MONDAY 18TH DECEMBER 2023

Power Sector Stakeholders Say Changing Ownership of Discos Won’t Solve Nigeria's Erratic Electricity Problem Urge NERC to implement cost-reflective tariff structure Oppose FG on naira-denominated gas sales Emmanuel Addeh in Abuja Power sector players in the

country yesterday told the federal government that changing the ownership of the electricity

Distribution Companies (Discos) will not resolve Nigeria’s power supply problems.

Minister of Power, Mr Adebayo Adelabu, had last week advocated the sale of gas-to-power in naira to

eliminate the volatility occasioned by the transactions being done in dollars.

But stakeholders at the maiden Continued on page 5

Obaigbena: THISDAY Alumni Toeing Azikiwe, Awolowo’s Path in Public Service...

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Monday, December 18, 2023 Vol 28. No 10477. Price: N250

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Education is Greatest Weapon in Fight against Terrorism, Says Mrs. Tinubu...

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At Ministry Organised Trade Dialogue, Participants Insist Nigeria Not Faithful to Agreements Reached with Foreign Investors Kick against Nigeria signing Economic Partnership Agreement (EPA) with EU Dike Onwuamaeze As cases of multinational manufacturing firms exiting Nigeria

continue to mount, participants at a trade dialogue, organised by the Federal Ministry of Industry, Trade and Industry (FMITI), have

faulted Nigeria’s commitment to agreements reached with foreign investors.

Participants at the discourse,

themed, “Trade as a Catalyst for Economic Diversification,” also said it was not yet time for Nigeria to sign an Economic Partnership

Agreement (EPA) with the European aim of the dialogue was to identify common objectives, explore avenue Union (EU).

A communiqué issued at the Continued on page 5 end of the event stressed that the

Purported Court Order Surfaces Ahead of Ruling, More Woes for Judiciary CUPP confirms development Centre uncovers plot to halt by-elections ȱ ¢ȱ ȱ ȱť Wike defies Fubara’s men, returns to state Frank wants Rivers DPO’s death probed

THISDAY ALUMNI DINNER… L–R: Managing Director, ThisDay Newspapers, Eniola Bello; former Minister of Sports , Bolaji Abdullahi; former Nigerian Ambassador to Thailand, Oma Djebah; President, ThisDay Alumni Association, Dr. Tony Onyema; Chairman/Publisher THISDAY/ARISE Media Group , Nduka Obaigbena; Minister of Information and National Orientation, Mohammed Idris Malagi; NUJ President, Comrade Chris Isiguzo; Managing Director, News Agency of Nigeria (NAN), Ali Muhammed Ali and Mrs. Adio at the annual dinner at Newton's Restaurant and Bar in Abuja last Saturday, in honour of all THISDAY Newspapers staff that got public appointments and those that have concluded their tour of duty GODWIN OMOIGUI

War against Judiciary, Unwarranted, Reckless, Senior Lawyers Caution...

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Obaigbena: THISDAY Alumni Toeing Azikiwe, Awolowo’s Path in Public Service Olawale Ajimotokan in Abuja

Chairman THISDAY/ARISE Media Group, Mr Nduka Obaigbena, weekend, declared that THISDAY Alumni Association was toeing the path charted by political titans like Chief Obafemi Awolowo, Dr Nnamdi Azikiwe, Chief Olabisi Onabanjo, Alhaji Lateef Jakande and Chief Olusegun Osoba, among others, who branched from journalism to public service.

He made the assertion in Abuja, when 13 members of the association were presented with plaques for distinguished public service.

He recalled that about 5,000 people had passed through THISDAY since the newspaper was established over 25 years ago.

Obaigbena, who was President of Newspaper Proprietors’ Association of Nigeria, described as a fitting tribute to the public trust bestowed in the alumni that 66 of them had been given political appointments over the years.

“It is a privilege and also humbling to see the Alumni of THISDAY get together and match towards old age.

That 66 of you have had political appointment is a fitting tribute to the public trust that you hold.

“We are just following the path of Nnamdi Azikiwe, Obafemi Awolowo, LK Jakande, Bisi Onabanjo, Segun Osoba and co, who moved from journalism to public service. And were all due to continue to serve for the sake of Nigeria.

“We are proud of the work you are doing and support the social services that you are doing for yourselves. As was said, we have produced ambassadors, ministers and MD of a bank and all that stuff.

“That is a testament to the hardwork we are doing at THISDAY and Arise and all the media groups under our belt. We will continue

to do our best for Nigeria.

“In the last election, the spokesman for Atiku was THISDAY, the spokesman for Tinubu was THISDAY, the two APC leading spokesmen were THISDAY, the PDP leading spokesmen were THISDAY. And we stayed neutral,” Obaigbena said.

He charged the Alumni to promote good governance for the people and as a duty ensure that democracy stabilises with the advent of a new government following the election.

In his remarks, Minister of Information and National

Orientation, Mohammed Idris, applauded Obaigbena for championing many innovations in the Nigerian media landscape.

"I thank you for everything you have done for journalism. There are so many firsts that you have championed and this is not the first one.

“I am not aware of any other media organisation that has this alumni association. May be there are, and even if there are, this is an alumni association with a difference," Idris said.

He also urged media practitioners to do their job the way it ought

Obaigbena to be done.

The minister said criticism of government should be done objectively and factually, adding that freedom of expression should also come with own responsibility.

PURPORTED COURT ORDER SURFACES AHEAD OF RULING, MORE WOES FOR JUDICIARY Chuks Okocha, Sunday Aborisade and Alex Enumah in Abuja An order of a Federal High Court, allegedly, written by Justice Donatus Okorowo, halting the removal of 27 lawmakers in Rivers State House of Assembly, who recently defected from Peoples Democratic Party (PDP) to All Progressives Congress (APC), has gone viral, a further embarrassment for the judiciary.

This is just as the opposition political parties under the aegis of Coalition of United Political Parties

(CUPP), yesterday, confirmed plans to validate defection of the 27 members of the Assembly from PDP to APC. At the same time, the Centre for Africa Liberation and Socioeconomic Rights (CALSER) raised the alarm over an alleged plot by some members of the Rivers State House of Assembly to thwart the conduct of by-elections into the state legislature.

However, in spite of warnings and threats from loyalists of Rivers State Governor Siminalayi Fubara, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, landed

in Port Harcourt on Saturday, to a tumultuous reception.

Nevertheless, political activist and former Deputy National Publicity Secretary of APC, Timi Frank, called for urgent investigation of Wike over alleged complicity in the killing of a Divisional Police Officer (DPO) in Ahoada Division in Rivers State, Bako Angbashim.

The purported ruling, which, according to the court document, would have been issued today, suddenly surfaced on the social media.

What is currently playing out in Rivers State seems to highlight the crisis of confidence that recently rocked the Nigerian judiciary, following inconsistencies discovered in the Certified True Copy (CTC) of the majority judgement of the Court of Appeal in the Kano State governorship election petition, which Chief Registrar of the Court of Appeal, Mr Mohammed Umar Bangari, described as mere clerical errors.

The three-member panel of the appellate court had in their majority judgement dismissed Governor Abba

R U L I N G E X P E C T E D T O B E D E L I V E R E D T O D AY

POWER SECTOR STAKEHOLDERS SAY CHANGING OWNERSHIP OF DISCOS WON’T SOLVE NIGERIA'S ERRATIC ELECTRICITY PROBLEM edition of the Nigerian Electricity Supply Industry (NESI) Market Participants and Stakeholders Roundtable in Abuja, attended by over 300 professionals, said implementing a cost-reflective tariff regime was necessary.

Participants at the seminar included academics, industry practitioners, policy makers, and regulators.

In a communiqué after the event, signed by Chairman, Central Planning Committee, and Secretary of the conference, Professor Stephen Ogaji and Mr Bode Fadipe, respectively, the participants identified insufficient power generation capacity, poor utilisation of power generated, and stranded generation capacity as key issues in the sector.

The communiqué stated that current generation constraints included gas volume and pressure, transmission, collection/ financing, and risk mismatch or misalignment.

According to the attendees, pricing gas in naira will diminish incentive to continue domestic gas production. It would further increase gas prices until any parity issues are recovered, they said, adding that producers will not accept or absorb the currency exchange risk.

The communique stressed that lack of effective contracts and debt arising from power off-takers will be a major issue.

On the distribution side, it identified the significant Aggregate Technical, Commercial,

and Collection (ATC&C) losses, impacting the overall efficiency and financial viability of the sector as another problem.

The participants argued that assets were sold in FX, which were not ploughed back into the business, but used to settle staff liabilities, while the absence of widespread metering contributed to issues, such as electricity theft, inaccurate billing, and revenue losses for power distribution companies.

The communique stressed, “In Nigeria, there are approximately seven million unmetered customers and three million customers with outdated meters. Currently, there is no transparency/accountability of intervention monies pumped into privatised distribution companies

or even for meter procurement.”

As for power transmission and grid stability, participants said the network code, despite all that it promised, still had issues with implementation that needed to be closed out as soon as possible.

They fingered lack of effective metering at entry and exit points as well as the absence of SCADA and unregulated entry and exit conditions for all suppliers as key issues.

It stated, “Much of the transmission network in Nigeria is outdated and lacks the necessary infrastructure to efficiently wheel electricity across the country.”

Participants said non-investment in the super grid to allow bulk Continued on page 36

Yusuf’s appeal against the ruling of the Kano State Governorship Election Petition Tribunal for lacking merit.

But in the CTC released to lawyers, some contradictions appeared, which seemed to give verdict in favour of both the appellant and the first respondent, APC. Many supporters of the appellant and some lawyers alleged that the judgement was in favour of Yusuf before it was manipulated to favour the APC candidate. They alleged that what the justices read in court was different from what was contained in the CTC, and insisted that the CTC, being a written document, was the original judgement.

But the appellate court’s chief registrar dismissed the contradictions as nothing serious, adding that even the lawyers and the politicians knew the truth, but were merely playing to the gallery.

Bangari stressed that what happened in the judgement was a clerical error, which happened from time to time. He said the courts had a way of addressing such errors through the instrumentality of the law.

The chief registrar further contended that the contradictions did not in any way invalidate the findings and conclusion of the court.

In the current Rivers State issue, according to a copy of the ruling due to be delivered today, Okorowo, in granting the order restrained the Independent National Electoral Commission (INEC), PDP, Rivers State House of Assembly, Clerk of Rivers State House of Assembly, the Inspector General (IG) of Police, and the Department of State Service (DSS) from taking any steps to remove the 27 lawmakers from office over their defection.

The purported ruling in the suit marked: FHC/ABJ/CS/1681/2023, is dated Monday, December 18, 2023, although not signed by the judge.

Besides, the purported ruling did not state who filed the suit or moved the injunctive application on behalf of the plaintiffs/applicants.

The alleged ruling said, "By this urgent application, the Plaintiffs/ Applicants are praying this Honourable Court for 5 (five) interim injunctive reliefs.

"I have carefully listened to the submissions of the learned senior counsel and also considered the affidavit of Rt. Hon. Honourable Martin Chike Amaewhule (the 1" Plaintiff) in support of the motion, the documentary evidence marked EXHBITS Al — A5, BiBS and C as well as the Written Address in support.

"The urgency of the subject matter of this suit is abundantly clear from the affidavit evidence and the supporting documents.

This court is eminently vested with the requisite jurisdiction to consider an application of this nature in the circumstances having regard to the provisions of Order 26 Rule 5 of the Federal High Court."

While observing that the court had a duty to intervene in really urgent situations such as this, the court held that it could not ignore the import of evidence tendered before it, which had affected the legal rights of the applicants and necessitated them to find refuge by defecting to the APC. The court, allegedly, held, "In the circumstances, there is urgent need to protect the seats of the Plaintiffs/ Applicants from being declared vacant by the Defendants or being hampered in the performance of their legislative function.

"For the avoidance of doubt, an interim order of injunction is hereby made restraining: The 1 and 3 Defendants, either by themselves, their officials, officers, servants, agents, staff or privies from declaring vacant or taking any steps whatsoever to declare vacant the seats of the Plaintiffs/Applicants at the Rivers State House of Assembly; from withdrawing the Plaintiffs/ Applicants’ respective Certificates of Return and from conducting fresh elections to fill in the seats of the Plaintiffs/Applicants at the Rivers State House of Assembly, pending the hearing and determination of the Motion on Notice.

"The 1st Defendant from conducting fresh elections to fill in the seats of the Plaintiffs/ Applicants in Rivers State House Continued on page 35

AT MINISTRY ORGANISED TRADE DIALOGUE, PARTICIPANTS INSIST NIGERIA NOT FAITHFUL TO AGREEMENTS REACHED WITH FOREIGN INVESTORS for collaboration, and collectively address the barriers to prosperity in the country’s trade environment.

It said, “It is not yet time for Nigeria to sign an EPA with the European Union (EU), rather the ministry should sequence our trade policy and establish some template negotiations in trade and investments.

“There is a failure of Nigeria to be faithful to agreements made with the foreign investors.”

The participants also observed that there was a lack of awareness on the availability of locally manufactured products.

The communiqué further observed that Nigeria was behind in implementation of the African Continental Free Trade Area (AfCFTA) and warned that lateness was dangerous in any economic integration.

“Nigeria is never short of policy documents, but implementation is

always the problem,” the group pointed out.

AfCFTA provides the roadmap on how Africa can prosper in trade by eliminating tariff within the continent.

Contributors to the dialogue emphasised the need for Nigeria to leverage on the AfCFTA opportunity.

They stated that AfCFTA’s Guided Trade Initiative (GTI) would improve supply chain efficiency as a veritable catalyst for economic diversification in Nigeria.

They said strict compliance to GTI could enhance small businesses by sourcing and outsourcing raw materials from other African countries, including trading in services.

The communiqué recommended the need to domesticate AfCFTA at the national and sub-national levels through sensitisation programmes for Small and Medium Enterprises (SMEs) and the gazetting of AfCFTA through the National Assembly in

line with the constitution of the Federal Republic of Nigeria.

It also emphasised the need to capture the country’s trade policy in line with the evolving dynamics and functional institution framework. It said there was need for Nigeria to harness its demographic strength by driving AfCFTA through production.

The communique said, “There is need to build the capacity of the SME sector to take advantage of the opportunities in the AfCFTA agreement.

“There is need for a stronger collaboration and cooperation between the organised private sector and government as a panacea for the expeditious implementation of the economic benefits from the AfCFTA. “There is need to put in place modalities for logistics services to enable small businesses under the AfCFTA to thrive.

“There is need for continuous

dialogue and effective communication between the federal government and the organised private sector to identify clusters of comparative advantage to boost trade.

“There is need for proper implementation of the policy documents as a key to the success of the trade sector, especially for the trade policy.

“There is need for the ministry to organise an in-house briefing for all staff in the ministry as well as the agencies to sensitise them on the imperatives of the trade policy.”

According to the group, there is also need for the trade policy to form the basis of Nigeria’s bilateral, regional and multilateral trade negotiations and agreements and to circulate a copy of Nigeria’s trade policy to the embassies across the globe.

They called for linkage between the Nigerian industrial, trade and investment policies as a basis for

effective implementation to transform the country into an industrialised economy.

Contributors also called for revival of the Ministry of Industry, Trade and Investment in line with its tripod mandates of industry, trade and investment, and sought for a critical balance between Nigeria’s imports and exports to ensure the sustainability of the economy They said there was need for ratification and domestication of treaties in order to be legally binding and for government to make deliberate emphasis on quality control to avoid flooding markets with sub-standard products.

The communiqué further stated, “There is need for government to support SMEs through processes of labelling and packaging for them to become proactive in the production of quality products to build their competitiveness and for a trade data bank on the flow of goods

and services.

“There is need for a closer collaboration between the border agencies, such as the Nigerian Customs Services (NCS), to enhance trade facilitation and for an awareness campaign on made in Nigeria products and quality assurance.”

It called for implementation of measures to simplify trade procedures and reduce bureaucratic measures.

FMITI organised the maiden edition of the trade dialogue as a platform for public and private stakeholders to converge with a view to exchanging ideas and forging partnerships that would promote economic growth and development.

Participants at the trade dialogue included Minister of Industry, Trade and Investment, Permanent Secretary, FMITI, and representatives of World Bank and Bank of Industry (BoI).

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NEWS

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

ACCESS BANK POLO DAY 2023 IN SOUTH AFRICA...

L-R: Chairman, Coronation Group Limited, Aigboje Aig-Imoukhuede; Group Chief Executive Officer, Access Bank PLC, Herbert Wigwe; former Chairman, Access Bank PLC, Mosunmola Olusoga; former Chairman, Access Bank PLC, Ajoritsedere Awosika; Managing Director/Chief Executive Officer, Access Bank PLC, Mrs. Chioma Ogbonna Roosevelt Ogbonna; and Chairman, Access Bank PLC, Paul Usoro; with Team Fifth Chukker at the Access Bank Polo Day 2023 in South Africa...yesterday

FG: Over N203bn Spent on Revitalisation of Primary Healthcare Centres in 4 Years Onyebuchi Ezigbo in Abuja More than N203 billion has been released so far by the federal

government, through the Basic Healthcare Provision Fund (BHCPF), to fix facilities in 8, 800 primary healthcare centres out of the over

NAFDAC Adopts Measures to Regulate Sale of Industrial Foods in Open Market Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control (NAFDAC) has said it has put in place additional measures to curb the incidence of unbranded cereals and other food items of industrial sizes.

The food materials, it said, enter into the open markets from the warehouses of food manufacturing companies causing health hazards for the undiscerning consumers because of the mode of dispensing in unsanitary conditions.

The agency stated this at the end-of-year stakeholders open dialogue and feedback session with food manufacturing companies.

A statement by the Resident Media Consultant to NAFDAC, Sayo Akintola on yesterday, quoted the Director General, Prof. Mojisola Adeyeye, as having said that going forward, the agency would be more critical with the process of issuing permits for importation of bulk food raw materials from 2024.

Adeyeye who was represented by the Director of Food Safety and Applied Nutrition (FSAN), Mrs. Eva Edwards, said that the agency was concerned about the perennial problem of ubiquity of bulk food items that are found in the markets, possibly from the manufacturing plants or their suppliers, describing it as unacceptable.

The director general noted that the items enter the country because companies have applied to use them in the manufacture of their NAFDAC registered products.

She noted that the agency was concerned that such items were being sold in measures, scoops in the open markets, saying it was looking at the process of issuing permits for bulk food raw materials critically.

According to her, the agency had put in place additional measures for

assessing and verifying the utilisation records of each company that applies for import permits to import bulk food raw materials.

"We don’t want to just see your stock cards, we want to know what you imported in the previous year.

We want to know what you used because there are some calculations that we need to make, “ she explained.

Adeyeye further reminded the manufacturers that the agency knows the ingredients that are used in their products, adding that she had the opportunity to have one-on-one discussions with some companies and it was discovered that sometimes companies request far more than they require, because they feel that the quantities are going to be cut by the agency.

The NAFDAC boss however, emphasised that if the companies can show records of utilisation of the quantities requested in a previous cycle, the agency will consider the quantity requested and grant approval. She said that what NAFDAC don't want to see is the diversion into the open market.

"We don’t want people measuring milk and cereals in cups and measures in 2024. It is an unhygienic practice. It is not good for the general population in terms of food safety and hygiene," he said.

She said that NAFDAC would continue to advocate for the support of her partners and stakeholders in the quest for better, safer, healthier, more nutritious food, adding that all Nigerians stand to benefit from this.

Speaking in the same vein, the Chairman, Technical Committee of the Association of Food, Beverage, and Tobacco Employers (AFBTE), Mr Fred Chiazor, commended NAFDAC for being proactive in responding to developments in the industry.

40,000 of such centres in the country.

This leaves a gap of about 32,000 facilities that are not reached with the one per cent consolidated revenue fund implementation through BHCPF as approved by the Establishment Act. The disclosure was made at the weekend in Abuja in a presentation by acting National Coordinator of the Global Fund's Country Coordinating Mechanism (CCM) in Nigeria, Ibrahim Tajudeen, at the national media meeting on the global fund malaria community-led monitoring project.

Tajudeen also said the global fund had made available about $1.

8 million grant through the national malaria programme for the training

of frontline health workers in the 13 states where the fund was currently executing anti-malaria programmes.

However, Nigeria National Coordinator, Civil Society in Malaria Control, Immunisation and Nutrition (ACOMIN), organisers of the programme, Ayo Ipinmoye, said under the new policy, efforts should be shifted to communityled monitoring of health sector interventions in order to make them more result-oriented.

Ipinmoye said funding for primary healthcare delivery should be carefully mapped out and sanctions applied against any misappropriation or mismanagement to enable a robust public health programme at the ward

levels in local governments.

The acting coordinator of CCM said the expectations from the new sector-wide policy by the federal government were that it help mobilise more resources for development of primary healthcare centres towards the achievement of the universal health coverage.

Tajudeen said the sector-wide approach would help to redesign the current basic healthcare provision fund to make it have far-reaching impact.

He said, "You will recall that when the BHCPF was recommended through the National Health Act, one per cent of the consolidated revenue funds was expected to be allocated

to the BHCPF annually and in in the last four years, over N203 billion has been released through the BHCPF and only 8, 800 facilities out of the over 40,000 facilities in the country, leaving a gap of about 32,000 facilities, that are not participating in the one percent consolidated revenue fund implementation through BHCPF." Tajudeen said the federal government had already announced that facilities participating in BHCPF will be increased from the current 8,800 to 17,000, adding that if the government is able to achieve that within the next two years, a lot of progress would have been made in attaining the universal healthcare target.

Tinubu Rejoices with Uchegbu on Election as Cambridge University College President Deji Elumoye in Abuja President Bola Tinubu has congratulated Nigerian-born Professor of Pharmaceutical Nanoscience and top-flight researcher, Ijeoma Uchegbu, on her election as President of Wolfson College, one of the 31 colleges of the University of Cambridge.

Uchegbu, renowned for her

innovative work in nanoparticle drug delivery, is currently a Professor of Pharmaceutical Nanoscience at University College, London (UCL).

The President, in a release issued on Sunday by his Media Adviser, Ajuri Ngelale, celebrated the outstanding accomplishment and commended Professor Uchegbu for being an excellent ambassador for

the country and for her relentless efforts to advance the frontiers of pharmaceutical science.

President Tinubu applauded Professor Uchegbu as epitomizing the ingenuity, brilliance, and hard work that are consistently synonymous with the great Nigerian people both at home and abroad.

While wishing the

Professor more successes as she takes on this important role, the President assured Nigerians in the Diaspora that his administration remains committed to building a robust interface mechanism that harnesses ideas, promotes investment opportunities, and strengthens bonds, in line with his '4D Foreign Policy'.

IPPIS Exemption: NAAT Cautions against Under-funding of Tertiary Institutions Onyebuchi Ezigbo in Abuja The National Association of Academic Technologists (NAAT) has expressed fears that the federal government's exemption of federal tertiary institutions; universities, polytechnics and colleges of education from the Integrated Personnel and Payroll Information System (IPPS) may lead to government abandoning its financial obligation to the sector.

It urged the federal government to ensure prompt release of adequate funds for payment of salaries and allowances of staff of tertiary institutions.

In a statement signed by its President, Ibeji Nwokoma, NAAT said the association received with concern the news of approval by the Federal Executive Council (FEC) of the exemption from IPPIS with mixed feelings.

He said: '’While NAAT appreciates the fact that by this action, university autonomy will be restored, however, we have our reservations on payment uniformity of salaries and allowances across federal tertiary institutions as it was achieved under IPPIS despite its shortcomings.

"NAAT, therefore appeals to the federal government to ensure

prompt release of adequate funds for payment of salaries and allowances of staff of tertiary institutions to avoid shortfalls and delays.

"With the exit of federal tertiary institutions from IPPIS, NAAT is curious to seek for clarification from government on the way forward as nothing can exist out of nothing.

“Our union advocates for the continuous use of a centralised payment platform to sustain the gains already achieved through IPPIS and reduce the incidence of over-bloated personnel cost and ghost workers being major reasons for creation of IPPIS’'.

NAAT urged the federal government to prioritise all aspect of funding of tertiary education for a sustainable and overall national growth and development.

It also urged the management of tertiary institutions to seize the opportunity to restore public confidence in their ability to manage resources prudently for efficient service delivery.

"We hope government will not use this exit to shy away from its responsibility of proper funding of education at all levels as enshrined in 1999 constitution as amended," it added.

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22ND ICAN CONFERMENT OF FELLOWSHIP STATUS CEREMONY...

L-R: Honorary Treasurer, Institute of Chartered Accountants of Nigeria /Chairman, Sub-committee on Conferment of Fellowship ICAN, Oluwatobi Abiola; past President ICAN and special guest of honour, Chidi Ajaegbu; 59th president, ICAN, Innocent Okwuosa; ICAN Vice President, Davidson Alaribe; 2nd Deputy Vice President ICAN, Queensley Seghosime; and acting registrar/ Chief Executive, ICAN, Mukaila Lawal, at the 22nd ICAN Conferment of Fellowship Status Ceremony, in Lagos..recently SUNDAY ADIGUN

Education is Greatest Weapon in Fight against Terrorism, Says Mrs. Tinubu Receives four rescued female students of federal varsity Deji Elumoye in Abuja The First Lady, Senator Oluremi Tinubu, has declared that learning and education were veritable weapons in the fight against

terrorism and criminality by individuals and communities.

Speaking Sunday at the State House, Abuja, when she received four of the five rescued students of Federal University

Ogun, Interswitch, Partner on Healthcare Accessibility James Sowole in Abeokuta One of Africa's leading integrated digital payments and commerce companies, Interswitch, has signed a Memorandum of Understanding (MoU), with the Ogun State Health Insurance Agency (OGSHIA) to revolutionise healthcare payment transactions in the state, thereby enhancing accessibility and efficiency.

This agreement represents a significant milestone in the ongoing efforts to improve the accessibility and affordability of healthcare services within the state.

Through this collaboration, OGSHIA aims to amplify the scope and efficiency of its health insurance transactions, streamline processes and foster financial inclusivity.

The integration of Interswitch's multi-channel payments system will empower residents to make secure and convenient payments across various platforms, thereby elevating the overall healthcare experience in Ogun State.

Speaking on the partnership, Vice President, Government & Social Services Ecosystem, Interswitch, Osasere Atohengbe, said the company, was thrilled to collaborate with OGSHIA in its shared commitment to drive accessible and affordable healthcare in Ogun State.

His words: "Interswitch's innovative multi-channel payments solution is poised to revolutionize the way health insurance transactions are conducted, ultimately contributing to the realization of OGSHIA's noble vision.

As we integrate these services, we are further enabling the state's health system to be inclusive and more responsive to the needs of the people, now and in the future."

Speaking on the partnership’s essence, Dr. Tomi Coker, the Honourable Commissioner for

Health, Ogun State, said: "We are deeply encouraged by this partnership between OGSHIA and Interswitch.

This initiative is a step in the right direction for our state's healthcare infrastructure as it aligns with our mission to provide every citizen with medical services without financial strain.”

“Harnessing Interswitch's proficiency in digital payment solutions will significantly enhance the efficiency of the health insurance transaction process. This solution ensures that our citizens can effortlessly and securely settle payments for healthcare services.

"We are eliminating economic barriers to healthcare, advancing one seamless payment at a time. We firmly believe that the prosperity of our state is intricately tied to the well-being of our people”, she added.

Dr. Afolabi Dosunmu, Executive Secretary of OGSHIA, also commented on the partnership, stating, "OGSHIA remains focused on enhancing the health and economic stability of our people through comprehensive and efficient healthcare insurance services.

“This innovative partnership with Interswitch marks a transformative step in our journey to enhance healthcare for every resident of Ogun State in a way that is accessible, affordable, and reliable."

The introduction of multi-channel payments goes beyond technological advancement; it represents hope in action. This advancement guarantees that individuals no longer need to confront the dilemma of deciding between their health and their financial well-being.

With a steadfast commitment to continuous improvement and innovation, Interswitch is positioned as a key player in shaping a future where quality healthcare is not just available, but easily accessible in Nigeria.

Dutsin-Ma, Mrs Tinubu noted that their experience and that of other Nigerians, who had been kidnapped was difficult.

She, therefore, encouraged them that this phase would pass with the determination and tenacity of the security and intelligence forces and the support of all Nigerians.

She expressed gratitude for the safe return of the other students and commended the role of the Office of the National Security Adviser and the effective coordination of law enforcement agencies, who worked diligently over the past few months to ensure their safe return and the return of every Nigerian held against their will.

