solution to it.

The lawyer said the intervention of President Tinubu was timely, adding that the intervention saved the state from political crisis and constitutional logjam.

Ajulo’s Revelation of Forgery on Akeredolu’s Signature Besides, barely two weeks ago, a senior advocate of Nigeria (SAN), Kayode Ajulo, alleged that some government officials in the state are forging the signature of Governor Akeredolu on documents.

Speaking in an interview on Arise TV,

Ajulo alleged that the absence of Akeredolu since June 2023 created a huge vacuum in the state.

The lawyer who is an indigene of the state also alleged that some cabals hijacked the governance of the sunshine state since Akeredolu did not properly hand over to Lucky Aiyedatiwa, his deputy, positing that the deputy governor should be the acting governor in the absence of the governor, stressing that any other arrangement is illegal.

His words: “Recently, there were some memos which were purportedly approved by the governor (Akeredolu). The same governor we are looking for. By the time one of them was sent to my office, we ran a check on those signatures. As a private investigator, I checked all the documents and found that everything is forged. And the accusing finger is pointed at one or two people.

“I have it on good authority as a lawyer. Some of the commissioners, about five of them, sent memos to the governor, and the memos came back with purported approval of the governor.

Going through the approval particularly the signature, checking it with all other approvals done when the governor was well, there were disparities.

“The PoliceAct andAdministration of Criminal Justice Act have made it clear that there can be private investigators. Private investigators have been contacted. Their report is very damning. The purported signature is not from the governor.

It is so obvious.”

Only Governor Akeredolu Can Claim That His Signature Has Been Forged.

To Akeredolu, the embarrassment was too contemptuous to endure and to douse tension and put the record straight, he swiftly faulted Ajulo’s claim describing it as “utterly preposterous and ludicrous, stemming solely from the figment of an imagination.”

The governor in a release by his chief press secretary, Richard Olatunde, said, “This accusation of forging Mr. Governor’s signature is utterly preposterous and ludicrous, stemming solely from the figment of their imagination. I want to assure you that no one is forging Mr.

But in the latest move to resolve the impasse, it was gathered that President Tinubu ordered the Ondo State House of Assembly, to transfer power to deputy governor Lucky Aiyedatiwa. It was also learnt that Tinubu made the decision at a meeting he summoned to resolve the leadership crisis in the state on Monday, emphasizing that the transfer should be conducted without any conditions, as it aligns with the doctrine of necessity. Besides, it was learnt the transfer of power was going to be done by electronic signature (e-signature) as the ailing governor was said to be too weak to sign any document

Governor’s signature. The circulated content on social media, which some people are relying on as evidence, is laughable.

“If they genuinely believe there is a disparity, they should present a legitimate document to support their claims. We are more than willing to thoroughly investigate the matter and prosecute anyone found culpable.

“The main issue here is that we cannot entertain baseless speculations and unfounded claims. A group of individuals somewhere has assembled two signatures, yet they cannot even determine which one belongs to the governor.

They refuse to disclose the documents that were allegedly signed or provide any information regarding the dates. The individuals behind these fabricated signatures are the real culprits engaging in criminal activities.”

He noted that it was disheartening to see a legal practitioner making such statements on national television, saying only Governor Akeredolu can claim that his signature has been forged.

“It is disheartening to see a supposed legal practitioner making such statements on national television. How did they arrive at the forgery?

Where is the document that supposedly contained the forged signature? Why are they not revealing the beneficiary of this document? By concealing such a document and engaging in unnecessary media theatrics, they are doing a great disservice to the state and the people.

“The truth of the matter is that only Governor Akeredolu can claim that his signature has been forged. I have personally spoken to the Governor, and he has asked me to emphatically refute this claim. The signature of Mr. Governor is not forged. Please disregard these crisis entrepreneurs. Their real gains are in crisis, not peace.”

Razaq Obe’s Claim Also, last Thursday, the State Commissioner for Energy and Mineral Resources, Mr. Razaq Obe, wrote the Deputy Governor, Mr. Lucky Aiyedatiwa, alleging forgery of Akeredolu’s signature on official documents.

Obe, in a letter dated December 7, 2023 confirmed the irregularities in the signature of his principal who has been performing his official duties from Ibadan, Oyo State capital since his arrival from a three-month medical leave in Germany on September 7.

“I write to bring to your attention a critical matter that requires immediate action. It has been confirmed that the signature of Mr. Governor on a certain document has been forged.

The irregularities in the signature were first observed when a file from my ministry was returned through the office of the Secretary to the State Government (SSG). This is the only file that has been returned so far out of the five files that were sent for Mr. Governor’s approval about two months ago.

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

WEDNESDAY DECEMBER 13, 2023 • T H I S D AY

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FEatures

T H I S D AY • WEDNESday DECEMBER 13, 2023

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

How UK Government-led Operation Interflex is Training Ukrainian Forces on Lethality, Survivability

Following the invasion of Ukraine by Russia in February 2022, over 32,000 Ukrainian recruits have undergone military training since June last year in Operation Interflex, the United Kingdom governmentled enduring commitment to support Ukraine in its fight against 'Russia’s unprovoked' invasion. With 11 partner nations, Operation Interflex was tailored to train Ukrainian recruits by providing them basic infantry training skills to be deployed at the front lines. Chiemelie Ezeobi, who was recently embedded at the training grounds in the South of England to have first-hand insight of the entire gamut of operation, writes that imbibing survivability and lethality skills were at the core of the training

Some Ukrainian soldiers undergoing training at the range in South of England in UK-led Operation Interflex

N

obody wants a war but in the eventuality that happens, patriotic citizens are often ready to give up the life they know to defend the territorial integrity of their nation.

This scenario has become the lot of the everyday Ukrainian. From the butcher to mothers, construction workers, shop keepers, school teachers, neuroscientists, to florists, their lives as they knew it changed in February 2022 when Russia drew the first salvo by invading a Ukrainian territory to annex it.

Russian Invasion Although the Ukrainian invasion started in 2014 with attempts by Russia to annex some parts of Ukraine, the escalation occured on February 24, 2022, when Russia moved 100,000 troops to invade Ukraine in an escalation of the Russo-Ukrainian War. Already, the war has claimed tens of thousands of civilian casualties and hundreds of thousands of military casualties.

Also, with about 8.2million Ukrainians internally displaced with some fleeing the war-torn country, this has created Europe’s largest refugee crisis since World War II and the extensive environmental damage caused by the war has contributed to the global food insecurity crises.

As of April 2023, the Ukrainian government has identified over 19,546 children forcibly transferred by Russian forces to Russia and temporarily Russian-controlled territory in vast numbers. The real number is likely to be much higher (with the highest estimates reaching 150,000).

As of 27 November, just 387 children have been officially returned to Ukraine.

This figure stood at 328 on July 11, 2023.

Taking aim at the range where weapon handling and marksmanship is honed

(~24 per cent) of arable land due to occupation, mine contamination and other environmental impacts of war (e.g. destruction of the Nova Kakhovka dam).

Prior to the war, Ukrainian grain exports were crucial in ensuring

global food security and the resilience of global grain markets. And before Russia’s invasion Ukraine accounted for around 8-10 per cent of global wheat exports and 10-12 per cent of corn and barley exports.

Russian attacks destroyed over 300,000 tonnes of grain in two months, enough to

The UK government, with support of 10 other partner nations, put together Operation Interflex, which is the largest per capita contributor to training support for Ukraine, which focuses on the delivery of lethal and survivable soldiers Inflating Global Food Insecurity Expectedly, the global food security has equipped with the offensive spirit required to been threatened by this ongoing war. Currently, Ukraine has lost about 6m hectares win at the battlefield of Ukraine

Photo: Credit: UK FCDO

feed over 1.25 million people for a year.

Russia is choosing to take food out of the mouths of the world’s poorest to support its war aims.

Russia has destroyed more grain in the month since withdrawing from the BSGI than all of the grain it has promised to donate for free to Burkina Faso, Zimbabwe, Mali, Somalia, Eritrea and the Central African Republic combined.

Concerned nations have bemoaned the fact that Russia is choosing to take food out of the mouths of the world’s poorest to support its war aims. Nearly 1 billion people live with severe food insecurity, and regularly do not have enough to eat.

More than 45 million children under five are currently suffering from acute malnutrition. And over 3bn people across the world are unable to afford a healthy, nutritious diet.

The UK was one of the top six countries in 2022 to provide humanitarian funding to the World Food Programme (over $400 million). Between 2016 and 2021, the UK spent £2.6 billion on longer-term food and agriculture programmes.

Support of Nations Expectedly, the invasion was met with international condemnation including from the United Nations, who demanded a full Russian withdrawal in March 2022. Also, the International Court of Justice ordered Russia to suspend military operations while the Council of Europe expelled Russia.

Not done, many countries imposed sanctions on Russia and any country that supports the invasion. Even the private sector got involved and hundreds closed their operations in Russia to signal their displeasure.

Also, they have provided not just support for Ukraine but also financial backing with most providing equipment and troops.

Continued on page 19

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perspective

The soldiers warming up during the training in winter

Operation INTERFLEX But beyond this, the UK government, with support of 10 other partner nations, put together Operation Interflex, which is the largest per capita contributor to training support for Ukraine, which focuses on the delivery of lethal and survivable soldiers equipped with the offensive spirit required to win at the battlefield of Ukraine.

Following the invasion of Ukraine by Russia in February 2022, over 32,000 Ukrainian recruits have undergone military training since June of that year in Operation Interflex, the United Kingdom government-led enduring commitment to support Ukraine in its fight against Russia’s unprovoked invasion.

With 11 partner nations like United Kingdom, Canada, New Zealand, Australia, Norway, Finland, Denmark, Sweden, Lithuania, the Netherlands and Romania, Operation Interflex was tailored to train Ukrainian recruits by providing them basic infantry training skills to be deployed at the front lines.

The five weeks course that runs the gamut of basic infantry courses covers weaponhandling, battlefield first aid, fieldcraft, patrol tactics, the Law of Armed Conflict and other skills needed to be effective in frontline combat.

The recruits are trained for five weeks in five different camps in the UK by military instructors drawn from partner nations like Australia, New Zealand and others, before returning to Ukraine for immediate deployment to the frontline.

At command centre of Operation Interflex in the South of England, the commander responsible for the training of the Ukrainian infantry soldiers, Colonel James Thurstan, said the programme is designed to equip the Ukrainian recruits with the basics of warfare.

With Operation Interflex as the largest per capita contributor to training support for Ukraine, he said the mission focuses on the delivery of lethal and survivable soldiers equipped with the offensive spirit required to win at the battlefield of Ukraine.

He said: "The training will give volunteer recruits with little to no military experience, the skills to be effective in frontline combat.

The training helps them to be more lethal than their Russian counterparts.

"It allows them to be able to survive long enough in the conflict. It also gives them the defensive spirit to win the war and go ahead to establish the international boundaries."

The United Kingdom Government's Holistic Support For the United Kingdom, which is the second largest military to donate to Ukraine, with a commitment of £2.3 billion in 2022, and a further £2.3 billion in 2023, it became pertinent to provide other kinds of support.

In October 2023, Defence Secretary Grant Shapps announced a major new package of equipment support for Ukraine worth over £100 million including air defence systems, crucial equipment to help Ukrainian soldiers cross minefields, and bridging capabilities to assist with river and trench crossings.

The UK is the first country to donate

Trench warfare, which is used in the ongoing war between Russia and Ukraine

Western main battle tanks by gifting a squadron of Challenger 2 tanks with armoured recovery and repair vehicles, as well as a battery of eight AS90 guns at “high readiness” and a further two batteries at “varying states of readiness.”

According to the UK Ministry of Defence (MoD), its government has also gifted clothing and equipment to support Ukrainian soldiers in their training and deployment back to Ukraine.

After the training, each soldier will be issued with personal protective equipment including helmet, body armour, eye protectors, ear protectors, pelvic protection, and individual first aid kits.

They would also be given field uniform and boots; cold and wet weather clothing; Bergen, day sack and webbing; additional equipment required for field conditions including poncho, sleeping bag, and entrenching tools.

Meanwhile, the UK has a long history of supporting Ukrainian service personnel through Operation ORBITAL, which trained 22,000 Ukrainians between 2015 and 2022.

The programme builds on this success and demonstrates the UK’s continued leadership in responding to Ukraine’s military requirements as the war evolves.

According to the FCDO UK, in addition to Op Interflex the UK has expanded its training operation to include the training of nearly 1,000 Ukrainian marines, by Royal Marine and Army Commandos and supported by international partners.

The training has also seen British Commandos training Ukraine’s forces in small boat amphibious operations- conducting beach raids using inflatable boats; Combat medical training for Ukrainian soldiers, by trainers from the Royal Army Medical Corps and medical trainers from Iceland and the Netherlands; Teaching Ukrainian soldiers how to perform combat medical care under fire; Mine disposal skills have been delivered to Ukraine’s combat engineers by Royal Engineers of the

British Army; Considerable equipment and training to Ukraine has been provided by the UK to improve their ability to clear mines.

This has included over 1,500 sets of both vehicle-mounted and ‘on-the-person’ mine clearing and explosive ordnance disposal equipment, including necessary training.

Plans to Out Wait Putin But what is the intention of the West in the seemingly never ending warfare? In a briefing at the Foreign, Commonwealth & Development Office (FCDO) House in London, the Director General, Russia Ukraine Cabinet Office, Nick Catsaras, said the West has no choice but to out wait President Vladimir Putin in this invasion because the alternative whereby Russia wins wasn't an option.

According to him, "this war is one with global consequences. Clearly, the unprovoked invasion of Ukraine is a tragedy for Ukraine and a threat to security but the effects of this war are felt round the world in terms of food, energy prices and increased inflation.

"We are clear that Russia could end this war by withdrawing its troops now.

However, there is no sign President Putin is giving up on subjugating Ukraine and he is doing that despite the high cost to Russia in terms of the huge number of casualties that he is suffering and loss of equipment and the long term damage that is being done to Russia's economy.

"You can feel the resolve on the part of Ukraine to defend and restore its territorial integrity. The allies, especially the UK is committed to support for Ukraine as long as it takes. Our Prime Minister (Rishi Sunak), and President Volodymyr Zelenskyy just spoke again this morning about our support."

While stressing the need for countries and international organisations to intensify pressure on Russia to end the war, the UK government said it would continue to starve Putin of the funds he needs to prosecute his war on Ukraine.

As part of such measures to starve Russia of the needed funds, the UK government alongside its partners, had issued many sanctions against Russia, which had reduced the impact of its war on Ukraine.

Progress for Ukraine According to the FCDO, Ukraine has made progress by recapturing almost half of the territory earlier seized by Russia when the conflict began.

Beyond this, Ukraine made strategic gains at sea by destroying many Russian ships while regaining a part of the Black Sea,

This war is one with global consequences. Clearly, the unprovoked invasion of Ukraine is a tragedy for Ukraine and a threat to security but the effects of this war are felt round the world in terms of food, energy prices and increased inflation.

We are clear that Russia could end this war by withdrawing its troops now

which forced Russia to explore a different tactical approach to the war.

To do this, Ukraine successfully pushed back elements of the Russian navy over 300km from Sevastopol and destroyed 13-14 per cent of the Russia’s Black Sea combatant fleet. This has lessened the risk of Russia threatening its coastline.

These efforts have allowed 133 ships to export 5 million tonnes of cargo, including 3.5 million tonnes of grain as of mid-November.

Also, Ukraine’s foreign exchange reserves are at record highs at $39.0bn compared to $29.1bn in Jan 2022.

Hit for Russia So far, Russia has recorded great loss in this battle. Presently, Russia has lost almost 12,000 pieces of equipment, including 2,268 tanks over 4,000 other armoured vehicles, 247 command and control systems, over 1,000 artillery pieces, almost 200 air defence systems, 85 aircraft and 103 helicopters.

Also, the Russian forces are weakening at a significant rate given that Russia has recorded between 240,000 to 290,000 casualties, which is more than what they suffered in 10 years of Russian occupation of Afghanistan.

According to the Fact Sheet, Russia’s oil export earnings hit the lowest monthly value in June 2023 since the beginning of their invasion of Ukraine. Russia’s oil export revenues fell to EUR 397m per day in June 2023, seven per cent lower than May and 16 per cent below April levels.

Also, £20 billion of UK-Russia bilateral trade (2021 figures) is now under full or partial sanction. There has been a 99 per cent fall in Russian imports into the UK, and a 72 per cent fall in UK exports to Russia.

Rather than the surplus the Russian Government predicted for 2022, Russia suffered an annual deficit of £47billion – the second highest of the post-Soviet era. Its budget remains in deficit in 2023 despite tax increases.

Russian oil revenues were down 25 per cent between January and September 2023 compared to the same period in 2022, illustrating the cumulative impact of our sanctions on Putin’s ability to wage war.

Gazprom’s net income fell 88 per cent over the same period.

Grasping for straws given the huge hit its economy has suffered, Russia was said to have begun making deals with countries which it had previously sanctioned as a member of the United Nations Security Council.

Given all the huge losses Russia has suffered so far and the resolve of the West to out wait him (especially as the alternative would have global consequences), it begs the question; when would President Putin blink and call for a ceasefire before withdrawing his troops? Time they say would tell.

But summarily, after two days embedded in Operation Interflex, two thing were clear; the commitment of partner nations would remain unflinching while the support by military trainers would continue to be topnotch given their deliverables which is to ensure the survivability and lethality of the Ukrainian soldiers when deployed to the front lines in defence of their nation.

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T H I S D AY • Wednesday, December 13, 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 er

S & P INDEX

1 2 , 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%

FG Raises N5.85tn from Bond Market as Interest on 30-year Paper Drops to 17.15%

Kayode Tokede Following the need to bridge budget deficit, the federal government through the Debt Management Office (DMO) has so far raised a whopping sum of N5.85 trillion via the Bond market in 2023.

THISDAY had reported that the federal government through the DMO raised N3.06 trillion from the FGN Bond market in 2022.

The monthly FGN bond auction tracked by THISDAY revealed that investors total subscription to FGN bond stood at N7.43 trillion in 2023 as investors tend to invest in risk-free instruments.

At the beginning of the year, the DMO planned to raise

N360billion monthly, translating into N4.32trillion in 12 months, however, offers so far have been oversubscribed by 58.2 per cent with the debt office allocating N5.85 trillion to investors.

Investors keen interest in FGN bond is on the backdrop of doubledigit inflation that has played a significant role in domestic and foreign investors sentiment and 2023 general election tensions.

The DMO since January 2023 has continually re-open some FGN Bonds and steadily hike its interest rate to attract investors amid inflation rate.

Analysis of the just concluded auction revealed that the DMO dropped rate on 30-year FGN bond

to 17.15 per cent from 18 per cent in November auction despite rising inflation rate.

