THURSDAY 14TH DECEMBER 2023

Sanwo-Olu Presents N2.246 Trillion 2024 Appropriation Bill to Lagos Assembly

Economic protection takes priority Capital expenditure to gulp N1.224tn House promises to monitor implementation

Segun James Lagos State Governor, Babajide

Sanwo-Olu, yesterday, presented a 2024 appropriation bill of over N2.246 trillion before the State House

appropriation bill for the fiscal year, with the theme: "Budget of Renewal," was held at Lagos State

of Assembly for consideration and approval.

The presentation of the 2024

House of Assembly, Alausa, Ikeja.

Sanwo-Olu explained: "Budget of Renewal’ has been very carefully

guided by our THEMES Governing Continued on page 12

Climate Change: Nearly 200 Countries Agree Historic Deal to Reduce Fossil Fuel Consumption... Page 6 Thursday 14 December, 2023 Vol 28. No 10473. Price: N250

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With Four Soldiers Killed, Two Koreans Kidnapped, Security Concerns Mount in Rivers

Oil production may be impacted if crisis persists Ann-Kio Briggs warns situation may engulf Nigeria, president

Emmanuel Addeh and Alex Enumah in Abuja

With the recent killing of four soldiers and the kidnap of two South Korean expatriates, concerns have begun to

mount on the security situation in Rivers State, exacerbated, unfortunately, by political crisis in the oil rich state.

The already precarious situation of oil production might further worsen in the coming days, following the

tension building in the state, a key oil-producing state in the Niger Delta.

Gunmen had killed six people,

including four soldiers, while the Continued on page 12

Fubara Asserts Control in Rivers, Presents 2024 Budget to Four-member Assembly Demolishes bombed legislative complex for reconstruction FG denies involvement in state’s political crisis 27 defector-lawmakers ousted by legislature Falana: INEC required to conduct fresh elections

Deji Elumoye, Chuks Okocha, Adedayo Akinwale in Abuja, Wale Igbintade in Lagos and Blessing Ibunge in Port Harcourt Governor Siminalayi Fubara presented the 2024 Appropriation Bill of over N800 billion to a four-member Rivers State House of Assembly for consideration yesterday, in Port Harcourt, stamping his authority on the state, amid a raging political battle with his former benefactor, Federal Capital Territory (FCT) minister, Nyesom Wike.

Fubara, who had earlier ordered the demolition of the state House of Assembly complex, bombed several weeks ago in the thick of the political tension in the state, for reconstruction, made sure the lawmakers held their sitting within Government House.

Despite widespread suspicion, the federal government, yesterday, distanced itself from the political crisis in the state, saying Wike’s Continued on page 12

AT THE United Nations Convention Against Corruption in Atlanta...

L-R: Chairman, Kano State Public Complaints and Anti-corruption Commission, Barrister Muhuyi Magaji; Executive Director, Transparency International-Nigeria/CISLAC, Auwal Musa Rafsanjani; Chairman, Transparency International, Mr. Francois Valérian; Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede; and Director, MacArthur Foundation, Dr Kole Shettima, at the ongoing Conference of the States Parties to the United Nations Convention Against Corruption in Atlanta Georgia, United States

Tinubu Approves Leadership Changes in Aviation and Aerospace Devt Parastatals... Page 32

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T H I S D AY • THURSDAY, DECEMBER 14, 2023

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

INAUGURATION OF CIVIL SERVICE COMMISSION...

The new Chairman of Civil Service Commission, Professor Tunji Olaopa, being congratulated by President Bola Ahmed Tinubu, shortly after taking oath of office, during the Federal Executive Council (FEC) meeting PHOTO: GODWIN OMOIGUI. held at the Council Chambers of the Presidential Villa, Abuja…yesterday

NEWS

INAUGURATION OF ICPC CHAIRMAN...

The new Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, being congratulated by President Bola Ahmed Tinubu, shortly after taking oath of office, during the Federal Executive Council PHOTO: GODWIN OMOIGUI. (FEC) meeting held at the Council Chambers of the Presidential Villa, Abuja…yesterday

Cardoso Seeks Banks, Stakeholders’ Commitment to Drive Financial Inclusion Report: Nigeria's financial inclusion hits 74% in 2023

Nume Ekeghe The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a call to action for all stakeholders, specifically financial institutions, for more commitment to enhance Nigeria’s financial inclusion goals.

Cardoso, made the call at the Access to Financial Services in Nigeria (A2F) 2023 survey launch in Lagos, yesterday.

This was just as the Enhancing Financial Innovation and Access (EFInA), revealed an increase in Nigeria’s financially included population from 68 per cent in 2020, to 74 per cent for 2023.

The research manager at EFInA, Oluwatomi Eromosele, who revealed the figures noted that the initial figure of financial inclusion for 2020, was updated from 64 per cent to 68 per cent, due to updated data received from the National Census Commission.

However, Cardoso who was represented by the Director, Other Financial Institutions Supervision Department, CBN, Chibuike Nwagerue, said in order for the central bank to achieve its target of 95 per cent financial inclusion in 2024, there must be increased dedication of stakeholders in the financial systems ecosystem.

He said: “Let me use this opportunity to commend all financial inclusion stakeholders once again for efforts made and the progress achieved. However, to achieve the target of 95 per cent financial inclusion, we must all move from

collaboration to concrete commitment.

“To that effect, I call on all financial inclusion implementation agencies to set up specific functions or units dedicated to financial inclusion in their various organisations. This we believe, will provide the necessary ownership and commitment required to achieve our collective goal.”

He added: “As data is the main crux of this event, let me mention that the bank would continue to leverage data for policymaking and to strengthen monetary policy transmission. I call on all stakeholders to come up with a framework that will leverage data for all financial inclusion-related efforts going forward.”

He noted that the Nigerian financial system has evolved with significant improvements in size and depth, especially in the areas of market development, products, instruments and payment infrastructure, among other things, thus, reinforcing the need for regulators and stakeholders to constantly keep pace with these emerging developments in a sustainable manner.

He added: “As we aspire to build a strong and broad-based economy, our focus must be to ensure that the economy can promote growth, efficiency, stability, and inclusiveness in the distribution of the gains of financial development.

“There is no doubt that stakeholders' optimism is high and that these efforts would translate into accomplished objectives.”

He, however, noted that despite efforts in enhancing financial inclusion, some demographics like women,

youth, MSMEs, and Nigerians in rural areas and the northern regions remained disproportionately excluded.

“We are confident that efforts by stakeholders to address these gaps in the past two years will show some improvement.

“Financial Inclusion stakeholders in the Insurance, Pension, and capital market space have developed relevant policies to address these economic shocks in the MSME sector of the economy.

“An inclusive and sustainable economy is hinged on two factors: inclusivity, ensuring that the economy works for everyone and sustainability ensuring the protection of the economy for the future.

“These two factors are critical in developing macroeconomic policies in the country, underscoring the importance of inclusive growth, both in the short run and the long run.

“Sustainable economic practices contribute to long-term economic resilience. This provides the backdrop for key interconnected elements in the broader economic development framework like Gross Domestic Product growth, inflation reduction, and price stability,” he added.

The CBN governor further said: “Inclusive financial systems play a crucial role in protecting the most vulnerable individuals and communities from the impacts of global uncertainties by always providing them with access to essential financial services. “Inclusive financial systems can offer protection through the provision of access to savings and emergency funds, the provision of

rails to facilitate digital payments and transfers, and the provision of pathways to access credit, microloans, and social safety disbursements in times of crisis among other things.”

Continuing, Eromosele, who is the research manager at EFInA said: “Access to financial services, and financial inclusion has increased from 68 per cent in 2020 to 74 per cent, in 2023.

“Now, that number of 68 per cent is the updated adjusted number for 2020. We all know that in Nigeria, the very last survey that we have of access to financial services in Nigeria was done in 2006. “That means that the only opportunity

that we have had to understand the Nigerian population and to demarcate and segment it was done in 2006.

“This is 17 years later, if we continue to try to understand the Nigerian population today, based on data that was gotten in 2006, we will be wrong.

“Recently in preparation for the 2023 census, the National Population Commission has come up with new data so they've gone across the country and they've come you know, come up with a sample that then shows us that Nigeria is now more urban than it was in 2006.

“Financial inclusion is an indicator,

Trade, Investment Ministry Clarifies Budget for WTO Office Says allocation for personnel, overhead, capital costs

Sunday Aborishade and James Emejo in Abuja

The Federal Ministry of Trade, Industry and Investments has clarified details in its budget for 2024, which was released, Wednesday, stating that the N1.6billion earmarked for the World Trade Organisation, WTO, office in Geneva was meant to cover the personnel and overhead costs of the staff of the department as well as provide capital for its operation for the year.

A section of the media had reported that over N1 billion was set aside by the Minister of Trade, Industry and Investments, Doris Uzoka-Anite, to cover a trip to Geneva next year when the minister appeared before the National Assembly’s Joint Committee on Trade, Industry and Investment to defend her ministry’s budget.

However, a breakdown of the Ministry’s budget on Wednesday showed that out of the total amount, N806,379,820 is to cover personnel

DCSL Rebrands, Unveils Innovative Boardroom App Dike Onwuamaeze

The DCSL Corporate Services Limited (DCSL) has marked its 10 anniversary with the launch of DCSL eConnect, an innovative tool designed to enhance boardroom processes and efficiency.

The cutting-edge app, which was launched recently, would empower boards and C-suite executives to efficiently manage meetings, streamline access to and retrieval of documents, facilitate approvals, conduct polls, and performance evaluations while ensuring compliance and tracking company plans.

Managing Director of DCSL, Ms. Bisi Adeyemi, who unveiled the app also reflected on the significant milestones the organisation was able to achieve in the past 10 years and reiterated the company’s commitment to delivering innovative solutions to clients across diverse sectors in Nigeria.

Adeyemi said: “Today, we stand at the pinnacle of a decade-long journey marked by resilience, growth, and the unwavering support of our valued clients who have been both our backbone and stepping stone.

“Our journey has been adorned with significant milestones,

including the establishment of DCSL Academy, a testament to our commitment to excellence in executive training and recruitment.

“As we celebrate our 10th anniversary, we usher in a new era dedicated to delivering excellent services to our clients. An integral part of this transition is our rebranding and the introduction of the DCSL eConnect app—an innovative tool designed to enhance boardroom processes.

“With this app, directors can effortlessly access, approve, and monitor their board documents, fostering efficiency in every aspect.”

Speaking at the event, the Chair-

which we always know is urban bias.

So, in other words, as population becomes increasingly urban, financial inclusion is likely to increase.

“If you look at Lagos State, for example, you look at Abuja, there is more urbanisation, there are more infrastructure. So, there is more financial inclusion in those places. What we then have to do is that, again, this is 2023. But we must make some comparisons, mostly, okay, are we making progress, but for us to say whether we're making progress or not, the 2020 data must be comparable to the 2023 data. But again, remember that the 2020 data was done using the old frame.”

man/Founder, Chair Centre Group, Mrs. Ibukun Awosika, said the milestones achieved by the DCSL in the past 10 years exemplified the resilience needed to navigate difficulties and build a legacy that would withstand the test of time.

Awosika, said to build institutions that last, leaders must be visionaries that are able to prioritise the organisation’s longevity over individual success.

“As leaders, we need the discipline to delegate and empower our teams, ensuring the organisation thrives beyond our contributions.

Despite the prevailing challenges, as Nigerians, we possess the resilience

to endure and carve out opportunities for ourselves,” she added.

The event also showcased the company's new brand identity that presented a refreshed look that mirrored its evolution, commitment to innovation, excellence, and position at the forefront of the corporate services landscape The DCSL, formerly known as Deloitte Corporate Services Limited, provides secretarial, governance, immigration, executive selection, business advisory and training services with an impressive portfolio to diverse corporate clients across several sectors of the Nigerian Economy.

cost, N204,058,434 will go for overhead while N600,745,345 will be set aside for capital, which brings their total proposed budget to N1,611,183,599 which the ministry said is in line with the total budget of the Geneva Trade Office published on the Nigerian Budget Office website.

A source disclosed that a memo from the Nigerian Ambassador in Geneva had confirmed that the Capital Expenditure (CAPEX) budgeted for Geneva’s trade office was N93million, saying with the intervention of the minister, it was increased to over N600 million to settle all outstanding debts as contained in the budget quoted in the draft statement.

The breakdown of the proposed budget also showed that apart from the trade office, other departments in the ministry that got allocation included the Federal Ministry of Trade and Industry headquarters N14.2billion, Standards Organisation of Nigeria (SON) - N4.3 billion, National Automotive Design and Development Council (NADDC) headquarters - N749 million, and Industrial Training Fund (ITF) N3billion.

Others are the Nigerian Export Promotion Council - N1.3 billion, the Nigerian Export Processing Zones Authority - N70 billion, the Lagos International Trade Fair - N417 million and the Federal Produce Inspection - N442 million.

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NEWS

Sanwo-Olu presents Y2024 Budget Estimates...

L-R: First Lady of Lagos State, Dr. (Mrs.) Ibijoke Sanwo-Olu; Governor Babajide Sanwo-Olu; the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa and the Deputy Governor, Dr. Obafemi Hamzat, during the presentation of the 2024 budget estimates to the state House of Assembly, at the Assembly complex, Alausa, Ikeja, Lagos... yesterday

Climate Change: Nearly 200 Countries Agree On Historic Deal to Reduce Fossil Fuel Consumption New deal allows countries to choose pathways suitable to them

Emmanuel Addeh in Abuja

After gruelling negotiations, the world moved a little closer to reducing global carbon emissions yesterday, with representatives from nearly 200 countries agreeing at the Conference of Parties (COP28) in Dubai, United Arab Emirates, to begin to gradually decrease the use of fossils fuels.

However, while the strong language used in the draft deal which saw most oil producing nations kick against it had been toned down, the consensus was that to avert the worst of climate change, the world needed to reduce consumption of hydrocarbons.

The deal came after two weeks of

brickbats, even as scientists insisted that the last best hope to stave off climate catastrophe would be to phase out fossil fuel production and consumption.

However, while Nigeria has set 2060 to meet its NetZero, it has argued that the entire continent of Africa emits just about 3 per cent of global emissions and therefore that the burden to clean up the mess should fall on industrialised nations.

Nigeria has now chosen gas, a cleaner source of energy as its own transition fuel, maintaining that compelling it to jettison its natural resources when majority of its citizens neither has reliable electricity supply nor has access to clean cooking fuels is unacceptable.

Some key areas of the deal included the reinforcement of the 1.5C goal, which essentially means that carbons emissions need to be limited by that number above preindustrial levels to fight the climate change scourge.

It also recognised that it would require a 43 per cent emissions cut by 2030 and 60 per cent by 2035 relative to 2019 levels, implying a major increase in targets and policies when countries submit new commitments in 2025.

Signatories also backed a call for global renewable energy to be tripled and the rate of energy efficiency improvements doubled by 2030.

However, a statement that global emissions should peak by 2025 was

dropped, as China and some other countries objected to the clause, with terms backed by oil producers like “transition fuels” and “carbon capture and utilisation and storage”, finding their way to the deal.

In addition, a loss and damage fund to help the most vulnerable repair the damage from climate breakdown was operationalised – a major step forward – even though significant work remains to build its capacity.

COP28 President, Sultan al-Jaber called the deal "historic" but added that its true success would be in its implementation.

"We are what we do, not what we say," he told the crowded plenary at the summit. "We must take the steps

Nigeria’s Oil Production Fell 3m Barrels in November, OPEC Data Shows Emmanuel Addeh in Abuja

Nigeria suffered a setback in its effort to meet its Organisation of Petroleum Exporting Countries (OPEC) crude oil quota in November, under-producing by as much as 3 million barrels in the whole of the month compared to October.

According to the OPEC figures released yesterday, the country self-reported a production of 1.25 million barrels per day in November, compared to 1.35 million bpd the previous month.

This amounted a loss of 100,000 bpd, resulting in a deficit of 3 million barrels for the entire 30 days of November.

Nigeria has struggled to meet its OPEC quota for over three years, blaming oil theft, asset vandalism as well as waning investment in the oil sector as some of the reasons for the challenge.

However, the 1.25 million bpd excluded condensates which are outside OPEC’s computation of total crude oil produced during any month. The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri, has insisted that Nigeria will surpass 1.7 million bpd in 2024.

Giving an overview of Nigeria's economy in Q3, 2023, OPEC said the country's 3.1 per cent y-o-y increase, surpassing the 2.6 per cent y-o-y growth in Q2, 2023 and 2.4 per cent y-o-y in Q1, 23, was attributable to strong activity in the non-oil sectors, especially in services and agriculture.

“However, there are concerns about inflationary pressures in Nigeria, with the inflation rate reaching 27.3 per cent y-o-y. This acceleration is largely attributed to persistent second-round effects following the removal of petrol subsidies and the devaluation of the naira.

“The current inflation rate compares to 26.7 per cent y-o-y in September and 25.8 per cent in August”... it said, stressing that Nigeria faces a “challenging economic situation ahead.”

OPEC also said it remained cautiously optimistic about 2024 oil market fundamentals and blamed "exaggerated concerns" about demand for a recent drop in prices, as it stuck to its relatively high 2024 oil use prediction.

Oil has weakened to a six-month low near $72 a barrel, even after OPEC+, which includes OPEC oilexporting nations and allies such as Russia, on November 30 announced a new round of production cuts for the first quarter of 2024.

But in the monthly report, it said it remained "cautiously optimistic about the fundamental factors affecting oil market dynamics in 2024" and said speculators had played a major role in pushing prices lower.

"Crude oil futures prices experienced a significant downturn, marked by heavy selloffs amidst a highly volatile futures market," OPEC said.

"The market dynamic was fuelled by exaggerated concerns about oil

demand growth, which negatively impacted market sentiment," it added.

The cartel kept its forecast for world oil demand growth in 2023 steady at 2.46 million bpd. In 2024, OPEC sees demand growth of 2.25 million bpd, also unchanged from last month.

OPEC+ oil producers have been cutting production since late 2022 to support the market in a series of steps. The OPEC report noted

that OPEC oil production fell in November, ending a series of increases.

Iran, exempt from OPEC supply cuts because of US sanctions, has been boosting output in 2023 in a trend that analysts say appears to be the result of Iran's success in evading the sanctions and US discretion in enforcing them.

Nigeria and Angola have been recovering from internal challenges that have limited their output.

necessary to turn this agreement into tangible actions," Reuters and The Guardian UK quoted him as saying.

Several countries cheered the deal for accomplishing something that until now eluded decades of climate talks.

More than 100 countries had lobbied hard for strong language in the COP28 agreement to "phase out" oil, gas and coal use, but came up against powerful opposition from the Saudi Arabia-led oil producer group, the Organisation of Petroleum Exporting Countries (OPEC), which said the world can cut emissions without shunning specific fuels.

That battle pushed the summit a full day into overtime on Wednesday, and had some observers worried the negotiations would end at an impasse.

Members of OPEC control nearly 80 per cent of the world's proven oil reserves along with about a third of global oil output, and their governments, like Nigeria rely heavily on those revenues.

Small climate-vulnerable island states, meanwhile, were among the most vocal supporters of language to phase out fossil fuels and had the backing of major oil and gas producers such as the United States, Canada and Norway, as well as the European Union and scores of other governments.

"This is a moment where multilateralism has actually come together and people have taken individual interests and attempted to define the common good," US climate

envoy, John Kerry, said after the deal was adopted.

The deal called for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner ... so as to achieve net zero by 2050 in keeping with the science."

To some extent, that language described what had already begun to happen, with some governments enacting policies in recent years to transition to a greener economy.

Several other oil producer countries, advocated for a role for carbon capture in the pact. But critics say the technology remains expensive and unproven at scale, and say it can be used to justify continued drilling.

China, the world's biggest carbon polluter today, suggested that industrialised countries should lead the way.

"Developed countries have ‘unshirkable’ historical responsibilities for climate change," the Country’s Vice Environment Minister, Zhao Yingmin, said after the pact was approved.

Oil, gas, and coal currently account for about 80 per cent of the world's energy, and projections vary widely about when global demand will finally hit its peak.

Al Jaber argued that the deal, reached in the hottest year on record, was a comprehensive response to a global stocktake that found countries were failing to live up to the goals of the landmark Paris climate agreement.

Bad Roads: FERMA Poorly Funded, Needs Higher Budgetary Allocation, Says National Assembly Emmanuel Addeh in Abuja Members of the Senate and House of Representatives Committees on Federal Roads Maintenance Agency (FERMA) have said that the intervention agency is poorly funded and have therefore advocated increased annual budgetary allocation to the organisation.

A statement in Abuja by the Director of Communication and Public Relations, FERMA, Maryam Sanusi, quoted the Chairman, Senate Committee on FERMA, Senator Hussaini Uba, as making the remark during a joint sitting at a presentation of the FERMA 2023 performance and 2024 budget defence.

The chairman said FERMA could

not meet up with the people’s expectation of making all roads passable and safe for users because the annual budgetary allocation to the agency falls grossly below what it needs to carry out its mandate of maintaining federal roads across the nation.

He added that the poor condition of federal roads across the country was unimaginable and called for urgent attention to ameliorate the suffering of road users.

However, he said that FERMA was doing a good job within the limited resources available to it, but that it was not being appreciated because the little it’s able to do only affects a small percentage of the people.

Uba enjoined FERMA to invest more in stakeholders' engagement and on publicity to enable its achievements, challenges and aspirations be heard and appreciated by the general public.

He also encouraged FERMA to effectively communicate its progress and challenges to the lawmakers to enable them remain on the same page.

Also Speaking, the Managing Director of FERMA, Dr. Chukwuemeka Agbasi, during the presentation, said the roads selected for the 2024 capital budget proposal were based on equitable distribution on the basis of the six geopolitical zones of the country.

“Priorities were given to major

trunk ‘A’ roads within the zones that would key into President Bola Tinubu’s priority areas of national development and economic recovery as well as roads that would massively improve movement of persons, goods, services and agricultural produce to boost food security and economic wellbeing of the citizen,” he said.

He added that the 2024 budget included the rollover of some projects with completion period exceeding the 2023 fiscal year to ensure 100 per cent execution.

According to the statement, a total of N77.3 billion proposal was presented by the managing director to the joint committees of the Senate and the House of Representatives.

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NEWS

MONTBLANC COLLECTORS’ EVENING...

L-R: Managing Director, Polo Limited, Mr. John Obayuwana; Managing Director, Providus Bank, Mr. Walter Akpani; Executive Director, Polo Limited, Ms. Jennifer Obayuwana and Montblanc Area Manager, Africa / Levant, Siar Ibrahimi, at the Montblanc Collectors' Evening held in Lagos...recently

Despite N4.3tn Liabilities, Senate Says AMCON Still Relevant, No Need for Its Scrapping Sunday Aborisade in Abuja The Senate Committee on Banking, Insurance and Other Financial Institutions yesterday, justified the continued existence of the Asset Management Corporation of Nigeria (AMCON) despite the challenges confronting the agency.

AMCON is saddled with the statutory responsibility amongst others, of recovering the non-performing loan hitherto disbursed by banks to their customers.

The Managing Director of the agency, Ahmed Kuru, led top officials of the agency to the Senate to present his 2023 financial records and to defend the 2024 budget estimates.

Kuru, told the panel that his administration had been able to recover about N648 billion out of the agency's total liabilities of N5 trillion as of September 20, 2023.

Some members of the Senate panel expressed dissatisfaction with the agency's performance in the outgoing fiscal year and wondered if it would not be better for the National Assembly to scrap it.

For instance, a member of the committee, Senator Sani Musa, wondered while, despite its huge liabilities, AMCON was not aggressive enough in its loan recovery drives.

He said, "Most of the loans were owed by individual companies which were never sanctioned and at the end of the day, the same company would go back to buy-back their asset that AMCON had hitherto taken over. Are we going to continue like this?

"It is not only about defending budget, it is about seeing the effect of the Appropriation, we need to know whether it is working. Or are we just creating a job for those we can protect?

"Will it not be better to scrap AMCON since it seems to have lost its statutory mandate?”

Speaking in similar vein, another member of the committee, Senator Jimoh Ibrahim, lamented the huge losses suffered by the assets recovery agency in the outgoing fiscal year.

Ibrahim said, "Your total comprehensive profit and loss, and it came in to a loss of N145 billion.

This calls for concern.

“Your net operating profit and loss is N126 billion. What is responsible for all these big losses? You were created to collect bank’s bad loans.

"Even if you're now regulators to the debtors, why are you incurring losses? Your balance sheet is not looking so good. Again, why are you buying cash-collateralised loans?"

Attempts by the Chairman of the Senate Committee, Senator Tokunbo Abiru, to defend the agency's submissions did not go down well with some members and the panel had to dissolve into a closed session.

After about 30 minutes, the doors of the committee room were thrown open and Abiru addressed journalist on the outcome of the executive session.

Abiru said, "The committee has agreed that there is the need for a strong financial system stability hence agencies like AMCON is still desirable.

"We also believe that the role of AMCON is further underscored by the fact that it was set up using a model that it would help us to tidy up the challenges that we had in the financial system in the past.

"The only challenge that we had today is that we need to have a definite time that all the obligations that are hanging on the throat of AMCON must be redeemed.

"The conclusion is that we will

The Nigeria Social Insurance Trust Fund (NSITF) said that it's renewed sensitization drive has raised the total enrollee figure to over 145,000 employers and 7.4 million employees.

It also said that the claims and compensations have reached over 103,000 beneficiaries, disbursing a total of N6.6 billion as compensations to the affected workers.

A statement by the Fund's General Manager, Corporate Affairs, Nwachukwu Godson, said that among the recent beneficiaries of the social welfare scheme were 111 persons assisted with artificial limbs and 11 others sent abroad for further medical treatment.

He said that NSITF has won the

2023 edition of the Nigeria Employers' Consultative Association’s (NECA) Award in Best Service Delivery category.

Godson said the Managing Director of the NSITF, Maureen Allagoa gave the update on the Fund's performance while receiving the 2023 NECA Awards in a ceremony held at the Eko Hotels & Suites in Lagos, Alagoa who was represented at the event by the NSITF’s Executive Director, Administration, Prof. Gabriel Okenwa, said the Fund has further re-engineered its internal operations for greater efficiency, part of which is the introduction of a monthly online Management Performance Review which resulted in the opening up of new frontiers, and improved interface

not have AMCON in one form or the other. The only way we can resolve financial stability is through the creation of an entity like this and we need to ensure its success," Abiru added.

World Bank: Nigeria, Other Developing Nations Spent Record $443.5 Billion on Public Debt Servicing in 2022 Ndubuisi Francis in Abuja

In the face of the biggest surge in global interest rates in four decades, Nigeria and other developing countries spent a record $443.5 billion to service their external public and publicly-guaranteed debt in 2022, the World Bank’s latest International Debt Report has shown.

The World Bank had in April revealed that Nigeria used 96.3 per cent of revenue generated in 2022 to service debt, saying that the constant fiscal deficit has aggravated the nation’s public debt stock.

According to the new International Debt Report, which showed that poorest countries face the risk of debt crises as borrowing costs surge, the increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.

Debt-service payments—which include principal and interest— increased by 5 per cent over the previous year for all developing countries, the document stated.

The report revealed that the 75 countries eligible to borrow from the World Bank’s International Development Association (IDA)—which supports the poorest countries—paid a record $88.9 billion in debt-servicing costs in 2022.

Over the past decade, interest payments by these countries have quadrupled, to an all-time high of $23.6 billion in 2022, it added.

Overall debt-servicing costs for the 24 poorest countries are expected to balloon in 2023 and 2024—by as much as 39 per cent, the report found.

“Record debt levels and high interest rates have set many countries on a path to crisis,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. ‘‘Every quarter that interest rates stay high results in more developing countries becoming distressed—and facing the difficult choice of servicing their public debts or investing in public health, education, and infrastructure.

“The situation warrants quick and coordinated action by debtor

NSITF Registers 145,000 Employers, 7.4m Employees Onyebuchi Ezigbo in Abuja

continue to work with AMCON and other agencies to fashion out a model that would make AMCON openly wound down its obligation at the possible shortest time.

"There is no society that does

among the over 5000 staff members of the fund.

“This innovation has brought to the forefront an unprecedented outreach of the ECS at our frontier branches in Yola, Uyo and Ibadan where the NSITF has not only registered new employers and employees but has also stretched the range of ECS benefits to workers.