The First Lady, in a release by her media assistant, Busola Kukoyi, said, “I join a cheerful nation to welcome our beloved

daughters home as you re-unite with your families.

“We grieved over the sad fate that had befallen you and we join your family to celebrate your safe return. Since your dreadful abduction on October 5, 2023, it has been a period of pain for you, your parents, your teachers and indeed all Nigerians.

“Throughout this period, we have kept faith and trust in God and in our law enforcement agencies that you will return safely. Since the incident, law enforcement officers from various agencies worked tirelessly to ensure your return home. Today, we thank Almighty God for protecting you and reuniting you with your loved ones.”

She assured the girls of the federal government’s commitment and that of the Renewed Hope Initiative (RHI) to support them

psychologically and with their education as they begin their healing after more than 70 days in captivity.

She added that it was imperative that their experience did not hinder their educational pursuits and career interest.

“Beyond your safe return, we would follow up on your journey not only to recover from this sad episode in your lives, but to see that you accomplish your mission in your educational pursuit and career interests.

“Already, I have been briefed on the courage you have shown so far and I encourage you to turn this episode in your lives, into a story of triumph.

“You must continue to pursue your educational interests. By ensuring that you continue to learn, as we provide you with the necessary medical and

psychological support, we at the Renewed Hope Initiative, (RHI) are also committed to providing you with guidance and support to reach your full potential.”

Meanwhile, each rescued girl received a Scholarship Grant of One Million Naira and a brandnew laptop from the Renewed Hope Initiative, an Initiative of the First Lady.

She also announced that the federal government would givea sum of two million naira to the parents of each of the rescued girls and One million naira to the Vice Chancellor of the University.

Representative of the National Security Adviser, BrigadierGeneral Olutayo Adesuyi, while handing over the girls said, the First Lady's meeting with them was significant as it showed the solidarity of the federal government’s support.

High Drug Prices: APC Chieftain Calls for Tinubu’s Urgent Intervention Yinka Kolawole in Osogbo

A Chieftain of the All Progressive Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has appealed to President Bola Tinubu to urgently intervene in the hike in prices of essential drugs in the country.

Oyintiloye, who made the appeal in a statement issued and made available to THISDAY on Sunday in Osogbo, said that many Nigerians were currently unable to access most essential drugs due to the extremely high prices.

He said that the escalating prices of the drugs could be attributed to a combination of factors, such as the withdrawal of GSK, a major player in the pharmaceutical industry, the high rate of inflation in devaluation of naira, among others.

Oyintiloye said that the aforementioned factors, among others had made prices of drugs such as amlodipine, Augmentin, paracetamol, exforge, Coartem, and

other essential drugs to become unaffordable for the common man.

According to him, the National Bureau of Statistics (NBS) revealed that the value of medicines imported into Nigeria rose by 68 per cent to N81.8 billion between July and September 2023.

Oyintiloye, a former lawmaker, said that the surge in the prices of drugs had placed a significant financial strain on individuals and families already struggling with the harsh economy.

"When the local currency weakens against foreign currencies, the expenses incurred in procuring these essential medical supplies rise, consequently driving up the overall prices of medicines in the country.

"The scarcity or limited availability of foreign exchange exacerbates as ripple effect, forcing manufacturers to compensate by increasing the prices of medicines to cover their higher operational costs", he said.

The APC chieftain, who commended President Tinubu's effort in repositioning the economy however said there is urgent need to redouble efforts in the health sector.

Oyintiloye, a member of the defunct APC Presidential Campaign Council, noted that patients struggling with chronic diseases such as hypertension, diabetes, tuberculosis, among others were now find it difficult to cope with the surge in the prices of their medication.

"The way the prices are going up, people who are in need of most of the essential drugs might not be able to afford it and this might increase in death rate in the country.

"Insulin, for instance is now between N12000, and N14,000, and some of the patients might need two or three of it in a month.

"Also, ventolin inhaler for asthmatic patient rose from N2000 to N9,000, and if a patient is earning N30,000 per month, how will he

or she cope?.

Oyintiloye appealed to government to drive investments in the health sector, address Forex problem, remove the duty tax on medication, encourage local production and also allow more enabling environment for the pharmaceutical company.

He commended Prof. Mohammed Pate, the Coordinating Minister of Health and Social Welfare for meeting with representatives and Chief Executive Officers of pharmaceutical companies in Nigeria recently to find solutions to the crisis.

Oyintiloye said Pate's assurance that the federal government was working towards policy actions that may address the high prices of medicines, especially for the most vulnerable Nigerians was commendable.

He said the efforts of President Tinubu in revamping the economy would soon begin to yield positive results.

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T H I S D AY • MONDAY, DECEMBER 18, 2023

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LEEMON IKPEA'S BIRTHDAY THANKSGIVING...

L-R: Former Chief of Naval Staff, Vice Admiral Dele Ezeoba (Rtd.); Chairman Lee Engineering and Construction Company Chief (Dr.) Leemon Ikpea; Canadian Defence Attache to Nigeria, Robert Aboumitria; and former Speaker Edo State House of Assembly, Barrister Matthew Egbadon, at the birthday thanksgiving of Dr Ikpea, in Lagos, on Sunday

Osinbajo: Deploying Renewables Will Lower Africa’s Power Costs by 30%, Emissions by 90% Emmanuel Addeh in Abuja Nigeria's former Vice President, Yemi Osinbajo (SAN), has argued that with focus on renewable energy resources, Nigeria and the rest of Africa could reduce energy costs by 30 per cent and lower carbon emissions by 90 per cent.

Osinbajo, who is the global advisor of the Global Energy Alliance for People and Planet (GEAPP), gave the highlight while delivering his address titled: “Climate Positive Growth: Africa as a Climate Action Partner for the UAE And the World,” at the New York University (NYU), Abu Dhabi Campus, UAE. The GEAPP is an international organisation committed to supporting the global community to meet critical climate goals during the next decade.

The ex-university lecturer, also gave four conditions to realise climate-positive growth and create a green industrial region of the world, urging African countries to focus their economic growth and development plans on green opportunities.

According to him, if Africa processed the bauxite it mines alone, which is 25 per cent of global bauxite production, to aluminium with renewable energy before exporting it, it could save 335 million tonnes of CO2 per year, create 280,000 jobs and generate $37 billion additional revenue for the continent.

"In fact, by aggressively deploying its renewable energy resources, Africa can provide energy to all Africans, 600 million of whom currently do not have access to energy and 150 million of whom have unreliable access to energy, at a 30 per cent lower cost and with over 90 per cent lower emissions per KWH, compared to the current stated policy.

"Africa’s renewable energy is not only abundant but also has very low seasonality, or intermittency which makes it possible to reliably provide renewable base-load, to power continuous industrial production.

“Strikingly, the lowest-cost set-up of solar, wind, and battery storage to get reliable base-load to power industry, is twice as

expensive in Germany as it is in Nigeria," the former VP said.

Osinbajo contended that African countries need to focus their economic growth and development plans on green opportunities, structure their policy and regulations in ways that support green industrialisation.

Stressing that Africa is home to 60 per cent of the world’s best solar resources, and, in addition, has abundant wind, geothermal, and hydro potential, Osinbajo explained that Africa's untapped renewable energy potential is 50 times the anticipated global demand for electricity in 2040.

"In other words, Africa is perhaps the only region today, ironically on account of its low development base that can truly achieve green growth and economic growth without growing emissions, or even keeping emissions constant, but actively addressing the reduction of emissions and the concentration of greenhouse gases in the atmosphere," Osinbajo said.

He called for fair and equitable market access to meet global

demand for green products, services and carbon credits.

At the current price of 50 cents to a few dollars per tonne in the voluntary carbon market, the former Nigerian number two man, said it was simply impossible to generate quality credits.

He added: "Price needs to cover the costs of developing a project, generating and trading the credit, conducting proper monitoring and evaluation, paying taxes and generating viable returns for all stakeholders involved, from local communities to project developers to the providers of risk capital."

On financing, he said that to access the right quantum of capital, with the cost of capital in Africa still high, African governments pay five times as much interest in the bond market as they would if the multilateral development banks were properly capitalised.

“The cost of borrowing for African countries is probably the highest of any region. Those seeking investments for private projects face high costs of capital and unhelpfully short tenures,

Lagos 2024 Budget: Passage of Budget will be New Year Gift, Says Obasa Segun James The Speaker of the Lagos State House of Assembly, Dr. Mudashiru Obasa, has promised that the quick passage of the budget will be a New Year gift to residents.

This just as Governor Babajide Sanwo-Olu of Lagos State gave assurance to work with whatever is the outcome of the 2024 budget estimates, saying there exists bond between him and the Speaker of the House, Rt. Hon. Mudashiru Obasa.

Sanwo-Olu spoke in Abuja where Lagos State lawmakers held a budget retreat, describing the lawmakers as the best among their counterparts in other states.

Sanwo-Olu had on Wednesday presented a historic Year 2024 Budget of N2.246, 234 trillion to members of the State House of Assembly.

In the budget, the Capital Expenditure is a total figure

of N1.224 and recurrent expenditure of N1.021 Trillion. The recurrent expenditure stands at N1.021,954trn (45%) while capital expenditure represents N1.224,280 (55%).

Speaking with the lawmakers at the retreat, Sanwo-Olu said: "This is the best and finest and it is worthy of emulation. I want to thank you and say this is indeed how we should always organise ourselves. Keep up raising the bar."

He thanked the Speaker, members, the Assembly Commission and staff of the House for always putting Lagos first before other considerations.

His words: "You see, what Lagos State is doing shows that we are leading the way for other states to copy. We show the way in legislative, executive and judiciary affairs.

"This is an avenue for you to bond, interact, appreciate one another and effectively do the

job that Lagosians have asked us to do.

"There is the talk around town that we have a big budget but I also tell them it is because we are big people. I appreciate the fact that you have huge responsibility and I pray God Almighty to give you the ability and courage to do the work dispassionately.

"Whatever is the outcome, you can rest assured that the Governor will stand by it and work with you.

"There is no animosity between the Speaker and myself. We are two different sides of the same coin. We are brothers and friends and God will lead us to a level where we can take Lagos to an irreversible state.

"Mr. President is watching us.

He has no other state that he can call his own. He is the President of Nigeria but he has his roots in Lagos. Our success is his success and Nigeria's success. When we get it right, the whole nation will

be on its way to getting it right."

Describing the Governor as a leader, brother and performer, Obasa noted that Sanwo-Olu had always supported the House to carry out its functions.

According to the Speaker, "He has always answered our calls at every point in time. Thank you for coming to check on us and for everything you have been doing.

"We also thank you for not being like other governors who seal up the Assembly complex or who remove roofs of Assembly buildings. That is why Lagos is great and the Lagos State House of Assembly is above the common standards of excellence.

"We are working on the 2024 budget and that is why we are here. I want to assure you that we will do our best to return the approved budget to you as soon as possible. It is going to be a New Year present to you and the people of Lagos," the Speaker said.

driven by both real and perceived risk factors,” he explained.

Addressing this, he said, requires a whole range of interventions, including keeping past promises, plus the operationalisation of the Loss and Damage Fund agreed last year at COP27 and the commitment to $100 billion a year

in climate finance for developing countries.

He further called for the reform of the international financial architecture, ensuring more of their deployment goes to emerging and frontier economies, and drive more deployment towards climatealigned investments.

Bauchi Varsity Confers Bala Mohammed with Honourary Doctorate Degree Segun Awofadeji in Bauchi The Bauchi State University, Gadau, on Saturday at its maiden and combined convocation ceremony conferred Governor Bala Mohammed with a honorary doctorate degree in what it said was a recognition of his administration's educational agenda for economic and societal development.

In his remarks, Mohammed pledged to support the university in the areas of research and innovation in order to excel and move the state to greater heights.

He stated that as the world is moving towards digital economy, his vision for the university and other tertiary institutions in the state was to promote technology and skill acquisition for selfreliance.

Addressing the gathering, the governor congratulated the university’s governing council, the management, staff, students and the entire community of the state university for a successful conduct of the maiden and combined convocation ceremony.

The governor challenged the university to come up with courses and programmes that will turn the tide and open up opportunities for people to improve their economies.

He enjoined the university to uphold the culture of selflessness, fellowship and commitment by ensuring the institution's rules and regulations for the smooth conduct of its staff and students remain sacrosanct and strictly observed.

He promised to work closely with the management to ensure that the convocation is held regularly in tandem with National Universities Commission’s (NUC) recommendation.

Mohammed recalled that the university was established in the year

2011 to give youth the opportunity to further their education and provide middle level manpower for the state civil service.

He commended the university’s management for maintaining a peaceful atmosphere on its campuses and good working relationship with the state government and other relevant agencies that cater for primary, secondary and tertiary education.

He noted that, like in primary and secondary educational institutions, his administration was poised to provide infrastructural facilities and necessary support to state-owned tertiary educational institutions to ensure hitch-free academic activities.

He added that he had succeeded in carrying out a number of projects at the state university which include, construction of 3 kilometres of roads at the Gadau Campus, extension of power supply to faculty of basic medical sciences, procurement of lab equipment and reagents, employment of 160 staff, among others.

"In the area of support for indigenes of the state to acquire higher education, we have since the inception of our administration in 2019, paid a total of N658,539,470:00 as scholarship to 32,987 students undergoing courses at various tertiary institutions.

“As a result of the increasing number of candidates seeking for admission into tertiary educational institutions, both the federal government and Bauchi state government have established more tertiary institutions of learning in the state,” he stated.

On her part, the Vice Chancellor of the University, Prof. Fatima Tahir, explained that 184 students of the university graduated with first class degrees honours out of the total of 7,026 undergraduates.

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NEWS

CONFERMENT OF FELLOWSHIP AWARD...

L-R: Director, Membership Development, Association of Business Management and Administration of Nigeria (ABMAN), Stella Udoh; Deputy Registrar, ABMAN, Dr. Raymond Torkuma; Awardee/Ana Agbanyere Ogbenye 1 of ENOCK REUBEN Ifite-Ogwari Kingdom, Anambra State, Dr. Rachel Adewumi and Registrar, ABMAN, Dr. Christopher Ike, during the conferment of Fellowship award of ABMAN on Dr. Adewumi in Abuja at the weekend

Nigerians, Not Our Constitution Need Amendment, Says Fashola Posits Ondo, Rivers impasse didn’t require Tinubu’s intervention

Emmanuel Addeh in Abuja Former Minister of Works and Housing, Mr Babatunde Fashola (SAN), at the weekend argued that Nigerians will need to amend their ways, rather than seeking to rework the constitution all the time.

Fashola, a former Lagos governor, spoke at the Nigerian Air Force Officers Mess Honorary Members Forum (HMF) 2023 Annual Lecture in Lagos on the topic: “Leadership – Leading the Change.”

Stressing that leadership is hard and demands example, courage, character, vision as well as the ability to think and do, Fashola described the recent impasse in Ondo as a "sore thumb."

He pointed out that until an act of leadership by Governor Rotimi Akeredolu to transfer power to his deputy spared everybody the trouble, people behaved as if there were no rules even when there was a constitution that should ordinarily be obeyed.

There had been calls from various Nigerians before the Ondo matter was settled for President

Bola Tinubu to intervene in what appeared a brewing constitutional crisis in the state and the ongoing altercation between Governor Siminalayi Fubara of Rivers state and his predecessor, Mr Nyesom Wike.

But Fashola said the calls were unnecessary when the constitution clearly states the roles to be played by certain individuals when such situations arise.

“We have amended the constitution, so what is left to amend, except ourselves? Is this a matter that required presidential intervention when some people were calling for the president to intervene. Does the constitution assign a role to the president in this matter?

“Are those inviting the president to act in Ondo and in Rivers state not aware that the president has no constitutional role in these matters?

“Are they not also those who argue that the federal government and by extension the president are too powerful and encroaching the powers of state governments?

Is this a case of passing the buck

when tough leadership calls are requested to be made?

“Happily, in our Ondo case, some blue blood Ondo indigenes have stood up to be counted (but they are in an obvious minority), even in the pursuit of law and constitutionality before the governor’s letter restored calm and we want for leadership in Rivers state to do the needful,” he stated.

Talking about leadership courage and character, the former minister noted that for instance, the decision to stop providing foreign exchange at official Central Bank of Nigeria (CBN) rate for the import of food items like rice as well as the decision to remove the subsidy on petroleum products, were expressions of both.

Arguing that the decisions did not serve the self-interest of the makers, on the contrary, Fashola noted that they serve a public benefit purpose in the long run even if that requires proper explanation and communication to those impacted adversely by the change of circumstances.

“A first look at the decision

relating to food items like rice will show that this was an area of economic competitive advantage that we had ceded to other nations, to our own detriment.

“So for almost five decades, other economies had prospered because we refused to venture.

To say that they fought back is an understatement because old habits die hard. Some of them with whom I spoke were unpretentious about their intent to cripple the Nigerian economy if that decision was not rescinded in 2015,” he added.

According to him, the question that was not asked and the communication that was needed were the impact of a lack of decision on Nigeria's foreign reserves in the face of crashing crude oil prices at the time.

“This kind of communication would have been helpful to show the beneficial nature of this decision because as crude oil prices crashed, so did our dollar receipts diminish, and with it our ability to fund payment for imported rice.

“With regard to the petroleum subsidy removal, it is still necessary

Obaseki: Edo Now Reference Point for Education Reforms in Africa

The Edo State Governor, Mr. Godwin Obaseki, has said his government has transformed the state’s education sector, using the Edo Basic Education Sector Transformation (EdoBEST) programme, repositioning the state as a reference point for education reforms in Africa.

Obaseki said this while giving his closing remarks at the festival of nine lessons and carols with the theme, “Transforming Lives, the Blessings of Christmas,” organised by the Edo State Ministry of Education, at Samuel Ogbemudia Stadium, Benin City.

Obaseki said his administration will be leaving behind a strong educational system to cater to the educational needs of all categories of students.

He said: “I am happy

watching these children perform this afternoon at the nine lessons and carols. Seven years ago when we resumed as a government, we didn’t have this, but I am happy we are leaving this behind.

“We are leaving behind an education system that has come to stay and caters for all, particularly children of the ordinary man and woman of Edo state.

“What you have witnessed here today is the hard work and dedication of some people who have worked with me to turn around the education system in Edo state.

“Edo is now the reference point in Africa for education reforms and this is due to the hard work of the commissioner and her team. They have put

in enormous work over the last several years.

“This will be my last outing with you as an ecosystem to celebrate Christmas but I want to assure our students that what we have started will be difficult for it not to continue and be sustained, due to what we have put on ground.”

The governor called on Edo people and other stakeholders in the education sector to rise and defend what his administration had done to ensure quality education for Edo children.

“We believe that Edo people will not fold their hands, including all other stakeholders and allow things to go bad the way it used to be.

“No matter how challenging and difficult things may be, this is a passing phase as all

these children we are training and giving skills to, in a few years’ time will be the ones who have changed things in Nigeria. They will produce more goods and services, make us care less about importation and foreign exchange, and make us less import-dependent.

“I need to do one more thing before I leave; this will be the last time that you will be hosted outside in the scorching sun.

Before I leave, I must make sure I build a facility that will accommodate at least 10,000 persons,” he added.

Others at the occasion included: The Secretary to the Edo State Government, Osarodion Ogie; Speaker of the Edo State House of Assembly, Blessing Agbebaku; religious and traditional leaders, among others.

to continue conversations about the benefits, and to define for Nigerians what harm was avoided by its removal,” he pointed out.

Fashola stated that one thing that was clear was that its continued prevention was the clear road to national insolvency.

A new lesson that today's leaders must learn, he said , is how to communicate in this world of information overload and how to

get the truth across in this age of fake news.

Explaining that mistakes are part of the process of learning and are useful to the extent that leaders learn from them and never repeat them, Fashola said that the fear of making mistakes must not hinder decision-making, insisting that otherwise the call of leadership would have been abdicated.

Gov Abiodun Pledges to Complete Agbara-AtanLusada Road in 9 Months James Sowole in Abeokuta Ogun State Governor, Prince Dapo Abiodun has assured that the Agbara-Atan-Lusada Road, currently under construction, would be completed in the next nine months.

Abiodun, who made this known in Ota during the 31st edition of Iganmode Day celebration, also assured the Ota-Idiroko Road as well as other township roads in the local government would be looked into by his administration.

He noted that the completion of the Agbara-Atan-Lusada Road, among others in the axis, is to ensure that Ota continues to occupy its pride of place in the country.

Abiodun added that what has been achieved so far in terms of road rehabilitation across the state was an indication of the commitment and dedication of his administration to ensure rapid development and economic prosperity of the people.

He said: "The road that we are constructing, which is the major road in this local government, Agbara-Atan-Lusada road, will be completed in the next nine months by God's grace."

Abiodun also added that with the recent approval by the Federal Executive Council, the reconstruction of the LagosOta-Abeokuta Road would soon begin.

"Now, you know that in the

last few weeks, we managed to get the Federal Executive Council to approve that the construction of Lagos-OtaAbeokuta Road be transferred to the Ogun State government. We have been fighting this for the last four years since I assumed office; myself and my colleague in Lagos State.

"The battle is not yet over, but at least, we have won round one. By the grace of God, we will continue to win."

He also said that his administration would continue to be passionate about the celebration of the state's deep culture and heritage.

He said plans have concluded to extend the Lagos Blue Rail Line from Okokomaiko to Agbara, while assuring that Ota would be one of the first few cities to benefit from uninterrupted power supply under the Light Up Ogun Project.

Abiodun said that the groundbreaking of the Dry Port in Kajola and the Deep Seaport in Ogun Waterside Local Government would be performed very soon by his administration.

The governor said Ogun State would soon be number two in Internally Generated Revenue (IGR) from her current position as the number three in the country because of the collective resolve of his administration to continue to open up the state for investments to thrive.

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GUINNESS EYE CENTRE INAUGURATED AT LUTH...

L-R; Board Chairman, Guinness Nigeria Plc, Dr. Omobola Johnson; Consultant Paediatrician, Prof. Chris Bode; CR Director, Guinness Nig. Plc, Mr. Rotimi Odusola; MD/CEO, Guinness Nig. Plc, Mr. Adebayo Alli and Chief Medical Director, Luth, Prof. Wasiu Adeyemo during the inauguration of refurbished Guinness Eye Centre at the Lagos University Teaching Hospital in Lagos…weekend

Sanwo-Olu Launches Lagos Market Traders Money Inaugurates first agro-food market hub in Mushin Segun James The Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, launched a N750 million Lagos Market/Trader Money to aid

traders in the state.

The initiative was part of efforts to address the hardship being experienced in the country at the moment.

Sanwo-Olu, who made

the declaration during the commissioning of a Mid-Level Agro-produce Hub, at Idi-Oro, Mushin, said at least 200 traders in markets from the 57 councils areas in the state would benefit.

He said not less than 15,000 persons would have access in the first phase.

"The government has come up with an intervention for all market men and women. The Market/

Trader Money for 15,000,000 beneficiaries as a suport. Each beneficiary will get N50,000 from government,” he said.

The governor explained that each local government would submit 200 names, adding that the Iyaloja, Babaloja would get 50 slots in each of the market.

While stressing that markets in military formations would also benefit, Sanwo-Olu said, "This will be the first attempt. This is

what the president is talking about.

You can imagine somebody that is selling fruits, this will make her to get more money and be able to sustain lives."

On the market hub, he stated that the facility sited on 6,400sq.m of land was with adequate car/ truck parking area, and with centralised dry and cold storage systems, giving the market players the economies of scale to make decent profits.

UN Women Ask for Prioritisation of Funding for War Against SGBV Smart Education Delivery: 11 States Michael Olugbode in Abuja

United Nations Women has called for prioritisation of investment by all stakeholders in financing development plans towards ending violence against women and girls.

This is just as it pleaded for strategic policy development aimed at putting a stop to Sexual and Gender Based Violence (SGBV).

The call was made at the weekend by the UN Women Deputy Country Representative to Nigeria, Mr. Lansana Wonneh, at a joint symposium on Prevention of Violence against Special Need Groups in Nigeria, themed “Tackling Multi-forms of Vulnerability and Violence through Improved Policies, Programmatic and Funding Mechanisms”.

Wonneh, who was represented by the National Programme Officer UN Women, Mrs. Patience Ekeoba, said despite many countries passing laws to combat violence against women, weak enforcement and discriminatory social norms remain a significant problem.

He said: “Being able to stop violence from occurring in the first place is critical to achieving the goal of ending violence against women and girls (VAWG) because if violence does not occur, all the other GBV responses will not be necessary.

"VAWG is preventable. We need to continue to invest in transforming social norms, addressing unequal gender

power relations, strengthening essential services for survivors, and enabling safer environments.

"I call for more attention to gender responsive budgeting, ensuring that budget circulars have definite allocations to gender equality and women empowerment including budget for addressing violence against women and girls.”

Wonneh explained that women with special needs and other groups experience violence differently because of their vulnerability and special needs, hence the need for stakeholder engagements to mobilise support and raise awareness to end the menace.

He added that: “The symposium provides opportunity for ASWHAN and the other special need groups to share their experiences of violence, their survivor stories and make demand for increased prevention interventions and response.

"It will also allow all relevant government agencies, the UN System, development partners, civil society gather here today to listen, discuss and advance prevention strategies and funding mechanism to enhance prevention and mitigation services and actions for the targets groups.

"So, I call on you to participate actively so that at the end of today’s interactions, we will all come up with practical strategies towards reducing and eliminating violence that affect this critical groups in our society.”

Also speaking, the acting Director, Policy Planning and Coordination, National Agency for the Control of AIDS (NACA), Dr. Yinka Anoemuah, noted that the agency will continue to work with partners to achieve the desired goal of ending all forms of violence.

“We have so many vulnerable populations that experience vulnerabilities and that is why we will continue to partner with the UN system and partners to find ways to bring an end to all the challenges that people are facing in the communities.

"We recognise very much the relationships between Gender Based Violence (GBV) and HIV, and that is why this is to the key area of strategic engagement that we have over the years, because if we want to control the virus, and end the epidemic by 2030, we need to bring to a stop all forms of violence, be it emotional, psychological, physical, then we have to work together to make that happen.

"Without resources, without people, without investment we will not be able to do it, but with collaborations and partnerships we will achieve a lot," she noted.

On behalf of people with disabilities, the President Women With Disabilities, Lois Auta, called for an increase in budget allocation on disabilities issues.

“Women with disabilities are much more vulnerable to issues of GBV. This violence could be in different forms such as issues of

economic empowerment, issues of health, issues of institutional barriers and infrastructural barriers.

"We have legal frameworks and these frame works are not implemented. The big issue is lack of funding. We need to come together and collaborate and activate the goal 17 of SDG, by working together. We need to insert a budget plan in all the MDAs for issues of women and girls with disabilities.

“We need to talk to National Assembly to increase the budget allocation on issues of disability as well as increase awareness on GBV in the rural areas.”

According to the Head Health Desk, Ministry of Women Affairs, Mrs. Marian Shuaibu, the ministry takes priority in the wellbeing of all women, noting that approval to establish a mobile court to deal with the perpetrators of GBV has been gotten, as well as development of a policy on mental health.

According to the stakeholders, this year's theme, “UNiTE!; Invest to Prevent Violence Against Women & Girls” is apt as it focuses on investment and financing of strategies and programmes that will help prevent violence from happening in the first place against women and girls.

The symposium was put together by UN Women, NACA, UNAIDS, Association of Women with HIV/AIDS in Nigeria, (ASWHAN) and the Ministry of Women Affairs.

Benefit from UBEC as Agency Promotes Innovation, Tech Deployment

Kuni Tyessi in Abuja The Executive Secretary of Universal Basic Education Commission (UBEC), Dr. Hamid Bobboyi, has expressed commitment of the Commission to proving smart education by promoting innovation and technology enhancement for delivery of quality basic education in the country.

He revealed that already the Commission, through its Digital Resource Centre, is providing technical support for smooth operations of the eleven (11) Smart Schools which had commenced academic activities during the ongoing September 2023/2024 academic session nationwide.

The Smart Schools are located in Bauchi, Benue, Ekiti, Nasarawa, Niger, Kano, Kaduna, Katsina, Kwara, Osun and Oyo States.

Spokesperson of UBEC, Mr. David Apeh, in a statement said Bobboyi spoke at a two-day workshop organized by the Digital Resource Center of the Commission to build and establish partnerships with Edtech startups to provide essential tools for enhancing the quality and relevance of education in the 21st Century.