DMO offered to raise N90 billion from its 15.70% FGN JUN 2053 (30year), but investors staked N545.18 billion out of which N211.52billion was eventually allotted.

The 30-year FGN bond recorded the highest bids of 318, and 125 successful bids by investors.

In all, the December result revealed that DMO auctioned four FGN bonds, which included: 14.55% FGN APR 2029 (Re-opening, 10-Year Bond); 14.70% FGN JUN 2033 (Re-opening, 10-Year Bond), 15.45% FGN JUN 2038 (Re-opening, 15-Year Bond) & 15.70% FGN JUN 2053 (Re-opening, 30-Year Bond).

The FGN bond market in 2023 consistently witnessed increased participation by Pension Funds Administrators (PFAs) as doubledigit inflation rate eroded investment in money and capital market instruments.

Consequently, the pension funds industry portfolio in the FGN Bonds increased to N10.84 trillion as of September2023, as reported by the National Pension Commission (NAICOM) revealed.

Finance analysts attributed the strong demand for FGN bond to attractive yield, which offers investors high returns on their investments, stressing that the oversubscriptions also revealed that investors have confidence in

the federal government’s ability to meet its debt obligations.

“The appetite for FGN bonds indicates that PFAs, and Nigerian investors prefer investment instruments with less volatility that assures them of their capital returns albeit with low yield on investment.

“But some analysts attributed the under subscription to some issuances to fear of interest rate risk, “as investors are full well informed that economy is still very much challenged and that inflationary pressure remains unabated.

“So, investors expect higher yield for this particular issuance, while the government does not wish to borrow at higher interest rate,” said

CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka.

Meanwhile, in recent years, Nigeria’s rising debt profile has been a topic of concern, as Vice President, Highcap Securities Limited, Mr. David Adnori, warned that the country’s debt levels are unsustainable.

According to Adnori, “Ways and means” refer to the CBN’s lending to the federal government. The DMO said that the “securitization of ways and means” is not unusual and is a common practice in many countries, but it is not a decision that can be made by the DMO alone.”

The story continues online on www.thisdaylive.com

NECA: Nigeria Lost 20,000 Jobs in 3yrs, 15 Companies Divested, Closed Shop Dike Onwuamaeze

The Nigeria Employers’ Consultative Association (NECA) has said that 20,000 Nigerians joined the labour market in the past three years adding that 15 business organisations either divested from Nigeria or partially closed their operations during the period.

Director-General of NECA, Mr. Adewale-Smatt Oyerinde, disclosed

this in a public statement titled, “NECA Calls for Urgent Action to Arrest the Growing Unemployment Rate,” which poses negative consequences for security and household survival.

Oyerinde expressed concerned that the growing rate of unemployment in the country is being made worse by the continuous divestment of global businesses and closure of local ones.

He said: “It is worrisome to note that in the past three years, over 15 organisations with a combined value-chain staff strength of over twenty thousand (20,000) employees have either divested or partially closed operations. This has dire consequences not only for organized businesses but also for labour, government revenue and the households.”

Oyerinde averred that, “the

consequences of this massive job losses across sectors will continue to create insecurity challenges, increase the occurrence of child-labour (as children will be forced to become bread-winners), adversely affect the disposable income of families, erode the purchasing power of individuals and drastically reduce economy’s output.”

He urged the government to urgently address the multi-facet

challenges currently being faced by organized businesses.

He noted that, “the harsh business environment has made local businesses to be uncompetitive.

Government must urgently address regulatory and legislative bottlenecks that tend to stifle businesses rather than promote them. Continuous efforts must be made to promote locally made goods through the provision of critical infrastructures;

urgent stabilization of the foreign exchange market and ensuring that Ministries, Departments and Agencies are appraised not only by how much income they generate, but also by how many businesses they facilitated or promoted.”

He added that the private sector is creating eight out of every 10 jobs and “deliberate effort must be made to ensure its sustainability and competitiveness.”

M a r k e t d ata A s at T u e s d ay, D e c e m b e r 1 2 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23October 100.95 12.77 0,00 31, 2023 MAR-2025 October ^12.50 220,00 31, 98.78 13.11 2023 JAN-2026 ^16.2884 17October 108.14 13.24 0,00 MAR-2027 31, 2023 ^13.98 23October 99.32 14.18 0,00 FEB-2028 31, 2023 ^14.55 26October 98.82 14.87 0,00 31, APR-2029 2023

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

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

1.80

1.80

October 0.00 31, 2023

2.57

2.57

October 0.00 31, 2023

3.92

3.94

October 0.00 31, 2023

3.75

3.79

October 0.00 31, 2023

4.45

October 0.00 31, 2023

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

4.39

OTC F X F U T U R E S

CPs Discount Yield 16.82

16.88

14.68

14.86

19.23

19.60

11.26

11.39

19.22

19.60

Change (%)

Updated Time

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

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

Updated Time

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

22

Wednesday, December 13, 2023 • T H I S D AY

BUSINESSWORLD

ECONOMY

Makinde’s 2024 Budget as Elixir for Oyo State Early this month, the Oyo state governor, Seyi Makinde presented N434.22 billion 2024 budget to Oyo state House of Assembly. Kayode Tokede writes on what Oyo state economy and the people stand to benefit

R

ecently, the Oyo State Governor, Seyi Makinde presented the state’s 2024 budget to its house assembly. The proposal tagged, “Budget of Economic Recovery,” highlighted four critical sectors as roadmap for sustainable development 2023-2027 with definite action plans.

The key sectors are: Education, Infrastructure, Health and Agriculture. The focus on four critical sectors by the Makinde’s administration is to cushion the effect of federal government removal of fuel subsidy and the removal of the dollar to Naira currency peg as the Oyo state government understands the implications come 2024 and beyond.

The 2024 budget estimated at N432.22billion, according to Makinde, “Will cover specific projects, policies and actions, which, when implemented, will cushion the impact of the economic hardship our people face.”

The total capital expenditure stands at N222.34 billion, while total recurrent expenditure is estimated at N211.88 billion.

“One thing you would immediately notice as you debate this budget is that we have been able to, once again, achieve a budget where Capital Expenditure is about 2.4 per cent higher than 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,” he expressed.

The state’s Commissioner of Budget and Economic Planning, Professor Musibau Babatunde in a presentation said, the 2024 budget estimates of MDAs were prepared taking due cognizance of the Roadmap for Sustainable Development, 2023 to 2027 and the Sustainable Action for Economic Recovery (SAfER) program in the wake of the subsidy removal and exchange rate unification.

society, agriculture and related activities contribute over 75 per cent to the state’s GDP. Agriculture provides job for about 60 per cent of the State population and Oyo State has the potential to become the nation’s food basket as the composition of the Agricultural Sector places the State as the 8th largest crop and 5th largest livestock producing State in Nigeria.

Key areas to generate revenue

State Government’s Vision

Babatunde added that the vision of State Government is to make Oyo State the fastest growing economy that will evolve into one of the largest economies in Nigeria.

“The current administration operates an economic agenda hinged on four priority areas, which include: Economic expansion: Infrastructure, solid minerals, tourism, agribusiness, Education Health and Security “The Oyo State’s policy direction focuses mainly on diversifying the revenue bases of the state, through intensifying efforts to improve the independent revenue base of the state so as to reduce the state’s overdependence on FAAC Allocations, Donor Partner grants and assisted projects,” he explained.

On Education, the government is proposing an estimated N90.65 billion, 20.88 per cent of the total budget and estimated N74.32billion for infrastructure, about 17.11 per cent of the total budget.

For Health, he announced estimated N40.998, which is 9.44 per cent of the total budget and Agriculture got estimated N15.85billion which is 3.65 per cent of the total budget.

Makinde noted that his administration has once again prioritised the education sector, expressing that when he assumed office in 2019, “the huge deficits in this sector showed that we would require N70 billion to offset it.”

“This called for innovative steps to save our schools and children’s futures. So, aside from consistently paying the Universal Basic Education Commission counterpart funding that allows us to access matching grants from the Federal Government; we piloted the project whereby old students and alumni of schools can work with the State Government to fund infrastructural development.

“Additionally, although the percentage allocation to education in the budget remains largely the same at about 20per cent, the total sum allocated to education has been increased from about N58 billion in the 2023 budget to over N90 billion.

We believe this will further help to reduce the infrastructure and manpower deficits in this sector.”

On Infrastructure, he said the 17.11per cent allocation is targeted at opening Ibadan up to boost economic activities.

“You will recall that we started with constructing the 110 km Senator Rashidi Ladoja Circular Road under Omituntun 1.0, focusing on the bridges and interchanges and the 32 km East End Wing.

We plan to continue the construction of this road and, thereby, further open Ibadan up to increased economic activities. Furthermore, we have allocated funds in this budget to rehabilitate sixteen additional roads and four bridges,” he explained.

Changing the Native in Healthcare

Speaking further he said, “Our Health sector is

Oyo State Governor, ‘Seyi Makinde, presenting the 2024 Budget Proposal to the State House of Assembly getting 9.44 per cent of the budget. Although this represents a drop in percentage from our last budget, it represents a marginal increase of about N4 billion in budgetary allocation.

We plan to continue with upgrading and equipping our healthcare facilities with funds allocated in this budget.

“We immediately plan to complete the outstanding Primary Healthcare Centres (PHCs) upgrades while equipping already rehabilitated facilities. We will also work with international organisations and development agencies to ensure that our Secondary and Tertiary Healthcare facilities receive the necessary attention to bring them up to standard.”

He explained that the marginal increase of about N4 billion in the allocation to Agriculture is to further revamp the sector.

He added, “You will recall that we have initiated an inputs distribution package for our smallholder farmers under the SAfER initiative. We also worked with the World Bank to provide inputs to our smallholder farmers under the OYS-CARES programme.

We plan to build on the various interventions we have introduced to help our smallholder farmers focus on productivity. At the same time, we will in the next few months, be completing work on the Fasola Agribusiness Industrial Hub. “I am happy to report that the work done

at this hub 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 that axis now hosts large and medium-scale agribusinesses. The Oyo-Iseyin Road reconstruction, which we commissioned in September 2023 is also driving business to this zone.”

key assumptions & macro-framework

Meanwhile, Babatunde stated that the government has adopted the key assumptions and the macroeconomic framework of the FGN Medium Term Expenditure Framework (MTEF) projections.

He said, “For example, the crude oil forecast assumes that all evacuation lines will be operational and oil theft will reduce significantly. Inflation is projected to average 21.4 per cent in 2024 before declining to 20.3 per cent and 18.6 per cent in 2025 and 2026, respectively. Exchange rate is expected to peak at N750 in 2024 before declining to N665.61 in 2025 and depreciating to N669.79 in 2026.”

Oyo State economy is second only to Lagos State in South-West of Nigeria and the gateway to the Northern part of the country. The State has an estimated Gross Domestic Product (GDP) of N5.11 trillion in 2022 according to the analysts and predominantly an agrarian

Makinde has massively improved the state’s Internally Generated Revenue (IGR) since he assumed office as governor. For 2024, the state government is estimating an Internally IGR of N72 billion, which is an average of N6 billion per month.

He explained that, “We have chosen a conservative amount which we hope to meet and surpass to ensure that we improve our budget performance from about 70 per cent which we recorded last year. To achieve this, we will continue to use technology to block loopholes and expand our tax net to include more persons who are not already captured. As with the previous years, we have no plans of increasing taxes.

“For example, streamlining processes within the Ministry of Lands, Housing and Urban Development has led to increased revenue from that ministry such that in October this year, the ministry generated its highest monthly revenue of N604.55 million.

And just this October, we recorded an all-time revenue high of N4.8 billion for our Internally Generated Revenue in Oyo State.”

Makinde added, “You are also aware that we have expanded the sectors through which we are growing our Economy pillar from two to four with the addition of Solid Minerals development and Tourism.

“To this end, we signed two executive orders this past October 2023. These are Executive Orders Numbers One and Two of 2023. For the solid minerals sector, we signed a first-of-its-kind executive order – I can report that no other State in Nigeria has been able to come up with something similar – that protects mining communities against insecurity and exploitation. We plan to work with these mining communities to ensure they and the State benefit from the exploitation of mineral deposits in our land.

“Executive Order Number Two separates the Ministry of Culture and Tourism from the Ministry of Information and Orientation. This better positions the Ministry of Culture and Tourism to focus on the activities and projects it needs to carry out to harness the state’s tourism potential.”

Budget’s Principles and Focus

Babatunde highlighted that the 2024 budget principles are to allocate adequate funds for prioritized on-going projects and programs, particularly those that would boost social and human capital; Other principles, according to him are, “innovativeness for improved generation and administration of Internally Generated Revenue, all MDAs should review the existing laws and regulations to improve and make for innovative Internally Generated Revenue.

“Aggressive drive for infrastructure provision to improve productivity; Principle of Equity and Budget Realism in Projects and Program conceptualization ensuring gender equitability and social inclusion; Pursuance of Projects and Programmes that will attract Official Development Assistance (ODA); Effective and efficient utilization of resources through vigorous monitoring and impact evaluation of projects and programmes; unlocking the State’s economic potentials through Agriculture and Agribusiness value chain, Tourism and Solid minerals; Improved security of lives and properties and adequate provision for Government Counterpart Cash Contribution to donor-funded programmes in order to trigger the in-flow of expected revenue from this sub-sector.”

“We have chosen a conservative amount, which to consider we hope to meet and surpass to ensure that Points Babatunde added that the Oyo State 2024 has been prepared against the backdrop of we improve our budget performance from budget continuing global and national economic challenges.

“In summary, fiscal challenges have increased to: Subsidy removal, Floating of the exchange about 70 per cent which we recorded last due rate, weak national economic performance and structural issues in the national economy. year. To achieve this, we will continue to use other Revenue generation remains the major fiscal issue. government is reviewing the current technology to block loopholes and expand tax“However, administration to ensure that the taxable entities be brought into the tax net towards improving our tax net to include more persons who are will revenue generation. Efforts will however focus on the leakages through key public financial not already captured. As with the previous blocking reforms and improving revenue collection efficiency through ICT. We expect an early passage of the for implementation from January 1, 2024, years, we have no plans of increasing taxes.” Budget ”he added.

23 27

T H I S D AY • Wednesday, December 13, 2023

BUSINESSWORLD

FINANCE

Assessing Suspension of Fees on Cash Deposits Nume Ekeghe writes that the suspension of cash deposit fees by the CBN will ease the cash crunch associated with the month of December

A

s the festive season throws open its doors, Nigerians are gearing up for celebrations and increased financial demands. Therefore, making cash readily available during this period becomes crucial.

Thankfully, the Central Bank of Nigeria (CBN) has stepped in with a timely measure to ease the potential cash crunch typically experienced during December: the suspension of processing fees on cash deposits above N500,000 for individuals and N3 million for corporates.

On Monday this week, a directive to all banks, other financial institutions and non-bank financial institutions stated that this suspension will remain in effect until April 30, 2024.

The decision, announced in a circular signed by the CBN’s Acting Director of Banking Supervision, Adetona Adedeji, comes as a welcome reprieve for Nigerians who have been grappling with the 3 per cent processing fees on deposits and 2 per cent for withdrawals exceeding N500,000, implemented since September 18, 2019.

It stated, “Please recall the processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, other financial institutions and non bank financial institutions” issued on December 20, 2019, under reference FPR/DIR/GEN/

financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”

Industry observers averred that the suspension of these fees introduces a much-needed relief, allowing Nigerians to deposit larger amounts without incurring additional charges.

Cardoso

CIR/07/042.

“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 per cent and 3 per cent previously charged on all cash deposits above these thresholds with immediate effect.

This suspension shall remain in effect until April 30, 2024. Consequently, all

Impact on Informal Sector Businesses Small businesses operating in the informal sector who are the backbone of the Nigerian economy, often rely heavily on cash transactions. The fee suspension allows them to deposit their earnings without incurring unnecessary charges, improving their cash flow and ability to meet operational expenses during the festive season and beyond.

Also, Bonuses, gifts, or other large cash inflows are common during this period. The suspension of fees empowers individuals receiving such inflows to deposit these funds without facing significant charges. This provides them with greater control over their finances and flexibility in managing their spending during the festive season.

Rural Communities In rural areas where access to electronic banking services is limited, cash remains the primary

mode of financial transaction. The fee suspension ensures that individuals in these communities can access their cash without being penalized, boosting local economic activity and contributing to a more inclusive financial landscape.

Beyond individual benefits, the CBN’s decision has the potential to stimulate economic activity overall. By increasing the flow of cash within the economy, businesses can access the capital they need to operate efficiently, potentially leading to increased production, job creation, and a more vibrant economy.

It is important to note that this suspension is temporary, remaining in effect until April 30, 2024. This timeframe allows the CBN to monitor the impact of this policy on the financial system and adjust its cashless policy accordingly, ensuring a balanced approach that promotes both cashless transactions and financial inclusion.

In conclusion, the CBN’s suspension of processing fees on cash deposits above N500,000 presents a welcome relief for Nigerians this December. This move will ease the potential cash crunch, benefit individuals and businesses alike, and contribute to overall economic growth.

While temporary, it demonstrates the CBN’s commitment to supporting financial inclusion and ensuring accessible financial services for all Nigerians, paving the way for a more inclusive and prosperous festive season.

INVESTMENT

Transcorp Power: A Decade of Impact Kayode Tokede writes on Transcorp Power Limited’s 10-year transformation, powering Nigeria and creating a significant impact on the nation’s power sector’s growing domestic and industrial demands.

T

ranscorp Power Limited (TPL), a power station built in 1964 with an installed capacity of 2X36MW or 72MW from two Stal-Laval gas turbines and began operations in 1966.

In September 2012, during the privatization of Nigeria’s national power assets, Transnational Corporation Plc won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant. The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative.

On November 1, 2013, Transcorp Power officially took physical ownership of Ughelli Power Plc, the owner and operator of Ughelli Power Plant following a handover ceremony during former President Goodluck Jonathan’s administration.

Later on, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited (TPL) was born. The merger harmonized the management and operations of Transcorp’s power business for greater efficiency.

This year makes it 10 years, the company commenced operations and it has contributed significantly to the group’s profit generation.

The group, a quoted conglomerate on the Nigerian Exchange Limited (NGX) had declared N26.16billion profit before tax in nine months of 2023, representing an increase of 25.4 per cent from N20.87billion reported in nine months of 2022, while profit after tax hits N22.74billion in nine months of 2023, an increase of 19.4 per cent from N19.04billio in nine months of 2022.