“As NSITF therefore continues to evolve and adapt to the everchanging needs of workers, the NECA award serves as a catalyst to break new grounds in social security," she said.

The MD said the honour by NECA will ginger the agency to greater heights, adding that it underscores the huge mileage the fund has lately covered in the implementation of the

Employees’ Compensation Scheme.

Meanwhile, the Manager of the Delta State branch of the Fund, Onuorah Ifeoma, has said that over 6000 employers and over 73,000 workers are currently registered with the ECS in Delta State.

She disclosed this when he led a management team of the Asaba branch of the NSITF on a sensitization visit to the Chief of Staff of the Delta State Governor, Hon. Johnson Erijo.

She further sought the support of the Delta state government towards the enrolment of the state workforce.

On his part, Erijo, described the Employees Compensation Scheme as a well-conceived initiative of the federal government towards the upliftment of workers and pledged to key into the scheme.

governments, private and official creditors, and multilateral financial institutions—more transparency, better debt sustainability tools, and swifter restructuring arrangements.

The alternative is another lost decade,’’ he added.

Surging interest rates have intensified debt vulnerabilities in all developing countries, it noted.

“In the past three years alone, there have been 18 sovereign defaults in 10 developing countries—greater than the number recorded in all of the previous two decades. Today, about 60 per cent of low-income countries are at high risk of debt distress or already in it.

“Interest payments consume an increasingly large share of low-income countries’ export,”

the report said.

The latest International Debt Report marks the publication’s 50th anniversary. It highlights key insights from the World Bank’s International Debt Statistics database—the most comprehensive and transparent source of external debt data of developing countries.

The new edition also features an expanded analytical framework, one that goes beyond the latest data to examine near-term outlook for debt as well. It also includes an overview of the Bank’s debt-related activities and an analysis of emerging trends in debt management and transparency.

“Knowing what a country owes and to whom is essential for better debt management and sustainability.

Lawmakers Urge FG to Tap into Potential $1.8tn Global Blue Economy

Juliet Akoje in Abuja

Senators and members of the House of Representatives yesterday urged the Minister of Blue Economy, Chief Adegboyega Oyetola on the need for Nigeria to tap into the $1.8 trillion blue economy potential and improve on revenue generation through the maritime industry.

The lawmakers during the 2024 budget defence held by the joint Committees on Ports & Harbours and other Standing Committees expressed regrets over the report on the loss of over N1 trillion revenue due to poor infrastructure in the maritime industry.

They frowned on the nonprovision of funds in the 2024 budget proposal, called for acquisition and installation of scanners at various ports as part ongoing efforts geared toward making the

nation's ports competitive.

Oyetola while speaking explained that the total capital appropriated for Marine related programmes in 2023 was N777 million, out of which N448,027,468 has been utilised as at the end of November, 2023.

"From the sum of N382,185,472 which was appropriated for overhead expenditure, N254,790,314.70 was released as at 29th November, 2023. In the proposed 2024 budget proposal, the Ministry proposed N10,781,130,916 as total capital budget while the sum of N191,086,917 as overhead expenditure,” he said.

He further disclosed the ministry's plans to dredge some of the existing ports while efforts are being intensified to build new ports in various locations across the country, including Badagry in Lagos State and Ondo State.

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NLC Opposes FG's Plan to Restructure Power Transmission Company Alleges plot to hand-over facility to cronies As TCN pays N1.7bn compensation to over 1,000 landlords in Kano

Onyebuchi Ezigbo in Abuja and Ahmad Sorondinki in Kano

The Nigeria Labour Congress (NLC) has faulted the proposed plan by the federal government to restructure the Transmission Company of Nigeria (TCN), as stated by the Minister of Power; Mr. Adebayo Adelabu.

It alleged that the move was laden with similar hidden agenda employed to foist on Nigerians the privatization of power generation and distribution companies to non performing entities.

Meanwhile, in Kano, TCN has paid over N1billion to about 1,000 houses and 500 uncompleted buildings marked for the passage of electricity transmission line in Kumbotso, Ungogo and Gwale Local Government Councils in the metropolis.

The affected areas include Samegu, Gaida, Rijiyar Zaki, Unguwar Jakada, Danbare, Rimin Gata, Chiranchi, Kuyan Ta Inna, Rimin Zakara, and Unguwar Kwari among others.

According to NLC, the new plan of government will bring more crises to the power sector if not jettisoned.

In a statement signed by NLC President Comrade Joe Ajaero, the labour movement said the proposed restructure of TCN portends great danger to the power sector and holds great fear and trepidation for major stakeholders within the power sector.

According to NLC, "It imperils the ability of the state to control, regulate and guarantee the safety of the nation’s grid system at all times.

"We want to quickly say that the idea behind the so-called plans to restructure is the same big grammar that was spoken before and during the failed privatisation exercise of the sector.

"They are the same stories that Nigerians have heard over the years which have largely yielded no significant results except the increased suffering that the exercise became for Nigerian people and the economy.

"It is clear that the main motive

behind the plans for the proposed restructuring is none other than to prepare the TCN for eventual take over by the cronies and lackeys of the ruling elite."

While recalling past experience with privatization in the power sector, NLC said that though arguments like the unbundling of power sector entities were adduced, the exercise failed impress Nigerians in the end.

It said: "Unbundling heralded the death of the downstream sector of the nation’s petroleum sector, it sounded the death knell on the power sector and raising its ugly specter once again at this time when the people are facing serious socioeconomic challenges may compound the woes of the people.

"NLC believes that the President is making the same mistake previous administrations have made with the policy direction his Minister of power is trying to follow in seeking to unbundle TCN for privatization.”

With regard to the privatized power sector entities, NLC said

Federal government had paid about N2.8 trillion in subsidy for the companies it handed over to the private sector.

It said whereas the companies were sold at about N400 billion yet, government has spent multiples of that in tax payers’ funds as pay outs to those who bought the privatised entities.

"Consequently, the sector has been handed over to banks due to the inability of the proxy investors to pay their loans to the banks. The, managerial and technical competence as well as Foreign Direct Investment has eluded the power sector as result of this primitive economic policy. It is this same route that the Government is proposing to follow again,' it said.

NLC also faulted the President's inability to convene a genuine national stakeholders’ forum to critically review the privatisation exercise in the sector which the government itself agrees has failed to attain its major objective.

It argued that embarking on a similar privatization exercise would bring more crisis to the Power sector.

"The disaster that will befall the nation's power sector would be multidimensional. The quest to ultimately handover the Transmission infrastructure would expose the nation to blackmail and weaken the ability of the sector to transmit and distribute power around the country.

"Privatizing it will create the same crisis prevailing within the DISCOs and GENCOs and will impact the quality-of-service deliverance by the Power sector to Nigerians.

"It has to be remembered that we protested against a nation that was hell bent on committing suicide in the power sector 10 years ago.

"We talked about the consequences that Privatisation exercise was going to be for the Power sector and for Nigerians but it was not heeded.

Today, Nigerians have witnessed 500 percent tariff increase yet, there is no improvement in services to

NLC President, Joe Ajaero Nigerians.

"The Power sector remains stagnant as no significant investment was made by those who bought the GENCOs and DISCOs through proxies. What we are reaping today are the unfortunate outcomes of the errors of yesterday and it is obvious that we are bent on going the same route.

Fubara Asserts Control in Rivers, Presents 2024 Budget to Four-member Assembly position does not represent that of the government at the centre.

Meanwhile, the National Working Committee (NWC) of Peoples Democratic Party (PDP), at its 580th meeting, yesterday, in Abuja, asked the party’s National Legal Adviser to activate the process of challenging in court the defection of 27 PDP members of the House of Assembly to All Progressives Congress (APC).

The lawmakers’ defection on Tuesday, and the subsequent declaration of their seats vacant yesterday by the court-ordained Speaker of the House of Assembly, Hon. Edison Ehie, depleted the state legislature to four members.

Human rights activist and lawyer, Mr. Femi Falana, SAN, said the Independent National Electoral

Commission (INEC) was required by law to conduct fresh elections to fill the places of the defected legislators, whose seats were declared vacant.

Some prominent Nigerians rose in defence of Fubara, yesterday, asking President Bola Tinubu to intervene in the Rivers State crisis to protect the country’s democracy.

THISDAY observed that the Assembly’s sitting, which was presided

by Ehie, was held at Government House, Port Harcourt.

The governor, who christened the 2024 Appropriation Bill, “Budget of Renewed Hope: Consolidation and Continuity,” said over N300 billion was proposed for Recurrent Expenditure, while over N400 billion was allocated for Capital Expenditure.

He said the 2024 budget proposal

was anchored on the assumptions of crude oil price benchmark of 70 dollar per barrel at a 1.5 million barrel production per day, while funding would be from Internally Generated Revenue (IGR), Federation Account Allocation Committee (FAAC) receipts, 13 per cent Oil Mineral Derivation Fund, Value Added Tax (VAT), Excess Crude, and grants from development agencies.

Fubara stated that the policy objective of the 2024 budget was to promote economic development, provide critical infrastructure, address the challenges of social economic inequalities, and build more road network to interconnect the state capital, among others.

Addressing the four-member Assembly, Fubara said, "Mr Speaker, I

have highlighted some of our achievements in policy and projects. As relatively young administration, we are satisfied with the modest mileage we have gained in implementing our blueprint, despite the prevailing economic hardship and the political challenges, distractions we face since inception of our government.

"We can assure our people that the temple of governance and deliverance of governance is our priority areas, which include investment, economic growth, infrastructure delivery and job creation, education, healthcare, and human capital development, agriculture, food security.

"It is my pleasure to be before this hallowed chamber today, to present our state budget estimate of revenue and expenditure for the

with Four Soldiers Killed, Two Koreans Kidnapped, Security Concerns Mount in Rivers two South Korean were kidnapped after their convoy was ambushed in the state.

Tension had been building in the last few days as the political altercation between Governor Siminalayi Fubara and his predecessor, Mr. Nyesom Wike gained traction.

After the State House of Assembly was bombed recently, the governor had Wednesday, ordered the demolition of what remained of the place.

He said the decision was taken to protect the lawmakers still using the building from harm.

However, it was gathered that criminals took advantage of the current tension building in the state to attack soldiers guarding oil installations in Rivers’ waterways.

Interestingly, Nigeria has been unable to meet its Organisation of Petroleum Exporting Countries (OPEC) quota for years, but the situation might deteriorate further if the problem in Rivers escalated.

Although attacks by militants in the Niger Delta haddecreased significantly over the years, the region remainedvolatile and suffered from crude oil theft and vandalism of pipelines, which had hurt Nigeria's oil output.

In a statement, Army spokesperson for Nigeria's 6 Division, confirmed that troops on routine escort duty for an oil-servicing company in southern Rivers State were attacked by suspected militants.

"Unfortunately, four soldiers were killed in action, with two other oil workers unaccounted for," Danjuma said in a statement.

It was learnt that two civilian drivers also died in the attack, with the oil workers unaccounted for suspected to be South Korean nationals. Two drivers of a major oil servicing company were also said have died in the incident.

Danjuma disclosed that the military had commenced efforts to track down the culprits, noting that efforts were also on to secure unconditional freedom for the two abducted workers.

He said: “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 Amungboro -Emuphan road.

Unfortunately, four soldiers were killed in action, with two other oil workers unaccounted for.

“The suspects allegedly escaped through the Emesu waterside, using the Orashi River. Troops are currently combing the general area to fish out the perpetrators of this dastardly act. Additionally, efforts are ongoing to ensure that the unaccounted oil workers are found.

“The General Officer Commanding, 6 Division, Nigerian Army/ Land Component Commander, Joint Task Force, South-South, Operation DELTA Safe, Maj.-Gen. Jamal Abdussalam, while acknowledging the supreme sacrifice paid by the gallant soldiers, strongly condemns this unwarranted attack,” the statement added.

Meanwhile, a human rights activist and environmentalist, Ann-Kio Briggs has warned that the Rivers State crisis if not curtailed on time was capable of consuming the entire country and even President Bola Tinubu.

Briggs predicated her warning on the importance of Rivers State to the economy of Nigeria and the nature of indigenes of the state whom she observed were not pushovers.

Speaking on the crisis caused by a yet-to-be disclosed disagreement between the Minister of the Federal Capital Territory ( FCT), Wike, and Fubara, the activist, who was a guest on the Arise News Prime Time programme, called on Tinubu to intervene to restore peace to the oil rich state and backbone of Nigeria's economy.

"I know my state, I know my region, I know my people, I know how my people react, they are not people you push around.

"I have cautioned the president, it doesn't matter who he favours but should ensure that there is peace in Rivers State. The president must be seen to be intervening," she added.

While observing that the crisis in Rivers State was not a political issue, she stressed that, "It is a crisis that could engulf the country and even the president," because Rivers

State is very critical and vital to the economy of the country.

Briggs also warned the presidency against the declaration of a state of emergency in Rivers State because the crisis was being orchestrated from the FCT by the former governor.

According to her, the people of Rivers State should not be allowed to continue to suffer the high-handedness of Wike whom she claimed had the ears of the president.

While describing Fubara as a very shy, gentle individual,who has been loyal to Wike over the years, the activist further warned that Fubara was never a weak person and as any normal human being, was bound to react when pushed to the wall.

She, therefore, urged the president

to call Wike to order, adding that the people of Rivers could not condone a situation, where Wike would be supervising the governor from Abuja or having a third term through the back door.

Also speaking on Arise News Prime Time programme, the National Publicity Secretary of the Peoples Democratic Party (PDP), Mr Debo Olugunagba, disclosed that the party was not afraid to wield the big stick on Wike or any other member of the party, but had adopted a holistic approach in tackling challenges confronting it as well as ensuring stability.

"No one individual is bigger than the party. We are trying to manage the situation and stabilise the party,” he added.

fiscal year 2024.”

In his remarks, Ehie commended Fubara for keying into the “Renewed Hope Agenda” of President Bola Tinubu as well as consolidating and continuing on the gains of successive governments in the state for the overall good and interest of Rivers people.

He commended the governor for the effective utilisation of funds in the 2023 appropriation law to advance the development of the state and for giving prompt attention to human capital development in the 2024 budget, assuring him that the house would give accelerated hearing and passage to the bill to enable the executive hit the ground running in the new year.

The speaker stated, “Being satisfied with your performance on the appropriation law, it gives us the force to attend to the 2024 Appropriation Bill because we know that you are determined. Your administration has the interest of Rivers State at heart.

"We, therefore, assure you of speedy passage of this bill so that your administration can keep running for the overall welfare, security of Rivers State and admiration of Nigerians."

FG: We Know Nothing about Rivers Crisis

The federal government distanced itself from the political crisis in Rivers State, saying the position of the Minister of the Federal Capital Territory (FCT), Nyesom Wike, is not that of government at the centre. Minister of Information and National Orientation, Mohammed Idris, disclosed this to newsmen after a briefing on the outcome of

the Federal Executive Council (FEC) meeting at State House, Abuja.

Asked whether the federal government shared Wike’s position on the matter as a member of the federal cabinet, Idris stated, “Well, he is a federal cabinet member; he is involved in the situation in the state.

That cannot be a federal government position. How can it be the federal government’s position?”

Idris stressed that the federal government was keen on ensuring peace and tranquillity in every part of the country, including Rivers State.

He said, “The federal government is always interested in the wellbeing of all the states, and in that direction, the federal government will always align with everyone in Nigeria to make sure that there is peace and tranquillity in all parts of this country.

“But you know that what has happened in Rivers is not a creation of the federal government. It is a political problem that is brewing in the state.

“Of course, the government will ensure that there is peace and stability for all Nigerians, including River State, but you can't say that this is a creation of the federal government.

The federal government never had any hand in creating that problem.”

Commenting on the allegation raised by Asari Dokubo, who accused Tinubu of ignoring the festering crisis in Rivers State, the minister stated that what the leader of the Niger Delta Volunteer Force said was only advisory.

According to Idris, “I saw Asari Dokubo's message. It was an advisory.

He made an advisory. And when Continued on page 35

Sanwo-Olu Presents N2.246tn 2024 Appropriation Bill to Lagos Assembly

agenda, which has been with us since the start of the Administration, and which we have recently expanded to “THEMES+”—the “+” embodying our renewed focus on social inclusion, gender equality and youth development.

"This 2024 budget proposal I am presenting today is building on our previous budgets.

"The Budget of Renewal, echoing the “Renewed Hope,” aspiration of the Federal Government’s 2024 Budget."

Sanwo-Olu, highlighted some of the achievements recorded over the last couple of years, and which the 2024 appropriation bill seeks to build on and consolidate, based on THEMES'+ Agenda.

The governor added: "As at the third quarter of 2023, the period ending 30th September 2023, we had implemented N1.032 trillion of the 2023 budget, representing 78 per cent of the prorated estimate of N1.326 trillion.

“Actual capital expenditure stood at N613.52 billion, 80 percent of the prorated estimate of N764.93 billion, and Actual recurrent expenditure at N419.06 billion, representing 75 percent of the prorated estimate of N561.073 billion.

"We however believe the 2023

budget will have a budget performance that is close to 90 per cent by the end of this month.

"The Year 2024 Budget as proposed has a total budget size of N2.246,234 trillion, comprising a total revenue of N1.847,951trillion and deficit financing of N398.283 billion total revenue comprises our internally generated revenue and total federal transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).

"We equally propose a recurrent expenditure of N1.021 trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows: Total overhead cost: N527.782 billion: this is made up of overhead (N304.753 billion), subventions (N123.010 billion), dedicated funds amounting to N100.02 billion, total personnel cost: N319.230 billion, recurrent debt service: N174.94 billion.

"For capital expenditure, we propose a total figure of N1.224 trillion, as follows: Capital expenditure: N856.387 billion, repayments: N367.893 billion."

Sanwo-Olu presented highlights of sectoral allocation in the budget to include: "Economic Affairs, N535 billion; Environment - N94 billion,

Health - N156 billion, Education N199 billion.

"Social Protection - N50 billion, Public Order and Safety - N84 billion. The budget size is made up of recurrent expenditure of N1.021,954 trillion (45%) and capital expenditure of N1.224,280 (55%).

"The deficit financing shall consist of external and internal loan and bonds which are well within our fiscal sustainability parameters."

Sanwo-Olu, however, promised better days ahead, saying, "Better times are coming. We have gone through some very difficult times, but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay.

"We are working closely with the federal government to ramp up relief measures to help the people of Lagos State alleviate the pains of the subsidy removal and the impact of high inflation.

"We are especially concerned about transportation and food costs, and in 2024 we will be keying into the targeted food security initiatives of the federal government.

"For transportation, we are fully on board with the federal government’s CNG-powered buses initiative, which will deliver sizable

numbers of these buses to each state, for public transportation.

"The development of any megacity like ours is the responsibility of both the public and private sectors, and to this end, we will continue to explore public-private-partnership strategies in the provision of infrastructure, social services, and the conversion of challenges to opportunities within the context of scarce resources.

"To the good people of Lagos State, I am eternally grateful for the opportunity and privilege to serve once again. I would like to assure you that we will intensify the pace of our work in the days ahead to add lasting value to your lives.

"Please continue to support us, by obeying the laws of the land, paying taxes promptly and in full, exercising vigilance and providing useful information that will help tackle the activities of criminals. If you see something, say something.

"I ask you to join hands with the administration you all have overwhelmingly elected once again, to lead you on this journey to the Greater Lagos of our collective dreams and aspirations. The future is bright, and I promise you that we will continue to deliver on our electoral promises to you all."

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politics

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

Etanabene: Govt Has No Basis Borrowing to Fund 2024 Budget

A member of the House of Representatives, Hon Benedict Etanabene, in this interview with Juliet Akoje speaks on salient national issues including the proposed 2024 Appropriation Bill which he said ordinarily should not be funded through borrowing.

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hat endeared you into politics of the Fourth Republic?

We have a problem in the political space in Nigeria. We don’t have that in the medical.

In the medical space, we have qualified doctors in Nigeria may be the support is not there for them to do the best. In the legal area, we have very good lawyers in the Nigerian space. But in politics, I am sorry to say, we don’t have the best of people to represent us.

Many of us would not have been interested in politics if we have things working out well.

Personally, if I am in a country where there is light, poverty in particular is not as bad as this and things are doing pretty good, probably I would not have bothered going into politics. But I now realise who are the people making laws for us? Politicians. Who are the ones designing our economic programmes? Politicians. Who are the ones that are supposed to be taking care of our safety? Politicians. Who are the ones designing educational policies? Politicians.

They seem to be doing everything so if you don’t have the best of committed people in the political space then we continue to remain the way we are and I bet you if we continue like this, the next 100 years, Nigeria will not be better, not one step forward. So many of us are encouraged that we should not leave the space. You know, not everybody can become lawyer, doctor, you have to get trained. Not everybody can become an engineer, you have to get trained, even journalist you need to get trained but anybody can become a politician overnight. So, the quality of people that are turning up through the process as it is actually

the fact, I am donating it to elderly people who need support. I have called that if need be this House, including the Senate should become a unicameral legislature and I am even asking that we can do this job on part time basis and it will reduce the expenses. We are talking about how we can raise money for very important and critical areas in our life. We should thinkof how to cut those expenses and save in the real sense of it. So that is the drive, whether I am going to achieve my vision, I don’t know.

Etanabene affecting this country and because some of us believe especially in 1999 that politics is a dirty game we should not be interested.

So, people just sat back, we allowed the other group of people who don’t have much to do in their daily lives since 1999 to consolidate themselves with our common patrimony.

They have become so strong, so removing them has become a problem.

So, those of us who can find the means to penetrate to see how best we can do to change the narrative and that becomes the desire that is exactly what we are doing here not for anything other than to serve. And I offered to do this job like I promised my constituents, I wasn’t going to receive salary for it and true to

The 10th Assembly unveiled its legislative agenda recently, What is your take on that?

It’s like budget that is presented like a ritual every year. When they present budget did they really do everything that they say they want to do in budget? No. Somebody can unveil the agenda that is good but I doubt if he will be able to do exactly as put in paper. It is a common practice everywhere in Nigeria.

There are speculations out there that the 10th Assembly may likely be a rubber-stamp Assembly because of how the legislatove leadership election went. What is your take on that?

I am part of the tenth assembly, I am not going to be a rubber-stamp, whether others will be a rubber-stamp I dont know but I will not be a rubber-stamp. So if people have that kind of notion they should investigate properly because of the way the principal officers and the whole leadership election went and all that.

You see, it is a system problem, we could not have had any choice available for us when we came in.

The way democracy is in Nigeria is one that the president is supreme, supreme leader who combines both powers in the physical and in the spiritual, and can decide on anybody.

I even suspect that if the President in Nigeria wants to say all men should now become women and all women should become men, I am sure it will be realised. So there is so much influence you can’t take away.

This is not the first time but the options available for us, I think this House took the best option you know in electing Hon Tajudeen Abbas as Speaker, that’s my opinion. You know they took the best option in his character, but if he will detach himself from the influence of the president, that I cannot vouch for, but in truth there is no wrong in cooperation, there is nothing wrong.

As a matter of fact, we are all required to cooperate with the executive on only the things they are doing that are good but if they are doing things that do not mean well, we are expected to say no to it or at least proffer solution different from what they know, the executive cannot be the source of every knowledge.

I really think we are just starting, you know time will tell in measuring their relationship, that relationship is going to produce dividends for Nigerians, but I think for now I will not say that I have 100 percent confidence that it is not going to be a rubber-stamp, for what our people will get you know that we represent but would the system allow it?

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

Gyang: Supreme Court ‘ll Do Justice to Plateau PDP Congress Issue Pam Gyang, served as Organising Secretary to the Senator Tunde Ogbeha-led Caretaker Committee which in 2021 conducted the congresses of the Peoples Democratic Party in Plateau State. Against the background of legal dissensions and political reversals in the Court of Appeal arising from the case brought by the All Progressives Congress that the PDP lacks structure in Plateau State, Gyang in this interview asserts that the Supreme Court will do justice to the issues before it.

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hat is your observation on the Court of Appeal judgment sacking the governor on the claim of lack of structure in

the PDP? The facts and the issues have been seriously misrepresented. Clearly, a miscarriage of facts and law. Truth be told, I was privileged to be the organizing secretary of the PDP under Senator Tunde Ogbeha who was the chairman of that technical committee and that caretaker committee came about because there was a court order that the PDP should repeat its congress.

Out of obedience and in compliance to the court order the then exco was dissolved and the caretaker committee was put in place.

Clearly, I know that a screening committee was put in place which screened the candidates that participated in the congress and there was a congress committee headed by Prince Akanmode from Kogi and he was in charge of the congress.

Remember we were the caretaker Committee and of course, there was a local organizing committee.

It will amaze you that the quorum for that congress was two-thirds of the total delegates and in that congress we had more than two-thirds. We had a total of 2,111 expected delegates out of which we had a total of 1,800 delegates. If you say that that congress did not hold, it then is simply a wonder. The PDP constitution is very clear, it provides for the organs that are supposed to participate in the congress.

In the Court of Appeal there was this erroneous impression that 12 local governments in Plateau did not participate in

reports, the list of delegates is there for everybody to see.

So, it is simply amazing that people would say that 12 local governments did not participate.

Be it as it may, some of these matters have even been settled by the courts. We have matters that are pre-election matters, we have matters that are purely election matters.

In fact, I do not think that the APC on the plateau or any party like that has the locus standi to even delve into matters concerning PDP or concerning a congress that was held in 2021.

Gyang that congress. That is not true.

In fact I put it to you that there were three ad-hoc delegates from every ward in Plateau State and we have 207 wards on the plateau and we had three elected ad-hoc delegates from every ward and there were five principal officers of the ward excos of the 207 wards.

That alone gives you eight people from every ward of Plateau not to talk of former chairmen and so on.

How can you say that 12 local governments did not participate when out of 2,111 delegates, you had over 1,800 which is far beyond two-thirds of the quorum that was needed for that congress. How then can you say that congress did not hold? That’s not possible.

INEC officials were there, they slept there, they submitted their

Are you saying that the PDP obeyed the court order?

Yes, there was a congress. All the media houses were in that congress. There was a congress.

Even in the tribunal here in Jos, there was a video of the congress that was played. Everybody knows that there was a congress.

You know what shocks is that I was privileged to be the organizing secretary and being that I am a lawyer, I know that the law certainly forecloses certain actions against the primaries of political parties.

I really don’t understand because as a member of the bar, I am confused. I am confused. Let me shock you.

There was a case in the Federal High Court here in Jos where someone took the PDP to the Federal High Court and was challenging the validity of that congress and the Federal High Court here in Jos held that the PDP had a valid congress. The man was not satisfied, he went to the Court of Appeal and the Court of Appeal upheld the judgment of the Federal High Court.

So, what is baffling me is that the Court of Appeal here in Jos, not even sitting as a tribunal, looked at the facts before it and came to the conclusion that the PDP held a valid congress. But the Court of Appeal as a tribunal departed from the judgment of the Federal High Court and the Court of Appeal. One is bound to ask questions.

What is wrong? What went wrong?

So, the claim that the PDP didn’t have a structure is not true?

It is not true. I was the organizing secretary of the caretaker committee at that time. We all slept at Langfield. I can call a litany of Plateau people who were there.

Some went home and came back in the morning. By the way, I am forced to ask, does the tribunal have the locus standi to delve into the affairs of the PDP? Does APC as a political party, backed by law to go into the affairs of the PDP and begin to ask whether PDP conducted congress in 2021 or not.

By the way, we conducted the congresses.

Some of us are even amazed that this is happening because here on the Plateau we know that the party that did not even conduct congresses was the APC. As at today, there is someone challenging the supposed chairman of APC today because there was no congress. It was only imposition. And the party that held valid congresses you are now using a court to become another electoral umpire? It is strange. This is going to task the legal jurisprudence of this country for ages to come.

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

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T H I S D AY • Thursday, december 14 2023

FEatures

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

Highlighting the Contributions of Africans to the Arts Charged with the statutory responsibility of directing attention to matters of concern to Black and African peoples across the world, the Centre for Black and African Arts and Civilisation, CBAAC, recently held a public lecture to highlight the contributions of Africans to the Arts during the commemoration of Black History Month Celebration. Chiemelie Ezeobi reports

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ast month was the 2023 Black History Month Celebration and to commemorate it, the Centre for Black and African Arts and Civilisation (CBAAC), recently organised a public lecture at the ICT Main Conference Hall of Obafemi Awolowo University (OAU), Ile-Ife, Osun State.