He noted that there was the need to introduce innovative approaches to delivery of basic education and to familiarize education stakeholders, particularly classroom teachers in

Smart Schools, with the Edtech ecosystem.

The Workshop was well attended by the National Information Technology Development Agency (NITDA), twenty-one (21) Edtech Startups and eleven (11) teachers from the operational Smart Schools across the country.

"The interactive activity succeeded in identifying areas where UBEC can collaborate with the Startups to provide fresh perspectives and map out strategies for the utilization of technology in delivering quality basic education, especially for the Smart Schools and E-learning programmes of the UBE Commission," the statement said.

According to the statement the Digital Resource Center of UBEC has embarked on a technical support exercise designed to enhance the capacity of Smart School teachers through constructive feedback and continuous capacity development.

"The Technical support activity focused on observing and identifying areas of challenge in smart education delivery, while providing teachers with one-onone constructive feedback based on classroom observation.

"This approach provided direct coaching for skill refinement and Professional growth while creating an avenue for knowledge and experience sharing among teachers," Apeh stated.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As S’Court Insists on Nnamdi Kanu’s Trial for Treason...

Freedom eluded the leader of the outlawed southeast self-determination group, Indigenous People of Biafra, Nnamdi Kanu, as the Supreme Court court ruled he must stand trial notwithstanding the illegal process by which he was arraigned before the court, writes Alex Enumah

Ariwoola

H

ope that the detained leader of the proscribed Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu, would spend the 2023 Christmas outside the confines of the Department of State Service (DSS) where he had spent the past two Christmas, was dashed on Friday, following the refusal of the Supreme Court to upheld the judgment of the Court of Appeal which last year freed Kanu of criminal offences.

Besides Kanu, hope of his teaming supporters as well as residents of the Southeast geopolitical zone; who had believed that Kanu’s release would bring a drastic reduction in the grave insecurity in the region were also dashed by the judgment of a five-member panel led by Justice Kudirat Kekere-Ekun. Even in the Federal Capital Territory (FCT), Abuja, venue of Nnamdi Kanu’s trial on alleged acts of terrorism, treasonable felony amongst others, succour experienced since last year when the appellate court ordered for the IPOB leader’s freedom has suddenly evaporated into thin air.

Although, the sit-at-home order by IPOB each time the trial comes up, is limited to the southeast, the order no doubt affects people from other regions who may want to do business in the southeast on trial days as nothing goes into or comes out of the region on court’s days. Similarly, businesses, commuters and civil servants in the Central Business District of the FCT, where the Federal High Court is located, usually go through harrowing experiences due to the militarization of the area by security agents. In addition, hearing in other matters at the Federal High Court, Abuja suffer setbacks as litigants and their lawyers hardly make it into the court as the area is condoned off, preventing most people from accessing the court. Not left out are journalists, who must be thoroughly screened with only a handful allowed to monitor the proceedings.

Since October this year, when the apex court adjourned to December 15, for judgment in the federal government’s appeal against the release of the secessionist fighter, some people, especially in the southeast suffering more from the continued detention of Kanu had hoped and prayed for a favourable judgment.

A leader of the southeast and former Governor of Anambra State, Chief Chukwuemeka Ezeife, who had joined others to hope and pray for the release of Kanu, was reported to have died on the day the apex court in its judgment declined to free Kanu from the government’s charges.

The apex court in its judgment delivered

by Justice Mohammed Garba insisted that Kanu must continue with his trial, notwithstanding the breach of international laws and conventions by the federal government in the abduction of Kanu from Kenya.

Ezeife, no doubt would have had his hope

Kanu dashed if alive to have witnessed the proceedings. It should be pointed out that another leader of thought from the Igbo extraction and nationalist, Professor Ben Nwabueze, who had been in the forefront of campaign for Kanu’s unconditional release had died recently without seeing the release of Kanu.

The self-acclaimed leader of IPOB was first arrested by security operatives in October, 2015, in his hotel room at the Golden Tulip Hotel in Ikeja, Lagos State. He was then brought to Abuja, for trial. The first charge which was filed on December 18, 2015 had only six counts bordering on conspiracy and treasonable felony, among others.

He was initially charged alongside Benjamin Madubugwu and David Nwawuisi. The federal government later amended the charge from six to 11 and brought in two other defendants making a total of five.

The two other defendants are Chidiebere Onwudiwe and Bright Chimezie.

Besides, between 2015 and 2016, the defendants were arraigned before three different judges of the Federal High Court in Abuja. They were earlier arraigned before Justice Ahmed Mohammed and Justice John Tsoho (Now Chief Judge) and lastly before Justice Binta Nyako.

Although, they all pleaded not guilty, the court however initially denied them bail until 2017, when on health grounds, Kanu was admitted to N100m bail with three sureties in like sum.

The court in addition held that one of the sureties must be a religious leader.

However, few months after he was admitted to bail on health grounds, Kanu had fled the country in September 2017, after the military invaded his family’s home in Afara-Ukwu, near Umuahia, Abia State.

The situation led the federal government to apply for the revocation of his bail which was granted in 2019, by Justice Binta Nyako of the Federal High Court, Abuja.

Besides, the court ordered for the arrest of the IPOB leader, wherever he may be found.

Besides, the prosection also prayed the court to separate the trial of Nnamdi Kanu from the other four defendants, pending when he would be re-arrested and brought before the court to continue his trial.

The federal government’s request was granted and based on the court’s order, a combined security agents in collaboration with international police, arrested Nnamdi Kanu in Kenya, in June 2021, and forcefully brought him back to Nigeria, to continue his trial. The federal government subsequently re-arraigned him on an amended 15-count charge, bordering on treasonable felony, among others.

But, Kanu represented by his team of lawyers led by Prof Mike Ozekhome, SAN, urged the court to dismiss the fresh charge and free the IPOB leader, claiming that the illegal process through which Kanu was brought into the country renders the charge incompetent and robbed the court of jurisdiction.

In her judgment, Justice Nyako struck out eight out of the 15 count charge and ordered Kanu to stand trial on the remaining charge.

Dissatisfied, Kanu approached the appellate court to challenge the decision of Justice Nyako.

He had hinged his case on the grounds that his forceful return from Kenya to Nigeria, was unlawful, illegal, null and void, hence the federal government has no basis to try him

The apex court, although, condemned the security agencies for breaching international laws and conventions by the forceful rendition of Nnamdi Kanu to face trial, held that it was not enough reason to void the charge against Kanu.

The court which blamed the security agencies for Kanu’s breach of his bail, said the military acted irresponsibly when they invaded Kanu’s family home, adding that the trial court was wrong and unfair in revoking the bail it granted Kanu. It, however, held that Kanu’s lawyers should have instituted a civil litigation case over the destruction and illegality, rather than positing that the illegality rendered the charge incompetent.

on the former alleged offences of terrorism and treasonable felony.

Although, the federal government opposed the appeal and urged that Kanu be ordered to stand trial in the remaining seven count charge at the trial court, the appellate court however disagreed. In the lead judgment delivered on October 13, 2022 by Justice Oludotun Adebola, the Court of Appeal ruled in favour of Kanu and declared as illegal and unlawful, the abduction of Kanu from Kenya to Nigeria.

The appellate court subsequently quashed the entire terrorism charges brought against appellant by the federal government.

The appellate court agreed with Ozekhome that the federal government violated rules of engagement in the ways and manners Kanu was arrested in Kenya and brought to Nigeria.

Specifically, the Court of Appeal held that the Nigerian government broke the international laws and resorted to self help in its failure to file extradition charge against the IPOB leader in Kenya, adding that the unlawful abduction and rendition of the appellant rendered the charge incompetent and also divest the court of jurisdiction.

In allowing the appeal, the appellate court had ordered immediate and unconditional release of Kanu from the custody of the Department of the State Service (DSS). The Court also prohibited the federal government from further detaining or prosecuting Kanu on any indictment or charge before any court in Nigeria.

Miffed by the decision of the Court of Appeal, the federal government took the case to the Supreme Court with a request to quash the findings of the Court of Appeal and restore the trial of Kanu on treasonable felony at the Federal High Court, Abuja.

Delivering its judgment last Friday, the Supreme court held that Kanu must stand trial irrespective of the way he was brought back to the country to continue his trial.

The apex court, although, condemned the security agencies for breaching international laws and conventions by the forceful rendition of Nnamdi Kanu to face trial, held that it was not enough reason to void the charge against Kanu.

The court which blamed the security agencies for Kanu’s breach of his bail, said the military acted irresponsibly when they invaded Kanu’s family home, adding that the trial court was wrong and unfair in revoking the bail it granted Kanu.

It, however, held that Kanu’s lawyers should have instituted a civil litigation case over the destruction and illegality, rather than positing that the illegality rendered the charge incompetent.

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

T H I S D AY • MONDAY, DECEMBER 18, 2023

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FOCUS

Land Speculators Illegally Sand-filling Ikoyi Lagoon for Housing Devt, Fuelling Climate Crisis

Ikoyi Crescent in Lagos is in the midst of a miasma of despair and urban distortion. Bennett Oghifo reports on the potential destruction of Lagos’ ecosystem, the spurning of the state government’s efforts at tackling climate change and the likelihood of crashing the value of an upscale neighbourhood in Ikoyi as speculators and developers sand-fill Lagos lagoon, erasing the beautiful waterfronts that adorn upscale property on the island on the one hand and exposing or worsening the flooding crisis Ikoyi residents have dwelt with for decades.

R

ight under the nose of the government, a dangerous reversal of its efforts by land developers and speculators is threatening lives, properties and livelihoods with a clarion call on the Lagos government under Governor Babajide Sanwo-Olu to urgently intervene before things fall apart in Ikoyi.

But, the clandestine activities of realtors and developers seem to undo all the government’s positive steps.

What lies beneath

Lagos: waterfront beauty or concrete jungle?

Sprawling estates and luxurious neighbourhoods dot the panoramic view of Lagos on the Island. On the mainland, the megacity looms as a “concrete city” with a maze of well-planned communities and estates and a labyrinth of “jungle city” forming Lagos’s major kaleidoscope. At the heart of this mismatch, distortion of the Lagos masterplan is land speculators working in cahoots with estate developers spurning the policies and programmes of the Lagos government to address climate change, especially in stemming flooding and a possible submerge of the state’s upscale neighbour with its pricey real estate.

Lagos climate change drive The Lagos government is committed to the ideals of climate change. Last August, in a bid to combat and mitigate the effects of climate change in Lagos, Governor Babajide Olusola SanwoOlu restated his administration’s commitment to working closely with experts, organisations, and the global community to ensure that Lagos remains at the forefront of climate action in Nigeria, admitting that “while we have made significant progress, there is still much work to be done since the challenges faced demand continuous innovation, collaboration and adaptation.”

The clandestine sand-filling of the Ikoyi Crescent lagoon will require “much work” from the Lagos government to stop unauthorised developers and realtors from wreaking havoc on the Ikoyi axis and its waterfronts.

Lagos lagoon is receding, no thanks to so-called speculators and developers illegally assuaging the appetite for upscale real estate with little or no regard for watercourse, town planning codes and safety, according to several Ikoyi residents. Apprehensive residents worry that the indiscriminate sand-filling of the lagoon will aggravate the already perennial flooding in Ikoyi.

According to THISDAY checks, several dredging activities along the lagoon shoreline are usually carried out at night, surreptitiously encroaching the waterfronts of some Ikoyi residents. Realtors and developers are forming landmass by illegally sand-filling the Lagos lagoon and selling the land to unsuspecting affluent and sometimes influential figures.

Ikoyi Crescent in the crucible Recently, highbrow Ikoyi Crescent residents in Lagos were jolted when they saw their waterfront, a major attraction of their property, inundated with sand. Upstream was a dredger with the name ‘Dredging Atlantic’. Staring them in the face is a possible loss of the aesthetics the lagoon offers their properties and an outlet for floodwaters.

Sand-filling will also drastically bring down the upscale quality of the neighbourhood when the lagoon succumbs to what seems to be unregulated or even unauthorised sand-filling.

It did not take long for the at-risk residents to petition the Lagos, THISDAY learnt.

In 2017, a group, the Coalition of Concerned Citizens of Lekki, Ikoyi and Victoria Island, expressed similar trepidation, with its representative Olusegun Ladega, an architect, exposing the distortion of the Lekki drainage regional master plan “caused by the indiscriminate sand-filling of natural waterways.” According to him, the sand-filling of Lagos lagoons and oceans is causing coastal erosion, forcing water back to land.

The Ikoyi Crescent residents observed that the realtors and developers sand-filling the lagoon

Drilling equipment at the lagoon on Ikoyi crescent waterfront close to their neighbourhood had no proof of pending a review of any prior regulatory an environmental impact assessment report. licences that may have been granted.

Ladega believed the Lagos government could Alebiosu had issued the order while do more, stressing that the inability of the inspecting several development sites along environment, waterfront and physical planning the waterfront corridor across Lagos, noting ministries to “work together” has resulted in that the development violated the state’s infringement and breach of environmental regulations. laws by the ministries’ poor enforcement “The state government’s attention has been of environmental laws, building regulations directed to the large unlawful development and town planning guidelines. projects that have destroyed the area’s desirable waterfront scenery, putting the entire environment at risk of erosion and Lagos ministries at the heart degradation,” said the commissioner. of the matter In November, the Lagos government The Ministry of Waterfront Infrastructure announced that following the non-compliance Development directly oversees the waterfront. with the ‘stop-work order’ issued earlier The Ikoyi Crescent residents said they made to a developer of an ongoing multi-floor their observations known to the ministry. residential building on Oyinkan Abayomi Neither the waterfront ministry, the Ministry Drive, Ikoyi, it had sealed the site of the of the Environment, the Ministry of Physical project ordering workers to vacate the Planning and Urban Development could tell building immediately. While the commissioner what is going on in the Ikoyi neighbourhood. admitted that dredging could be done in The environment ministry told THISDAY it Lagos, Alebiosu emphasised that it must be did not approve the sand-filling of the lagoon, done with control and caution not to disturb citing that it is not under its purview. The the ecosystem and endanger the lives and physical planning ministry did not respond property of the people.

Lagos is the smallest state in Nigeria, yet to THISDAY’s inquiry. it has the highest urban population, 27.4 per However, the waterfront ministry replied to the newspaper’s inquiry, albeit unofficially. cent of the national estimate (UN-Habitat).

“They did not obtain approval from the Lagos’ dominant vegetation is the swamp ministry. The ministry did not give them forest of the fresh water and mangrove any approval. When the ministry received swamp forests, both of which are influenced complaints about their activity, a ‘stop work by its double rainfall pattern, making the order’ was issued to them,” said an official environment a wetland region. The Lagos of the waterfront ministry who spoke under drainage system is characterised by a maze of lagoons and waterways, constituting about anonymity.

The official did not state if the Lagos 22 per cent or 787 sq. km. (75.755 hectares) government would penalise or prosecute of the state’s territory.

In 2020, the Lagos government, in the trespassers. collaboration with the United Nations In October, the Commissioner for Waterfront Infrastructure Development, Yacoob Ekundayo Development Programme (UNDP) and Alebiosu, issued a ‘stop-work order’ on C40 Cities, took bold steps to address the illegally built structures at Oyinkan Abayomi, climate change scourge, which has become Ikoyi, in the Eti-Osa Local Government Area, a defining environmental challenge to the state and several other parts of the world.

By 2030, an estimated 108 to 116 million people in Africa will live in low-elevation coastal zones—defined as areas 10 meters or less above sea level, a figure projected to double by 2060, according to the Africa Centre for Strategic Studies, noting that in the near term, North and West Africa will be most directly affected, comprising 85 per cent of the projected 100 million population affected on the continent, though every region is threatened. Egypt and Nigeria, with high-density metropolises near the coast, are anticipated to face the greatest population disruptions.

Home to at least 20 million people and expected to be the world’s largest city “by the end of the century, Lagos, a low-lying city on Nigeria’s Atlantic coast, also experiences the triple impact of perennial fluvial (river), pluvial (rainfall), and coastal flooding.”

The centre explained that adding up the damages to assets, economic production, and mortality, the World Bank found the total cost of “just fluvial and pluvial flooding in Lagos is $4 billion annually,” pointing out that rising sea levels combined with high urbanisation will exacerbate future damage. It added that between 2020 and 2030, Africa’s seven largest coastal cities—Lagos, Luanda, Dar es Salaam, Alexandria, Abidjan, Cape Town, and Casablanca—are projected to grow by 40 per cent (48 million people to 69 million) compared with the continent’s overall anticipated increase of 27 per cent (1.34 billion to 1.69 billion).

“Smaller coastal cities may expand even faster: Port Harcourt in Nigeria, for example, is expected to grow 53 per cent over this decade.

Globally, Africa’s coastal regions are anticipated to experience the highest rates of population growth and urbanisation in the world,” said the centre.

Public-private collusion?

THISDAY contacted Dredging Atlantic, whose equipment was sighted working at the lagoon.

There was a denial of involvement in the ruination of the lagoon beyond a commercial hire of their equipment by an unnamed realtor or developer.

“That is false information (that Dredging Atlantic was the firm sand-filling the lagoon). I just made an enquiry, and it’s not Dredging Atlantic.

They hired our equipment,” a representative of the company said. “But if you want to get clearer information, then go to the Lagos State Ministry of Waterfront Infrastructure Development. We don’t have any permit to work there. It’s not in our name.”

When the Dredging Atlantic official was told that the dredger on site belonged to Dredging Atlantic, the response was: “They hired our dredger.”

“The company also undertakes various marine construction projects and geotechnical works; excavation offshore reclamation contracts; services for developing water installations for marine facilities and excavation contracts; drilling and deepening waterways, ports and marine installation,” the firm said on its website.

A marine expert, Hakeem Ogunbambi, told THISDAY that it is unlikely private investors, realtors, and developers are carrying out the surreptitious sand-filling of the Ikoyi Crescent lagoon without the active collusion of Lagos government officials.

“This reclamation is not being done by the private sector alone. They have their collaborators in the government. So, nobody can just take their dredger to the lagoon and begin to dredge or begin to do reclamation without the backing of some government officials.”

Ogunbambi suggested that “those close” to Sanwo-Olu are not unlikely to be at the top of the food chain.

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T H I S D AY ˾ DAY ͯͶ˜ 2023

FEATURES

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

A National Library in Ruins Sunday Ehigiator, who recently paid a visit to The National Library on Herbert Macaulay Way, Yaba, Lagos, writes on its sorry state, which paints a picture of desertion, ruin, and poor maintenance culture

The empty library hall

Worn out reading desks

Dilapidated and leaking roof at the National Library, Yaba

State of the toilet at the library

Frail state of the entrance of the library

Abandoned generator inside the premises

H

idden behind buildings without visible signage, a small painting of ‘The National Library’ on a broken fence to the left-hand side at the entrance; to your right, three rustic flag poles without a single flag on it, including the National Flag, rustic burglary-iron gates and the unwelcoming stench from unkempt toilets to your left are the sight that welcomes you to the National Library in Yaba, Lagos.

Nigeria's National Library The National Library of Nigeria came into operation in the mid-1960s with the enactment of the National Library Act of 1964 which was later replaced by Act No. 29 of 1970.

Before the passage of the National Library Act, series of educational conferences conducted in Ibadan served as the intellectual basis for the creation of a network of libraries funded by the federal government to provide accessibility of educational materials to Nigerians.

A government advisory committee was later created concerning the necessity to develop a local repository of knowledge.

The committee was charged with finding a way to aid the government in bringing to prominence the intellectual foundations of its policies, creating a national bibliographic centre and providing an arena for the promotion of knowledge.

The committee was the first major formal body that called for a National Library as part of its recommendations.

The government accepted the demands of the advisory committee and undertook the necessary steps to build a National Library.

The construction of the library began in 1962 and it was finally opened for public use on November 6, 1964. It was first headquartered in Yaba, Lagos and was later moved from Lagos to Abuja in 1995.

Since this happened, development, attention, and maintenance seem to have been moved away from the Lagos library.

The Library The United

Nations

Educational,

Scientific and Cultural Organisation (UNESCO) defines a library as an “Organisation, or part of an organisation, whose main aims are to build and maintain a collection and to facilitate the use of such information resources and facilities as are required to meet the informational, research, educational, cultural or recreational needs of its users; these are the basic requirements for a library and do not exclude any additional resources and services incidental to its main purpose.

“It includes any organised collection of books and periodicals in electronic or in printed form or of any other graphic or audio-visual materials. It includes virtual libraries and digital catalogues.”

In other words, a library is a resource centre for any piece of information sought after. Before the advent of the internet and its drastic usage by the human race towards our contemporary society, the library was the real 'Google'.

Libraries served as resources for almost everything and they still do but they are rarely used by people in the world today.

Hence most public libraries are now deserted, outdated, unmaintained, and occasionally used as event centres for public ceremonies, such is the case of the National Library, Yaba, which is supposed to be a national resource centre for all researchers, academia, while also serving a great part as the preserver of our collective national history.

A Library in Ruins One very major challenge one would first encounter about the National Library in Yaba when visiting for the first time is its location. Genuinely, this may not have been foreseen while it was being built, but the library is currently buried behind tall buildings along Herbert Macaulay Way, in Yaba. It took the help of Google Maps to navigate my way to the library.

Upon arriving, you will almost doubt you were at the right place due to the lack of any conspicuous billboard with the library’s name inscribed on it as befitting of a National Agency at its entrance, till you take a closer look at the broken fence to your left, covered by an electric pole, before you see the library name hand painted on the wall.

Next to welcome you are three standing rustic flag-poles to your right, with no single flag on them. Then you walk through the unmanned gate with no security man standing by it to vet visitors or direct them appropriately. However, there is a security house to the right side after entering the gate.

Just opposite the security house is the public toilet where all visitors to the library are supposed to ease off. It is dilapidated and completely looks unmaintained. The doors are broken, just as the roofs and the water closets.

From the entrance of the library, the biggest building, conspicuously a signature building of the library, facing visitors as they enter through the library gate is the library’s conference hall. The building which looks magnificent from the outside is a different tale from the inside. The stairs are still made of wood like in the 60’s.

Under the stairs are dusty books, clothes and furniture littered everywhere. Inside the

How can students’ reading culture be improved when libraries are abandoned and aren’t properly cared for? Hence, the government needs to as a matter of urgency revive the National Library, Yaba, and transform it into a place for vital information sourcing and research centre once again

main hall, the roofs are frail, no working air conditioning, and the lights are bad.

It generally looks unkempt and in need of aggressive maintenance.

Facing the building, a little to your right is another long hall believed to be an extension of the main library, based on the design of the furniture found in it.

Authoritatively, it has not even a single book in it.

All the reading tables and scanty chairs found in it were looking old, dirty, untidy, and broken, just like the ceiling fans. The roofs are dilapidated and leaking. The floor was looking dirty, and heaps of unprecedented luggage were placed in a few corners here and there.

By the left side of the conference hall is a playground looking unkempt with weeds all around it, and broken tree branches littered around it. Next to it is a big building, which is believed to be the main library. It is dusty, dirty, completely under locks and keys, and looking nonfunctional and deserted.

A walk around it, you will be met by a broken generator which looks abandoned, and an old-looking satellite information dish, also abandoned.

Way Forward It is bad enough that in this digital age, where Google and new Artificial Intelligence (AI) are the new waves, people or perhaps students don’t want to use libraries, and if they do, they are probably there to charge their phones or sleep off, abandoning a National library, which should serve a more national purpose of the historic connection, is worse.

Considering the area where the library is located, which houses several colleges and higher institutions, such as the famous University of Lagos, and Yaba College of Technology, among others, it begs the question of how can students’ reading culture be improved when libraries are abandoned and aren’t properly cared for?

Hence, the government needs to as a matter of urgency revive the National Library, Yaba, and transform it into a place for vital information sourcing and research centre once again.

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MONDAY, DECEMBER 18, 2023 • T H I S D AY

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Trends Redefining Nigeria’s Future Nosa Alekhuogie Explores Anticipated Tech Trends Shaping Nigeria’s Future in 2024’s Evolving Technological Landscape

A

s 2023 draws to a close, the anticipation for technological advancements in Nigeria’s tech space for the upcoming year intensifies. The impending trends for 2024 promise a dynamic shift in the country’s technology landscape, reflecting innovation, adaptability, and the pursuit of solutions catering to local demands and global standards.

FINTECH INNOVATION Nigeria’s fintech space is one of the key sectors that are expected to evolve significantly. In 2024, the focus remains steadfast on expanding financial inclusivity through various means, such as mobile banking solutions, digital wallets, and innovative payment systems. Collaborations between fintech startups, traditional financial institutions, and regulators will drive an environment conducive to financial services innovation.

Moreover, integrating financial services into sectors beyond traditional banking is projected to gain traction. Expect partnerships between fintech companies and industries like e-commerce, telecommunications, and agriculture, tailored to offer specific financial products and services. This emphasises convenience and accessibility for consumers, driving continued growth in fintech solutions and widening access to financial services for the unbanked population.

The surge in digital payment solutions is anticipated, with projections indicating a shift towards mobile money usage, peerto-peer (P2P) payments, and contactless payment methods. This transition fosters a cash-lite economy, reducing reliance on physical currency while enhancing transaction convenience for businesses and individuals.

The adoption of blockchain technology and cryptocurrencies is projected to grow, presenting opportunities for more efficient and transparent financial systems. Projections suggest increased exploration of blockchain applications in areas like remittances, crossborder transactions, and identity verification.

Fintech firms are anticipated to forge strategic collaborations, both domestically and internationally. Partnerships between fintech startups, traditional financial institutions, and other sectors are projected to drive innovation, enhance service offerings, and expand market reach.

AI AND AUTOMATION Another pivotal trend shaping Nigeria’s tech landscape in 2024 is the increased integration of artificial intelligence and automation across industries. These advancements enhance efficiency in sectors like agriculture, healthcare, and logistics.

Predictive modelling, data analysis, and AI-driven decision-making processes are expected to become more prevalent.

Furthermore, the versatility of Generative AI is highlighted, presenting tools like GPT3 by OpenAI, RunwayML, and DeepArt. io, harnessing its capabilities for various applications. This technology not only stands as a trend but marks a revolution poised to impact 2024 and beyond significantly.

Industries in Nigeria are projected to leverage AI and automation for streamlining operations, optimising processes, and making data-driven decisions. Agriculture, in particular, could benefit from AI-powered tools for crop monitoring, pest control, and yield prediction, while healthcare might witness increased accessibility to AI-driven diagnostics and patient care solutions.

E-COMMERCE EVOLUTION The evolution of Nigeria’s e-commerce sector continues to be a focal point, emphasising enhanced user experience, logistics efficiency, and personalised services.

Anticipate the integration of AI-powered recommendation engines, smoother payment processes, and logistics optimisation, culminating in an improved online shopping experience for Nigerians.

The e-commerce trajectory in Nigeria indicates sustained growth fueled by the amalgamation of technology, entrepreneurial spirit, and consumer demand. Online shopping is transitioning from being a convenience to an integral part of Nigeria’s commercial landscape, empowering businesses and consumers.

Homegrown e-commerce platforms like Jumia, Jiji, Konga, Obiwezy, Kobo360 and emerging ones like Parsul have flourished, catering to products and providing a seamless shopping journey tailored to the Nigerian audience. This success signifies the growing trust in online transactions, contributing to exponential growth for these platforms.

• Tech-driven shopping experiences In 2023, a paradigm shift occurred in how Nigerians shop online.

Enhanced user interfaces, AI-powered personalised recommendations, and efficient logistics transformed the digital shopping experience.

Consumers now enjoy access to a wide array of locally sourced and globally renowned products, accompanied by secure payment gateways and hassle-free deliveries, even in remote regions.

• Mobile commerce domination The prevalence of smartphones has propelled mobile commerce to the forefront of the industry. As a significant portion of the population now accesses the internet through mobile devices, e-commerce platforms have tailored their services to cater to mobile users. This shift has elevated mobile apps as the primary shopping companions, offering convenience and accessibility, consequently leading to a notable increase in transactions driven by mobile technology.

CYBERSECURITY EMPHASIS With the surge in digitalisation, the importance of robust cybersecurity measures cannot be overstated, as 2024 trends dictate that companies must invest in advanced security technologies to safeguard their assets. Projections

by Cybersecurity Ventures suggest that the cost of cybercrime will soar to $10.5 trillion by 2025, emphasising the critical need for robust cybersecurity infrastructure. Reports by Accenture indicate the average cost of a cybercrime incident increased to $13 million in 2021 and is predicted to rise by 15% by 2024. Consequently, there is an increased emphasis on cybersecurity measures, prompting investments in infrastructure and awareness campaigns to combat cyber threats and safeguard sensitive data.

