MONDAY 25TH DECEMBER 2023 by THISDAY Newspapers Ltd

Emefiele, Mustapha, TGI Group Refute Obazee’s Report on CBN Investigation Ex-CBN gov says investigator has satanic agenda Insists apex bank secured Buhari's approval to redesign naira Chuks Okocha and James Emejo in Abuja

Report on the special investigation

into the activities of the Central Bank of Nigeria (CBN), recently submitted

to President Bola Tinubu, by a special investigator, Jim Obazee, has been

torn into shreds by some of those identified in the report as having

Continued on page 5

In keeping with our tradition, your favourite Newspaper, THISDAY, will be oﬀ the streets tomorrow Boxing Day. It will however return on Wednesday. Merry Christmas to all our esteemed readers. Monday, December 25, 2023 Vol 28. No 10484. Price: N250

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UT H

& RE A S O

P EOPLE OF THE YEAR (II)

Movers and Shakers ȱ ¢ȱ ȱ ȱť

Tinubu

Buhari

Atiku

Obi

GOVERNORS OF THE YEAR

Sanwo-Olu

Umahi

AbdulRasaq

El-Rufai

Obaseki

Makinde

BUSINESS LEADERS OF THE YEAR

Dangote

Otedola

Rabiu

Kyari

Mbah

Fintiri

Abiodun

Otti

BANKERS OF THE YEAR

Oramah

Wigwe

Onyeagwu

Agbaje

Skyrocketing Production Costs: NPAN Approves Changes in Cover Prices of Newspapers Effective January...

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MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 25, 2023

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Skyrocketing Production Costs: NPAN Approves Changes in Cover Prices of Newspapers Effective January THISDAY complies, raises rates per copy to N400, N500 Emmanuel Addeh in Abuja The Newspaper Proprietors’ Association of Nigeria (NPAN) yesterday approved a rise in the cover prices of newspapers in Nigeria, about four years after the last increment. A statement tagged: “Changes in Newspaper Cover Prices”, signed by the Executive Secretary of NPAN, Feyi Smith, noted that the decision followed a thorough review of the prevailing economic situation in the country. The newspaper proprietors stated that inflation, the devaluation of

the naira as well as skyrocketing production costs were some of the factors considered before the resolution by the organisation. “With effect from January 2, 2024, members of the Newspaper Proprietors’ Association of Nigeria (NPAN), will effect changes in the cover prices of their newspaper titles. “Our association took this difficult decision after a careful review of the current economic situation and our members’ production costs. “In the last few years, inflation and the devaluation of the naira have had very serious negative effects on our members’ production

costs and eaten deeply into their profit margins,” NPAN stated. Despite the difficult operating environment, NPAN said its members retained the current cover prices for over four years, while inflation more than doubled within the same period. The body while acknowledging the negative effects of the tough economic climate by the readers, explained that it is for that reason that publishers had borne the brunt of high production costs for the last four years without adjusting cover prices. “We hope that this price increase

would meet with the understanding of our readers even as we continue to do our best to take advantage of technology and better collaboration amongst publishers to improve the quality of our products,” it stated. In compliance with the collective decision, Nigeria’s Newspaper of Record, THISDAY has, in the same vein raised its cover prices to N400 for daily and Saturday newspapers, with the Sunday publication copy per unit now N500. In a statement by the management, it stressed that in the last several years, particularly since the last cover price increase

in 2018, the costs of producing the country’s favourite newspaper had been unrelentingly on the increase. “With high inflation arising from naira depreciation and unstable exchange rate, increasing production costs have forced an unsustainable subsidy on us. “In the circumstance, we are constrained to, from 1st January 2024, slightly adjust our cover prices of The Daily and Saturday Newspapers to N400 and The Sunday Newspaper to N500. “We shall continue to deliver your favourite newspaper in line with our best tradition,” the statement added. NPAN President, Kabiru Yusuf

EMEFIELE, MUSTAPHA, UNION BANK SHRED OBAZEE’S REPORT ON CBN INVESTIGATION stolen from the country, using their privileged offices. Former CBN governor, Godwin Emefiele; former Secretary to the Government of the Federation (SGF), Boss Mustapha, and the Tropical General Investments (TGI) Group, which spoke for Union Bank, all disowned the parts that accused them of one allegation or the other. Emefiele, who responded to the series of allegations in the publications in a statement he personally signed, hours after he regained his freedom

from the Kuje Correctional Center, dismissed every bit of the report. "Having gone through the publications, and I say boldly that the contents of the said publications are false, misleading and calculated to disparage my person, injure my character and to serve the selfish interest of the private investigator," he said. According to him, even though he had been advised by his lawyers not to say anything in respect of the matters, which had been submitted

to the court for adjudication, he felt the need to clarify some of the issues raised in the publication which were "barefaced lies told by Obazee in order to achieve his satanic agenda." The former CBN governor said contrary to reports that there was no presidential approval for the redesign of the naira, which would have been a violation of the provisions of the CBN Act 2007, "there was indeed a presidential approval." His words: "I wish to state unequivocally that there was indeed

a presidential approval, and the said approval was handed over to the same Jim Obazee during the process of his investigation in the presence of senior CBN officials and his own investigative team. "Moreover, the former President Muhammadu Buhari GCFR has stated on a number of occasions that he authorised and approved the Naira redesign. I am, therefore, at a loss as to why Mr. Jim Obazee will mislead Nigerians that there was no presidential approval."

PEOPLE OF 2023: MOVERS AND SHAKERS Ejiofor Alike, Festus Akanbi in Lagos, Adedayo Akinwale and Michael Olugbode in Abuja For the average Nigerian, the outgoing year is not the regular one. Much as each year always boasts distinguishing character traits, 2023 is peculiar. And this is in many respects. The outgoing year has sent off a president and welcomed another. Politically, therefore, it has weathered one of the most inclement political climates. Economically, it is still struggling with some of the choices of the past – either by omission or commission. Its social fabric, unfortunately, has never been independent of the two others. Nevertheless, many Nigerians still recorded giant strides, both in politics and business. Yet, a lot more could barely survive, indicating their share of what the year had been dishing out. The country conducted one of the most disputed elections during the year under review. But the presidential election was the most controversial. In business, it was not all tales of woes. Many Nigerians recorded remarkable achievements and attained enviable heights in the year, despite the challenges in the operating environment. Over all, 2023 has been one unforgettable year, which is the reason some of the active gladiators, who shaped the year – either for good or bad – deserve some mention.

Leadership and Governance Bola Tinubu

President Bola Tinubu didn’t mealy-mouth about his aspiration and small wonder he described it as his lifelong ambition. That he is president today, was not a tea party. He invested his all into the project. Mines were planted in his way, yet he survived. He suspected fifth columnists in the ruling APC and was unambiguous about it. He told the world that “emi lo kan” after reminding former President Buhari that he “lu’le” a few times and didn’t make it until he stepped in. Today, he is president because of the power of dream and the imperatives of chasing after it.

Muhammadu Buhari

Former President Muhammadu Buhari might have made history by successfully handing over power to President Bola Tinubu on May 29. But it may not be out of line to say this was just another accident that shaped

the life of the former Nigerian leader. Buhari gave an insight into what was going to be the character traits of his leadership, when he said in 2015, that he was for everybody and wasn’t for anyone. This attitude, however, typified his leadership for eight years he was in power. Anyone who got anything done in his government must have “grabbed it and run with it” and not because the president facilitated it. He was a different kind of leader, whose leadership style deserves a case study in political sciences.

Peter Obi

Soon after the 2023 general election, many people described Peter Obi as the ‘hero’ of the presidential election, because he not only shocked bookmakers, he also altered the political calculus of the country. Obi, whose OBIdient Movement became a menace to the establishment, gave the old hands a run for their money and years of political investments. He was believed to have mutilated the political extrapolations of the established order. Although many believed that his recalcitrance and insistence to run was largely informed by poor political reading, he nursed no regrets because he gave a good fight. He was the issue in the 2023 elections.

Atiku Abubakar

Atiku Abubakar has come to be known as a veteran presidential hopeful, having started contesting since 1993, and had contested in major elections since then, including2007, 2011, 2015, 2019, and 2023. Unfortunately, 2019 and 2023 were deemed his best bets, but he lost both to Buhari and Tinubu. But more than anyone else, Atiku made the strongest and biggest political statement in the 2023 elections by testing the nation’s democratic tolerance and challenging her justice system, when he went all out to deconstruct the many mysteries around Tinubu. The outcome of this adventure notwithstanding, Atiku has secured a spot on the positive side of history.

Governors of the Year Nasir el-Rufai

Former Governor of Kaduna State, Mallam Nasir El-Rufai, was a major force in the countdown the 2023 election. Having served meritoriously in Kaduna for eight years, he hopped on the national space to be part of those who made things happen. Apart from kicking against the

imposition of a presidential candidate in the APC, he coordinated his colleagues for Tinubu, ahead of the party primaries, allegedly ditching even his own friends, because of his belief and change in projections. Unfortunately, in spite of all, the senate declined his ministerial nomination on the grounds of alleged security report, forcing his sudden but temporary retirement. Although many people believed the decision to drop him was orchestrated by the president and for political reasons, he had since moved on into a private life, and shaken off the disappointment.

Babajide Sanwo-Olu

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, appears the most challenged governor in Nigeria this era. His biggest nightmare, perhaps, is that the president is from Lagos, which thus permanently put him on his toes. While this has numerous advantages, it is a situation that challenges him all the time. Little wonder the election period was not fun for this obviously hardworking governor of Lagos. And still smacking from the dust raised by the EndSARS crisis and the Covid-19 pandemic, Sanwo-Olu’s ability to still maintain such admirable calmness is, perhaps, why every Lagos governor is a different breed. He is not only delivering campaign promises, he is also providing leadership at the same time. This, without much ado, sets Sanwo-Olu apart.

Godwin Obaseki

Governor Godwin Obaseki is a warrior, no doubt. He successfully fought his re-election battle a few years ago, and he is about to face yet another big political and survival battle in a few months, when the succession tussle starts. However, much of Obaseki’s achievements are as a result of his resolve to do the difficult things – dismantling age-longbottlenecks that have hindered growth among Nigeria’s sub-nationals. Today, he is nominated one of THISDAY’s Men of The Year because he is a governor, who made the hard choices at the most inauspicious time.

Peter Mbah

Starting good despite the distractions that fraught his path after the election is proof that the Enugu State Governor, Peter Mbah, will not only change his story but tell it by himself. With a solid background in the private sector, Mbah’s switch has been seamless because the desire to serve is evident, beyond the pecks

of office. Although there’s a legion of achievements and intentions already recorded against his name, Mbah has left no one in doubt that he’d ultimately put his name in gold. He has had a an impressive start to serving Enugu state.

Dave Umahi

The current Minister of Works, David Umahi, set an impressive record as Governor of Ebonyi State, where he set critical targets for himself and hit several milestones. From the completion of over 20 roads within the capital city of Abakaliki, he also rebuilt many federal roads, especially the Afikpo-Abakaliki Road and the Nkalagu Road. He recorded big in the areas of education, health, and workers’ welfare, among others. No wonder, his take-off as minister was though stormy, has since stabilised and hitting the right chord so far.

Abdulrasak Abdulrahman

Governor Abdulrasaq Abdulrahman, had a clear vision what to do ab initio. He wasted no time articulating the functional and organisational strategy for the ministries and the financial strategy of the state. And, from designing the roadmap for implementation of IPSAS to ensuring the preparation of the quarterly monitoring and evaluation report, he changed the face of the state in a manner that set him apart. He has touched practically all sectors of the state and is clearly putting his name in the sand of time.

Seyi Makinde

All politics, they say, is local. In Oyo State, even governance, is also local. For Governor Seyi Makinde, the past four years have been a testament to his commitment to serving his people. He’s not only shown that it was possible to focus on development and also meet other obligations to the people; he has proven that there’s nothing esoteric about governance and leadership. It’s all about commitment and dedication. With projects sprawling all over the state, Makinde has consistently won the heart of his people and also earned their trust. He is every year their man.

Dapo Abiodun

The Ogun State Governor, Dapo Abiodun, is not everyone’s guy. But he has carried on regardless with Continued on page 43

Emefiele, further clarified allegations by the audit that the sum of $6.23 million was withdrawn from the CBN vault based on a false presidential directive bearing the signature of Buhari and that of Mustapha. He said," About two weeks ago, Jim Obazee in company with a certain Deputy Commissioner of Police from Force CID came to Kuje to ask me questions in respect of the said document in the presence of my lawyers. "I stated verbally and in writing that I have no knowledge of such directive from the former president and the former SGF. In fact, I told them that, that was the first time I would be seeing the documents. "On this, I challenge Jim Obazee to publish the said documents and also the statements that I made to them." Emefiele also said he had no knowledge of the operation of 593 accounts purportedly opened in different parts of the world. "I state categorically that I am not involved in the opening of these accounts and I do not have knowledge of their openings. The fixed deposits in those foreign accounts are definitely outside my knowledge. "However, let me state clearly, that the relevant departments of the CBN have the authority to carry out such activities in line with their lawful mandate within the CBN. "I, therefore, join well-meaning Nigerians, who have spoken on this matter and have demanded a thorough and transparent investigation of all these alleged frauds," he said. The former apex bank boss disclosed that he had instructed his legal team to immediately commence legal process to "clear my name from the defamatory statements contained in the report and by extension the publications." On his part, who denied reports alleging his involvement in illegal withdrawal of $6.3 million from the CBN, dismissed the allegation as outrageous, unsubstantiated and malicious fabrication. Mustapha, who claimed to have served the nation with dedication and transparency, and that his record spoke for itself, however, vowed not to allow “this baseless and defamatory attack” go unchallenged. The report, published by some newspapers, claimed that Jim Obazee, a special investigator appointed by President Bola Tinubu, uncovered the alleged theft, which occurred on February 8, 2023, weeks before the presidential election. The report further alleged that Mustapha, along with the embattled former CBN Governor, Godwin Emefiele, authorised the removal of the cash from the bank’s vault under the guise of funding foreign election observer missions. The investigator’s report, as quoted by the publication, claimed CCTV footage captured how the money was moved out of the apex bank. But Mustapha, in a strongly-worded statement, refuted the accusations, saying it was an “orchestrated attempt to assassinate my character and besmirch my reputation.” The former SGF stressed that he lacked knowledge of the purported “Presidential Directive” cited in

the report as justification for the withdrawal. He also stated that he was never involved in discussions or transactions related to any payments for foreign election observers. The former SGF demanded a thorough and transparent investigation into the matter, urging the authorities to probe the source of the fabricated documents and expose those behind the “smear campaign.” Mustapha also appealed to the public and media to exercise critical thinking and not succumb to misinformation. “The article hinges on the dubious premise of forged documents and a misleading narrative. It claims that $6.3 million was withdrawn from the CBN vaults based on a purported ‘Presidential Directive’ bearing the signature of President Buhari. “This document, unsurprisingly, has not been presented for public scrutiny. In fact, I have no knowledge of such a directive, nor was I ever involved in any discussions or transactions regarding the alleged payment to foreign election observers. “I demand a thorough and transparent investigation into this matter. Let the relevant authorities probe the source of these fabricated documents and expose those responsible for this malicious attempt to damage my reputation. I have nothing to hide and welcome any legitimate investigation that sheds light on the truth. “Throughout my career in public service, I have always upheld the highest standards of integrity and ethical conduct. I have served with dedication and transparency, and my record speaks for itself. I will not allow this baseless and defamatory attack to go unchallenged. I will defend my reputation vigorously and ensure that the truth prevails. “This is not just about me; it is about upholding the integrity of public service and safeguarding the reputation of those, who have served this country with honour. I trust that the Nigerian people will see through this orchestrated attack and recognise it for what it truly is: a desperate attempt to silence a voice of reason and integrity,” he stated. Also, yesterday, Tropical General Investments (TGI) Group, clarified the aspect where Obazee linked the group's ownership of Titan Trust and Union Banks to Emefiele. A statement issued by the TGI's Head of Corporate Communications, Ms. Rafiat Gawat, said some of the assumptions made in the purported document were incorrect, thereby resulting in a conclusion that may not necessarily reflect the actual reality. It pointed out that Union Bank was not owned by the government, adding that no government money through the CBN or AMCON was used to buy it contrary to claims made by Obazee. The statement added: "The process was diligently followed as captured in the report of the investigator. As responsible corporate citizens, we are always willing, ready, and able to support stakeholders including regulators to learn and understand our group and its operations."