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

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

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

first power generation company to be discharged from post-privatisation monitoring by the Bureau of Public Enterprise (BPE), having satisfied the requirements of the post-acquisition plan (PAP) compliance.

innovation, steadfast commitment

10 years after privatisation

The Group has been investing in the power sector for 10 years, with its first investment in the Ughelli Power Plant through TPL. TPL is the first company to receive the certificate of discharge from post-privatisation monitoring, having surpassed all requirements within the stipulated period.

TPL is a single cycle 972MW installed capacity power generating plant located in Ughelli, Delta State. It is the largest gas-fired power generating station in the country.

Its mission is to improve lives, and currently leading the way in energy generation for millions of people in Nigeria and Africa.

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

TPL had a stellar performance in November 2023 sending out an average of 438MW and

was ranked 2nd only behind Egbin. For the year 2023 YTD TPL is ranked 4th. TPL currently has a generation capacity of 500MW, and can generate enough energy to power 1.6 million homes daily.

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

TPL was borne out of Transcorp Group’s drive to fulfil its purpose of improving lives and transforming Africa by investing in strategic sectors of the economy that can catalyse growth.

Hence, its investment in the 972MW Ughelli Power Plant in 2013.

The power company has grown impressively over the last decade, becoming one of the leading power companies in the country.

Earlier this year, Transcorp Power became the

The Managing Director/CEO, TPL, Mr. Peter Ikenga recently noted that the Company’s journey has been one of resilience, innovation, and a steadfast commitment to powering progress.

According to him, “As we celebrate the 10th anniversary of Transcorp Power Limited, we reflect on a decade of impactful contributions to the energy sector. I am immensely proud of our team’s dedication and the milestones we’ve achieved,” Ikenga said, adding that the anniversary is not just a testament to the Company’s past successes but a springboard for the future.

“For the last decade, Transcorp Power has been an integral part of its host community, with several community-based projects aimed at improving livelihoods including a vocational skills acquisition program that has empowered over 200 recipients.”

“The Transcorp Staff School which Transcorp Power Limited adopted following the takeover of the Ughelli Plant currently serves the community as well as its employees, guaranteeing a higher quality of education for the children in the community.

“We remain committed to driving positive change and being a catalyst for sustainable development.

Thanks to our team, stakeholders, and the communities we serve for being integral parts of this incredible journey. Here’s to the next decade of powering possibilities and lighting up the path to a brighter future,” Ikenga added.

At the event held in Warri, Delta State, Transcorp Power also celebrated its employees who have been with the company since inception and have contributed significantly to the achievements of the past decade.

TPL has continued to receive recognition for its contributions to the power sector. The company recently won multiple international awards, including the Leading Power Generation Company Nigeria 2023 (International Business Magazine Awards 2023), Leading Power Generation Company Nigeria 2023, and Most Sustainable Power Company Nigeria 2023 (2023 World Business Outlook Awards).

T H I S D AY WEDNESDAY DECEMBER 13, 2023 24 TR

UT H

& RE A S O

Wednesday December 13, 2023 Vol 27. No 10470

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opinion@thisdaylive.com

www.thisdaylive.com

ITU, GREEN DIGITAL AND CLIMATE CHANGE

Africa wants a fair share of the climate finance to empower its people to tackle the challenges, writes SONNY ARAGBA-AKPORE

See page 25

FULL DISCLOSURE IN GOVERNMENT

JOSEF OMOROTIONMWAN urges the Senate to do its job thoroughly

See page 25 EDITORIAL

NYSC AND THE CHALLENGE OF INSECURITY

26

1

ILIYASU GASHINBAKI argues why forensic experts and auditor general for the Federation must be members

PUBLIC PROCUREMENT REVIEW COMMITTEE On Thursday, November 16th, 2023, the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) held a World Press Conference to mark this year's International Fraud Awareness Week. The focus was on the urgent need for the federal, state and local governments to review their procurement laws to stop the massive leakages in the process. Little did we know at the time that the federal government was already thinking in the same direction.

It was, therefore, with happiness that the Institute received the news of the inauguration of a committee barely a week later. Precisely, on Thursday, November 23rd, 2023, the Secretary to the Government of the Federation (SGF), Senator George Akume, inaugurated a committee to review the Public Procurement Act, 2007.

This is a very commendable move by the Tinubu led administration. I must note that the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria has long before now, being in the vanguard of the drive for the review of the ACT enacted 16 years ago.

It is important to note that the committee has a solid team, no doubt consisting of the Federal Minister of Finance & Coordinating Minister of the Economy (Chairman); Federal Minister of Budget & National Planning (member); Director General, Bureau of Public Procurement (member); Representative of the World Bank (member); Messrs. KPMG (Technical Consultants) and the Permanent Secretary, Cabinet Affairs Office (Member/ Secretary). But conspicuously missing from the committee are two vital and integral experts, who play a pivotal role in upholding transparency, accountability, and integrity within the governance framework. They are central to the realization of a revamped and foolproof Procurement Act; these are the Office of the Auditor General for the Federation and the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN).

Constitutionally, the Office of the Auditor General for the Federation is saddled with the responsibility of auditing all government revenues and expenditures.

Public procurement is, therefore, just a component or process of how government funds are spent, which falls under the traditional procurement audit functions of the Auditor General for the Federation. I am at a loss at how such a crucial government agency could be left out while constituting the Committee for reviewing the Public Procurement Act. It is also paramount to note that the role of Forensic Experts was inadvertently omitted from the committee. The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), being the only professional body established

by law for the regulation and training of forensic experts in Nigeria, brings specialized knowledge essential for identifying and addressing potential fraud and risks in the public procurement domain.

I am afraid, therefore, that if proper steps are not taken to rectify this glaring oversight, the outcome of the review might not be any different from the contents of the current Public Procurement Act. The Committee has been mandated to submit its report in one month, and therefore, this gives enough time for the federal government to amend this apparent lapse.

The Committee has a four – point Terms of Reference. I will only highlight number two to show why this is necessary and pertinent. “To make recommendations that will strengthen the provisions of the Public Procurement Act to ensure Transparency, Accountability, Value for money, Efficiency and Timely delivery of works, goods and services by Ministries, Departments and Agencies (MDAs).” This particular TOR is in direct alignment with the focus, mandate and functions of the Office of the Auditor General for the Federation and the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN).

Therefore, to ensure a foolproof and successful review of the Public Procurement Act, avoiding massive pitfalls to ensure that fraud associated with bid rigging, tender splitting, contract splitting, overpricing, price fixing, and emergency procurement, among others, are adequately resolved and addressed during the review, the Institute would like to recommend the following: Implementing a Continuous Audit Review of the process, which the Office of the Auditor General for the Federation can easily handle as this is already part of its core functions and mandate.

Subjecting the entire procurement management process to end-to-end forensic analysis to crosscheck the background of parties to contracts, ways and means of renegotiating contracts in favour of the government, weeding out suspicious parties, and outright cancelling fraudulent contracts.

This is a major reason why the federal government, through the SGF, should include the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria in the committee as Technical Advisors.

Digitalization of the entire public procurement process. The Chartered Institute of Forensics and Certified Fraud Investigators (CIFCFIN), through the Diplomate of Digital Forensic, in partnership with the office of the Auditor General for the Federation, is willing to support the Committee to achieve this. Forensic experts would deploy Artificial Intelligence (AI) tools and skills to forestall all these challenges. This way, parties are notified of their obligations, failings, timelines, and all of that, as defined in the contracts, to promote accountability, transparency, timelines and value for money in real time.

We cannot treat the anomalies arising from the present Public Procurement Act with kid gloves. The statistics are alarming; according to public finance data from the Nigeria Governors’ Forum, the gross total Approved 2023 Government Expenditure is N34.94 Trillion, with N24 Trillion for federal government and N10.94 Trillion for states, respectively. Apart from personnel costs and some parts of the overhead expenditure, a major chunk of the 2023 Approved Budget was spent through the window of public procurement!

Another intelligence report made available to the Institute also shows that the country is losing N1.4 trillion annually due to leakages in the procurement process. This is estimated to rise to N3 trillion by 2025 if this review of the Public Procurement Act falters.

As a country and an institute with the core function of advancing forensic and fraud investigations in Nigeria, we cannot allow this to happen. This is why we are calling on the federal government to quickly incorporate the Office of the Auditor General for the Federation and forensic experts from the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria, to perform their mandate by law to support the Committee for the review of the Public Procurement Act, 2007.

Nigeria is bleeding from contract scams, procurement scams, fraudulent court judgements and other related frauds. This must stop if we want national growth and development in Nigeria. This cannot be allowed to continue by leaving out needed experts in the current Public Procurement Act review. This is an opportunity the country cannot afford to miss to have a robust Public Procurement Act immune from fraudsters.

Gashinbaki is President and Chairman of Governing Council, Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN)

T H I S D AY

3 25

WEDNESDAY DECEMBER 13, 2023

Africa wants a fair share of the climate finance to empower its people to tackle the challenges, writes SONNY ARAGBA-AKPORE

JOSEF OMOROTIONMWAN urges the Senate to do its job thoroughly

ITU, GREEN DIGITAL AND CLIMATE FULL DISCLOSURE IN GOVERNMENT CHANGE The 28th edition of the United Nations Conference on Climate, commonly referred to as Conference of Parties(COP28) ended in Dubai, United Arab Emirates (UAE) yesterday.

On the sidelines of COP28, the International Telecommunications Union (ITU) hosted the Green Digital Action Conference that is expected to proffer technology solutions in resolving some of the problems of fossil emissions and their negative impacts on the environment.

“Digital technologies can be a key ally in tackling climate change,” said Doreen BogdanMartin, ITU Secretary-General. “These Green Digital Action commitments show that the

digital sector can lead the way in using tech for climate action while also reducing its impact on the environment.”

Specifically ​​​members of the global tech sector committed to increase action to help solve the climate crisis through Green Digital Action at COP28 in Dubai.

The commitments from tech companies and governments – including mitigation and adaptation efforts – came at the first Green Digital Action series and signal the advance of digital technology in support of climate action,” according to ITU documents.

There was a pledge by the mobile telecommunication and satellite industry to support the early warnings for all initiatives through cell-broadcast and direct-to-device services to protect everyone through lifesaving disaster alerts by 2027. There was also a pledge by the public sector to implement cellbroadcasts using a regulatory approach.​ “Through Green Digital Action, ITU, the UN tech agency, aims to bring the entire digital technology sector together to speed up collective efforts on the climate crisis,” the document added.

“The digital technology sector is giving us reason for hope with their clear commitments on climate action,” said Tomas Lamanauskas, ITU Deputy Secretary-General, who convened Green Digital Action. “We will work with our tech partners to ensure follow-through on these commitments with the aim of expanding and strengthening them in the future.”

Green Digital Action took place from December 2 through 9 at COP28 to announce tech sector commitments and to​accelerate action. The outcomes are the result of a nearly year-long effort involving over 40 partners including industry associations, UN agencies, governments and businesses - to unite the global digital community, develop collaborative solutions, and step up climate action across the industry.

In areas such as climate monitoring and big data research, technology can identify climate

trends and provide guidance on solutions.

Technology can support adaptation through early warning systems, as well as mitigation efforts by boosting energy efficiency, building green networks and developing circular economies.

The tech industry is estimated to be responsible for between 1.5 and 4 per cent of global greenhouse gas emissions. Growing data storage and processing needs, including for AI systems, are further increasing the sector’s carbon footprint and require a significant amount of energy.

Some of the outcomes of Green Digital Action at COP28 were corporate agreements on reducing greenhouse gas emissions following science-based targets aligned with the goal of limiting climate warming to 1.5oC, and creating transition plans as well as increasing transparency on emissions data across the tech industry.

There was also cross-country collaboration to develop e-waste regulation as a key vehicle to foster a circular tech industry.

A joint statement was signed by the leading international standards developers - ITU, International Standards Organization (ISO) and International Electrotechnical Commission (IEC) on the importance of sustainability being built into technical standards development by design, and standards helping the world reach net-zero emissions and achieve a resourceefficient circular and low-carbon economy.

The conference also agreed to the strengthening of industry and country collaboration on the implementation of environmental sustainability standards through an action plan.

Although it’s not clear how it played out for African nations, but without being told, the impacts of climate change are already hitting Africa hard.

Rising temperatures, erratic rainfall and extreme weather events are a daily reality for many across the continent. The urgency is palpable. With this in mind, the delegates from Africa came together to discuss and shape their continent’s response to the climate crisis.

The decisions made by African negotiators at these meetings could shape the COP agenda.

Negotiators, stakeholders and government officials coordinate their positions and strategies, iron out differences and align their goals, helping to make COP itself more effective. A position paper is yet to be released especially conscious of its position and a continent that has much to teach the rest of the world because it’s not a continent that is a victim of climate change, but a beacon of resilience.

From indigenous knowledge to grassroots innovations, the continent is home to inspiring stories of communities battling adversity.

Africa bears the brunt of climate impacts, from extreme weather events to shifting agricultural patterns.

The sun-soaked continent is keen to harness its abundant renewable energy potential.

African nations are putting their weight behind solar and wind power to combat energy poverty and reduce carbon emissions.

Aragba-Akpore is a member of THISDAY Editorial Board

“OSONDI OWENDI”. This is an Igbo expression that approximates to Different Strokes for Different Folks. It is also one way of explaining that many Israelis and Palestinians would readily agree that one man’s terrorist could be another man’s freedom fighter.

Here and everywhere, many people would do anything to get a government appointment.

For such people, public life is exciting. The excitements are many: At the highest echelon of government, it could come from blaring the siren. At the approach of the convoy of the President or the Governor, the sound of the siren sends every road user off the road; and the convoy flies through the heavy traffic that had built up for several hours.

Suddenly, the man now has an opportunity to wine and dine with kings and queens across the world instead of dealing with local government councilors.

For some, this is also an opportunity to serve humanity; and in the end, they get enrolled on a permanent pension list, which bids bye-bye to poverty.

Even at the lower echelon, one soon finds that in politics, every day is Christmas. There is always something happening somewhere, particularly during the campaign season, such that if you are a bachelor living alone, you may not need to have a cooking pot or kettle in your house. Politics provides one endless string of enjoyment.

On the other hand, there are many who would have nothing to do with any government appointment, even where you offer to pay them a billion naira a day. Such people have their lives to spend with themselves and they would rather spend them quietly.

There is no hiding place in government. The moment you accept a government job, your life becomes an open book that could be read at the market square. Nothing in this open book is excluded from the public view. You have surrendered yourself “To tell the truth; the whole truth and nothing but the truth”.

You must answer nagging questions about issues that were once private to you.

For instance, in private pursuit, who cares about your age? No one, particularly now that it is no longer required to state your year of birth on birthday invitations.

In government, every big issue was once small. It started slowly. The set up is such that if you tell one lie, you must be ready to sustain it by telling other lies.

It is allowed for you to lie on your age and your income tax returns, but don’t get caught.

The consequences will come when they will.

For instance, you may have had reason to yank 10 years off your age. Wait till you will be filling the form for election into that public office; and you will be required to present your certificates. By the time you find that your first school leaving certificate predates your new birthday; and that your secondary school certificate was obtained at the age of six, you will prefer to announce to the world that you did not attend any of the two schools. Those certificates could be consigned to the dustbin.

As the chief executive officer of a big company, if you fall ill, you are flown abroad for treatment. If you recover after five years, you return home, and the bands will be rolled out for you. It is not so with government.

The late President Musa Yar’Adua and the immediate past president of Nigeria, Muhammadu Buhari, should have known that right from the first day they went abroad for

treatment, an absence register was opened for them. Every Nigerian knew for how long they were away.

Governor Rotimi Akeredolu of Ondo State is fighting many fierce battles at the same time. Even more important than battling the ailment that took him abroad, he must fight the multiple wars around his prolonged absence from office.

Akeredolu has returned to Nigeria, but instead of resuming work in Akure, he is hanging on to Ibadan. The Ondo State people are now saying that they did not elect him to govern them by proxy. Why can’t he return home fully?

While Akeredolu was abroad, his Deputy fell out of favour with him. Both men are now at daggers drawn. At a point, the House of Assembly initiated some impeachment moves against the Deputy Governor. That may have been stalled by some court processes.

Realizing that the state is the worse for it all, the Ondo people are frantically calling on Akeredolu to do the needful – transmit power to his estranged deputy, if he is not well enough to return to his duty post.

The 10th Senate is closely following the footsteps of the Ninth, which had itself inextricably tied to the apron strings of the Executive. This Senate is making a total mockery of the Advice and Consent Procedure involved in the confirmation of the President’s nominations. They are doing a shoddy job, perhaps oblivious of the fact that whatever they do, they are doing so on behalf of the people – not for their personal entertainment.

We deserve to know the reasons for what they do or what they fail to do.

We remember the nominations for the ministerial appointment. The immediatepast Governor of Kaduna State, Nasir ElRufai, was prominently on that list. He was screened but not confirmed. At the point of confirmation, we were told very vaguely that there was a security report against him. That’s how he vanished from the radar. The next thing we heard was that he had withdrawn himself from the list.

By remaining stoically silent on the reason for his non-confirmation, the Senate was unfair to itself, the nominee and the nation. This dis-service simply left the fate of the nominee to the people’s conjecture.

When you leave a gap, people will fill it. While some might guess that he was financing terrorism, others might guess that he was a terrorist himself. That’s what a shoddy job does. This can only be obviated by the Senate doing a thorough job.

Omorotionmwan writes from Canada

26 4

T H I S D AY

WEDNESDAY DECEMBER 13, 2023

EDITORIAL

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

NYSC AND THE CHALLENGE OF INSECURITY

A

The authorities must do more by addressing insecurity across the country

fter four months in captivity, two prospective National Youth Service Corps (NYSC) members, abducted on Zamfara State highway recently regained their freedom. The young graduates, eight in number, were travelling together in a bus from Akwa Ibom State to Sokoto for the one-year mandatory programme when they were kidnapped. Two of them, in addition to their driver, had earlier been freed while the remaining four are still in custody of the bandits. The NYSC Director-General, Brigadier General Yush’au Ahmed last week assured parents and relatives of the victims that the security agencies would explore all available strategy to ensure release of the remaining members.

For the parents, the abduction leaves a trail of concerns leading to loss of confidence in the system. Indeed, by their estimation, the managers and the coordinators of the scheme have lived below expectation.

Last September, after their patience ran out, these distraught parents took to the street to protest against the failure of government to rescue their children, after spending over N13 million to get them back without avail. The kidnappers are reportedly demanding a hefty ransom of N10 million for each of the corps members, an amount beyond the reach of the parents.