HEALTH TECH ADVANCEMENTS The health tech sector is poised for significant advancements. Projections indicate a transformative shift towards digital health solutions to improve healthcare accessibility and delivery.

Telemedicine platforms are expected to experience substantial growth, facilitating remote consultations and expanding healthcare access to underserved regions. The proliferation of health-focused mobile apps and wearable devices is projected to empower individuals to manage their health proactively. Additionally, datadriven healthcare systems leveraging AI and analytics are anticipated to enhance diagnostics, treatment plans, and patient care. Collaborations between tech companies, healthcare providers, and regulatory bodies will likely drive innovation and promote the adoption of digital health solutions. Overall, 2024 promises a tech-driven revolution in Nigeria’s healthcare landscape, fostering improved healthcare outcomes and greater inclusivity.

GREEN TECH AND SUSTAINABILITY Nigeria’s commitment to sustainability is anticipated to intensify in 2024, particularly concerning energy and waste management. Tech-driven initiatives involving solar energy solutions, waste recycling platforms, and environmentally friendly practices in manufacturing and transportation are expected to gain momentum. Precision agriculture techniques powered by technology and data analytics optimise crop yields while minimising resource usage. Organic

farming methods and water-efficient irrigation systems are projected to enhance agricultural productivity while preserving the natural ecosystem.

Innovative technology-driven solutions are addressing the waste management challenge in major urban centres like Lagos and Abuja. Recycling programs and waste-to-energy projects are gaining traction, contributing to increased recycling rates and decreased landfill dependence, fostering a cleaner environment. In 2024, Nigeria’s green tech and sustainability pursuit represents a transformative shift toward an eco-conscious future. The nation is witnessing a movement across sectors, harnessing innovation, policy reforms, and societal change to create a more sustainable, greener future.

RISE OF REMOTE WORK TOOLS Nigeria’s workforce is embracing the paradigm shift towards remote work, leading to a surge in developing and adopting innovative remote work tools and platforms customised for the Nigerian context.

This transformative trend is reshaping the work landscape, emphasising connectivity, collaboration, and productivity enhancements for distributed teams across various industries.

The tech scene in the country is witnessing a wave of locally developed remote work tools and platforms catering to the unique needs of businesses and professionals. These solutions focus on overcoming challenges specific to Nigeria, such as connectivity issues and diverse work environments. They offer seamless connectivity, even in regions with less robust internet infrastructure, ensuring remote workers stay engaged and productive.

We are also seeing the rise of the development of productivity tools tailored to the Nigerian workforce. These tools leverage AI and automation to streamline tasks, optimise workflows, and enhance efficiency.

Solutions such as task management apps, time-tracking software, and virtual assistants are projected to empower remote workers, enabling them to manage their workload effectively and maintain productivity levels.

In conclusion, the surge in remote work tools and platforms tailored to the Nigerian workforce is fostering a dynamic work environment characterised by connectivity, collaboration, and productivity enhancements.

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T H I S D AY MONDAY DECEMBER 18, 2023 18 TR

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& RE A S O

Monday December 18, 2023 Vol 27. No 10475

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opinion@thisdaylive.com

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AFDB’S ACADEMY AND ILLICIT FUNDS FLOWS Illicit financial flows are damaging Africa’s economic fabric, argues TOMMY ODEMWINGIE

See page 23

CHRISTMAS BY THE RIVERS OF BABYLON The sacking of federal and state lawmakers on the platform of PDP in Plateau by the appellate court deeply unsettles the masses, reckons CHRIS GYANG

See page 23

EDITORIAL

ON MATERNAL MORTALITY IN NIGERIA

24

Anambra is well positioned to harness emerging opportunities in the international economic system, argues CHUKWUEMEKA UWANAKA

SOLUDO, U.S. INFLATION REDUCTION ACT AND ANAMBRA'S DEVELOPMENT The relatively recent Anambra Investment Summit 2023, which commenced on September 7 with the theme ‘Laying the Foundation for a Prosperous and Smart Mega City’, highlighted the drive for increased international investment opportunities by the government of Anambra State. The presence of multilateral and international stakeholders at the summit, such as the Resident Coordinator of United Nations in Nigeria, the World Bank Country Director, the Chinese Ambassador to Nigeria, the African Export-Import Bank (Afreximbank), and other stakeholders, further demonstrates the economic aspirations of the government of one of the most industrial-based subnational government in Africa, in an increasingly competitive global environment. There are however policies by certain foreign governments, and geopolitical trends, that can serve as leverage for such economic aspiration, if strategically managed.

The manufacturing potential of the United 6WDWHV 8 6 ,QÁDWLRQ 5HGXFWLRQ $FW RI LV one of such policies that Governor Chukwuma 6ROXGR FDQ KDUQHVV IRU WKH PXWXDO EHQHÀW RI industrial organisations in Anambra state, with appropriate leadership. :KDW GRHV WKH 8 6 ,QÁDWLRQ 5HGXFWLRQ $FW entail for industries?

7KH ,QÁDWLRQ 5HGXFWLRQ $FW RI ,5$ R΀FLDOO\ ¶$Q $FW 7R SURYLGH IRU UHFRQFLOLDWLRQ pursuant to title II of S. Con. Res. 14.’, was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022. Though designed to UHGXFH LQÁDWLRQ E\ SRVVLEO\ UHGXFLQJ WKH IHGHUDO JRYHUQPHQW EXGJHW GHÀFLW ORZHULQJ prescription drug prices, and investing into domestic energy production while promoting clean energy, the law has certain provisions WKDW DͿHFW LQYHVWPHQW DQG PDQXIDFWXULQJ activities, with international implications.

Among the objectives of the U.S. IRA 2022 is to boost economic competitiveness of the U.S. made products, including vehicle manufacturing and other forms of clean technologies. The Act therefore provides subsidies and tax credits worth up to $1 trillion across the climate economy, with compliance with Local Manufacturing Requirements (LCR) as a key condition for accessing the EHQHÀWV RI WKH $FW (OHFWULF YHKLFOHV DQG RWKHU green technologies may access up to $369 billion of subsidies and tax credits, as part of the Act. The provisions of the U.S. IRA 2022 have UDLVHG VLJQLÀFDQW FRQFHUQV DPRQJ PDMRU countries and governments of the world, who value their economic relationship with the U.S., the world’s largest economy. The Act comes across as protectionist, and potentially hinders the competitive access of products from other countries to the U.S. As a result, responsive governments such as the United Kingdom (UK) and the European Union (EU), have engaged the U.S., in attempts to protect the economic interests of their countries.

The UK Prime Minister, Rishi Sunak, met

with President Biden and the U.S. government, DV SDUW RI QHJRWLDWLRQV WR HQVXUH %ULWLVK ÀUPV and automotive sector can be eligible suppliers for US companies, seeking tax credits under IRA. This culminated in ‘The Atlantic Declaration for a Twenty-First Century U.S.UK Economic Partnership’ on June 8, 2023, otherwise called the ‘Atlantic Declaration’. The Atlantic Declaration includes commencement of negotiations on a Critical Minerals Agreement (CMA), which covers cobalt, graphite, lithium, manganese, and nickelwhich are among the most important minerals required for the production of electric vehicles.

These minerals are extracted or processed in the UK, and are therefore eligible toward sourcing requirements for clean vehicles that qualify for the Section 30D clean vehicle tax credit of the U.S. IRA 2022. The UK automotive LQGXVWU\ LV WKHUHIRUH D SRWHQWLDO EHQHÀFLDU\ RI the Act, as the UK is a net exporter of these materials for EV batteries to the US. With the CMA, companies in the U.S. that source or SURFHVV WKRVH PDWHULDOV IURP 8. ÀUPV LQ WKH UK, qualify for tax credits and subsidies under the IRA. As such, incentives are provided to 8 6 ÀUPV WKDW EX\ WKHVH PLQHUDOV IURP ÀUPV in the UK. The EU raised similar concerns about the LPSOLFDWLRQV RI WKH 8 6 ,5$ RQ (8 ÀUPV And this was further discussed during 27th U.S.-EU Summit on October 20, 2023. Similar to what obtains in the Atlantic Declaration for the UK, the negotiations on the Critical Minerals Agreement are expected to address some of the economic concerns that the EU has about the Act. Negotiations on the CMA should potentially make batteries produced in the EU eligible for IRA subsidies for electric vehicles, for more mutual market access.

Essentially, countries and governments with the right leadership are engaging the U.S., to create means of better and continuous access to the U.S. market That type of leadership is fundamentally what is expected of Governor Chukwuma Charles Soludo. A professor of economics, Soludo had prior to becoming Governor of Anambra State, had working stints with major multilateral organisations such as

the International Monetary Fund (IMF), World Bank, United Nations, University of Cambridge, University of Oxford, Brookings Institution, among others. He has also been Governor of the Central Bank of Nigeria (CBN), Presidential Economic Adviser and Chief Executive of National Planning Commission of Nigeria.

Soludo therefore has the worldview and capacity to attempt this challenging task of engaging the U.S. on the IRA as a subnational government, in a manner that facilitates Anambra-based companies such as Innoson Vehicle Manufacturing (IVM) at Nnewi, and their production supply chain, access to the U.S. market and subsidies under the IRA. IVM has since 2021 commenced the manufacturing of vehicles that run on compressed natural gas (CNG), and has announced plans to begin the manufacturing of electric vehicles (EV). The CNG-run vehicles and EVs of IVM align with the environmental objectives of the IRA, and provide a framework for access to the U.S. market, for vehicles and technologies produced LQ $QDPEUD 7KLV ZLOO EH YHU\ EHQHÀFLDO WR Anambra-based vehicle manufacturers, given the higher purchasing power in the U.S. The decision of IVM to commence EV manufacturing in Nigeria is because major components, materials and minerals for EV manufacturing, are available in Nigeria.

7KHUHIRUH 1LJHULD DV D ZKROH LV D EHQHÀFLDU\ with the opportunity for increased valuedadded mineral export from Nigeria, in line with government objectives for the mineral sector, as promoted by the Ministry of Solid Minerals.

And the proposition for Soludo to engage with the U.S. on IRA as a subnational, is not unrealistic. The Anambra state government had on November 10, 2023 at the recent 3rd Intra-African Trade Fair (IATF) 2023, held in (J\SW VLJQHG ÀQDQFLDO DGYLVRU\ PDQGDWHV worth $200 million with Afreximbank, for a number of economic initiatives in the state. Among the trade expansion platforms available from Afreximbank is the African Sub-Sovereign Governments Network (AfSNET). AfSNET is a dedicated mechanism that subnational governments can leverage to promote trade, investment, industrialisation and development. Therefore, the negotiations of Anambra state with the U.S. regarding the IRA, can come with multilateral institutional support from Afreximbank, if need be.

The agreement between Anambra State government and Afreximbank bank also includes the establishment of bankability for key projects, that include the Ikenga MixedUse Industrial City, the Anambra Export Emporium, the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.

Dr. Uwanaka writes from African University of Science and Technology, Abuja. chukweks@yahoo.com

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MONDAY DECEMBER 18, 2023

Illicit financial flows are damaging Africa’s economic fabric, argues TOMMY ODEMWINGIE

The sacking of federal and state lawmakers on the platform of PDP in Plateau by the appellate court deeply unsettles the masses, reckons CHRIS GYANG

AFDB’S ACADEMY AND ILLICIT FUNDS FLOWS

CHRISTMAS BY THE RIVERS OF BABYLON

Throwing money at problems often appears as the easiest approach to development. It affords the opportunity to show physical signs of development.

That was why it found traction with some African leaders in the early years of Independence. Two examples are enough as simulation scenarios: •To redress low agricultural output, establish government farms; import huge tractors and build huge silos. So, why has food insecurity overrun Africa?

•For health care delivery, establish big hospitals in cities and import large socks of drugs. So why are preventable infections and epidemics still ravaging the continent and still claiming lives in millions?

The fascination with gigantic structures was never matched by human capacity development.

That’s why Ajaokuta and Nigeria’s four refineries have become metaphors for governmental missteps in building gigantic structures without building commensurate human capacity around them.

Based on insights from different perspectives, there’s palpable concern at the rate at which illicit financial flows (IFFs) are damaging Africa’s economic fabric. According to the Economic Development in Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa loses about US$88.6 billion, 3.7 per cent of its gross domestic product (GDP), annually in illicit financial flows. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) report released in February 2021 cautions on IFFs — from trade misinvoicing, tax abuse, cross-border corruption, and transnational financial crime.

The UN Office on Drugs and Crime (UNODC), in its Strategic Vision for Africa 2030 launched in February 2021, notes that illicit financial flows remain a key impediment to Africa’s attainment of the 2030 Agenda and the African Union Agenda 2063. Given the multidimensional and transnational nature of IFFs, significant domestic resources – illicitly acquired and channeled out – pose a continent-wide development challenge.

Stemming the inflow and outflow of moneylaundering linked to terrorism, organized crime, corruption and other crimes would make a significant contribution to economic growth, the vision states.

In a nutshell, according to the report, IFFs are draining resources from sustainable development, as well as worsening inequalities, fueling instability, undermining governance, and damaging public trust.

No institution shares this concern more than the AfDB. So, what’s the institution doing about a very bad situation that is different? It is quite clear that African Development Bank (AfDB) subscribes to the notion that to solve a developmental problem, rather than just throw money at it, the most efficacious approach is to understand its dimensions and ramifications, as well as identify

solution sources.

“The AfDB strongly supports Africa’s economic efforts; including efforts to stem corruption, improve transparency, and strengthen fiscal consolidation and efficiency,” President of AfDB, Akinwumi Adesina, said at a workshop on 24 April 2023. The workshop on “Role of Parliaments in Combating Illicit Financial Flows from Africa” was organized by the African Development Bank (AfDB) in Abuja. He was represented by AfDB Senior Nigeria Country Director, Ebrima Faa. Last week, the African Development Institute, an affiliate of AfDB, organized an executive training on “Enhancing Accountability, Transparency and Curbing Corruption and Illicit Financial Flows in Africa”. It was part of its structured training on Public Finance Management Executive Training, provided by the its Public Finance Management Academy (PFMA).

The configuration of partnership for the training underscores the broad perspectives on, and concert of concern to respond to the challenge of, IFFs. The training facilitators were certified experts drawn from collaborating anchor institutions and partners, and the Public Financial Management Academy’s Policy Lab Unit. The training was codelivered by experts from the AfDB, the IMF, the World Bank, the FATF-Style Regional Bodies, the African Tax Administration Forum (ATAF), African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E), OECD - Global Forum on Transparency and Exchange of Information for Tax Purposes, the Extractive Industries Transparency Initiative (EITI), Global Financial Integrity (GFI) and Financial Action Task Force (FATF).

Beneficiaries of the training include senior technical officials of national and sub-national governments in the Ministries of the Economy, Finance, Budget, and Planning, Central Banks, and other institutions in charge of public financial management in all African countries; as well as key anti-corruption, IFF/AML/CFT institutions, Registrar Generals, and statistical offices.

The overarching theme of the training was on “Enhancing Accountability, Transparency and Curbing Corruption and Illicit Financial Flows in Africa”, with following topics designed to address the critical issues: •Conceptual Issues on Accountability, Transparency, Corruption, and Illicit Financial Flows; and b. Drivers of corruption, money laundering, illicit financial flows and other financial crimes in Africa.

•Institutional, Regulatory and Legal Frameworks for Fiscal Transparency, Anti-Corruption and curbing Illicit Financial Flows.

•International Accounting and Auditing Standards for Enhancing Transparency and Accountability.

•The role of audits — Internal Auditors and Supreme Audit Institutions (SAIs) - in assuring Integrity of the public financial management system.

•Role of the Legislature and Judiciary in ensuring accountability in public financial management and AML/CFT/IFFs. Leveraging e-governance and civil society for Fiscal Transparency, Accountability, and Combating Corruption and Illicit Financial Flows.

•Importance of Beneficial Ownership Information Disclosure in promoting transparency, curbing financial crimes and improving revenue.

Odemwingie, a former features editor of The Guardian, is an international development communication expert

2UGLQDULO\ WKH <XOHWLGH VKRXOG HYRNH the spirit of love, goodwill and hope for all mankind.

But as Christmas approaches, a menacing sense of foreboding, borne out of a feeling of XQMXVWLÀHG ORVV DQG PXWXDO VXVSLFLRQ VWLOO ORRPV over Plateau State. The usual boisterousness is subdued and muted at activities in the lead-up to the celebrations.

7KLV EOHDN VWDWH RI DͿDLUV IRUFHIXOO\ EULQJV to mind this lament of the Israelites following their exile (between 597 BCE and 538 BCE) from their homeland as captured in Psalm 137: By the rivers of Babylon, there we sat down, and local government areas were worse hit.

The state government is also taking a yea, we wept, when we remembered Zion.

We hanged our harps upon the willows in the novel, most spectacular, step of resuscitating midst thereof. For there they that carried us and bringing back rail services to the state DZD\ FDSWLYH UHTXLUHG RI XV D VRQJ DQG WKH\ capital and environs. This will greatly ease WKDW ZDVWHG XV UHTXLUHG XV PLUWK VD\LQJ 6LQJ citizens’ transportation problems, worsened by the removal of fuel subsidy, and boost us one of the songs of Zion.

Today, by the cruel twist of what is widely WKH HFRQRP\ %HLQJ WKH ÀUVW SKDVH RI WKLV believed to be strings of injustice, Plateau intervention, other parts of the state will SHRSOH DOVR ÀQG WKHPVHOYHV ZDLOLQJ RQ WKH EHQHÀW VXEVHTXHQWO\ The administration has reinvigorated banks of their own Euphrates and Tigris rivers. the once moribund Plateau State-owned Apparently, our own Zion, symbolised here VHFXULW\ RXWÀW 2SHUDWLRQ 5DLQERZ ZLWK WKH E\ WKH HTXLWDEOH GLVSHQVDWLRQ RI MXVWLFH DOVR support of the nation’s security agencies by DSSHDUV WR EH IDU RͿ And those who brought the state to this training hundreds of operatives. They will sorry reckoning openly mock and poke fun provide community policing interventions at the victims, beating their chests about their at the local level. This has brought relative might and power over the scales of justice. They peace to some parts of the state that were also demand a song from the hurting, furious, RQFH GHVLJQDWHG ÁDVKSRLQWV RI VWULIH $QG EHFDXVH SDVW FRQÁLFWV LQ WKH VWDWH victims. had negatively impacted food security The wholesale sacking of the federal and state lawmakers massively elected on the platform due to the displacement of indigenous of the Peoples Democratic Party (PDP), by the communities from their ancestral lands, appellate court rankles and deeply unsettles the the state government is poised to boost agriculture and make it more commercially PDVVHV FDVWLQJ D SDOO RYHU WKH <XOHWLGH The fact that the governor was not spared oriented. To this end, it has procured leaves little room for comfort; and because his hundreds of truckloads of assorted fate now hangs in the balance at the Supreme fertilizers which will soon be distributed to Court has left citizens even more disconsolate farmers that are returning home for the next and traumatized. All on the grounds of legal farming season.

This is just the tip of the iceberg. Pundits technicalities and niceties.

So, even more sepulchral and eerie silences D΀UP WKDW FOHDUO\ GHYRLG RI WKH GLVWUDFWLRQV occasioned by the elections litigations, the ÀOO ELJ HPSW\ VSDFHV For people here, the current economic administration would have taken the state hardships (exacerbated by a 20-year high to even greater heights. This is because LQÁDWLRQDU\ UHJLPH RI SHU FHQW DQG DQ LW KDV VKRZQ VX΀FLHQW FRPPLWPHQW DQG exchange rate of N1,245.00 to a dollar) would determination to meet its own part of the have been more bearable and less dreary had social contract with citizens.

2EVHUYHUV GHVFULEH WKHVH GLYHUVLRQDU\ justice been delivered to them at the appellate litigations about elections that are becoming court.

This bleak scenario conjures up an image a distant memory as ‘the elongation of the of a people overwhelmed by despondency, election season without end’. They warn desperately longing for an overhaul of the that this has the potential of fundamentally verdicts of the tribunals and appellate court stunting the state’s overall growth and in which they had invested so much trust and development. The impact will be felt for a FRQÀGHQFH %XW FDQ WKH 6XSUHPH &RXUW UHVWRUH long time to come.

That said, some consolation can be the governor’s mandate and in the process further entrench that respect the people still extracted from the fact that the situation can still be salvaged; that the scales of justice have for it?

It is absolutely possible. Even so late in the FDQ \HW WLOW WR UHÁHFW HTXLW\ IDLUQHVV DQG day. Political analysts concede that, even in the ethical values that underpin the whole the face of the excruciating distractions of the gamut of any system of jurisprudence.

It is on this strong belief that majority tribunal and appellate court litigations and outcomes, the governor has posted a relatively of Plateau people who voted Governor superlative performance in the last seven Mutfwang on March 18, 2023, into power months that he has captained this ship of state now lay their hope. Which is why the dissonance in this year’s Jingle Bells on these tempestuous waters.

Not only has he stabilized and brought a great tune is but a short term set-back; a rough measure of sanity to the payment of salaries of patch from which will emanate glorious civil servants, the governor has restored to the symphonies that will herald good tidings Jos city centre a beauty and orderliness that has and joy to the good people of Plateau State not been seen in close to a decade. During that in the years to come.

XQIRUWXQDWH LQWHUUHJQXP ZKHQ ÀOWK KHOG VZD\ Gyang mountains of putrid refuse and deep gullies is the Chairman of the N.G.O, Journalists adorned substantial parts of the state capital Coalition for Citizens’ Rights Initiative DQG LWV URDGV QHWZRUNV 2XWO\LQJ PHWURSROLV

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MONDAY DECEMBER 18, 2023

EDITORIAL

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

ON MATERNAL MORTALITY IN NIGERIA Health authorities could do more to contain the scourge

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T H I S D AY ˾ MONDAY, DECEMBER 18, 2023

25

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

1 5 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Undervalued Stocks, Yields on Long-term FGN Bonds Attract FPAs, Stake N12.4tn

Kayode Tokede Data from the National Pension Commission (PenCom) has revealed that the pension industry’s Net Asset Value in the Nigerian stock market and FGN Bonds Held-to-Maturity (HTM) rose to N12.4 trillion as of the end of October 2023, an increase of N2.27 trillion compared to N10.13trillion recorded at the beginning of the year.

This means that Pension Fund Administrators (PFAs) operating in Nigeria have increased the value of their assets in the stock market and the Bond market by 58 per cent and 18.95 per cent in the 10

month period, respectively.

The renewed interest is coming on the backdrop of stock market bullish run amid cheap stocks, and lucrative yield on long-term FGN bonds.

Following PFAs exposure in stock market, the Nigerian Exchange Limited (NGX) All-Share Index in 10-month gained 35.09 per cent (currently at 41.24 per cent Year-till-Date (YtD) growth as of December 15, 2023).

THISDAY analysis revealed that the growth of the pension industry’s exposure in the stock market was also in tandem with the performance of the NGX Pension Index, as it rallied

by 65.59 per cent in 10 -month and 74.33 per cent YtD growth as of December 15, 2023.

Analysts believe the PFAs and investors reacted sharply to naira depreciation in the foreign exchange market, double-digit inflation rate, coupled with the Central Bank of Nigeria (CBN)’s 18.75 per cent Monetary Policy Rate (MPR) currently at 18.75 per cent.

They expressed that the pension industry has been recording significant growth in recent years, following several regulatory reforms

by PenCom, which has seen the number of PFAs in the industry reduce as a result of some mergers

and acquisitions.

PenCom in its latest report disclosed that the industry’s total assets gained a whopping N2.67 trillion in 10-month to stand at N17.66 trillion as of October 2023, representing a 17.8 per cent increase when compared to N14.99 trillion as of the end of December last year.

As of October 2023, total FGN securities that include: FGN bonds (HTM), Treasury Bills, Agency Bills, Sukuk bonds, Green bonds increased to N11.42 trillion, contributing 64.7 per cent to overall PFAs total assets.

On the other hand, PFAs exposure in stock market accounted for 8.1 per cent of the total assets, indicating that

the bulk of the industry’s exposure is still towards less risky asset classes.

The pension Industry operates under stringent regulations due to the nature of handling public funds, primarily the contributions of workers meant for their retirement.

The PenCom enforces guidelines and limits to ensure the safety and security of contributors’ funds as restrictions are placed on PFAs regarding the allocation of contributors’ funds into volatile assets.

This cautious approach is in line with the need to protect contributors’ savings and ensure that they have a secure and reliable source of income

during their retirement years.

To achieve this, the PFAs adopt a mix of fixed and variable assets in their investment portfolios.

This diversified approach takes into consideration the risk tolerance of contributors and the different fund categories within the pension system.

The surge in PFA assets in Nigerian stock market, in tandem with the broader growth of the pension industry, suggests a positive outlook for both pension fund managers and the Nigerian stock market.

The story continues online on www.thisdaylive.com

Analysts Predict Sustained Climb as OVN Rate Soars Nume Ekeghe The overnight rate (OVN) in the Nigerian money market skyrocketed last week, reaching a staggering 23.3 per cent.

This 367 basis point increase was primarily driven by debits from the recent FGN bond auction N273.63 billion and net NTB issuance of N250.00 billion, which squeezed liquidity in the financial system.

Despite the surge in the OVN rate, the average system liquidity improved, ending the week at a net

long position of N19.74 billion. This was due to increased participation

by Deposit Money Banks (DMBs) in the Central Bank of Nigeria (CBN) Standing Lending Facility (SLF) window.

Nevertheless, financial analysts are forecasting that the OVN rate will remain elevated this week, with limited potential for relief.

“While the expected inflow from FGN bond coupon payments of N29.84 billion could offer some temporary respite, it’s unlikely to

be sufficient to fully saturate the system and bring down the rate, “said market watchers.

Analysts at Cordos Securities in a report last Friday stated: “This week, the overnight (OVN) rate expanded by 367bps to 23.3 per cent as debits for the FGN bond auction N273.63 billion and net NTB issuance N250.00 billion mounted pressure on the liquidity in the financial system.

Notwithstanding, the average system liquidity closed higher at a net long position of N19.74 billion that is a net short position of N109.30

billion in the previous week due to DMBs’ participation at the CBN’s SLF window.

“We envisage the OVN rate will likely remain elevated next week as the expected inflow from FGN bond coupon payments N29.84 billion may be insufficient in saturating the financial system.”

In a related development, trading in the Treasury bills secondary market saw a positive turn as the average yield throughout the market decreased by 263 basis points to 8.7 per cent.

According to analysts, the shift in performance was as a result of two primary factors: “first, participants from the auction moved to the secondary market to compensate for unsuccessful bids at the primary market auction (PMA) last Wednesday, and secondly, market players selectively chose instruments offering attractive yields. Across market segments, the average yield dropped by 272 basis points to 8.3 per cent in the NTB secondary market and decreased by 166 basis points to

12.9 per cent in the OMO segment.”

Cordos in the report stated: “The average yield declined by 272bps to 8.3 per cent in the NTB secondary market and contracted by 166bps to 12.9 per cent in the OMO segment. At this week’s NTB auction, the DMO offered instruments worth N13.58 billion N1.10 billion for the 91-day, N1.28 billion for the 182-day, and N11.20 billion for the 364-day.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 1 5 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) December ^13.53 23100.65 12.91 -1,00 15, 2023 MAR-2025 ^12.50 2298.58 13.28 0,00 December JAN-2026 15, 2023 ^16.2884 17December 108.25 13.07 -68,00 MAR-2027 15, 2023 ^13.98 23December 100.50 13.80 -21,00 FEB-2028 15, 2023 ^14.55 26December 99.40 14.70 -79,00 APR-2029 15, 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

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

3.50

3.52

-3.80 December 15, 2023

8.66

8.76

5.85

3.52

-1.13 December 15, 2023

RMBL CP VI 31-JAN-24

11.81

12.06

6.41

6.55

-2.27 December 15, 2023

CRSL CP II 18-FEB-24

13.64

14.05

6.97

7.17

-3.11 December 15, 2023

FLOURMILLS CP III 29-FEB-24

11.82

12.20

7.82

-3.09 December 15, 2023

UACN CP VI 19-MAR-24

MTNN CP VII 14-MAY-24

11.04

11.57

7.53

OTC F X F U T U R E S

CPS Discount Yield

Change (%)

Updated Time

-198,00 December 15, 2023 -180,00 December 15, 2023 -166,00 December 15, 2023 -157,00 December 15, 2023 -248,00 December 15, 2023

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

Updated Time

December 15, 2023 December 15, 2023 December 15, 2023 December 15, 2023 December 15, 2023

26

MONDAY, DECEMBER 18, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NPA Bursts Fake Electronic Call-up Syndicate at MPS Pre-gate Eromosele Abiodun In a move geared towards frontally tackling the activities of unpatriotic elements sabotaging the Nigerian Ports Authority (NPA) electronic truck traffic management (e- CallUp) system also know as “eto”, the authority’s officials and security agents over the weekend in Lagos, undertook a spot check of the MPS Pregate and made a mind boggling discovery of 249 fake vehicle plate numbers and 149 units of Minimum Safety Standard (MSS) stickers.