Themed "The Contributions of Africans to the Arts", the event was chaired by Professor Michael Olufemi Awodiran with the guest lecturer as the Director of the Institute of Cultural Studies. Professor Gbenga Fasiku.

CBAAC as Viable Platform In her speech, the Director General of CBAAC, Hon. Oluwabunmi Ayobami Amao, said over the years, "as part of our statutory responsibility, the Centre for Black and African Arts and Civilisation has used the platform to direct attention to matters of concern to Black and African peoples across the world.

"By the same token, we have also carefully instituted this event to celebrate and appreciate Black and African history, as well as re-echo the giant strides of Africans over forces of domination, discrimination and exploitation."

Annual Black History Month Black History Month celebration began in the United States as Negro History Week and was instituted by the renowned African American historian, Dr. Carter Godson Woodson. The sole aim was to protest the exclusion of the contributions of African Americans from history textbooks in the United States.

Since it began nearly a Century ago, the celebration of the Black History Month has grown and gained global acceptance.

According to Hon. Amao, "Our celebration of the Black History Month is also geared towards showcasing to the world the tremendous contributions of Black people to world civilisation. It is against this backdrop that we have carefully chosen the theme of this year’s celebration to be “The contributions of Africans to the Arts".

"I had the opportunity of watching the performance of one of Africa’s finest pop musicians called Rema at the World largest football Award ceremony, the 2023 Ballon d'or and indeed it was a very proud moment for me as an African and a Nigerian. I watched with admiration how Rema held his audience spellbound at this prestigious event.

"Indeed, this was a typical example of the contributions of Africans in the area of Music and it is little wonder, that many believe music is Africa’s and Nigeria’s biggest export in the creative industry.

"Just like in the sciences and engineering, black Africa has made giant strides in the arts and its different facets such as Music, Literature, Fashion, Filmmaking, Performing Arts and many others in the modern world and it is only right that we continue to recognise, celebrate and honour Africans who have made significant contributions not just in the arts but the various facets of live."

Advocacy for Children to Take Pride in Black Identity On why children were in the audience , the DG said it was deliberate because they are the leaders of tomorrow, which was why they needed to be part of the conversation.

"By this, we have undertaken to use this platform for advocacy to our children to take pride in their Africanness and Black Identity as well as to bring to their consciousness that their African identity is never a limitation to what they can achieve and become in life.

"We would also listen to them speak to us on what Black History Month means to them. The initiative behind this is for the children to begin to acquaint themselves with African History," she added.

Metamorphosis of Black History Month In his paper on The Contributions of Africans to the Arts, Prof. Gbenga Fasiku, said what is today celebrated as the Black History Month metamorphosed from the activities of a group named Association for the Study of Negro Life and History (ASNLH) formed in 1915 after the abolition of slave trade in the United

Amao States of America by the son of a slave, Carter G. Woodson, who was privileged to be trained in Harvard University.

"The organisation is now known as Association for the Study of African American Life and History (ASALH). One of the aims of the Association was to research and promote achievements of Black Americans and other peoples of African descent.

"In 1926, the Association chose the second week of the month of February to celebrate what was called National Negro Week. This developed into African American History Month, and in 1976 it was recognised by the 38th President of the United State of America, Gerald Ford, who officially designated the month of February as the Black History Month. " The event, which was originally an opportunity to present the visible accomplishments of the black in every areas of human endeavour with a deserved honour, has developed into a big global movement, the annual event of which is marked by organisations and institutions all over the world."

Commending CBAAC for the role its playing, he said: "Noteworthy is the fact that CBAAC has always been in the front role of celebration of the African exploits all over the world. That we are gathered here attests to the fact that CBAAC is not left behind in this movement of acknowledging the important roles of Africans in history.

"What occupies the central theme of The Black History Month in 2023 is Black Resistance, and this is aimed at exploring how "African Americans have resisted historic and ongoing oppression, in all forms, especially the racial terrorism of lynching, racial pogroms and police killings," which has now become a global affair.

Also, as earlier noted, many organisations and institutions devout their resources to marking this important month every year.

"One of such is The Black History Magazine whose theme for the 2023 celebration of the Black History Month is “Celebrating Our Sisters.” This theme was carefully chosen in order to honour African girls, ladies and women, whose contributions had been ignored, whose ideas had been appropriated, and whose voices silenced.

"The Magazine is also aimed to “highlight the crucial role that black women have played in shaping history, inspiring change, and building communities.” This resonates

with CBAAC’s theme, namely “The Africans Contributions to the Arts”, which is apparently to bring to the fore the contributions of Africans to the development of the arts, that may have been ignored, appropriated, and silenced."

The Origin and Foundation of African Arts Africans a have rich legacy of artistic creativity, the professor said. 'This can be seen in various works of arts discovered and dated by archeologists on African continent. " The source of the ideas that inform the forms and contents of these arts is the African soul. In African metaphysical understanding of a human being, the soul is an embodied element. The African soul is embedded with external elements such as other minds, other bodies, environmental factors and entities play causal and constitutive roles in defining the essential nature of the soul.

"There is a deep sense of relationship between the Africans’ soul and the environment that defines and explains their cosmology and cosmogony. It is the kind of bi-directional relationship that defines the idea of being an African, “that is, to live, to exist, to be alive or active in a geographical space called Africa through the agency of its present participle, being.”

"It is this sense of being that is emotionally represented and projected in the works of African architect, fine artist, craft maker, musician, dancer, fashion designer, etc. This is why, Leopold Sedar Senghor, the first president of Senegal, sees “the critical standards of African art as originating from the nature of the black soul, and the black soul as originating from the environment that gave it life.”

Therefore, it is safe to argue that an African artist derives inspirations from the nature and nurture of his environment. To stress the same point, the African souls, which explains to us the African art, religion and society “is deeply steeped in its surroundings: in the primitively pure light that crosses the savanna, and in the far reaches of the forest, where civilisations are born.

Our celebration of the Black History Month is also geared towards showcasing to the world the tremendous contributions of Black people to world civilisation

It is steeped in this raw and scrutinising light that brings out the essential and the essence of things, or in this climate whose fierceness both exalts and sub-dues.”

"Since African natural and social environment present unique entities and properties, so are the African arts in every sense of the word, “which do not exclude the fields of history, archaeology, anthropology, performance (drama, music, dance, fashion), literature, politics and, perhaps, statistics”.

"Presenting it more succinctly, it is noted that the African “music, like sculpture and dance, is enrooted in the nourishing soil. It is filled with rhythms, sounds and noises of the earth. That is not to say that it is descriptive or impressionistic. It also conveys sentiment, though it is not sentimental. It brings the necessary lifeblood to a Western music that is diminished by its foundation and its reliance on rules that are abstract and often too rigid.”

"Thus, from the inner mind of an African artist, oozes his sculptures, paintings, drawings, dances, music, etc to depict the true essence of an African environment, vegetation, animals, social relations, etc."

He added that what could be categorised as another foundation of African arts is the distinctive culture of Africa. "As I argued elsewhere, culture is understood as a complex phenomenon, which is embedded in both visible and invisible elements... They are the beliefs, traditions, convictions, knowledge, etc formed in the mind of a people, about who they are, and their essence. The empirical visible elements of culture are some behavioural and social patterns with which a people are, in an ostensive and unique way, distinguished and recognised. " I have argued that the invisible elements of culture are the basis of the visible elements. It means, therefore, that the forms and contents of behavioural patterns, social organisations, artistic expressions are informed by the invisible elements of culture. In Africa, as noted by Bewaji, African arts are merely expressions of the invisible elements of African cultures. " This explains why for the Africans, “the essential function of sculpture is to represent the Ancestors and spirits with statues that are both symbolic and a receptacle. The idea is to capture, to feel their individual soul as a clear form of will, to reach the surreal through human representation, specifically through the representation of the human form, the most accurate reflection of the soul”.

"In other words, for the Africans, the nature and essence of the art is that it is neither a game, nor a pure aesthetic delight, but it signifies something beyond what is empirically displayed. Thus, the masks of egungun of the Yoruba are not just carved images, they signifies some beliefs, ideas, feelings, etc about the ancestors, which are revered and celebrated. " African Contributions to the Arts Africa is a continent of numerous cultures and possibilities, spread across 54 countries that covers an area larger than China, Europe, India and the United States combined. The contributions to the arts from this gigantic continent would involve enormous flows from diverse confluences of ideas and activities culminating in forming and understanding of shared historical connectedness, identities and prides of true Africa. Monica Blackmun Visonà in her 2017 “Gifts from Our Elders” quoted Arnold Rubin as saying that “Africanist art historians would overturn entrenched paradigms and revolutionize the study of art.” I make bold to say that this prophesy of Arnold Rubin has been fulfilled. From the African contributions to global music, which reverberates and “pulses in the packed stadiums of London or New York, where African musicians like Burna Boy, Davido, Ashake, etc, are storming the world of pop” with excitements; the popularity of the African movies outside the shore of Africa; the center place of African fashion all over the globe; the intellectual legacies of African writers such as Wole Soyinka, Chinua Achebe, NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY THURSDAY DECEMBER 14, 2023 20 TR

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& RE A S O

Thursday December 14, 2023 Vol 27. No 10471

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opinion@thisdaylive.com

www.thisdaylive.com

CLIMATE CHANGE: BEYOND FOSSIL FUEL

Effects of metals on the sun could be contributing more to climate change that fossil fuel emissions, argues VICTOR C. ARIOLE

See page 21

RENEWED HOPE FOR OFFENDERS

HENRY UDUTCHAY argues for a better care for prisoners

See page 21

EDITORIAL

BEYOND THE ABUJA KIDNEY MERCHANTS

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Something went wrong between Simi Fubara and Nyesom Wike, reckons JOSHUA OCHEJA

RIVERS AND THE 48 LAWS OF POWER When things fall apart, the center won't hold anymore. This is the situation in Rivers State. Twenty-seven State House of Assembly members recently decamped from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). The Assembly is a 32-member unicameral legislature. This is unprecedented.

The story of Rivers State supports the truism that there is a thin line between love and hate. The line is so thin that you could hardly notice if you bask in the euphoria that politics is for the fainthearted. Politics is for men and not boys. It is a game in which the winner takes all. There are no compromises, and as such, once you make a move, do not retreat and be ready for the consequences.

Clint Eastwood starred in a 1966 epic film, The Good, the Bad and the Ugly. In one of the scenes, he was in a bathtub, and an enemy rounded him up—the lousy guy elected to rant instead of taking out his long-sought target. Clint Eastwood had a gun with him. Swiftly, he shot at the bad guy. He said, "When you have to shoot, shoot, and don't talk."

That scene in the movie was instructive, and it leads us to one of the 48 laws of power, a book written by Robert Greene, an American author. "The 48 Laws of Power is a self-help book offering advice on how to gain and maintain power, using lessons drawn from parables and the experiences of historical figures.”

Law 15 says Crush Your Enemy. "To crush your enemy partially means that they will eventually recover and seek revenge. Ultimately, you can only gain peace and serenity if your enemies cease to exist. If you remove all of your opponent's options, they will have no choice but to bend to your will." Was this the former governor's joker?

Could this be what is playing out in Rivers State? I will give two examples: a Federal High Court issued a restraining order preventing the Rivers State Government from obstructing the State House of Assembly from performing its statutory duties and business. The Court further prohibited the state government from "withholding any amount standing to the credit of Rivers State House of Assembly in the Consolidated Revenue Fund of Rivers State, including salaries and emoluments due and payable to the Speaker, Deputy Speaker, and other members."

The Court also restrained Governor Simi Fubara from removing or transferring the House Clerk and Deputy Clerk. Some days later, 27 Rivers State House of Assembly members decamped. What a pleasant coincidence.

There are different versions of what caused the rift between the former and present governor. Some argued that it came too early. However, the former governor of Ekiti State, Ayo Fayose, jokingly warned Governor Simi Fubara.

He said, "God will help you; don't see more than what you should see. When you want to see more than what you are supposed to see, you will begin to see spirits. I know Wike. If he says he will fight you, it's either you surrender or look for that trouble to the end." The audience erupted in laughter. But it was a counsel that was ignored.

Did the governor attempt to see beyond what he is not supposed to see? Is he now seeing spirits? Let us be the judge. But I will state my opinion.

There was a breach somewhere. Please, let's leave morality out of the equation.

He that is without sin should be the first to cast the stone. And if there is none without sin, let's be circumspect in our analysis of what is playing out in Rivers State.

There is a relationship history between the former governor and the current governor. Permit me to use the word "was." He was an ally and the money man of the state. He was the Director of Finance and Accounts in the Rivers State Government House under Wike in 2015.

He became a Permanent Secretary in 2020. The same year, he was appointed Accountant General of the State. This is a long history of trust.

He was the chosen one, and he emerged as governor against all odds.

Discussions must have been held, and agreements were reached due to the long relationship history. Trust, they say, is a burden. "How should trust work? Is trust an entitlement, something to be expected in a relationship? Can trust cover for

mistakes and transgressions? Wherein lies the burden of trust—the giver or the receiver?" This is a tough one.

I asked earlier if there was a breach. Was trust betrayed? "Trust not only disposes us to feel betrayed, trust can be betrayed.

Understanding what a betrayal of trust is requires understanding how trust can ground an obligation on the part of the trusted person to act specifically as trusted." Only the former governor and the present governor are in a position to understand this.

I also stated that we should leave morality out of the equation. Even in law, morality is contested. "The law does not set out to legislate against sin. This is because there are no uniform moral standards, and between the extremes of maximum and minimum," Betrayal of trust erodes the foundation of every relationship.

I will use alternate history to make my point. The former and current governors agreed on dos and don'ts. The trust was not betrayed, and there is peace in Rivers State. Twenty-seven members of the State House of Assembly didn't decamp, and Governor Sim Fubara was not under any threat of impeachment. That is alternate history. It is not the reality.

The reality is that something went wrong. The center can no longer hold.

One party made a move and retreated.

This is contrary to Law 15 of the 48 laws of power. The other party is going all out.

This is in conformity with Law 15 of the 48 laws of power. When things fall apart, the center won't hold. Absolute power corrupts, and it corrupts absolutely.

Ocheja, a military historian and doctoral researcher, can be reached via jaocheja@ gmail.com

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THURSDAY DECEMBER 14, 2023

HENRY UDUTCHAY argues for a better care for prisoners Effects of metals on the sun could be contributing more to climate change that fossil fuel emissions, argues VICTOR C. ARIOLE

CLIMATE CHANGE: BEYOND FOSSIL FUEL Those who think they have a right to remove whatever they find in the ground also follow a human extractivist mode where the dignity of the local people is extracted, they are slaves, people discarded left on the streets like garbage…The Pope.

About six thousand years ago, the Sahara Desert and Namib Desert both encroached from the eastern flank of Atlantic Ocean, north and south, were according to archeologists and Malian folkore tales, lush vegetations and multiple-lake space, like it is seen today in the Amazon forest of South America bordering south west side of the Atlantic. What has not been completely explained about desert encroachment in the Sahara is whether it is entirely human made or

part of what is seen as force majeure bordering on natural climate disaster or tectonic shift, given its miraculous right for Europe to separate itself from Africa by creating the Mediterranean Sea to synchronize with another miraculous end flow of Nile River; still rich resource flow from Africa, from Great Lakes region, another poverty stricken people.

A priori, before humans start giving a scientist cloak to positive or negative phenomena as they perceive them, their occurrences are dependent on what the sun or the moon find abnormal and must create terrestrial crises within lush biodiversity or infinite gaseous or stratosphere jurisprudences’ management; or the contention of all of them to correct imbalances or degrade what is degradable to restore equilibrium.

That is why climate change as expressed currently could not be effectively satisfactory if hinged on reduction of the use of fossil fuel, and seen as the cause of carbon emission.

The Pope seems to be hinting at that when he pronounced his “Laudate Deum”; appealing to the most powerful of this world to rethink their attitudes, as providence with constant values, existentially, proved by the presence of the sun and moon, like the ocean, throw out what is not healthy for terrestrial sustainability; that is great energy acting a priori for the sustainability of the earth yet to be scientifically understood like elNiño and la Nina of the Pacifics.

To the Pope, extractive industries and the use made of the rocks or minerals extracted, and in some cases discarding the local people from where they are extracted, could be ominous to the expected balance or equilibrium that makes the earth a shared space for both humans, animals, plants and whatever exist on it. “Economic policies that promote scandalous wealth for a privileged few and degrading conditions for many others spell the end of peace and justice”.

Opulence is what King Mansa Musa of the Mandigo or Malinké Empire of Mali was known of; a space that is now part of the 6.7millionkm2 Sahara Desert, almost 30% of Africa’s surface area and a poverty-ridden population.

That population, combining those of Kabyle, Berber, Kanem and Shua of about 20 million and

the Fula or Peul of about also 20 million in west, central Africa and greatly decimated in Algeria, Tunisia, Morocco and Libya, have folklore tales that relate how they were great connoisseurs of happenings in the celestial realms as the lakes and the biodiversity nature of their space point to them the positions of the stars.

Hypothetically like it is known of Namib desert in Namibia, as living ocean of sands as valuable rock dominated area, flowing into Atlantic Ocean, so also Mali was known to be geologically endowed with rocks, gold and diamond making it the envy of past civilisations before that of the Romans and the Ottomans. Penetrating Africa, then, was a herculean task by most predating civilisations, including that of Arabs.

Diagonally, Sahara Desert to Amazon Forest is about 7000km and the President of France Emmanuel Macron was forced to cry out on 23rd of August 2019 when the place was burning, so that the most powerful of this world-G7could propose policies to stop the burning and the mining activities going on there creating grievous obnoxious gas emission, and as today the Colombian and Brazilian authorities have been adequately empowered to stop, to an extent, all the illegal mining activities going on there. In minning, both humans and the ozone layer are degraded.

Why is it that from Kyoto to current COP28 no one is talking about the extractive industry disaster that goes on in Africa and throwing many Africans to the street like garbages and quite undegradable or upgradable to either be part of throwaway human culture or deserving of dignity, respectively. In everywhere mining activities, as well as smelting activities, are going on, humans are degraded as well as the ozone layer; not even the new coinage of reduction of methane emission reduces those effects.

It is baffling that Africans are still lacking in negotiating skills in this world that seems to be completely against them notwithstanding nature’s intervention, a priori mediated by Atlantic Ocean and still available lush vegetation.

I hear that most satellites shot into the space are revolving around the equator, and the metals used in building them are part of Sunspots, 2,500 times stronger than what the Earth expects, decreasing atmospheric pressure, just like making the sun finds it difficult to do its natural work of clearing the earth of any suffocating object.

That is why I like how the French expresses climate change: Gas à effet de serre (gaseous emission that creates noose tightening of the climate, like strangulating the climate) not necessarily carbon emission. Effects of powerful metals like gold and diamond used in crafting satellites and spacecraft on the sun could be a weightier reason for climate change that mere fossil fuel emission because till today India, Russia, China are still making great use of coal and, so, why debar Africans from making use of crude oil that remains what is their own comparative advantage if in deed market forces still reigns. The most confusing language now is: Net Zero emission, distinct from limiting average temperature to 1.50C pre-industrial level; and no one is stating that, as it is seemingly 0.40C, before, as recorded by the data of the West.

Between 0.40C and about 30C, the greed of the most powerful is evident, and with it another impending Sahara Desert is waiting elsewhere.

Ariole is a Professor of French and Francophone Studies, University of Lagos

RENEWED HOPE FOR OFFENDERS In the words of late Nelson Mandela, “No one truly knows a nation until it has been in its jails”. This is one of the famous quotes of former president of South Africa who himself spent a greater part of his youthful life incarcerated. It succinctly captures the reality of most correctional centres all over the world and the below average condition of most inmates and how they struggle to navigate life daily inside the walls of the correctional facilities, especially in this part of the motherland. Which begs the question if truly the centres are correctional or it’s just semantics. Because an offender is expected to serve its term in custody, go through various stages of development so that when he or she regains freedom, reintegration into the society will be seamless and the returning offender would have acquired adequate correction and become a better citizen. This is the trajectory expected of all inmates serving time, with the exception of those who are doing life imprisonment or serving other punishments as the case may be.

Even in cases where an offender is spending the rest of their lives in confinement, one of the UN international human and prisoners’ rights promulgated in 1990 states that “All prisoners shall be treated with the respect due to their inherent dignity and value as human beings.”

Another of the rights as promulgated also stated that “Conditions shall be created enabling prisoners to undertake meaningful remunerated employment which will facilitate their reintegration into the country's labour market and permit them to contribute to their own financial support and to that of their families.” The submission above clearly explains the need to recognize that though the correctional centres are to serve as punishment to offenders, it has a duty to accord human dignity and respect on all inmates regardless of what they are there for.

It is on that premise that most correctional centres are being charged to revisit issues of offenders’ welfare and ensure that the right practices are being done.

Since the establishment of Nigeria Prisons, now Nigerian Correctional Service, in 1872 by the British, the Service has gone through various reforms, the last being 2019 that led to the name changed to Nigerian Correctional Service. Many issues have been raised concerning the Custodial Centres, such as state of the physical structure, staff welfare, inter agency collaborations for intelligence purposes, decongestion, etc., but not much as been achieved, until recently, in the area of offenders welfare.

For every time offenders’ welfare has been brought to the fore, somehow it never seemed to get the needed support as expected, therefore efforts to improve the living condition of inmates has always fallen short of expectation. The administration of current Controller General of the Nigerian Correctional Service, Haliru Nababa is however moving in the right direction with regard to welfare of offenders. Among its many achievements, this will always stand out. Over the course of the last few years, efforts were taken to improve the all-round training and welfare of inmates as well as basic infrastructure and facilities. The Service strengthened the Adult and Remedial Education Programmes, Vocational

Training and Skills Acquisition as well as Human Rights/Welfare of Prisoners.

Also, inmates who were students before imprisonment can now continue their academic pursuit concurrently while serving their jail-terms. This enabling environment for educational programmes was provided across all custodial facilities; a development which attracted recognition from UNESCO and other international organizations.

The Service has also improved medical care for offenders in recent time through the provision of drugs, treatment of sick inmates and upgrade of the medical facilities across the Costodial Centres.

However, the issue of daily allowance for the offenders requires urgent attention.

According to reports, inmates are only entitled to about N750 for feeding, which translates to 250 naira per meal. This is very poor going by current rate of inflation and cost of living in Nigeria today. This is why stories about the poor and unhealthy meals being served to offenders in the prisons will not go away. And without being fed decently, it is impossible to function properly. If offenders across the centres are expected to take advantage of the various opportunities presented to them, feeding them well is a good way to start.

The Minister of interior, Dr. Olubunmi Tunji-Ojo is hereby called upon to look into the budget of the Nigeria Correctional Service and see how this can be improved to enable inmates have a befitting meal.

Looking at the cost of living today, it will not be out of place to suggest anything within the region of 1500 to 2500 naira per day. And as the other part of the late Nelson Mandela quote says, “A nation should not be judged by how it treats its highest citizens but how it treats its lowest ones.” Hon. Olubunmi Tunji-Ojo has been described by many as a visionary and exemplary leader, it is hoped that he will throw his weight behind the Nigerian Correctional Service and give them all the necessary support to succeed.

As one of the leading agencies under the interior ministry, the failure or success of the Nigerian Correctional Service will definitely rub off on the umbrella body.

Already, the minister’s intervention in the prompt release of over 4000 inmates last month is laudable. More of this is required in all other areas for a smooth running of the Nigerian Correctional Service.

Chief Udutchay writes from Abuja

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T H I S D AY

THURSDAY DECEMBER 14, 2023

EDITORIAL

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

BEYOND THE ABUJA KIDNEY MERCHANTS

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All stakeholders must do more to tackle the menace

Some unscrupulous Nigerians now recruit young he latest, and most heinous, dimension boys and girls from rural communities with the to human trafficking in Nigeria is that promise of securing them good jobs in the cities it has gone beyond sexual exploitation. when the real intention is to harvest their organs The traffickers are now also harvesting for sale. Therefore, a demonstration of political will human organs, a very lucrative to diligently prosecute offenders would serve as enterprise. With so many people in need deterrent to those engaged in the nefarious trade. of kidney, liver and heart transplants, records reveal That has been demonstrated in many countries that these organs are in high demand, especially where prominent people have been convicted for in developed countries. Out of desperation, many such crimes.

Nigerians also now sell their vital organs and, in For years, the National Agency for the Prohibition the process, endanger their lives. That some of our of Trafficking in Persons (NAPTIP) has been raising medical personnel are incriminated in this affront the alarm over the increase in organ harvesting in against humanity is why the health authorities and the country.

A former Director General, Julie Okahcritical stakeholders should be concerned.

Donli once revealed that some people were being Reacting to a recent ‘Daily Trust’ newspaper allowed to get away with report, ‘Inside Abuja’s murder, following the Kidney ‘Market’ which rescue of a 10-month old exposed a shadow baby whose eyeballs were economy of illegal being gouged out when A demonstration of political will to diligently prosecute offenders would kidney merchandising the culprits were caught. in the Federal Capital serve as deterrent to those engaged in the nefarious trade The sheer magnitude Territory (FCT), and sophistication of this Coordinating Minister human merchandising of Health and Social indicate that for any Development, Ali Pate, T H I S D AY meaningful breakthrough in the efforts to arrest has promised decisive actions will be taken to combat EDITOR SHAKA MOMODU it, collaborative attempts must be made by criminal activities in health practices. But this is an DEPUTY EDITOR WALE OLALEYE governments, non-governmental organisations, entrenched crime that cuts across the country. There MANAGING DIRECTOR ENIOLA BELLO corporate bodies and the media. Critical stakeholders have been stories of how some Nigerian women DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU can no longer continue to watch from the sidelines CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI are usually administered drugs that cause ovarian EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN while unscrupulous people classify fellow human hyper stimulation to extract their eggs afterwards.

THE OMBUDSMAN KAYODE KOMOLAFE beings as commodities and benefit from their There have also been instances where female ignorance, desperation and, sometimes, greed. undergraduates of some Nigerian universities sell All said, trafficking in human person and in their eggs to willing buyers. Also, the ever growing human organs in Nigeria cannot be combated need to feed the IVF ‘factories’ with embryos has without the effective reform of the country’s criminal T H I S D AY N E W S PA P E R S L I M I T E D engendered the exploitation of young women for EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA justice system.

That explains why it is important their eggs.

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, for NAPTIP to partner with other organisations in Since the trade in human organs and trafficking ISRAEL IWEGBU, EMMANUEL EFENI tackling this threat. NAPTIP officials have always in human eggs and human embryos are multibillion DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, cited corruption and slow judicial process as the ANTHONY OGEDENGBE dollar businesses, it is no surprise that some Nigerian main obstacles in bringing offenders to justice. But DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI traffickers are attracted to it. And given the level of SNR. ASSOCIATE DIRECTOR ERIC OJEH beyond lamentation, all the critical stakeholders economic deprivation in the country, it is also no ASSOCIATE DIRECTOR PATRICK EIMIUHI must pull resources together to effectively tackle surprise that there are many willing customers.

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI the human trafficking scourge and its allied crime of There is another dimension to the problem.

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO organ trafficking.

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LETTERS CHARTING NIGERIA'S BOLD REVIVAL

Nigeria, akin to a majestic tree, gracefully sways on the precipice of a vibrant yet uncertain future, with the winds of change rustling through its leaves. The unfolding narrative is a rich tapestry woven with challenges, where the nation's resilience mirrors the once-prosperous tree - a symbol of limitless potential. However, as the roots face erosion, we stand at a pivotal crossroads, urging everyone to cast aside personal concerns and champion the long-term prosperity of our beloved nation.

In its heyday, Nigeria wasn't just a tree; it embodied a lush and flourishing entity, showering its citizens with the sweet fruits of prosperity. A visionary gardener, the embodiment of our leaders, orchestrated the systematic plucking and enjoyment of the collective fruits of labor. This wasn't just leadership; it marked a golden era in Nigeria's history characterized by effective governance and astute resource management.

But alas, the plot thickened! Enter a shadowy cabal of avaricious individuals, weaving malevolent schemes akin to dark sorcery, seeking to exploit the once-abundant fruits for personal gain. Picture a nocturnal overplucking, a clandestine dance that plunged Nigeria into conflict and betrayal, turning our once-thriving story into an edge-of-your-seat drama.