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

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

INAUGURATION OF WATER SANITATION AND HYGIENE FACILITY... L-R: State Focal Point Person, Kano, Organised Private Sector in Water, Sanitation and Hygiene (OPS-WASH), Hajiya Saudat Ahmad Shamsu; Corporate Aﬀairs and Community Partnerships Manager, Abuja/North, Nigerian Bottling Company (NBC) Ltd., Mohammed Aminu; The Emir of Kano, His Highness, Alhaji Aminu Ado Bayero; Challawa Plant Manager, NBC, Mr. Olisa Araka; and Representative of the State Commissioner for Health, Kano State, Dr. Umar Sani, at the commissioning of a Water Sanitation and Hygiene facility as part of NBC’s initiative to support the Nigerian Federal Government in its quest to end open defecation in Kano...recently

Cash Transfer: Nigeria Deploying World Bank’s $80m, Says NSIPA Boss States’ beneficiaries to get N25,000 for 3 months

Kuni Tyessi in Abuja The cash transfer programme which was initiated to cater for the needs of the vulnerable, including persons living with disability and senior citizens, is expected to gulp the sum of $80 million, the National School Investment Programme (NSIPA), has said. According to the organisation, beneficiaries are expected to get N25,000 monthly stipend for three

months, stressing that the agency was targeting 15 million households and so far has continued with over 1,500, 000 beneficiaries. The funds will be generated by the World Bank and under the supervision of NSIPA will attend to registered participants from the 36 states of the federation, including Abuja, it said. National Coordinator and Chief Executive Officer of NSIPA, Halima Shehu, who spoke in Abuja at the

CSO Lauds AbdulRazaq on Improved Budget, Raises Posers Hammed Shittu in Ilorin A Civil Society Organisation(CSO), Brain Builders Youth Development Initiative (BBYDI) has lauded the Kwara state government for improvements observed in the 2024 budget proposal presented to the State Assembly by Governor AbdulRahman AbdulRazaq. This is also as the group raised concern over what it described some vague and frivolous items in the proposed budget. AbdulRazaq had last week laid before the parliament a fiscal plan of N296.4 billion for next year, with capital expenditure getting 61 per cent while recurrent expenditure got 39 per cent of the budget estimates. In a statement issued in Ilorin yesterday and signed by the group Global Director, Mr. Abideen Olasupo, BBYDI specially lauded the state government for the introduction of a ‘basis for estimation and overhead descriptions’ in the 2024 budget. The statement said the budget provided a foundation for clearer financial planning and accountability. The statement stressed that the improvements address some of the key issues the organisation had consistently advocated, marking a positive step towards enhanced financial planning. "Additionally, we commend the state government for incorporating forward-thinking initiatives in the 2024 budget, such as drug abuse prevention programmes and the construction of a rehabilitation centre. “The allocation of a N100 million as take-off grant for the Education Trust Fund (ETF) project is also laudable, reflecting a commitment to enhancing

educational development in the state. "Furthermore, the budget provision of N16 million for the establishment of crèches and breastfeeding corners in Ministries, Departments and Agencies (MDAs), promoting exclusive breastfeeding, demonstrates a holistic approach to healthcare and family support," it said. The group, however, demanded clarifications from the state government over some concerns it observed in the budget proposals which include missing overhead descriptions, unclear and non-specific line items as well as repetitive and frivolous items. The organisation sought explanation on the introduction of N25 million for annual budget expenses and administration, and another N40 million provision for the same ‘annual budget expenses’ under the ministry of planning and economic development. With KwaraLearn getting a budgetary provision of N3.5 billion for 2024, the CSO wondered why an additional amount of N150 million was allocated for digital education in the proposed budget, asking the government to specify what the amount is meant for. It equally asked the government to clarify the N1 billion it budgeted for Adeta school and another N5 billion earmarked for Global Partnership for Education (GPE). Under the budget of the Kwara State House of Assembly, BBYDI queried the allocation of N2.214 billion for the management and administration of the Assembly, and another N480 million for Grassroots Development and Empowerment (GDE).

weekend , said that the system has now been fully digitised and every body in the national social register has a bank account and a Bank Verification Number (BVN). According to her, the agency is working towards giving everyone of them national identification numbers in order to strengthen the accountability process. She said: "The conditional cash transfer programme is a fully funded project by the world bank and we're working with $80 million. There is a national social register and it is a collection of states’ social register and all the 36 states and Abuja are participants. "Under my watch, we have successfully kick-started the conditional cash transfer programme founded by World Bank with N25,000

monthly stipend for three months and we are targeting 15 million households and so far over 1,500, 000 beneficiaries have received this stipend. "We have flagged off the grants for vulnerable groups in Kogi with N20,000 one-off grant that target the higher percentage of persons living with disabilities and both grants are to smoothen consumption and cushion the effect of the fuel subsidy removal.” Concerning the possibility of the programme being hijacked, she said that she did not give any directive to anyone from her office to put any list together. “I don't know who is telling them to collate list because I do know that both rapid response register and the national social register cannot

be influenced by any other person outside the key people who have structured the programme and are supervising the programmes, which is the world bank. "The system has been fully digitised. Everybody in the national social register has a bank account, a BVN and right now, we are working towards giving everyone of them NIN and this is to strengthen the accountability process," she added. In the same vein, Shehu revealed that the N100 that was approved for each child under the feeding programme by the last administration had been reviewed in the face of the present economic hardship. She said it was expected that each meal given to the pupils from primary one to three in public schools as well as the Almajiri schools now

captured in the scheme must be well balanced to help in growth and vitality. She said: "At the moment, we're feeding 10,420,000 primary one to three pupils in public schools. For the quality of food, it will interest Nigerians to know that each child had been budgeted N70 to be fed in daily basis and from that amount, you're expected to provide a balanced meal. "In the last two cycles of feeding these children, the budget was increased to N100 per child. Looking at the economic situation, in the country, that is not possible and that's why since this government assumed office, we have not fed children because we are looking at the economic situation and the reality on ground," she added.

NAFDAC Harps on Transparency, Corrupt-free Operations Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control (NAFDAC) has said that its mandate of safeguarding the health of the nation cannot be accomplished without a corruption-free regulatory framework. Director General, Prof Mojisola Adeyeye, made the assertion at a three-day training programme on: “Anti-corruption, Leadership in the 21st Century and Ethical Value in the Workplace” for all the directors of the agency.

A statement by the Resident Media Consultant, Sayo Akintola quoted Adeyeye as having said that without transparency, activities of the agency would be compromised. This , she said, puts the health of the populace at risk. “I don’t separate trade from regulation; if you have a good product, people will rush and buy irrespective of wherever you are; and if you don’t have a good product, people will not buy it. That’s what our business is all about in NAFDAC “Whether it’s food, drug, medical devices or cosmetics, if we don’t

do our job well, we will have bad products, we will allow bad products to come into the country and put the lives of our people in danger,” she said. Describing the training as apt, Adeyeye said that the goal of the training was to address issues of leadership and governance, adding that the training would place a strong emphasis on current issues of anti-corruption and ethical values in the workplace, as well as organisational leadership. She said: "Undoubtedly, one of the most important and essential

duties of management is to prevent, detect, and respond to fraud." She said the training would serve as a forum discussion, sharing of experience, providing guidance, and developing strategy for good leadership. The DG noted that the training aligned with the World Health Organisation (WHO) global benchmarking tool (ISO 19004) for which the agency was audited, and which culminated in her attainment of the WHO ML3 status, and recognition as a stable and wellfunctioning regulatory agency.

Rivers Crisis: Clark Condemns Fubara’s Purported Peace Deal with Wike Tinubu should be appreciated for his intervention, says FCT minister Chinedu Eze in Lagos and Olawale Ajimotokan in Abuja Elder statesmen and former Federal Commissioner of Information, Chief Edwin Clark, yesterday condemned the agreement that was allegedly dictated by the presidency between the Minister of the Federal Capital Territory (FCT), Nyesom Wike and the Governor of Rivers state, Siminalayi Fubara. He urged President Bola Tinubu to listen to the governor’s own side of the story before taking another necessary set of actions.

In an interview on Channels Television yesterday, Clark described the agreement as a master-slave deal which is not going to hold because it erodes the mandate given to Fubara by the people of the state. The Ijaw leader insisted that Fubara would renege on that agreement and would continue to be the governor of the state. Clark said that Wike appointed all the commissioners in Fubara’s administration, including the retention of those that worked under him as governor. He accused Wike of hijacking the

political structures in both Peoples Democratic Party (PDP) and the All Progressives Congress (APC) in the state, noting that the PDP has an elected chairman but Wike has allegedly taken over the party. “So, I am pleading with President Bola Tinubu to listen to the other side of the story and review his view about what is happening in Rivers state. Wike appointed all the commissioners in Fubara’s government and nine have resigned and cannot go back. Twenty seven members of the House of Assembly have decamped from PDP to APC and have lost their

seats. So, it is the courts that will decide their fate,” he said. Clark wondered where Wike was getting all the money he was using, noting that he paid for all the forms of all the contestants in PDP in the last election and insisted that Wike ought to be arrested and be investigated by the Economic and Financial Crimes Commission (EFCC) to explain his source of wealth. He described Wike’s remarks about the elders of Rivers state opposed to him as irresponsible and said that it is unfortunate that Wike regards himself as the owner of Rivers state.

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY DECEMBER 25, 2023

POLITICS

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

M O N D AY D I S C O U R S E Six Months on, Is APC Better Off Under Ganduje? Former governor of Kano state, Dr. Abdulahi Ganduje, in August, 2023, emerged the sixth National Chairman of the ruling All Progressives Congress. Six months on, has Ganduje been able to prove those who were hitherto against his emergence wrong? Adedayo Akinwale reports.

Ganduje

he immediate past governor of Kano state, Dr. Abdulahi Ganduje on August 3, 2023, emerged as the sixth National Chairman of the ruling All Progressives Congress (APC) within 10 years of the existence of the party. His choice was ratified at the 12th National Executive Committee (NEC) meeting of the party. The ruling party had the former Governor of Osun State, Chief Bisi Akande as its proterm chairman, followed by former Governors of Edo state, Chief John Oyegun and Adams Oshiomhole. The Governor of Yobe state, Mai Mala Buni, was drafted in as the Caretaker/ Extraordinary Convention Planning Committee (CECPC) Chairman following the ouster of Oshiomhole, and was later succeeded by Senator Abdulahi Adamu. Prior to his emergence, the position of National Chairman was zoned to North Central. However, after Senator Abdulahi Adamu was eased out of office, the position was zoned to North-west, which led to discordant tunes from some party stakeholders. Due to political exigency, President Bola Tinubu in consultation with other leaders of the party insisted on the position moving to the North-west to pave way for Ganduje. The choice of Ganduje wasn’t far-fetched, the party needed someone in his mould who could steady the ship of the party in a seamless and crisis-free manner, while taking various interests into cognizance. Speaking after his emergence, Ganduje assured that his main focus would be to promote party unity, defending and increasing the number of executive and legislative seats the party currently holds. “It’s a huge privilege and an honour and a great responsibility to take on this job and I will do it with everything I have to the best of my ability for my party and my country. We will ensure a level playing field for all party members that want to contest elections under the party’s platform. Our primary elections would be free, transparent and fair. “Under my watch, internal democracy will be strictly adhered to with a deliberate policy to engage in wider consultations and make the party functional throughout the year. “More reforms will be carried out in the party in alignment with the current political landscape. We all agreed that we must unite our members to achieve support for our government to respond adequately, urgently and assertively to the challenges that Nigerians confront on a daily basis,” Ganduje had said. Few months on, Ganduje has been able to live up to expectations. Just like in any

human organisation where there might be pockets of disagreement, the ruling party has been generally peaceful. Aside from that, the former Governor of Kano state has been able to infuse life into the party. Unlike what was obtainable in the past, where almost all activities of the party are conceived and initiated at the national secretariat of the party in Abuja, Ganduje has changed the narrative by taking the party back to the grassroot. For instance, the inauguration of the national campaign team for the just concluded November 11, 2023 governorship elections in Kogi, Imo and Bayelsa states were held in the aforementioned states instead of Abuja. Establishment of Institute of Progressive Study In ensuring that the ruling party lives up to expectation as a progressive party, the national chairman recently said the leadership of the party has concluded plans to open functional offices in all the 8,813 wards across the country, and establish an Institute for Progressive Study. He said, “I will like to call on all party members and stakeholders to rally round our candidate so that our party will succeed. By doing so, all

the legacy projects would be sustained and there will be continuation in governance. “As a party, we are committed to working hard individually and collectively to realise these goals and objectives. It is pertinent to also note that we have initiated and concluded plans to structure our party into a truly grassroots progressive party by opening full-fledged and functional offices in all the 8,813 wards in Nigeria.” E-registration of members The Ganduje-led National Working Committee (NWC) has also commenced the process of registering its over 40 million members electronically to consolidate its membership strength ahead of the 2027 general elections. This development was coming two years after Mai Mala Buni-led National Caretaker/ Extraordinary Convention Committee conducted a similar nationwide membership registration exercise, which brought the current membership to over 40 million. Ganduje explained that the essence of the electronic registration innovation is to capture the current membership strength of the party. He decried the outcome of the 2023 presidential election, stressing that the number of votes garnered by the party was a far cry from the actual strength of its registered members. According to him: “If you will recall, we had several 41 million members. But during the presidential election, we had only eight million. What happened to the rest? This is

why we need to be digital and ensure that we are working with the correct data. “Another step that we have taken is that we are reviewing our registration electronically now. The work has already started. You should be ready that all our members will be electronically registered so that we have an exact number physically.” Reconciliation of party members Since assumption of office, Ganduje has initiated various reconciliatory moves to ensure various tendencies in the states are united, while those that had left the party have started coming back. Recently, during the heat of the face-off between the Governor of Ondo state, Rotimi Akeredolu and his Deputy, LuckyAiyedatiwa, the national leadership of the party set up the reconciliation committee to resolve the political disagreement. At the time, Aiyedatiwa was under the threat of impeachment by the State House of Assembly over allegations of gross misconduct and has been served with notice of the allegations levelled against him by the lawmakers. But the deputy governor obtained an order from the Federal High Court in Abuja to compel the lawmakers to suspend the process. Defections of opposition leaders Without doubt, the leadership style of Ganduje has endeared a lot of political actors prompting them to the ruling party. Recently, a former National Chairman of the New Nigerian Peoples Party (NNPP), Prof. Rufai Alkali, the former National Organising Secretary, Senator Suleiman Hunkuyi, former National Legal Adviser, Prof. Bem Angwe and other party members have defected to the ruling APC. In addition, political bigwigs in Anambra state, including Senator Ifeanyi Ubah also defected to the ruling party recently. Just tast week, 27 House of Assembly members in Rivers State defected to the party.