Unfortunately, abduction of young graduates out to offer service outside their states of origin to the nation has become more of a painful routine. They are, like farmers tending their crops or innocent students in school, constant victims of the scourge of kidnapping and other crimes ravaging the country. Even though statistics are dodgy, there is no doubt that hundreds of corps members have been victims of kidnapping, or even worse, killed in the process of serving the nation. In the last few years, the frequency of the crime has increased exponentially. And it cuts across

the country. The more than a decade insurgency in the northeast, the banditry in the northwest and the farmer-herder crisis in the north central have made many corps members vulnerable to attacks in those locations, including the Federal Capital Territory (FCT).

However, kidnapping for ransom is also incessant in other geographical regions. Rivers State, for instance, has a dubious reputation for the crime.

In one particularly shameful incident in the state, bandits invaded the residential lodge of Community Secondary School in Omuma local government area and abducted the five female NYSC members in broad daylight, along with their generator! And only last May, no fewer than four corps members were also seized in the Emuoha local council area on the Rumuji area of the East-West Road in the same state.

The rising insecurity to which corps members are exposed across the country is fuelling calls for the scrapping of the scheme. This is not helped by the country’s economy which has been sputtering for decades with shrinking job opportunities for graduates. The relevance of the scheme has been questioned by some experts and corps members with regard to worrying living conditions. But by far the greatest challenge is the level of insecurity in all parts of the country. A lawmaker once tabled a bill for the abrogation of the NYSC scheme due to incessant killing and kidnapping of innocent members as a result of banditry, religious extremism, and ethnic violence.

Established 50 years ago after the brutal civil war, the scheme has as its primary objective of fostering national cohesion and unity. Over the years it has helped in breaking ethnic and religious barriers, strengthened bonds of friendship and inter-tribal marriages, all providing opportunities for national integration. But all this is now being threatened. As it is, the authorities must do more by addressing the challenge of insecurity in the country.

The rising insecurity to which corps members are exposed across the country is fuelling calls for the scrapping of the scheme T H I S D AY

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

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

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

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

LETTERS WHY READ THE NEWSPAPER?

“Foolish is the man who never reads a newspaper; even more foolish is the man who believes what he reads just because it is in the newspaper.”

– August von Schlözer, German historian and journalist of the late 18th century.

The newspaper is an important document which can be described as a powerhouse of information. It is important because it keeps us informed about current developments in our environment and in other parts of the world. Over the past few centuries, newspapers have shaped culture, influenced politics, played an important role in business, and affected the daily lives of millions of people.

However, newspaper reading is becoming a dying habit, especially as the world moves towards digitalization. You can now get virtually everything on your phones and computers, so people are no longer into newspaper reading as they were before. Most importantly, people are themselves running out of the habit of reading itself.

The internet has made it worse as now there is a video for virtually everything. People will not mind watching a five-minute video, but will however not prefer to read a five-minute long article.

Let us go through a brief history of newspapers. In Nigeria, the

life of newspapers started in the 19th century when the European Missioner from the Presbyterian Church, Rev. Henry Townsend established the first printing press in 1854. According to him: “My objective is to get the people to read and beget the habit of seeking information by reading.”

History has it that five years later, on November 23, 1859, the first edition of Nigeria’s first newspaper, “Iwe Irohin,” came out. The newspaper was published every 15 days and sold for 120 cowries.

It was highly patronized by the few literate people in Yoruba land; and the circulation of the paper was around 3,000 at that time.

Today, there are several newspapers and newspaper publishing firms in Nigeria. And with the improvement in printing technology and other Information and Communications Technology (ICT), newspaper production has become a lot easier and faster, with more high-quality output. Nigerian newspapers are now not only read in homes, offices and on the streets, but also online. Some are published on a daily basis, others come out weekly, while others appear fortnightly. They publish news on all national and local events, politics, sports, crime, obituaries, and business. Feature stories, reports from foreign countries, and interviews with prominent figures and experts on particular subjects are also published. Most newspapers also provide an editorial page as well as columns for

opinion articles (Op-Eds); also weather news; classified ads; forecasts; comic strips; cartoons; and so on. All these and more are covered in Nigerian newspapers. There are now also newspapers that are specifically designated “online newspapers,” which exist only on the internet, without a hard-copy, printed version.

Today, newspapers compete with electronic media – radio, television, and the internet. Nevertheless, in spite of the advantages which electronic media have over the print media, the newspaper business continues to thrive. Other electronic broadcast media even complement the use of newspapers for dissemination of information via press review.

The newspaper continues to function as a unique medium of mass communication. Apart from its traditional function of informing, educating, persuading and entertaining the masses, newspapers play other functions, such as: providing better interpretation of the stories in the news; ensuring easy understanding and retention of media content; ensuring easier storage and retrieval of information, which one can refer to repeatedly; serving as a viable tool for mass education and mass literacy by motivating and encouraging good reading habits among the masses in the society.

Daniel Ighakpe, FESTAC Town, Lagos

WEDNESDAY DECEMBER 13, 2023 • T H I S D AY

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WEDNESday, DECEMBER 13, 2023 T H I S D AY

business/MOnEYGUIDE

National Automotive Policy Will Stimulate Economy, Says NADDC Boss

James Emejo in Abuja

The Director-General, National Automotive Design and Development Council (NADDC), Mr. Joseph Osanipin, has said the effective implementation of the National Automotive Industry Development Plan (NAIDP) stimulates investments in the automotive sector as well as boosts the economy.

Addressing journalists over the weekend, he called for the support of President Bola Tinubu and the National Assembly, in ensuring that the plan becomes legislation.

He said part of the council’s strategies was to boost patronage of locally manufactured vehicles as well as increase local content.

He said, “We want that plan to be enacted, so we’ll continue to push for it, so that by the time we have it not just as a plan but an act of Parliament, foreign investors will have confidence in investing into

the sector.

“The NAIDP stands on seven pillars and these are what we want to implement, these include driving investment; to boosting the market by expanding it.

“Part of what I want to do is to boost patronage of Nigeria-made vehicles and we cannot achieve that without the reportage of what our assemblers are doing when we have them working, we would have to increase local content and meet AfCFTA 30 per cent of the local content quarter.”

He also spoke of the council’s drive to revive moribund allied companies in the automotive sector.

Osanipin said, “In those days, cars get their tyres, batteries, and foams, manufactured in Nigeria. All these can still be achieved in Nigeria even though most industries are dead, we intend to support them to revive.”

He said though capitalintensive, the NADDC will seek to develop the infrastructure for the manufacturing of electric vehicles to support the country’s aspirations for a green economy.

He said, “Even though it is capital intensive, we are keeping our heads high with the moving trends, we’ve to make so many sacrifices now to reap the gains of the future.

“We need the media to educate the public that this period of pain is going to be very short but it will produce gains that will be enjoyed later.

“We need investors who will have that confidence and faith in the policy and with the support of the president and the National Assembly, we want that plan to be enacted, so we’ll continue to push for it so that by the time we have it not just as a plan but an act of Parliament, foreign investors will have confidence in investing into the sector.”

CAC Enforces N100m Minimum Capital for Firms with Foreign Participation James Emejo in Abuja The Corporate Affairs Commission (CAC) has directed companies with foreign interests to comply with the N100 million minimum Paid-up Capital in line with its Revised Handbook on Expatriate Quota Administration 2022.

The commission disclosed this in a statement in a public notice made available to THISDAY. The CAC warned that moving forward, processing any application for the incorporation of a company with foreign participation would depend on adherence to the specified requirement.

It said any application for incorporation that fails to meet the requirement will not be declined.

The statement read, “The Commission wishes to notify the General Public that it has, in line with the Revised Handbook on Expatriate Quota Administration (2022), commenced the implementation of the requirement of N100,000,000 Minimum Paid-up Capital for Companies with foreign participation.

“Accordingly, any application for incorporation of a Company having foreign participation shall not be processed unless it complies with the above

requirement.”

It also ordered companies with foreign participation having less than N100 million in minimum capital to immediately align with the new directive within six months of the notice.

Separately, the commission said it has partnered with the Federal Inland Revenue Service (FIRS) to reinvigorate existing collaboration in realising their respective mandates.

This was disclosed by CAC Registrar General/Chief Executive, Hussaini Ishaq Magaji, while receiving the FIRS Executive Chairman, Mr. Zacch Adedeji.

Firm to Host Summit on Increasing Govt Revenue withoutAdditionalTax Burden Dike Onwuamaeze

Modo Ante has announced plans to host a National Revenue Growth Summit (NRGS) that would provide solutions on how the federal government could increase its revenue without adding to the tax burdens of the citizens.

Modo Ante, which is a governance, public sector and political consulting firm, described the summit whose theme is “Unlocking New Streams of Revenues for Government,” as a critical intervention aimed at assisting

government in solving the current problem of low funding to finance its “Renewed Hope” agenda to citizens.

The two-day summit that billed to hold in the firstquarter of 2024, according to Modo Ante, would “bring together senior government officials, public officers, other critical stakeholders and experts, with a focus on identifying and exploring some innovative strategies to improve on existing revenue streams of government and create new streams of revenue that erstwhile did not exist,

to fund sustainable economic growth.

“The summit would enable good understanding of the current state of Nigeria’s revenue landscape, identify key challenges and opportunities, provoke an out-of-the-box thinking approach that embraces innovative approaches to creating ‘new money’ opportunities for government, especially through creation of value-added services that would enhance government’s productivity and bring about new streams of revenue.”

NGD Unveils Marketplace for Graphic Artists Kayode Tokede Naija Graphic Design (NGD), Africa’s largest community of practice for creative design artists concluded its second NGDX Creative Conference in Lagos themed Liftoff, which saw various speakers in the creative space unpack various topics aimed at creating an awareness that allows creatives take full advantage of their craft and grow the design practice further.

Opening the conference was the keynote speech by its Chief Executive Officer, Laolu Obende who described the Liftoff as

an awareness that empowers creatives with tools needed to rewrite our collective reality one creative endeavor at a time.

One of the highpoints of the conference was the unveiling of an ingenious marketplace designed to enable graphic designers to monetize their created assets by reselling them to a global audience. The Marketplace offers creatives the opportunity to generate further value by reselling these assets rather than leaving them on storage devices.

Obende further made a case

for residual creative assets during his speech emphasizing the need for creatives to take advantage of building an Africa focused creative stock depository.

In his words, “Creatives instead of leaving assets on storage devices can now generate further value by utilizing the marketplace as a selling point for created assets.

“This will help fellow designers save time by easily purchasing existing assets and boost their productivity instead of creating everything from scratch”.

L-R: Lagos State Commissioner for Youth and Social Development, Mobolaji Ogunlende; General Manager, Sterling Bank, Mojisola Bakare; CEO, Sterling One Foundation and producer, CHATROOM Movie, Peju Ibekwe; British Deputy High Commissioner to Nigeria, Johnny Baxter; Founder, Live Abundantly Dr. Ama Onyerinma and Founder, Mirabel Centre, Itoro Eze-Anaba at the private screening of the CHATROOM movie at the British Deputy High Commissioner’s residence and fundraiser for Mirabel Centre as part of the 16days of activism against Gender-Based Violence activities... recently.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations.

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

T H I S D AY •WEDNESday, DECEMBER 13, 2023

29

mARKET NEWS

Wema Bank Commences N39.95bn Rights Issue

Kayode Tokede

Wema Bank Plc has commenced its rights issue to raise about N39.95 billion from its existing shareholders.

According to information obtained by THISDAY, subscription for the rights issue commenced on Monday, December 11, 2023, and will conclude on Friday, December 29, 2023. The financial institution is offering a total of 8,572,103,573

ordinary shares of 50kobo each at N4.66 per share on the basis of two shares for every three shares held as at September 28, 2023 This amounts to N39.95 billion rights issue. The stock price of Wema bank closed yesterday at N5.19 per share, meaning that a shareholder who partake in the exercise is getting it at a discount of N0.53 per share.

The stock price of Wema bank opened for trading this

P R I C E S MaiN Board

F O R DEALS

year at N3.90 per share and it has gained N1.29 per share or 33.1per cent Year-till-Date (YtD) growth. Interested shareholders would be able to partake in the rights issue by taking up two new ordinary shares for every three ordinary shares held as of the close of business on September 28, 2023.

The shares to be taken up by qualifying investors will rank pari-pasu in all respects with

S E C U R I T I E S Market Price

quantity traded

the issued ordinary shares of Wema Bank.

The lead issuing house for the transaction is Greenwich Merchant Bank, while the joint issuing house if Qualinvest Capital Limited. The Executive Director, Retail and Digital Business, Mr. Tunde Mabawonku who was the Chief finance officer of the bank had said the bank would utilise the raised capital to drive growth phase for the bank and accelerate

T R A D E D

value traded ( N )

MaiN Board

A S O F

improvements in the share price, deepen value creation, increase credit creation, increase digital play with technology acquisition and increase geographic expansion.

“Others include deploy one stop digital platform to strengthen digital play for the bank, increased customer acquisition and retention in the youth, SME and financial excluded segments and include valuation of financial services business because of improved

size,” Mabawonku said.

The lender is expected to utilized 67.94 per cent of the funds from the exercise to deepen its retail and commercial loan portfolio for 13 months, 21.88 per cent to be used by the bank to increase its lending capacity to the SME sector for 15 months, 8.21 per cent would be earmarked to improve IT infrastructure to strengthen the company’s digital play (ALAT) for 10 months.

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

Market Price

quantity traded

value traded ( N)

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WEDNESDAY, DECEMBER 13, 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 11Dec-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 298.82 298.82 58.52% Afrinvest Plutus Fund 100.00 100.00 9.00% Nigeria International Debt Fund 338.50 338.50 4.95% Afrinvest Dollar Fund 109.90 109.90 6.17% 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 184.22 186.63 27.09% Anchoria Fixed Income Fund 1.25 1.25 1.32% 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 29.47 30.36 34.30% ARM Discovery Balanced Fund 650.41 670.02 24.78% ARM Ethical Fund 53.64 55.26 18.90% ARM Eurobond Fund ($) 1.17 1.17 4.12% ARM Fixed Income Fund 1.16 1.16 4.32% ARM Money Market Fund 1.00 10.50 10.45% ARM Short Term Bond Fund 1.06 1.06 2.68% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.79 103.79 14.06% AVA GAM Fixed Income Naira Fund 1,140.71 1,140.71 6.43% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 194.19 195.56 43.97% AXA Mansard Money Market Fund 1.00 1.00 11.68% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 7.77% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.62% Cordros Milestone Fund 164.71 165.85 28.08% Cordros Fixed Income Fund 107.15 107.15 10.32% Cordros Halal Fixed Income Fund 108.91 108.91 11.02% Cordros Dollar Fund ($) 113.96 113.96 6.10% 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 10.43% Emerging Africa Balanced Diversity Fund 1.27 1.28 25.81% Emerging Africa Eurobond Fund 107.16 107.16 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 1537.46 1537.46 11.90% FBN Balanced Fund 261.22 263.46 41.50% FBN Halal Fund 132.78 132.78 13.39% FBN Money Market Fund 100.00 100.00 11.39% FBN Dollar Fund 123.53 123.53 7.60% FBN Smart Beta Equity Fund 0.00 0.00 56.94% FBN Specialized Dollar Fund 111.25 111.25 9.59% 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 8.78% Legacy Debt Fund 3.57 3.57 -0.06% Legacy Equity Fund 2.67 2.72 33.44% Legacy USD Bond Fund 1.32 1.32 4.81% 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 5,519.22 5,559.90 32.97% Coral Income Fund 3,982.20 3,982.20 7.70% Coral Money Market Fund 100.00 100.00 11.39% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A 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) 103.98 103.98 11.95% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.93% Norrenberger Dollar Fund (NDF) ($) 103.43 103.43 11.25% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.21 2.25 40.21% PACAM Fixed Income Fund 11.97 12.19 7.97% PACAM Money Market Fund 10.00 10.00 9.03% PACAM Equity Fund 2.11 2.14 48.71% PACAM EuroBond Fund 133.81 136.87 20.06% 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 N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.10 1.10 10.02% 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 4,844.95 4,887.65 42.98% Stanbic IBTC Bond Fund 255.45 255.45 8.44% Stanbic IBTC Ethical Fund 2.00 2.02 59.52% Stanbic IBTC Guaranteed Investment Fund 350.98 351.11 12.11% Stanbic IBTC Iman Fund 366.02 370.38 56.70% Stanbic IBTC Money Market Fund 1.00 1.00 11.50% Stanbic IBTC Nigerian Equity Fund 17,425.01 17,639.47 59.61% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.91% Stanbic IBTC Shariah Fixed Income Fund 127.79 127.79 9.31% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.35 125.35 17.83% Stanbic IBTC Absolute Fund 4,983.38 4,983.38 17.14% Stanbic IBTC Aggressive Fund 5,151.19 5,215.48 85.28% Stanbic IBTC Conservative Fund 5,188.05 5,212.32 36.34% 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 40.91% United Capital Balanced Fund 1.77 1.79 36.68% United Capital Wealth for Women Fund 1.37 1.38 27.24% United Capital Sukuk Fund 1.17 1.17 11.47% United Capital Fixed Income Fund 1.94 1.94 6.89% United Capital Eurobond Fund 123.97 123.97 5.54% United Capital Global Fixed Income Fund 1.08 1.08 8.53% United Capital Money Market Fund 1.00 1.00 10.78% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.19 18.39 31.26% Zenith ESG Impact Fund 21.59 21.82 36.65% Zenith Income Fund 25.36 25.36 7.66% Zenith Money Market Fund 1.00 1.00 11.36% 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 7.96 8.06 97.26% Vetiva Consumer Goods Exchange Traded Fund 11.39 11.49 94.14% Vetiva Griffin 30 Exchange Traded Fund 25.71 25.91 45.14% Vetiva Money Market Fund 1.00 1.00 10.28% Vetiva Industrial Goods Exchange Traded Fund 26.87 27.07 34.29% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

128.94 59.27 101.79 10.04

13.30% 11.79% -12.08%

Bid Price

Offer Price

Yield / T-Rtn

20.86 460.00 660.00 N/A N/A

23.06 460.00 660.00 N/A N/A

41.46% 257.36% 554.44% N/A N/A

NAV Per Share

Yield / T-Rtn

N/A

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.

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T H I S D AY • WEDNESday DECEMBER 13, 2023

Education Oshunniyi: Why Public Institutions Must be Adequately Funded

Dr. Leke Oshunniyi is the president of King’s College Old Boys Association. In this interview with Funmi Ogundare, he explained why stakeholders should seek innovative ways of funding and enhancing education at all levels, considering that public institutions in the country are massively underfunded and the need to celebrate merit, honesty and hard work by imbibing the right values in the youths at an early age. Excerpts:

A

s a medical doctor, how do you manage your role as the president of the Kings’ College Old Boys Association (KCOBA), a board member of Shape-A-Child and the managing director of AIICO Multishield Limited?