As our once-devoted gardener succumbed to the allure of ill-gotten gains, the decline was meteoric. Resources were mismanaged,

transforming our once-majestic tree into a malnourished shadow, and hunger, both literal and metaphorical, cast a spell of collective deprivation over our citizens.

Nigeria found itself in a gripping struggle for survival, with opportunists selling branches for profit and pilfering crucial fertilizer essential for the tree's growth. The metaphorical cutting of branches and theft of fertilizer became ruthless exploits in a nation weakened by internal decay, a cinematic twist in our unfolding story.

The analogy of the tree serves as a not-so-subtle reminder that Nigeria's very soul is endangered when personal gain trumps the collective well-being of its citizens. The dwindling commitment and focus mark a crucial juncture, a plot twist demanding collective action to satiate the hunger for progress and ensure our nation's survival.

In the gripping narrative of Nigeria's tumultuous journey, envision a corrupt cabal not only redirecting the life-sustaining waters that once nourished the nation but also shamelessly peddling this diverted resource for personal gain. This unscrupulous group, driven by avarice, undertakes a dark alchemy, manipulating the vital flow that once fueled the prosperity of our metaphorical tree.

As this cabal brazenly diverts and redirects the lifeblood of the nation, they transform it into a commodity for profit. Imagine this once-pure stream, which should have nurtured the roots of our

thriving tree, now flowing in a twisted direction, feeding the insatiable appetites of those seeking personal enrichment. The very essence of our nation is hijacked, and the diverted waters become a symbol of exploitation, corruption, and a betrayal of the collective trust.

In this vivid portrayal, the corrupt cabal's actions disrupt the natural order, not only depriving the nation of its essential nourishment but also profiting from this nefarious redirection. The onceclear waters, now tainted by self-serving motives, exemplify the depth of the betrayal against the very foundations that sustained our prosperity.

This call to action is not a mere invitation; it's a call to arms, a proclamation to dismantle the cycle of exploitation and reignite the spirit that once pulsed through our nation. It's a recognition that our collective efforts, grounded in shared values, can propel Nigeria towards a future teeming with prosperity, unity, and sustainable growth.

Nigeria's resurgence isn't a mere journey; it's an epic quest demanding renewed commitment from leaders and citizens alike.

Acknowledging challenges becomes the rising action, emphasizing the urgency of this collective responsibility for the greater good.

Tunde Osasona, Lagos

23

T H I S D AY • Thursday, December 14, 2023

BUSINESSWORLD R A T E S MONEY MARKET

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

08056356325

D e c e m b er

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1 3 , 2 0 2 3

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N795.28/ 1 US DOLLAR*

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*AS AT Monday, July 24, 2023

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Telecoms Operators Optimistic Broadband Penetration Will Surpass 70% Target by December 2025

Emma Okonji With barely two years to the set target date of December 2025 for achieving 70 per cent broadband penetration in Nigeria, telecoms operators under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), are optimistic that Nigeria will surpass the 70 per cent broadband penetration target.

Chairman of ALTON, Gbenga Adebayo told THISDAY, that given the initial statistics of 48.28 per cent broadband penetration as at May 2023, coupled with new industry developments that may have further pushed up the statistics, there are clear chances that Nigeria would surpass the 70 per cent broadband target by

December 2025.

According to Adebayo, the former Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta had set the stage towards achieving 70 per cent broadband penetration before leaving office in October this year.

He added that the current Executive Vice Chairman of NCC, Dr. Aminu Maida, had promised to build on the achievements of his predecessor in order to achieve the set target of 70 per cent broadband penetration by 2025.

“Infrastructure Companies (InfraCos) have been licensed across the six geopolitical regions of the country to deepen broadband infrastructure that will drive broadband penetration. Telecoms operators have been licensed to

roll out 5G network across the country and these are indices that will further boost broadband penetration and subscriptions across the country. As at September this year, the industry statistics released

by NCC, showed that in May 2023, broadband subscriptions reached 92,169,176 and broadband penetration was 48.28 per cent.

Although the subscriptions and penetration dropped slightly in August this year, I am quite optimistic that the numbers have greatly increased, given what has transpired in the telecoms industry since August this year till date,” Adebayo said.

Determined to consolidate on the achievements of his predecessor in the area of broadband penetration, Maida, upon assumption of duty,

had a consultative forum with telecoms industry stakeholders in Lagos last month, where he insisted that excellent quality of service, driven by broadband subscriptions and penetration, is non-negotiable, and called for industry collaboration to make this a reality.

Maida assured industry stakeholders of collaborations within the industry and commitment to transparency in the telecom ecosystem.

Speaking on broadband penetration, Maida said the commission had a very short time to achieve so much.

According to him, “A lot has been done with the infrastructure company licensing. We just have to re-imagine, look at it again, and see whether that is the right approach.

We now need to start getting into the states, and perhaps we might need to sit down and see how we can do that differently. Again, on the broadband issue, we need to increase the investment.”

According to the current NCC statistics, broadband subscriptions and penetration have maintained a steady growth since December last year, until there were slight drop in June, July and August this year, a development, which Adebayo said, must have picked up again, based on industry development from August this year till date.

According to the statistics, which THISDAY obtained from the official website of NCC, as at December 2022, broadband subscriptions reached 90,398,960, with a penetration level of 47.36

per cent. In January 2023, broadband subscriptions increased to 92,011,259, with an increased penetration level of 48.20 per cent. In February 2023, broadband subscriptions increased again to 92,561,842, with an increased penetration of 48.49 per cent.

Although the statistics showed that there was a slight drop in broadband subscriptions and penetration in march and April 2023, the numbers however picked up again in May 2023 to reach 92,169,176 and 48.28 per cent in broadband subscriptions and penetration respectively.

Adebayo however said the statistics in broadband subscriptions and penetration would surpass the May 2023 figures, by the time NCC releases the latest statistics this December.

Technology Innovation Will Influence Nigeria’s Economy, Says Minister Emma Okonji The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani has called for more technology innovation and adoption across different sectors of the Nigerian economy, insisting that technology innovation will rapidly influence Nigeria’s economy.

The minister who said this recently during a one-on-one interview on a national television station, said the federal government had remained keen on ensuring increased deployment of fibre optic cable from its current 45,000km spread across the country, to reach

95,000km spread in the next four years in order to boost internet connectivity in schools, hospitals, work spaces and other public places, that will enable increased technology innovation across the country.

According to him, Nigeria has 5G technology but spread across limited places because the infrastructure driving 5G technology is not available in large quantity across the country.

He however said with the current seven submarine cables that have already landed in Nigeria, coupled with the additional two submarine cables that Meta will be landing in

Nigeria before the end of the year, will increase broadband internet connectivity and allow for technology innovation that will drive national development in Nigeria.

“The global technology workforce is facing a major decline because in many western countries, there is limited number of workforce, but in Nigeria, we have the youthful population with which the country can produce enough talent to develop our own economy, using technology,” Tijani said.

Addressing the issue of service quality, he said his ministry released its five strategic blue print some months ago, which identified

industry challenges and proffered solutions to address them in the shortest possible time, leveraging technology.

He however said drop calls that negatively affect quality of service in the telecoms industry, was a function of several factors, which according to him, have been addressed in the strategic blur print that was earlier released by the Ministry of Communications, Innovation and Digital Economy.

He further explained that should more investment be put into submarine cable deployment, it would address the connectivity issues that Nigeria is currently facing

and thus address the issue of drop calls and poor service quality in the telecoms sector.

Tijani spoke about the intellectual conversation currently going on between the Ministry of Communications, Innovation and Digital Economy, and the Nigerian Communications Commission (NCC), to ensure that customers have the best experience in quality of service and quality of experience across networks.

He further explained that his ministry was working towards achieving the feat of making telecoms infrastructure a critical national infrastructure that will help put

an end to telecoms infrastructure vandalisation across the country.

According to him, willful destruction of telecoms infrastructure like cable destruction, goes a long way in affecting quality of service delivery, adding that such has to stop.

He spoke about the need for Mobile Network Operators (MNOs) to take responsibility to reach out to customers and inform them of any failure in service delivery and ensure quick resolution of whatever the issues may be.

He assured Nigerians of his intention to improve service quality and drive technology innovation across the country.

M a r k e t d ata A s at w e d n e s d ay, D e c e m b e r 1 3 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23November 98.19 14.98 46,00 22, 2023 MAR-2025 November ^12.50 2295.52 14.91 28,00 22, 2023 JAN-2026 ^16.2884 November 10.3.85 14.78 0.00 22, 17-MAR-27 2023 ^13.98 23November 97.09 14.90 0.00 FEB-2028 22, 2023 ^14.55 26November 97.62 15.20 0.00 APR-2029 22, 2023

BILLS

OTC F X F U T U R E S

CPS

Maturity

Discount Yield

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

6.85

6.86

Change (%) Updated Time November 0.00 22, 2023

Maturity

7.15

7.20

November -0.01 22, 2023

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8.02

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

NTB 7-Mar24

11.20

11.65

November 3.00 22, 2023

VAAG CP XVII 24-NOV-23

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

19.85

November 0,00 22, 2023

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

Date

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

24

Thursday, December 14, 2023 • T H I S D AY

BUSINESSWORLD

ECONOMY

Nigeria’s Revenue Drive and Task Ahead Raheeem Akingbolu x-rays the challenges facing various revenue generating agencies in Nigeria as espoused at the 2023 retreat organised for members of the Federation Account Allocation Committee held in Asaba, Delta State and the efforts being made by the federal government to improve fiscal reforms at sub-national level

T

he just concluded retreat organised for the members of the Federation Account Allocation Committee (FAAC) held in Asaba, Delta State achieved among other things the need for synergies between the federal and state governments on one hand and cooperation among various revenue generation agencies for the current administration to be able to put the country’s economy on a good footing as soon as possible, despite the current challenges.

Among others; the Federal Inland Revenue Service (FIRS), the Nigeria Custom Service (NCS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) identified corruption, insecurity, economic crime, unstable government policies and terrorism as some of the challenges facing effective revenue generation in the country. The retreat, which was declared open by Delta State Governor, Sheriff Oborevwori, was themed, “Creating Resilient Economy through Diversification of the Nation’s Revenue.”

The FAAC is a statutory Committee Chaired by the Minister of Finance and Coordinating Minister of the Economy with the Accountant-General of the Federation (AuGF), Commissioners of Finance of the 36 States of the Federation, representatives of the Revenue Mobilization, Allocation and Fiscal Commission (FMAFC) and revenue generating agencies amongst others as members.

Government Collaboration At the retreat, the federal government assured that it is collaborating with states to enhance capacity in the mobilisation of domestic revenue to support the development of vital sectors of the economy.

Such sectors include health, agriculture, and SMEs to further stimulate economic growth, create job opportunities for the teeming youth population, and alleviate poverty.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the federal government is collaborating with the World Bank on a programme aimed at enhancing the ease of doing business by providing an enabling environment through the removal of existing bottlenecks.

The programme, tagged, “States Action on Business Enabling Reforms,” (SABER), is expected to run from 2024 to 2025.

Edun, represented by the Permanent Secretary (Special Duties) at the Federal Ministry of Finance, Okokon Ekanem Udo, said other intervention programmes from the World Bank and other international organisations would continue unabated.

On the economic reforms embarked upon by the President Bola Tinubu-led administration, Edun noted that the government was not oblivious to the untold hardship being experienced by Nigerians.

“It always acknowledges with deep concern the challenges encountered by Nigerians in coping with not only the high cost of petrol but also the general increase in the prices of goods and services.

“I am happy to reaffirm that all the sacrifices made by people will never be in vain, as the government is bent on ensuring that the economy bounces back to normal as we continue to consolidate the recovery efforts with a focus on achieving inclusive economic growth and development,” he said.

Edun Edun said the administration has also put in place palliative measures to cushion “the unintended economic consequences of the ongoing reforms.”

Declaring the retreat open, Gov Oborevwori, represented by his deputy, Monday Onyeme, noted that past efforts to diversify the economy did not yield the best results.

“Dating back to 1962, when the first National Development Plan was launched, Nigeria has struggled to rise to the challenge of economic diversification.

“Since the turn of the century, we have had the National Economic Empowerment and Development Strategy (NEEDS), Vision 20:2020, and Economic Recovery and Growth Plan, all of which were aimed at achieving economic self-reliance, developing non-oil exports, and building a globally competitive economy. Sadly, diversification has remained largely elusive.

“The COVID-19 pandemic, persistent inflation, which currently stands at 30 per cent, worsening macroeconomic instability, foreign exchange rate volatility, and a rapidly growing population, highlight the need for Nigeria to urgently diversify its economy.

“With the global transition from fossil fuels to renewable energy in the foreseeable future, the outlook for Nigeria is bleak. The implication of this is that diversification is no longer an ideal but an imperative for sustainable economic growth. What we do now will have significant implications for current and future generations of Nigerians,” he said.

While commending members of FAAC for their commitment and dedication to duty

and for the correction of wrong computations and refunds to oil-producing states of the federation, the governor added that much work still needs to be done on the payments of 13 per cent derivation, since the coming into force of the Petroleum Industry Act (PIA).

“Since the implementation of the PIA, a lot of concerns have been raised by stakeholders of this sector in respect of the new roles of the Nigeria National Petroleum Company Limited (NNPCL) as it affects inflows of revenue into the Federation Account. It is my hope that this retreat will address these concerns and lay them to rest permanently.

“Tax is the dividend of a thriving private sector. For us to reap the benefits, we need to, as a matter of exigency, remove the institutional bottlenecks that make the cost of doing business in Nigeria unbearably high. It is only after we have done this that we can realistically expect to widen the tax base and diversify the economy. It is inevitable that where the cost of doing business is frustratingly high, tax evasion and tax avoidance will be pervasive, “he said.

Fiscal Reforms Meanwhile, the retreat also provided opportunity for the federal government to reaffirm its commitment to improve fiscal reforms at the subnational level by working assiduously to sustain collaboration with the states and international development partners through programs such as the World Bank-assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS), which has brought a great deal of reforms that helped to strengthen state

governments’ approach to governance and public finance management.

Edun, observed that the $1.5 billion SFTAS Program-for-Results, which ends in December 2023 has come of age with remarkable achievements recorded by all the 36 States in key result areas namely: Fiscal transparency and accountability; domestic revenue mobilization; efficiency of public expenditures and Debt sustainability.

He said, “We hope and encourage the Sub-nationals to continue with these laudable reforms beyond the SFTAS period.”

To this end, he stressed that the federal government as always, remains committed to the fiscal and monetary reforms that the administration has started, which aimed to provide an enabling business environment, diversify the revenue base of the economy, create fiscal space for investment in critical infrastructure and ensure macroeconomic stability.

Edun revealed that following the success story of SFTAS, the federal government in collaboration with the World Bank has come up with another programme called, “State Action on Business Enabling Reforms (SABER),” which will effectively run from the year 2023 to 2025. “This program aims at improving the business enabling environment of Nigeria’s states. Other intervention programmes from the World Bank and other International Organisations would continue unabated, ”he said.

According to him, the $750million SABER Program, which is currently awaiting the approval of an abridged External Borrowing Plan by the National Assembly, seeks to incentivize and strengthen the implementation of business enabling reforms covering land administration, the regulatory framework for private investment in fiber optic infrastructure, public private partnership and investment promotion frameworks, tax administration and the business enabling regulatory environment.

Speaking in the same vein, Senior Economist, World Bank, Mr. Samer Matta, congratulated the federal and state governments for the important fiscal reforms initiated under the States Fiscal Transparency, Accountability and Sustainability (SFTAS) Program calling for the sustainability of results especially by new administrations in the States through adhering to the SFTAS Charter signed by Governors in August 2022, committing to continued achievement.

Matta attributed the success of the SFTAS program to the following: deployment of simple but substantive eligibility criteria annually to open the Program to all States for participation in any year but ensure that there is a minimum performance standard for receiving grants; Making Technical Assistance available irrespective of meeting eligibility criteria and level of achievement of disbursement linked results; robust and credible results verification process; use of performance- based criteria that is non-negotiable and consistently applied; transparency of results encouraging virtuous peer competition; active peer learning among States facilitated by the NGF; and utilization of state-level platforms for engagement at multiple political and technical levels.

The story continues online on www.thisdaylive.com

Qualcomm Completes First Year of Africa Innovation Platform Airtel Commits to Feeding 6000 Individuals in Six Locations across Nigeria Stories by Emma Okonji Qualcomm Incorporated has announced the completion of the first year of the Africa Innovation Platform, a suite of mentorship, education, and training programmes created to support the development of Africa’s emerging technology ecosystem.

The platform has provided resources and support for local universities, ten small-to-medium sized startups, and grant participants. The programme exposed these groups to Qualcomm Technologies Inc.’s engineers and its state-of-the-art capabilities suite for mobile platforms and technologies, including 4G, 5G, Internet of Things (IoT), Artificial Intelligence (AI),

and machine learning. Qualcomm also announced several additional benefits to the Innovation Platform for this year’s participants which include: Social Impact Funds from the Qualcomm Wireless Reach Initiative to help QMIA startups scale; and Patent filing incentive fund, to help QMIA startups protect their inventions through patenting; QMIA 2024 programme launch for mentoring 10 deep-tech startups in Africa. President, QTL and Global Affairs, Qualcomm Incorporated, Alex Rogers, said: “With emerging technologies in 5G, AI, robotics, IoT, and multimedia, we are seeing a new era of invention. Through initiatives like the Qualcomm Innovation Platform, we are enabling companies around the world to build on our

foundational technologies and join us in finding solutions to the world’s biggest challenges.”

According to Rogers, in 2023, Qualcomm’s Africa Innovation Platform reached certain milestones such as Qualcomm Make in Africa Startup Mentorship Programme, which is the first initiative of its kind in Africa, and it is an equityfree mentorship programme that identified promising early-stage startups keen on applying advanced connectivity and processing technologies to innovative end-toend systems solutions, including hardware, and provided these companies with business coaching, access to engineering consultation for product development, and guidance on protecting intellectual property.

Airtel Nigeria, yesterday, commenced the 2023 edition of its long running community feeding program, called ‘5 Days of Love’, with a commitment to feed 6,000 persons in six locations across six states in Nigeria.

This was revealed during a press conference held at Airtel Nigeria’s headquarters in Lagos on Tuesday.

The initiative, which is in its 9th edition, will focus on distributing packed meals in five days to 6,000 people across six Nigerian states – Lagos, Rivers, Kano, Imo, Kwara, and Abuja.

In each state, 1,000 persons, including children, women,

youth, and the elderly will be served meals in an atmosphere capturing the celebratory feelings of season.

Speaking during the press conference, Director, Corporate Communications and CSR at Airtel Nigeria, Mr. Femi Adeniran, said, through the initiative, the telco aims to share happiness and celebrate with the people in the communities where it operates.

“The 5 Days of Love campaign is beyond an activity where we distribute meals. It is an avenue for us to celebrate the festive season with the people around us, in an electrifying atmosphere of

fun, good entertainment and love. We believe that little things can make a difference, and this is why at Airtel, we have committed ourselves to the act of sharing and celebrating this end of the year as good neighbors,” Adeniran said.

Also speaking at the event, Director of Distribution, Airtel Nigeria, Ifeoma Okafor-Obi, described Airtel as a peoplefocused organisation, adding that despite the difficult times being faced by families and organizations, Airtel will continue its long-standing tradition of ensuring that the vulnerable in the society also share in the experience the festive season.

25

T H I S D AY • Thursday, December 14, 2023

BUSINESSWORLD

Interview

NNPC, Remittance, Opacity: Setting the Records Straight

I

s the Nigerian National Petroleum Company Limited (NNPC Limited, fated to endure unending but unfounded attacks to its integrity?

Again, primordial allegations against the oil behemoth have been dredged up.

In the last one year, there has been unremitting but unfounded allegations of wrongdoing by the management of the NNPC Limited.

The latest in the series is the allegation by former Central Bank (CBN) Governor, Dr. Sanusi Lamido Sanusi, of non-remittance of money (dollars) into the Federation Account and opacity in the operations of the NNPC. He also described the national oil company as the most opaque oil organization in the world.

These allegations are not exactly new but are a rehash of the same accusation he levelled against the NNPC ten years ago.

Then, Sanusi had accused the NNPC of withholding over $49 billion, which he said ought to have been paid into government coffers.

The federal government then headed by former President Dr. Goodluck Jonathan insisted Sanusi got it all wrong. The NNPC itself held that even as CBN Governor, Sanusi did not have proper grasp of how the process of remittance to the treasury worked.

This was shown to be the case after reconciliation of figures with relevant agencies of government, it was discovered that the balance of unremitted oil revenue was actually the amount spent by the NNPC on its operations in accordance with the then extant law, the NNPC Act. Despite this evidence, Sanusi kept insisting funds were missing, banding different figures like $10.8 billion and $12 billion before finally settling for $20 billion.

The former Emir of Kano’s continued insistence on missing funds forced the Nigerian Senate to investigate the allegation and eventually cleared the NNPC of any wrongdoing.

As a matter of fact, Sanusi himself in his capacity as CBN Governor attended hearings of the Senate Committee on Finance where the issue of kerosene subsidy was exhaustively looked at vis-à-vis the Presidential Memo directing the removal of kerosene subsidy. The explanation was that the process of implementing the presidential directive was not followed through by the Minister of Petroleum Resources at that time as required by law which technically meant that kerosene subsidy was not removed.

It was on the basis of this that the Senate Committee on Finance led by Sen. Ahmed Makarfi; in its report recommended that the executive should prepare and present to the National Assembly a supplementary budget ‘to cover the expenditure in the sum of N90.6 billion for Premium Motor Spirit subsidy 2012 and N685.9 billion for kerosene subsidy expended without appropriation by the National Assembly.

Even the reputable auditing firm, PricewaterhouseCoopers (PwC), cleared the NNPC of misappropriation of funds. The company observed in a forensic audit report that: “Regarding the issue of subsidy on DPK (kerosene) the Presidential Directive of 19 October, 2009, was not gazetted and there is no other legal instrument cancelling the subsidy on DPK. The Senate Committee had also concluded that all that was now required was for the FGN to propose appropriation for the unappropriated subsidy for the period in a supplemental budget.”

So why the former CBN governor is rehashing these allegations, which after diligent scrutiny and investigation by internationally recognized entities, was found to be baseless, is anybody’s guess.

The allegations fly in the face of recent salutary developments that have taken place in the company.

For observers of events in the Nigerian oil sector, there can be no argument that the NNPC is the most investigated business entity in Nigeria. Beginning from four decades ago when in 1979, the Justice Ayo Irikefe panel of inquiry set up to investigate an alleged

Kyari missing N2.8 billion oil money returned a verdict of not guilty on the NNPC, the company has undergone several investigations and audits including the ones by the Senate and PwC mentioned above, and has not being found culpable for any infractions.

Now, to Dr. Sanusi’s allegation of opacity in the operations of the NNPC, there is abundant evidence to show that he is on shaky ground.

If he had diligently followed developments in the last four years since Kyari has presided over the affairs of the NNPC, he would have noticed a level of transparency in the running of the company not seen since it was established over 40 years ago.

In fact, one of Kyari’s first acts in office was to unveil his “Roadmap to Excellence” anchored on the TAPE Agenda. TAPE itself standing for Transparency, Accountability and Performance Excellence. This has remained the defining rubric of his leadership of the NNPC and have underpinned the successes he has recorded in the last four years.

One of the key gains of the TAPE agenda is the entrenchment of global best practices within the NNPC leading to a transformation of administrative and technical processes.

It was thus not surprising that in September 2021, Kyari presented to Nigerians for the first time in 44 years, an audited report of the finances of the NNPC for 2020. The bonus was the fact that the company posted a profit of N287 billion to bring to an end decades of losses suffered by the organization.

Beyond running the company on sound and globally recognized and acclaimed management principles, Kyari has repositioned the NNPC Limited as one of the leading oil companies in the world. In addition, he has used his position as helmsman of the company to aid in the tackling of key challenges confronting the Nigerian economy. One of these is the vexed question of crude oil theft, which had challenged successive governments in Nigeria since the country’s return to representative democracy in 1999. It is on record that the NNPC under Kyari’s leadership, designed the “Crude Theft Monitoring Application,” an application, which has options for reporting incidents, with prompt follow up and responses, and another for crude sales documents validation.

Prior to the launch of the application, Kyari had taken leading officials of the Nigerian government in the Muhammadu Buhari administration including the then Minister of Petroleum Resources, Chief Timipre Sylva, Gen. Lucky Irabor, then Chief of Defence Staff of the Nigerian military, and Mr. Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NUPRC), to Niger Delta creeks to tackle the menace of oil theft. His effort paid off as a four-kilometre illegal oil connection line from the Forcados Terminal into the sea where for nine years criminals had been siphoning Nigeria’s oil, was discovered.

Success achieved in this regard proved pivotal as Fourth Quarter figures released by the NNPC Limited showed a spike in the country’s oil production level, which rose to 1.6 million barrels from the erstwhile figure of 1.2 million, a development that helped Nigeria regain its position as Africa’s largest producer ahead of Algeria (1.021mb/d) and Angola (1.088 mb/d.)

In addition to these strides, the NNPC Limited was able to resolve years-long dispute with its business partners especially the International Oil Companies (IOCs). As part of its determination to boost the country’s production of crude and unlocking investments in the Deepwater space, the Kyari led NNPC Limited signed different production Sharing Contracts (PSCs) and other agreements including Dispute Settlement Agreements and Escrow Agreement that would produce about 10 billion barrels of crude and over $500 billion in revenue.

In addition, the NNPC Limited has also been able to pay Nigeria’s Joint Cash Call arrears to the IOCs to the tune of $5 Billion through the introduction of the Alternative Funding Approach (AFA), which has replaced the former cash call payment system.

Furthermore, beyond the shores of Nigeria, the NNPC Ltd has signed memoranda of association (MoUs) with countries like Ghana, Gambia, Guinea, Guinea Bissau, as part of the 5,600 kilometres Nigeria-Morocco Gas Pipeline project traversing these countries and seven others including Togo, Benin, Liberia, Cote d’ Ivoire, Mauritania and Senegal. The project when completed will supply about 3 billion standard cubic feet of gas per day (3bscf/d) from Nigeria to Morocco and then to Europe.

Also in 2022, the NNPC Limited secured a $1.4 billion external project finance agreement for hydrocarbon projects in the Niger Delta. This is in addition to acquiring the OVH Energy Marketing (OVHEM), owner and operator of Oando downstream assets.

Clearly, these achievements could not have been possible without the clear roadmap driven by the TAPE strategy Kyari put in place at the NNPC. It is a no brainer that no organization no matter how desperate it is for partnership will do business with an opaque organization of the kind described by Dr. Sanusi. That old NNPC has been buried with the coming of the Kyari-led management. In its place is an organization driven by a determination to outperform its local and international competitors through entrenching world class standards for qualitative service delivery.