Just like in any human organisation where there might be pockets of disagreement, the ruling party has been generally peaceful. Aside from that, the former Governor of Kano state has been able to infuse life into the party. Unlike what was obtainable in the past, where almost all activities of the party are conceived and initiated at Winning Kogi, Imo Guber elections the national secretariat of the party in Abuja, Ganduje Interestingly, Ganduje has also been able to consolidate on the successes of the party. has changed the narrative by taking the party back The party recently retained Kogi and Imo at the just concluded November 11 to the grassroot. For instance, the inauguration of states governorship polls. For those that are watching the political the national campaign team for the just concluded events in the ruling party closely, they will but agree that this is the first time in a November 11, 2023 governorship elections in Kogi, Imo not long time that the party has enjoyed relative and Bayelsa states were held in the aforementioned peace. This to many was an indication that the choice of Ganduje to steer the affairs of states instead of Abuja. the party was not a mistake.

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY ˾ DAY Ͱͳ˜ ͰͮͰͱ

FEATURES

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

How Banks Ration Cash, Cause Untold Hardship as Naira Scarcity Bites Harder It has somewhat been a bleak Christmas celebration for most Nigerians as the scarcity of naira notes bites harder, causing them untold hardship. With cash withdrawals now limited to N5,000 per customer, except for POS operators who are flush with cash and are fleecing Nigerians, the almost zero cash in Automated Teller Machines is also an aberration. Sunday Ehigiator reports that this cash crunch persist despite repeated assurances from the CBN

y trip around several ATMs within Lagos State on Monday and Tuesday, December 18, and 19, 2023 respectively, ended in a futile mission to withdraw cash, as over 95 per cent of all the ATMs visited were not loaded with cash, and the other five per cent, not paying beyond N5,000 at a time despite the long queues. This is not an isolated incident to Lagos State, as recent reports have revealed that it’s a similar situation in other states across the country. Those who made attempts to make cash withdrawals from the counters reported that it was also a futile exercise, as customers couldn’t get more than N10,000 cash from the counter. This has caused a lot of confrontation among customers inside the banking hall, as some bank staff have reported that they are now living in fear of the unknown, due to constant harassment from aggrieved customers whose cash are now trapped within the banking hall. Genesis Earlier this year, the country’s currencyin-circulation dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023 due to the naira redesign policy of the Central Bank of Nigeria. Figures obtained from the CBN showed a drop of N1.91tn in the three months. In October 2022, when the CBN announced its naira redesign policy, the bank aimed to cut down on money in circulation, among other objectives. However, the policy implementation resulted in the Naira scarcity crisis. Frustrations from the scarcity led to several negative occurrences in our collective national history, among which are, attacks and destruction of banks and their ATMs, violent attacks on bank staff, over 70 per cent increase in charges for withdrawal on POS, cash racketeering, inflation, among others. It took the reversal of the CBN’s decision to phase out the old naira notes before normalcy could be restored in the country.

Current Scarcity Nigerian banks’ Standing Deposit Facility has declined by 18 per cent to N2.4 trillion in November from N2.94 trillion in October amid cash scarcity. Also, banks’ Standing Lending Facility, SLF, increased month-on-month by 559 per cent to N376.64 billion in November from N57.14 billion in October this year, raising fear of liquidity in the country’s financial sector. Although the apex bank, in a statement on December 11, assured that Nigerian banks remain resilient, the 18 per cent decline in the banks’ Standing Deposit Facility and increase in the Standing Lending Facility have raised concerns. The decline in banks’ SDF is not unconnected to the drop in cash deposits resulting from the persistent Naira scarcity. As a solution, CBN suspended processing fees on large cash deposits. This comes after the CBN blamed the cash crunch largely on high-volume withdrawal from its branches by Deposit Money Banks and panic withdrawal by customers from the ATMs. In a recent interview, the President of the Bank Customers’ Association of Nigeria, Dr Uju Ogunbunka, insisted that the cash scarcity has persisted despite CBN’s assurance. According to him, “The problem is that people do not have the money to buy because Naira is scarce. There is still naira scarcity. What is paramount now is the availability of cash.” Cardoso Gives Insight Speaking at the World Bank, Nigeria Development Update, December 2023 edition, the Governor of the Central Bank of Nigeria, Yemi Cardoso, said that the prevailing cash scarcity was a result of the poor implementation of the naira redesign policy, which had resulted in hoarding by some Nigerians. The CBN boss, acknowledging the glaring defects in various CBN policies, announced

Cardoso a comprehensive review initiative. He said, “The apprehension surrounding the policy’s end date, well before the third quarter, triggered widespread hoarding. Many feared the old notes would lose legal tender status, prompting them to hold onto their cash. “Unfortunately, the history of that lies with the naira redesign policy and coming to the end of the year, way before the third quarter, there was a lot of apprehension concerning where this was all going to end; and whether the old currency would no longer be good for legal tender and many started hoardings. “This is really what happened. Happily, the Supreme Court has decided that the currency will be valid post-end of the year.” Also, the CBN said the amount of cash in circulation currently stood at N3.4tn. A statement by its acting Director, Corporate Communications, CBN, Mrs Hakama Sidi-Ali, said, “There is indeed an increase in currency in circulation. From N1tn in February 2023, we have seen a rise to over N3.4tn as of December 11, 2023. This demonstrates that enough cash is available, but unfortunately, it’s not circulating due to apprehension among some individuals.” Bank customer’s lament Following the hardship infused by the cash scarcity, some bank customers in the country have appealed to the CBN to urgently address withdrawal limits set by banks. Speaking to THISDAY on how they have been struggling to withdraw certain amounts from their accounts after the banks placed restrictions on amounts they could withdraw, many of the customers couldn’t hold back on their frustrations as they lamented. In line with the Central Bank of Nigeria’s cashless policy, individual customers are allowed a maximum

weekly withdrawal of N500,000, with a daily limit of N100,000. Corporate entities are constrained to a weekly cash withdrawal limit of N5 million. However, as earlier mentioned, some banks have in recent times limited their customers to a withdrawal limit ranging between N5,000 and N10,000. According to a customer identified as Tifedayo Adekingbe, “Last week, I went to the bank to withdraw N150,000, only to be told that I can only withdraw N5,000 from my account daily. “I have heard that banks are hoarding this cash for their big customers as one is not sure if CBN will listen to the Supreme Court’s order and extend the deadline.” Another customer, a businesswoman, lamented on how she got discouraged trying to withdraw from the bank but couldn’t get more than N5,000 per day but had to use the services of a PoS operator, where she withdrew N200,000 and was charged N20,000 for it. “According to her, it was very urgent that I needed the N20,000 cash, but was only given N5,000 in the bank. I had to pay a PoS operator N100,000, just to withdraw N200,000. How worse can this country get?” PoS Operators Lament Despite the CBN’s position on the increase in the amount in circulation, there is a cash drought in ATMs and banking halls. And this is seriously affecting bank customers, including Point of Sales (PoS) machine operators. Speaking with THISDAY, one of the Operators by the name Arolinks, said, “Banks have started experiencing a shortage of cash as the ATMs are not functioning properly. While the bankers are eager to collect from those depositing, they are reluctant to pay people withdrawing in full.” Another operator, identified as Opeyemi, expressed surprise over the scarcity, despite the Federal Government directives that both the old and new naira notes should be in use simultaneously and indefinitely. “I can’t understand what is happening in the country. Only last week, the Federal Government directed that both the old and new notes should be accepted by Nigerians. Why are we not seeing enough money in circulation?” he asked. PoS Charges Increase by 50 Per Cent Just as it was during the first cash scarcity experienced at the beginning of the year 2023, it has begun at the end of the year as PoS operators have begun to increase their charges on every cash withdrawal by at least 50 per cent, while citing cash scarcity. THISDAY investigations revealed that some POS operators in selected places around Lagos have increased their transaction charges by at least 50 per cent, adding that it’s becoming increasingly difficult for them to access the naira from their banks and have to resort to buying the cash from petty traders, and fuel attendants in filling stations. In Ogba, Lagos, for example, a POS operator told THISDAY that he now charges N300 for N10,000 instead of the usual N200, indicating a 50 per cent increase in transaction charges. Meanwhile, in the Ketu and Mile 12 area of the state, five PoS operators who spoke to THISDAY at different intervals all revealed that they now charge N300 for N5,000 and N400 for N10,000, showing a swooping 100 per cent increase in transaction charges.

This is undermining the conﬁdence of the public in the banks and may discourage the citizenry from participating actively in banking. It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic renters such as the POS operators and their collaborators in the banks to ﬂeece Nigerians

CBN, Lawmakers, Indicts Commercial Banks, PoS Operators In another development, the Central Bank of Nigeria in a statement issued by its acting Director, Corporate Communications, Mrs. Sidi-Ali Hakama, alluded to alleged cases of collusion between banks and PoS operators which had reportedly affected the availability of cash as well as disruption of the seamless circulation of the naira. She said, “The CBN frowns at such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy.” She, therefore, warned banks and PoS operators to desist from such activities, saying relevant sanctions shall be meted out to those found wanting. Meanwhile, at a plenary session held on Thursday, December 21, the House of Representatives urged the CBN to improve its monitoring and supervision of commercial banks in the country due to the worsening incidence of naira scarcity. The lawmakers also urged PoS operators to immediately remove excessive charges they collect from customers across the country. Furthermore, the House mandated its Committees on Banking Regulations and Digital and Electronic Banking to invite the Minister of Finance and the Governor of the CBN to explain why commercial banks were not paying customers over-the-counter and ATMs. These resolutions followed the adoption of a motion on the ‘Need to Curb the Sale of Naira Notes by the Point of Sale (POS) Operators in Nigeria,’ moved by Hon. Mohammed Dan Abba Shehu at the plenary. Labour's Warning Meanwhile, the Nigeria Labour Congress (NLC) has expressed deep concern over the ongoing cash crunch that has gripped the Nigerian economy, warning that the situation may invite people to violence if not checked. A statement by the NLC President, Joe Ajaero said the current state of affairs is particularly worrisome as the nation approaches the festive season. “We are worried that by this action and others, the government may be inciting the people and mobilizing them to seek alternative routes for protecting themselves from these perverse policies. “We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pain on its citizenry and expects them to keep quiet for a long time. Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation,” NLC said. The labour union said the economic challenge has far-reaching implications for the citizens, adding that urgent steps must be taken to address this issue to prevent further hardships for the already suffering Nigerian populace. While weighing in on the present hardship, NLC said Nigerians are spending more time in the banks trying to source cash. “This is undermining the confidence of the public in the banks and may discourage the citizenry from participating actively in banking. It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. “We are creating another avenue for economic rentiers such as the POS operators and their collaborators in the banks to fleece Nigerians. “Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. POS operators currently charge around N400 to access N10,000. “This is about a four per cent reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions. For citizens who are already impoverished by the same policies of the government, foisting this on them again amounts to gross insensitivity and double jeopardy. “This cash crunch is indeed another test of the already worn patience of Nigerian masses and workers,” it said.