It was learnt that gang has at various times forced truckers to patronize them and often block the Apapa-Shodi expressway to extort money from port users.

Further checks of the terminal, according to NPA officials, led to a discovery of another 164 pieces of vehicle number plates and 133 pieces of MSS Stickers that are not fixed on any truck in readiness to be deployed for proxy booking.

“The fake number plates and MSS tickets were immediately confiscated and the terminal manager invited for questioning. This development validates the Authority’s position on the existence of a deliberate and well orchestrated effort to undermine the electronic Call Up system which was initiated by the NPA to eliminate human interface in managing traffic in and out of the Ports as a measure of sustainably taming the menace of traffic gridlock

hurting the national economy. The Nigerian Ports Authority is however resolute in consolidating the e-call up project and its other process automation initiatives in order to grow the maritime sector to its full potential, “the NPA said.

Speaking, the Managing Director of the NPA Mohammed Bello-Koko sad the NPA will continue to do what it can to rid the port elements who do not mean well for the country.

He said the NPA under his watch will make sure its mandate of the Minister of Marine, Blue Economy, Adegboyega Oyetola to make Nigerian ports the best in Africa is achieved within the shortest possible period.

Minister Seeks Stakeholders’ Inputs to Clear Obstacles to Trade Stories James Emejo in Abuja The Minister of Industry, Trade and Investment, Dr. Doris UzokaAnite, has tasked stakeholders to engage in open and constructive dialogues to address challenges in the trade sector.

She said as the present administration embarks on a transformative journey towards a prosperous trade regime, “we find ourselves at a crucial juncture in our nation’s economic trajectory.”

Speaking at the Nigeria Trade Dialogue with the theme:

“Trade as Catalyst for Economic Diversification,” in Abuja, she noted that trade had always been a catalyst for growth and development as the country navigated an increasingly interconnected global economy.

She said through dialogues, “We can identify common objectives, explore avenues for collaboration, and collectively address the barriers that hinder prosperity in our trading environment.”

Anite noted that the country is currently going through some

economic challenges which the administration of President Bola Tinubu is pursuing quite several policy initiatives, as part of his “Renewed Hope Agenda” to address.

She said the agenda places significant importance on trade as a driver of the economy and recognises that by fostering an enabling environment for trade, the country can attract foreign investments, boost exports, strengthen its position in the global marketplace, and create jobs.

NIPC Boss Vows Resolve Sticky Laws Hampering Foreign Investments The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms. Aisha Rimi, has promised to address some current regulations hampering the flow of Foreign Direct Investments (FDIs) into the country.

Speaking while hosting a private sector delegation led by the United Nations Industrial Development Organisation (UNIDO) Investment and Technology Promotion Office (ITPO), Germany, Rimi said Nigeria has the most liberal investment laws in the world, adding however, that there are grey areas which needed to be addressed.

The newly inaugurated NIPC boss said she would work to remove all regulations hindering the flow of investments into the country.

She said Nigeria presented endless opportunities for investors to harvest good returns.

Rimi added that the NIPC would not only work to attract investments into the country but also retain these projects.

The engagement was designed to strengthen collaboration and unlock new investment possibilities between Europe and Germany in particular.

Organised by NIPC, the event provided a platform for the German delegation, which included individuals experiencing their first visit to Nigeria, to gain invaluable insights into Nigeria’s dynamic investment landscape.

Through engaging interactions with key government officials and select success stories from the Nigerian private sector, the delegates experienced a deeper understanding of the ecosystem to identify potential partners and opportunities for future collaborations.

Rimi, said the mission was timely, as Nigeria is currently implementing several reforms to improve its investment climate.

She also highlighted the country’s vast economic potential and its strategic location as a gateway to the West African market.

Leveraging her extensive experience with the private sector and investors, Rimi highlighted NIPC’s mission to guide investors through the Nigerian landscape.

She said, “I come from a corporate background, which means I have worked extensively with the private sector and investors. So, I understand the objectives, challenges, and potential solutions to guide investors on how we operate in the country. The NIPC goes beyond simply processing paperwork, offering comprehensive support to investors.”

Maritime Stakeholders Canvass Increased Use of Gas in Nigeria Gilbert Ekugbe

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

Stakeholders in the nation’s maritime industry have emphasised on the need for Nigeria to maximize the use of its huge gas resources to drive the federal government’s marine and blue economy mandate.

The Chair, Zoe Maritime Resources Limited, Oritsematosan Edodo-Emore, at the Maritime Business Roundtable Breakfast Meeting tagged, “Maximising the Utilisation of Gas in Nigeria’s Blue Economy,” said Nigeria is one the prominent gas countries in the world, but lamented that a lot of its gas has been wasted in the flaring of gas as a byproduct for oil exploration and exploitation.

“Although there has been some significant investment in exportation of gas, more needs to be done. As the world moves away from fossil fuel and concentrate on alternate and renewable sources of energy, it is imperative that Nigeria is not left behind,” she urged.

She noted that the recent establishment of the Ministry of Marine and Blue Economy gives Nigeria the impetus to critically focus on the maritime industry and harness every advantage and resources the nation’s blue economy provides.

Also speaking, the Chief Executive Officer, Dateline Energy, Mr. Wilson Opuwei, said the private sector must start the process of extracting, processing, developing and transporting gas to remote places while also urging the government to make available incentives to support the private sector in its quest to gas to gas users and boosting investment in the gas Industry.

“I feel we can do a lot more and it will require investment and conscious efforts in this space,” he said.

On his part, Admiral Superintendent, Naval Dockyard Limited, Rear Admiral Abolaji Orederu, said to boost gas production in the maritime industry would require huge investments.

Expanding Pension Coverage: MPP’s Impact on Nigeria’s Informal Sector (Part 3) The Micro Pension Plan (MPP) is aimed at lowincome earners who are often not financially literate and usually have limited or no access to financial services.

This innovative pension solution not only caters to the needs of low-income earners but also extends its benefits to self-employed professionals such as architects, l a w y e r s , accountants, artists, and a r t i s a n s .

Recognised as a remedy for PENCOM DG, Aisha Dahir-Umar combating old-age poverty, similar Participation in the MPP is exclusive, solutions such as the MPP, have with no provision for conversion successfully made strides in countries from the Mandatory CPS to the MPP. like India, Kenya, and Ghana.

Additionally, once an individual retires Unlike the Mandatory participants from a formal sector employment, under the Contributory Pension Scheme participation in the MPP is not allowed.

(CPS), the MPP is a voluntary scheme However, the retiree may continue to solely funded by the contributor. make voluntary contributions if he Participants in the MPP, however, secures another employment through retain the option to participate in the his existing RSA. Mandatory Contributory Pension in The MPP has garnered substantial the future, should they secure formal momentum, evident in the notable employment. increase in enrolments. In the third The flexibility and dynamism of quarter of 2023, the MPP welcomed the MPP empower Micro Pension 6,263 new contributors, propelling Contributors (MPCs) to seamlessly the total number of MPCs to 105,455. transition into the Mandatory CPS if During this period, the cumulative they secure formal sector employment, pension contributions from new as stipulated by Section 2(1) of the MPCs amounted to N60.29 million, Pension Reform Act, 2014. Upon contributing to a total of N529.32 employment, MPCs can easily million received from 105,455 MPCs continue their contributions by as at September 30, 2023. providing their Personal Identification Furthermore, PenCom approved Numbers (PINs) and Pension Fund contingent withdrawals totaling Administrator (PFA) details to the N42.7 million for 178 MPCs from the new employer, eliminating the need inception of the MPP to the end of for opening a new Retirement Savings the third quarter in 2023. Another, Account (RSA). noteworthy development is the Before conversion, MPP contributors transition of 732 MPCs from the MPP have the option to withdraw the total to the mandatory CPS, underscoring balance of the Contingent portion the MPP’s impact in expanding pension of their RSA. Alternatively, they coverage in Nigeria. can choose to leave the contingent This article concludes our 3-part portion, which will be merged with series on the Micro Pension Plan. the retirement benefits portion of the It should be noted that the MPP RSA upon conversion to the mandatory undergoes rigorous monitoring and CPS. supervision by PenCom to ensure It is essential to note that failure compliance with guidelines and to request conversion within one regulations. This has resulted in safety month of receiving remittances and consistent accumulation of pension from a new employer may result assets. PenCom remains steadfast in in automatic status change by the its commitment to effectively regulate PFA, with notifications sent to and supervise the pension industry, the employer and monthly returns ensuring timely payment of retirement forwarded to the Commission. benefits.

27

MONDAY, DECEMBER 18, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

LAGOS FOOD FESTIVAL…

L- R; Lagos State Commissioner for Agriculture, Ms Abisola Olusanya; Chairman House Committee on Agriculture, Hon. Emmanuel Olootu; Lagos State Deputy Governor. Dr. obafemi Hamzat; Chef Gibbs, Gbolabo Adebakin; and Secretary to the state government, Abimbola Salu Hundeyin, during 2023 Lagos Food Festival PHOTO: SUNDAY ADIGUN held at Muri Okunola Park in Lagos recently

Onofowokan: Building Local Capacity Will Make Nigeria Manufacturing Hub Gilbert Ekugbe The Managing Director and Chief Executive Officer, Coleman Technical Industries Limited, Mr. George Onofowokan, has urged the federal government to replicate the success achieved in the petroleum industry to achieve rapid industrial growth.

Speaking with pressmen, he called for a deliberate and strategic approach to encourage the growth of local factories and the manufacturing of goods instead of mere assembly, saying that by fostering a supportive environment and building local capacity, Nigeria can establish itself as a manufacturing hub,

creating more opportunities for businesses and economic growth.

However, speaking on the company’s journey to success, Onafowokan shared that Coleman Wires and Cables started as a small-scale business in 1996 before registering as a company in 1975.

He stated that through strategic growth and a vision to become the preferred choice for wires and cables in Nigeria, Coleman gradually expanded its operations.

He noted that recognizing the demand for locally made cables, the company diversified its product range and became the first in Nigeria and West Africa to produce high-voltage cables.

“Today, Coleman’s products are

unmatched in quality and are not produced by any other company in Nigeria, West Africa, and many parts of sub-Saharan Africa,” he boasted.

Looking ahead, he pointed out

that Coleman’s future appears promising, maintaining that the company has several ongoing projects, including the expansion and completion of its Shagamu plant, the establishment of

copper and aluminum factories, and a power project to increase capacity.

“Coleman also has plans to supply markets in West and Central Africa, with further

expansion into East Africa. The company’s robust export plan aims to boost business figures significantly, contributing to Nigeria’s economic growth,” he said.

Polo Limited Unveils the Masters of Art Collection in Honour of Vincent Van Gogh Ugo Aliogo Polo Limited, and Providus Bank have celebrated the artistry of Montblanc’s first Masters of Art collection of writing instruments in honour of Vincent van Gogh.

The unveiling was held at the Providus Bank pent house where its interior was transformed to

mirror Saint-Remy-de-Provence, a town in Southern France where the 19th century Master of Art, Vincent van Gogh lived most of his life as an artist.

“The statement guests were guided through wheat fields reminiscent of the scenery that became associated with much of Vincent van Gogh’s work, “it said

in a statement.

“The evening unfolded with a captivating showcase of Montblanc’s homage to Vincent van Gogh writing instruments, providing discerning clients with an immersive journey through the brand’s legacy of precision and craftsmanship. Limitededition pieces, each a masterpiece in its own right, were displayed,

allowing clients explore the artistry behind these coveted collector’s items,” the statement noted.

The Managing Director, Polo Limited, Mr. John Obayuwana, said: “It was a real pleasure meeting some of the avid pen collectors while celebrating the exceptional artistry of Montblanc’s craftsmanship.”

Nigeria; re-visit the corporate governance system among organisations and further drive collocation of towers, broadband penetration and Right of Way (RoW) issues. He said highlight of the anniversary activities would be a documentary of industry players and the showcasing of individuals, state governments and federal institutions during an award night designed to celebrate individuals, organisations and government agencies that have contributed to the growth of the telecoms industry.

Emoekpere stressed on communication, which according to him, is a fundamental human right, insisting that anything that

affects the ability to communicate, impedes on human right.

According to him, ATCON is providing critical service to the telecoms industry and communication is key in achieving any feat in this regard.

In his welcome address at the dinner, Emoekpere said having reached the threshold of 30 years in providing critical services in the telecoms industry, ATCON is proud to highlight the remarkable achievements that have shaped the telecoms landscape in Nigeria.

Past presidents of ATCON that were present at the dinner, were pleased with the landmark achieved in the past 30 years, through collaboration.

Former ATCON president, Titi Omo-Ettu, gave a vivid narration of how ATCON started 30 years ago and how it has made an indelible mark after 30 years. He commended all, past presidents and all members for their contributions towards the success of ATCON. Another former ATCON president, Olusola Teniola, spoke about how the industry has emerged from the analogue era to the digital era and how ATCON has enabled the current digital economy.

Executive Secretary of ATCON, Ajibola Olude thanked the past presidents for their contributions to the growth of ATCON in the last 30 years.

Dana Air Honored for Supporting SMEs ATCON Charts New Roadmap for 30th Anniversary

Chinedu Eze

Dana Air has been honored for supporting Small and Medium Enterprises in Nigeria at the Business Day SME100 awards and conference held recently in Lagos.

The SME100 Conference and Awards formerly known as Top Fastest Growing SMEs Awards is an initiative of BusinessDay Media Limited and since the first edition in 2018, the award is specially designed to recognize and celebrate the impact and achievements of SME companies in Nigeria.

Similarly, Dana Air also bagged the award as Corporate Enabler of Sports at the Arena Awards held recently at Radisson blu

Hotel Lagos.

The Arena is a collection of awards recognizing innovation, creativity and resilience amongst institutions, brands and individuals pushing the frontiers of sports tourism in Nigeria.

Speaking on the award, the Chief Operating Officer of the airline Ememobong Ettete said, ‘’Dana Air understands the need to not just exist in isolation but to impact the community in which we operate greatly and positively’’ Dana Air has over time shown great commitment to growth and development of sports in Nigeria and Africa at large supporting various grassroot sports initiatives and clubs in the Nigerian local league.

Emma Okonji In celebrating its 30th anniversary, the Association of Telecoms Companies of Nigeria (ATCON) has released a new set of vision that will further shape the Nigerian telecoms industry.

Speaking at a dinner in Lagos at the weekend, organised by ATCON to kick off the anniversary activities lined up for the first quarter of 2024, the President of ATCON, Mr. Tony Izuagbe Emoekpere, said ATCON would partner with government agencies and industry stakeholders to reinstitute international conferences that will bring foreign players to showcase and invest in

NAHCO Chairman’s Cup, QorePay Launches Payment Gateway Domestic Team Lifts Trophy t o En h an c e D ig i t a l Tra n s a c t i o n s

Domestic football team comprising GAT (General Aviation Terminal) and MMA2 (Murtala Muhammed Domestic Terminal) stations on Friday became the second team to lift the coveted NAHCO Chairman’s cup when it defeated hard - fighting Main Ramp team.

Speaking shortly before handing over awards to winners, the Chairman commended the teams for the good soccer display stating that he envisages NAHCO FC playing in the Nigerian professional league in the future.

Fademi commended the team that lost for putting their best and the winning team for playing extremely well.

Group CEO, Mr. Indranil Gupta, said since all the participating belonged to NAHCO, it is NAHCO as a company that has won. He urged that the bonds that hold the company should continue.

He later gave out awards to the match officials; the bronze medalists, Cargo Ramp FC; the silver medalists, Main Ramp FC; and the Champions, Domestic FC.

Emma Okonji

A new fintech company, CorePay, has launched its payment gateway in Nigeria that will further enhance digital transactions among businesses, while deepening Nigeria’s financial inclusion drive.

Speaking during the launch in Lagos recently, the co-founder and Chief Executive Officer of QorePay, Mr. Josh Owoseni, said the payment gateway would address all payment challenges by providing simple and easy-to-use solutions for all business

segments in the country.

Giving details about the payment solution, Owoseni said: “QorePay is a Fintech company, with focus on easy and secured payment solutions.

The payment gateway comes with a user-friendly dashboard, which has a lot of key performance indicators (KPIs) metrics that help businesses to understand how well they are performing and how they can do better in their businesses.

Our payment gateway is built on Blockchain technology with Artificial Intelligence (AI) model that helps

businesses to see their payment transactions in real time. The platform enhances digital payment transactions with ease to payment links and printing of invoices, and it supports bulk invoices.”

According to him, the internet penetration in Nigeria has provided a fertile ground for Fintechs to grow and for every Nigerians to be financially included. He said the company saw a lot of challenges in the payment space in Nigeria, which it seeks to address.

“Sometimes payments processing

in Nigeria can be cumbersome, it can be time-consuming, and it’s not affordable. QorePay is launched to address these issues by providing seamless, secure, simple, affordable payment solution for all.

“We also want to unlock the potential of the Nigerian markets.

We see the growth of mobile phones and internet penetration, these actually provide a field for Fintech to be able to explore and to be able to create solutions for all Nigerians to be financially included,” Owoseni said.

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T H I S D AY ˾ MONDAY, DECEMBER 18, 2023

BUSINESSWORLD

STATUS REPORT

Operating Cost Plunges Honeywell Flour Mills to N8.91bn Loss

Kayode Tokede

D

espite growing revenue by 8 per cent, Honeywell Flour Mills reported one of its worst performances in over two years in financial year ended March 31, 2023, attributable to the significant increase in operating costs.

In 2022 financial year, the company declared N172million loss before tax, and in 2021, Honeywell Flour Mills posted N1.58 billion profit before tax.

From the top-line performance, the company announced N147.35biillion revenue in 2023 from N136.43 billion in 2022, and it was driven by sales in Nigeria.

The company’s business operating segments are identified by three factors located at Apapa, Ikeja, and Sagamu.

The Apapa segment manufactures Flour, Semo, and Wheat meal, while Ikeja and Sagamu segments manufacture Noodles and Pasta respectively.

The sales agreement between Honeywell Flour Mills and Flour Mills of Nigeria (FMN) brought production activities at Ikeja factory to a halt in July 2022 and subsequently led to noodles contract milling at FMN Iganmu Plant.

Operating costs that contributed to the flour processing company’s N8.91billion loss before tax in 2023 include the cost of sales, operating expenses and finance cost.

From the audited result and accounts, Honeywell Flour Mills reported N137.82 billion cost of sales in 2023, representing an increase of 10.38per cent from N124.86 billion reported in 2022.

COST OF SALES Cost of sales in Apapa stood at N106.79 billion in 2023 from N99.56

billion in 2022 as Ikeja and Sagamu segments accounted for N5.02 billion and N26.02billion cost of sales in 2023 from N6.99billion and N18.31billion in 2022, respectively.

The growth in cost of sales was driven by N123.99billion raw and packaging materials consumed in 2023 from N111.44billiion reported in 2022.

This alone contributed about 89.97 per cent of the company’s cost of sales in the year under review from N89.25 per cent in corresponding year.

The increase in cost of sales dragged gross profit to N9.53billion in 2023 from N11.57billion in 2022.

Non-core business transaction increased to N1.64billion in 2023 from N338.82million in 2022, driven

by N1.29billiion government grant and N321.5miilliion net gain on sales of property in 2023 from N44.77million reported in 2022.

Honeywell Flour Mills declared N10.22billion total operating expenses in 2023 from N7.22billion in 2022.

The breakdown revealed that selling and distribution expenses dropped to N2.2billiion in 2023 from N4.54billiion in 2022, while administrative expenses increased to N8.02billion in 2023 from N2.69billion reported in 2022.

In the period under review, Honeywell Flour Mills declared N10.06biillion finance cost, representing an increase of 83.4 per cent from N5.49billion in 2022.

Honeywell Flour Mills, however, announced N9.16billlion tax income in 2023 from N9.58billion tax expenses to eventually declared N256.1million profit in 2023 from N9.76billion in 2022.

INCREASING TRADE, OTHER PAYABLES Honeywell Flour Mills reported N44.84billion trade and other

Yuqing: Nigeria-China Cooperation Will Be Deepened in 2024 K a y o d e To ke d e The Chinese Consul General in Lagos, Ms Yan Yuqing, has said 2024 would be a crucial year for win-win cooperation between China and Nigeria.

Yuqing said that she would be working with all walks of life in Nigeria to deepen the cooperation with China through economic and trade cooperation, subnational communication and cultural exchanges.

She made this known in her New Year message

titled, “Fruitful 2023 Ushers in the Promising 2024.”

She said that 2023 was a year of in-depth development of China-Nigeria relationship, adding that Nigeria was a pilot country for China-Africa cooperation in building the BRI. “China is Africa’s largest trading partner, contributing more than 20per cent to Africa’s economic growth; by 2022, China-Africa trade reached USD 282 billion, accounting for 20per cent of Africa’s total foreign trade.

China’s FDI stock in Africa exceeds $47 billion, 1.8 times the 2013 figure.

“China firmly supports African countries in exploring development paths suited to their own conditions, cooperates with African countries in poverty reduction, and promotes the modernization of African agriculture.

“China has built more than a dozen of Luban workshops in Africa, vigorously promoting the development and innovation of vocational education in Africa. China has built 25 economic and trade cooperation zones with Nigeria and other African countries to promote industrialization in Africa, “she added.

payables in 2023 from N26.89billion in 2022, contributing about 49.73per cent of the N90.17billiion current liabilities in the year under review.

The company had reported N26.89billion trade and other payables in 2022 full financial year when its current liabilities stood at N68.22billion. Long-term borrowing stood at N33.86billion in 2023 from N21.32billion in 2022 as short-term borrowing moved from N40.51billion in 2022 to oN42.57billion in 2023.

In all, total liabilities of Honeywell Flour Mills closed 2023 at N132.02biillion from N103.22billion in 2022.

The company declared N85.9billion non-current assets in 2023 from N97.25billion, while current assets stood at N79.09billiion in 2023 from N51.45billion in 2022.

It closed 2023 with N165billion total assets, representing an increase of 10.96 per cent from N148.7billion in 2022.

TRENDS IN Q2 2023 PERFORMANCE The consumer goods company operating in Nigerian food products, sustained a loss in the second quarter ended September 30, 2023 as the company faced a lower sales volume and a higher finance cost.

It showed that the company posted a loss of N3.98 billion in the review quarter, representing a 44 per cent drop from N7.15 billion loss before tax recorded in the corresponding period of 2022.

It also announced N4.38billion loss in Q2 2023 from N7.35billiion

reported in Q2 2022.

The company’s revenue, that is, total sales figure, thus, grew by four per cent to N79.44 billion from N76.5billion, despite recording a significant decline in its cost of sales.

The company’s cost of sales dropped to N66.47 billion from N72.87 billion, improving its gross profit to N12.98 billion from N3.63billion reported in Q2 2022.

However, company’s finance cost increased to N6.54 billion from N3.69billion in Q2 2022 and ultimately brought its bottom-line performance to a N3.98billion loss for the period.

The fast-moving consumer goods (FMCGs) companies are faced with higher finance costs arising from the companies’ inability to hedge against huge revaluation losses caused by the floating of the naira.

The company had, since November 2015, battled Ecobank over the freezing of its accounts and the demand by the bank to wind up its operations over-indebtedness.

But in 2018, the Supreme Court upheld the Court of Appeal ruling after the apex court was approached

by Ecobank to overturn the decision to return full access to Honeywell Flour Mills.

Based on the apex court determination that the ex-parte orders obtained by the bank were improper, Honeywell flour mills, therefore, sought damages at the Federal High Court (FHC) In a notice of April 29, 2022, Flour mills of Nigeria announced its acquisition of a 71.69 per cent stake in Honeywell Flour Mills, formerly a portfolio company of Honeywell Group, and a 5.06 per cent stake in the company held by First bank of Nigeria Limited, stating that the transaction was consummated by the parties.

Michelin Strengthens Relationships With Partners Mary Nnah Michelin Tyre Services Nigeria has reaffirmed its commitment to the Nigerian market and its valued partners, reiterating its focus on ensuring smooth delivery of quality tyres and services to its customers.

Managing Director, Michelin Nigeria, Mrs. Chioma Alonge stated this during an address to partners and stakeholders in transport and safety sectors at the Michelin Stakeholders Dinner Night held recently in Lagos, Alonge said, “We appreciate Michelin stakeholders every year, and the reason we do this

is to show them our heartfelt appreciation for their support and trust. We bring them together because our success is a shared accomplishment.”

Assistant Director at Standard Organisation of

Nigeria (SON), Dr Ganiyat Olusola Adebayo, urged the end users and dealers to use and sell certified tyres, even as she enumerated the signs and dimensions of tyres that are good for Nigerian roads.

T H I S D AY ˾ MONDAY, DECEMBER 18, 2023

29

BUSINESSWORLD

PERSPECTVE

CBN: Realigning Policies to Meet Stakeholders’ Expectations Amidst Challenging Economy

T

he Central Bank of Nigeria (CBN) has been proactive, some may say, upfront, in its communications on issues such as validity of old and redesigned naira notes beyond December 31, 2023, the resilience and health of commercial banks, the circulation of counterfeit currencies as well as appeal dissuading Nigerians from hoarding of naira notes. These communications are aimed at assuring stakeholders of its commitment to addressing hiccups to efficient management of the economy from its perspective.

Perhaps, the “elephant in the room” is the validity of the old and redesigned naira notes, which, thankfully, the CBN, has come clear to address by assuring that both remains legal tenders beyond December 31 2023, the hitherto deadline set for the cessation of the old 200, 500, and 1000 naira notes. The CBN’s position was sequel to the Supreme Court ruling reversing its previous order to phase out old naira notes and granting that the old and the redesigned notes remain legal tenders, ad infinitum, until the Federal Government decides otherwise.

Given the controversy that trailed the Naira redesign policy, the attendant hardship Nigerians were subjected to and the massive disruptions to economic activities during the period of its implementation, the CBN’s statement could not have come at a better time.

On the other hand, in its press statement on circulation of counterfeit banknotes on December 8, 2023, the Ag. Director, Corporate Communications of the apex bank, Sidi Ali Hakama (Mrs.), advised Nigerians to be watchful and report circulators of fake currencies to appropriate authorities and “encouraged the public to embrace alternative modes of payments, e-channels, for day- to- day transactions to mitigate the risk of spread of counterfeit banknotes.”

Also on the speculations in some quarters regarding the health of some banks, she equally, “appealed to Nigerians to disregard the media reports listing banks as failing the Capital Adequacy Ratio

Cardoso stress test for international authorisation as the report did not emanate from the Central Bank of Nigeria.” No doubt, the Apex bank deserves commendations for its communications on these issues; thus far as they have the potentials to create the stability needed to drive the ongoing reforms of the apex bank.

However, for the message to stick, certain actions needed to be taken by way of deepening supervision.

Take for example the appeal not to hoard currencies. A lot of bank automated teller machines (ATMs) are not dispensing the volumes that they used to and, without a convincing explanation, it would be difficult to push through the argument for cash availability. A corollary to the above is the issue of currency racketeering through sale of new notes at party venues and in major parts of our cities. These ‘scarce commodity’

are available to the unscrupulous but rationed to legitimate users. Compared to the volume of new currencies customers are served in the banking halls, Nigerians cannot but be reminded of the unprofessional conducts of some bank officials who cash-in at any given opportunity to pillage the system for personal gains. These infractions, though micro in scale, are capable of eroding the confidence of the public and affect the expected response to major policy planks underpinning the ongoing reforms by the apex bank.

It is also important to note the activities of POS operators. They have become critical players in the system and huge influencer given their accessibility by the public. A huge chunk of cash deposits that hitherto were taken to the banks are now being ‘traded’ with the point of sales (POS) operators who, most often, disregard the advertised approved charging rates. When confronted, a common defense is that their charges are reflective of how they source their funds. An appeal to such players not to hoard currencies, when they come across any, may not be heeded. It is against this backdrop that effective monitoring of all players are recommended.