• Badmos, a public commentator writes in from Abuja

26

THURSDAY, DECEMBER 14, 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 12Dec-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 299.94 299.94 59.11% Afrinvest Plutus Fund 100.00 100.00 9.20% Nigeria International Debt Fund 338.60 338.60 4.97% Afrinvest Dollar Fund 109.92 109.92 6.19% 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 184.66 187.07 27.40% Anchoria Fixed Income Fund 1.26 1.26 2.05% 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 29.57 30.46 34.73% ARM Discovery Balanced Fund 651.61 671.25 25.01% ARM Ethical Fund 53.69 55.31 19.00% ARM Eurobond Fund ($) 1.17 1.17 4.14% ARM Fixed Income Fund 1.15 1.15 4.07% ARM Money Market Fund 1.00 1.00 10.57% ARM Short Term Bond Fund 1.06 1.06 2.70% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.7 103.7 14.06% AVA GAM Fixed Income Naira Fund 1,138.61 1,138.61 6.43% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 194.36 195.72 44.09% AXA Mansard Money Market Fund 1.00 1.00 11.76% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.22 2.22 9.51% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.99 3.06 33.41% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.39% Cordros Milestone Fund 164.89 166.03 28.21% Cordros Fixed Income Fund 107.18 107.18 10.32% Cordros Halal Fixed Income Fund 108.93 108.93 11.01% Cordros Dollar Fund ($) 114.05 114.05 6.18% 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 25.91% Emerging Africa Eurobond Fund 107.18 107.18 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 1537.93 1537.93 11.91% FBN Balanced Fund 261.85 264.10 41.82% FBN Halal Fund 132.83 132.83 13.39% FBN Money Market Fund 100.00 100.00 11.50% FBN Dollar Fund 123.54 123.54 7.60% FBN Smart Beta Equity Fund 238.12 241.30 57.38% FBN Specialized Dollar Fund 111.28 111.28 9.53% 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 -0.04% Legacy Equity Fund 2.68 2.74 34.19% Legacy USD Bond Fund 1.32 1.32 4.83% 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 5,552.55 5,593.43 33.71% Coral Income Fund 3,983.02 3,983.02 7.70% Coral Money Market Fund 100.00 100.00 11.86% 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 1.80 1.83 17.24% Lotus Halal Fixed Income Fund 1,208.99 1,208.99 10.43% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 17.77 17.93 51.82% Meristem Money Market Fund 10.00 10.00 12.83% 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) 104.01 104.01 11.95% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.68% Norrenberger Dollar Fund (NDF) ($) 103.46 103.46 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 2.22 2.26 40.70% PACAM Fixed Income Fund 11.98 12.19 7.99% PACAM Money Market Fund 10.00 10.00 9.01% PACAM Equity Fund 2.12 2.15 49.36% PACAM EuroBond Fund 133.84 136.90 20.08% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 156.28 161.17 24.32% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.10 1.10 10.03% 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 4,850.36 4,893.13 43.14% Stanbic IBTC Bond Fund 255.45 255.45 8.44% Stanbic IBTC Ethical Fund 2.00 2.03 59.92% Stanbic IBTC Guaranteed Investment Fund 351.04 351.17 12.13% Stanbic IBTC Iman Fund 367.07 371.41 57.14% Stanbic IBTC Money Market Fund 1.00 1.00 11.55% Stanbic IBTC Nigerian Equity Fund 17,434.39 17,649.04 59.69% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.93% Stanbic IBTC Shariah Fixed Income Fund 127.82 127.82 9.33% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.38 125.38 17.86% Stanbic IBTC Absolute Fund 4,984.79 4,984.79 17.18% Stanbic IBTC Aggressive Fund 5,155.49 5,219.84 85.43% Stanbic IBTC Conservative Fund 5,190.47 5,214.75 36.40% 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 44.45% United Capital Balanced Fund 1.77 1.79 38.94% United Capital Wealth for Women Fund 1.37 1.38 28.84% 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 123.98 123.98 5.53% United Capital Global Fixed Income Fund 1.08 1.08 8.54% United Capital Money Market Fund 1.00 1.00 11.22% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.23 18.43 31.54% Zenith ESG Impact Fund 21.62 21.85 36.82% Zenith Income Fund 25.37 25.37 7.69% Zenith Money Market Fund 1.00 1.00 11.39% 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 8.07 8.17 99.97% Vetiva Consumer Goods Exchange Traded Fund 11.39 11.49 94.14% Vetiva Griffin 30 Exchange Traded Fund 25.72 25.92 45.19% Vetiva Money Market Fund 1.00 1.00 10.29% Vetiva Industrial Goods Exchange Traded Fund 26.93 27.13 34.59% 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 21.58 34.76

23.06 460.00 660.00 21.93 35.17

42.23% 257.36% 554.44% 52.65% 97.86%

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.

27

T H I S D AY • THURSday DECEMBER 14, 2023

Property & environment COP28: Nations Expected to Produce new NDCs to Fit Transition Away from Fossil Fuels Bennett Oghifo United Nations Climate Change Executive Secretary Simon Stiell has said that with the new deal to ‘transition away’ from fossil fuels, countries that are parties to the United Nations Framework Convention on Climate Change (UNFCCC) are expected to provide a fresh Nationally Determined Contribution that is sharply focussed on limiting the earth’s temperature to 1.5C. “In early 2025, countries must deliver new Nationally Determined Contributions.

Every single commitment – on finance, adaptation, and mitigation – must bring us in line with a 1.5-degree world.

“Countries must prepare and submit their first-ever biennial transparency reports by the end of next year. At UN Climate Change, we will keep working

to improve the process and help Parties go further, faster and fairer,” Stiell said at the closing of COP28 in Dubai yesterday, 13 December 2023.

Nationally Determined Contribution (NDC), is a climate action plan to cut emissions and adapt to climate impacts. Each Party to the Paris Agreement is required to establish an NDC and update it every five years.

NDCs are where countries set targets for mitigating the greenhouse gas emissions that cause climate change and for adapting to climate impacts. The plans define how to reach the targets, and elaborate systems to monitor and verify progress so it stays on track. Since climate finance is key to implementing the plans, NDCs ideally also detail a financing strategy, according to UN Climate Change.

The new deal, gavelled by the COP28 President, Sultan

Al Jaber, yesterday morning, means a phase-out of coal, oil and gas. He called it the UAE Consensus.

The agreement did not include an explicit commitment to phase out or even phase down fossil fuels.

Instead, it reached a compromise that called on countries to contribute to global efforts to transition away from fossil fuels in energy systems “in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.”

According to Al Jaber, the deal was a response to a global stocktake that found countries were failing to live up to the goals of the landmark Paris climate agreement, particularly a commitment to try to limit global heating to 1.5C (2.7F) above pre industrial levels.

“We have delivered a robust action plan to keep 1.5C in reach,” he said. “It is an enhanced, balanced, but make no mistake, a historic package to accelerate climate action. It is

the UAE consensus. We have language on fossil fuel in our final agreement for the first time ever.”

This is just as President Bola Tinubu challenged rich

and developed countries to honour their pledge to provide $100 billion climate financing annually to developing countries to enable them cope with the dire impact of climate change.

ARCON President, Sir Dipo Ajayi and Registrar, Umar Murnai with some of the council’s retirees during a send-forth ceremony in Ikoyi, Lagos… recently

Benzit Integrated Services Redefines Nigeria’s Real Estate Landscape Bennett Oghifo Benzit Integrated Services, a dynamic and innovative

entrant into Nigeria’s real estate sector, proudly announces its official launch, setting a course to redefine industry standards

and emerge as a leading force in the nation’s dynamic property landscape.

Driven by a vision to become

L-R: Co-Founder, Good Tenants, Mr. Adekunle Jinadu; Vice President, Marketing and Strategy, Terragon Group, Osarugue Awani; Managing Director, Remita Payment Services Limited; Mr. ‘Deremi Atanda; and Chief Business Director, Tremendoc Limited, Mrs. Charlotte Odunlade-Akeju, at the Good Tenants Sprout Event, held in Lagos… recently

a formidable presence in the industry, Benzit Integrated Services is committed to delivering exceptional services and tailored solutions that cater to the diverse needs of its clients. With a focus on transparency, efficiency, and customer-centricity, Benzit seeks to create meaningful and enduring real estate experiences.

As part of its comprehensive offerings, Benzit facilitates seamless transactions for both buyers and sellers, covering a spectrum of properties, including land, buildings, and commercial spaces. The company goes beyond transactions by providing leasing and letting services for a wide range of residential and commercial properties.

Notably, Benzit Integrated Services extends its commitment

to excellence to Nigerians living in the diaspora, offering tailored solutions for those aiming to purchase properties back home.

The company recognizes the unique challenges faced by individuals navigating real estate transactions from abroad and is dedicated to providing seamless and secure solutions.

“At Benzit Integrated Services, we are committed to revolutionizing the real estate industry in Nigeria,” says Principal Partner, Chisom Ezugwu. “With our innovative approach and dedication to quality, we are confident that we are changing the game and setting new standards for the market.”

As Benzit Integrated Services emerges as a leading force in

Nigeria’s real estate landscape, the company looks forward to collaborative partnerships with individuals, businesses, and investors. With a strong commitment to innovation, professionalism, and customer satisfaction, Benzit is poised to make a significant impact and contribute to the growth and development of the real estate sector in Nigeria.

Benzit Integrated Services is a dynamic entrant into Nigeria’s real estate sector, dedicated to redefining industry standards through exceptional services, transparency, and personalized solutions. With a vision for excellence, the company aspires to become a leading force in Nigeria’s evolving property landscape.

Lawal: FHA Served Demolition Notice Before Exercise Bennett Oghifo The Federal Housing Authority (FHA) has advised prospective homeowners to always seek information about the true ownership of the land they intend to buy and build on to avoid being defrauded by land speculators/grabbers.

The South West Assistant General Manager/Zonal Head, Survey and Mapping, FHA, Mr Umar Lawal, gave the advice while presenting the demolition notices and engagement with those who built illegally on FHA land in FESTAC Phase II. Lawal said contrary to figures in the media, ongoing demoli-

tion had affected 40 buildings which had irredeemable physical planning infractions or Right of Way (RoW) encroachment issues.

Lawal said the 40 demolished houses were built on NNPCL pipelines, major roads and drains.

Lawal warned those building on ROW in FESTAC to stop, to

Don Advocates Railways, Concrete Pavements to Avert Road Failure Gbenga Sodeinde in Ado Ekiti A University Don, Professor Olumide Ogundipe has said corruption, substandard materials, Poor workmanship and lack of maintenance culture are responsible for the incessant road failures in Nigeria.

Professor Olumide, an engineer, of the Department of Civil Engineering at the Ekiti State University said this while delivering a public lecture organised by the Nigerian Institution of Civil Engineers(NICE) Ekiti State Chapter in honour of the Permanent Secretary Ministry of Physical Planning and Urban Development, Engineer

Johnson Oluwole Adeola on his retirement and birthday celebrations at the ministry of works Ado Ekiti on 8th December 2023.

While celebrating the retiree, Engineer Johnson Oluwole whom he described as an astute and level-headed civil servant who has served humanity in various capacities, said Nigeria would have been a better place if everyone would emulate his personality.

The lecture, titled “Road Failures : Causes and Solutions” highlighted the causes of road failures, types of road failures and subsequently stated the solutions, which includes proper examination of the foundations, use of

standard materials, adoption of mechanical designs, budgeting for maintenance and investment in other modes of transportations, as well as making sure corruption and all elements of syphoning funds meant for the general well-being of the people are prevented.

Earlier, the Head of Service, Engineer Sunday Komolafe did not mince words in extolling the virtues of Engineer Adeola, a man he described as a senior colleague and a father to his junior ones in the civil service.

He declared that the civil service will surely miss the permanent secretary whom he described as an icon.

prevent economic losses, insisting that demolition would continue.

He said, “My advice to the general public is that they should desist from further construction, and that the exercise is a continuous one and whoever continues to build is doing that at his or her own risk.

“They should stop wasting

their money because whatever news that they are hearing from people that is not from FHA is fraudulent. So, they should desist from further construction,” he said.

According to him, “FHA acquired 2024.64 hectares and 363 hectares is under litigation; the portion under litigation is

on 6th avenue, we are very careful and are not entering that section.”

He said in April 2022, a drone was flown on FESTAC to carry out an aerial survey to ascertain the level of distortion for redesign of the area because the town planning layout had been bastardised.

Addressing Nigeria’s 21st Century Housing Needs Olamide Abegunde Amidst the myriad of problems facing Nigeria, housing stands out. According to the Central Bank of Nigeria in 2019, only 10% of Nigerians who desire to own a home can afford it, compared to 72% in the United States and 78% in the United Kingdom. This estimate is inadequate for the size of our economy, indicating that only two hundred thousand people can afford a house out of a population of over two hundred million and still rising.

This issue is exacerbated because, even with this revelation, governments have not deemed it expedient to declare an emergency in the housing sector of the country’s economy.

The post-civil war housing

challenges persist, with no concerted efforts made to address the debilitating homelessness experienced by many Nigerians at the Federal, State, and Local government levels.

However, it is pertinent to state that the Federal government and state governments have, from time to time, embarked on the provision of low-cost housing. Still, it is obviously never sufficient, as what they do is merely a tip of the iceberg.

Speaking statistically, with a population of over 200 million, Nigeria is the largest black country in the world. According to Rice University Research, Nigerians rank as the highest educated immigrant population in the United States. The country has a huge youth population, unemployed, unemployable,

illiterate, and uninformed, especially in the North, which has become a catchment area and recruitment ground for terrorism and banditry laced with religious extremism. Consequently, the housing problem in Nigeria is undoubtedly a pandemic of immense proportion. According to the International Human Rights Commission (IHRC), more than 28 million Nigerians lack access to decent and affordable housing.

The Federal Mortgage Bank of Nigeria (FMBN) estimates that Nigeria will require about 28 million housing units to address the housing deficit in the country.

-Qs. Olamide Abegunde PMP, Mniqs, Fnimn is the CEO, Rusteve International Limited, a building construction and real estate company

28

THURSDAY DECEMBER 14, 2023 •T H I S D AY

29

T H I S D AY • THURSDAY, DECEMBER 14, 2023

Thursday, December 14, 2023

Thisday Afrinvest Index up 24bps

Thisday Afrinvest 40 index gained 104bps to close

THISDAY AFRINVEST 40 INDEX

at 3482.01 index points following price apprecia-

tion in GTCO (+1.0%), ZENITH (+2.5%), and FBNH

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

(+5.0%). Cumulatively, these stocks account for 18.5% of the index.

Ticker

Current Price

Previous Price Change

THISDAY AFRINVEST 40

3482.01

1.04%

Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

47.4%

248.2%

14.9%

3.4%

5.1x

1.2x

5.3%

11.8%

1

BUA Foods PLC

198.90

0.0%

22.0%

206.0%

46.5%

54.0%

18.0%

28.7x

14.0x

2.5%

3.5%

2

MTN Nigeria Communications PLC

245.00

0.0%

7.5%

14.0%

-10.4%

85.8%

8.6%

21.1x

16.6x

6.4%

4.7%

Bullish Outing on the Domestic Bourse… ASI up

3

Airtel Africa PLC

1,800.00

0.0%

11.0%

10.1%

36.4%

10.0%

3.1%

55bps The domestic market closed on a positive note as the NGXͲASI rose 55bps to 72,299.79 points, following

price

CESSCORP

appreciation FBNH

(+8.1%),

AC-

in

(+5.0%)

and TRANSCORP (+6.8%). As a result, YTD return improved to 41.1% (previously 40.3%) while market capitalisation gained ₦214.8bn to ₦39.6tn. Activity level was upbeat as volume and value traded rose

2.4%

4

Guaranty Trust Holding Co PLC

39.90

1.0%

7.2%

73.5%

14.0%

38.3%

5.6%

2.8x

0.9x

8.3%

36.0%

5

Zenith Bank PLC

36.40

2.5%

6.2%

51.7%

6.3%

27.6%

3.0%

2.6x

0.6x

9.5%

38.9%

6

FBN Holdings Plc

24.30

5.0%

5.1%

122.9%

42.5%

24.9%

2.3%

3.1x

0.6x

2.1%

32.0%

3.9%

22.6%

12.3%

40.4%

15.3%

12.4x

4.1x

6.3%

8.0%

2.9%

23.5%

0.5%

11.6%

7.9%

9.9x

1.1x

6.7%

10.1% 60.2%

7

Dangote Cement PLC

320.00

0.0%

8

Lafarge Africa PLC

29.65

0.2%

9

United Bank for Africa PLC

24.00

3.4%

4.7%

215.8%

95.9%

39.5%

3.9%

1.7x

0.5x

5.9%

3.4%

118.7%

65.0%

1.5%

0.8%

57.9x

0.9x

3.2%

1.7%

1.9%

4.5%

-8.0%

5.3%

-2.9%

10

SEPLAT Energy PLC

2,310.00

0.0%

11

Nestle Nigeria PLC

1,150.00

0.0%

12

Access Holdings PLC

22.05

8.1%

4.6%

159.4%

137.1%

20.5%

1.5%

2.9x

0.5x

7.7%

34.5%

66.00

0.0%

2.2%

97.3%

22.2%

31.5%

3.4%

6.5x

1.8x

5.4%

15.4% 48.2%

13

Stanbic IBTC Holdings PLC

-6.1%

14

Ecobank Transnational Inc

22.80

0.0%

2.5%

115.1%

50.0%

26.9%

1.2%

2.1x

0.6x

2.2%

15

Okomu Oil Palm PLC

240.00

0.0%

1.4%

45.5%

2.1%

47.0%

24.2%

12.0x

5.3x

1.9%

8.3%

16

Nigerian Brew eries PLC

37.05

0.0%

1.0%

-9.6%

-17.7%

-39.6%

-9.3%

2.7x

3.6%

-19.1%

17

Fidelity Bank PLC

9.25

1.6%

1.6%

112.6%

32.1%

26.2%

2.1%

2.9x

0.7x

5.4%

34.3%

18

Flour Mills of Nigeria PLC

30.30

-4.6%

0.8%

6.7%

-11.1%

6.0%

1.0%

10.6x

0.6x

7.4%

9.4%

19

Transnational Corp of Nigeria

6.82

1.5%

1.7%

503.5%

94.3%

11.9%

3.0%

18.8x

2.2x

0.7%

5.3%

20

International Brew eries PLC

4.50

0.0%

0.7%

-4.3%

-13.5%

-37.7%

-9.3%

21

AXA Mansard Insurance PLC

4.50

0.0%

0.8%

125.0%

13.9%

40.8%

11.2%

3.0x

1.1x

2.7%

22

FCMB Group Plc

7.05

3.7%

0.8%

83.1%

38.2%

18.0%

1.7%

2.4x

0.4x

3.6%

23

PZ Cussons Nigeria PLC

25.60

0.0%

0.6%

125.6%

16.4%

-102.5%

-14.3%

1.0x

-39.1%

12.2x

33.1% 41.0% -24.8%

24

Guinness Nigeria PLC

67.90

0.0%

0.5%

-2.0%

-15.1%

-24.1%

-7.9%

25

Dangote Sugar Refinery PLC

57.05

-0.6%

1.2%

255.5%

128.2%

2.2%

0.5%

243.9x

5.5x

2.6%

0.4%

spectively.

26

Presco PLC

189.90

0.0%

0.5%

38.1%

6.7%

45.9%

13.7%

9.2x

3.7x

4.6%

10.9%

27

United Capital PLC

18.10

1.1%

0.5%

29.3%

14.9%

22.9%

1.6%

10.4x

1.8x

8.3%

9.6%

Mixed Sector Performance

28

BUA Cement Plc

97.00

0.0%

0.4%

-0.8%

5.1%

25.0%

12.6%

32.6x

8.0x

2.9%

3.1%

29

NASCON Allied Industries PLC

54.00

0.0%

0.9%

386.5%

188.8%

60.2%

19.8%

5.2x

5.2x

1.9%

19.3%

30

TotalEnergies Marketing Nigeri

385.00

0.0%

0.3%

99.5%

10.0%

28.3%

3.9%

9.1x

2.4x

6.9%

11.0%

31

Wema Bank PLC

5.17

-0.4%

0.2%

32.6%

-2.3%

23.1%

1.3%

3.0x

0.6x

5.8%

33.7%

32

Jaiz Bank PLC

38.4%

2.2%

5.8x

1.9x

32.1%

17.3%

33

Geregu Pow er PLC

24.6x

2.1%

34

Union Bank of Nigeria PLC

35.6% and 37.4% to 433.2m units and ₦8.1bn, re-

Performance across our coverage sectors was mixed as two indices gained, two lost while the Industrial

Goods

and

AFRͲICT

closed

flat.

The Banking and Insurance indices rose 3.4% and 1.0% respectively due to price uptick in ZENITH

DANGSUGAR (Ͳ0.6%) and ETERNA (Ͳ8.0%) pulled the Consumer Goods and Oil & Gas indices down by 0.2% apiece.

Outlook

session as 34 stocks advanced, 16 declined, while 69 closed flat. Today, we anticipate an extended positive outing in tomorrow's trading session driven by strategic positioning.

4.0%

0.2%

69.6%

-6.6%

0.0%

0.3%

167.8%

33.0%

0.0%

#VALUE!

-100.0%

15.8%

1.6%

0.2%

40.4%

11.0%

12.7%

1.6%

5.5x

0.6x

7.6%

10.0%

5.0%

12.9x

1.2x

1.7%

3.2%

3.6x

#N/A N/A

Julius Berger Nigeria PLC

34.40

36

Unilever Nigeria PLC

14.60

-2.0%

0.1%

25.9%

-10.4%

37

Oando PLC

11.00

4.3%

0.2%

180.6%

91.3%

38

Conoil PLC

78.00

0.0%

0.1%

194.3%

-6.0%

41.0%

16.3%

4.5x

1.6x

3.3%

39

Transcorp Hotels Plc

46.90

6.8%

0.2%

650.4%

100.4%

6.9%

3.7%

105.2x

7.2x

0.3%

40

Notore Chemical Industries Ltd

62.50

0.0%

0.0%

0.0%

0.0%

-140.7%

-24.8%

T ic k er

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

SC OA

1.78

9.9%

A C C ESSC OR P

60.2

8.1%

IN F IN IT Y

2.34

9.9%

GT C O

49.4

1.0%

44.8

2.5%

A C C ESSC OR P

22.05

8.1%

Z EN IT H B A N K

C OR N ER ST

1.45

7.4%

ST ER LIN GN G

34.5

1.0%

T R A N SC OH OT

46.90

6.8%

UB A

29.3

3.4%

UP D C

1.33

6.4%

FCM B

28.2

3.7%

R OYA LEX

0.68

6.3%

NA HCO

14.2

0.0%

OM A T EK

0.77

5.5%

T R A N SC OR P

12.0

1.5%

D A A R C OM M

0.39

5.4%

J A P A ULGOLD

11.9

3.1%

FB NH

24.30

5.0%

UN IT YB N K

11.6

4.2%

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

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

UP L

2.48

-9.8%

GT C O

1960.9

1.0%

SUN UA SSUR

1.16

-9.4%

Z EN IT H B A N K

1614.1

2.5%

P ric e C hg %

ET ER N A

11.45

-8.0%

A C C ESSC OR P

1304.9

8.1%

F LOUR M ILL

30.30

-4.6%

UB A

696.0

3.4%

CHA M S

1.90

-4.0%

NA HCO

354.3

0.0%

T H OM A SWY

2.95

-3.3%

D A N GSUGA R

227.0

-0.6%

F T N C OC OA

1.55

-2.5%

FB NH

200.4

5.0%

UN ILEVER

14.60

-2.0%

FCM B

196.6

3.7%

-1.6%

M TNN

187.9

0.0%

-1.5%

ST ER LIN GN G

139.7

1.0%

NP FM CRFB K

1.90 1.92

7.7%

22.1% 1.0% -71.9%

T ic k er

T o p 10 L o s e r s

18.1%

27.6%

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

T o p 10 G a i n e r s

LA SA C O

Afrinvest West Africa Limited

1.56 399.00

35

Investor sentiment, as measured by market breadth, improved to 0.26x from Ͳ0.01x in the prior

-12.3%

0.0%

(+2.5%), UBA (+3.5%), and CORNERST (+7.4%). On the flip side, sell pressure on FLOURMILL (Ͳ4.6%),

2.5x

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

30

THURSday, DECEMBER 14, 2023 T H I S D AY

business/MOnEYGUIDE

Experts: FGWillAchieve N10.4tn RevenueTarget withTaxes on Luxury Asset,Affluent Lifestyle Omolabake Fasogbon Tax experts have emphasised the need to widen the tax net in view of the N10.4tn tax revenue target in 2024 set by President Bola Ahmed Tinubu.

In widening the tax net, they opined introduction of new taxes that covers affluent lifestyle, luxury asset, donation and idle cash balances.

Speaking during the 49th induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN), Rector, Federal Polytechnic, Ilaro, Ogun State, Dr Akinde Aremu reckoned that taxation, undoubtedly remained the key source of funding the economy, that is now more relevant given the country grappling with soaring debts, infrastructure deficits, and rising costs of living, amid dwindling income.

While discussing the induc-

tion theme: “Navigating the Tax Landscape: A Journey of Professional Excellence,” Aremu said that present reality required that tax professionals be conversant with past and present tax trends locally and internationally.

He added, “Tax professionals must also develop new strategies to support federal government towards meeting 2024 tax target. Besides, it has become expedient for Nigeria to look inwards by exploiting tax as a means of stabilising the economy, bridging the infrastructure gap, supporting education, and creating employment opportunities”.

Also speaking, CITN President and Chairman of Council, Samuel Agbeluyi emphasized tax prospects in the digital economy that presently accounts for between 15 and 20 per cent of Global Gross

Domestic Product (GDP).

According to him, that tax administrators are still to come to terms with the effective and efficient way of taxing digital economy increases likelihood of tax revenue leakages.

Agbeluyi said tax professionals must continually support the development and implementation of tax policy options, rules and frameworks.

“This will maximise the benefits of the taxing rule for Nigeria, “he said.

He said that the decision of government to set-up the Presidential Committee on Fiscal Policy and Tax Reforms reflects its resolute commitment to sustainable economic growth.

“The outcome of the committee’s work, if properly implemented holds great potentials for bridging fiscal policy gaps and fortifying the taxation framework in Nigeria”,

L-R: 1st Vice President, Chartered Institute of Stockbrokers (CIS), Oluropo Dada; celebrant, Dr Bayo Olugbemi; President, CIS, Oluwole Adeosun and Registrar/Chief Executive, CIS, Josiah Akerewusi at the Investiture of Olugbemi as a Fellow of CIS in Lagos...recently

MARKET INDICATORS

Olugbemi, First Registrars’ CEO Bags CIS Fellowship The Board of Fellows of Chartered Institute of Stockbrokers (CIS) has conferred Fellowship on the Chief Executive Officer of First Registrars and Investor Services Limited, Dr Bayo Olugbemi, the highest rank of a certified stockbroker.

In his opening remarks, the Chairman of the CIS Governing Council, Oluwole Adeosun, spoke glowingly about the investee, who he described as a “quintessential Nigerian finance professional.”

“Olugbemi, is an authority in registrar and investor support functions in the capital market. His work career since 1982, has been intertwined between banking and the capital market. He is an undisputable leader. in the share registration service, “Adeosun said.

Receiving the fellowship,

Olugbemi, a former president of Chartered Institute of Bankers of Nigeria (CIBN), appreciated the Institute for considering him worthy of the honour.

Olugbemi vowed to foster positive relations between the Institute of Capital Market Registrars (ICMR) and CIS. “To God, I give glory for my journey in life and the capital market as I ascend to a higher level in my career today. I express gratitude to the Institute of Stockbrokers.

My 41 -year journey in the financial sector services has been a rollercoaster of growth and experiences culminating in this esteemed recognition at the very right time, “said.

He tasked the younger generation to have integrity, honesty and diligent as virtues. He said these

were the virtues to achieve tremendous feats.

Speaking on the sidelines of the event, Adeosun said that Olugbemi’s investiture was not a honorary title but a professional one after he had scaled the Institute’s integrity tests examinations.

He said that the CIS was working hard to engage millennials through comprehensive investor literacy education.

According to him, recently, CIS created a course- Securities and Investment, which the National Universities Commission (NUC) recent approved for tertiary institutions. Only two schools in Nigeria, Nasarawa State University, in Keffi and Mountain Top University, in Ogun State currently offer the courses.

Transcorp Restates Commitment to Impacting Society James Emejo in Abuja

The Managing Director/ Chief Executive, Transcorp Hotels Plc , D u p e O l u s o l a , h a s re i t e r a t e d the commitment of the hospitality institution t o w a rd s g i v i n g b a c k t o s o c i e t y.

Speaking at the Christm a s Tre e L i g h t i n g c e remony in Abuja, she said the hotel is constantly giving back to society as well as always improving services to customers.

Olusola said the hotel had

been supporting privileged children, giving back to the child-child through mentoring initiatives as well as helping young entrepreneurs.

She said, “We also give back 10 per cent of our profit before tax and invest in entrepreneurship across Nigeria. So, we are actively giving back and still looking for ways to support humanity.

“We are doing some programmes with less privileged children, we had a programme with the United Nations earlier this year, and

we also give back to the girl-child through mentoring and programmes.

“So, for every guest that comes into the hotel the bars of soap that they use, we don’t throw it away; we recycle them and give back to that community the same thing we do with food as well.”

She explained that the rationale was to usher staff and customers and Nigerians in general into the mood of the Christmas season, adding that this had become a tradition for the hotel.