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY MONDAY DECEMBER 25, 2023 23 TR

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& RE A S O

Monday December 25, 2023 Vol 27. No 10482

opinion@thisdaylive.com

www.thisdaylive.com

ONCE UPON A CHRISTMAS CELEBRATION AYO OYOZE BAJE relives olden days Yuletide season with nostalgia

See page 24

CHARTING PATHS FOR SUSTAINABLE GROWTH The exit of some multinational companies creates an opportunity for local industries to fill the gap, argues ELVIS EROMOSELE

See page 24 EDITORIAL

CELEBRATING ANOTHER CHRISTMAS

A court that ceases to do justice in accordance with the law is a kangaroo court, writes CHIDI ANSELM ODINKALU

A COURT FOR KANGAROOS “Because judges are part of government, acting on our behalf, we are entitled to require them to abandon their priesthood and to present their activities for assessment by laymen.” David Pannick, KC, Judges, p. 17 (1987) The Guardian’s obituary on Bernard Levin, the celebrated Times columnist who died in 2004 after a long battle with Alzheimer’s disease, described him as “a passionate and eclectic journalist with a legendary capacity for work, whose career made him a host of friends - and enemies.” Among these enemies, few were as determined as the legal profession. David Pannick, KC, recalls that Mr. Levin’s settled view was that “the legal profession had DQ LQÀQLWH FDSDFLW\ IRU GHOXGLQJ LWVHOI µ +H KDG good reason. When Rayner Goddard retired as Lord Chief Justice in 1958, Bernard Levin’s evisceration of his judicial record inspired “a clandestine meeting at which the higher judiciary considered whether the uppity columnist might be done for criminal libel.” The idea was eventually dropped. At Lord Goddard’s death in May 1971, leading members of the legal profession lined up to exalt his memory. In one of his less durable predictions, Lord Denning infamously foresaw that Goddard would “go down in our annals as one of the greatest Chief Justices.” %HUQDUG /HYLQ GLͿHUHG GHVFULELQJ /RUG *RGGDUG·V WHQXUH LQ WKH R΀FH RI /RUG &KLHI Justice as a “calamity” and his conduct on the bench as “unjudicial.” )RU KLV JXPSWLRQ 0U /HYLQ VXͿHUHG condemnation from the legal profession and “after the 1971 piece appeared Levin’s application to join the Garrick (Club) was blackballed, supposedly a sort of revenge.” The legal profession provided a sizeable chunk of the membership of the club. In the quarter century after Goddard’s death, the public came around to Mr. Levin’s viewpoint. Lord Goddard’s clerk, Arthur +DUULV ZRXOG GLVFORVH WKDW KH DOZD\V KDG "to take a spare pair of the standard striped trousers to court on sentencing days” because ´ZKHQ FRQGHPQLQJ D \RXWK WR EH ÁRJJHG RU hanged, Goddard always ejaculated." The judiciary also had reason to revise its views. In 1998, the Court of Appeal set aside his 1952 conviction of Derek Bentley (who was subsequently hanged in 1953) because the language of his jury instructions were “not that of a judge but of an advocate.” In Nigeria, the legal profession claims to be descended from England. Its inheritance from its colonial progenitors appear, however, to be a peculiarly tropicalized malignancy that condemns it to a preoccupation with navel gazing. In a season in which even seniormost judges of the highest courts of the land loudly lament the desecration of the values of an independent judiciary, the Nigerian Bar Association (NBA) seems bent on proving that the only courts of any worth are those created for Kangaroos. 3DXOLQH 7DOOHQ·V LV D GHÀQLQJ FDVH VWXG\ 7R

be sure, Ms. Tallen is no ordinary citizen as such. She is a senior politician and a reasonably successful one. In 20 years between 1999 and 2019, she was a two-time Minister in Nigeria’s federal cabinet. In 2007, she was elected deputy JRYHUQRU RI 3ODWHDX 6WDWH EHFRPLQJ WKH ÀUVW ZRPDQ WR RFFXS\ WKDW R΀FH LQ DQ\ RI WKH states of Northern Nigeria. Sometime around 15 October, 2022, Ms. Tallen was a prized guest at the reunion of the Federal Government Girls College Bida. The event took place in Abuja. At the time, she ZDV DOVR WKH 0LQLVWHU IRU :RPHQ $ͿDLUV DQG Social Development in the cabinet of President Muhammadu Buhari. On the margins of that encounter, Ms. Tallen encountered the media to whom she described D MXGJPHQW RI WKH )HGHUDO +LJK &RXUW DV D “Kangaroo judgment”, opining that it “should be rejected by all well-meaning Nigerians.” At the time, Yakubu Maikyau, a Senior Advocate of Nigeria (SAN) was less than two months into his tenure as president of the Nigerian Bar Association (NBA), a nongovernmental cartel that exists to protect the narrow vocational interests of lawyers in the country under the rather overblown motto of “promoting the rule of law.” For Mr. Maikyau, 0V 7DOOHQ PDGH DQ LQYLWLQJ EXUQW RͿHULQJ IRU his vocational shrine. On 14 December, 2022, two months after she made the statement, Mr. Maikyau’s NBA VXHG 0V 7DOOHQ EHIRUH WKH )HGHUDO +LJK Court in Abuja, claiming that her statement was “unconstitutional, careless, reckless, disparaging, a call to disobey the judgment of court, and therefore contemptuous of the )HGHUDO +LJK &RXUW RI 1LJHULD µ This took rhetorical hyperventilation to a whole new level. Ms. Tallen did not claim to be exercising any ministerial powers when she spoke on 15 October 2022. She voiced her opinion, which did not bind anyone, including indeed herself. Even if what she said was careless or reckless in the opinion of the NBA leadership, there was absolutely nothing unconstitutional about it. But, an NBA leadership inebriated with an

RYHUZKHOPLQJ VHQVH RI LWV RZQ VLJQLÀFDQFH would not be deterred by good sense. They DVNHG WKH FRXUW WR ÀQG 0V 7DOOHQ KDG EUHDFKHG KHU RDWK RI R΀FH WR GHIHQG WKH FRQVWLWXWLRQ DQG E\ YLUWXH RI WKDW WR GHFODUH KHU XQÀW WR KROG SXEOLF R΀FH 7KH 1%$ DOVR DVNHG WKH court to require her to purge “herself of the ignoble conduct” by publishing a retraction of her statement in a full page of the Guardian and Punch newspapers or, failing that, to be EDQQHG IURP KROGLQJ SXEOLF R΀FH This case went before Peter Kekemeke, a MXGJH RI WKH )HGHUDO +LJK &RXUW ZKR RQ December 2023, granted the NBA all that they asked for, including a “perpetual injunction restraining” Ms. Tallen “from holding any SXEOLF R΀FH LQ 1LJHULD E\ UHDVRQ RI KHU conduct complained of.” Writing in 1980 for the Supreme Court of Nigeria in Raimi Edun v. Odan Community, Justice Anthony Aniagolu emphasised that “the moment a court ceases to do justice in accordance with the law and procedure laid down for it, it ceases to be a regular court to become a kangaroo court.” With this case between the NBA vs Pauline Tallen, it is amazing how a judgment could be so deliberately calibrated to damage the good name of Kangaroos. To begin with, on its terms, the NBA charged 0V 7DOOHQ ZLWK FRQWHPSW RI WKH )HGHUDO +LJK Court. This is a crime. Of course, a court has the powers to protect its own authority against acts that disparage it. If the act is done within its precincts, the court can do so summarily. That was not the case here. If the disparagement occurs outside the precincts of the court, then the power to protect the authority of the court does not lie in an NGO like the NBA. All that such an NGO can do is report to the AttorneyGeneral of the territory, who has the power to prosecute the erring person. In this case, the NBA took it upon itself to WRSSOH WKH R΀FH RI WKH $WWRUQH\ *HQHUDO RI the Federation and arrogate the powers of WKDW R΀FH WR LWVHOI $V D PDWWHU RI ODZ WKH 1%$ lacked the standing to invoke the jurisdiction of the court or seek the remedies it did. Rather than direct the NBA to what it should do, the judge enabled their malignant misbehaviour. %XW KH GLG QRW VWRS WKHUH +H WXUQHG FLYLO proceedings into a criminal one, and then sentenced Ms. Tallen to criminal forfeiture of the most basic of her civic rights on the basis of civil standard of proof and, all of this at the instance of a self-regarding cartel. It is impossible to speak too lowly of this judgment, of the applicants who initiated it or of the judge who entertained it. The only surprise is that a case which was supposed to have been instituted to show how a Nigerian court is not of the kingdom of Kangaroos, actually has ended up demonstrating precisely the opposite. A lawyer and a teacher, Odinkalu can be reached at chidi.odinkalu@tufts.edu

T H I S D AY

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MONDAY DECEMBER 25, 2023

AYO OYOZE BAJE relives olden days Yuletide season with nostalgia

The exit of some multinational companies creates an opportunity for local industries to fill the gap, argues ELVIS EROMOSELE

ONCE UPON A CHRISTMAS CELEBRATION

CHARTING PATHS FOR SUSTAINABLE GROWTH

“Good governance is the art of putting wise thought into prudent action in a way that advances the well-being of those governed.” - Diane Kalen-Sukra (Author, speaker, advisor and educator) The mere mention of the word 'Christmas' evokes a scintillating spectrum of euphoria, as not just an annual religious celebration of the birth of Jesus Christ, who the Christians refer to as the son of the Most High God but that of a period of the reunion for faithful family members, long-term friends and fans. It is usually seen as a time for holiday, meant for renewing friendships, caring and sharing by exchanging gifts. In fact, it is also seen as one memorable moment that marks the end of the calendar year and the time for sober reflection. One therefore, uses it to think about the main events of the past year; the achievements made, the challenges encountered, as well as the mistakes to overcome in the subsequent years ahead. Incidentally, for me as an Ebira-born, Kogi State citizen this period also coincides with the annual Ekuechi festival. For us, as renowned farmers, it marks the end of the year, also the harvest season and a period to return home to reunite with family members, and actively engage in the festivities of cooking and serving traditional delicacies of the protein-rich apapa, pounded yam, prepared with the mouthwatering soup of melon spiced with dried catfish. Characteristic of the average Ebira person as a dependable and hospitable icon, friends from far and near are hosted to savour the delicious dishes. They are also taken round to watch the exciting performance of masquerades and listen to the message -filled lyrics from the songsters. Translations are made, where necessary for foreigners. These songs are often poignant, poetic and proverbial. While some are prophetic accurately presaging events to come, others are laced with satire and sarcasm. Mainly, they reflect on happenings in the society and serve as the moral compass to guide people on the principles of hard work, honesty of purpose and being our brothers' keepers. It is even believed that the Ekuechi festival also marks the period to spiritually connect with our long-lost ancestors, as prophecies are made by the masquerades on the challenges ahead, the sacrifices to be made to avoid mishaps and the right paths to tread in the years ahead. In all of these, there was ample display of inter-ethnic harmony, peace and conviviality under an enabling environment of affordable consumables, including food items. That was what played out back in the sixties, through the seventies up till the early nineties. But what do we have on ground as at this day? The answer is there before us all. Looked at from the general perspective, it is indeed a crying shame that as at December 2023 the average Nigerian is faced with clearly avoidable issues when getting ready to celebrate this year's Christmas. For instance, how do you explain a saddening situation that you get to the bank and you are told to your face that you cannot withdraw more than N5,000 of your hard-earned money because of a deliberate, asphyxiating fiscal policy of cash crunch! Meanwhile, the elite and rich policymakers have billions of public fund stashed away in both local and foreign vaults- money that they

do not really need. But that is only a tip of the ice berg. Coming back to the harsh reality on ground, you are similarly confronted with a dark environment of lack of electric power supply for five or more odd days! And of course, you keep battling with lack of water supply. Amidst all these frustrating features of poor governance the prices of consumables keep skyrocketing. A bag of rice that used to sell for N7,000 during the people-friendly tenure of former President Goodluck Jonathan now goes for N57, 000. A bag of beans then was N5,500 but currently sells for N33,000. A keg of vegetable oil that was sold for N2, 500 now sells for N7,500. A bag of pure water that went for N50 now goes for N300! One could go on and on. How do you explain all of that in the 21st Century Nigeria and during the festive season, at that? It is most unfortunate that those powerpoaching politicians, who conspired to oust Jonathan from the seat of Aso Rock promising "Change" have taken the country to the “Next Level” of Sorrows, Tears and Blood (STB)! That perhaps, explains why concerned Nigerians should keep highlighting the importance of good governance. And that is because the painful irony of 133 multidimensionally poor citizens in a land blessed with oil and gas, abundant mineral resources, vast agricultural potential, attractive tourism destinations and some of the best of brains the world could boast in virtually every sector of human endeavour is inexcusable. To get back to the good old and glorious days of celebrating Christmas with excitement; having access to cheap food, clothes and transportation, the political paradigm shift that favours the people has become an imperative. As consistently canvassed over the decades, political restructuring along with true fiscal federalism is the best way forward. Let the states, or geo-political zones control their God-given natural resources, take full responsibility for providing security, education, healthcare delivery, agricultural development, tourism and transportation and pay an agreed tax to the centre. On its part, the centre should have control over the military that protects our territorial integrity. That was what played out in this same country during the First Republic in the early sixties, with the Sir Ahmadu Bello-led Northern Region, Chief Obafemi Awolowo as Premier of the old Western Region and Michael Okpara as his counterpart in the then Eastern Region. Back then the poor could breathe so well, enjoying good governance that they trooped back home to celebrate Christmas with pomp and pageantry. Baje writes from Lagos

The exit of multinational corporations becomes pivotal. By promoting backward like Procter & Gamble (P&G) from Nigeria integration, the government can bolster speaks volumes about the intricate challenges domestic production, reducing reliance faced by the country's business landscape. on imports and mitigating the impact 7KH ULSSOH HͿHFWV RI 3 * V GHSDUWXUH RI IRUHLJQ H[FKDQJH ÁXFWXDWLRQV RQ resulting in job losses and dwindling foreign businesses. BuyNaija should not just be investments, shed light on the deeper issues a slogan at this time but an actual policy prevalent in Nigeria's economic climate. drive. The core reasons behind such exits In addition, urgent policy reforms SULPDULO\ UHYROYH DURXQG LQWHQVLÀHG LQGXVWU\ are needed to stabilize the economy. competition, declining consumer purchasing Measures that ensure foreign exchange power, and the recent devaluation of the market stability and cushion businesses QDLUD 7KHVH IDFWRUV FRXSOHG ZLWK GL΀FXOWLHV against volatility can facilitate a conducive in managing foreign exchange exposure, environment for sustained operations. have made it increasingly challenging for This might involve revisiting currency FRPSDQLHV WR VXVWDLQ RSHUDWLRQV SURÀWDEO\ policies and implementing measures to within Nigeria. PLWLJDWH LQÁDWLRQDU\ SUHVVXUHV P&G's decision to transition to an The government should equally be at LPSRUW RQO\ PRGHO PDUNV D VLJQLÀFDQW WKH IRUHIURQW RI HͿRUWV WR IRVWHU D VNLOOHG shift from its previous investments in local workforce through robust training manufacturing, citing the unfavourable programs and education initiatives to macroeconomic conditions. The closure enhance the capacity of local industries. of its $300 million plant in Agbara, Ogun This focus on skill development enables State, which initially promised substantial companies to harness local talent, job creation, now stands as a testament to reducing dependency on expatriate the complexities faced by multinational expertise and potentially lowering corporations operating in Nigeria. operational costs. Beyond P&G's case, the broader manufacturing sector has experienced a tumultuous period, with various companies either leaving the country or halting production of certain products due to rising LQWHUHVW UDWHV LQÁDWLRQDU\ SUHVVXUHV DQG foreign exchange volatility. This trend has led to a concerning increase in job losses across the sector, ultimately impacting the country's economy. The macroeconomic challenges facing Nigeria, including the removal of petrol subsidies, naira devaluation, and resultant LQÁDWLRQ VSLNHV KDYH VLJQLÀFDQWO\ DͿHFWHG both businesses and consumers. The aftermath of these policy decisions has led Furthermore, it is widely acknowledged to a decline in purchasing power, higher that Small and Medium Scale Enterprises operating costs for businesses, and an overall (SMEs) are the backbone of any economy. adverse impact on the country's business Therefore, providing targeted support, environment. such as access to funding, technology, However, amidst the grim scenario, and infrastructural development, there's a glimmer of hope in the emphasis on can empower these entities to thrive, ORFDO PDQXIDFWXULQJ :KLOH FRQJORPHUDWHV FRQWULEXWH VLJQLÀFDQWO\ WR MRE FUHDWLRQ OLNH 3 * PLJKW ÀQG LW XQYLDEOH WKH ORFDO and amplify economic growth. industry sees an opportunity for growth All in all, the government's proactive DQG VLJQLÀFDQFH (QFRXUDJLQJ ORFDO LQSXW involvement through incentives, through backward integration emerges as tax reforms, and infrastructural a potential strategy for manufacturers to enhancements geared towards enhancing navigate the challenging terrain, provided the ease of doing business can stimulate the government stabilizes the foreign LQYHVWRU FRQÀGHQFH DQG DWWUDFW IRUHLJQ exchange market. investments, fostering a conducive In essence, the departure of major environment for sustainable economic multinational corporations like P&G from growth. Nigeria serves as a wake-up call, prompting The road ahead is long but not a reevaluation of policies, a push for local hopeless. By embracing pragmatic manufacturing resilience, and the urgent solutions, Nigeria can potentially chart need for a stable economic environment to a path towards economic stability, foster sustainable growth and job creation in bolstering local industries, creating the country. job opportunities, and fostering an It is not enough for the government to environment conducive to sustained hope. In the wake of the exit of Procter & business growth. Gamble (P&G) from Nigeria, the imperative 1LJHULD PXVW GR WKLQJV GLͿHUHQWO\ :H lies in outlining pragmatic solutions to foster must do things better. economic resilience and sustainable growth in the country's business landscape. Eromosele, )LUVW RͿ DFWLYHO\ HQFRXUDJLQJ DQG a corporate communication professional supporting local manufacturing initiatives writes via: elviseroms@gmail.com