Over the years, I’ve learnt to multitask. The first years of my medical practice were very, very busy, and I still had to find the time to do other things, most of which were non-profit engagements. I had to become used to working free of charge. After that, it became much easier to work for remuneration. I do quite a lot of things, not just those you mentioned, but many other roles.

As the president of KCOBA, what are your plans towards creating a pathway for effective leadership in the college?

The King’s College Old Boys Association (KCOBA) was started exactly 10 years after the school held its first assembly on Monday, September 20, 1909. In the year 1919, on the occasion of the 10th Founder’s Day Celebration of King’s College, Lagos, His Honour, the Lieutenant-Governor, A.G. Boyle, made a speech in which he observed that old students of the school owed it a ‘never-ending-duty’ to ensure that the greatness of the school was their greatness.

It is a reciprocal relationship. Ever since then, the association has tried its utmost to give back.

So, there’s a tradition of ‘giving back’, which, by the grace of God, I intend to continue with the rest of my team. We’re rallying the troops, all old boys here and in the diaspora, to give back.

and others for National Assembly seats. We have had candidates who have achieved a few successes, but that large-scale entry into politics is what we seek to help to contribute our own quota at all levels of government in the country.

Oshunniyi private sector, and we are well represented at the commanding heights of the private sector. However, we all recognise the fact that they have not sufficiently engaged in politics. That much is clear. Apart from His Excellency, the late great Alex Ekwueme, who was a vice-president of Nigeria, we really haven’t had anyone at the very top level. We’ve had governors.

I can remember Senator Bukola Saraki, who was Senate President. Before that, he was governor of Kwara state, and a few other political greats. We recognised that politics was one place where we had not acquired enough momentum to change the history of the nation. We’ve been encouraging more of our old boys to actually try their hands in politics.

If everybody sits back and says, no, I don’t want to do politics because of morality issues, we are never going to make progress in that direction. We’ve had some candidates for governorship

Many old boys from college are making waves in Nigeria’s politics. How do you intend to galvanise their support towards building a better nation for all?

King’s College boys have done very well in the

What do you think is the relationship between leadership and values? What do values mean to you?

Values are a set of standards that help decisionmaking and character-building and, therefore, family and nation-building. I would say that if you bring up young people in such a way that they form very, very strong characters with built-in qualities of patriotism, collaboration, creativity, and other such desirable characteristics, then you’re actually building leaders because these people would adopt the things that will make the society progress. All those good qualities that make individuals or societies progress are worthy of being taught to our young people. The world is almost overwhelmed by information.

Even as a grown person or an adult, it is difficult to determine exactly what to adopt or which way to go. Exposure to so much information is like being at a buffet meal. You see all the food spread before you. You don’t even know what to partake in. But if you have a proper upbringing, it allows you to make choices that will favour the growth and development of your community, the growth and development of yourself, as well as the growth and development of your country and the world. You will be responsive to environmental issues, issues of corruption, and issues related to collaboration, growth, and adoption of proper IT positioning. It is all about catching them young.

In other words, youths should begin imbibing values at an early age?

Yes, at an early age, because we have to teach the teachers. There’s a gap in our society wherein people don’t really know what values to adopt.

That gap dates back to the first decade after independence when the standards were gradually being forgotten. We want to bring back those good old days. In secondary school, we had a subject called Civics, and I always remember a diagram in the textbook showing three people. One person was pulling the wagon forward, another was pulling the wagon backwards, and another was just sitting down doing nothing. The one sitting passively and one dragging the wagon back were defined as passive citizens. They are not contributing to the society. The one pulling the wagon forward is the one contributing. With that mindset, we can begin to see how we should train the children to be good citizens, and the country will grow.

Again, if you have to look at it, the current youths are looking up to some people up there who are corrupt and not worthy of emulation. What is your view about this?

The standards are so blurred that I won’t blame a child for being confused because we don’t have a tradition of transparency. How do you know the person is corrupt when he has not been convicted? So technically, you can just infer that if you see a man whose salary is this amount and whose lifestyle is 10 times his legal earnings, you can now say this person is making his money invisibly. Most often, that is not the legal way. So there’s a lot of work that we need to do, and it starts from home. When you ask children what they want to become, they mention some ridiculous professions because they see some people who are practising those illegal professions thriving. We need to take our society back to when we celebrated merit, honesty, and hard work. Otherwise, I fear the worst.

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

Emmanuel Agu’s Distinguished Career, Success As Best Graduating PhD Student Seasoned professional Emmanuel Agu not only secured a PhD in Marketing Communications from Babcock University but also emerged as the best-graduating student. In this interview with Mary Nnah, Agu reminisces about his academic journey, which is further illuminated by his exceptional Cumulative Grade Point Average of 4.72, propelling him to the coveted position of the best-graduating student

W

hat does it feel like to be the best PhD graduate?

I feel great and fulfilled. It is always important to note that hard work pays, all the efforts put into my PhD work paid out handsomely.

Though the intention was not to emerge the best, it became undeniable based on the level of work and effort put in. I give God all the glory.

Not everyone you started with got to the educational level you are today. What will you say prepared you for this feat?

I have always known that education is one of the ways to unlock human treasure and part of the way to success in Life. So, right from the get-go in primary school, I had already made up my mind to get to the zenith of my profession if time, chance and money permit me. This decision requires a whole lot of commitment, dedication, discipline, diligence and the divine grace of God. Will you say the schools you have attended and the environment contributed to your academic success?

Factors such as the quality of education, resources, faculty, and the overall academic environment can indeed influence a student’s academic experience and success. However, the impact can vary for each individual, and personal motivation, dedication, and learning style also play significant roles in academic achievement.

Having said that, it behoves the individual to

hate monotony and routine stuff and marketing communications seem to challenge my sense of creativity and out-of-the-box thinking. I see an alignment with my skills when it comes to marketing communication. There is this fit that I can’t just explain here. Marketing communication allows me to combine creativity with strategy to make a significant impact. The dynamic nature of marketing communication and how it provides constant opportunities for learning and growth endeared me to the profession. The thirst and hunger to stay current with industry trends cannot also be ruled out as why I love this profession. My desire is to influence and connect with audiences. Marketing communication enables me to convey compelling messages and build meaningful relationships.

Agu know what he wants and go for it. As for me, I always set targets for myself in all the four universities that I have attended and this has always been part of my success story, i.e., setting and smashing my targets.

What informed your choice of marketing communication as a profession?

I have a genuine passion and interest in marketing communication. I got into marketing as a management trainee in Guinness, Nigeria and have been loving it ever since. I love creativity and

Why did you decide to have a doctorate in marketing communications?

I am deeply passionate about conducting research and contributing to the academic understanding of marketing communication. A PhD allows me to delve into in-depth research projects. A PhD offers me the opportunity to contribute new knowledge and insights to the field.

Later in life, when I am done with the corporate world, a PhD will help me achieve the goal of entering academia. I want to give back to society and thereby influence the next generation of marketing communication professionals. A PhD allows me to develop a high level of expertise in a specific area of marketing communication, and in this case, viral marketing and consumer

purchase intention, which was the major focus of my research. This can lead to specialized roles in academia, research institutions, or industry.

There are lots of industry challenges facing the marketing industry, a PhD in marketing comes in very handy in addressing specific challenges or gaps in the marketing communication industry by developing solutions and strategies that contribute to the field’s advancement. Pursuing a PhD often involves collaboration with other researchers, academics, and industry professionals. This networking opportunity can be attractive to those of us who enjoy collaborative, multidisciplinary work. I also find personal fulfilment in the pursuit of advanced education. The process of earning a PhD can be intellectually rewarding and fulfilling for those of us with a passion for continuous learning. I want to be among the best in my industry and chosen career.

What was the major challenge in combining study and work?

Balancing the demands of my job and academic responsibilities can be very challenging. Effective time management has become crucial for me to meet work deadlines and academic requirements.

Working and studying simultaneously led me to physical and mental fatigue. Managing stress and preventing burnout has become a significant concern for me.

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

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T H I S D AY • WEDNESday DECEMBER 13, 2023

images

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

L-R: Special Guest of Honour, Mr. Ayodeji Erinle; his wife, Mrs. Erinle; Senior Elder, Capstone Church, Pastor Beulah Tokunbo Johnson; Chief Executive Officer, Whitefield Foundation, Mrs. Funmi Johnson; Chairperson, Board of Trustees (BoT), Whitefield Foundation, Dr. Oladoyin Sagoe; and Chairman, Yaba Local Council Development Area (LCDA), Hon. Kayode Adejare Omiyale, at the 20th anniversary of Whitefield Foundation, held at the Capstone Church in Yaba, Lagos…recently PHOTO: ETOP UKUTT

L-R: Head of Human Resources/Admin, Daraju Industries Limited, Mrs. Dupe Akindiya; Executive Director, Daraju Industries Limited, Mr. Oscar Macaulay, receiving the Business Leader of The Year Award won by Daraju Industries Limited from the Publisher of BusinessDay, Mr. Frank Aigbogun, organiser of the Nigerian Business Leadership Awards (NBLA 2023), held in Lagos…recently

L-R; Chairman Board of Trustees (BoT), Association of Professional Food Service Providers of Nigeria (APFSPN), Morenike Okupe; Chief Executive, Malas Food and Catering Limited/President of APFSPN, Monioluwa Osho; Managing Director, Euclid Floral and Events Limited/Public Relations Officer (PRO), APFSPN, Afolake Oba-Kasumu; and member BoT and Managing Director, MM& B Catering Services, Mrs. Mubo Adegoke, at a press conference by APFSPN on hike in food commodities prices in Nigeria...recently

PHOTO: SUNDAY ADIGUN

L-R: Guest Speaker, Ayodele Omotoso; Chairman, Guild of Photojournalists Nigeria (GPN), Abiodun Ajala; Keynote Speaker/ Chief Executive Officer, Naturescape Limited, Dr. Jumoke Kassim; Founder, Technology Times, Shina Badaru; recipient of Lifetime Achievement Award (Photography), Dr. Boye Ola; and Director, Lagos State Environmental Protection Agency, Olaniyan Tomilola, at the third Annual Conference/Exhibition and Award Night of GPN in Lagos...recently

L-R: National Public Relation Officer (PRO), Society of Occupational and Environmental Health Physicians of Nigeria (SOEHPON), Dr. Charles Onigbogi; Assistant Secretary, SOEHPON, Dr. Folusho Alamina; Chairman, SOEHPON Journal, Prof. Folashade Omokhodion; President, Dr. Musa Shaibu; Treasurer, Dr. Kemi Albert-Udoh; Chairman, Scientific Committee, Dr. Israel Iroezindu; Vice President, Dr. Ntia Nsikak; and National Secretary, Dr. Ayo Agboola, during SOEHPON’s 2023 Scientific Conference and AGM in Lagos…recently PHOTO: ABAYOMI AKINYELE

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WEDNESDAY, DECEMBER 13, 2023 • T H I S D AY

NEWS

17th annual Town Hall meeting on Security...

L-R: Members of the Board of Trustees, Lagos State Security Trust Fund (LSSTF)... Chief of Staff to Lagos State Governor, Mr. Tayo Ayinde; Engr. Tayo Bamgbose-Martins; Dr. Ayodele Ogunsan; Executive Secretary/CEO, Dr. Abdurrazaq Balogun; Governor of Lagos State, Mr. Babajide Sanwo-Olu and the board chairman, Mr. Kehinde Durosinmi-Etti, during the 17th annual Town Hall meeting on Security with the Governor at the Eko Hotel and Suites, Victoria Island, Lagos... yesterday

Airlines Must Compensate Passengers for Flight Delays, Cancellations, Says Keyamo Declares list of erring firms will be published weekly

Sunday Aborisade in Abuja The Minister of Aviation, Festus Keyamo, said yesterday that regulators in the aviation sector had been directed to compel airlines to compensate passengers for flight delays or cancellations as from

January 2024.

The minister disclosed this yesterday when he appeared before the Joint National Assembly Committee on Aviation to defend his ministry’s budget for 2024 fiscal year.

Keyamo also assured passengers that a list of airlines that delayed or

cancelled flights would be published in the media on a weekly basis as part of the compensation scheme .

He said: "I have called the customer's satisfaction commission regarding the treatment of Nigerians.

In fact, I have gone back to the committee , that is how much I

am concerned.

"I have said it at the last address that I gave during our stakeholders meeting in Lagos and our retreat in Warri. I said on a weekly basis, please publish the list of airlines that do not fly as at when due, cancelled flights, delayed flights, how many

hours it was delayed, were there compensation, actions they took as regulators against these airlines.

We are starting that in January”.

The aviation minister proposed that a discount should be deducted from the flight tickets of airlines that delayed passengers as part

2024 Budget: Senate Tackles Minister over Plans to Spend N1bn on Foreign Trip Flays meagre allocation to information ministry Tinubu seeks approval for 19 NPC commissioners

Sunday Aborisade in Abuja

Members of the Joint National Assembly Committee on Industry, Trade and Investment, yesterday, tackled the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka-Anite, over her ministry's proposal to spend N1bn to travel abroad next year.

The Minister, who was at the National Assembly to defend her ministry's 2024 budget said the N1 billion would be spent on a trip to Geneva in 2024.

In a similar breath, the Senate Committee on Information hasdescribed as unacceptable, the meagre allocations proposed for the Ministry of Information and National Orientation in the N27.5trillion 2024 budget.

However, the proposal by the Ministry of Industry, Trade and Investment was captured in the budget document submitted to the Committees, which elicited reactions from members, who felt, the amount was outrageous and out of tune with the mandate of her office.

The minister was asked to address the panel and speak to the document as well as an explanation on the performance of the 2023 budget before seeking for fresh funds.

The Senator representing Edo North Senatorial District and former Governor, Adams Oshiomhole raised concern over the minister’s plan to embark on trip Geneva with a proposed N1 billion.

Oshiomhole said the minister should use experts in her offices to achieve results rather than embarking on trip that would gulp such a humongous amount of money.

“I see that you intend to travel to Geneva next year and you have budgeted over one billion for that.

We can't keep going on with over blotted teams on abroad trips. Use the experts we have in your offices in those country to save cost,” he said.

Oshiomhole also noted that the Minister was not always available in office to discharge her responsibilities, revealing that she was always at the Bank of Industry.

He said she should have made her preference for BOI known to President Tinubu before her appointment as Minister of Trade, Industry and Investment.”

“Madam sit in your office and work for Nigerians. I have gone there twice. You are always in the BOI. If you preferred BOI, you should have declined the President's nomination to be Minister.

“Let's practice what we preach.

We can't talk about industrialisation and keep importing toothpicks and tyres. We must ensure that we have homegrown products,” he said.

Oshiomhole said the minister was not doing enough, andasked if the ministry knew the nation’s balance of trade between it and other business transactional countries.

In her response, she said: “I assure you that I can work from anywhere and give Nigerians results. My office is currently under renovation. Sir, I regret to say that we seem to have no record of our balance of trade.

“Or at least it doesn't exist in the Ministry and that is why we initiated a new unit called trade intelligence Unit to ensure that such data are generated and stored.” but Oshiomhole insisted that there was data at the Central Bank of Nigeria (CBN), Nigeria Customs Service, NCS and other agencies, which the Ministry has failed to access.

Meanwhile , the Minister of

Information, Alhaji Mohammed Idris Malagi, was at the National Assembly to explain the implementation of his ministry's 2024 budget.

The Minister had in his presentation before the committee informed the senators that national values and attitudes re-orientation campaign under the aegis of National Values Charter (NVC), would be launched in early 2024 He said, "It is the desire of the ministry to have a big national conversation around our values and attitudes re-orientation, so that Nigeria will at least rediscover its self and reclaim some of those values that have been eroded over the years, so that we can have a better country for all of us.

"We also desire the launch of the National and International branding campaign for Nigeria to highlight and showcase Nigeria immense natural and cultural resources,” among other big plans.

But he was quick to add that the N1billion earmarked for the ministry as capital expenditure in 2024, would not be anyway sufficient for implementation of the programmes.

The committee chairman, Senator Kenneth Eze (APC Ebonyi Central), said provisions in the 2024 budget were nothing to write home about for implementing such laudable visions.

"This is not a budget that can be visible if we are telling our story as a country. There is no way we can go far. You have a great initiative on how you are going to transform the country in area of information.

I wonder how you are going to do that with this so little fund.

"Information is a very sensitive ministry that should be taken seriously, and funded, and if we are

talking about renewed hope agenda, that we want as a country, information should be at the forefront; it should be the image maker, to sensitise the people, there is a widening gap between the government and information has to bridge this gap.”

Meanwhile, President Bola Tinubu, yesterday, asked the Senate to confirm the nomination of 19 National Population Commission (NPC) Commissioners.

President Tinubu made the request in a letter addressed to the President of the Senate, Godswill Akpabio, which he read on the floor of the Chamber

during plenary session.

The nominees are: Emmanuel Eke (Abia), Clifford Zirra (Adamawa), Chidi Ezeoke (Anambra), Isa Buratai (Borno), Alex Ukam (Cross River), Blessyn Brume-Ataguba (Delta) and Jeremiah Nwankwegu (Ebonyi).

Others are Tony Aiyejina (Edo), Ejike Ezeh (Enugu), Abubakar Damburam (Gombe), Uba Nnabue (Imo), Dogon Garba (Kaduna), Aminu Tsanyawa (Kano), Yori Afolabi (Kogi), Olakunle Sobukola (Ogun), Temitayo Oluwatuyi (Ondo), Mary Afan (Plateau), Ogiri Henry (Rivers) and Saany Sale (Taraba).

of the compensation.

He said: "For every delay, there is a report, an actual report by the regulator , what did they do? Did they pay compensation?

"If they didn't pay compensation we have said that the other way to get compensation if they can’t return cash is that once the passenger is buying the next ticket, they must be given a rebate.

"That passenger must be given a 50 per cent rebate or 40 per cent rebate because they must be a rebate".

On the concession of airports, Keyamo said the best option to develop Nigerian airports is through concessions to investors.

He said: "Private partnership must come to the fore. It is not even negotiable, we don't have the funds to do so.

"In concession , we will give the people what we want , not what they want. We have to decide what we want. It is the nature, the quality of the concession that all of us will agree on.

"We want to go ahead but I want everyone of us to sit down, look for the best hands, we should go to the end of this world to look for the best and the best thing for Nigeria and raise our offer to tier one, not tier two. Tier one investors should come to Nigeria and build our gateway for us".

FG Clears 9,732 IPPIS Verified Workers for Salary Payment in MDAs Olawale Ajimotokan in Abuja

The federal government has cleared 9,732 workers in the core Ministries, Departments and Agencies (MDAs) whose salaries were suspended following discrepancies in their records to be paid their by the Office of the Accountant General of the Federation.

The clarification was issued yesterday in a statement by the Office of the Head of Civil Service of the Federation (HCSF).