Oluyole Expo 2023 for Business Convergence, FamilyValues’ Kemi Olaitan in Ibadan The Convener of the maiden edition of Oluyole Expo 2023 holding in Ibadan, the capital city of Oyo State, as from December 15, Mr. Semiu Adenekan, popularly known as DJ Semight, has assured that it would be an epochal socio-economic event.

Adenekan, a popular marketing communication guru and showbiz impresario while speaking with journalists in Ibadan, said the two-week exhibition will be a carnival, business

convergence promoting family values and culture.

According to him, the maiden grand exhibition aims to bring awesome and memorable experiences to all participants and is definitely going to be the longest and most vibrant in the history of expos in Nigeria.

He said, “The 17 day-Expo is designed to run from between December 15th to December 31st at the exclusive Ibadan Recreation Club, Sabo and it is expected to create memorable experiences that foster community engagement

and business growth and unwavering commitment to excellence.”

He equally expressed optimism and excitement that his plans for the exhibition will create a legacy that transcends generations, citing the Canton Fair as an example, with organizers currently planning for its 134th edition in China.

“We are thrilled to present an event that surpasses expectations because it combines online and offline transactions this means that it will provide an ideal platform for businesses as well as exhibitors.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

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

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

T H I S D AY •THURSday, DECEMBER 14, 2023

31

mARKET NEWS

Nigerian Equities Market Benchmark Index Crosses Historical 72,000bpts Kayode Tokede As trading activities remained upbeat at the close of trades yesterday, the Nigerian Exchange Limited All-Share index (NGX ASI), crossed the historical 72,000 basis points.

The NGX ASI gained 392.53 basis points or 0.55 per cent to close at 72,299.79 basis points.

Also, market capitalisation rose by N215 billion to close

at N39.564 trillion.

Notable buy pressure in key stocks like Transcorp Hotels, Access Holdings, FBN Holdings (FBNH), Zenith Bank and United Bank for Africa (UBA) drove the market’s strong performance.

As measured by market breadth, market sentiment was positive as 34 stocks gained relative to 16 losers. SCOA Nigeria emerged the highest

P R I C E S MaiN Board

F O R DEALS

price gainer of 9.88 per cent to close at N1.78, per share.

Infinity Trust Mortgage Bank followed with a gain of 9.86 per cent to close at N2.34, while Access Holdings rose by 8.09 per cent to close at N22.05, per share.

Cornerstone Insurance increased rose by 7.41 per cent to close at N1.45, while Transcorp Hotels appreciated by 6.83 per cent to close at

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

quantity traded

N46.90, per share. On the other side, University Press led others on the losers’ chart with 9.82 per cent to close at N2.48, per share. SUNU Assurance followed with a decline of 9.38 per cent to close at N1.16, while Eterna shed 8.03 per cent to close at N11.45, per share.

Flour Mills of Nigeria down by 4.57 per cent to close at N30.30, while Chams Holding

T R A D E D

value traded ( N )

MaiN Board

A S O F

Company depreciated by 4.04 per cent to close at N1.90, per share.

The total volume traded advanced by 35.6 per cent to 433.18 million units, valued at N8.08 billion, and exchanged in 6,650 deals. Transactions in the shares of Access Holdings led the activity with 60.182 million shares worth N1.305 billion. Guaranty Trust Holding Company (GTCO)

followed with account of 49.432 million shares valued at N1.961 billion, while Zenith Bank traded 44.782 million shares valued at N1.614 billion.

Sterling Financial Holdings Company traded 34.454 million shares worth N139.680 million, while United Bank for Africa (UBA) traded 29.309 million shares worth N696.040 million.

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

Market Price

quantity traded

value traded ( N)

32

THURSDAY, DECEMBER 14, 2023 • T H I S D AY

NEWS

Federal Executive Council meeting...

L-R: Minister of state for Labour and Employment, Nkeiruka Onyejeocha; Minister of the Federal Capital Territory (FCT), Nyesom Wike; Minister of Aviation, Festus Keyamo, and Minister of Humanitarian Affairs PHOTO: GODWIN OMOIGUI. and Poverty Alleviation, Dr. Betta Edu, at the Federal Executive Council (FEC) meeting held at the Council Chambers of the Presidential Villa, Abuja... yesterday

Tinubu Approves Leadership Changes In Aviation and Aerospace Devt Parastatals

Sacks CEOs of FAAN, NAMA, NSIB, NIMET and NCAT Suspends NCAA DG Directs EFCC to investigate CEO, other senior officials of NCAA Says sector has underperformed over time

Deji Elumoye in Abuja President Bola Tinubu has approved immediate leadership changes in six parastatals under the Federal Ministry of Aviation and Aerospace Development.

The changes, according to a release issued on yesterday night

by presidential spokesperson, Ajuri Ngelale, is in line with the President's determination to bring world class standards to Nigerian Civil Aviation and consumer protection and the promotion of the wellbeing of Nigerian passengers and other sectoral stakeholders.

Those sacked include Managing

Director of the Federal Airports Authority of Nigeria (FAAN), Mr. Kabir Yusuf Mohammed, who has been replaced with Mrs. Olubunmi Oluwaseun Kuku as substantive Managing Director; Managing Director of the Nigerian Airspace Management Agency (NAMA), Mr. Tayib Adetunji Odunowo is replaced

with Engr. Umar Ahmed Farouk as the substantive Managing Director; and Director-General of the Nigerian Safety Investigation Bureau (NSIB), Engr. Akinola Olateru whose position has been taken by Mr. Alex Badeh Jnr. Others are Director-General of the Nigerian Meteorological Agency (NIMET), Prof. Mansur

Bako Matazu replaced with Prof.

Charles Anosike as substantive DG and Rector of the Nigerian College of Aviation Technology (NCAT), Capt. Alkali Mahmud Modibbo, who has been replaced with Mr. Joseph Shaka Imalighwe as Acting Rector pending the appointment of a substantive Rector, in accordance

FG, NAFDAC, SON, NESREA Laud 50% Recycled Nestle Pure Life Bottles Ndubuisi Francis in Abuja

The Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite and other government agencies, Wednesday, applauded Nestle Nigeria Plc for blazing the trail with the introduction of new bottles, including recycled polyethylene terephthalate (rPET), effectively reducing the use of virgin plastics by 50 per cent.

The stakeholders believe that the inclusion of the 50 per cent rPET in

Nestle's Pure Life bottles is a bold step by the company towards tackling environmental pollution posed by plastic bottles in the country.

The minister, represented at the official presentation of the new Nestlé Pure Life bottles in Abuja, Wednesday, by the Director for Chemical and Non-Petrochemical Department, Francis Onuorah, said the nation’s industrial policy emphasises recycling as an alternative to the environmental challenges posed by plastic bottles

New ICPC Chair, Aliyu, Assumes Duties, Declares He’ll Lead by Example Kingsley Nwezeh in Abuja

The new Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu, yesterday, officially assumed duties as the fifth substantive chairman of the commission.

Aliyu, arrived the Commission about 2:30pm after he was earlier sworn-in by President Bola Ahmed Tinubu at the State House.

Speaking during his inaugural meeting with members of management staff, he thanked President Tinubu for finding him worthy of the position, stating that though the task ahead of him might be challenging, with the support of the management and the entire staff of ICPC, a lot of successes would be recorded under his watch.

The new ICPC boss promised to

be a humble and listening leader that would be ready to consult as well as position himself ready to lead from the front.

“I want to assure you that you will find in me, a leader who is humble and ready to listen to you.

I am ready to work with you as a team. I am also promising you that I will lead by example.

"I know for a fact that leadership is a burden but once we are united, there is no amount of challenge that we will not surmount. I know that you too would be open to work with me because I cannot do this work alone, I will always consult and we will do everything together," he said.

Speaking on behalf of the management staff, the Secretary to the Commission, Mr. Clifford Oparaodu, welcomed the new Chairman and assured him that he had a great team to work with.

She noted that the Nigerian economy is heavy on oil and gas in terms of petrochemicals and in terms of plastics, adding that when the world is saying phase out plastics or phase out oil vis-a-vis COP28, the importance of oil in the economy should not be underestimated.

According to her, it would amount to throwing away the baby with the bathwater, adding that "we must understand the issue of sustainable development."

She explained that the approach should be how to address the problem of plastics without hurting the economy.

The minister applauded Nestle Nigeria for its trailblazing approach in addressing the menace of plastic bottles to the environment, noting that "our answer to plastic challenge is recycling," which Nestle is spearheading.

Uzoka-Anite stressed that the

government was highly impressed with the commendable step taken

by Nestle, and urged other corporate bodies and stakeholders to follow suit.

At the event, representatives from the National Agency for Food and Drugs Adminstration and Control (NAFDAC), Standards Organisation of Nigeria (SON), National Environmental Standards and Regulations Enforcement Agency (NESREA), among others, also spoke glowingly about Nestle's pathfinding step in recycling plastic bottles.

Speaking on the journey towards plastics neutrality and significance of 50 per cent rPET inclusion in the Nestle Pure Life bottles, the Managing Director/CEO of Nestle Nigeria Plc, Wassim Elhusseini said: " Since 2018, Nestle Nigeria has been working with partners to recover as much plastic as we sell, based on a "one tonne in, one tonne out principle.

"In 2021, we started on the step by teaming up with ALEF, to achieve our objective of cutting virgin plastic in our packaging by a third by 2025.

"Today, we are very proud to be the first to achieve this milestone of 50% rPET inclusion in our water bottles in Nigeria, thanks to the resilience of our team working with ALEF to produce food grade rPET in Nigeria.

"I also recognise and commend the regulatory agencies -NESREA, SON and NAFDAC who have ensured compliance to the highest standards."

The Nestle CEO noted that his company has been at the forefront of efforts to develop well-functioning collection, sorting and recycling systems for PET in Nigeria, from the introduction of innovative bottles, collaborating with other stakeholders for increased collection while building an ecosystem for recycling.

with Section 13(2) of the Nigerian College of Aviation Technology Act, 2022.

On his part, the Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu was suspended from office to enable the Economic and Financial Crimes Commission (EFCC) to conduct an unfettered investigation into his activities as Director-General and other senior officials in the Nigeria Civil Aviation Authority while Capt.

Chris Najomo assumes office as Acting Director-General.

According to the statement, President Tinubu further approvedcl the commencement of a diligent process to be conducted by the Minister of Aviation and Aerospace Development to recruit a substantive Vice-Chancellor and other principal officers of the African Aviation and Aerospace University (AAAU).

The President expressed hope that the new leadership across this critical sector will uphold the safety, convenience, and comfort of the Nigerian people as primary and sacrosanct in all of their administrative activities.

Due to the high cost of underperformance in the sector, the President has demanded the immediate establishment of world-class policy design, implementation, and regulatory frameworks to reposition the sector in alignment with his Renewed Hope Agenda.

NBM of Africa Calls for Effective Collaboration Among Nigerians Neo Black Movement of Africa, Lekki Chapter, a nonprofit organisation dedicated to socio-economic impact and brotherhood support, has called for more open dialogue and collaborations among government, private organisations, and individuals as a tool for community building, at the organisation’s 10th anniversary.

In his opening remarks, Chukwuma Madike, the President NBM of Africa, Lekki Chapter, recounts the impact of the organisation’s collaboration and partnerships with numerous NGOs, orphanage homes, individuals, and government organisations.

He stated that the event which

theme was, Advancing the Community through Communication and Collaboration is a wakeup call to the citizens of Nigeria, endearing them to be open to dialogue and collaborating with people of diverse backgrounds, share of common purpose and understanding to create a better community.

“Today we are raising funds to build an arena that will be beneficial to everyone even in our absence, this is the kind of legacy NBM of Africa wants to pass on, ” he added.

While thanking the generous empowerment donations at the fundraising ceremony, Uyi Agbon-

ifo, Chairman of the legislative arm, Neo Black Movement of Africa, Lekki Chapter, explained that the Lekki Arena will be a stateof-the-art facility that will host a variety of events, including sporting competitions, cultural performances, educational programmes, and community gatherings. The arena will be a valuable asset to the community, providing a space for people to gather, connect, and celebrate their shared heritage.

The event had a round table discussion on the theme of the event, with notable dignitaries including Chukwudi Adiukwu (SAN); Sanni Abdullahi, Commander, Federal Road Safety Corps (FRSC), Lekki

Unit; Barrister Hope Aliu, former Western Regional President, NBM of Africa and other members of NBM of Africa and dignitaries across the state.

The NBM of Africa is a nonprofit organisation dedicated to the socio-economic development of black consciousness worldwide.

The organisation has chapters in over 20 countries and has a long history of activism, and community service and has partnered organisations, organised charity football competitions, orphanage home visits, peaceful walks, members fund empowerment, and lending of voice to speak for the oppressed in the society.

33

T H I S D AY • THURSDAY, DECEMBER 14, 2023

NEWS

Graduation ceremony of i-Academy...

Senior Special Assistant to the President on Technical Vocational and Entrepreneurship Education, Madam Abiola Arogundade (left) and Group Chairman, Heirs Holdings, Mr. Tony Elumelu, during the graduation ceremony of i-Academy at the Corporate Headquarters of Africa Prudential Bank in Lagos... Tuesday

W’Bank Calls for Transparency on Oil Revenues, NNPCL's Gains from Subsidy Removal

Urges national oil company to regularly publish information on pump prices NNPC replies critics, says FX earnings from crude oil sales used in importing fuel, debt service Discloses that 40% of non-oil revenue taxes from oil sector Insists crude production, price benchmark in 2024 budget realistic Edun hints on plan to audit NNPCL’s account Ndubuisi Francis, Emmanuel Addeh in Abuja and Nume Ekeghe in Lagos The world Bank has called for more clarity on oil revenues, especially the financial gains of the Nigerian National Petroleum Company Limited (NNPCL) from the subsidy removal, the subsidy arrears still being deducted and the impact of this on the federation revenues.

The World Bank Country Director for Nigeria, Dr. Shubham Chaudhuri, who made the call in Abuja, yesterday, at the launch of the Nigeria Development Update (NDU) titled "Turning the Corner, Time to Move from Reforms to Results," said the petrol subsidy and foreign exchange management reforms were critical steps in the right direction towards improving Nigeria’s economic outlook.

This was just as the NNPCL yesterday, subtly responded to calls

by Nigerians for it to account for the dollar sales from crude oil, disclosing that the forex inflow was majorly expended on petrol importation and debt service.

Chaudhari, noted that absolutely oil production in Nigeria had been declining, adding that it was a security issue among other things that needed to be addressed.

Chaudhuri, explained that between N300 billion –N400 billion was expended on fuel subsidy monthly before the removal of subsidy in June, adding that the expectation was that the NNPCL should have been paying such amount to the Federation Account, regretting that this has not been the case.

The World Bank Country Director explained: "The basic point I think our team has been trying to understand is premium motor spirit (PMS) subsidies earlier were costing about N400 billion per month, and now are those revenues now coming into the federation account, or has oil production dropped to the point where those N400 billion in revenues has gone and it's really about helping us.

"But not just as the Nigerian public understand because a lot of the Nigerian public view the removal of PMS subsidies is well, we're going through this pain, is there a reward from that? I think that's the main thing, and the NNPCL can just clarify what exactly is happening with the funds coming.

That would really help."

Chaudhuri added: “The petrol subsidy and FX management reforms are critical steps in the

right direction towards improving Nigeria’s economic outlook. Now is the time to truly turn the corner by ensuring coordinated fiscal and monetary policy actions in the short to medium term.

“Continued reform implementation can ensure that Nigeria benefits from the difficult adjustments underway. This includes ensuring that improved oil revenues following the sharply increased PMS price accrue to the Federation. In the medium-term, the economy will then begin to benefit from increasing fiscal space for development spending, including on power and transport infrastructure, as well as on human capital.”

Also on the revenues accruing from subsidy removal, the NDU report tasked the NNPCL to make public its statement of accounts and transparently disclose its revenue inflows.

“The removal of the subsidy was announced on May 29 and pump prices were adjusted on June 1.

“This results in expected fiscal savings of around N2 trillion in 2023 or 0.9 per cent of GDP. "Between 2023 and 2025, the expected gains are over N11 trillion, against a scenario in which the subsidy had continued," the report stated, urging the national

oil company to regularly publish information that explains prices at the pump.

“Publish detailed financial statements and revenue flows of NNPCL to safeguard the fiscal savings from the subsidy reform and ensure that oil revenues flow to the Federation (Account),” it stated further.

Speaking during a panel discussion, The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the need for NNPCL’s account to be audited.

He said, “There will be earnest scrutiny and I am sure NNPCL is getting ready for that. We want revenue to come into the government coffers from NNPCL and all other revenue agencies."

He also disclosed plan by the federal government to come up with a new salary structure for civil service in 2024, though no details were provided.

According to him, it was statutory to review salaries every five years, in line with the Salaries and Wages Commission Act and that all stakeholders including labour leadership would be involved.

Edun, regretted that wealthy Nigerians were holding huge sums of dollars and other foreign currencies in their domiciliary bank

Media Critical to Successful Implementation of UBE Programmes, Says UBEC Boss

Kuni Tyessi in Abuja

The Executive Secretary of Universal Basic Education Commission (UBEC), Dr. Hamid Bobboyi, has charged Heads of Public Relations and Protocol across the 36 states and the Federal Capital Territory (FCT), on the need to ensure effective information management for enhanced implementation of Universal Basic Education (UBE) programmes across the country.

Bobboyi gave the charge at a 2-day training programme for UBEC and SUBEBs Heads of Public Relations and Protocol from 36 states and FCT, themed: “Challenges of Contemporary Media Practices and its Implications for UBE Programme,” implementation

held in Nasarawa State.

A statement by the Head, Public Relations and Protocol Unit of UBEC, Mr. David Apeh, on Wednesday in Abuja, quoted Bobboyi as saying that media remains critical to the successful implementation of UBE programmes and activities across the states of the federation.

Bobboyi who was represented

by Malam Abubakar Hassan, Deputy Director, Finance and Account, insisted that as information managers at the federal and state levels, the public relations personnel were expected to do their work more efficiently and effectively, while promoting the activities of Commission and SUBEBS, respectively.

He reiterated the commitment

of UBEC towards ensuring that every Nigerian child is given access to basic education as well as eliminating the menace of outof-school children in the country.

He said it was against this backdrop that the annual training programme is organized by UBEC to strengthen the skills of Heads of Public Relations and Protocol across the 36 states and the Federal Capital Territory (FCT) in order to effectively promote the Universal Basic Education programme’s key ideals and mobilise their various states towards the sector’s development.

He also promised to address the concerns raised by the participants, especially as it affects their work in various states.

Earlier, Head, Public Relations and Protocol of UBEC, Mr. David Apeh, said the training was designed help the public relations officers in sharpening their PR strategies.

He said he was glad that the Commission is sustaining the training for heads of public relations and protocol.

According to him, the publicity aspect of basic education is one of the critical parts of UBE and hoped that sustaining the training would be a continuous and regular one.

Apeh said: “The country is looking up to Public Relations Officers of UBEC/SUBEB to take the lead in our quest to use education for the transformation of our society for the benefit of all.”

accounts in the country, adding there was a lot of FX liquidity in Nigeria.

The federal government, he stated, would take steps to make holders of such accounts release the money.

Although he noted that that the government would not force holders of such accounts to give them up, he said incentives would be provided to enable them invest in attractive instruments, going forward.

Also commenting on the failure of the Central Bank of Nigeria (CBN) to hold its bi-monthly Monetary Policy (MPC) meetings, the Governor, Olayemi Cardoso said he would not continue on that trajectory.

According to him, past frequent MPCs did not achieve their objectives, adding: “to what extent did the meetings achieve their objectives?

The answer is no. That is why we have chosen to do it differently.

Holding these meetings take a lot of time and energy.”

His team, he informed, holds liquidity management meetings every 8.00 am to review the liquidity

situation in the system and that he would take every necessary action to mop up excess liquidity in the system.

“We have increased OMO (Open Market Operations) both in value and volume,” he stressed.

The World Bank NDU report, the last for 2023, observed that the government of Nigeria avoided a fiscal cliff by implementing bold reforms, including ending the gasoline (premium motor spirit, PMS) subsidy, and shifting to a unified, market-reflective foreign exchange (FX) rate.

These essential reforms, it observed, entail painful adjustments, adding that they have led to an increase of retail fuel prices by an average of 163 per cent while the naira has depreciated against the US dollar by approximately 41 per cent in the official market and by about 30 per cent in the parallel market.

Continues online

MDCAN Threatens Indefinite Strike over Review of CONMESS for Medical Lecturers

Seriki Adinoyi in Jos

Medical and Dental Consultants Association of Nigeria (MDCAN) has called on the federal government to direct federal and state universities to commence the payment of emolument of Medical and Dental Clinical Lecturers and doctors in public service with Consolidated Medical Salary Scale, (CONMESS) as stated in the revised circular of July 2023, warning that failure to do so may attract indefinite strike action.

In a communique issued in Jos at the end of its emergency virtual National Executive Council (NEC) meeting, MDCAN also urged government to immediately release a circular on the increased retirement age of medical and dental consultants to 70 years to cover for the shortage of manpower in tertiary health institutions in the country.

The communiqué which was jointly signed by the President and secretary of the association, Prof.

Mohammad Aminu Mohammad and Dr Daiyabu Alhaji Ibrahim, respectively, also demanded the implementation of the upward review of CONMESS, adding that the upward review should take into consideration the impacts of the fuel subsidy removal and the high inflationary trend that is currently being experienced.

MDCAN also expressed worries over near absence of information concerning one of its members Prof. Philip Ephraim who was kidnapped and has been in captivity for close to four months, urging the government and security agencies to declassify information on the state and whereabouts of the kidnapped Professor with a view to bringing succor to the family and colleagues.

The Consultants warned that failure of government to meet the demands will leave MDCAN with no alternative other than to embark on an indefinite strike by the end of January 2024 after their NEC meeting coming up in Uyo.

34

THURSDAY, DECEMBER 14, 2023 • T H I S D AY

NEWS

Tech Ecosystem Award and Gala Night...

L-R: Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Chief Executive Officer, Kunda Kids and winner of the Startup of the Year Award, Oladele Olafuyi and Managing Director, Huawei Nigeria Enterprise Business Department, Wu Kui, during the AOT 5.0 Tech Ecosystem Award and Gala Night held at Landmark Event Center, Victoria Island, Lagos... recently

FEC Exempts Public Varsities, Other Tertiary Institutions from IPPIS Also free to recruit staff without recourse to Head of Service Council approves N2.2bn communication equipment for Port Harcourt airport

Deji Elumoye in Abuja The Federal Executive Council (FEC) has okayed the exemption of public tertiary institutions, including universities, from the Integrated Payroll and Personnel Information System (IPPIS).

The Minister of Education, Prof.

Mamman Tahir, who disclosed this to newsmen yesterday, after the week’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja, also said Council relieved managements of tertiary institutions of the burden of obtaining approval and waiver from the Office of the Head of Federal Civil Service for recruitment.

He stressed that the exemption of tertiary institutions from the IPPIS platform and from seeking Head of Civil Service’s authority for recruitment would allow the

institutions to deal with salary issues of their staff, as well as recruitment internally.

According to him, FEC took the decision to remove the institutions from the IPPIS system because of its concern for efficiency and the management of the institutions.

Tahir, added that apart from the opposition to the payment system by the Academic Staff Union of Universities (ASUU), the IPPS issue had proved time consuming for university vice chancellors.

The Minister explained that as the tertiary institutions were governed by laws, they should be allowed to exercise their autonomy.

His words: “It was a very happy day for the education sector because one of the problems which the vice chancellors, rectors and provosts of colleges of education, those managing the tertiary sector in Nigeria, have been complaining

about has been the subscription to the IPPIS. “You know what IPPIS does, which has made recruitment and many other activities of the university remitting to personnel very difficult. Now today’s Council decided, the President has directed that vice chancellor should no longer…they have been taken out of that service.

“So this is a very, very important development for the vice chancellors that will allow for efficient management of the universities and tertiary education generally speaking.

“Then secondly, which is connected to that, before now when the tertiary institutions want to make an appointment, they have to write to the Office of the Head of Service for waiver or approval or that sort of thing.

“Today, the Council, through

the directive of the President, has exempted them. They don't have to go to the Office of the Head of Service because it is actually not in their line of supervision.”

Shedding more light on FEC approval on IPPIS, the Minister of Information and National Orientation, Muhammed Idris, said, “today, the universities and other tertiary institutions have gotten a very big relief from the integrated personnel payroll and information system.

You will recall that the university authorities and the others have been clamouring for the exemption of the universities and other tertiary institutions from this system.

“Today, council has graciously approved that. What that means is that going forward, the universities like the Honorable Minister of Education has said and other tertiary institutions, the polytechnics and colleges of education will be

Lukman: APC May Be Kicked Out in 2027 Adedayo Akinwale in Abuja

A former National Vice Chairman, North-west of the All Progressives Congress (APC), Dr. Salihu Lukman, has warned that the ruling party might be kicked out of office in 2027, if life became more difficult for the people.

Lukman gave the warning yesterday in Abuja during a press briefing ahead of the launching of his new book slated for next Tuesday.

He said after his resignation from the National Working Committee (NWC) of the party, he decided to document his experiences with the struggle under the transition that brought in President Bola Tinubu.

The party Chieftain noted that APC was lucky to have Tinubu as an aspirant then, saying if the party didn't have somebody with his weight, they wouldn't have succeeded in repelling the attempt to impose a presidential candidate on the party.

He stressed that contrary to insinuations in some quarters, he did not rebel against Tinubu, but he believed they owed the president a duty to tell him the

truth, no matter what.

"Life is becoming more difficult.

We must appeal to our leaders that things are almost getting out of hand at the rate at which we are going under a party that is envisioned to be progressive.

"We are likely going to start witnessing rebellion if care is not taken by 2027. We will be kicked out of office, which means taking Nigeria back to where it was in 2015. I think we owe our leader the responsibility or President Asiwaju

the responsibility to tell him the honest truth."

Lukman noted that the country's democracy must be responsive to the point that Nigerians could make a demand and elect leaders, who listen to their demands.

taken off the IPPIS. “What that means in simple language is that the university authorities and other tertiary institutions will now be paying their own personnel from their own end instead of relying on the IPPIS”, he said.

The IPPIS had been a bone of contention between university lecturers under the aegis of ASUU and the past administration of President Muhammadu Buhari.

In 2020, ASUU, which went on an eight-month strike due to disputes with the federal government regarding the payment platform opted for the University Transparency Account System (UTAS).

The IPPIS was introduced by the federal government in October 2006 as part of its reform initiatives to effectively store personnel records and promote transparency and accountability.

Also yesterday, FEC approved the sum of N2.2 billion to procure some navigational communication equipment for Port Harcourt International Airport.

Minister of Aviation and Aerospace Development, Festus Keyamo, in his press briefing after the Council meeting explained that the equipment to be procured was mainly for communication and called remote assets devices and other accessories to be used for

the wide-area multilateral air traffic management system.

He said: “The memo to Council has to do with some navigational equipment at the Port Harcourt International Airport. The communication equipment. They call them the VHF FM radios, remote assets, devices and other accessories for the wide area multilateration air traffic management system at Port Harcourt.

“What we want to do is that once we concentrate on the part of aviation that attracts the optics or call the optics to clean toilets, the buildings go there arrival halls and all of that, that the public will want to see we see all the time. There are very complex issues behind the scenes that have to do with the safety of our air spaces and all of that.”

Keyamo, stressed that the equipment would focus on the optic part of the aviation industry, facilitating more travellers' safety.

“So we are purchasing this equipment for topcoats international airports at the sum of N2,227,000,007 inclusive of 7.5 per cent VAT with a delivery period of nine months and it has been awarded in favour of a company that is the representative of one of the best companies in the world that produce such navigation such communication equipment for the aviation sector".

Nigerian Airlines to Boost Aircraft Capacity as FG Assures Lessors Guarantee on Assets Chinedu Eze The challenge of lack of capacity

by Nigerian airlines will soon be over, as the federal government has agreed to guarantee aircraft leasing companies the recovery of their assets leased to Nigerian airlines in case of default.

This will enable Nigerian airlines boost the number of aircraft in their fleet through leasing.