25 4

T H I S D AY

MONDAY DECEMBER 25, 2023

EDITORIAL

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

CELEBRATING ANOTHER CHRISTMAS What can we all do to lighten the burden of the masses?

It is sad that while a few Nigerians are living in oday, Nigerian Christians will join VFDQGDORXV RSXOHQFH PDQ\ DUH VXͿHULQJ LQ DEMHFW their counterparts all over the world penury, frustration and seeming hopelessness. to mark Christmas, a spiritual festival 7KHUHIRUH WKLV &KULVWPDV RQFH DJDLQ DͿRUGV RXU that enjoins goodwill to all men. But OHDGHUV WKH RSSRUWXQLW\ IRU VREHU UHÁHFWLRQ RQ beyond the conspicuous consumption ZKDW WKH\ PXVW GR WR PDNH D GLͿHUHQFH ,I -HVXV for which this season is known as Christ came to serve and not to be served, our well as the decoration of streets and houses with leaders should learn to bring light to the dark special festoons and rosettes, exchange of gifts and land; hope to the hopeless; justice to the oppressed singing of carols, this Christmas should compel and integrity to the wasteland. GHHS UHÁHFWLRQ E\ PDQ\ 1LJHULDQV HVSHFLDOO\ On the spiritual front, Christmas gives the those in authorities. They must begin to ask the believer a unique opportunity to re-examine hard question: What can we do to lighten the himself/herself. Unfortunately, what largely burden of a great majority of our people? obtains in Nigeria today is a Christianity that ,Q VSHFLÀF WHUPV WKLV VHDVRQ PRUH WKDQ seems eager to pursue wealth and personal anything else, urges all Christians to re-live that pleasure, most often at historical event which the expense of the larger took place more than society. Yet, to re-live 2000 years ago, when Christmastime is a season of joy. It is a period for family to stay together. the exemplary virtues Christ was born in the WKDW IHDWXUHG DW WKH ÀUVW It is a time to regain our laughter and sense of humour. And it is a period relatively humble town Christmas, adherents of Bethlehem in Judea. we must all share must truly love their That birth, as well as fellow human beings the mission of salvation DQG WKDW PXVW UHÁHFW connected with it, was in their service to the at once a promise of T H I S D AY country and their communities. This is a lesson redemption from spiritual death, a declaration EDITOR SHAKA MOMODU WKDW ZLOO VHUYH XV WRGD\ JLYHQ WKH GL΀FXOW\ PRVW of an end to the reign of darkness and a call to DEPUTY EDITOR WALE OLALEYE Nigerians experience. We must eschew hatred, MANAGING DIRECTOR ENIOLA BELLO mankind to embrace the light of God. Besides, rancour, greed and avarice. We must build an DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU Christ, after whom Christians ought to model CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI ethic of human solidarity aimed at promoting the themselves, was an embodiment of humility and EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN common good and the welfare of fellow men and service to others - enduring virtues that are in THE OMBUDSMAN KAYODE KOMOLAFE women. short supply in the world we live in today. Finally, Christmastime is a season of joy. It is a As we therefore mark Christmas, the privileged period for family to stay together. It is a time to of our society must consider the many for whom regain our laughter and sense of humour. And it this season is just another reminder of their woes. T H I S D AY N E W S PA P E R S L I M I T E D is a period we must all share. The ultimate lesson In our country today, the plight of the underEDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA is that while life may sometimes be very cruel, our privileged is steadily worsening and many GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, optimism must never wane. The life of Christ to ISRAEL IWEGBU, EMMANUEL EFENI go to bed with less than a survival diet. The whom this season is dedicated is a demonstration DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, unemployment crisis has created a lost generation ANTHONY OGEDENGBE that no odds are too high to surmount so as RI JUDGXDWHV ZKR FDQQRW ÀQG MREV 0DQ\ RI WKHP DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI individuals and as a nation, we must hold on to DUH H[DVSHUDWHG 3XEOLF R΀FLDOV DW DOO OHYHOV VKRXOG SNR. ASSOCIATE DIRECTOR ERIC OJEH the hope that we will overcome our challenges. therefore pay serious attention to the challenge of ASSOCIATE DIRECTOR PATRICK EIMIUHI We wish all our readers a joyful and peaceful CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI those who cannot celebrate this season because Christmas. DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO they have no means to do so. TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

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

LETTERS OUT- OF- SCHOOL CHILDREN IN OSUN STATE? Osun has the highest number of out-of-school students in south-west in 2023, says commissioner for Education, Eluwole Adedipo. The commissioner describes the development as problematic to the government. Adedipo disclosed this during the defence of his ministry’s proposed budget for 2024 before the Joint Committee on Finance and Appropriation of the Osun House of Assembly. The issue is not out-school children scourge. The commissioner is wrong. The commissioner wanted to deceive members of Osun State House of Assembly. Out-of-School scourge is elementary education crisis and not middle-level education crisis. Elementary schools were multiplied and not UHGXFHG 'LWWR IRU 0LGGOH VFKRROV 0HDOV ZHUH equally served in our elementary schools which attracted students. Real consolidation of education infrastructure was at the Senior Secondary Schools level where

the crisis was not prevalent. The commissioner for education could not tell the Osun State House of Assembly how to address problems in elementary school system, rather he was lamenting about the mega schools. Out -ofschool children has nothing to do with mega schools but elementary schools. The mega schools in Osun State can accommodate almost half of the out- of- school children in Osun if the present Osun State government decides to move elementary students to mega schools built by Rauf Aregbesola. Aregbesola used elementary schools to eliminate out- ofschool children in Osun. If anything at all, students were withdrawn from private schools to public schools all over the state during the time of Aregbesola as governor of Osun State. School buses were provided all over the state for the movement of students. To belie his claim, our successor canceled all the programs we instituted and returned students

to their old schools after about eight years of a smooth and successful basic and post -basic education programme that we instituted. This is what this regime inherited. ,W LV VWUDQJH WKDW WKH DEDQGRQHG EXW HͿHFWLYH system is still the whipping slab of this administration. What a shame. %HVLGHV WKH H΀FLHQW V\VWHP WKDW ZDV SXW LQ place, Aregbesola equally engaged a CSO (Edu0DUFKDOV WR PRQLWRU DQG HQVXUH WKDW DOO VFKRRO age children were in school. This was in addition to the Education Quality Assurance Agency WKDW ZDV HPSODFHG IRU HͿHFWLYH FRRUGLQDWLRQ DQG management of education at basic and post-basic levels. The rest as they say is history. Inwalomhe Donald, inwalomhe.donald@yahoo.com

MONDAY, DECEMBER 25, 2023 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984

NIGERIA’S CENTRAL BANK REVERSES CRYPTO BAN, SETS REGULATORY GUIDELINES

n a groundbreaking turn of events, Nigeria’s central bank has lifted the ban on cryptocurrency transactions, marking a significant shift in its stance towards virtual assets. The decision, disclosed in the bank’s latest circular, reflects a global trend necessitating regulation in the realm of virtual asset service providers (VASPs), encompassing cryptocurrencies and related assets. The newly issued guidelines meticulously outline directives for banks and financial institutions (FIs) regarding the facilitation of accounts, designated settlement services, and acting as conduits for foreign exchange inflows for firms engaging in crypto asset transactions. A section of the circular notably highlights Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022, acknowledging VASPs as an integral part of the financial institution framework. Haruna Mustafa, Director of the CBN’s Financial Policy and Regulation Department, underscored the Securities and Exchange Commission’s (SEC) proactive role in setting the regulatory groundwork. Mustafa referenced the SEC’s issuance of rules in May 2022 governing the issuance, offering, and custody of digital assets and VASPs, establishing a framework for their operations within Nigeria. Speaking on behalf of the CBN, Mustafa emphasised the necessity of these guidelines, serving as a beacon for financial institutions under the bank’s regulatory purview. The directive aims to delineate clear pathways for banking relationships between financial entities and VASPs in Nigeria. This shift in policy not only signals a monumental change in Nigeria’s regulatory landscape but also signifies a pivotal step towards embracing the burgeoning realm of digital assets, aligning the nation with global trends in regulating and integrating cryptocurrencies into the financial ecosystem.

nosakhare.alekhuogie@thisdaylive.com

APPLE HALTS SALES OF APPLE WATCH SERIES 9 AND ULTRA 2 IN US AMID PATENT DISPUTE

Apple has announced the temporary suspension of sales for its Apple Watch Series 9 and Apple Watch Ultra 2 models in the United States. The cessation of online sales commenced on December 21, while retail outlets are set to discontinue these smartwatches from their shelves after December 24. The decision stems from a recent patent dispute ruling that prohibits the sale and import of Apple Watches found to infringe on certain patents. This ruling has prompted Apple to take swift action, temporarily halting the distribution of the smartwatch models. The dispute revolves around an ongoing intellectual property conflict with Masimo, a medical technology company, primarily concerning the blood oxygen sensor technology embedded within Apple Watches. Apple finds itself on the unfavourable end of this dispute, at least for now. In a released statement, Apple addressed the situation, citing ongoing proceedings within the Presidential Review Period related to an order from the U.S. International Trade Commission.

Alekhuogie

TECH PERSONALITY OF THE WEEK

Ukaiwe: Pushing Salad Africa Ahead

his week’s spotlight shines on Chikodi Ukaiwe, the CEO and co-founder of Salad Africa. Ukaiwe has been at the helm of Salad Africa since March 2022. Salad Africa, the brainchild of Ukaiwe, functions as a neobank catering to African employees, aiding them in accessing, spending, saving, and managing their finances. Their approach involves partnering employers for payroll integration, creating individualised employee data profiles, and providing access to affordable financial services such as earned wages, savings, BNPL, insurance, and embedded financing. Salad Africa has features like Salary on Demand, which provides employees access to their salaries even before PayDay. He was a founder fellow at On Deck, a talent-connecting platform, from June 2022. Ukaiwe also co-founded Showlove in February 2021 and contributed significantly until February 2022. In his career journey, Ukaiwe held leadership roles at Konga Online Shopping Ltd from September 2014 to June 2018, serving as the Vice President of Commercial Operations. Before that, at Jumia Nigeria, he led as the Head of Sales Force and Head of Partnerships from November 2012 to April 2014. Before venturing into e-commerce, Ukaiwe gained experience in IT Compliance, Risk, and Security Management at Keystone Bank Limited from November 2008 to June 2010. He pursued a master’s degree in management, Information Technology.

OPENAI’S POTENTIAL $100BN VALUATION SPARKS INDUSTRY FRENZY

In the heart of the tech world’s bustling whispers, OpenAI, the brainchild of innovation, found itself amidst the buzz of potential growth. Whispers turned into murmurs as talks of a fresh funding round emerged, a juggernaut move aiming to skyrocket the company’s valuation to an impressive $100 billion or more. Those close to the matter, veiled in anonymity, hinted at potential investors’ involvement in these preliminary dialogues. However, the fine print—terms, valuation, and the timeline of this financial ascent—remained fluid, subject to alterations before sealing the deal. Another chapter in this financial odyssey loomed on the horizon—a separate tender offer anticipated to conclude in early January. This endeavour, led by Thrive Capital, promised OpenAI employees the chance to convert their hard-earned shares into tangible value, pegged at a substantial $86 billion valuation. Demand surged among eager investors, surpassing the available shares, a testament to the trust and anticipation swirling around this AI titan. As the digital dawn approached, OpenAI stood at the crossroads of destiny, poised to redefine its narrative in the annals of technological history. The story of its ascent, entwined with the dance of finance and innovation, awaited its next thrilling chapter.

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This order pertains specifically to intellectual property disputes concerning Apple Watch devices featuring the Blood Oxygen feature. Apple clarified that it is proactively preparing to comply should the ruling be upheld after the review period concludes on December 25. Currently, there is no definitive timeline on when the sales of Apple Watch Series 9 and Ultra 2 will resume in the US market. Apple is exploring various options to address this issue. Among them are potential settlements and licensing agreements with Masimo. Another avenue involves potential firmware alterations to deactivate features that infringe upon the contested patents. However, the efficacy of such software modifications in meeting patent compliance remains uncertain. The tech giant’s next steps hinge on the evolving dynamics of this legal dispute.