The statement was signed by the Director, Communications Office of the Head of Civil Service of the Federation, Mohammad Ahmed.

He said the workers were cleared after their records were verified on the Human Resource Integrated Payroll and Personnel Information System (IPPIS) platform for all civil servants in the core MDAs.

However, he noted that 686 officers, whose salaries were suspended did not show up for the verification exercise and their salaries remain suspended on the IPPIS platform.

He said that 818 officers were cleared in September, 650 in October, 6,857 in November and 1407 in December, 2023 .

The office of the Head of Service added that some of the officials had received their salaries to date, while others would be paid all their arrears this month.

Ahmed stated that the 9,732 officers were among the 11,447 officers, affected by the moratorium placed on their salaries following non-verification of their records.

He added that the files of 1,029 persons who had discrepancies in their records were still being expected from their MDAs to enable the office

authenticate their records after which their salaries would be restored.

"On account of the suspension, the verification portal was reopened for these officers to enable them update their records online.

“Thereafter, they were invited for verification exercise from 16th–27th October, 2023. A total number of 10,761 officers participated in the physical verification exercise.

"After the verification exercise, the review of verified records was carried out, in phases, to ensure that only credible records were on the IPPIS platform, " Ahmed said He noted that till date, the records of 59,201 civil servants, who participated fully in the verification exercise and had no discrepancies in their records had been forwarded to the Office of the Accountant General of the Federation for continuous payment of their salaries.

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NEWS

Biennial Conference of Public Health Physicians...

L-R: Permanent Secretary, Lagos State Health District 3, Dr. Monsurat Adeleke; Representative of the Lagos State First Lady, Mrs. Ola Ibitoye; Permanent Secretary, Lagos State Health District VI, Dr. Abimbola Mabogunje; and Assistant Secretary-General, NMA National, Dr. Adegboyega Akintola at the Biennial Conference of the Association of Public Health Physicians of Nigeria (APHPN) Lagos Chapter, held at Ikeja... recently

Weeks After Tinubu Intervened, Akeredolu Transfers Power to Aiyedatiwa, Commences Another Medical Leave Ondo community drags governor, others to court over hqrts for new LCDA

Adedayo Akinwale in Abuja and Fidelis David in Akure

A few weeks after President Bola Tinubu intervened in the Ondo State crisis, there seemed to be some reprieve as Governor Oluwarotimi Akeredolu, yesterday, transferred power to his deputy, Lucky Aiyedatiwa, preparatory to the commencement of another round of medical leave today.

This was, as Ode Aye, an agrarian community in the state, yesterday, dragged Akeredolu, and Speaker of the state House of Assembly, Oladiji Olamide, to the state High Court over the siting of headquarters of the Ikale North Local Council Development Area in Igbotako

instead of Ode Aye. The governor had returned from Germany on September 7,2023, after a three-month medical leave and had since remained in his private residence in Ibadan, the Oyo State capital, where he had been performing his official duties, a move that had generated a lot of criticisms and uproar.

But a statement by the governor's Chief Press Secretary, Richard Olatunde, revealed that a formal letter regarding the medical leave and a notice formally transferring power in line with the Nigerian Constitution would be transmitted to the House of Assembly.

It emphasised that in the absence of Akeredolu, Aiyedatiwa, would

assume the responsibilities of the Governor in acting capacity.

"During his medical leave, Governor Akeredolu will prioritise his health and ensure a full recovery before resuming his official duties.

"Governor Akeredolu expresses his gratitude for the unwavering support and affection of the people of Ondo State. He assures them that his administration remains committed to the path of progress and prosperity for the people.

"As a Senior Advocate of Nigeria and a widely respected Nigerian, Governor Akeredolu has consistently delegated power to his deputy during his annual vacations.

“This practice was observed on April 1, 2021, April 1, 2022, April 3,

2023, and July 10, 2023, when he embarked on previous vacations," the statement added.

About two weeks ago, a senior advocate of Nigeria (SAN), Kayode Ajulo, alleged that some government officials in Ondo were forging the signature of Akeredolu on documents.

In an interview on Arise TV, Ajulo alleged that the absence of Akeredolu since June 2023 had created a huge vacuum in the state.

Also, last Thursday, the Ondo State Commissioner for Energy and Mineral Resources, Mr. Razaq Obe, wrote to the Deputy Governor, alleging forgery of Akeredolu’s signature on official documents.

Obe, in a letter dated December 7,

NSIA Hands Over 2nd Niger Bridge to FG James Emejo in Abuja

The Nigeria Sovereign Investment Authority (NSIA) yesterday, announced the transfer of the Second Niger Bridge to the federal government following its completion.

The bridge, linking Southeastern Nigeria to other regions, was implemented through the Presidential Infrastructure Development Fund (PIDF), with NSIA acting as both Fund and Project Manager.

Speaking at the ceremony, NSIA Managing Director/Chief Executive, Aminu Umar-Sadiq, said the transfer represented a significant achievement for the for the authority as it aligns with, "our commitment to effectively execute

large scale complex projects that positively impact socio-economic conditions for present and future generations of Nigerians".

The scope of the Second Niger Bridge project involved the construction of a 1.6km concrete box-girder bridge over the River Niger, construction of two secondary bridges at Amakon Village Road and Atani Road of 21.7m each; construction of a new cloverleaf interchange at Onitsha – Owerri Road and construction of 10.3km approach roads from Asaba, Delta State and Onitsha, Anambra State.

Additionally, a temporary link road, approximately 2.4km long, was constructed from the Asaba

end of the Bridge to the BeninAsaba dual carriageway, enabling immediate bridge operation until the completion of the two 17.5km connecting approach roads.

PIDF was established by the Presidency in 2018 to accelerate certain critical and strategic infrastructure projects to catalyse socio-economic advancement in Nigeria.

Projects under the PIDF include the Second Niger Bridge, Lagos - Ibadan Expressway and Abuja – Kano Road.

The NSIA collaborated with critical stakeholders such as the Presidency, Federal Ministries of Works, Finance and Justice to fulfil both the technical and financial

requirements of the project.

In the statement, Umar-Sadiq said the bridge would boost economic activities by expanding access into the south-eastern part of Nigeria, generating employment opportunities, and improving road safety along the corridor.

He said the authority takes great pride in serving as both the fund and project manager for this strategic infrastructure project as it validates the trust reposed in NSIA by the presidency.

"Furthermore, it aligns with our over-arching objective to stimulate socio-economic development in Nigeria by developing critical infrastructure of national significance," he said.

FG Charts New Roadmap for Power Sector, May Halt Dollar-denominated Gas Transactions

Planning, Atiku Bagudu, stated that the private sector had a key role to play in the power sector. Bagudu stressed that the public sector’s spending was highly limited.

Permanent Secretary, Federal Ministry of Power, Mr. Temitope Fashedemi, in his remarks, said the retreat would serve as a forum to engage stakeholders to further reposition the power sector and consequently grow the country's economy.

Meanwhile, the Bureau of Public Enterprises (BPE) is to sell government stakes in Eleme Petrochemical Company Limited (EPCL), Electricity Distribution Companies, NigeriaReinsurance, Nicon Insurance, and Nigeria Machine Tools, among others, in 2024 through Initial Public Offering (IPO).

BPE Director General, Mr. Alex

Okoh, made the disclosure during an interview session with journalists in Abuja yesterday.

Giving an insight into the direction headed by the privatisation agency vis-a-vis some of the enterprises where the government still had diluted stakes, Okoh said once the 40 per cent ownership challenges with some Discos was resolved, the federal government will move forward with the plan.

He stated, “We also plan to take Eleme Petrochemicals to the market. We have also planned to take Nigerian Reinsurance to the market, Nicon Insurance to the capital market.

"So, there are lots of issues involved in taking some of these entities to the market. Nigerian Machine Tools, Oshogbo, is also slated for the capital market. Yes,

on all fronts, we expect a more active year in 2024 for the BPE, and every step of the way, both in terms of educating the public and also helping us to navigate various stakeholder concerns."

Further buttressing the reason why IPO was the best approach in offloading the government stakes in the entities, Okoh argued that giving the public a sense of ownership was best through IPO. He stated that the federal and state governments owned 40 per cent stake in the Discos.

He said it was better to allow members of the public to have a stake as the government divested.

Okoh, who was upbeat about the agency making greater strides in 2024 with the constitution of the National Council on Privatisation (NCP), said so much had been achieved, in spite of the obvious

challenges.

He said with the private sector mind-set of the present administration under Tinubu, the reception of the ideology of privatisation was making more sense and gaining more grounds under the current administration than the previous one.

Okoh said, "In the past six months, you can count the number of trips and visits the president has made to seek Foreign Direct Investment (FDI) for the economy; and create an enabling environment for these investments and to locate the opportunities locally.

“That itself is huge because you are placing yourself in the competitive international capital market or investment market that they should listen and look at us as well. There are huge opportunities for investment now, so that is what is different."

2023 confirmed that the irregularities in the signature of his principal.

However, to properly take care of his health, Akeredolu, would in a few days, embark on another medical vacation toGermany.

The governor, who is battling an undisclosed ailment, was away for the first medical leave between June and August toGermany.

He returned to Nigeria shortly after the leave expired in September and announced his resumption of duties but failed to show up at the Government House, Alagbaka, Akure.

The ailing governor stayed in Ibadan, the Oyo State capital from where he was purportedly governing the state.

This development had prompted the people of the state and beyond to ask about his whereabouts.

While this was going on, the state witnessed political and leadership crises, as members of the state House of Assembly ignored him, and went after Aiyedatiwa, whom they wanted to impeach for fear of taking over from his boss.

This further worsened the crisis in the state. So bad was the situation that the Yoruba socio-political organisation, Afenifere, called on President Bola Tinubu to intervene and appealed to the gladiators to cease fire.

Ondo Community Drags Akeredolu, Others to Court Over Location of New LCDA Hqrts Ode Aye, an agrarian community in Ondo State, has dragged Governor Oluwarotimi Akeredolu and the Speaker of the state House of Assembly, Oladiji Olamide, to the state High Court sitting in Akure over the siting of headquarters of the Ikale North Local Council Development Area in Igbotako instead of Ode Aye. Amid Protests and rejection, Akeredolu had on September 8, 2023, assented to the bill creating 33 local council development areas (LCDAs) in the state, a day after his return from Germany, where he went for a 3-month medical leave.

This came after the assembly had passed the bill for the creation of the 33 additional councils on August 15.

Tinubu, Former Governors, Others Urged to Intervene in Rivers Crisis President Bola Tinubu and former governors of Rivers State have been urged to intervene and bring the political crisis in Rivers State to an end before it snowballs into a political instability of unpredictable proportion.

The Immediate past PresidentGeneral of Maritime Workers Union of Nigeria (MWUN) and a concerned indigene of the state, Anthony Nted, in a statement titled, “Rivers State is greater than all of us,” said all indigenes of the state irrespective of their political affiliations must join hands to restore peace to our dear state.

According to the statement, “The political crisis that has engulfed Rivers State in recent times is a bad omen for the socio-economic and political development of the state.

“It must not be allowed to persist any longer. All indigenes of the state irrespective of their political affiliations must join hands to restore peace to our dear state.

“All the political gladiators must know that political power is transient and whatever any person does with political power today, posterity will judge him or her tomorrow.

“Political power will come and go, but the state will remain. I want

to appeal that the state should not be thrown into a theatre for political instability.”

According to him, Rivers State was centre and symbol of the Niger Delta.

“We are not known for political instability and it must not start during our time. I want to call on President Bola Tinubu to immediately intervene to ensure that the state does not go up in flames under his watch as the President and Commander-in-Chief of Armed Forces.

“I want to also use this medium to implore all leaders of the Niger Delta Region including Former Federal Commissioner for Information and South-South Leader, Chief Edwin Clark, former governors of the state including the immediate past governor and Minister of the Federal Capital Territory (FCT), Nyesom Wike, traditional rulers, all the leaders of thought, well-meaning individuals, opinion leaders, and youth leaders to wade in before the matter gets out of hand,” he added.

“We should know that the interest and survival of Rivers State is far above the interest of any individuals or groups no matter how highly placed.”

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NEWS

United States Delegation to Lagos Free Zone...

L-R: Chief Executive Officer, Lagos Free Zone, Dinesh Rathi; Commercial Counselor, United States Mission to Nigeria, Julie LeBlanc; Consul General, United States Consulate General, William Stevens and Manager, Sales and Business Development, Lagos Free Zone, Atigogo Richard during the courtesy visit of United States Consulate General delegation to Lagos Free Zone at Ibeju Lekki, Lagos... recently

Lagos Govt Says Zero Bank Robbery Incidents Recorded in Four Years Set to deliver 300 patrol vehicles to police, others

The Lagos state government has said that there has been no bank robbery incidents in the state in the last four years, going by the new record released by the State’s Security Trust Fund.

It said in a statement yesterday that it is the longest period this has happened over the last two decades, quoting Governor Babajide SanwoOlu as linking the improvement to the continuous review of the state’s security architecture and the consistent surveillance put in place to nip organised crimes in the bud.

Sanwo-Olu spoke while sharing the progress at the 17th Town Hall Meeting on security organised by the Lagos State Security Trust Fund (LSSTF), where stakeholders in the security circle, citizens and private

sector donors met to evaluate issues relating to safety in Lagos between October 2022 and September 2023.

Lagos, however, recorded 189 cases of residential robberies under the year in review, 172 of which were successfully foiled by security operatives and 257 suspects arrested.

The governor praised the police and sister agencies for their collaborative efforts towards combating crimes in the city, saying the state had built a stabilised security landscape compared to other parts of the country. He, however, said more challenges were still ahead to overcome.

He pointed out that the State, through LSSTF, had consistently funded operations of security agencies across communities to ensure

quick response to threats and crimes, noting that the state government had provided operational vehicles and equipment towards enhancing the capacity of security operatives.

The intervention, Sanwo-Olu said, had raised the frequency of crime-busting responses, which, he added, resulted in the unprecedented record of progress in the annals of policing in the State.

He said: LSSTF, fuelled by voluntary donations, has significantly strengthened our security architecture, providing essential vehicles and equipment. While challenges still persist, our state’s security landscape is notably more stable than many other parts of the country.

“We have equipped and strength-

NCS Probes Personnel Caught Demanding Bribe in Lagos Airport Chinedu Eze The Nigeria Customs Service (NCS) has started investigation into the action of one of its personnel deployed to the Murtala Muhammed International Airport (MMIA), Lagos.

She was seen in the video demanding bribe from a passenger that arrived the country, insisting she would not allow him leave the arrival hall with his luggage.

The customs officer solicited for N5000 bribe from the passenger, but the NCS has initiated a thorough investigation to address the incident and ensure accountability.

The incident, which occurred at the New international Terminal of the airport, was captured on video by the affected passenger and stirred concerns among the public.

According to the NCS, preliminary findings indicate that the officer in question is its employee, specifically assigned to the airport area command.

The NCS openly condemned the unprofessional conduct and said it is committed to upholding the highest standards of professionalism within its ranks.

A statement signed by the Chief Superintendent of Customs and the National Public Relations Officer for the NCS, Abdullahi Maiwada, stated that such behaviour was inconsistent with the core values of the service.

“We are resolute in maintaining a transparent and accountable customs operation,” it added.

He said a comprehensive investigation was going on and assured that appropriate actions would be taken against the officer if found guilty.

“The Nigeria Customs Service is diligently investigating an incident at Murtala Mohammed International Airport in Lagos, where an officer was observed soliciting N5000 bribe from a passenger. This behaviour has rightfully raised public concern, and we are committed to ensuring full accountability.

“Preliminary investigation revealed that the incident transpired at New Terminal, within the departure hall of Murtala Mohammed International Airport Lagos, and was captured on video by the involved passenger.

“The recording reveals an inappropriate request for N5000 in exchange for expeditious processing of customs procedures.

“We wish to confirm that the officer implicated is indeed a member of the Nigeria Customs Service, properly assigned to the Murtala Mohammed International Airport Area Command.

“The NCS strongly condemns this unprofessional conduct and is dedicated to upholding the highest standards of professionalism. A comprehensive investigation is underway to scrutinise the incident thoroughly, and appropriate actions

will be taken,” the statement said.

It encouraged passengers and the public to report any instances of misconduct or corruption promptly.

ened cooperation among various safety and security agencies; our collaboration with armed security agencies through the Lagos State Security Council remains crucial in acknowledging the sacrifices made by officers and men to ensure our safety.”

Sanwo-Olu pledged that 2024 would kick off with new security measures, disclosing that his administration would be raising the fleet of patrol vehicles for security agencies by 300 units. This, he said, will be done in collaboration with local government authorities.

The governor said Lagos Neighbourhood Safety Corps (LNSC) agency had been repositioned to gather actionable intelligence to complement efforts by the security agencies, adding that the State’s Emergency Call Centre was undergoing operational restructuring for enhanced intelligence reporting.

“To address critical needs, the state government, in collaboration with local authorities, will provide 300 patrol vehicles through the LSSTF at the beginning of next year. We have repositioned the neighbourhood safety agency to gather actionable intelligence to support security

responses,” Sanwo-Olu said.

The governor personally led the donation drive to LSSTF, raising N2 billion voluntary contributions to the trust fund at the event.

Oil mogul and businessman, Mr. Femi Otedola, pledged donation of N1 billion to the Fund, just as other donors turned out large donations to the cause.

Giving the report of crime situation in Lagos, Acting Commissioner of Police, Waheed Ayilara, a Deputy Commissioner of Police, said 103 firearms, 324 assorted ammunition and 279 dangerous weapons were recovered during the year.

He said 158 cases of murder were recorded, with the incidents resulting in the death of 163 victims. Also, 18 kidnapping suspects were arrested in connection with eight incidents.

The police boss also raised the alarm on the rising cases of domestic violence and abuse, noting that 256 case of gender-related violence were recorded with 333 suspects in custody.

LSSTF Executive Secretary, Dr. AbdurRazaq Balogun, said Lagos State Police Command only received nine patrol vehicles from the federal government within two years, stress-

ing that the Fund used donations it received in the last 10 months to bridge the equipment shortfall within federally controlled security agencies operating in Lagos.

Lagos, Balogun said, remained the only State with 28 functioning bullet-proof vehicles, with three vehicles’ armoured features being replaced every five years.

He said: “The Fund received a total of N318.75 million in cash donations and two vehicles in 2023.

We continue to thank our donors as their partnership is far-reaching and critical to the success of these security activities.”

LSSTF BOT Chairman, Mr. Kehinde Durosinmi-Etti, said although economic situation in the country had affected donations to the Fund, the agency surpassed its revenue target by 94 per cent.

“The unstable economic climate largely influenced by increasing foreign exchange rates has been a major challenge to fundraising.