While there is reason to hope that calls for attitudinal change would resonate with the citizens, it’s a common knowledge that behavioural change takes a process- usually a long time, to achieve.

Only, recently, the CBN Governor, Olayemi Cardoso approved a revised service charter for the apex bank. If the CBN is committed to high ethical standards in its operations as outlined in the charter, it is expected that its partners in the running of the economy should be subjected to play by the books. That way, any call on the public for understanding and cooperation would be desirous even if it entails making more sacrifices beyond where we are, currently. t #BSOBCBT &LF JT B mOBODJBM BOBMZTU BOE $&0 #BSOUSFOET 4FSWJDFT -JNJUFE CBTFE JO -BHPT

30

MONDAY, DECEMBER 18, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Kwara Disburses over N229m Non-interest Loans toYoung Entrepreneurs Hammed Shittu ÓØ ÖÙÜÓØ As part of its efforts to create jobs and accelerate economic growth, the Kwara State Government over the weekend in Ilorin, the state capital, disbursed over N229million interest free loans to over 360 young entrepreneurs.

The Acting General Manager of Kwara State Social Investment Programmmes (KWASSIP), Dr. Wasiu Tejidini disclosed this Ilorin at the fourth edition of Kwapreneur initiative of the government.

He said the loans were ranging from N3million downward adding that, such initiative would create jobs and reduce social vices in the state.

He said the fund was meant to help the startups young entrepreneurs so as to boost the economic activities in the state.

While lauding the gesture of Governor AbdulRahman AbdulRazaq led administration for the initiative, Tejidini said, “the programme would have positive impacts in helping to spread prosperity, especially among young people who do not have collateral to access bank facilities. Beneficiaries of the previous editions have told the stories of positive change in their businesses. It is in this regard that His Excellency, Mallam AbdulRahman AbdulRazaq, deemed it fit to further support Kwara-based MSMEs, being fully aware of the challenges facing young

entrepreneurs in the areas of status and expansion funds.”

Speaking at the event, Governor AbdulRazaq said building a stronger economy requires extending adequate support to small and medium scale businesses.

AbdulRazaq presented cheques of varying amounts to different winners who had earlier pitched their businesses before a panel of judges drawn from different backgrounds in the state.

“This is the fourth phase of supporting the MSMEs with non-interest funds since the inception of the present administration.

This shows our consistency and commitment to boost economic activities and make life worth living for all, “he said.

L-R: Head, HR Business Partnering, 9mobile, Sherriff Popoola; Business Growth Expert, Tricia Olufemi-Olumide; Public Relations Lead, 9mobile, Chineze Amanfo; and Head, Brands and Creative Services, 9mobile, Adeola Kayode at the Hack, an entrepreneurship and business mentorship event organised by 9mobile for SMEs held in Jos ….recently.

Irukera: Nigeria’s Prosperity Lies in Digital Economy James Emejo ÓØ ÌßÔË The Executive Vice-Chairman/ Chief Executive, Federal Competition and Consumer Protection Commission, (FCCPC), Mr. Babatunde Irukera, said the government must be intentional in implementing the digital economy framework to catch up with the rest of the world.

Speaking at the 2023 Annual Young Consumers Contest, which was organized by the council to educate the youths about the emerging digital economy, he said digital markets remained

the future of Africa, adding that the youths who are also referred to as the future of the country ought to be versed in the emerging digital phenomenon.

While congratulating the schools that emerged victorious in the competition, Irukera insisted that if the future is digital then digital finance literacy was appropriate for the youths.

He said in the knowledge of digital markets lies profitability and urged the government to show more commitment to promoting awareness.

He expressed concern over the level of broadband penetration in the country despite producing six tech unicorns that have made waves around the world.

The FCCPC boss said the government must be intentional and aggressive in driving broadband penetration and ensure the youths are carried along.

He said Nigeria can’t catch up with the rest of the world if it only builds new brickand-mortar schools, stressing that the way to go was digital.

“The way of instruction is digital, technology,” he said.

The Alternative Bank Set to Boost Agriculture in Ogoniland Nume Ekeghe The Alternative Bank Limited has said that it is taking proactive steps to combat hunger and environmental distress in Ogoniland.

Teaming up with over 800 local farmers, the bank said it has launched the Agricultural Community Support Programme (ACSP) in Bori, Khana Local Government Area of Rivers State, in collaboration with Global Entrepreneurship City Limited.

At the inauguration ceremony, Group Head of Agricultural Finance and Solid Minerals, Gbenga Awe said ACSP’s mission is to fortify local farmers, address food security, and

elevate livelihoods.

Represented by the Head of Structured Trade Finance, Mr Adelana Ogunjirin, he emphasised the Alternative Bank’s commitment to financial inclusion, having already provided over 800 farmers with bank accounts and ATM debit cards. Recognizing the impact of environmental pollution on the local population, the bank is extending agency banking services, bridging the financial gap between rural and urban areas.Awe underscored the collaboration with Global Entrepreneurship City Limited, emphasizing an initial emphasis on cassava cultivation. “Our strategy is geared towards sustainability,

creating jobs, and contributing to foreign exchange earnings,” he stated.

CEO of Global Entrepreneurship City Limited, Dr. Douglas Fabeke, addressed the project’s significance, outlining plans for a cassava processing factory and an agricultural research centre to empower Ogoni farmers. Despite challenges like a lack of start-up capital, the project aims to revive farming and fishing, crucial occupations hindered by years of neglect.

The Ogoni farmers, represented by Mrs. Mary Eko Joe, expressed heartfelt gratitude to The Alternative Bank for alleviating their struggles and supporting widows and orphans.

Promo: UBA Rewards 74 Customers with Over N36m Nume Ekeghe In line with its constant bid to reward loyalty and encourage saving culture, United Bank for Africa (UBA) Plc has rewarded its loyal customers in the just concluded UBA Super Savers Draws by giving out over N36million in cash prizes.

The winners were announced following a transparent draw held at its head office and was witnessed by representatives of the Federal Consumer Protection Council (FCPC) and the National Lottery Regulatory Commission (NLRC).

A UBA Bumper account customer, Fabian Matthew

Okon, copped the biggest prize of the day as he won the N10million jackpot, while Abiodun Joseph Aduramigba, emerged winner of the N5million star price for the day.

Kahalla Mohammed was the lucky winner of the N1.8million rent for a year cash prize.

Ten lucky savings/current account holders: Emmanuel Onyeka Ozoude; Nneka Ali Ologwu; Juliana Obioma Idoko; ThankGod Gagbe; Babayo Dahiru; Ahmad Hamza; Wisdom Otaghogho; Ecdelson Chukwuamaka Amusa; Genom Isaac Jibrin and Atimanu Eunice Bala, emerged lucky winners of N1million each; while Monica Onuzurike, a bumper account

holder carted N500,000 shopping voucher.

In another category; 15 Kidddies and Teens account holders: Giovanni Chidera Ikwuagwu; Brinemigha Prince, Prezide; Oguzie Ugonna Mitchell-Chris; Chimamanda Chikamso Samuel Louis-Okafor; Oyebola Jayden Okikiola; Ugomsinachi Emmanuel Obiegbunam; Bonaventure Odira Udoyibo; Jayden Obehi Lucky; Chimdiebube Joan Ugoma; Isaac Ibrahim; Emmanuel Dominion Innocent; Daniel Tamarakuro Oyadonghan; Ayibanugha Lawson; Muhammad Mohammed Murtala and Abdullah Ndanusa Abdulkadir were each rewarded with N200,000 each.

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

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

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

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

T H I S D AY ˾ DAY, DECEMBER 18, 2023

31

MARKET NEWS

NGX Grants Notore Chemical Industries Free Float Extension Kayode Tokede The Nigerian Exchange Limited (NGX) has approved Notore Chemical Industries Plc’s free float compliance extension request for two years.

According to the X-compliance report of the exchange, the company has 0.87 per cent free float deficiency worth N874.77million in value.

The agro-allied & chemicals

currently listed 1,612,066,200.00 outstanding shares with a market capitalisation of N100.75billion on the exchange.

Companies listed on NGX are required to maintain a minimum free float for the set standards under which they are listed to ensure that there is an orderly and liquid market for their securities.

For Notore Chemical Industries listed on the mainboard is

P R I C E S MAIN BOARD

F O R DEALS

expected to have a minimum of 20per cent of the issued and fully paid-up shares or the value of its free float is equal to or above N20 billion.

The Board of Directors of the company in a statement signed

by Group Managing Director, Mr. Ohis Ohiwerei said the extension is to enable the Company to comply with the NGX’s free float requirement for companies listed on its Main Board and to ensure

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

QUANTITY TRADED

that the Company returns to its post-listing obligations.

According to the statement, “Rules Governing Free Float: According to the Board, this is in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, which states that: The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated timeframe”

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

The statement noted that the Company’s Board and Management steadfastly uphold good corporate governance principles, demonstrating a resolute commitment to rectifying the free float deficiency within the prescribed timeline set forth

by NGX Regulation Limited (NGX RegCo), failing which NGX RegCo may suspend trading in its securities.

“We are diligently working

towards ensuring compliance to maintain the integrity of our trading environment,” the statement noted.

The Group Managing Director, of Notore, Ohis Ohiwerei in a statement, acknowledged the company’s resilience, noting “While we successfully addressed the gas supply limitation, the impact of earlier challenges lingers in our financial performance.

D E C E M B E R / 1 4 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

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T H I S D AY ˾ MONDAY, DECEMBER 18, 2023

HOMES&DESIGN

Providus Bank Building in Effervescent Glitter

The Providus Bank building glitters with its all-glass facade lit up and decorated in preparation for the Christmas and year-end celebrations. Bennett Oghifo writes

T

he multi-floor Providus Bank building looks taller and is massive, enjoying a corner piece on Adeola Odeku Street in Victoria Island, Lagos.

The building’s all-glass facade gives it an appealing look, in addition to its functionality that makes it a green building.

Glass is fast emerging as a preferred building material for Green Buildings, according to a report in the Times of India. Glass qualifies as an eco-friendly material by it being recyclable, causing least burden to the environment and reducing the embedded carbon.

As a building material, it is increasingly

popular given its inherent property of transparency. It helps people see through, stay in touch, and communicate. It connotes openness, an important trend in green architecture. There is so much more possible today with glass because of technological advantages –enhanced strength, increased safety, superior acoustics, exceptional energy control, excellent daylighting, etc. Glass has always scored high on aesthetics in embellishing any architectural creation’s beauty.

Glass optimises the use of natural light to illuminate the interiors,

making them more comfortable for occupants and reducing electricity use.

In tropical countries like India, a major requirement is air conditioning of the building. Proper usage of glass can ensure that the air-conditioning loads (and therefore the air-conditioning expenses) can be reduced by controlling the heat coming into the buildings.

With the increasing focus on health, glass helps ensure high indoor air quality, given it has no volatile organic compounds.

Glass is also gaining traction as a light material in Indian construction.

Unlike its traditional counterparts,

which are bulky, glass is significantly lighter and is also easy to install, thereby aiding significantly in modular construction projects.

Constructing a typical building of 15 floors in height with a floor space of 300,000 sqft, with glass envelope and glass interior partitions, reduces the weight of the building by 3500 tons as against conventional construction methods.

This not only consumes less materials from Mother Earth but also makes the construction faster, reducing the embedded carbon of a built space. And with its lower envelope thickness, glass adds up to 8 per cent of the carpet area.

33

MONDAY, DECEMBER 18, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Reward as Motivation for Improved Performance The recent ceremony by Dangote Cement Plc to reward some of its staff members and induct new graduate trainees will motivate the employees to do more and improve productivity, writes Goddy Egene

G

iven the challenging operating environment, worsened by the rising cost of operations, many firms are looking for ways to survive. It is no longer news that some foreign manufacturing companies are at the verge of exiting Nigeria, while many local ones have closed shops.

The surviving ones, which are fighting tooth and nail to remain in business are not taking anything for granted, ensuring that they improve on their performance. And of one the ways to remain competitive and thus survive is having a good and productive workforce.

Not only having a good workforce but also, the employees must be motivated to continue to put in their best. That is why it was not a surprise to many watchers when Dangote Cement Plc (DCP) recently rolled out the drums to celebrate its staff members who have been in the company for years for their contributions to the successes being recorded by the company.

The awards ceremony was seen as an opportunity to motivate the employees and also bring out the best in them going forward.

Recognition (reward) and acknowledgment of employees by companies let the workers know that their performance is on the right track and help them feel good about their contributions.

In fact, a Joint research from Gallup and Work human found that when recognition “hits the mark,” employees are four times as likely to remain engaged and 73 per cent less likely to always or often feel burned out.

Therefore, DCP was on point to have gathered its staff a few days ago to recognise their contributions. The company also injected fresh blood into its system by inducting 81 graduate trainees.

The ceremony was in two categoriesrewarding its outstanding staff with ‘Long Service Awards’ and ‘Hall of Wall of Fame Employee Awards’ for embracing the DCP core values of customer care, entrepreneurship, excellence and leadership quality. The staff members that were awarded with significant monetary value, have spent a minimum of five years in the employment of DCP. In his speech at the ceremony, the Chairman of DCP, Aliko Dangote said the event was to honour and appreciate “…our distinguished staff in the outgoing year of 2023.”

He said: “We are honouring some of our staff members for their long service to the company. We are also celebrating our graduate trainees who are officially rounding up their induction programme.”

According to Dangote, DCP was celebrating them for the tremendous progress the company recorded in 2023 despite the harsh operating environment and economic turbulence, your resilience and tenacity ensured that we surmounted many obstacles to achieve goals.

He said: “More importantly, I would like to thank all of you for your commitment and high performance. It is your commitment that has helped us to retain our position as the dominant player in the Cement sector in Nigeria, not only in Nigeria but in Africa.”

“We have remained Africa’s leading cement producer with 52 million metric tonnes capacity per annum across the continent. We also have

Chairman,Dangote Cement Plc, Alhaji Aliko Dangote with some long service awardees and graduate trainees plans underway to commission our Cote d’Ivoire plants and work started for another six million tonnes in Itori, Ogun state.

“Through shared persistence, we have eliminated Nigerians’ independence on imported cement and transformed our nation into an exporter of cement to several neighbouring countries. This same development will be repeated in the energy sector as our petrochemical refinery becomes fully operational in the next few months.”

He also said the Group is focused on breaking new grounds with innovations and strategies that will drive businesses while at the same time creating value for its stakeholders.

“We want to transform and develop Nigeria and African economies to be selfreliant and net exporter of manufactured goods,” he said.

Also speaking, the Group Managing Director, DCP, Mr. Arvind Pathak, said they gathered to celebrate, not one or two, but three significant milestones in our company’s journey – the dedication and loyalty of our long-serving employees, the achievements of our talented graduate trainees and our Wall-of-Fame awardees who displayed passion, innovation and excellence in service delivery.

According to him, the event was to recognise and honour the unwavering commitment the staff have demonstrated over the years.

“Your dedication has been the cornerstone of our success, and is the testimony of your hard work, resilience, and loyalty. In an industry as challenging and dynamic as ours, your contributions have played a pivotal role in shaping the Dangote Cement legacy. Your journey with us is a testament to the values that

bind us together – teamwork, innovation, and excellence. Please accept our sincere gratitude for your years of service, and we look forward to many more years of shared success.

Pathak applauded the outstanding achievements of the current employees who received Hall of Fame awards as their hard work, innovation and commitment to excellence have not gone unnoticed as their colleagues have attested it by nominating them, adding that “you are part of our driving force behind our success and your dedication sets a standard for all of us to inspire.

He also congratulated the graduate trainees as they have completed a rigorous training programme that has equipped them with the skills and knowledge necessary to thrive in the company.

“As you move forward in your career, remember that this is just a beginning, the road ahead may be challenging, but I have full confidence that each one of you will contribute significantly to the future success of the company. Continue to embrace your opportunity to learn, grow and make a positive impact on the Dangote Cement plants.

“As a learning organisation, we also continue to provide numerous development opportunities to enhance the capabilities of our people, including professional certifications and mentorship schemes.

Our success is a collective effort and each one of us plays a vital role in our journey to remain the leader in the cement industry and build a sustainable future for Africa,” Pathak said.

In her remarks, Group Chief Human Resources Officer, DCP, Gloria Byamugisha said: “We are operationalising our employee value proposition in Dangote Cement, where we reward, recognise progress

effort, values but most importantly, emulating humanity and an entrepreneurial spirit.”

She noted that two years ago, DCP restarted its graduate trainee programme and today 81 is graduating to add value to the organization.

Byamugisha shared the diverse nature of Dangote Cement, saying that “in DCP, we have at least 20 nationalities, in DCP we speak over 40 languages and we are the biggest employer right after the federal government of Nigeria.”

Regarding the graduate trainee programme, the Programme Manager, Mr. Haruna Adinoyi, said it was for 18 months.

“We started in July 2022, intending to empower youth in the technical competencies fields in Nigeria especially. So, the trainees go through all the value chain in cement manufacturing..

We will continue to help in managing their careers so that they remain with us and also build confidence as this will help in reducing the overlaps of foreign expertise.”

Responding on behalf of the Trainees, one of the beneficiaries, Felix Ithootumhe thanked the management of DCP for the opportunity offered them by being selected to chart a good career path because Dangote Group is a leading conglomerate in Africa.

“The training has exposed us to different knowledge of the cement industry. Also, the training makes us align ourselves with the Company’s operations and business,” he said.

Another trainee, Abduljabbar Mohammedusani noted: “It is a wonderful 18 months journey, which was very challenging and rewarding at the same time. We have learnt a lot about how we can progress here at Dangote Cement plant.”

According to him, Nigerian youths are skilled in their profession but this kind of training will add value.

“In a few years to come, I believe Nigeria will not need to bring in expatriates as the skills needed can be sourced locally,” Mohammedusani said.

34

MONDAY, DECEMBER 18, 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 14Dec-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 305.33 305.33 61.97% Afrinvest Plutus Fund 100.00 100.00 10.09% Nigeria International Debt Fund 338.71 338.71 4.97% Afrinvest Dollar Fund 109.96 109.96 6.22% 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 0.02% Anchoria Equity Fund 186.21 188.65 28.47% Anchoria Fixed Income Fund 1.27 1.27 3.14% 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 29.74 30.64 35.52% ARM Discovery Balanced Fund 653.50 673.20 25.38% ARM Ethical Fund 53.71 55.33 19.05% ARM Eurobond Fund ($) 1.17 1.17 4.20% ARM Fixed Income Fund 1.16 1.16 4.40% ARM Money Market Fund 1.00 1.00 10.68% ARM Short Term Bond Fund 1.06 1.06 2.76% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.69 105.69 16.06% AVA GAM Fixed Income Naira Fund 1,149.34 1,149.34 7.20% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 195.95 197.33 45.27% AXA Mansard Money Market Fund 1.00 1.00 11.68% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.84% Cordros Milestone Fund 167.09 168.27 29.81% Cordros Fixed Income Fund 107.24 107.24 10.32% Cordros Halal Fixed Income Fund 108.98 108.98 11.00% Cordros Dollar Fund ($) 114.09 114.09 6.19% 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 10.56% Emerging Africa Balanced Diversity Fund 1.28 1.29 26.47% Emerging Africa Eurobond Fund 107.21 107.21 5.82% 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 1538.87 1538.87 11.96% FBN Balanced Fund 264.84 267.13 43.31% FBN Halal Fund 132.92 132.92 13.39% FBN Money Market Fund 100.00 100.00 11.53% FBN Dollar Fund 123.56 123.56 7.63% FBN Smart Beta Equity Fund 241.33 244.53 59.32% FBN Specialized Dollar Fund 111.34 111.34 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 7.65% Legacy Debt Fund 3.57 3.57 -0.02% Legacy Equity Fund 2.72 2.77 35.93% Legacy USD Bond Fund 1.32 1.32 4.86% 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 5,631.02 5,672.83 35.47% Coral Income Fund 3,984.68 3,984.68 7.70% Coral Money Market Fund 100.00 100.00 11.66% 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 17.31% Lotus Halal Fixed Income Fund 1,209.76 1,209.76 10.49% 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 18.09 18.24 54.38% Meristem Money Market Fund 10.00 10.00 12.70% 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) 104.07 104.07 11.95% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.39% Norrenberger Dollar Fund (NDF) ($) 103.52 103.52 11.26% 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 2.26 2.30 43.60% PACAM Fixed Income Fund 11.98 12.20 8.05% PACAM Money Market Fund 10.00 10.00 8.09% PACAM Equity Fund 2.17 2.19 52.45% PACAM EuroBond Fund 130.94 134.01 17.52% 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 162.92 168.09 29.60% 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 1.11 1.11 10.04% 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 4,896.95 4,940.13 44.51% Stanbic IBTC Bond Fund 255.45 255.45 8.44% Stanbic IBTC Ethical Fund 2.02 2.04 61.11% Stanbic IBTC Guaranteed Investment Fund 351.42 351.56 12.25% Stanbic IBTC Iman Fund 367.30 371.78 57.27% Stanbic IBTC Money Market Fund 1.00 1.00 11.54% Stanbic IBTC Nigerian Equity Fund 17,562.82 17,779.51 60.87% Stanbic IBTC Dollar Fund (USD) 1.46 1.46 12.98% Stanbic IBTC Shariah Fixed Income Fund 127.87 127.87 9.37% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.45 125.45 17.93% Stanbic IBTC Absolute Fund 4,987.61 4,987.61 17.24% Stanbic IBTC Aggressive Fund 5,223.48 5,289.00 87.88% Stanbic IBTC Conservative Fund 5,208.92 5,233.47 36.89% 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 1.31 1.33 43.53% United Capital Balanced Fund 1.80 1.81 38.45% United Capital Wealth for Women Fund 1.39 1.40 29.34% United Capital Sukuk Fund 1.17 1.17 11.45% United Capital Fixed Income Fund 1.94 1.94 6.90% United Capital Eurobond Fund 124.02 124.02 5.53% United Capital Global Fixed Income Fund 1.08 1.08 8.55% United Capital Money Market Fund 1.00 1.00 11.14% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.30 18.51 32.09% Zenith ESG Impact Fund 21.75 21.98 37.65% Zenith Income Fund 25.38 25.38 7.74% Zenith Money Market Fund 1.00 1.00 11.73% 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 8.40 8.50 108.09% Vetiva Consumer Goods Exchange Traded Fund 11.37 11.47 93.80% Vetiva Griffin 30 Exchange Traded Fund 26.01 26.21 46.83% 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

20.99 460.00 654.00 21.75 36.30

23.20 460.00 654.00 22.11 36.72

42.28% 257.36% 548.49% 52.92% 104.93%

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.

T H I S D AY • MONDAY, DECEMBER 18, 2023

35

NEWS

2023 ANNUAL LECTURE OF NIGERIAN AIRFORCE OFFICERS’ MESS FORUM...

L-R:, Commander, NAF Provost Investigation Group, Group Captain Ponzing Gaven; Air Officer Commanding, NAF Logistics Command, Ikeja, AVM AY Abudullahi; Chairman, NAF Officers' Mess Ikeja/Honourary Members' Forum, Dr Goke T. Akinrogunde; former Minister of Works & Housing/Guest Lecturer, Mr Babatunde Raji Fashola (SAN) CON; President, Mess Committee/ Commander, NAF 643 Equipment and Supply Depot, Ikeja, Air Commodore AI Sambo; Commander, NAF 651 Base Servicing Group, Ikeja, Air Commodore OA Abu and Member, NAFOM-HMF, Mr Olanrewaju Bello during the 2023 Annual Lecture of Nigerian Airforce Officers’ Mess Honourary Members’ Forum (NAFOM-HMF) in Lagos…weekend ABIODUN AJALA

Gov Yusuf: My Freely Given Mandate Remains Sacrosanct APC denies alleged plan to compromise S’Court judgment

Adedayo Akinwale in Abuja and Ahmad Sorondinki in Kano The Kano State Governor, Alhaji Abba Kabir Yusuf, has declared that the mandate freely given to him by the collective decision of the Kano

people remained sacrosanct.

This was as the All Progressives Congress (APC) has denied the "rumour" making the round that it has struck a deal to compromise the anticipated Supreme Court judgment in Kano governorship election.

Abba made the disclosure, when he visited Gwale Local Government Secretariat for an assessment of damage done by arsonists in last week's attack.

Deputy Governor of the State, Aminu Abdulsalam Gwarzo, who represented the governor, promised

to protect and defend the mandate at the Supreme Court.

He urged the residents not to be agitated because of the current happenings in the country concerning the outcome of the Court judgments on Kano, judging by the recent incidence

Convicted Drug Baron Forfeits VGC Mansion, Jeep to FG Michael Olugbode in Abuja A multi-million naira secret laboratory mansion for the production of methamphetamine by convicted drug baron Okenwa Nzewi has been forfeited to the federal government.

The property is located at K-5A/2 Road 14, Victoria Garden City (VGC) Estate, Lekki area of Lagos. The forfeiture followed a court ruling secured by the National Drug Law Enforcement Agency, NDLEA. Okenwa was arrested along with his associate Sunny Ukah on 30th July 2022 and subsequently arraigned on four-count in charge number FHC/L/527C/2022 at the Federal High Court, Lagos.

They both pleaded guilty on 17th July, 2023, while they were convicted and sentenced to four and three years’ imprisonment with an option of fine of N4 million and N3 million, respectively, in addition to community service for four and three weeks each.

Okenwa’s vehicle marked EKY

496 DJ was equally forfeited to the federal government.

To further deny him enjoyment of proceeds of crime, the NDLEA is filing a civil forfeiture charge against the building used as clandestine laboratory at the Federal High Court Lagos which initially granted an interim forfeiture order that elapsed on 6th December before the final forfeiture on 7th December 2023.

Meanwhile, NDLEA operatives in Lagos on Friday 15th December arrested a 75-year-old grandma, Mrs. Sekinat Soremekun, for dealing in illicit drugs.

At the time of her arrest in Oshodi area of Lagos, quantities of cannabis and litres of codeine syrup were recovered from her. She claimed her son Segun who is now at large supplied her illicit substances which she retailed.

In Imo, operatives on patrol along Owerri-Onitsha expressway last Thursday, intercepted a way-billed consignment containing cocaine weighing 2.287 kilogrammes. The

shipment coming from Lagos was concealed in cellophane condoms, and heading to Port Harcourt, Rivers State.

A suspect, Isaac Okoh, 45, has already been arrested. No fewer than 10 jumbo bags of cannabis weighing 100 kilogrammes were recovered from the ceiling of a dealer, Ibrahim Yahaya, 35, when his house was raided in the Tudun Kofa area of Lafia, Nasarawa State, last Friday, while he was also arrested.

At the SAHCO export shed of the Murtala Muhammed International Airport, Lagos, over 1.5 million pills of tramadol 225mg and rohypnol were intercepted in a cargo going to South Africa, by NDLEA operatives, in collaboration with personnel of the Federal Airports Authority of Nigeria (FAAN).

Two suspects - Bada Akorede and Amusan Sharafadeen - have so far been taken into custody in connection with the consignment, which consists of 1,050,000 pills of tramadol 225mg and 510,000 tablets

of rohypnol.

At the Federal Capital Territory, FCT Abuja, operatives last Friday, intercepted a consignment of 1,496 bottles of codeine syrup at A.Y.A area of the city while a suspect, Ozioma Enoja, 31, was arrested in a follow up operation. Another consignment of 400 bottles of the same opioid coming from Port Harcourt, Rivers State, was also seized along Abaji-Abuja highway on Saturday 16th December, after which a suspect, Bala Ishaq was arrested during a follow up operation at Zuba Motor Park.

While 17 bags of cannabis sativa weighing 195.8 kilogrammes stored in a bush at Gbanke village, Orhionmwon LGA, Edo State were recovered by NDLEA operatives last Wednesday, anti-narcotic officers in Ogun State, intercepted two suspects - Edun Olowokou and Tunde Elijah - at Alamutu roundabout area of Abeokuta, with bags of same psychoactive substance weighing 279kg.

of burning down parts of the Gwale Local Government Area Secretariat by miscreants.

The deputy governor, who is also the Commissioner for Local Governments and Chieftaincy Affairs, warned of the dangers of engaging in any form of violence that could disrupt the peace of the state while reiterating the need for peace in the state.

He stated that their call for peace was not in fear of anybody but to ensure there was no breakdown of law and order in the state due to its importance in the region and the entire country.