REPORT: SURGE IN CYBER THREATS, BACKDOOR ATTACKS INCREASE IN 2023

In their latest report, Kaspersky, a prominent cybersecurity firm, disclosed alarming findings, underscoring the intensifying threat landscape in 2023. Their detection systems flagged an average of 411,000 malicious files daily, marking a nearly three per cent surge from the previous year. Of particular concern was the staggering 53% increase in attacks involving malicious Microsoft Office and other document formats, a tactic favoured by cyber assailants. These nefarious actors increasingly employed backdoors to stealthily breach systems, a tactic designed to infiltrate undetected. The report, outlined in the Kaspersky Security Bulletin: Statistics of the Year Report, revealed almost 125 million malicious files detected throughout the year. Windows remained the primary target, bearing the brunt of 88 per cent

of detected malware-laden data daily. Notably, malicious families propagated through diverse scripts and document formats constituted 10 per cent of the daily malicious file count, exposing the varied nature of these threats. Malicious files embedded within document formats like Microsoft Office and PDFs witnessed an alarming 53 per cent spike, reaching approximately 24,000 files daily. This surge might be attributed to the proliferation of phishing PDFs aimed at extracting sensitive data from unsuspecting victims. Trojans persisted as the most prevalent form of malware. However, the report highlighted a concerning surge in the utilisation of backdoors, escalating from 15,000 detected files per day in 2022 to a staggering 40,000 in 2023. Backdoors, classified as one of the most perilous trojans, grant attackers remote control over compromised systems, enabling a range of invasive activities such as data theft, file manipulation, and discreet monitoring of user activities. Commenting on the findings, Kaspersky emphasised the evolving and increasingly treacherous cyber landscape. They highlighted the growing number of reported vulnerabilities, often exploited by threat actors, including ransomware syndicates. Moreover, the use of AI by cybercriminals to craft sophisticated phishing messages further compounds the threat scenario. Kaspersky stressed the criticality of robust security solutions for organisations and individual users in these precarious times.

AWS FORESEES SURGE IN NIGERIA’S DIGITAL SKILLS DEMAND BY 2030 Amazon Web Services (AWS) unveiled commissioned research predicting a surge

in the demand for digital skills in Nigeria, with an estimated 30 to 45 per cent of jobs requiring such expertise by 2030. Uwem Ukpong, Vice President of Global Services at AWS, shared these projections during a media roundtable held in Lagos following his recent visit to Nigeria to engage with government officials. Ukpong highlighted the imperative for Nigeria to bolster its digital skill pool to meet future job market demands. AWS’s ambitious plan to train 29 million individuals globally by 2025 was a focal point in discussions with Nigerian authorities. The company’s commitment extended beyond technological infrastructure, emphasising a dedication to nurturing human capital. AWS aimed to contribute significantly to Nigeria’s workforce development, recognising the pivotal role of skill enhancement in the digital era. Engagements with key Nigerian officials, including Vice President Kashim Shettima and the Minister of Communications Innovation and Digital Economy, centred on aligning AWS’s initiatives with Nigeria’s programmes. Ukpong emphasised the necessity of collaborative efforts, stating, “Capacity development and training people for this (digital skills demand) is going to be key.” The discussions paved the way for future collaboration, setting up an executive briefing session in January 2024. This session aimed to synchronise AWS’s support with the Nigerian government’s objectives. Ukpong highlighted the intent to align AWS’s resources with the government’s five-point plan for 2024, aiming for a cohesive strategy in talent development and technology advancement. AWS’s proactive engagement with Nigeria underscored a shared vision of preparing the nation’s workforce for the evolving digital landscape, fostering a collaborative platform for growth and skill development.

T H I S D AY ˾ MONDAY, DECEMBER 25, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

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S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

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611.31%

1/4 TO DATE

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With 85% Share, FG Crowd-out Corporates, LA SG o f 7. 74tn New B o n d I s su a n ce

Kayode Tokede As the federal government intensified effort to finance its huge budget deficit, the government in the past 11 months dominated bond issuance on the Nigerian Exchange Limited (NGX). A total of N7.74 trillion new listings was recorded on the NGX during the period and the federal government was responsible for over 85 per cent, surpassing corporates and the Lagos State Government. FGN Bonds issued by the Debt Management Office (DMO) on behalf of the federal government

are listed on the floor of the NGX. THISDAY findings from the data obtained from the NGX showed that the FGN Bonds dominated listings this year with FGN Roads Sukuk. According to THISDAY investigations, the federal government listed 64 FGN Bonds worth about N6.98 trillion in market value as against corporates and the Lagos State government with N486.22billion and N274.14billion, respectively. During the period, FGN bonds consistently witnessed increased participation by Pension Funds Administrators (PFAs) as

double-digit inflation rate eroded investment in money and capital market instruments. Finance analysts attributed the strong demand for FGN bonds to attractive yields, which offer investors high returns on their investments, stressing that the oversubscription also revealed that investors have confidence in the federal government’s ability to meet its debt obligations. The appetite for FGN bonds indicates that PFAs, and Nigerian investors prefer investment instruments with less volatility that assures them of their capital returns albeit with low yield on

investment. Meanwhile, in recent years, Nigeria’s rising debt profile has been a topic of concern, as Vice President, Highcap Securities Limited, Mr. David Adnori, warned that the country’s debt profile is becoming unsustainable. According to Adnori, “Ways and means” refer to the CBN’s lending to the federal government. The DMO said that the “securitization of ways and means” is not unusual and is a common practice in many countries, but it is not a decision that can be made by the DMO alone.” The DMO recently revealed that

Nigeria’s public debt profile has increased to N87.91 trillion at the end of the third quarter of 2023. Meanwhile, the Lagos State government in 2023 listed N115 billion Series 1, 10-year 15.25% fixed rate bond due 2033 under N1 trillion Bond Programme and Lagos State Infrastructure Sukuk SPV Plc’s N19.815 billion 14.675% Series II Fixed Return Forward Ijarah Sukuk. The state governor, Mr. Babajide Sanwo Olu at the agreement signing ceremony of the N115billion 2033 Bond Issuance and a seven-year N19.815 billion Sukuk Issuance said the state would invest more in

education, health, and roads with the proceeds from its 10 and seven years Bond and Sukuk issuance. Sanwo-Olu’s administration had earmarked a N500 billion Bond issuance to develop the state, out of which N100 billion and N137 billion was issued in 2020 and 2021. The State Government in October listed its Lagos State Infrastructure Sukuk SPV Plc, a special purpose vehicle of the LASG, worth about N19.82 billion 14.675 per cent Series II Fixed Return Forward Ijarah Sukuk on the NGX. The story continues online on www.thisdaylive.com

Amid -3.01% YtD Performance, ASeM Emerge Worst Performing Index on NGX Kayode Tokede Currently, at -3.01 per cent Yeartill-Date (YtD) performance, the Alternative Securities Market (AseM) board may emerge worst performing index on the Nigerian Exchange Limited (NGX). This is the third consecutive year the index has performed worst amid companies’ in the index non-compliance to post-listing requirements and macro economic challenges facing Small and Midsize Enterprises (SMEs) in the country. The AseM index in 2022 dropped

by -1.67 per cent and in 2021, it closed at -8.1 per cent. As the major index, NGX All-Share Index gained 44.43per cent YtD and reached an 74,000 basis points all-time this year, the ASeM remained worst performing index, a reflection of investors’ low patronage caused to poor corporate earnings. The AseM index opened this year at 659.42 basis points, dropped by -3.01per cent YtD or 19.87basis points to close at 639.55basis points as of December 22, 2023. According to THISDAY investigations, the four companies in

the Index are struggling to file their result and accounts to the investing public, leading to investors dumping their stocks on NGX. The four companies: Capital Oil Plc, Juli Plc, Rak Unity Pet. Comp. Plc, and Smart Products Nigeria Plc contributed N1.32billion out of N40.507 trillion overall market capitalisation as of December 22, 2023. Specifically, Capital Oil, a petroleum marketing company operating in the downstream sector only submitted unaudited financial statements for the nine months ended 30 Sept 2018 and the

management has failed to submit 2018-2022 audited results to the investing public. The last time Rak Unity Petroleum Company submitted results to the investing public was first quarter (Q1) ended March 31, 2021. In addition, the last time Smart Products Nigeria, a real estate company submitted results was Q1 ended March 30, 2022 and the company over the years reported N6.08million profit in 2022, representing a decline of 18 per cent from N7.43million in 2021.

Only Juli has submitted up-todate results for nine months that ended September 30, 2023 on the Exchange. However, the stock price of these four companies in the AseM board has continued to tumble this year, according to THISDAY investigations. For instance, the stock price of Capital oil closed trading at N0.20 per share on Friday. The stock price of Capital Oil closed 2022 at N0.22 per share. The stock price of Juli closed Friday at N0.59 per share from N0.79 per share it opened for

trading this year. Smurfit closed trading at N0.20 on Friday from N0.22 it closed in 2022 and Rak Unity Petroleum Company stock remained flat at N0.30 per share. Capital market analysts have stated that poor investors’ interest was driving the moderation of the board, stressing that these companies’ performance is a reflection of macroeconomy challenges facing SMEs. 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 2 2 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) December ^13.53 23100.65 12.91 -1,00 22, 2023 MAR-2025 ^12.50 2298.58 13.28 0,00 December JAN-2026 22, 2023 ^16.2884 17December 108.25 13.07 -68,00 MAR-2027 22, 2023 ^13.98 23December 100.50 13.80 -21,00 FEB-2028 22, 2023 ^14.55 26December 99.40 14.70 -79,00 APR-2029 22, 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 22, 2023

8.66

8.76

5.85

3.52

-1.13 December 22, 2023

RMBL CP VI 31-JAN-24

11.81

12.06

6.41

6.55

-2.27 December 22, 2023

CRSL CP II 18-FEB-24

13.64

14.05

6.97

7.17

-3.11 December 22, 2023

FLOURMILLS CP III 29-FEB-24

11.82

12.20

7.82

-3.09 December 22, 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 22, 2023 -180,00 December 22, 2023 -166,00 December 22, 2023 -157,00 December 22, 2023 -248,00 December 22, 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 22, 2023 December 22, 2023 December 22, 2023 December 22, 2023 December 22, 2023

MONDAY, DECEMBER 25, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

WRC-23: Nigeria Signs Global Updated Radio Regulations to Deepen Connectivity Emma Okonji Nigeria has joined the rest of the World to sign unto the Final Act WRC-23, which constitutes a record of the decisions taken at the just concluded World Radiocommunications Conference (WRC 2023). The Final Act comprises both the new and revised provisions of the Radio Regulations, an international treaty governing the use of the radio-frequency spectrum and satellite orbits. The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, represented Nigeria and was joined by the Executive Vice Chairman, Nigerian

Communications Commission (NCC), Dr. Aminu Maida and the Managing Director, Nigerian Communications Satellite Limited (NigComSat Ltd), Mrs. Jane Egerton-Idehen. The WRC-2023 is a global, intergovernmental treaty conference, which is held every three to four years by the International Telecommunication Union (ITU), the United Nations-affiliated international organization for telecommunications. In a statement released weekend by NCC and signed by its Director, Public Affairs, Mr. Reuben Muoka, it said at the end of each conference, countries signed unto an updated Final Act, the outcome of

agreements on agendas put forward by country administrations. According to a statement by the ITU, “The agreement to the updated Radio Regulations identifies new spectrum resources to support technological innovation, deepen global connectivity, increase access to and equitable use of space-based radio resources, and enhance safety at sea, in the air, and on land.” Among the decisions reached, the conference also identified spectrum for International Mobile Telecommunications (IMT), which will be crucial for expanding broadband connectivity and developing IMT mobile services, also known as 4G, 5G and, in the future, 6G.

D a n a N a m e d M o s t I n n ova t ive Airline, Introduces Additional Flights Chinedu Eze Dana Air has been named the Most Innovative Airline of the year 2023 at the prestigious Nigerian Business Leadership Awards held in Lagos. The Nigerian Business Leadership Awards, renowned for celebrating outstanding business leaders, organizations, and individuals, focuses on recognizing entities that excel through innovative products, excellent services, and visionary executive leadership. The selection process for

the Most Innovative Airline of the Year involved a thorough assessment conducted by the Awards Review Committee and the Business Day Newspaper’s Research and Intelligence Unit said Frank Aigbogun Publisher BusinessDay Media limited ‘’The criteria applied by the review committee encompassed various facets, including Dana Air’s contribution to the Nigerian economy, consumer satisfaction levels, job creation initiatives, market share growth strategies, innovative product offerings,

technological integration, and more.’’ Reacting to the award, the Chief Operating Officer of Dana Air, Ememobong Ettete expressed immense gratitude for the honor, stating, “We are truly honored to receive the Most Innovative Airline award for 2023. ‘’This accolade reaffirms our unwavering commitment to setting industry benchmarks, embracing cutting-edge technology, and continuously improving our services to meet the dynamic needs of our esteemed passengers.”

Hyperspace Secures Second Patent for its Blockchain Technology Solution Emma Okonji Hyperspace Technologies Limited has secured its second patent and trademarks for cipherCHIP tap2verify, which is a blockchainintegrated contactless product authentication and verification system. The Lagos-based Web3 startup specialises in next-level smart security infrastructure and key management systems. Developed within the Hyperspace Technologies Limited research and development (R&D) division, ‘cipherCHIP tap2verify’ system presents a novel approach to product authentication by integrating Near Field Communication (NFC) tags, Non-Fungible Tokens (NFTs), and blockchain technology. Speaking about the development, the lead inventor of the Multi-Factor Authentication (MFA), Dr. Oluseyi

Akindeinde, said it would enhance a security system that requires more than one method of authentication from independent categories of credentials to verify the user’s identity. Hyperspace Technologies Limited had in August this year secured patent for cipherKEY tap2sign MFA, a next-generation security system designed to leverage the decentralized nature of blockchain, the robustness of public/ private key cryptography, and the convenience of NFC (Near Field Communication) technology to provide an unprecedented level of security against identity theft, phishing, and social engineering attacks. Meanwhile, the cipherCHIP tap2verify’s patent certificate from the Industrial Property Office Registry, Commercial Law Department, Federal Ministry of

Trade and Investment, was granted on December 14, 2023 and signed by Stella Ozo Ezenduka, the Chief Registrar on behalf of President Bola Tinubu. On the other hand, the Trademark for cipherCHIP tap2verify was granted on October 20, 2023 under the Class of Scientific, nautical, surveying, electric, photographic, cinematographic optical, weighing, measuring, signaling, checking (Supervision), life-saving and teaching apparatus and instruments; apparatus for recording transmission in reproduction of sound or images; magnetic data carriers recording disc; automatic vending machines and mechanism for coin-operated apparatus; cash registers, calculating machines, data processing equipment and computers; free-extinguishing apparatus.