“This makes the donation drive even more pertinent for us especially, as there is no alternative to collective funding model given, the indication that the government cannot do it alone,” Durosinmi-Etti said.

Fubara Secures Crucial Win as Court Confirms Ehie Authentic Rivers Assembly Speaker called on Tinubu to call Wik, to order, and alleged that he was the mastermind of the crisis in the Rivers State.

In an open letter to the president, the leader of PANDEF said Wike was just one of the 48 ministers in the president’s cabinet and he should be called to face his job as FCT minister and not insist on controlling the political structure in Rivers State.

Clark told Tinubu in the letter, “As a member of your cabinet, you may need to call this minister to order to face the work in the quietness, which is demanded of him.

“He should focus on his office and know that he is just one among a cabinet of 48 persons, besides the vice president and yourself.

“The country has enough problems, which your government must sit down to solve. The FCT itself is full of challenges all over and he has more than he can chew and, therefore, avoid these distractions.”

Clark said if all former governors insisted on controlling their successors, there would be chaos in the country.

HURIWA to Wike: Concentrate on Your Duty

HURIWA urged Wike to concentrate on his ministerial duties in Abuja, saying the capital city has gradually moved from being one of the safest places in Nigeria to becoming the kidnappers’ capital, with frequent invasion of homes by well-armed kidnappers and incessant abductions of Abuja residents.

HURIWA predicted that if quick actions were not implemented to curb the dangerous rise in sophisticated crimes in the FCT, Abuja might witness a regime of self-help measures whereby the residents could be compelled to take the law into their hands.

In a statement by National Coordinator of HURIWA, Emmanuel Onwubiko, the civil rights group said the consequences would be mob actions against perceived criminal elements, or taking up arms to protect residents’ inalienable right to life.

HURIWA called on Wike to remain focused on carrying out his mandate by putting strong,

unimpeachable and resultoriented measures in place to restore normalcy, stability and security in the FCT. HURIWA asked Wike to avoid the politics of distractions that he was engulfed in.

NGOs Insist INEC Declares Seats of Defectors Vacant

Following the defection of 27 PDP lawmakers in the Rivers State House of Assembly to APC, some non-governmental organisations called on INEC to declare the seats of the defected lawmakers vacant. They also called on the Inspector General of Police, Kayode Egbetokun, to prosecute the defecting lawmakers for treasonable felony by continuing to present themselves as lawmakers since their defection had made their seats vacant.

In an interview, Kalu Kalu Agu, the legal adviser of the Centre for Reforms and Public Advocacy, said INEC should declare the seats of the 27 lawmakers vacant as there was no crisis in PDP. Quoting Section 109 of the 1999 Constitution, Agu, who also citied

the rulings of courts across the country, called for declaration of the seats vacant, saying, "Emerging development will truly test the independence of INEC and the nature of democracy that is being practised in Nigeria."

Citing many cases in reference, he said, "A Federal High Court sitting in Abuja sacked 16 Ebonyi House of Assembly members for defection. The court held that the movement was in breach of Section 109(1)(g) of the 1999 Constitution, as amended, which provides that defector legislators are not allowed to retain their seats in the legislature.

"The same fate befell 18 members of the Cross River House of Assembly and two members of the House of Representatives, who were asked to vacate their seats for defecting from their party last year.

"In 2012, a member of Labour party representing Akure North/ Akure South Federal Constituency defected to another party. This case lingered until the Supreme Court in 2022 ordered him to immediately vacate his seat following his defection from the Labour Party."

Agu blamed the crisis on Wike.

wednESday december 13, 2023 • T H I S D AY

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NEWS

SHOW OF APPRECIATION…

Chairman, Life Coaches Association of Nigeria (LCAN) Board of Trustees (BoT), Dr Lanre Olusola(left), presenting a certificate of excellence and appreciation to the Africa Coaching Week (ACW) 2023 speaker, Founder/Lead Partner at DETAIL Commercial Solicitors, Ayuli Jemide, at the ACW flagship conference in Lagos…recently

Report: 1,308 Killed, 464 Abducted in 264 LGs in November abducted in 264 local councils in the country in the same month.

The report said the firm tracked 721 incidents that resulted in 464 abductions and 1,308 fatalities.

“In the 11 month of the year, we recorded 721 incidents that resulted in 464 abductions and 1,308 fatalities.

“These affected 264 local

government areas in 36 states and the Federal Capital Territory, Abuja,” it said.

Going by its month-to-month analysis of the changes recorded in October and November 2023, the

Oyebanji: I Will always Protect Pensioners’ Rights

The Inspector-General of Police, (IG) Kayode Egbetokun, yesterday, approved the deployment of two Commissioners of Police to the Lagos and Nasarawa State Police Commands.

A statement by Force

Kingsley Nwezeh in Abuja

A security firm, Beacon Consulting, has released statistics of violence recorded in the country for the month of November which shows that 1,308 people died in violent incidents across the country in the month under review.

It said 464 people were

Gbenga Sodeinde in Ado Ekiti

The Governor of Ekiti State, Mr. Biodun Oyebanji, has declared that he is irrevocably committed to fulfilling all his electoral promises to pensioners, who had expended their energies serving the state during their productive years.

Oyebanji also said that in order to fast-track the state’s development index and shore up its Internally Generated Revenue

(IGR), his administration would introduce Land Use Charge in January 2024 for all developers.

The additional revenue, he said, would help the state government to undertake more projects across all sectors.

Oyebanji spoke yesterday in Ado Ekiti, during a special prayer organised for him by the state chapter of the Nigerian Union of Pensioners (NUP), at Jibowu Hall, Government House.

report showed that 935 incidents were recorded in October as against 721 in November representing a 22.88 per cent decrease.

Beacon Consulting, which

tracks violent crimes across the country in the report titled, “2023 Nigeria Security Report,” said fatalities increased and stood at 1,308 as against October figures that was 1,127 representing 16.06

increase.

There was a decline in November as figures stood at 464 compared to 518 in October representing 10.42 per cent decrease.

IG Orders Deployment of New CPs to Lagos, Nasarawa Kingsley Nwezeh in Abuja

Headquarters said the posting is with immediate effect, pending approval of the Police Service Commission (PSC).

It said in line with the commitment to fostering community ties and ensuring inclusive policing, the IG charged them with the responsibility to

actively engage communities in their respective jurisdictions.

The newly posted senior police officers are CP Fayoade Adegoke Mustapha, who is moved to Lagos State Command and CP Umar Shehu Nadada, to Nasarawa State Command.

“This strategic move is part of

the IG’s ongoing efforts to enhance security and build trust between law enforcement and the public.

‘The newly posted senior officers bring a wealth of experience to their new roles and are poised to contribute to the safety and well-being of the residents in Lagos and Nasarawa States,” it said.

Court Stops Police, DSS from Arresting SDP Spokesperson in Kogi Alex EnumahinAbuja

Justice Hamza Muazu of a High Court of the Federal Capital Territory (FCT) has stopped the Kogi State Commissioner of Police, Bethrand Unuoha from arresting, harassing or in any way

intimidating the Spokesperson of the Social Democratic Party (SDP) in Kogi State, Mr. Faruk Adejoh-Audu.

Also restrained in the order issued by the High Court are the Inspector General of Police, the Director-General of the Department of State Security (DSS) and the

Kogi State Director of DSS. Justice Muazu issued the order while delivering ruling in an exparte application filed and argued by Adejoh-Audu’s lawyer, O. U. Salifu.

The restraining order against the security agents however, is to last pending the hearing and

determination of the substantive suit.

The plaintiff/ applicant in a motion on notice for the enforcement of his fundamental human rights is alleging that his life has come under serious threat from the defendants.

WFP: Hungry People to Reach 49.5m in Nigeria, Other Soludo Commended for Pace West, and Central African Countries in August 2024

of Development in Awka Michael Olugbode in Abuja David-Chyddy ElekeinAwka

The Governor of Anambra State, Prof Chukwuma Soludo, has been commended for the pace of development going on in Awka Capital City.

Managing Director of Think Home Developers and Realtors Limited, Mr Machiavelli Chidi Okafor and other real estate developers, gave the testßimony during the groundbreaking ceremony of Oakville Millennium City Estate, Awka.

Okafor said: “Mr Governor, your government is the only government that that has picked a keen interest in giving Awka a befitting state capital

which they will be proud of.

“The new government house, the solution fun city 2.0, and numerous other projects. Your road infrastructure that traverses the length and breadth of the state are a testament to your vision for Anambra State.”

Okafor said the capacity that the governor has demonstated is the reason he decided to heed the think-home call of the governor for indigenes to invest at home.

“Anambra people are contributing 30% of housing development in the entire Nigeria, and because of the governor’s call, I have come home to provide the solution I have provided in Lagos and Abuja, down here.”

Hungry people in West and Central Africa including Nigeria may reach 49.5 million between June and August 2024, the United Nations World Food Programme (WFP) has raised

the alarm.

The WFP in a statement yesterday said: Despite considerable efforts by governments and partners, food insecurity continues to worsen in West and Central Africa with the number of hungry people set to

reach a staggering 49.5 million people between June and August 2024, a four percent increase compared to 2023, according to a regional food security analysis which was released same day.

The statement read: “The trend is particularly worrying in coastal

countries, where the number of women, men, and children facing acute hunger (IPC/CH phases 3 or higher) is expected to reach 6.2 million during the June-August 2024 hunger gap - a 16 percent increase on last year.”

Police Arrest Directors, Others for Alleged Fraud in Kano Ahmad Sorondinki inKano

Kano State Police Commissioner Mohammed Usaini Gumel has confirmed the arrest of one Abubakar Gambo, Director Administration, and General Services, Kano State Ministry of Water Resources, and two others

for alleged theft of public utility.

Speaking with journalists yesterday in Kano, Gumel disclosed that other suspects in police custody are: Baba Yahaya, Assistant Secretary of Administration, and Nuhu Mansir, former manager of Karefa Irrigation Scheme of Tudun Wada Local

Government Council.

He said the three persons were suspected to have forged a letter authorising the auction of some high-capacity water pump and belonging to the Kano State Government.

CP Gumel further explained that the outright denial by

the Commissioner of Water Resources had confirmed that the authorisation of the auction was a fraud and is now under investigation. “ We are investigating the matter, and as soon as the investigation is concluded, the suspects will be charged to court,” CP Gumel said.

We Have Holistic Plan for Ogun Transportation System, Says Commissioner ICAN Inducts 1,888 New Chartered Accountants JamesSowoleinAbeokuta He confirmed that the ministry, who disclosed this while briefing Olabisi Onabanjo University, has Dike Onwuamaeze

The Institute of Chartered Accountants of Nigeria (ICAN), last week inducted 1,888 new chartered accountants and welcomed them into the accountancy profession.

The 59th President of ICAN, Dr. Innocent Okwuosa, who officiated over the induction ceremony, told the inductees that by “the powers conferred on him by the ICAN Act No. 15 of 1965, as well as the authority vested in me by the governing council of the institute, I now admit you all into membership of the accountancy profession.

“Congratulations to you all once again and I formally welcome you to the membership of an exciting profession and wish you success in your career.”

Okwuosa told the inductees that he was delighted to welcome them to this occasion of the 72nd Professional Induction of ICAN and extended his “heartfelt congratulations to the 1,888 inductees on the attainment of this significant milestone in their professional career, and I wish you all a more rewarding and successful career in the noble accounting profession.

Ogun State Government said it has put in place a holistic transportation system that would help address the problem of rural-urban migration among other issues.

The state Commissioner for Transport, Mr. Gbenga Dairo,

journalists on the newly introduced Compressed Natural Gas (CNG) bus scheme, explained that the transportation plan, which was developed in collaboration with the United Kingdom Foreign and Commonwealth Development Office (UKFCDO) and eggheads at the

been adopted by the state and is already being implemented in stages.

Dairo said the target of the ministry is to deliver affordable, safe, accessible and a sustainable transportation system that will take care of all parts of the state be they rural or urban.

which earlier commenced the pilot CNG fueled bus scheme with the Adatan - Ita Osin route, has now extended the services to the Mowe-Ibafo-Berger route towards mitigating the increasing costs of transportation experienced by commuters.

ASUP Demands Withdrawal of Circular on IGR, Says Polytechnics Going Extinct

OnyebuchiEzigboinAbuja

The leadership of the Academic Staff Union of Polytechnics (ASUP) yesterday lamented the dwindling fortunes of Polytechnics in Nigeria as a result of unfavourable policies of government.

In view of the funding challenges confronting tertiary institutions, the union demanded the total withdrawal of the 2021 circular requesting institutions to make remittances of their internally generated funds.

ASUP also urged government

to immediately implement the approved new wage structure of 35 per cent and 25 per cent for chief lecturers and other categories of staff in the sector with the arrears.

Addressing journalists ahead of the union’s national delegates conference holding today in Abuja, ASUP

president, Mr. Anderson Ezeibe said that polytechnic institutions in Nigeria were fast losing their students population due to the neglect and negative policy measures of government. He said that the current ratio of students to staff is almost one student to a staff.

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CSO Urges Lagos, Other South-west States to Halt Rising Debt Levels

YinkaKolawoleinOsogbo

A Civil Society Organisation (CSO), Brain Builders Youth Development Initiative, has advised Lagos State and states within the South-west region, to reduce their appetite for borrowings, especially foreign loans, saying such practice was dangerous and economically unhealthy.

The Global Director of the group, Abideen Olasupo, gave the advice

during the South-west press briefing, desk review validation meeting, convened in collaboration with other groups.

He said the meeting sought to address issues relating to the management of taxes and the critical imperative of debt justice within the South-west region.

A report on: ‘Debt Sustainability Assessment of the Southwest States in Nigeria’ prepared by the

BBYDI was also presented at the programme.

Olasupo lamented the absence of government officials, particularly commissioners for finance in the six South-west states at the programme. “it is worrisome that whenever

Abia State governor, Mr. Alex Otti has proposed a budget outlay of N567,240, 095,972.00 for the 2024 fiscal year, representing the maiden budget of his administration.

The budget which he christened the “budget of new beginning” was presented yesterday before the plenary of the State House of Assembly.

There was a notable departure from the past fiscal policies of past Abia governments as Otti allocated an audacious chunk of the total budget to capital projects.

“The key distinction in the 2024 budget estimate is in the direction of spending as 84 per cent of the total budget would be spent on capital projects as against 53 per cent in 2023. The remaining 16 per cent of the budget would go into recurrent expenditure as against 47 per cent allocation in 2023,” he said.

He justified the focus on

capital expenditure, saying that the 2024 budget was targeted at expansion of public infrastructure in line with the new development targets as well as scaling up access and quality service delivery in the social sector.

Though the budget estimate represents more than N400 billion rise from the 2023 estimate of N160.5 billion, the governor noted that when adjusted for inflation and fall in the value of the naira, the reality would be become clearer.

Otti said that his budget estimate would be financed through estimated revenue of N166,077,717,058, including earnings from Internally Generated Revenue (IGR) channels.

Other sources of revenue to fund the 2024 budget include federation allocation, grants from multilateral organisations and income from other revenue sources that will be available to the state government over the course of the fiscal year.

commissioners for finance across the six south-west states, but it is quite unfortunate that none of them is here today. This is bad practice that has to stop,” he added.

Speaking on the debt sustainability assessment report

which analysed the financial status and budget implementation reports of each of the six states in the South-West between 2020 and 2022, Olasupo said governments in the region, especially that of Lagos, must check their borrowings.

Gender Advocates Urge Lawmakers to Initiate Bill to Protect Women, Children

Sunday Aborisade in Abuja

at a one-day gender Otti Presents N567bn Budget Participants awareness retreat in Abuja urged the National Proposal for 2024 Fiscal Year yesterday Assembly to initiate a bill that

Emmanuel Ugwu-Nwogo in Umuahia

matters of transparent fiscal policies, accountable governance and sustainable economic development are to be discussed, government representatives are usually absent.

“Long before today, we sent out invitation letters to all the

would prevent the military and security agencies to spare women and children during peace-keeping

operations.

The event was organised by the National Institute for Legislative and Democratic Studies in collaboration with UN Women and German Cooperation.

The theme of the retreat was: “Enhancing Gender-Responsive Security Operations: The Role of

Legislators in Women, Peace and Security (WPS) In Nigeria.”

Representatives from the UN Women, National Defence College (NDC), the Nigeria Police Force, the Nigerian Army, Navy, Air Force, National Assembly, Ministry of Women Affairs, Ministry of Labour attended the programme.

The duo of an Associate Professor, Department of Political Science, University of Abuja Dr. Ernest Ereke and Prof. Sola Adeyanju of the Directorate of Research, National Institute for Policy and Strategic Studies, Kuru, Jos, were the resource persons on the occasion.

Rivers: Four Soldiers Killed, Two Oil Workers Missing in Militants’ Attack

Blessing Ibunge in PortHarcourt

Four soldiers have been reportedly killed in an attack by suspected militants in Ahoada East Local Government Area of Rivers State.

THISDAY gathered that the victims were on routine escort duty at Enweh West manifold in the area when the militants

struck, leaving the numbers of the military personnel dead while two oil workers still missing as at press time.

In a statement signed by the Acting Deputy Director, 6 Division Army Public Relations, Danjuma Jonah, said the incident occurred at Emesu junction, along Amungboro-Emuphan road in Ahoada.

Danjuma informed that the suspects allegedly escaped through the Emesu waterside, using Orashi River.

“Troops of 5 Battalion on routine escort duty for an oil servicing company at Enweh West manifold, Ahoada East Local Government Area of Rivers State were attacked by suspected militants, at Emesu

junction, along AmungboroEmuphan road. Unfortunately, four soldiers were killed in action, with two other oil workers unaccounted for.

“The suspects allegedly escaped through the Emesu waterside, using Orashi River.

Troops are currently combing the general area to fish out the perpetrators of this dastardly act.

Peter Obi: Dangote Refinery ‘ll Benefit Nigeria’s Economy

Chuks Okocha in Abuja

The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has said the Dangote Refinery will be beneficial to Nigeria’s troubled economy.

In a string of posts on X (formerly Twitter), Obi, a former governor of Anambra State, congratulated Ákíkó Dangote

on the feat which he described as a “major milestone in the Nigerian energy sector”.

The refinery located in Lagos recently received its first 1 million barrels of Agbami crude grade, which represents the first phase of the 6 million barrels to be supplied to the refinery by several suppliers.

“Having earlier witnessed the commissioning of the dangote

refinery and petrochemicals as the world’s largest single train petroleum refinery, I do believe it will be very beneficial to Nigeria’s troubled economy.”

“When it operates maximally, the refinery will boast a capacity of 650,000 barrels of crude oil per day and is expected to meet Nigeria’s domestic demand for petroleum products and help

Nigeria save the much-needed foreign exchange currently spent on the importation of such products.