The Minister of Aviation, Festus Keyamo gave the assurance when officials of the Boeing company, the manufacturers of Boeing air planes and officials of Aercap, the world's biggest aircraft leasing company, led by the Chairman of Nigeria's leading carrier, Air

Peace, Dr. Allen Onyema, paid him a courtesy visit.

Boeing and Aercap expressed their willingness to offer Nigerian carriers dry lease opportunities if certain conditions were met by the country.

It would be recalled that while the biggest airlines in the world thrive on their partnership with lessors through dry leasing and other forms of financing for their aircraft acquisitions, the Nigerian airlines are not that fortunate because lessors worldwide, for over a decade now, have unofficially blacklisted Nigerian airlines from such opportunities as the lessors claimed that the country had not helped in the recovery of aircraft from default-

ing airlines in Nigeria.

The Minister of Aviation expressed the willingness and desire of the Federal Government of Nigeria to strengthen the capacity of the indigenous Nigerian airlines to compete on the global stage.

On this, he reiterated the resolve of the federal government to guarantee the release of Lessors' assets to its owners from any defaulting Nigerian airline.

Keyamo, during the meeting, said his decision to enable lessors afford Nigerian airlines dry lease options was in line with the plans of the federal government to boost the capacity of Nigerian airlines in order to enable them compete

effectively in the international air transport market.

He assured Boeing, Aercap and other lessors that the federal government would guarantee the release of their assets from any Nigerian carrier whenever there is default and emphasized that this is a new era and a new government, which has the emphasis to create enabling environment for Nigerian airlines.

The Minister gave the assurance that lessors will not be shortchanged over their assets; stressing that government would do everything necessary to safeguard lessors assets from airlines in the case of default.

The Minister also emphasized that lessors should inform govern-

ment about the airline they are dealing with so that government would carry out due diligence on the operator's financial status and other vital records.

The Chairman and CEO of Air Peace, Allen Onyema, thanked the Minister of Aviation and the federal government for the commitment to help Nigerian carriers by agreeing in principle to give such guarantees to lessors worldwide.

He said, "By the Minister's promise today, the government has indicated that it is not paying lip service to its plan to provide lifeline and support to Nigerian airlines and a positive revolution in the aviation industry is now imminent".

35

T H I S D AY • THURSDAY, DECEMBER 14, 2023

NEWS

Business Meeting at Ministry of Environment and Water Resources...

L-R: General Manager, Lagos State Enviromental Protection Agency, Dr. Tunde Ajayi; Special Adviser on Environment to the Lagos State government, Mr. Olakunle Rotimi-Akodu; Lagos State Commissioner of the Environment and Water Resources, Mr. Tokunbo Wahab; Managing Director, Lekki Free Zone, Mr. Zhang Bin; representative of Foreign Economic Cooperation Office, Ministry of Ecology and Environment, China, Dr. Wang Zuguang; and Managing Director/CEO, Global Impact, Dr. Babatunde Osho, during a business meeting with the Commissioner for The Environment and Water Resources at the ministry's conference room, Alausa, Ikeja, Lagos... yesterday

$6 Billion Mambilla Power Project: EFCC Declares Ex-Minister, Olu Agunloye, Wanted Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission ((EFCC) has declared former Minister of Power and Steel,

Dr Olu Agunloye, wanted over his role in the $6 billion Mambila hydropower contract.

The EFCC Spokesman, Dele Oyewale, made the declaration

in a public notice posted on the agency’s official Facebook and Instagram handles yesterday.

“The public is hereby notified that Dr Olu Agunloye, whose photograph

appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of corruption and forgery.

“Dr Olu Agunloye is wanted

House C'ttee Summons Finance Minister, Customs CG Over Power Projects Juliet Akoje in Abuja

The House of Representatives Public Accounts Committee (PAC) yesterday summoned the Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun and the Comptroller General of Nigeria Customs Service (NCS), Mr. Bashir Adeniyi to explain their roles in the delay of several power projects in Nigeria.

The Committee Chaired by Hon. Bamidele Salam (Osun-PDP) resolved to invite both the minister and the NCS at the resumed hearing of the cases bothering on the procurement contracts involving several companies who were to embark on capital projects for the various electricity distribution companies in the accelerated transmission and distribution interface project.

Salam, while speaking said that the committee was beaming its searchlight on issues around the

procedure for the disbursement of loans and accessing the funds by the contractors as well as the repayment pattern for the loans that the distribution companies received from the Central Bank of Nigeria (CBN).

Recall that while making their presentations on the status enquiry/ investigation on the projects worth $231,004,002.8 and N18,264,411,235.66, contractors blamed the Federal Government and financial institutions for making it difficult for them to access the funds that were released for the projects.

The contractors during their presentations lamented that the inability to give them waiver had accounted for the reason their equipment was at the seaport for long and demurrage accumulated on them thereby adding extra burden to their contractual obligations.

A member of the committee, Hon Zakaria Nyampa however

expressed dismay over the plights of the contractors and moved a motion that both the minister and the NCS boss be invited over the unfortunate development “Mr. Chairman, with your kind support, I want to come as a motion

to summon the Nigeria Customs and the Minister of Finance to clarify on this challenge because the issue of power sector affects everybody.

It affects our economy as a nation and if these things are just being introduced, it is quite unfortunate.

by the EFCC. If you know his whereabouts please don’t hesitate to inform the EFCC or the nearest police station,” it said.

The notice said "Agunloye, aged 75, is from Akoko North Local Government Area of Ondo State".

It also gave his last known address as No 20 Solel Boneh Way Bodija, Ibadan, Oyo State.

The anti-graft agency urged anyone with useful information on his whereabouts to contact its offices in Benin, Kaduna, Ibadan, Sokoto, Maiduguri, Makurdi, Ilorin, Enugu, Kano, Lagos, Gombe, Uyo, Port Harcourt and Abuja, or through

Olukoyede in US, Seeks Urgent Recovery of Stolen Assets Stashed Abroad Kingsley Nwezeh in Abuja

Chairman of the Economic and Financial Crimes Commission(EFCC), Ola Olukoyede, yesterday, called for urgent and unconditional return of Nigeria’s stolen assets stashed in foreign countries.

He made this call at the ongoing

10th session of the Conference of State Parties (COSP) to the United Nations Convention Against Corruption (UNCAC), holding at the Georgia World Congress Centre, Atlanta, United States of America.

He said the return of stolen assets warehoused in foreign countries, had become imperative for the growth

of the economy and expansion of frontiers of development within and outside Nigeria.

He warned that economic and financial crimes had become transnational crimes and no nation serving as a custodian of stolen assets should hold on to them.

“We need the cooperation of all

Fubara Asserts Control in Rivers, Presents 2024 Budget to Four-member Assembly

you make an advisory, you allow time to see whether the person you have given the advice will look at it again and come back to you.

“That does not suggest anything.

That doesn't suggest that the federal government created that problem. It was never a creation of the federal government. It is a creation of the political situation in River State.”

PDP Moves to Activate Legal Action against 27 Defectorlawmakers in Rivers

PDP’s NWC, at its 580th meeting, asked the party’s National Legal Adviser to activate the process of challenging the defection of 27 lawmakers in the Rivers State House assembly in court.

The party also said it would write INEC to officially inform the electoral body of the development in Rivers State.

PDP also held a valedictory session for the late woman leader of the party, Professor Stella Attoe Effa.

Relatedly, Edo State Deputy Governor, Philip Shaibu, told PDP to ensure that he emerged the party's governorship candidate in the 2024 governorship election in the state, because it was only fair for Edo North senatorial district to produce the next governor.

In a statement by PDP National

Publicity Secretary, Debo Ologunagba, the NWC said after thoroughly reviewing the state of the party in Rivers State, particularly with regard to the defection of 27 lawmakers, it made the decision to pursue the Rivers State issue in court.

PDP said in the statement, "That the party communicates to the Independent National Electoral Commission (INEC) by formally informing the commission of the vacancies in the Rivers State House of Assembly as a result of the defection of the 25 now former members, who by virtue of Section 109 (1)(g) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) vacated their seats by their action.

"That the party officially demands that INEC should within the constitutionally stipulated time, conduct fresh election in the 25 state constituencies in Rivers State, where vacancies now exist in the Rivers State House of Assembly as a result of the defection of the 25 now former members.

"Direct the National Legal Adviser to commence appropriate legal action with respect to the declaration of the seats of the 25 defected former members vacant and the conduct of fresh election into the 25 state constituencies in Rivers State in accordance with the provision of the Constitution of the Federal Republic

its telephone lines and email.

The commission had earlier invited Agunloye for questioning over his role in the $6 billion dollars Mambila hydropower contract.

Former President Olusegun Obasanjo had accused Agunloye of mismanaging the power project during his tenure from 1999 to 2003 and failing to brief him on the state of the project.

Agunloye, however, denied the allegations stressing that the nature of the initial contract for the project was awarded as a build, operate and transfer contract in May 2003 under his watch.

of Nigeria 1999 (as amended).

"That the PDP will take every step necessary and available in a democracy to ensure that the votes and mandate of the people of the 25 state constituencies in Rivers State are protected and not appropriated under any circumstance whatsoever."

Similarly, the Ambassador Illya Damagum-led NWC, Edo State Governor Godwin Obaseki, and Shaibu, yesterday, extolled the virtues of the late National Woman Leader of PDP, Stella Effa.

The PDP national chairman said, "We are paying tribute to someone that is soft spoken. I am really short of words, she was very intelligent, she brings ability within the NWC, like some of my colleagues have said.”

Obaseki, in his comments, said regarding Effa, "She was someone that was always present, especially during the last presidential election, and that was when I had the time to speak with her. This our party has suffered a major loss, because she was a voice of intervention.”

Meanwhile, Shaibu, yesterday, insisted that Edo North senatorial district should produce the next governor of the state because the zone had not produced a candidate from PDP. He spoke in Abuja after a meeting with Damagum at the party's national secretariat.

Shaibu told news men that he

believed in rotation of political offices in the state, insisting that equity, fairness and justice must be respected.

Falana: INEC Required to Conduct Fresh Elections

Falana said INEC was required by law to conduct fresh elections to fill the new spaces following the declaration of the seats of 27 Rivers State lawmakers vacant over their defection from PDP to APC. Speaking on Channel Television last night, Falana said once the 27 lawmakers left PDP and the speaker declared their seats vacant, the only remedy available to them was to approach the court.

Falana stated that the judgement of Justice M.W. Danagogo of the Rivers State High Court sitting in Port Harcourt, which confirmed Governor Siminalayi Fubara’s ally, Edison Ehie, as authentic Speaker of the House of Assembly subsisted until it was set aside.

He said, "The 27 lawmakers whose seats have been declared vacant will have to go to court to challenge the decision of the speaker, while the Independent National Electoral Commission (INEC) is required, following the declaration by the speaker, to conduct fresh elections in those seats where the legislators

have moved to another party."

On the alleged crisis in PDP that necessitated the defection of the 27 lawmakers to APC, Falana stated that there was no crisis or division in PDP. He said the 27 legislators were not exposed to sound legal advice before taking their decisions.

According to Falana, "The Supreme Court had made it clear that the division envisaged by the constitution has to be a division within a party that affects the leadership down the line. There has to be two factions of PDP, having two executives. But, if there is a disagreement between legislators and the governor in a state, that would not be regarded as a division known to law. Today the PDP is one, and there are no factions A or faction B. "There should be no political prostitution in the country, because it’s tantamount to political immorality. If you are voted for on the programme of a political party, and you abandoned the party, you are advised to go and try your luck by contesting again under the new political platform."

He added that whatever might have influenced the decision of the court, it remained a valid and subsisting judgement until it was reversed by the same court or a Continued on page 36

the countries that are custodians or in charge of warehousing all these stolen assets from Africa.

"It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption.

"Now, when you look at corruption, it has become a transnational crime. If you are holding on to those assets, you are creating very difficult legal hurdles in recovering those assets.

"You are indirectly encouraging the perpetrators of the crimes we are talking about and when you encourage it in Africa, it has a tendency of affecting you too, because the kind of financial crimes we are talking about have become global in nature. So, it has become important for you to cooperate with us,” he said.

The EFCC boss, in a presentation made before a global audience on asset recovery efforts and successes of Nigeria so far, pointed out that Nigeria had “probably done much more than any other country, perhaps the whole world, in the area of asset recovery.

“We have been able to achieve something because of the legal and regulatory framework that the government of Nigeria has been able to put in place.”

Earlier, the Nigerian Country Director, United Nations Office on Drugs and Crime, Oliver Stolpe, applauded Nigeria on its asset recovery efforts.

“Nigeria in many ways has been leading the asset recovery efforts on the African continent and I like to refer to Nigeria as the world’s champion in asset recovery because, certainly in African comparison, you have more cases and recovered large amounts,” he said.

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THURSDAY, DECEMBER 14, 2023 • T H I S D AY

NEWS

Tech Ecosystem Award and Gala Night...

L-R: Chief Operating Officer, Gracias Global Homes & Property Ltd, Mr.Wale Ponnle; representative of Lagos State Governor and Commissioner for Housing, Hon. Moruf Akinderu-Fatai; Senator representing Lagos Central Senatorial District, Senator Wasiu Eshinlokun Sanni; and Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare, during the 4th Lagos Real Estate Market Place Conference and Exhibitions organised by Lagos State Real Estate Regulatory Authority (LASRERA) held at Victoria Island, Lagos... yesterday

Fagbemi: Nigeria Has Suffered from Damaging Effects of Corruption Michael Olugbode in Abuja

The Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, has said that Nigeria has suffered greatly from the negative impact of corruption.

He spoke when he led the

Nigeria delegation to attend the 10th Conference of States Parties in Atlanta to commemorate the 20th anniversary of the United Nations Convention against Corruption (UNCAC), with over 150 member states in attendance.

The Nigerian delegation included

representatives of the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Related Offences Commission (ICPC), among others.

“Nigeria has suffered from the damaging effects of corruption, including the loss of billions of

dollars to foreign havens, stolen, and expatriated by corrupt leaders and their foreign accomplices including multinational companies.

“The diversion of such strategic resources continues to challenge Nigeria’s growth and development,” Fagbemi said in a statement.

Alleged $5.7 Million Fraud: Police U-turns on Withdrawal of Bribery Charge against Akindele Alex Enumah in Abuja

Barely few days it made an oral application for the withdrawal of a bribery charge against the Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, Mr Akintoye Akindele, the Police on Tuesday made a u-turn; informing Justice Modupe Osho-Adebiyi, of the High Court of the Federal Capital Territory (FCT), of its decision to proceed with the trial.

Akindele is standing trial on a one-count charge of bribing a Police official in order to compromise his investigation on alleged diversion of the sum of $5,636,397.01, belonging to Summit Oil International Ltd. At the last proceedings, the Police had applied orally to withdraw the alleged N150 million bribery case against the Duport Midstream Company Limited boss, in the charge marked: CR/595/2023.

But trial judge declined and ordered the prosecution to put the application in writing and adjourned to December 12, for hearing for and against the motion for withdrawal.

It would be recalled that at the last sitting, while Akindele's lawyer did not oppose the application for withdrawal of the charge, but urged the court to discharge and acquit his client, counsel to Summit Oil International Ltd (the Complainant), Bankole Akomolafe, SAN, had vehemently opposed the application on the grounds that no reason was given for the strange attempted withdrawal by the Police.

However, when the matter was called on Tuesday, the prosecution represented by G. T. Nev, stated that, "we are pleased to inform the court that haven reviewed the fact of this case, we shall not be withdrawing the charge again", he said.

"We want to ask for a date for

hearing", he added.

Responding, counsel to the defendant, Mrs. Funmi Quadri, SAN, sought the court's permission to move an application seeking the release of the defendant's international passport to enable him travel abroad for medicals.

According to Quadri, the defendant has a leg problem which cannot be treated in Nigeria, and has been scheduled abroad for a six weeks medical.

The senior lawyer who prayed the court to grant the application assured that her client would not jump bail and will return to the country to continue his trial.

Although, the prosecution opposed the release of Akindele's international passport to enable him travel abroad for medicals on the grounds that the defendant is facing another charge at the Federal High Court, Abuja, Justice, Osho-Adebiyi, in a bench ruling however, held that she was convinced from the grounds presented by the defendant that he needs to proceed abroad for medicals.

The judge however, held that the passport would be released on the grounds that the defendant produce two sureties who must deposit their international passport before the court and also write an undertaking to be held responsible if the defendant did not return to the country to continue his trial.

According to the court, while one of the sureties would be the defendant's wife in Nigeria, the other is any of his siblings that shares the same surname with him.

She stated that the sureties' passports would be returned to them immediately the defendant returns to the country.

Justice Osho-Adebiyi, added that the court shall make copies of the

two international passports which would be given to the immigration service to prevent the issuance of fresh passport to the sureties, pending when the defendant returns from his medical trip abroad.

She subsequently adjourned till February 28, next year for hearing.

The one-count charge before the FCT High Court read: “That you Akintoye Akindele, male, 49 years, MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate, Ikoyi, Lagos between 5th and 9th August 2023 in Abuja within the jurisdiction of this court while being investigated by SP

Ibrahim Ezekiel Sini and team on a petition submitted to the Inspector General of Police FIB by Summit Oil International Ltd on allegation of diversion of the sum of $5,636,397.01 Million USD and N73,543,763.25, you offered gratification of N150,000,000.00 (One Hundred and Fifty Million Naira) and made part payment of N50,000,000.00 (Fifty Million Naira) to SP Ibrahim Sini, a public servant in circumstance and for the purpose of allowing you to escape abroad and to write a report in your favour and you thereby committed an offence punishable under Section 118 of the Penal Code Law.”

He added that Nigeria had taken proactive measures to combat corruption, block leakages, and recover stolen assets.

In this regard, he mentioned some of the achievements made

by Nigeria in the last two decades, following a stock-taking exercise embarked on by the government.

He listed them as the adoption of a roadmap for the implementation and deployment of a web-based ‘Beneficial Ownership Register’, encompassing all sectors in the country.

Fagbemi added that sponsoring a total of six resolutions on the topic of asset recovery, international cooperation and beneficial ownership transparency during the past Conferences of States Parties, Nigeria has significantly contributed to the development of international policy and standards in the implementation of the United Nations Convention against Corruption.

Another achievement, he said, was the establishment of the Nigerian Open Contracting Portal for increased disclosure of procurement information to all stakeholders.

“The portal is to ensure improved transparency and accountability

processes in procurement. It will also help enhance active citizen participation for better service delivery and improved ease of doing business,” he said.

Fagbemi outlined some key priorities for Nigeria in the fight against corruption, including criminal justice reform, asset recovery, beneficial ownership transparency, and curbing illicit financial flows.

He also gave a brief statement at the action series organised by the Global Forum on Asset Recovery (GFAR) on the sideline of the COSP. In his statement, he acknowledged the recent return of $1 million to Nigeria by the US government of proceeds of a corruption case involving the former Governor of Bayelsa State, the late Depriye Alamieyeseigha.

Fagbemi also expressed the willingness of the Nigerian government to cooperate with the French authorities in accelerating the return of an additional $150 million of the Abacha loot.

Nigeria’s Statistician General, Adeyemi Adeniran, joined others in discussing the role of corruption measurement to trigger action and assess impact.

Fubara Asserts Control in Rivers, Presents 2024 Budget to Four-member Assembly higher court.

Falana stated that by virtue of Section 287 of the constitution, the judgements of the high court, Court of Appeal, and Supreme Court were binding on all authorities and persons in the country, "So as of today, that remains the judgement of the court."

With respect to the demolition of the Rivers House of Assembly complex, Falana recalled that similar things occurred during the administration of Wike, a former governor of the state.

He said, ‘’Rivers State, under the immediate past administration, houses of opponents were demolished, Certificate of Occupancy obtained by opponents were revoked. So Rivers State is used to what is going on.

When the House of Assemble was burnt last month, when there was an attempt to impeach the governor.

The state governor says, ‘we are demolishing to renovate, and an alternative venue will be provided for the house to conduct its business.’

"The government has also said it is not shutting down the business

of the House of Assembly; that it has provided an alternative venue, pending when the renovation would be completed. I cannot go beyond the explanations of the government for now."

Falana said, "The crisis in Rivers State, in all its ramifications, has been decided by our courts one way or the other. The position of the court in the case of the impeachment of Governor Ladoja of Oyo State, where some legislators sat in the House of Assembly and purported to have removed the governor. The Supreme Court made the point that legislators cannot sit outside the Assembly complex.

"But the explanation being offered today is that since the House of Assembly is being demolished and it’s to be renovated, the governor decided to address the house, but whether he can do that in the State House is another matter entirely. Because the Supreme Court had made the point that you can only conduct the business of the house in the House of Assembly complex.”

On whether four legislators could pass the appropriation bill of N800 billion, Falana lamented that these matters had been taken care of by the court, but the political class found it difficult to obey the rule of law.

He said, "It should bother every Nigerian that the Houses of Assembly are not independent today even at the national level. In the Second Republic, you could predict where the PRP and the Unity Party of Nigeria would vote for, ditto for the NPN, the ANPP and the GNPP. But today, there is no form of ideological difference among the legislators, hence budgets are passed without any serious debate.

“When legislators are asked to screen nominees of the president or the governor, they simply ask them to take a bow, which makes a mockery of the constitution.

"My advice is that all the parties involved in the crisis would have to go back to the constitution, and would have to embrace the rule of law. There is a judgement of the court, and there is a declaration by

the speaker that those who defected have lost their seats. Those who are dissatisfied will have to challenge the declaration by the speaker.

"INEC is also being called upon to conduct fresh elections to fill the vacant positions. So, as far as I am concerned, all the parties would have to go back to the provisions of the constitution, consult their lawyers so that they can take appropriate decisions."

Nigerians React to Crisis

Some prominent Nigerians intervened in the political crisis in Rivers State, defending Fubara and democracy, and at the same time, reprimanding Wike.

Former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, called on Tinubu to intervene in the ongoing crisis in Rivers State, and save the state from going up in flames.

Continues online

thursday december 14, 2023 • T H i s d ay

37

NEWS

CITN FELLOWSHIP CONFERMENT CEREMONY...

L-R: Executive Chairman, Ondo State Internal Revenue Service, Mr. Tolu Adegbie; Registrar/CEO, Chartered Institute of Taxation of Nigeria (CITN), Dr. Lanre Olasunkanmi; Deputy Vice President, CITN, Mr. Simon Kato, and Executive Chairman, Internal Revenue Service, Federal Capital Territory Abuja, Mr. Haruna Abdullahi, at the CITN Fellow conferment and annual dinner / awards night in Ikeja, Lagos… recently ETOP UKUTT

Three Feared Dead as Armed Robbers Attack Two Banks in Ekiti

Gbenga Sodeinde in Ado Ekiti

At least three persons were feared killed as armed robbers raided two commercial banks in Ikere-Ekiti, the headquarters of Ikere local government area of Ekiti State.

THISDAY gathered that the armed robbers numbering 20 stormed the town around 5:15pm and carried out the attacks on the two commercial banks simultaneously.

It was also learnt that the robbers first attacked the Ikere

command of the Amotekun Corps along Ise Road and reportedly shot some operatives before attacking the banks.

“for his commitment to effective justice dispensation in the state.”

This was even as the Managing Director/CEO of the Enugu State Investment Development Authority and Focal Person of State Action on Business Enabling Reforms (SABER), Dr. Sam Ogbu-Nwobodo, said the establishment of Small Claims Courts was in keeping with the administration’s determination to grow the state’s economy from $4.4 billion to $30 billion in the next four to eight years by making the state the best investment destination in Nigeria.

Ogun Employs 1,000 Teachers

James Sowole in Abeokuta

No fewer than 1000 teachers who served under the Ogun Teaching Experience Acquisition Channel (OgunTEACh) were given letters for permanent employment in the state. The employment of the 1000 teachers came 12 years after teachers were last employed in the state.

The letters were in fulfillment

of the promise made by Governor Dapo Abiodun during the World Teachers’ Day celebration on October 5, this year, to absorb the OgunTEACh Interns on permanent appointments.

Abiodun also announced the employment of 2,000 interns in addition to the 2,000 interns already employed, making a total of 5,000 teachers.

Rinotech MD Calls for Peace in Rivers The Managing Director, Rinotech Facilities, Prince Innocent Anaele, has called for calm between the camp of the Governor of Rivers State, Sim Fubara and his predecessor, Nyesom Wike over the current crisis in the state.

In a statement, Anaele expressed sadness over the fact that Wike, who is the current Minister of Federal Capital Territory (FCT), is always fighting anyone he helped to be in one position or the other.

He said: “Starting from the former Peoples Democratic Party

(PDP) National Chairman, Uche Secondus, whom he helped to occupy that position but because of his ambition to become president fought and removed him to install Senator Iyorcha Ayu, whom he later fought and removed too.”

According to Anaele, Fubara has not lasted even six months as a Governor of Rivers State, before he (Wike) has started a fight aimed at impeaching the governor and possibly install the factional Speaker, Rt. Hon.Matthew Amaewhule.

reportedly killed three persons while scores sustained injuries.

According to the source, the gun-wielding robbers invaded

banks in Oja and Okeosun respectively and broke the security door with the aid of dynamite before entering the banking hall.

Navy Arrests 28 for Alleged Stealing of 527,810 Litres of Crude Oil in Ondo

Fidelis David in Akure

of the Nigerian EnuguInaugurates10SmallClaimsCourts Operatives Navy (Forward Operating Base),

The Enugu State Government has inaugurated 10 Small Claims Courts to address the challenge of delays in settlement of financial disputes, especially debt recovery and other liquidated money demand.

Performing the inauguration in Enugu, the Chief Judge, Justice Afojulu Ozoemena, said the courts, which will be presided by magistrates, would entertain financial disputes ranging from N5 million to N10 million, and commended Governor Peter Mbah, who also doubles as the Chairman of Enugu State Ease of Doing Business Council

Sources further told THISDAY that in “the well coordinated attacks” which lasted about 45 minutes, the armed robbers

Igbokoda Anti-Crude Oil Theft patrol team (COT), have arrested 28 suspects for allegedly stealing 527,810 litres of crude oil offshore, in Awoye riverine community,

in Ilaje Local Government Area of Ondo State.

Commanding Officer, Captain Wasuku Alushi, who disclosed this to newsmen at the Naval Base in Igbokoda, said on December 11, 2023, the operatives intercepted a wooden boat, popularly known as “Cotonou

Boat” laden with approximately 12,000 liters of crude oil around Illepte offshore at Awoye riverine community in Ilaje.

“Based on credible intelligence, our men of the Anti-Crude Oil Theft (COT) and illegal oil bunkering team intercepted a large wooden boat

popularly known as Cotonou boat and 11 men on ground transhipping the suspected stolen crude into another boat as the first Cotonou boat was taking in water.” “ Two other speed boats were also arrested alongside the wooden boat.”

Edo Public Service Academy Trains 7,040 Private, Public Workers Adibe Emenyonu in Benin City

The John Odigie-Oyegun Public Service Academy (JOOPSA), has trained 7,040 personnel since its inception.

The JOOPSA, which was set up by the Edo State Governor, Mr. Godwin Obaseki, was

established in March this year and officially launched August 12, 2023, in honour of the first civilian governor of the state, Mr. John Odigie-Oyegun’ on his birthday.

Speaking at the “Open House” ceremony for journalists and social media influencers

in Benin City, Edo State, the Director General of JOOPSA, Mrs. Precious Precious Imuwahen Ajoonu, emphasised the academy’s transformative impact on civil and public service training, with a view to ushering in a new era of excellence under Governor

Obaseki’s visionary leadership.

Ajoonu also said that the Open House event offered firsthand insights into JOOPSA organisational dynamics and milestones with advanced facility, highlighting its commitment to a conducive learning environment.

Uzodimma Presents N592. 2bn Budget for 2024 The Imo State Governor, Senator Hope Uzodimma, has presented his 2024 Appropriation Bill of N592, 234,594,176 to the Imo State House of Assembly, for its consideration and expeditious passage into law.

Tagged “Budget of Renewed Economic Growth,” Governor Uzodimma said that the bill is

at the heart of the consolidation of the economic gains already recorded during the first term of his administration, and aligning the economic growth of Imo State with his 10-year development plan.

His said: “It is significant in the sense that we are commencing the fiscal transition from one

administration to another with the same captain. It is all to the glory of God. So, as I stand in these hallowed chambers today, I feel a sense of history unfolding.