"We are here on a visit because of the very unfortunate incident that occurred within the last week.

I am here as the Deputy Governor representing His Excellency Abba Kabir Yusuf and as Commissioner in charge of Local Government and Chieftaincy affairs, for which issues relating to local governments directly fall under my purview.

"I am, therefore, here to see for myself what happened and the extent of the damages caused by this unfortunate incident carried out by some miscreants," he said.

He explained further, "We can understand that there is so much tension in the state because of the happenings over the last two months or so.

"People are agitated and getting more and more restive. We are calling on people to stay calm because Kano is our only state, we have no other state than Kano state.

"The importance of Kano to the

entire northern Nigeria cannot be over-emphasised. The importance of Kano to this part of the country and indeed the entire country is such that nobody can afford to play with security issues in the state.

"That is why we are going to the extremes to ensure that peace reigns and we can calm the nerves of our supporters in the state, who are in the majority" the Deputy Governor declared.

Gwarzo, however, urged the people of the state to remain focused and be on the alert while calling for vigilance on what is happening within and outside of the state.

He said no stone would be left unturned in the struggle for justice for the people of the state at the judicial battleground.

Meanwhile, the Kano APC Chairman, Abdullahi Abbas, in a statement, yesterday, dismissed rumour that the party was attempting to compromise Supreme Court ruling, insisting that the party had no deal to compromise court judgement.

"Against the euphoric moments of the desperate members of the New Nigeria People's Party (NNPP) that a deal has been struck in order to compromise the anticipated Supreme Court judgement, chairman of the All Progressives Congress (APC) in Kano state, Alhaji Abdullahi Abbas has vehemently dismissed the so-called agreement and reconciliation as mere rumours.

PURPORTED COURT ORDER SURFACES AHEAD OF RULING, MORE WOES FOR JUDICIARY of Assembly, pending the hearing and determination of the Motion on Notice."

Besides, the court restrained the defendants from interfering with or impeding in any way or attempting to interfere in any way with the performance of the plaintiff's official and legislative functions as Speaker, Deputy Speaker, and members, respectively, of the Rivers State House of Assembly, pending the hearing and determination of the Motion on Notice.

The judge subsequently fixed Wednesday, January 17, 2024, for hearing.

CUPP, while confirming the development, alleged that the plot was to pave the way for the impeachment of Fubara.

CUPP made the allegations at a news conference addressed by its National Secretary, Mr. Peter Ameh, in Abuja The group claimed that it had intercepted credible intelligence and draft ruling that was purportedly

written by a judge.

Ameh further alleged that the purported draft verdict was currently in circulation on the web and would be delivered on Monday (today) or within the week in a secret application filed in court after the close of business between Thursday and Friday last week.

CUPP vowed to drag any judge that delivered such ruling to the National Judicial Council (NJC), even as it asked heads of security agencies to steer clear of the political crisis and ensure that the institutions of government, especially the Rivers State government, were protected.

Meanwhile, CALSER raised the alarm over an alleged plot by some members of the Rivers State House of Assembly to thwart the conduct of by-elections in the state.

At a parley with newsmen, the centre claimed that the lawmakers planned to approach the courts to challenge the legality of the letter sent to INEC to conduct by-elections to fill the vacuum created by the

27 members’ defection to another political party.

Convener of the group, Princess Ajibola, urged the lower courts not to allow themselves to be used to undermine the stability of the country by rejecting any overtures from the 27 defected lawmakers in the Rivers State House of Assembly.

Wike Defies Fubara’s Men, Returns to Rivers Despite warnings and threats from Fubara’s loyalists, Wike landed in Port Harcourt on Saturday, to a tumultuous reception.

Honourable Boma Goodhead, a member of the House of Representatives, and other protesters, had dared Wike to step foot into Rivers State, vowing not to allow him disturb the state’s peace.

They called on President Bola Tinubu to intervene, warning Wike to stay away.

But Wike, accompanied by Senator Barry Mpigi, Senator

Allwell Onyesoh, Minister of State, Petroleum, Heineken Lokpobiri, Rivers State House of Assembly members, and local government chairmen, returned to Rivers State, defying the warnings.

As Wike defied threats and returned to Rivers State, THISDAY reported a video of Fubara being hailed by a live band in the same way Wike was idolised months ago.

Months ago, the live band and hype men, who accompanied Wike to occasions, interspersed his speech with words of adulation to him and mockery of his political foes.

A similar form of adulation emerged on Friday as Fubara commenced the construction of a 20,000 housing project, which provided the same platform Wike almost regularly used to “pepper” his political enemies with the reprise of the live band.

In a related development, Frank called on the Inspector General of Police, Kayode Egbetokun, and Director-General of DSS, Yusuf Bichi,

to urgently investigate Wike over alleged complicity in the killing of a DPO, Bako Angbashim, in Ahoada Division, Rivers State.

The activist insisted that all federal lawmakers whose names were mentioned by Goodhead in the killing must also be investigated.

He also called on the Economic and Financial Crimes Commission (EFCC) to investigate the alleged diversion of $300 million from Rivers State’s IGR. Angbashim, a Superintendent of Police, had led his men to raid criminal hideouts in the Odemude community in Ahoada West Local Government Area of the state on September 8, when a dreaded cult group led by Okpara ambushed them, opened fire and eventually captured Angbashim, decapitated his body and filmed their action.

His killing attracted nationwide condemnation, with the police high command, the Federal and the Rivers State governments ordering an investigation and immediate arrest

of the suspects.

Frank, in a statement in Abuja, had reacted to the allegation by Goodhead, representing Asari-Toru Federal Constituency of Rivers State, that Wike had a hand in the killing of the DPO. Goodhead had at a protest rally in Rivers State in support of Fubara, accused Wike and some federal lawmakers of masterminding the killing of the DPO. She also claimed that the governor had caused the diversion of $300 million given by Nigerian National Petroleum Company Limited (NNPCL) for Ogoni clean-up and N9 billion from the Internally Generated Revenue (IGR) of Rivers State.

Frank said the investigation had become necessary to determine the veracity or otherwise of the claims

by Goodhead against Wike and two federal lawmakers from the state.

He called on Tinubu to set up a judicial panel of inquiry to unravel the killing of the DPO in order to ensure justice for the dead.

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T H I S D AY • MONDAY, DECEMBER 18, 2023

NEWS

30 YEARS REMEMBRANCE OF MADAM OYEMWENSE, MOTHER OF EKI IGBINEDION ...

L-R: Former Edo State Governor, Chief Lucky Igbinedion; Edo State First Lady, Mrs. Betsy Obaseki; former Edo State First Lady, Mrs. Eki Igbinedion, and Edo State Governor, Mr. Godwin Obaseki, at the 30 years’ remembrance of Mrs. Grace Iyonawan Oyemwense, mother of former Edo First Lady, Mrs. Eki Igbinedion on Saturday

War against Judiciary, Unwarranted, Reckless, Senior Lawyers Caution Alex Enumah in Abuja

Some senior lawyers in the country have condemned the increasing attacks on the judiciary, describing such as unwarranted and reckless.

The senior lawyers, who decried the development, warned that if the attacks were not checked, they could plunge the country into chaos.

This, they reckoned, owed largely to the critical role the judiciary plays in the maintenance of law and order, as well as creating a stable and peaceful environment for peace, development and progress.

While cautioning against sweeping allegations of fraud and corruption against judges and the judiciary over certain controversial decisions entered by a few judges in some political cases, the Senior Advocates of Nigeria (SAN), warned those involved to desist immediately in the interest of the country and its citizens.

The senior lawyers, who gave the admonition to fellow lawyers and politicians at the weekend, included Chief Mike Ahamba, Professor Awa Kalu, Kunle Adegoke, and Dr Olukayode Ajulo.

They said, “Yes, we have a few elements in the judiciary that are

POWER SECTOR STAKEHOLDERS SAY CHANGING OWNERSHIP OF DISCOS WON’T SOLVE NIGERIA'S ERRATIC ELECTRICITY PROBLEM power movement and export, non-availability of minimal 10 per cent reserve margins as required by the grid code, lack of effective spinning reserve implementation regime, as well as electric power sector financing, liquidity, and recapitalisation, remained major challenges.

The communique said, “Changing ownership of Discos will not solve any problems and only the injection of funds tied to specific deliverables will move this sector forward.

“There has never been liquidity in the NESI, since funding never came into the market, except for Central Bank of Nigeria (CBN) interventions.

“Acquisition payments received from investors to acquire the Discos were channelled towards settling Power Holding Company of Nigeria (PHCN) workers and not to improve the network.

“Big customers are exiting grid power not just because of cost but primarily due to the unreliability of supply.”

The communique added that the Nigerian power sector needed to transition to cleaner and more sustainable sources of energy, reducing reliance on fossil fuels, and minimising the environmental impact of power generation.

It stated that regulatory failures, limited monitoring and penalties, skipped tariff reviews, and political

interventions had kept the market growth stunted.

It said, “The power sector in Nigeria requires stronger institutions and more effective and independent regulations to address issues such as market competition, contract enforcement, and investor confidence.”

It recommended that full contractual market with capacity payment should be encouraged to enable the replacement of aging capacities, support the retention of existing capacities, and full payment as and when due for services rendered.

To attract more upstream gas players in the industry, the group stated that Nigeria must begin to award gas blocks with some incentives.

The communique stated, “The Nigerian Electricity Regulatory Commission (NERC) should implement a fair and cost-reflective tariff structure that encourages investment, ensures revenue sufficiency, and incentivises efficient energy consumption.

“Cost reflective tariff should be treated as an output, not an input. Discos should introduce energy efficiency programmes and initiatives to encourage customers to adopt energy-saving practices and technologies.

“Discos should expand the deployment of smart meters to improve billing accuracy, and revenue collection, and reduce electricity theft.”

bad. We cannot shy away from that. It is, however, easier to notice the negative side of any person or any system.

"The positive aspect hardly registers sufficiently to the good measure of appreciation by the populace. And when in a system, a few bad elements commit some atrocities, the tendency is for the people to register a negative perception against such a system.

“In the judiciary, today, I still believe as a practitioner that we have majority of judges that are quite upright presiding over cases," Adegoke said.

Kalu, only his part, said, “The lawyers who are making frantic efforts to denigrate the judiciary forget the African proverb: there is nobody who will say his mother’s soup is not sweet.

"You cannot wake up and say, oh, my mother's soup is not sweet. If your mother's soup is not sweet, which one is sweeter.

I will advise such lawyers to be very careful before you say your mother's soup is not sweet.”

Ajulo, who agreed with his colleagues also said, “I don’t think we need to deceive ourselves.

Criticism of the judiciary, low perception of the judiciary is universal. That is one.

“However, in Nigeria, it is only rife during election. You will notice that by February, only a few of such cases will happen.

And the reason for this is not far-fetched. The lawyer handling such controversial matter will never come to tell his client that, look, I am the one that made a mistake.

“Again, I will still insist that

the case of Maina vs Lawal shows how people perceive issues. In that case, what is in the record of the court is different from what is in the public space. Nigerians were simply misled in that case,” he said.

Former NBA leader, Ahamba, said, “Most of the discussions on the pages of newspapers are facts free and law free. I know that some funny things have happened. But I still maintain that most of those who are discussing the judiciary don’t even know what the law is.

“There is an adage that says one finger can pick oil and spoil the rest of the fingers. I don’t think it is right for them to destroy the judiciary,” adding that, “even where one feels strongly that justice has not been done in a case, the concerned

lawyer should not tarnish the image of the judiciary.

“I have been a victim as a lawyer. And my attitude is to write a book on it, exposing all the wrongs that were done against my client. Not to say the judiciary is no longer good.

"After all, I did a presidential election petition where we scored 4-3. Even though four did not agree with us, were the three other justices not members of the judiciary?

"In another, we scored 4-1. I again ask that even though four justices went against us, is the fifth judge who dissented not part of the judiciary?

“So, what should happen is that the academics should take time to look at some of these judgments and point out the faults in them.

This is it,” he advised.

Edo Poll: LP Repositions Party for Victory, Trains Wards, LG’s Executives Imasuagbon urges all parties to field candidates from the Edo Central Senatorial Zone Chuks Okocha in Abuja Ahead of the Edo 2024 governorship election, the Labour Party, (LP) in the state has commenced a capacity building program for Wards and Local Government Areas’ executives aimed at strengthening and repositioning the party for victory.

The first Train-The-Trainers program held yesterday for Edo South Senatorial district at the Imperial Event Centre, Benin City, Edo State, had in attendance party leaders from the seven Local Government Areas in Edo South.

A statement by the National Publicity Secretary of the Labour party, Obiora Ifoh, said that the national chairman of the party, Barrister Julius Abure, who declared open the program, also expressed optimism that Labour Party remains the only political party that can rescue the nation and Edo State from bad governance.

According to Abure, “The intention of the program is to build the capacity of our local governments and ward executives in terms of what they are expected

to do during an election. It is intended to develop and build their capacity for the Edo 2024 governorship election.

“Labour party believes that elections are won and lost at the ward or local governments level depending on the action and inaction of members. This also underscores the importance to build capacity of our local government and ward officers being trained in the trainer workshop, they are supposed to replicate the training in their various local government and wards.

“We believe strongly that we are the only party that has the answers to the socio-economic challenges of the state and the nation. The high level of infrastructural decay, poverty, hunger and unemployment is unimaginable and it is the Labour Party that has the ideology to change this trajectory and reposition the country for greatness.

“Therefore, Edo is looking up to our party to do the needful by giving them the right candidate that can defend their votes. Our main objective today in Edo is how

to win the election with the right candidate that has the capacity to win."

He noted that the same training will also be held in the other senatorial districts as a way of focusing the party for victory come 2024.

Meanwhile, a governorship aspirant, Kenneth Imasuagbon has called on political parties in Edo State to field candidates from Edo Central to ensure fairness, equity and justice as the region was yet to rule the state since 1999, save for the truncated 18 months reign of Prof. Oserheimen Osunbor removed by a court.

He said, “I hear people talking about Edo South having the capacity to win the election but I ask where is the place of fairness, equity and justice in our politics?

Edo Central should be given the opportunity to rule the state this time.

“The narratives have changed and whoever wins must have done a lot of work during the campaigns.

However, Edo Central should be given a chance in the state.”

He said political leaders can longer take for granted the power of the electorate as the days of queuing behind a favoured candidate was over adding that political parties now know that they need to field their best if they intend to win an election.

Imasuagbon pointed out that the last election, which saw many notable political leaders including President Bola Tinubu losing their states to opposition parties was an eye opener to political leaders and aspirants, stressing that many voters are now aware of the power they have in deciding the fate of the country.

“The people are the ones to decide who the party will present for election. The last election has shown that the right candidates must be fielded by political parties if they hope to win elections.

“Gone are the days when political leaders would present, back candidates and instruct party faithful to queue behind them. The right candidate must be presented or parties risk losing elections”, he stated.

37

MONDAY DECEMBER 18, 2023˾ T H I S D AY

,NEWS

BUSINESS JOURNAL LECTURE…

L-R: Group Head of Audit, FBN Holdings Plc, Dr. Bode Oguntoke; Managing Director/CEO, Stanbic IBTC Insurance Limited, Mr. Jide Orimolade; President, The Guild of Corporate Online Publishers, Ms Maureen Chigbo; Publisher/Editor-in-Chief, Business Journal Media Group, Prince Cookey; Founder/Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe; Managing Director/CEO, Hilal Takaful Nigeria Limited, Mrs. Thaibat Adeniran, and Director, Commonwealth Institute of Advanced and Professional Studies, Lagos, Prof. Anthony Kila, at the Business Journal 15th Anniversary Lecture in Lagos...recently

CSO Tasks Incoming Administration on Immediate Reconciliation in Kogi Ibrahim Oyewale in Lokoja

A civil society group, Conscience for Human Rights and Conflict Resolution (CHRCR), has urged the incoming administration in Kogi State to as matter of urgency set agenda for immediate reconciliation of the people of the state for peaceful

co-existence and unity.

The group called on the political parties to do more to include young persons in their internal party activities through effective specific policies that encourage youths in party leadership positions This was contained in communique issued at the end

Pastor Adeboye: Oba Olaoye Destined to Be Soun Kemi Olaitan in Ibadan

The General Overseer, Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, yesterday, said the new Soun of Ogbomoso, Oba Afolabi Ghandi Olaoye, was destined to be a king even before he was born.

He made the declaration while speaking at the Beulah Baptist Conference, Ogbomoso, venue of an interdenominational thanksgiving service for the new Soun of Ogbomoso.

The cleric, while addressing

the gathering, said he knew that Olaoye was born to become a king.

According to him, when he (Olaoye) came to inform him(Adeboye) about the development, he told him to go and pray, he came back and said he had not heard anything, and he (Adeboye) told him to go back and pray again, and a while, he came back and told him that God has spoken.

He added that it was then that he (Adeboye) told Soun to go because he had been destined.

of a one-day post governorship election review in Lokoja at the weekend.

The group lamented that the state has not witnessed

A United States of America (USA) based green energy initiative, the Sustainable Energy for Developing Nations Initiative (SEDNI), has commended the Inspector General of Police, (IG), Kayode Egbetokun over the recently signed Memorandum

administration to as matter of urgency ensure the unity of the people of the state for equitable distribution of state resources

of Understanding (MoU) for a green initiative known as the Nigeria Police Green Initiative.

The initiative is aimed at engaging green innovative solutions to boost the operational efficiency and capacity of the Nigeria Police Force to fight crime and maintain law and order in Nigeria.

SEDNI, in a statement issued and signed by its President, Isaac ThankGod, described the Nigeria Police initiative as commendable and should be emulated by other African countries and all developing nations.

The group pointed out that despite the challenging nature of providing security in a country like Nigeria, the

initiative will open up the minds of the populace and highlight certain socio-economic factors for effective policing and crime reduction, environmental sustainability, climate change, as well as supporting the lives and livelihoods of the members of the Nigeria Police Force and their families.

Mbah Restates Commitment to Quality Healthcare Delivery in Enugu Gideon Arinze in Enugu

The Enugu of State Governor, Mr. Peter Mbah, has vowed that his administration would remain committed to delivering quality healthcare to all residents in the state.

Mbah said that his

administration is in the process of constructing 260 Primary Healthcare Centers (PHCs) across all the electoral wards because it understands the importance of a healthy population and healthy workforce.

Mbah made this know

at the weekend during an inspection tour of a PHC at Ogononoeji Ndiuno, Akpugo, Nkanu West LGA, where he also interacted with health workers and community leaders for the improvement of primary healthcare delivery.

During the inspection, Mbah said that healthcare was among the core priorities of his government, which expl–ained why the sector got the second highest allocation in the 2024 budget after education in the social services sector.

PDP Tasks AbdulRazaq on Planned N17bn to Renovate Kwara Hotel

Hoodlum Kill Two Worried by the current economic realities, the Passersby in Rivers Peoples private residence of the former opposition, Blessing IbungeinPortHarcourt Governor Nyesom Wike, on Ada-George.

The source further disclosed that the suspect as at the time of incident had taken hard drug before he snatched the gun and shot indiscriminately which resulted to the killing of another man said to be a scavenger, while other passersby scampered for safety.

Afterwards, the suspect, Nuhu engaged the police officers who tried to stop him in shoot out but was neutralised by the police while the Ak 47 riffle was retrieved by the security operative.

which has inadvertently caused a very sharp division among the major component parts of the state.

It also urged the incoming

US-Based Group Commends Tinubu, IG on Police Green Initiative OlusegunSamuelinYenagoa

Hammed Shittu in Ilorin

Two passersby have been reportedly killed by a hoodlum simply identified as Nuhu along Ada-George axis of Obio/Akpor Local Government Area of Rivers State.

THISDAY learnt that the hoodlum on a rampage yesterday, snatched an AK-47 rifle from a policeman attached to Rumupakani Police Division Ada-George and started shooting sporadically.

Sources close to the scene of incident disclosed that the suspect is a popular scavenger around the area, few miles away from the

divisive tendencies like what happened during the just concluded off -cycle election in the state when the political parties were ethnically based,

Democratic Party(PDP) in Kwara state at the weekend advised the state governor, Alhaji AbdulRahman

AbdulRazaq to reconsider the purported move to spend over N17billion to embark on the renovation of the state owned hotel, Kwara Hotel, Ilorin.

The party said that the commitment of such huge amount to the renovation of

hotel when many residents of the state are sufferings from economic hardship is not good for the socio well being of the residents of the state.

The state executive council after its meeting last Wednesday in Ilorin

approved the award of redesigning and wholesale rebuilding of the iconic Kwara Hotel to Craneburg Construction Company Limited to a five-star hospitality facility at the sums of N17b.8 billion for a duration of 24 months.

Oyebanji Pays N5,000 Monthly Stipends to 10,000 Indigent Citizens Gbenga Sodeinde in Ado Ekiti The Ekiti State Governor, Mr. Biodun Oyebanji, has commenced payment of N5,000 monthly as palliatives to 10,000 economically vulnerable citizens of the state.

Flagging off the presentation

of cheques to beneficiaries on Tuesday at the Conference Hall of the Governor’s Office, Governor Oyebanji said that the gestures were part of the palliatives plans of his administration to cushion the effect of the current economic situation on indigent citizens.

Oyebanji, who was represented

by the Commissioner for Budget and Economic Planning and Performance Management, Mr. Niyi Adebayo, noted that the initiative, which had started for over two months now, would last for five months for 10,000 indigenes of the state.

He said that each of the

beneficiaries would receive the N5,000 on monthly basis for six months.

He added that the gesture was part of the state government’s alleviation programme, aimed at ensuring that the less privileged in society feel the presence of government in times of hardship.

Group Lights Up Lagos Community, Donates Transformer

of the 500 KVA transformer was the host community of its global welcoming to the group.

‘Mainstream Media Best Means SundayOkobi He assured the community strategic in response to the challenges headquarters, the Imeke Kingdom of BAN’s total commitment to caused by epileptic power supply in part of its corporate social of Badgary, Lagos State. of Tackling Fake News’ Asresponsibility(CSR), Presenting the transformer to the continuous investments in a host the community, targeted at serving a non-profit Omon-Julius Onabu inAsaba Mainstream or traditional media has been described as the most effective means of tackling the menace of fake news or false information dissemination in the society hence the need to encourage more investment in mainstream media in Nigeria.

International businessman and proprietor of Akwa Amaka Group, Mr. Stanley Obodoagwu, made this assertion in Asaba during the public presentation of the maiden of edition of AA Magazine, a quarterly general interest contemporary standard

publication, with eminent journalist, Mayor Ikoroha.

The cover of the magazine is adorned with Nollywood star and “model Nigerian polygamist” and wife of flamboyant Nigerian So Ned Nwoko, Regina Daniels, also featured President Bola Tinubu’s bumpy ride into the Nigerian presidency, the Peter Obi phenomenon in Nigeria’s politics, Governor Oborevwori efforts to excel in Delta State without delay as well as an interview with headline making investigative journalist, David Hundeyin, among others.

global organisation, Brothers Across Nigeria (also known as Buccaneers Confraternity), has donated a 500 KVA transformer to

community at a ceremony, BAN/ BC’s Global President, Mr. Azubuike Onowu, thanked the Imeke Kingdom for being accommodating and

community that “has graciously hosted BAN/BC’s global headquarters for almost two decades.”

Onowu noted that the donation

an additional 280 to 300 households and SMES in the community, thereby unlocking significant economic and social empowerment value.

Anambra APC: Tinubu Has Approved Plan to Win Anambra in 2025 David-Chyddy Eleke in Awka The All Progressives Congress (APC) in Anambra State has said that President Bola Tinubu has approved a plan for the party to win the state in the 2025 governorship.

The Deputy National

Organising Secretary of APC, Mr. Chidi Duru, stated this during a Christmas party organised for officials of the party at all level by a stakeholder of the party, Mr. Paul Chukwuma.

Duru said that the winning plan was disclosed by the National Chairman of APC,

Mr. Abdullahi Umar Ganduje, during a stakeholders’ meeting Tinubu held with leaders of the party from Anambra State in Abuja, recently.

He said: “APC is ready to take over Anambra State. Feel free to invite your friends to APC. The train is about to leave

the station and we don’t want anyone to be left behind.

“A lot of new things are already happening in our party.

We all need to work together to take Anambra in the next election. We have men who are willing to work, and the party is also prepared.

T H I S D AY • MONDAY, DECEMBER 18, 2023

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BACKPAGE CONTINUATION OYENUSI, ANINI, SHEKAU AND DOGO GIDE government took over power, the no-nonsense Chief of Staff, Supreme Headquarters, Brigadier [later Major General] Tunde Idiagbon visited Kirikiri prison in Lagos, which was overflowing with men on death row. Idiagbon asked why, and the prison service boss told him that throughout the four years of the Second Republic, 1979-1983, no civilian state governor anywhere in Nigeria signed the warrant to execute a condemned prisoner, even when all the judicial processes were exhausted. Nor, apparently, did they take the trouble to commute the death sentences to prison terms, which would at least have enabled the prisoners’ movement out of death row.

Idiagbon asked how many condemned men there were, and he was told there were about 800 of them all over the country. He then ordered military governors all over the country to sign the death warrants for their immediate execution. The following day, newspapers came out with screaming headlines, “Idiagbon orders execution of 800 prisoners.” The story caused shock all over the country, so on NTA Network News that night, Supreme Military Headquarters [SHQ] issued a statement “warning newspapers to stop portraying the Chief of Staff as a sadist.”

Around the same time as the Sokoto execution in 1985, there was a tragically comical execution episode in Ogidi LGA of Anambra State. The military governor had signed a warrant to execute nearly a dozen condemned armed robbers. In order to drive home his point, Admiral Allison Madueke ordered each one of them to be taken to his hometown and executed there. Soldiers then took one condemned man to a village in Ogidi Local Government and tied him to the stake. Before they could open fire, the village head and all the elders came out, stood between the man tied to the stake and the firing squad, and said he will not be executed there because he was not

from that village. They asked the condemned man to show his father’s house in that village. After two hours of argument, the soldiers untied the man, took him to Enugu and executed him there.

In the days before kidnapping of oil workers, Boko Haram and banditry took center stage as the criminal in-things in Nigeria, probably no criminal captured the public’s imagination and dread quite like Ishola Oyenusi, the secondary school drop-out better known as “Dr. Oyenusi,” who was captured in March 1971. At the time, DRUM magazine reported extensively, with a lot of salt and spice, of Oyenusi’s capture by crack police detective Sunday Adewusi, who rose to become Inspector General in the Second Republic. Oyenusi was subsequently executed at the Lagos Bar Beach, watched by thousands of people.

Two years after Oyenusi’s execution, another notorious armed robber, Isiaka Busari better known as Mighty Joe, was arrested in Lagos. He had succeeded Oyenusi as the gang’s boss and was executed by firing squad in 1973. Mighty Joe has however been dwarfed in our criminal history by Lawrence Anini, who terrorized Benin City and environs in 1986. Anini and his gang were said to move around, robbing banks, in a white Volkswagen Santana. A newspaper reported at the time that policemen at a check point in Benin took to their heels when they saw a white Santana car approaching.

Military ruler General Ibrahim Babangida added to the drama one day when, emerging from a meeting of the Armed Forces Ruling Council, he suddenly turned in front of reporters to the Police Inspector General Etim Inyang and said, “My friend, where is Anini?”

An embarrassed IG quickly promised that he will soon be apprehended. Indeed he was, not under Inyang but under his successor Gambo Jimeta, who immediately

went on television and said, “The notorious armed robber Lawrence Anini has been captured in a special police operation in Benin…” Anini and his deputy Monday Osunbor, who turned out to be even more deadly, were executed by firing squad.

In terms of human death toll, property destruction and national angst, the armed robbers’ deeds were dwarfed, first by the deadly Kano-based sect leader Muhammadu Marwa, alias Maitatsine, and his successor Musa Makanike of Yola. In 1980, from his base at Kano’s Yan Awaki Quarters, Maitatsine unleashed mayhem that led to the death of thousands of people. After his men repelled several attacks by mobile policemen, a military force led

by Major Haliru Akilu stormed Yan Awaki, dislodged the fanatics and killed Maitatsine. In February 1984, Maitatsine’s followers led by Musa Makanike unleashed similar mayhem in Yola, which soldiers managed to put down after severe fighting.