CPS: Understanding the Role of Pension Fund Administrators The successes attained since the inception of the Contributory Pension Scheme (CPS) in Nigeria are often ascribed to the fundamental structures upon which the system was built. A vital feature of the scheme is the separation of management and custody of pension funds. While Pension Fund Administrators (PFAs) are saddled with the responsibility of managing pension funds, Pension Fund Custodians (PFCs) are responsible for the custody of the funds. These Pension Fund operators are licensed, supervised and regulated by the National Pension PENCOM DG, Aisha Dahir-Umar Commission (PenCom). Therefore, understanding the role of PFAs will provide retiree under the CPS. Benefits payments further insight into the workings of the CPS. include ensuring the retiree provides all The following are the roles of PFAs under required documentation at least six months before retirement. The PFA is also responsible the CPS: for obtaining necessary approvals from PenCom and issuance of instructions to the REGISTRATION OF PFC to disburse retirement benefits. CONTRIBUTORS The PFA is responsible for opening a Retirement Savings Account (RSA) for PROVIDE CUSTOMER any employee. Upon opening the RSA, the SUPPORT TO RSA HOLDERS The PFAs provide various customer support PFA issues an employee with a Personal services to the RSA holders, including issuing Identification Number (PIN), who then forwards the PIN to the employer for the RSA statements at least once every quarter. In purpose of remitting monthly pension carrying out this function, PenCom ensures that PFAs have sufficient branches to serve contributions. To open an RSA, the employee has to locations with a significant number of complete the RSA registration forms and registered RSAs under their management. also provide required documentation. It is In addition, PFAs must have the requisite noteworthy to state that selecting a PFA is technology that facilitates access to their services for RSA holders. an employee’s exclusive right.

CREDITING OF INDIVIDUAL RSAS

RENDER RETURNS TO PENCOM

with an accompanying schedule containing the employees’ names, RSA PINs and other details. The PFC, in turn, advises the PFA upon receiving the contributions and schedules.

daily valuation reports on investment and monthly and quarterly returns on various aspects of PFAs’ operations. In addition to the off-site reviews, PenCom conducts routine on-site examinations annually and special investigations whenever necessary.

PFAs maintain proper books of account PFAs are responsible for crediting RSAs BEDC Assures Customers of with monthly pension contributions. The and render off-site returns to PenCom. The deducts the monthly pension off-site returns assist PenCom in supervising Seamless Service During Yuletide employer contributions and remits them to the PFC the PFAs adequately. The returns include the Kemi Olaitan in Ibadan

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)

The Ibadan Electricity Distribution Company (IBEDC) Plc, has reiterated its commitment to continue to serve its customers with seamless service. The Managing Director and Chief Executive Officer of the company, Kingsley Achife, in a statement he personally signed, felicitated with all Christian faithful on the commemoration of the birth of Jesus Christ, wishing all Nigerians a happy Christmas and new year holiday. Achife who emphasized the values of unity and goodwill during Christmas, called on customers to join hands in fostering a secure and harmonious environment. He said, “IBEDC reiterates its commitment to providing seamless service during the holiday season. The technical team will be on standby to address any electrical faults promptly. The company’s customer care line (07001239999) will remain active

for quick responses to complaints and reports.” He then appealed to customers not to assault IBEDC staff, explaining that the commitment and hard work of the staff are essential for delivering quality service, and any grievances should be communicated through appropriate channels rather than resorting to violence. The IBEDC boss highlighted that the festive seasons often see an increase in electrical hazards, urging IBEDC customers to exercise caution and avoid unsafe practices such as unauthorized tampering with meters or attempting to bypass the electrical system. “Christmas is a time for joy and reflection. Let us not compromise the safety of ourselves and others by engaging in activities that could lead to electrical hazards. I implore our esteemed customers to refrain from energy theft, as it not only endangers lives but also hampers our collective progress, “he stated.

TAKING INVESTMENT DECISIONS

The PFA pools the pension contributions in individual RSAs into a fund that invests in various allowable asset classes. The PFA is responsible for making investment decisions to ensure safety and fair returns for the benefit of contributors. These investment decisions must be in accordance with the Investment Regulations issued by PenCom. All incomes earned are exclusively for the benefit of contributors. Consequently, the PFA exercises investment decisions on trust as a fiduciary duty on behalf of contributors.

PAYMENT OF RETIREMENT BENEFITS

The main objective of the CPS is to ensure the payment of retirement benefits as and when due. The PFA is, therefore, responsible for processing the retirement benefits of a

APPOINTMENT OF PENSION FUND CUSTODIAN

As noted earlier, the PFA and PFC carry out the management and custody of pension funds, respectively. Therefore, the PFA is responsible for appointing a licensed PFC to provide custody and safekeeping for the pension funds under its management. The PFC is responsible for executing all transactions as instructed by the PFA, provided that such instructions are in accordance with the Investment Regulations issued by PenCom. PFAs are licensed by PenCom after satisfying rigorous licensing criteria. Currently, there are 19 PFAs managing pension fund assets on behalf of RSA holders. PenCom reiterates its commitment to effectively regulating and supervising all PFAs in Nigeria.

MONDAY, DECEMBER 25, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Uviase: We Expect Pressure on FX to Ease in 2024 Managing Partner at Ecovis International in Nigeria, Andrew Uviase, is a Chartered Accountant and Economist. In this interview, he speaks on how Nigeria can achieve inclusive economic growth, why government should intervene in FX market to ensure rate stability and predicted that pressure on FX will ease in 2024 given the reduction in demand as a result of enhanced local refinery capacity. Excerpts Can we meet you and also tell us what you do at Ecovis? y name is Andrew Uviase, a Chartered Accountant and Economist. Am by the grace of God the Managing Partner of Ecovis International in Nigeria. ECOVIS Nigeria is a professional firm of accountants providing, audit and assurance, taxation, accounting and financial consulting services. Ecovis globally is a member of the Forum of Firms, which is a grouping of top rate accounting firms that have recongised procedures for executing audits. The firm’s clients cut across various sectors of the economy including manufacturing, marine, financial services, oil and gas, construction, merchandising, public sector, and many more.

to end soon. Government revenues will get a boost from taxation as a result of strengthening the capacity of the revenue generation agencies. However, it could be counter productive if struggling business are overtaxed. General insecurity may remain or slightly get worse because it is difficult to change people who are already used to free resources and money. We would expect government equip the security forces in order to counter the activities of insurgents and terrorists.

The Nigerian economy has faced several challenges since COVID-19. Do you think the country has managed the crisis well? The covid -19 pandemic outbreak occurred in Wuhan China in 2019 and rapidly spread throughout the world. Attempts to curtail the spread of the disease lead to imposition of several restrictive measures such as lockdown, travel restrictions and social distancing. The measure triggered supply chain disruptions, drastic full in the consumption of energy and general reduction in the level of economic activities. At the end of Covid 19 induced lockdowns in 2020, the federal Government responded with a combination of monetary and fiscal policy measures. Some of these included the Federal Government one year Economic Sustainability Plan with a stimulus package of N2.3 trillion, establishment of N500 billion Covid 19 intervention fund, increase in allocations to states and several sectorial intervention to businesses. On the monetary side we had reduction in interest rates and moratorium on loan repayments amongst other measures as well as attempts (though feeble) to unify the exchange rates. Other than those initial efforts, there were no other deliberate attempts to stabilise the economy and stimulate growth. The economy continued to operate at its usual rent seeking and speculative gains pursuit system. So, we can say that the management of the post Covid economy has been less than satisfactory. Food inflation and headline inflation have been on the rise, what is the way out? Before any effective solution can be proffered to the rising inflation, it is imperative to understand the cause of the food inflation and the main drivers of price increase. The Nigeria inflation is basically cost push inflation resulting from a combination of factors such as poor infrastructure, insecurity, shortage in foreign exchange for purchasing essential raw materials by manufacturers. The immediate step will be to boost security so that farmers can go back to farm. Once the farmers can go back to farm, there will be increase in supply, which should drive down prices. The government must also try to stabilise the economy. There have been too many shocks in the last five months, which has made nonsense of the projections by Manufacturers. Look at the price of diesel, the exchange rate and even PMS. Manufacturers may be worried by the high cost of production but they are more concerned with price instability, which makes it difficult for them to plan. So, inflation can be curtailed if structural impediments to production are reduced. Foreign investors are basically not interested in Nigeria at this moment or even since the COVID-19, is there anything the government can do to change this? Firstly, we must realise that there is fierce competition among nations to attract foreign investment. Naturally, Nigeria is meant to be a place of preference for foreign investors because of its large population, abundant supply of skilled manpower and youthful population. However, the risk has remained high to foreign investors because of the incidence of insecurity, very poor infrastructure and unstable policy measures. So, to address the lull in foreign direct investments, government must adopt short-term policy measures such as generous tax incentives to compensate for infrastructural deficit and medium to long term measures of enhanced security and improved infrastructure. The policy measures must also be stable and successive administration must see the country as a going

Uviase concern by maintaining the good policies of their predecessors. No businessman likes uncertainty. What advice do you have for investors in terms of choosing asset class to maximise their returns? Generally, returns to investors are affected by several factors such as the risk, the type of venture, the gestation period for the investment, and the legal and regulatory requirements. I can only advise that investors should always sit with their professional advisers to weigh the options. The CBN recently floated the naira, and many manufacturing firms have suffered losses. Is floating the currency the right thing to do? Floating the naira at this point appears to be a convenient and easy way out. However, it must be a managed float where the government should intervene to ensure rate stability. My interaction with manufacturers suggests that their greatest concern is the fluctuations in the exchange rate which has made nonsense of their projections and affected their ability to plan. I will suggest that we must revert to managed float, where fluctuations can be within acceptable band and forex should be made available to the preferred sectors of the economy. Give us your projection for 2024. This is a tricky question, which I will approach from the perspective of the different economic agents. From the perspective of the business community, they should be ready for the greatest tax scrutiny in the history of Nigeria. The projected tax revenue in the budget well over the previous year’s figures by 30 to 50%. Then there is the objective of raising tax Revenue from 10% to 18% during the next four years. My advice for businesses is that they should do a tax health check on their businesses in order to determine if the relationship between various segments of the accounts can stand the scrutiny of the Revenue Authorities. This will help them to minimise surprises when the Revenue Authorities eventually come calling. They should expect improved demand for their products and services based on expected wage increases by the government. Inflation would be moderated as we expect prices of petroleum products to be stable because of the impact of the Dangote and Port Harcourt Refineries, which are expected to be fully operational in the year. We also expect the pressure on forex to ease given the reduction in demand as a result of the enhanced local refinery capacity. Government finances will remain stable due to the inflow of petrol dollars. The price of crude oil will remain high as we are not expecting the Russia Ukraine War

You spoke about the faulty template for reporting output growth. What methodology would be most realistic in your view? I actually touched on two issues. Firstly, is the presentation of the information. What we see in the GDP report is percentage growth from one period to the other. I believe that the absolute figure should be compared with each other and percentage growth or decline reported alongside the figures. This is important because who ever is looking at the report will be able to know which figures are given rise to the growth. Most users do not go to the appendix to pick the absolute figures. Secondly, am concerned about the methodology of conversion from the nominal GDP to the real GDP. I believe the conversion factor should also be disclosed so that any person with elementary knowledge of arithmetic can test it and confirm that the figures are accurate. There has been so much noise about growing an inclusive economy. Does the growth pattern in the last few years suggest any progress? Inclusive growth is dependent on two factors. Economic growth which is measured by the GDP and the distribution of the growth among the citizens which is measured by the Gini coefficient. In the past few years, the economy has literarily stagnated because economic growth is hardly keeping pace with population growth. Then when it comes to distribution of the production output, it is awful and the poverty levels have remained alarming. Even well thought out programmes like cash transfer and school feeding is hardly effective because the process is not transparent and not open to public scrutiny. Any cash transfer arrangement must be transparent and open to public scrutiny. It should be possible for interested parties to verify the beneficiaries. In fact, we need an independent project monitoring body to verify the beneficiaries and method of transfer. There is a dilemma about the funding of infrastructure, which is critical for accelerated growth. If we go the PPP route, user charges become another burden but the government is obviously too broke to fund such projects and deliver seemingly. What should we do? Generally, the average human being is a free rider who wants to enjoy public goods without making payment. However, it is important to categorise the type of infrastructure and to determine the extend to which PPP can be applied. Other than roads, every other type of infrastructure can be done by a PPP arrangement. Even when it comes to roads, there are various ways by which an investor whether private or public can recoup their investment. Funding infrastructure should actually start from the conceptualisation stage to the final stage. If we can cut down on wastages and padding, we would be amazed at what we can achieve with the little resources that we have. A recent PMI says new orders are falling as people are not able to pay new prices of goods and services, which means inﬂation is still at a crisis point. Have we reached the peak of the long inﬂation run or do you think it will continue the upward trend? It is stating the obvious to say that orders are falling. When the prices of essential family items have doubled and

wages have remained essentially the same, it would be magical for the impact to be different. I believe that next year will be better if the two critical refineries are working as projected. Then through NNPC the government should allocate Crude to the refineries at concessionary prices. This way, the government will be subsiding production, which will trickle down faster than any other social welfare programme. What are the opportunities and challenges you can foresee This is a tricky question which I will approach from the perspective of the different economic agents. From the perspective of the business community, they should be ready for the greatest tax scrutiny in the history of Nigeria. The projected tax revenue in the budget well over the previous year’s figures by 30 to 50 per cent. Then there is the objective of raising tax Revenue from 10 per cent to 18 per cent during the next four years. My advice for businesses is that they should do a tax health check on their businesses in order to determine if the relationship between various segments of the accounts can stand the scrutiny of the revenue authorities. This will help them to minimise surprises when the revenue authorities eventually come calling. They should expect improved demand for their products and services based on expected wage increases by the Government. Inflation would be moderated as we expect prices of petroleum products to be stable because of the impact of the Dangote and Port Harcourt refineries, which are expected to be fully operational in the year. Government revenues will get a boost from taxation as a result of strengthening the capacity of the revenue generation agencies. However, it could be counter productive if struggling business are overtaxed. General insecurity may remain or slightly get worse because it is difficult to change people who are already used to free resources and money. We would expect government equip the security forces in order to counter the activities of insurgents and terrorists. How do you think the federal government can generate the proposed revenue in the 2024 budget, especially through tax? The current budget is modest, and the Revenue targets appear achievable. We expect FIRS to widen the tax net by leveraging on technology to plug revenue leakages. We also expect greater audit and investigative scrutiny on Companies. Therefore, all companies should contact their professional advisers for a tax health check on their companies in order to minimize surprises. How can the FG plug revenue leakages in MDAs and across the system? Revenue leakages occur in various forms ranging from rendering of billable services that are not billed to actual misappropriation of Revenue that should be collected by the Federal Government or sub national governments. Revenue leakages can be minimised by putting the right system in place, deploying automation technology and employing analytical techniques to detect unusual relationship between the Revenue and level of activities. As a country, do you think there is a need for reforms in our accounting system? Accounting knowledge like every other human knowledge is dynamic and must be continually evaluated with a view to reforming it. I believe that at the private sector level, there should be greater emphasis on incorporating the effect of inflation on the financial statements of Companies. Solely relying on the historical costs tend to diminish the use of such statements for comparative purposes and trend analysis. From the public sector perspective, the adoptions of IPSAS have added a lot of value to the usefulness of the financial statements. However, we must consider the effectiveness and efficiency of public sector expenditure. It is still surprising how public sector projects manage to cost as much as 4 times of what it costs in the private sector despite various safeguards such a BPP and internal audit process. This is why we need to develop and use efficiency criteria in Public sector accounting.