“The budget proposal is for the first fiscal year of the first year of my second tenure in office as the democratically elected

governor of Imo State. That is unique indeed. The 10th assembly that will consider the budget for approval is also a brand-new assembly of vibrant and committed young legislators elected by our people to pilot the affairs of the legislature for the next four years.

This is also remarkable.

Insecurity: Expert Canvasses Strategic Leadership, Proactive Steps

Folalumi Alaran in Abuja

A security expert, Osemeka Jim-Oscar Segun Ikemefuna, has prescribed strategic leadership and proactive measures as effective ways to tackle the pervasive insecurity in Nigeria.

Speaking after receiving a Distinguished Fellow and

Honorary Doctorate in Leadership and Public Administration from the International Leadership Manpower and Management Development of the United Kingdom, Ikemefuna, who is a consultant to the Department of State Service (DSS) and the United States Federal Bureau of Investigations (FBI), emphasised

the urgency of addressing societal hunger and ignorance to prevent the emergence of criminal gangs.

The expert, who has been a key figure in the rescue of kidnap victims from terrorists, underscored the need for a holistic approach, urging the government to instil values through education in religious institutions and families.

He stressed that life was about making an impact, not just accumulating wealth.

Ikemefuna extended his call to action to President Bola Tinubu and his cabinet, urging them to select individuals based on merit rather than political affiliation for effective implementation of the Renewed Hope Agenda.

AbdulRazaq Commended for Rising to the Needs of Charity Homes in Kwara Hammed Shittu in Ilorin

Worried by the economic realities in the country, the Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, has been commended for rising to the needs of charity homes in

the state.

The development has also gone a long way to change the lives of less-privileged and impaired children in the state.

The proprietor of a privately owned charity home, ‘To Omo Re’, Mr. Samuel Ajayi, made the

commendation in Ilorin yesterday while speaking with journalists.

Ajayi said the constant support of the present administration in the state to the charity homes remains noticeable as it has changed the lives of the impaired and less-privileged children in

the state.

He said: “I want to commend Governor Abdulrazaq for his timely support in view of the economic realities in the country by donating rice, household goods, and other gifts as palliatives to To Omo Re charity home.

stereotyping of the older persons constitute the barriers to equity across generations and to the fragmented inclusion of same in sustainable development agendas.

In her welcome address, the Director General, NSSC, Emem Omokaro, on the occasion of the Centre Maiden Programmes and Services Fair 2023 in Abuja, said:

“Today is distinct as we wish to share NSCC’s innovative and transformative actions, so far aimed at improving quality of life and wellbeing for older persons.”

Omokaro added: “In my capacity as the pioneer DG of Nigeria’s National Senior Citizens Centre, the first national focal agency of government established by federal

legislation, to identify and cater to the needs of older persons in Nigeria, NSCC has made efforts in terms of programme and services designed to reorient attitudes of Nigerians at all levels particularly policy and decision makers to engage an optimistic perception of ageing and view it from a diversity of older persons and from a development lens.”

Foundation Set for Food Drive, Health Checks for the Elderly NSCC Makes Case for Inclusion of Older Persons in Economic Devt Mary Nnah

JBS Elderly Care Foundation Africa, an initiative of JBS Medicare Services and JBS Gerontology Centre, is gearing up for a significant year-end event to support underprivileged elderly individuals in Sub-Saharan Africa, starting with Nigeria.

Established in 2021, the foundation is dedicated to providing necessities

for living, including food, water, shelter, and basic healthcare, with a primary focus on the elderly.

Under their “Adopt A Gran” Initiative, the foundation has made substantial achievements since its inception, having served over 200,000 meals and conducted 1,000 critical healthcare checks for elderly people in the South-West and North-East regions of Nigeria.

KasimSumainainAbuja

The National Senior Citizens Centre (NSCC) has made a business and economic growth case for equity and inclusion of older person’s in sustainable development of the country.

This was even as the centre hinted that the limited understanding,

38

GamingWeek

Thursday, DECEMBER 14, 2023 • T H I S D AY

Edited by Nseobong Okon-Ekong | ikotibok@gmail.com | Tel: 08114495324

In Oyo State, Retail Betting Eyes iGaming Shift TR

UT H

& RE A S O

N

Iyke Bede writes that panellists at a recent talk shop organised by the Oyo State Lottery and Gaming Board provided interesting estimates on the future of retail betting

Chairman/Director General, Oyo State Gaming and Lottery Board, Olajide Boladuro (left) and Prof. Olanike Adeyemo, Secretary to the State Government at the 5th Annual Stakeholders Forum of the Oyo State Gaming and Lottery Board

Panelists at the recent Annual conference organised by Oyo State Lottery and Gaming Board.

L-R: Mr Odushola Gideon, Director of IT, Winners Golden Chance; David Segunmaru, Country Manager, Betano Online; Mr. Ken Nwankwo, Head HR & Admin, Premier Lotto; Joan Akeredolu, bet9ja

n the ongoing evolution of Oyo State’s lottery and sports betting sector, the expanding landscape signifies growth and unveils a spectrum of untapped potentials poised to redefine the industry’s trajectory. To attain more growth, operators within the state are leaning inward to consider prioritising online gaming as part of transitioning plans to meet future demands shaped by ever-evolving tech solutions.

and multiple taxations attracted from local, state and federal arms of government, thus placing an extra strain on profit margins.

During a panel discussion at the recent Oyo State Gaming and Lottery Board’s Annual Stakeholders’ Interactive Forum titled ‘Transitioning to iGaming: Exploring the Future of Retail Gaming,’ industry experts critically reassessed the existing retail platform with the aim of potential

I

IGaming accounts for around 37 per cent of all sports betting transactions nationally. This figure is bound to increase in the coming years when tech-savvy generations like millennials, Gen Z, and Gen Alpha will account for all demographics placing stakes. This implies a steady shift to online gaming as internet infrastructure continues to increase penetration, which currently stands at 55.4 per cent.

The remaining 63 per cent of the sector’s revenue is realised from retail betting, which comprises physical walk-in shops and retail agents who place bets and receive payments from punters, basically serving as the interface between the operator and the punters. As it stands, retail operations present unique challenges that include agents insisting on a higher commission, miscellaneous costs of running a physical business,

JPMorgan’s Epic $9.2bn Prediction: US Sports Betting Market Poised for Explosive Growth Davidson Abraham anchors hope for enduring bullish prospects of the US sports betting market on informed projections by one of the world’s leading financial institutions The US sports betting market is on the cusp of an unprecedented surge, with JPMorgan Chase & Co., one of the world’s leading financial institutions, projecting a staggering $9.2 billion in revenue by 2025. This remarkable growth is attributed to a confluence of factors, including the legalisation of sports betting in more states, the seamless integration of betting into live sports broadcasts, and the burgeoning popularity of mobile betting platforms.

A significant driver of market expansion is the ongoing legalisation of sports betting across the United States. As of October 2023, 32 states and the District of Columbia have embraced legal sports betting, paving the way for millions of Americans to engage in this recreational activity. JPMorgan forecasts that

this trend will continue, with more states likely to legalise sports betting in the coming years.

The integration of betting into live sports broadcasts is another key factor fueling market growth.

Sports leagues, such as the NFL and MLB, have begun incorporating betting elements into their broadcasts, providing viewers with real-time odds and betting opportunities. This integration is expected to intensify, making it easier for fans to place bets on the games they are watching.

Mobile betting has revolutionised the sports betting industry, allowing users to place bets from anywhere, anytime. This accessibility has propelled mobile betting to become the fastest-growing segment of the market. JPMorgan anticipates this trend will continue as more individuals turn to their

smartphones for betting activities.

Despite the optimistic outlook, the US sports betting market faces certain challenges, including the risk of regulatory changes. The regulatory landscape surrounding sports betting is still evolving, and potential changes in regulations could create uncertainty for operators and hinder long-term planning.

The US sports betting market has witnessed a surge in new entrants, increasing competition among operators. This competitive landscape could result in price wars and lower margins for operators, testing their resilience and ability to differentiate themselves.

The relative infancy of the US sports betting market makes it more susceptible to fraud and abuse.

Ensuring the market’s integrity is paramount to fostering continued

growth and maintaining consumer trust.

Despite the challenges, JPMorgan remains bullish on the long-term prospects of the US sports betting market, projecting a potential market value of $23.2 billion by 2030.

The market’s growth will hinge on the ability of operators to navigate the regulatory landscape, manage competition effectively, and safeguard against fraud.

With strategic investments in technology, data analytics, and customer engagement, operators can capitalise on the immense opportunities this expanding market presents. The US sports betting industry is poised for an exciting future fuelled by innovation, technological advancements, and the growing passion for sports among Americans.

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

migration to online gaming.

Although in alignment with the idea of transitioning, Head of Gaming, Crystal Gaming (Betano), Ahmed Jokotoye, noted that the sports betting sector was “still growing with lots of room for improvement.” His assessment set the stage for a representative of Bet9Ja, Joan Akerele, to give an overview of the retail sector. She elucidated that retail gaming is a major point of access for less tech-savvy punters who rely on one-on-one interactions with agents to place bets.

Despite growth recorded in the sector, evaluated at $2 billion in 2020, the panellist noted that the rate at which businesses (operators) fail to break even or make a profit, eventually resulting in exiting the sector, is alarming.

On his part, the Country Manager of Betano, David Segunmaru, disclosed that investors fail to carry out the necessary research before venturing into the sector, which is currently suffering a jurisdictional battle between the state and national regulatory bodies for tax collection.

“The primary reason investors encounter failures when entering the retail space is due to being fed incorrect data. What this does is, that an investor is sitting down and

working with the wrong figures. They don’t know how Nigeria works, and they are busy making projections on their future investments,” Segunmaru explained.

He added, “This industry is still at the infant stages, and if regulators are not careful, they will kill the industry, and there will be nothing for them to regulate anymore. There will be no more money for the government to generate.”

Segunmaru highlighted a notable shift in the gaming industry’s perception, transitioning from an informal economy to a more regulated one since 2005. He emphasised the necessity for professionals to manage its operations, ensuring meticulous record-keeping and strategic planning for retail agency development.

In his assessment, the Director of IT at Golden Chance, Odushola Gideon, opined that the sector is not ready for the transition to iGaming yet. He juxtaposed the decline of brick-and-mortar movie rentals and cinemas following the meteoric rise of streaming platforms to what might likely happen to retail gaming, noting that the industry is not well structured for the seamless shift.

GAMINGWEEK TEAM Nseobong Okon-Ekong ikotibok@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013

39

T H I S D AY • THURSDAY, DECEMBER 14, 2023

THURSdaysports

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

0811 181 3083 SMS ONLY

Chukwueze Sends Newcastle Out of Europe, Milan Drop into Europa Yusuf, Ejuke in action as Ilenikhena grabs winner against Barcelona in Antwerp

Duro Ikhazuagbe AC Milan’s Samuel Chukwueze, came off the bench in the 83rd minute to score a decisive goal three minutes later that sent out Newcastle from the UEFA Champions League last night.

Although the 2-1 away win for the Italian giant at St James’ Park was not enough to see Milan qualify for the Last 16 Round of the Champions League after finishing on

C H A M P I O N S L E AG U E same eight points as PSG who drew 1-1 in Group F’s other clash with Borussia Dortmund, the Rossoneri took consolation in dropping into the Europa League.

Newcastle United's Champions League campaign ended in heartbreak on a night of emotion and drama on Tyneside. Milan came from behind to win to send

Newcastle out of Europe, finishing at the bottom of the table.

The Toon Army were dreaming of a place in the knockout stages when they took the lead through Joelinton's 33rd-minute thunderbolt while Borussia Dortmund led against Paris St-Germain in Germany.

It was an outcome that would

have sent Newcastle through on head-to-head results against PSG - but the mood shifted in a matter of minutes just before the hour.

Teenager Warren Zaire-Emery equalised for the French champions PSG in Germany, then former Chelsea forward Christian Pulisic levelled for Milan at St James’ Park.

As both sides pushed for a winner in an open game, Milan keeper Mike Maignan did brilliantly to turn Bruno Guimaraes' shot on to

the woodwork before Rafael Leao raced clear for the Italians, only to shoot against the foot of the post.

Newcastle's fate was sealed six minutes from time when Milan struck ruthlessly on the counterattack with substitute Chukwueze curling a superb finish high past Martin Dubravka.

It left manager Eddie Howe and his players devastated following a return to the Champions League which was fiercely fought, but has ended with them bottom of Group F and without even the consolation of a place in the Europa League.

Elsewhere, Nigerian born George Ilenikhena scored a late winner as Belgian Royal Antwerp grabbed a famous 3-2 win against leaders Barcelona in Group H. Although Antwerp finished at the bottom of the table with just the three points earned against Barcelona, the home fans celebrated the victory like qualification to the Last 16 Round. Ilenikhena had two other Nigerian in the squad for the night. They include Chidera Ejuke and Alhassan Yusuf.

RESULTS UCL

Atletico 2-0 Lazio Celtic 2-1 Feyenoord Dortmund 1-1 PSG Newcastle 1-2 AC Milan C’Zvezda 2-3 Man City Leipzig 2-1 Young Boys Porto 5-3 Shakhtar R’Antwerp 3-2 Barcelona

TODAY Europa League Olympiacos v Topola West Ham v Freiburg Ajax v AEK Athens Brighton v Marseille Limassol v S’Prague Betis v Rangers Czestochowa v Atalanta Sporting v Sturm Graz LASK v Toulouse U’St Gilloise v Liverpool Pana’kos v M’Haifa Rennes v Villarreal Roma v Sheriff Leverkusen v Molde

NPFL

Rivers Utd v Bayelsa Utd

Bayelsa United Kit Sponsorship Deal Embarrassing, Says Diri Olusegun Samuel in Yenagoa

Samuel Chukwueze (left) scored the winner as AC Milan defeated Newcastle 2-1 at St James’ Park ...last night. The win qualifies Milan for the Europa League while Newcastle exited European football this season.

Enoh Leads Ministerial Retreat on 2024 Olympic and African Games The Minister of Sports Development, Senator John Owan Enoh, is leading a ministerial retreat on athletes performance at the 2024 Olympic and 2024 African Games, which focuses on addressing some of the factors responsible for the poor performance of Nigerian athletes at international sports competitions.

In his inaugural address on Wednesday, Senator Enoh emphasised the imperative nature of evaluating strategies pertinent to training regimens, athlete and official codes of conduct, anti-doping education, and the pivotal roles of National Sports Federations in ensuring podium success at the 2024 African Games in Ghana and the forthcoming Olympic/Paralympic Games in Paris, France.

"I would like to commend my resource persons who have been working assiduously behind the scene towards Nigeria's preparation and participation to podium success," the Minister said. "I have implicit confidence in the capability of the team to make this retreat meaningful."

He said that the Ministry of Sports Development will use the retreat to address performance-hindering

issues such as lack of identifiable process to improve performance of athletes, lack of professionalism from sports administrators, athletes and athletes support personnel, funding and late release of funds, athletes' preparation (in terms of good training programmes), anti-doping education, and lack of scientific

approach to training programmes.

Enoh added that the team of resource persons will henceforth function as the Ministerial Podium Performance monitoring team. The team will monitor the preparations of federation athletes for the 2024 Africa Games and Olympic/Paralympic Games in Accra, Ghana and Paris,

France respectively.

He concluded that all monitoring activities are to be reported to his office on a regular basis.

The minister declared the retreat open and reiterated that success in sports is a barometer for evaluating effective and meaningful governance at all levels.

Bayelsa State Government has said reports of the state-sponsored football team, Bayelsa United, signing a new shirt sponsorship deal with Halkin Exploration and Production Limited for the rest of the 2023/24 Nigerian Premier Football League season was embarrassing.

The government said it neither approved nor endorsed such a deal for the team in the ongoing football season.

Halkin Exploration and Production Limited had been at the centre of the controversy surrounding the alleged acquisition of Oil Mining Lease 46 (also known as the Atala Oilfield) belonging to the Bayelsa State government.

Governor Douye Diri kicked against the revocation of the OML 46 licence by the defunct Department of Petroleum Resources (DPR) in April 2020, describing the oilfield as a “prized asset of the state.”

A statement issued by the governor’s Chief Press Secretary, Mr. Daniel Alabrah, on Wednesday said the reports about the kitting deal were mischievous as they were presented as having the governor’s consent.

The statement noted that while

Governor Diri has been a strong advocate of private sector investment in sports, his administration would however not accept any arrangement that ignored due diligence and due process.

The statement read: “The State Governor, Senator Diri, expresses surprise and embarrassment over reports of a new kit sponsorship deal signed by the state-owned football team, Bayelsa United.

“The governor wishes to unequivocally place on record that he is not aware of any such deal involving Bayelsa United and Halkin Exploration and Production Limited.

“Governor Diri has consequently directed the Commissioner for Youth and Sports Development, Daniel Igali, and the Bayelsa United Chairman, Ebiki Timitimi, to immediately halt the process pending the conclusion of a fullscale investigation into the matter.”

The statement explained that preliminary investigation revealed that due diligence and the necessary approvals from the relevant authorities were ignored in the deal.

The government cautioned its boards, agencies and parastatals against acting unilaterally on matters concerning the state to avoid unpleasant consequences.

Nigerian Breweries Raise a Toast to Osimhen, Oshoala, and Nnadozie on CAF Awards Win Nigerian Breweries Plc, a longstanding pillar of support for Nigerian football, has expressed immense pride and joy in the nation's historic achievements at the 2023 CAF Awards.

The victories of Super Eagles’ forward, Victor Osimhen, and Super Falcons’ duo of Asisat Oshoala, and Chiamaka Nnadozie, were celebrated by the Head of Marketing Communications at Nigerian Breweries, Sandra Amachree who stated, "It is incredibly pleasing to see Nigerian football being celebrated in such

a positive light. This feat serves as a powerful inspiration and bodes well for the upcoming 2024 Africa Cup of Nations tournaments for both men and women in Côte d’Ivoire and Morocco, respectively."

Amachree further highlighted the significance of these awards, emphasizing their potential to inspire further investment in Nigerian football by Nigerian Breweries. "This success is a testament to the dedication and talent of our players, and it encourages us to continue investing in

initiatives that raise the bar for football in Nigeria," she added.

Osimhen ended Nigeria’s 24year wait; winning the coveted ‘African Footballer of the Year’ award.

The Napoli striker follows in the footsteps of Nigerian legends like Rashidi Yekini, Emmanuel Amuneke, Nwankwo Kanu, and Victor Ikpeba For Oshoala, she continued her reign as the queen of African football by securing a recordextending sixth CAF Player of the Year (Women) award.

While Nnadozie's impressive performance at the FIFA Women's World Cup was duly acknowledged as she was awarded the Goalkeeper of the Year (Women) title.

The Super Falcons, consistently supported by Amstel Malta Ultra and Zagg Energy Drink with Malt, received their due recognition as they were crowned the Women's National Team of the Year.

Nigerian Breweries, through some of its brands like 33 Export Lager, Star Lager, Life Continental Beer, Amstel Malta Ultra, and

Zagg Energy Drink with Malt, has consistently demonstrated its unwavering support for Nigerian football since February 2018.

This commitment extends to both the men's and women's teams, as showcased by their continued backing of the Super Eagles and Super Falcons respectively.

Osimhen, a past recipient of the 33” Export Lager Man-ofthe-Match Award, represents the ongoing commitment of 33 Export Lager and Life Continental Beer to the Super Eagles.

TR

Thursday, December 14, 2023

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Price: N250

MISSILE

NECA to Federal Government

“We are concerned at the growing rate of unemployment in the country, made worse by the continuous divestment of global businesses and closure of local ones. In the last three years, over 15 organisations with a combined value-chain staff strength of over 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”—statement by the Nigeria Employers’ Consultative Association.

olusegunadeniyi the verdict olusegun.adeniyi@thisdaylive.com

Akeredolu’s Moment of Truth

D

uring the crisis that followed late President Umaru Yar’Adua’s medical trip to Saudi Arabia in 2009, a number of prominent Nigerians advocated that the proper thing was for him to resign from office.

Those who canvassed this ‘principled’ position at the time enjoyed not only media limelight but also public adulation. One was a certain Rotimi Akeredolu, the current Governor of Ondo State. What made Akeredolu’s strident calls for Yar’Adua’s resignation somewhat controversial at the time was his position as Nigeria Bar Association (NBA) president. Since the body never sat to take a definite position on Yar’Adua’s health, not a few lawyers felt uncomfortable with Akeredolu’s public stance.

But he was unrelenting.

On 4th December 2009, a valedictory session held in honour of the then retiring President of the Court of Appeal, Justice Umar Abdullahi.

Although Akeredolu did not personally attend the session as he was said to be indisposed on that day, his speech was read by the then NBA Public Relations Officer, Mr Ikeheazor Akaraiwe and it dwelt on YarA’dua’s ill health.

“This country is nearer to a state of collapse, and we cannot afford to be left in the grip of the rumour industry which is the most thriving sector at present,” Akeredolu told the audience. “Nigerians deserve to know the true state of things. If our President is not capable of performing his duties anymore, it will be better for him to resign as it will not be difficult to find a successor for him as provided by the 1999 Constitution of Nigeria.”

Then Attorney-General of the Federation and Minister of Justice, Chief Micheal Aondoakaa, SAN, was also at the venue. But having spoken before Akeredolu’s speech, he waited for the session to end before addressing the media. “I am not bothered by the speech ascribed to the NBA; it is nothing but the personal view of Mr Akeredolu. The NEC of the organization, of which I am an executive member, never met to discuss such thing,” Aondoakaa said. “Akeredolu can enjoy the freedom of expression granted to him by the constitution, but he should not also forget that the constitution never made provision for a super-human president who does not fall ill at all.”

Unfortunately, in a twist of fate, Akeredolu is now in the same position in which the late Yar’Adua found himself. On Tuesday, it was announced that the governor would be proceeding on medical leave to “prioritise his health and ensure a full recovery” before resuming his official duties. “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,” the statement added. “In the absence of Governor Akeredolu, the Deputy Governor, Hon. Lucky Orimisan Aiyedatiwa, will assume the responsibilities of the Governor in acting capacity.”

Before I make my point, it is important to highlight how this saga began and what has transpired along the way. For many months beginning from mid last year (2022), there were speculations in Ondo State about the health of the governor. But nobody knew what to believe until January this year when his wife, Mrs Betty Akeredolu released a viral audio where she made damaging allegations against her husband’s Special Adviser on Public and Inter-Governmental Relations, Ms Bunmi

Ondo State Governor, Rotimi Akeredolu Odumosu. “I have a message for Ademosu.

I don’t have her number, and I don’t think she is worthy of me having her number,” Mrs Akeredolu started her message. “I want this woman to stay away from my husband. Stop sneaking in concoction. According to her, they are from her pastors, her fake pastors, to give my husband to drink. We rely on western style of medical care and Aketi (Akeredolu’s nickname) will get well.”

After accusing Ms Ademosu of scheming to be Ondo State deputy governor by stealth, Mrs Akeredolu revealed that her husband was indeed battling a serious health challenge, inadvertently suggesting the possibility of replacement.

“Look at you, what have you got upstairs to be the Deputy Governor of Ondo State? Yeah, peradventure anything happens to Aketi, Lucky (Aiyedatiwa, the deputy governor) takes over, it is a constitutional thing. But for you to be scheming is evil.” Then she went on a tirade: “I told Aketi from the onset that this woman is evil, this woman is no good and it is happening.

But I am warning her for the very last time to stay away from my husband. In this kind of situation, I will deal with you mercilessly.

For the very last time, Ademosu or whatever you call yourself, stay away from Aketi. Stay

away from sneaking in those concoctions. You won’t find it funny with me oh. You are a very terrible human being. Go away.”

Whatever may have been Mrs Akeredolu’s intention, her message only helped to draw attention to the failing health of her husband.

From that moment, Nigerians were able to ‘confirm’ social media reports about Akeredolu being in coma, on life support, gasping for breath, losing consciousness, etc. The situation continued until 13th June this year when Akeredolu officially transferred power to his deputy, Lucky Aiyedatiwa. In a notification sent to the Speaker of the State House of Assembly, Olamide Oladiji, the governor said he would be proceeding on a 21-day medical leave abroad from 7th June to 6th July 2023. When the letter expired, he issued another, this time extending his leave indefinitely.

After spending 117 days in a German hospital, Akeredolu eventually returned to Nigeria on 6th September. However, rather than go to Akure, the state capital and seat of power, Akeredolu stayed back in his family house in Ibadan, Oyo State.

What followed was predictable. First, Akeredolu fired all the media aides of his deputy, accusing them of insubordination. One of the sacked aides had reportedly posted disparaging remarks on his WhatsApp status and the screenshot was forwarded to the governor in Germany.

Then the State House of Assembly began an impeachment process against Aiyedatiwa.

In one of the allegations, the deputy (acting) governor reportedly approved N300 million to purchase a bulletproof SUV for personal use with the money sourced from the ‘Palliative Fund’ provided by the federal government to cushion effects of the removal of fuel subsidy in the states. The man has apparently started to ‘eat alone’!

I commend Akeredolu for taking the path of law and public decency by yielding power to his deputy so that he can attend to his health.

But he must also have learnt a few lessons in recent months. One, in public engagement, empathy is important when we make a point on issues that touch on the health of another person. Two, we always know the right thing for others to do until we are confronted with a similar challenge. Three, when we are in a position of power and are vulnerable due to ill health, we become pawns for political merchants, including those we imagine are on our side. I will expand on some of these issues another day, but it is important to state that while Akeredolu may have ‘stepped aside’, the political crisis in Ondo State has only just begun. The next gubernatorial election comes up on 16th November 2024 and the nomination process for candidates will soon begin. That is the real meaning of the current power struggle

While Akeredolu may have fulfilled the letter of the law by formally yielding power to Aiyedatiwa, the real drama will come with the APC gubernatorial primaries that may just be weeks away. Sadly, the desperation on both sides of this ‘struggle’ is not about the welfare of the people of Ondo State. It is about who controls the ‘structure’ that enables access to state resources!

in the state.

In an ill-motivated letter last week, the state commissioner for Energy and Mineral Resources, Razaq Obe, alleged that many documents bearing Akeredolu’s signature had been forged. The so-called letter was already in the media before reaching the deputy governor to whom it was addressed. But both must be in the game. “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,” Obe wrote. “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.

Upon closer inspection, I noticed significant differences between the suspicious signature and handwriting and Mr. Governor’s known signatures and handwriting in the file.” And this is where the letter gets more interesting: “Concerned about the gravity of the situation, I decided to seek a forensic review before disclosing my discovery. I sent the suspicious signature, handwriting samples, and copies of the old regular signatures to forensic experts, who have now confirmed that the suspicious signature and handwriting were indeed forged.”

Mischief that comes with the ill-health of a leader has since become part of the culture of Nigeria’s murky politics. Beside the case of the late President Yar’Adua documented in my book, ‘Power, Politics and Death’, there was a similar drama with a former Governor of Taraba State, the late Danbaba Suntai, who was involved in a plane crash (which he was piloting) in October 2012. Although he survived the crash with serious injuries and spent months in the United States, ethno-religious considerations about succession put Taraba on edge throughout the period his deputy, Garba Umar, was acting governor. There was also a great deal of drama around former President Muhammadu Buhari’s numerous medical sojourns in the United Kingdom. The most telling moments of Vice President Yemi Osinbajo’s tenure were those he spent battling the dark knights of Aso Rock (the ubiquitous ‘cabal’) in the absence of his principal.

Given the nature of our politics, the most delicate job in Nigeria is that of vice president or deputy governor, particularly in periods when the health of their principal is suspect.

So, Aiyedatiwa has my sympathy at a time like this. In their much-acclaimed book, ‘When Illness Strikes the Leader: The Dilemma of the Captive King’ which combine medicine, politics and psychology with interesting anecdotes drawn from leaders across the world, Robert Robins and Jerrold Post provide insights into what happens behind the scenes when political leaders confront health issues. That explains why the best way out of the uncertainties created by situations like this is to follow the Constitution.

Meanwhile, for a proper understanding on the crisis of governance in Ondo State, one may have to revisit what transpired before the 2020 gubernatorial election when Akeredolu contested against his then deputy, Agboola Ajayi, who ran on the ticket of the Zenith Labour Party (ZLP). Accusing Ajayi of inordinate ambition, Akeredolu made self-indicting disclosures…

NOTE: Piece concluded online

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