In terms of human death toll and property destruction, after the Civil War of 1967-70, the champion episode is Boko Haram and its most notorious leader, Abubakar Shekau. Mamman Nur and Al-Barnawi follow him in historic notoriety. They killed tens if not hundreds of thousands, overran cities and towns, displaced millions, bombed markets, bus stations and other crowded places, snatched schoolgirls and boys, executed young men in captured towns and spread the greatest fear and dread in Nigerian hearts. Boko Haram’s campaign of bombing churches, culminating in the Madallah church bombing on Christmas Day 2011, was meant to ignite an inter-religious war in Nigeria. Today, after 13 years, Boko Haram is a shadow of its former self but still potent enough to keep a million IDPs from returning to their homes.

Then came the bandits, mostly in the North West and North Central regions, who introduced industrial

scale kidnapping and made the highways utterly unsafe. Their trade was enabled by the coming of mobile phones, without which it would be impossible to kidnap a person on the highway, contact his or her family, negotiate for ransom and coordinate a drop-off zone. The military and security forces have succeeded in killing many of the bandit leaders, but many others are still at large, including Dogo Gide, Bello Turji and Dankarami. With the coming of the bandits, Nigerians suddenly wished for the old armed robbers. By the way, where are the apprehended terrorists Kabiru Sokoto, mastermind of the Madallah church bombing, and Kerim Ogwuche, said to have masterminded the Nyanya bus bombing of 2014, who was repatriated from Sudan? We should have left him in Khartoum; by now he would have been caught in the crossfire between Rapid Response Forces and the Sudanese Army. Please, where is Alhaji Hamisu Bala alias Wadumen, the kidnap kingpin of Taraba who managed to arrange for soldiers to kill policemen from the IG’s Intelligence Response Squad?

No criminal roll call in Nigeria will be complete without the mention of Benue State’s Terwase Akwaza, alias Gana. Before soldiers killed him in 2020, he terrorized yam markets in the country’s Breadbasket and struck fear in all community hearts. Or of Chief Vincent Duru, alias Otokoto, the wealthy Owerri hotel proprietor who was subsequently hanged for ritual murders. Or without mention of Chukwudumeme Onwuamadike, alias Evans, the “Billionaire Kidnapper” who collected ransom from his victims’ families in hard currency, unlike the analogue Northwest bandits who still collect pre-redesign naira notes. Unfortunately, we will still be hearing of criminals in Nigeria long after these ones are gone.

in the use of digital transactions. Digital payments have since then grown and are hitting a new milestone with the ongoing rationing of currency notes by commercial banks. A cashless economy is helpful in ensuring inclusivity, security and and other benefits that come with it.

Eight, is the Social Investment Program, SIP that President Buhari introduced in 2016, the continent’s most ambitious social protection program with the use of technology to help the government to reach the poor directly while cutting off third party interlocutors. The program, among other things, ensured government’s cash-based social assistance directly to the poor in the scheme touted as the biggest financial inclusion initiative in Africa. His vision was to lift 100 million Nigerians out of poverty in 10 years gave the background to the social investment programs.

Nine. Buhari as president provided the highest energy to infrastructure development since the country’s independence-power, rail, roads, bridges, sea and airports, housing and water supply schemes. Nigeria’s capital expenditure increased many fold enabling thereby, record investments in infrastructure. This has improved the speed and gear impacting ease of living and ease of doing business.

To enhance the role of States and the private sector, the administration established the Infrastructure Corporation of Nigeria, INFRACO with a seed capital of N1 trillion provided by the Central Bank of Nigeria.

Buhari changed many laws on taxation, not only as they affect goods and services but also relating to individual and corporate taxes to improve the ease of doing business, increasing bilateral trade and enhancing the vision of higher revenues. He strengthened the office of the Auditor General of the Federation and introduced many laws to enhance the war against corruption and the recovery of stolen funds. Such policies as the Bank Verification Number, BVN, the IPPS, Whistleblower- some of which took more than a decade to implement all had their to path to fulfillment broken under him. These were among the weapons he wielded against corruption.

Ten. President Buhari’s assent to the Petroleum Industry Act, PIA on August 16, 2021 broke a two decades-old jinx, setting the the stage for for the unprecedented transformation of Nigeria’s oil and gas sector. He fought through the courts in London to reprieve the nation

from an unjust USD 11 billion penalty for the breach of the corrupt-ridden P & ID contract and recovered for the nation, the Ajaokuta Steel Rolling Company from the global steel shylocks who squatted on the giant plant for the years that they held sway.

Eleven, to say that throughout his eight years in the presidency, President Buhari did his best to redeem the nation’s infrastructure deficit, thereby putting Nigeria on the path to becoming a developed economy. He took many decisions without fearing anyone which earned praise for his leadership from many parts of the world. His popularity went beyond national borders.

The Nigerian diaspora flocked him in large numbers wherever he visited. The roars “Sai Baba, Sai Buhari,” echoed wherever he we went, at home and in the many countries, signifying not only his popularity but also the love of nation by the diaspora.

Twelve. Buhari defused a bomb under the nation’s bed. He knew the corrosive danger to democracy the irresolution of the June 12 crisis posed to the country and didn’t hesitate to do what was right: to apologize to the nation for the wrongful nullification of MKO Abiola’s election as president in 1993- even though the action was taken by a succeeding administration that kept him in detention-; award a posthumous GCFR, the nation’s highest honor to the winner of the election in the overall effect of recognizing him as President, even though he did not take the office.

The effect of this on the psyche of the nation, and its politics was to produce a thaw in the tension between the North and the South and between the Southwest in particular and the rest of the country. It was worth a Nobel Prize nomination.

Thirteen. Beyond politics,former President Buhari is a practicing farmer, an avid reader of newspapers and magazines and a large consumer of TV programs.

His preferred clothing brand is the Kaftan wear when at ease and the Babbar Riga for formal occasions. His preferred dress color as many would have noticed on his public outings and the TV is blue, and sometimes white. He undertakes regular exercises.

Having given his best to the nation, President Buhari deserves the quiet life he is currently enjoying in Daura.

Happy Birthday and Many Happy Returns!

with the burden of bureaucracy and red tape. There is a sense of pervasive hopelessness and despondency among the youth, who comprise more than 70% of the population. The paradox is that the high youth population is now a curse rather than a blessing. We have a dearth of highly educated and skilled youths, yet many have "japaed" or are planning to do so. Never in our history have we had this unprecedented exodus of trained professionals in all spheres.

We have weak institutions, weak infrastructure, and massive insecurity. We have a complex regulatory environment with many bureaucratic hurdles, which has affected the ease of doing business. Starting and operating a company could be more efficient and more investor friendly. Multiple taxation and other unnecessary interference impede business confidence.

Besides, the state of infrastructure in Nigeria, including transportation, energy, and telecommunications, is disturbing and anti-investment. Infrastructural development is the backbone of business, and investors may hesitate to invest in a country where inadequate infrastructure can hamper business operations.

The level of insecurity is alarming. Some regions in Nigeria have experienced security challenges, including incidents related to terrorism, secessionist agitations, civil unrest, kidnapping, high-level criminality, and general

low-level insecurity. These concerns impact the perceived safety of investments and lead investors to consider more stable environments.

All these signals mentioned above are powerful and are dousing the poor signals this administration's effort is putting out. So, we must go back to basics. Addressing these challenges and implementing reforms in governance, infrastructure, and the business environment can help improve Nigeria's attractiveness to foreign investors.

The Nigerian government has recognised these issues and has been working on initiatives to promote economic reforms and improve the investment climate.

The situation can evolve, and ongoing efforts to address these challenges may positively impact FDI. Let's continue with the hardcore reforms that will improve our economic outlook in the medium to long term. The sacrifices we make now will reward our posterity.

Ngozi Okonjo-Iweala, Director General of WTO, argues that, "FDI is not just about capital inflow; it's about knowledge transfer, technology sharing, and building sustainable partnerships." We must explore options beyond capital flow and look at knowledge, technology, and skill flows.

TOP 13 FACTS ABOUT BUHARI AT 81 a chance to speak directly to the concerned ministers, permanent secretaries, heads of agencies and business leaders to remove bottlenecks.

As attested to by at least two of his key ministers, Governor Fashola and Zainab Ahmed, President Buhari never called for a day ask for personal favor or to say pay this or that person, give this or that contract to this or that other person.

On a particular day the President called Lai Mohammed, his Minister of Information and Culture to ask for a favor, Lai held his breath as to what could this be.

“Lai can I ask you for a favor?” asked the President, and the Minister’s mind began to race up and down as to what would this first of a kind request be about.

“Yes, Mr. President, please go ahead.”

The President went on to say that he committed himself to an event in Lagos, the following day and that he simply cannot go and was wondering if the Minister would squeeze out the time to go and then represent him. There and then, Lai’s blood pressure de-escalated.

Any Minister who failed to achieve results under Buhari will never succeed anywhere.

But as with everything human and political, these traits have both garnered praise and stirred controversy for the former President.

Five, when he took power, he announced at the open ground of his inauguration that the Command and Control Centers of the war against terrorism should relocate to Maiduguri, the capital of Borno of Borno State, the epicenter of the Boko Haram/ISWAP terrorism. By May this year, the military had ensured the liberation of all occupied territories from the terrorists and the activities of the insurgents had been restricted to the fringes of Lake Chad and the Sambisa Forest.

Many erstwhile displaced persons had returned to their ancestral homes as peace returned to the hitherto conflict areas. The Buhari administration gave the nation a more gender sensitive Armed Forces and ensured the acquisition of military equipment and platforms on a scale never seen since the Civil War. By his activation and relentless support for the Multinational Joint Task Force-bringing forces from Nigeria, Benin, Niger, Chad and Cameroon- in the Lake Chad Area, Buhari dealt a strong blow to cross-border terrorism.

Six, on October 14, 2019, Buhari ordered the closure all of Nigeria’s borders with Benin, as well as those with

Buhari Chad, Cameroon and Niger to tackle smuggling and associated corruption, and to also to spur the domestic agricultural industry. The government launched a massive rice production scheme, as well as that of 16 other commodities pioneered by the Central Bank of Nigeria under Godwin Ifeanyi Emefiele.

Following the Coronavirus-induced lockdown that brought the wheels of the economy to a grinding halt, the Buhari food production program helped the government to achieve food self-sufficiency. There was no reported shortage of food, no hunger as widely anticipated. No bodies were picked on the streets as forecast.

Thanks to that vision, the agricultural initiative improved the income of farmers, economic situation of the country and transformed the disruption caused by Covid-19 into an opportunity for growth.

Seven. In October 2022, Nigeria’s central bank announced the deadline of December 15th to replace high-value currency notes in a bid to mop up excess cash, rein in inflation and target rising insecurity in Africa’s largest economy.

This came with many unintended pains, suffering and inconvenience and other difficulties leading to popular outcry and litigation in the Supreme Court.

The positive side of this is that it led to a massive increase

• Shehu is a former presidential spokesman.

FDI: TACKLING POOR SIGNALING signals are we emitting?

Our business environment has become so toxic in recent times that we are not retaining FDIs that came in the past.

Global manufacturing conglomerates and oil multinational companies are quickly moving out of Nigeria and are not replaced by new ones (Not a peculiarly Nigerian problem, though: Kenya and Ghana – but particularly the former – are facing similar problems!). Nigeria is the second most indebted country to foreign airlines because of non-repatriation of earnings.

Our foreign exchange regime is still weak, and the value of the Naira is collapsing like a pack of cards.

Imagine an investor brought in $1m at the rate of N500 per dollar (N500,000,000} at the beginning of this year and by the end of the year makes a 20% profit (N100,000,000}.

If the exchange rate now is N1000 per dollar, the total value of his investment will shrink by 40% ($600k against the original $1m invested}. This volatility will scare most would-be investors, especially investors focusing on the short run. Even at that, the investor is likely to struggle to get FX to repatriate profit or sometimes even import raw materials .

Poverty and economic hardship have reduced the purchasing power of the people, and demand for nonessential products and services is dwindling. Our micro and macroeconomic environment is harsh and has thrown

some erstwhile middle-class Nigerians across the poverty lines. There is no gainsaying; we are the world's poverty capital, and we have accepted our fate, and nothing measurable has been done about it.

High inflation and high interest rates are combined to stifle business. We are and have remained a monoproduct economy. Nigeria has historically been heavily dependent on oil exports. The lack of diversification in the economy makes it vulnerable to fluctuations in oil prices, affecting investor confidence.

Politically, we have made some democratic gains, but we are still struggling with the rule of law. A viable business environment thrives when the rules of business engagement are clear and sacrosanct. And when there is a breach, a transparent judicial process ensures justice.

However, our judiciary has significantly lost the confidence of many of our citizens and foreign investors. Court processes take forever to resolve disputes.

Corruption is rampant and has eaten deep into the system. This has led to a high cost of governance and decay in the system. Government officials' lifestyle is inconsistent with that of those who need support or investment. Nigeria is heavily indebted and has continued to borrow, most painfully, to cover recurrent expenditure and service debts.

Public and private sector organisations have to deal

NOTE: Read the full article in the online edition on www.thisdaylive.com

39

T H I S D AY ˾ , DECEMBER 18, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Boniface Scores 15th Goal to Inspire Leverkusen Big Win BUNDESLIGA

Nigerian international, Victor Boniface, yesterday scored his 15th goal this season to fire Bundesliga leaders Bayer Leverkusen to a comfortable 3-0 home victory against Eintracht Frankfurt.

The 22-year-old Super Eagles striker rifled home from inside the box in the 14th minute to give the home team the lead.

It was a beautiful solo run from distance that ended up with a

RESULTS

fine finish.

The eye-catching form of the Nigerian striker has already alerted some of Europe’s top clubs.

Leverkusen thus consolidated their leadership of the Bundesliga.

They have 36 points from 14 matches to go four points clear of defending champions Bayern Munich, who play later Sunday night.

Premier League Liverpool 0-0 Man Utd Arsenal 2-0 Brighton Brentford 1-2 Aston Villa West Ham 3-0 Wolves

Bundesliga Freiburg 2-0 Cologne Leverkusen 3-0 E’Frankfurt

NPFL

Gunners Back at the Top After Man Utd Hold Liverpool at Anfield Arsenal eventually saw off a stubborn Brighton 2-0 to move back to the top of the Premier League - where they remained after Liverpool were held to a goalless draw by Manchester United.

The Gunners, now a point clear at the summit, claimed their success thanks to Gabriel Jesus' header and Kai Havertz's late strike.

Mikel Arteta's side dominated the first half against Brighton without reward, but the tension eased when Jesus turned in after a corner.

The hosts were almost punished when Pascal Gross poked a golden chance wide before Havertz sealed victory to spark joyous celebrations at a relieved Emirates Stadium.

The Seagulls, who were looking for a third successive league victory at Emirates Stadium, managed just one shot on target and drop to ninth place.

Meanwhile, Manchester United lifted the mood of crisis

Abia War 3-2 Shooting Rangers 2-0 Sporting Heartland 1-0 Akwa Utd K’Pillars 2-1 Remo Stars Kwara Utd 0-0 Tornadoes Lobi Stars 2-1 Doma

PREMIER LEAGUE around manager Erik ten Hag by securing a battling point against Liverpool at Anfield.

In a mediocre encounter, United stopped the rot that had been spreading after the heavy home loss to Bournemouth and a tame Champions League exit rubber-stamped by Bayern Munich at Old Trafford.

While this was hardly a classic display from injury-hit United, who had Diogo Dalot sent off for dissent in stoppage time, Ten Hag had cause to be much happier than Liverpool's Jurgen Klopp whose side missed a chance to return to the top of the Premier League.

United keeper Andre Onana made one fine first-half save from Virgil van Dijk, while Rasmus Hojlund had the visitors' best chance in the second half but saw his shot blocked at the near post by Liverpool's Alisson.

Plateau 5-1 Bayelsa Sunshine 1-1 Gombe Rivers Utd v Enyimba (PP)

Victor Boniface scored his 15th goal of the season as Bayer Leverkusen defeated Eintracht Frankfurt 3-0...yesterday

Sports Minister Hails Soname’s Vision in Sports Investment The huge investment in sports by the President of Remo Stars, Kunle Soname has received ravishing applause from the Nigerian Sports Minister, Senator John Enoh.

The minister on Saturday visited

the state-of-the-art facilities that Soname had put up in his home town Ikenne.

The facilities house the current Nigeria Premier League table toppers, Remo Stars as well as the

Anuoluwa Opeyori Wins Ikoyi Badminton Classics Oba Adedapo Tejuosho inducted into BFN’s Hall of Fame Duro Ikhazuagbe Reigning African Badminton Champion, Anuoluwapo Opeyori was on Saturday crowned winner of the 3rd edition of the Ikoyi Club National Badminton Classics which

returned after 24 years absence.

The Nigeria number one player, defeated Victor Ikechukwu of Rivers State in the Men’s Singles final of the Classics 2-1 (21-12, 16-21, 21-10).

In the Women’s Singles, Ogun State player, Dorcas Adesokan did

a soft work on Sofiat Obanisola of Rivers State 2-0 ( 23-21, 21-18).

Habeeb Bello (Oyo) and Aliyu Shehu (Niger State) emerged as men's joint 3rd placed winners while Deborah Ukeh and dethroned Mutual Assurance Badminton Championship champion Ruth Ebere both from Edo State for the joint 3rd placed winners.

Winners in both categories were rewarded with N500,000, N300,000 and N150,000 respectively. Semifinalists also smiled home with N100,000.

All participants got N50,000 as appearance fees.

The highlight of the ceremony was the decoration of Oba Adedapo Tejuosho (the Osile Oke Ona of Egbaland) as the first badminton

personality to be inducted into the Hall of Fame of the sport in the country.

Oba Tejuosho was Chairman of then Amateur Badminton Association of Nigeria (ABAN) between 1976 and 1989. ABAN later became Badminton Federation of Nigeria in 1991, three years after Oba Tejuosho tenure ended in charge of the country’s badminton.

Enthused by the revival of the sport under the watch of Barr.

Francis Orbih, Oba Tejuosho poured encomiums on the sitting President, praying that he grows to lead the sport at the global level.

The Oba donated N2million to the Classic.

women’s team and Beyond Limit Football Academy which products are excelling in both academics and football.

Soname informed the minister that at the last West African School Certificate examination, 16 of the academy’s final-year students made six credits and above. Some of the products of Beyond Limits Football Academy are making waves in top European Leagues. For instance, Ebenezer Akinsanmiro is in Inter Milan.

The Sports Minister inspected the facilities which include an all-covered football stadium, lush green turfs in different forms ranging from natural grass to hybrid artificial grass, office complexes, and residential buildings with 56 rooms for junior and senior players and accommodating 112 footballers.

The complex also has five semi-detached blocks of 10 units, two-bedroom coaches’ accommodation, a restaurant for players and officials as well as an administrative block comprising of offices, a conference room, training classroom, and reception. The office block is equipped with a panoramic lift to the first floor which is the

table tennis centre.

Other facilities include a gym, clinic, swimming pool, hydrotherapy chamber, and a 30-room hotel with a panoramic lift. Also at the model arena is a tournament pitch with 10,000 capacity covered pavilions, three training pitches, 2,000 capacity car parks, and a good internal road.

Impressed by what he saw, Enoh, who is the first sports minister to ever visit the facilities, expressed his admiration.

He commended the self-effacing businessman, whose airline, ValueJet ferried the Super Eagles to their last World Cup qualifying match in Rwanda.

Enoh emphasized the crucial role of private investment in the growth and sustainability of sports in the country.

He lauded Remo Stars as a shining example of a privatelyowned sports entity that is making significant strides in elevating the standards of football in Nigeria.

“The government alone cannot carry the weight of sports development, and that is why we need more private investors to float outfits like Remo Stars Football Club.

GOtv Boxing Night 30: Iwatt, Azeez in War of Words

L-R: Runner up, Victor Ikechukwu; Winner, Anuoluwapo Opeyori and joint third placed winners, Habeeb Bello and Aliyu Shehu on the podium shortly after the final of the Ikoyi Club National Badminton Classics in Lagos...on Saturday

Sifon “Best” Iwatt and Saheed Azeez, who are billed to fight for the national super flyweight title at GOtv Boxing Night 30, have been trading boasts.

Both boxers will battle for the first title of their professional careers, at the event boxing fiesta, slated for the Tafawa Balewa Square, Lagos, on December 26.

Iwatt, whose impressive performance was lustily cheered by fans at GOtv Boxing Night 29, has been consistently dismissive of his

opponent, branding him a boxer of no consequence.

“I don't know who Azeez is.

He's not the kind of opponent that can scare me. I see this as a big opportunity to become a national champion. This would be the first title of my career. Winning a title at the first attempt is a good way to start. “I won my debut fight at GOtv Boxing Night the last time, so I want to win again and claim a title this time,” said Iwatt.

Responding to Iwatt, Azeez said

he would use the fight to announce himself on the big stage. “It's normal that people don't know me. His nickname is ‘Best’, so this is the ‘Best’ opportunity to announce myself to Nigerians. It's a title fight, not a joke.

Being the best is not by name, it's by showing it. That's what I will teach him on Boxing Day,” he said.

Also scheduled for the night is a West African Boxing Union (WABU) super welterweight title bout between Taiwo "Gentle Boy" Olowu, and Ghanaian boxer, Michael Ansah.

Female national cruiserweight champion, Bolatito “Black Tito” Oluwole, will face Blessing Abisoye, in a national challenge fight. Arabambi Ojo and Ibrahim “Golden Boy” Opeyemi will square up in a national bantamweight challenge bout; Ayanfe Adeoye will face Ahmed Ganiyu in a national light welterweight category bout, while Abdulafeez “Big Name” Osoba will square up against Christopher Ucheji, in the national super welterweight category.

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Monday, December 18, 2023

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MISSILE Jega to Federal Govt “"Our leaders in leadership positions, between now and 2027, we need to put our heads together and have a rational, evidence-based process of restructuring the Nigerian federation...Even if all we do is go back to the way power was distributed in the 1963 Constitution, we should do that but I think we should even go beyond that because we need to reduce the power of the Federal Government" –Former INEC Chairman, Prof. Attahiru Jega, calling for restructuring of the country before 2027 general elections.

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MAHMUDJEGA VIEW FROM THE GALLERY

Oyenusi, Anini, Shekau and Dogo Gide

A

t the weekend, I was relishing a statement issued by Defence Headquarters, saying its troops confirmed the killing of “four notorious terrorist commanders in airstrikes within the week.” It named them as Machika, Haro, Dan Muhammadu and Ali Alhaji Alheri, popularly called Kachalla Ali Kawaje. Director of Defence Media Operations, Major General Edward Buba, described Machika as “a top terrorist bomb expert and younger brother of notorious terrorist Dogo Gide, while Haro and Dan Muhammadu were specialists in kidnapping and assault operations.” Buba said a synchronised strike between air and ground forces in Munya Local Government Area of Niger State on Monday last week, December 11, killed Kachalla Kawaje, “a renowned terrorist leader responsible for the abduction of Federal University, Gusau” students.

I think the word General Buba wanted to use was

Dogo Gide

“notorious,” not “renowned.” He also said “the military is fast closing in on other [terrorist and bandit] leaders” and “assured them that they will equally suffer the same fate.”

I was in the middle of relishing this military statement when a fifteen-year-old boy spoiled my reverie by asking when Nigeria will be totally rid of criminals. He said he often reads online stories about the military and police killing bandit and terrorist leaders and he is surprised that they have not finished up until now. I forgive him because he is only 15 years old. His remark however set me thinking about the notorious criminals that this country’s security agencies have caught or otherwise eliminated in the last 50 years, only for new, even more deadly ones to replace them.

This young lad does not know that in this country, we used to execute by firing squad armed robbers who were convicted under the Robbery and Firearms [Special Tribunals] Decree first promulgated by General Yakubu

Gowon in 1970. There was one such execution in 1985 in Sokoto, where I then lived. The three condemned men were serving policemen. It was more a case of police corruption gone awry because the three of them, while on night sentry duty, accosted a bus passenger arriving from Kano at midnight, discovered that he had N8,000 in a bag [a lot of money in 1985] and in the ensuing scuffle, hit him with the butt of a gun and left him unconscious on the pavement. The victim was able to identify all three of them in a parade of 30 policemen.

They were sentenced to death and subsequently executed at the Old Airport tarmac.

Due to a rising crime wave then, military governors were under pressure from their Federal bosses to set examples by publicly executing condemned robbers. In 1984, a few months after the Buhari/Idiagbon military Continued on page 38

GARBASHEHU Top 13 Facts About Buhari at 81 A GUEST COLUMNIST

s he marks his 81st birthday on Sunday, December 17th, roughly six months after the completion of his two terms as President of Nigeria, Muhammadu Buhari’s story continues to resonate with a nation that values honesty, accountability and compassion.

It is an occasion to reflect on 13 top facts in the life of the former President, moments to remember as he quietly marks this birthday in his hometown, Daura with clear directives that there will be no public events marking the occasion.

The first thing to say is that he was born on 17 December 1942, in the historic town of Daura now in Katsina State.

His father was called Mallam Hardo Adamu, a Fulani

chieftain from Dumurkol in Mai'Adua local government area and his mother, whose name was Zulaihat, had Hausa and Kanuri ancestry.

Two, Buhari joined the army soon after leaving secondary school and had never worked outside the military until his retirement after the attainment of the high rank of a general.

As an officer, he participated in in the civil war throughout the period it lasted and did not, even once, to leave the front with excuses or frivolous reason as many had done. He did not suffer any Injury throughout the war and was a participant in the coups and counter coups that characterized the period of his service.

He commanded all but one of the Army’s four divisions,

served as Military Secretary-a position he used to good effect, regularizing the records of all officers, and for which reason he got the shock of his life when, in the run up to the 2015 presidential election, a politically-motivated Army Records Officer said Buhari’s secondary school certificate was untraceable-and thereafter becoming Military Head of State after serving as governor and minister, petroleum.

Three, Buhari’s election victory in 2015 was an important milestone in his political career having run for the office thrice, each time ending up in the Supreme Court contesting the outcomes before this time when won a decisive mandate, with his party scoring the highest number of seats in the National Assembly and

the control of an equally high number of states across the federation. This victory marked the beginning of his tenure as the President of Nigeria, and upon the completion of his constitutional two terms, he handed over to another party man, Asiwaju Bola Ahmed Tinubu as president.

Four, in the exercise of the powers of his office, President Buhari’s approach to governance often mirrored that of a board chairman, emphasizing accountability, efficiency and performance. This was a good model. He hired the best hands he could lay his hands on, gave them the needed resources and the latitude of authority to give the best they could to the nation, although he never missed Continued on page 38

DAKUKUPETERSIDE FDI: Tackling Poor Signaling N BENEATH THE SURFACE

igeria faces unprecedented economic uncertainties and desperately needs to "bend the curve" on most economic indices. Even the optimistic people among us struggle with what to hold onto to defend our slide into economic quagmire. This results from several years of economic mismanagement and the devastating global impact of COVID-19.

We need urgent economic recovery, and Foreign Direct Investment (FDI) flows are fundamental to support such recovery. We must make a great effort to restore and increase capital inflows through FDI; attracting such capital must be a key strategy of this government.

Kofi Annan, the former UN Secretary-General, underscores the importance of FDI when he argues, "Foreign direct investment can be a catalyst for economic growth, job creation, and poverty reduction in developing countries." This administration understands this, and Mr. President is leading the campaign to attract FDI. He is rolling out the red carpet for global investors to come to Nigeria to invest. However, the result of such an effort is yet to manifest , and some may argue that it is too early to appreciate the outcome. But I assume that although the economic propaganda and narrative, the body language of Mr President, and the economic decisions he has made so far are FDI friendly, the signals coming out of Nigeria are counterintuitive to this effort.

And we know that in economic perception, signals matter, sometimes even more than reality.

Narendra Modi, Prime Minister of India, argues that "FDI is not just about money; it's about creating an environment that fosters innovation, entrepreneurship, and economic prosperity." The message from the Nigerian economic environment is antithetical to our FDI drive narrative and calls for capital inflow. We have yet to create an environment that fosters innovation, enterprise, and productivity. This is the anchor for FDI. To be fair to the BAT government, it has taken some measures to boost foreign investment, including tax reforms at its formative stage , repealing laws that allowed retrospective taxation, overhauling the foreign

exchange regime, clearing all FX deficits, and offering incentives.

These signals, albeit substantial, are poor compared to the competing negative signals emanating from our political economy that global capitalists pay very close attention to. International capital investments are not products of whimsical and serendipitous decisions. They are based on analysing short- and long-term economic facts and realities. No amount of window dressing of the fundamentals would convince foreign investors to come to Nigeria unless core economic facts back our rhetoric. What strong Continued on page 38

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