“It’s expected that by meeting our domestic demand and supplying the surplus to the international markets, Nigeria will take its place as a key player in the downstream petroleum sector of the global market,” he said.

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WEDNESdaysports

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

0811 181 3083 SMS ONLY

Osimhen Celebrates CAF Award with Goal, Qualifies Napoli for Last 16 C H A M P I O N S L E AG U E

EARLY CELEBRATION FOR THE KING...

Newly crowned Africa’s Best Footballer of the Year, Victor Osimhen (standing), scored as Napoli defeated Braga 2-0 to reach the Last 16 Round of the UEFA Champions League...last night

Barely 24 hours after he was named 2023 African Player of the Year in Marrakesh, Morocco, Nigerian Victor Osimhen, scored Napoli’s second goal in the 2-0 defeat of Sporting Braga.

The victory advanced the Italian Serie A champions to the UEFA Champions League Round of 16 after they finished behind Real Madrid with 10 points from six games.

Of course, Osimhen celebrated the goal with his Napoli teammates. It was a perfect start to Osimhen’s reign as King of African football.

He got his name on the scoreboard on 33 minutes, when he improvised from a pass by Brazilian defender Nathan to get the ball over the goal line.

The first goal for Napoli was an own goal scrambled into the net by Braga’s Serdar Saatci in the 9th minute.

The striker, who netted 31 goals in all competitions last season, has now scored a total of seven goals this term following his six goals in Serie A. Last season, the Serie A champions achieved their bestever record in the Champions League when they reached the quarterfinal.

Elsewhere on the night, Manchester United were beaten 0-1 by Bayern Munich at Old Trafford to finish bottom of their Champions League Group A after a bitterly disappointing campaign, picking just four points from a possible 18.

United knew they had to

beat Bayern, who were already through as Group A winners, for a chance of progressing.

Bayern's Kingsley Coman scored the only goal in the 70th minute when he was played in

by England captain Harry Kane.

Erik ten Hag's side won just one of their six group games.

Defeat means United also missed the chance to drop into the Europa League.

RESULTS Copenhagen 1-0 Gala’ray Man Utd 0-1 B’Munich Lens 2-1 Sevilla PSV 1-1 Arsenal Napoli 2-0 Braga U’Berlin 2-3 R’Madrid Salzburg 1-3 Benfica Inter 0-0 Sociedad

TODAY Atletico v Lazio Celtic v Feyenoord Dortmund v PSG Newcastle v AC Milan C’Zvezda v Man City Leipzig v Young Boys Porto v Shakhtar R’Antwerp v Barcelona

Tinubu Congratulates Osimhen, Oshoala, Nnadozie, Falcons Over CAF Awards Sport Minister, Edo Governor, GTI, others hail the Nigerian winners

Deji Elumoye in Abuja

President Bola Tinubu has congratulated Nigeria's Super Eagles forward, Victor Osimhen, on winning the CAF 2023 Men’s Player of the Year award.

The President, in a release issued yesterday by his Media Adviser, Ajuri Ngelale, also celebrated the remarkable achievements of Asisat Oshoala of Nigeria’s Super Falcons, who clinched the 2023 CAF Women's Player of The Year for the sixth time, and Chiamaka Nnadozie, who was awarded the Woman Goalkeeper of the Year, as well as the Super Falcons for emerging the Women's National Team of the Year.

President Tinubu commended the trio of Osimhen, Oshoala and Nnadozie for their outstanding performances at both national and international stages, and for being sources of pride to the nation and an inspiration for aspiring footballers across the continent. ''Watching the great ambassadors of Nigeria stand atop the podium as the African Footballers of the Year,

in the men and women categories, on Monday night in Marrakech, Morocco, has strengthened our belief that with hard work, perseverance, and the help of God, everything this nation needs for greatness is within us and available to us. ''I commend Victor and Asisat for not forgetting their roots and days of humble beginnings in the game they love so much and for acknowledging the role of indigenous coaches in shaping their careers. ''I join all Nigerian fans in praying that this well-deserved honour will be the beginning of a continued journey filled with success, triumphs, and the fulfilment of all your footballing dreams,'' the President said.

Similarly, the Minister of Sports Development, Senator John Owan Enoh, proudly congratulates Osimhen, and Oshoala for their remarkable achievements on Monday night.

He commended their exemplary performances, which have not only made Nigeria proud but have also garnered global recognition for their

exceptional skills and commitment.

"The victory of Victor Osimhen, Asisat Oshoala, Chiamaka Nnadozie and the Super Falcons at the CAF Awards not only brings pride and honor to Nigeria but also opens a new vista for the country's sports landscape. Their achievements serve as an inspiration to aspiring young athletes, demonstrating that hard work, dedication, and talent can lead to remarkable success on the global stage."

The Edo State Governor, Mr. Godwin Obaseki, in his congratulatory message to Osimhen, Oshoala and Nnadozie, describes their feats as inspiration to youth in the country.

“I congratulate the Nigeria duo, Victor Osimhen and Asisat Oshoala for winning the 2023 CAF African Player of the Year, Men and Women categories respectively. Kudos to the 2023 CAF Goalkeeper of the Year, Chiamaka Nnadozie on her win, also. Their emergence is a triumph of the Nigerian youth and serves as inspiration for our young people to continue to pursue their craft with determination and

hard work.”

Strategic partners to the Nigeria Premier Football League (NPFL), GTI Asset Management and Trust Limited, describes the feat of the Nigerians at the CAF Awards as an confirmation that the country is blessed with abundant talents in sports, especially football.

Reacting to the superlative outings of the Nigerian trio, the Executive Director of GTI, Nelson Ine, attributed Nigeria’s continental triumphs at the Awards ceremony

to hard work and determination on the part of the players involved.

“GTI is proud to join many stakeholders of Nigerian football in congratulating Nigeria’s sensational striker Victor Osimhen; six-time CAF Women’s Player of the Year, Asisat Oshoala; inaugural Woman Goalkeeper of the Year Chiamaka Nnadozie and the Super Falcons for putting smiles on the faces of Nigerians.

“The triumphant feats by these Nigerians have redoubled the ef-

...Mercy Akide-Udoh Recalls Double With Nwankwo Kanu FIFA Goodwill Ambassador for Women’s Football and Nigeria legend Mercy Akide-Udoh Monday night recalled when she won the CAF Women’s Player of the Year and standing on the same podium with Nwankwo Kanu who was crowned the winner of the men’s category

of the award.

Akide-Udoh fondly called ‘Marvelous Mercy’ in her playing days with the Super Falcons, was excited seeing Asisat Oshoala and Victor Osimhen repeating that feat on Monday night.

“I feel blessed to have

Nigeria Beat Rwanda to Rekindle Cricket WCQ Hope Nigeria and Rwanda rekindled their cricketing rivalry with Game 7 Match-day 4 of the ongoing International Cricket Council (ICC) Women's T20 World Cup Africa Qualifier in Uganda.

Coming from a loss in their previous Group B games, either side needed a victory to keep their semifinals qualification hopes alive.

Rwanda would go into the game five places ranked ahead

of Nigeria but with relatively equal strength, it was expected to be a nerve-wrecking game, but the rain in Entebbe would again have a say.

Captain Diane Bimenyimana won the toss for Rwanda and elected to bat first. The East African side struggled to get runs on the board as Nigeria displayed exceptional bowling albeit some misfielding.

Batting all-rounder and usual

suspects Henriette Ishimwe 4(8) and namesake Gisele 3(8) were tamed as only opener Mervielle Uwase 14(23)and Biemenyimana 17(27)made significant contributions to the score board as Nigeria looked to be behind the wheels, after limiting the 25th ranked team to 88/9 in 20 overs.

Nigeria's Peculiar Agboya was instrumental to Rwanda's woes with her bowling statistics of 3/13 (4).

forts of GTI in seeing that more Osimhens, Oshoalas and Nnadozies are produced through our strategic partnership with the NPFL in the near future.

“We need to rekindle our efforts at sustaining the country’s soccer prowess going forward and GTI is strategically positioned to compliment the efforts of administrators of sports in Nigeria to actualize this great dream since we have enough talents to make our dream come to fruition,” he stated.

A seemingly slow start for the West Africans in the chase, considering Rwanda's bowling prowess, as opener and big hitter Salome Sunday would be gone for a duck in the first over.

Favour Eseigbe 7(13)would exit in the fourth over leaving Agboya 19(17) as the only double figures and breakthrough for Captain Blessing Etim's side, eventually emerging victorious by 3 runs.

Player of the Match, Agboya,

whose contributions in both innings earned her the award, thanked her teammates for the support.

“Thanks to my teammates I was able to achieve this.

Hopefully, we will continue to get better as we progress in the game,” she said.

Having lost their first game to Namibia by 9 runs, Nigeria will face Uganda on Thursday in the last group game.

been the first woman to win this award back then in 1999.

Winning it at the same time with a legend and fellow Nigerian like (Nwankwo) Kanu was very special and I think it was the beginning of recognition for women’s football in Africa.

“I am excited that other Nigerians have done it again and I hope that we will see more of this in future. If anybody had told me that it would take so many years before another Nigerian man would win it again, I don’t think any of us would have believed it, but that’s football and God knows best.

“I am proud of all the winners and I hope that as Nigeria has won so many awards tonight, this will be the start of more success for our football, from the AFCON in January to the women winning their own too and then to the FIFA World Cup.”

Wednesday, December 13, 2023

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MISSILE Alake to Illegal Miners

“A lot of banditry and terrorism are sponsored by illegal miners. They are not people who pick gold on the ground but powerful individuals in the country. Those powerful people behind them are Nigerians; we are identifying them with both kinetic and non-kinetic means. We have encouraged those petty illegal miners to form cooperatives.”

EricTeniola The Gradual Death of Local Governments guest columnist

O

n May 4 this year, the Deputy Governor of Edo state, Philip Shaibu, lambasted the 18 Local Government Chairmen in the state over their poor Internally Generated Revenue (IGR).

At a meeting with the council leaders, Shaibu said it was disappointing that they all generated only a total of N3 million every month.

“Between now and the end of May, I will personally do a letter to the governor (Mr. Godwin Obaseki) to sack you people. “Before sacking, we will get the EFCC to check all your books…and you’ll be fired. “We cannot continue like this…How can 18 local governments (generate) N3million in a month as revenue. 18 local governments, N3million!”

I don’t know whether or not any of the Chairmen of the local government in Edo State has been prosecuted. But if we are to go by the threat of Comrade Shaibu. I think Comrade Shaibu is just being Pharisaical. He knows why the local governments are not performing. He cannot claim ignorance.

Being the son of late Pastor Francis Osikpomobo Shaibu, Comrade Shaibu grew up in a family where issues are discussed at breakfasts, devoid of emotions and sentiments. And as a former president of the National Association of Nigerians Students (NANS) between 2000 and 2001, he is well enlightened on the provisions of the Constitution.

He even represented Etsako in the Edo State House of Assembly in 2010 and in the House of Representatives later. He knows that governors have abused the provisions of the Constitution as regards the Local Government. That is not to say that I am blaming Comrade Shaibu, a former senior officer of the Nigerian Prison Service for the defect in the constitution.

The third tier of government is dying in Nigeria.

That is not the way it is supposed to be. And what is happening in Edo state, is happening in the remaining 35 states in the country.

Each of us who grew up in the fifties and the sixties saw the smooth running of the local government system; it was perfect at that time.

According to Mr. U.D. Anyanwu in a book entitled “Foundations of Nigerian Federalism—1900-1960, edited by J. Isawa Elaigwu and G.N. Uzoigwe, Local government administration in colonial Nigeria contributed to the evolution of federalism in Nigeria largely because of two sets of actors: the internal and the external. The internal had to do with the plurality of cultures, people and even geography which made it necessary for the colonial authorities to adopt the indirect rule system which to some degree preserved the respective identities of Nigerian peoples. That is, it was the local government system which was used to make each Nigerian group feel that despite colonial rule as well as the evolving colonial state of Nigeria, their respective aspirations and values were to be preserved.

This internal aspect affected not only the British political officers and officials who were in charge of the component units that made Nigeria but also the emerging nationalist and political leaders whose activities contributed to the successful decolonization of Nigeria. In fact, throughout the colonial period, the dominant opinion among the leaders and people was that the local government system should keep to the principle of separate development espoused by the colonial authorities. By the time of independence, this internal consideration had also involved the aspect of the value the local government system had to serve in the power struggle among the

Senate President Godswill Akpabio

regional political parties.

The external dimension had first to do with the way Nigerian was acquired separately (in parts), phases and instalments by different units of the colonizing power. Thus, though the invaders and colonizers belonged to the same country, Britain, yet they initially settled in different geographical and cultural areas as independent rulers. Some vested interest developed in the process and so even when amalgamation came up, there were significant variations in their views on how local government and indeed the entire colonial administration should be organized.

Largely, because of this, the respective colonial administrative regimes of the British in Nigerian found it plausible to insist on a local government system whose cardinal common feature was the achievement of separate development for a colonial state of divergent cultures. Since these positions espoused by both the internal and external agents were also translated to arrangements at the higher tiers of government (namely the central and the regional), the result was that local government administration became essentially the concern of regional governments. The other related result was that the regional governments gave their respective local governments the character considered appropriate to the region. This was how local government administration played crucial roles in the forging of federalism in Nigeria.

A number of conclusions are derivable from all these. Local government administration in colonial Nigeria in theory and practice was designed to promote federalism. In the process it also became a promoter of regional thinking often at the expense of the country. In fact, it was not organized to promote the sense or thought of one country among the component citizenry. Therefore as at independence in 1960, local government administration was a sort of mixed blessing for Nigerian federalism. At one level it enabled the policy of separate development to prosper and thus fostered federalist impulses.

At another, it became the captive of regional governments and forces, championing essentially regional aspirations and interest with little or no care for federal ones. It can also be seen that

the “accidental foundations of federalism and its corollary, local government (native administration) in Nigeria under Lugard had become consciously pursued foundation by the end of colonial rule, leaving the country with the dilemma posed by the legacy of this mixed blessing since then. The dimensions of this dilemma include intergovernmental relations, the status of local government, and its role in the federal set-up.

In one view, there is an overwhelming demand for the adoption of true federalism with all its trappings, namely and essentially—the recognition of the integrity of the federating states within the union with local government remaining an internal affair of the states; the centre (Federal Government) derives its donated powers and authority from the people constituted in the States; accordingly the centre cannot takeover or interfere in the internal management of the affairs of the federating states such as dealing directly with local governments.

By implication therefore, the federating states in an undiluted Federal System reserve the power to create or establish a system of Local Government which takes account of their internal diversity or recognizes the plural character of the nation.

In that case, it was strongly canvassed that local governments should be relatively autonomous as provided in the Constitution but subject to direct funding and minimal supervision by the State Governments in specific matters.

Viewed in this context, the demand for a Local Government System with a Constitutional leeway to deal directly with the Federal Government invariably amounts to a violation of the Constitutional sovereignty of states and in the extreme situation renders the states completely irrelevant as federating units.

There is need to be cautious in considering the issues canvassed for an acceptable Local Government system to take account of the development needs of the vast majority of Nigerians to whom Local Government is closest. In dealing with this matter, it has explored a reconciliation or resolution of the inherent contradictions to ensure that the advancement of one institutional interest today does not, in future, render completely worthless the essence of the present Constitution Review Exercise which is the search for a restructured Nigerian Federation founded on internal cohesion.

There is need to maintain the peculiarities of the Nigerian situation largely require a high degree of certainty in the nature of institutions, which the Constitution establishes, and the regulatory framework for such institutions. To do otherwise, is to leave too much room for speculation, manipulation and possible chaos. I believe that the safeguards which have been built into the system will guarantee that the development of the States and Local Government Areas will remain a joint undertaking by the two tiers.

It should be considered the need to establish a system of Local Governments which recognizes the internal diversity of the nation within a true federal structure in which only the states are the federating units. I believe also that the safeguards which have been built into the system will guarantee that the development of the states and local government areas will remain a joint undertaking by the two tiers with adequate autonomy reasonably satisfactory to each level.

Having thoroughly analysed the situation, I am convinced that only states can be, the federating units in our circumstances. In reality, what Nigerians are asking for is not a federation of Local Governments with the federation of States, but a true federation in which states are

the federating entities. There are some ambiguities in the current 1999 Constitution which must be amended so as to save the local government from total collapse.

Section 7(1) states that ”The system of local government by democratically elected local government councils is under this constitution guaranteed; and accordingly, the government of every state shall subject to section 8 of this constitution, ensure their existence under a Law which provides for the establishment, structure, composition, finance and function of such councils”.

Yet, section 7(6a) submits, “the National Assembly shall make provisions for statutory allocation of public revenue to Local Government councils in the federation. But the confusion is extended further by section 7(6b) which states that” the House of Assembly of a state shall make provisions for statutory allocation of public revenue to local government councils within the state”. This confusion also resurfaced in section 162(6) where it established the State Joint Local Government Account for the Purpose of payment of “all allocations to the Local Government councils of the State from the Federal account and from the Government of the State”.

In Section 162(7) it directs State Government to pay Local Government councils its total revenue on the terms prescribed by the National Assembly.

At the same time it gives the same power and functions to the State House of Assembly in section 162(8). Further, section 8 (subsections 5 and 6) saddles the National Assembly with some functions before creation of a local government can become legal. The implication of all the identified contradictions and ambiguities is that it is very difficult to locate constitutionally the locus of power on local government creation. That is the tragic situation we are now.

To me the 1999 constitution has been unfair to the local governments.

It is very urgent that President Bola Ahmed Tinubu GCFR to act in order to save the local government system from total collapse. Expectedly, he is to convene his maiden meeting of the National Council of States where he will discuss urgent national issues. The local government system should be part of the issues to be discussed at the meeting.

In the interim, Section 7 (1) and (2) of the Constitution should be retained so that State Houses of Assembly have powers to legislate on the creation and other necessary powers of the Local Government Councils in the spirit of true federalism.

Section 7 of the Constitution should be expanded to take care of the provisions made in this review to ensure the existence and proper functioning of Local Government Councils.

In line with the call for the security of tenure for elected Local Government functionaries, a new provision for qualifications and removal of the Chairman, Vice Chairman and Councillors is hereby recommended as a separate tier of Government within the States.

In order to strike a balance between the demand by the Local Governments for financial autonomy through direct funding from the Federation Account and the need to ensure financial probity on the part of both the Local Governments and the State Governments, it is recommended that Section 162 (5) be amended so that all disbursements to the Local Government go to the State Local Government Joint Account as provided in Section 162(6).

The gradual death of the Local Government System in Nigeria must be halted.

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