T H I S D AY ˾ MONDAY, DECEMBER 25, 2023

BUSINESSWORLD

NEWS

L-R : Director, Haldane McCall Plc, Adewale Farinu; State Coordinator, Lagos East, National Identity Management Commission (NIMC), Olumide Aremu; Group Managing Director, Haldane McCall Plc, Edward Akinlade and State Coordinator, Lagos West, NIMC, Lasisi Oladele, at the launch of the Roofing of Applicants Waiting Section of NIMC, renovated by Suru Homes Limited and Suru Express Hotels Limited, subsidiaries of Haldane McCall PLC in Lagos... recently

Stakeholders Call for Review of Taxes in Aviation Industry Chinedu Eze Aviation stakeholders under the aegis of Aviation Round Table (ART) have called for review of and education on charges, duties, Tariffs and Taxes which operators and others who use the airports pay to aviation agencies and other government organisations. This was contained in the communiqué issued after the breakfast meeting held

in Lagos by the think-thank body in Lagos. The body which communicated its resolution in a statement, said there is the need for policy advocacy and education of all stakeholders to better understand the differences between charges, duties and tariffs in order to better examine their validity, legality and impact to the Nigeria’s economy and to support the federal government’s foreign

ABC Commits to Addressing Nigeria’s Cybersecurity Skills Gap Gilbert Ekugbe The American Business Council (ABC) has restated its commitment to bridging the dearth of Nigeria’s cybersecurity skill gap currently put at over four million. The Chief Executive Officer and Executive Secretary ABC, Margaret Olele, at the launch of its virtual hub and media parley, “Cybersecurity accessibility in Africa-creating an inclusive cyberspace,” said the launch is apt considering the spate of cyber attacks especially on the nation’s financial sector. She added that the launch of the hub is aimed at providing cybersecurity training modules and fostering cybersecurity awareness for the youths in Nigeria. She also pointed out the need to provide accessible solutions to safeguard critical infrastructure in the country, pointing out that education, training and investment in critical infrastructure is key to tackling cyber attacks while also increasing the accessibility and understanding of cybersecurity in the country. “We are trying to create an awareness for the talent gap we have in Nigeria. There is an urgent need for capacity building and upskilling the market that can help drive cybersecurity in Nigeria,” she said. Also speaking, the United States Commercial Counsellor for Nigeria, Julie LeBlanc,

said the tech sector is very important for economic growth and development, adding that it plays a pivotal role in checkmating cyber attacks. “The sector must be safe for Nigeria to explore all the potentials of the sector,” she said. On her part, the Chief Executive Officer, Commercio Limited, Aderonke Adeyegbe, said the virtual hub is long overdue considering the accelerated digital transformation being experienced in the country since the advent of COVID 19. She called on African governments to help formulate policies and strategies around cybersecurity while also pointing out the need to establish a talent factory to meet Nigeria’s growing needs for cybersecurity and the world at large. The Director, National Information Technology Development Agency (NITDA), IT Hub, University of Lagos, Dr. Victor Odumuyiwa, stated the need for Nigeria to keep digitalising and create the proper infrastructure for cybersecurity. He also highlighted the need to build local capacities and competencies, create new entry points for cybersecurity learning and promote cybersecurity solutions that are home grown. “We cannot grow as a nation if we keep depending on foreign cybersecurity solutions and technologies,” he urged.

investment drive which may be negatively impacted by multiple taxes and charges. It advised all stakeholders affected by multiple charges, taxes, duties and tariffs to collaborate to move against policies that encourage them, noting that in this process the stakeholders are to partner with ART to lobby the various arms of government towards streamlining the charges and encourage the growth of the industry, adding that it would be necessary to produce a draft legislation related to taxes, tariffs, charges and forward same to the National Assembly

for review and passage into law. “There should be clear identification and listing of all charges, taxes, duties and tariffs as provided in the schedule from the NCAA. This will provide an opportunity for payers to better understand, interrogate and possibly eliminate some of extraneous and duplicitous charges, taxes, duties and tariffs. It also called on every agency to make a comprehensive list of its charges available in the manner of the NCAA, which creates for a more transparent understanding of charges.

“It called on the efforts by all stakeholders to eliminate the perception that Nigeria’s Lagos and Abuja airports charge are the highest in the world are that they are the most expensive as this perception is a huge scare to foreign investment and not an attractant to the development of the airport and aviation strategy. The high landing and parking fees for cargo aircraft in Nigeria should be reviewed so that interested investors will not keep preferring neighboring countries like Ghana and Togo for their cargo operations, “they said.

The stakeholders said it is important for Nigeria as a nation to cease taxing seeds but, instead, foster an environment that encourages businesses to thrive, bearing fruits that can be taxed, as the country cannot aspire to be competitive while at the same time, burdening businesses with complex processes. ART added that the existence of multiple charges and levies on cargo export is a huge disincentive to Nigeria’s cargo potential and therefore, should be addressed urgently in the interest of the overall economy.

NUC Visits James Hope Business School Ahead of January Start James Hope Business School hosted a delegation from the National Universities Commission (NUC) on a resource verification exercise, as it prepares for the start of its Executive MBA programme in January 2024. The Vice Chancellor of James Hope University Prof. Paul Vita, along with the Registrar Dr. Uzoma Achugamonu and the Dean of James Hope Business School, Prof. Olu Akinkugbe, welcomed the

3-women delegation namely; Dr. Esther Mmeka, Professor Uduak Mbong, and Jolaoso Motunrayo. Vita thanked the NUC for setting a standard and assured them of James Hope Business School’s commitment to upholding the NUC standards. Wherefore, the team lead of the NUC delegation, Dr. Esther Mmeka shared the views and expectations of the NUC. She emphasized that the purpose of their visit was to

foster a formidable relationship between the NUC and James Hope Business School, and to give suggestions on ways the Business School can improve the quality of its resources and programmes. She further applauded the management of James Hope Business School for their hospitality, warm reception and readiness towards the exercise. The NUC team were given a tour of the campus, reviewing the Business School’s

classrooms, faculty o ces, library, proposed innovation hub and entrepreneurial centre with the director’s o ce, and other physical and human resources such as personnel records, MBA programme and Postgraduate School handbooks and other policy manuals. The NUC team also pro ered recommendations where necessary. James Hope Business School looks forward to a continued partnership with the NUC.

Mustapha: How Nigerian Farmers Shrug Off Burden of GMO Misinformation The Director General, National Biotechnology Development Agency (NBTDA), Prof. Abdullahi Mustapha has narrated how Nigerian farmers have in recent times swiftly shrugged off the burden of misinformation and disinformation on Genetically Modified Organisms/crops which is the by-products of biotechnology deployment. According to him, these unfounded and unsubstantiated narratives were heaped on them by some armchair peddlers of the anti-Genetically Modified Organism (GMOs) gangs. The agency, he added, has become a driving force in utilizing biotechnology to enhance the

quality of life for Nigerians and mitigate socioeconomic obstacles to development. The DG made the disclosure at the end of its 2023 get-together breakfast meeting with journalists at its NABDA Corporate Headquarters in Abuja. He said: “Already, there are testimonies from farmers across the country who are benefiting from products of modern agricultural biotechnology in the country such as the Pod Borer Resistant (PBR) cowpea developed by Nigerian scientists at Institute for Agricultural Research (IAR), Zaria which is helping farmers overcome the devastating impacts of Marcuca vitrata that causes 80% destruction

on the farmers’ field. “Today, the farmers are applying only 2 insecticide sprays as against 8 to 10 sprays previously as a result of planting the PBR cowpea. “The farmers are also planting Bt. cotton, another innovative product from modern biotechnology that is changing the game in cotton farming and the hope of the textile industry’s revival on course.” According to him, all these have been made possible through the over 14-year partnership the agency share with the African Agricultural Technology Foundation (AATF), Agricultural Research Council (ARCN) and Bayer Agriculture Nigeria Plc, according that the Open Forum

on Agricultural Biotechnology (OFAB)-Nigeria Chapter, an initiative of AATF, is yet another project of importance in the area of awareness creation. Mustapha, said: “Through its various programmes and projects, OFAB has embarked on a mission to enhance knowledge sharing and awareness on agricultural biotechnology that would raise understanding and appreciation of the technology by bringing together stakeholders in the field of biotechnology and the public as a whole to interact, share and exchange knowledge, experiences, contacts and exploring new avenues of bringing the benefits of biotechnology to bear.”

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, DECEMBER 25, 2023

HOMES&DESIGN Riviera Heights, Epitome of Luxury Living in Lagos MGE Realty Limited, in collaboration with Tami-Thames Limited, has launched its choice residential project designed for luxury living. Bennett Oghifo writes

iviera Heights is a new luxury residential development on Water Corporation Drive in Victoria Island, Lagos. This 12-storey luxury residential tower, crafted by the renowned architectural visionaries at Consultants Collaborative Partnership (CCP), promises to redefine luxury living in Lagos, setting new standards for elegance, comfort, and convenience. Riviera Heights boasts a perfect synergy of aesthetics, functionality, and prime location in the heart of Lagos’s hospitality communities. Situated amidst the vibrant hub of beaches, cinemas, fine dining, and lounges, this exquisite development offers the ultimate urban lifestyle for residents and a compelling investment opportunity for those with a discerning eye for quality. Residents of Riviera Heights will enjoy a contemporarily designed reception and lounge area that acts as a refined meeting place. Moreover, Riviera Heights boasts a wide range of amenities at the Leisure Deck – a large outdoor area with green spaces to relax and unwind. Additional features include a state-of-the-art gymnasium and a swimming pool for children and adults. This 40-unit tower offers spacious,

modern, and meticulously designed one, two and three-bedroom apartments with maid rooms that exude elegance and for those who desire a larger living space, the four-bedroom maisonettes penthouses are the epitome of sophistication and comfort. “Riviera Heights will undoubtedly become one of the most desirable addresses in Lagos,” said Richard Deniran, COO of MGE Realty Limited. “We are delighted with the contribution of Consultants Collaborative Partnership (CCP), who have designed an exceptional addition to the everevolving skyline in the heart of Victoria Island. With exceptional amenities and direct views to Lagos beachfront, Riviera Heights presents an unmissable investment

opportunity.” The CEO of MGE Realty Limited, Bolaji Badejo, is enthusiastic about the project. “Riviera Heights is a testament to our commitment to innovation and excellence in the real estate industry. This development showcases the future of luxury living in Lagos,” said Badejo. It is an investor’s dream project that transcends luxury and offers an unparalleled urban lifestyle experience. With the expertise of MGE Realty Limited, the backing of Tami-Thames Limited, and the creative brilliance of CCP, Riviera Heights is set to become a landmark in real estate in Lagos.

MGE Realty Limited is a leading real estate company with a proven track record of delivering exceptional projects that combine innovation, quality, and sophistication. With a commitment to excellence and a focus on customer satisfaction, MGE Realty Limited has earned its reputation as a trusted name in the industry. Tami-Thames Limited is a dynamic and forward-thinking company that partners with industry leaders to deliver premium real estate projects. With a dedication to creating lasting value and fostering growth in the real estate sector, Tami-Thames Limited is a company that values integrity and quality above all else. Consultants Collaborative Partnership (CCP) is an award-winning architectural firm known for its cutting-edge designs and commitment to creating inspiring spaces. Their portfolio of innovative projects spans the globe, making them a trusted name in architecture and design.

MONDAY, DECEMBER 25, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Okwuosa: FG Should Focus on Retaining Existing Businesses before Chasing after FDIs The President of the Institute of Chartered Accountants of Nigeria, Dr. Innocent Iweka Okwuosa, in an interview with journalists tasked President Bola Ahmed Tinubu on exploiting local investors and retaining existing foreign investors and spoke on other critical issues aﬀecting the economy. Dike Onwuamaeze brings the excerpts:

What is your assessment of the Institute of Chartered Accountants of Nigeria (ICAN) Accountability Index that was initiated in 2017 to enhance transparency and accountability in public ﬁnance management in all tiers of government in Nigeria? he ICAN has been at the fore front of advocating for accountability and transparency in the management of public finance as part of its public interest mandate. Public interest lays emphasis on the greater good for the people. You will appreciate the public interest aspect of this work when you understand the humongous amount the institute spends to carry out the exercise without funding from multilateral agencies interested in good governance like World Bank, African Development Bank, International Monetary Fund etc. Since 1999 democracy, accountability and transparency have been the most discussed terms in the democratic governance of Nigeria and yet there has not been much effort in developing a generally acceptable framework for assessing this within the tiers of government. So, ICAN took it upon itself to come up with this framework that suits the Nigeria environment. The framework takes after Public Expenditure Finance Accountability (PEFA) but adapted to suit the Nigeria environment as it takes into account the enabling laws. Since its inception in 2017, we have produced four editions for 2018, 2019, 2020 and 2021 fiscal years. And the result of these showed that majority of the states have not done well in being accountable and transparent in the management of public funds entrusted unto them. If you go through the performance of the state, you will see judging from the pillars and dimensions that so many states can be said to exhibit lack of accountability and transparency in public finance management. In the first two editions Kaduna State came first while in the following two editions, Jigawa State overtook Kaduna State just marginally. These are just the two states that one can deem to have been more accountable and transparent in the management of their public finance. It may interest you to know that Edo State is another state that showed remarkable improvement moving from bottom position to 4th position. I have attached a summary of the states’ performance in the four editions so that you can see for yourself. I, therefore, enjoin you to bring this to the attention of the Nigerian public and urge them to use them as a basis of demanding for better accountability and transparency in the management of public finance.

local investors in Nigeria can provide while we are looking for FDI that will come from foreign investors that are willing to come to Nigeria? For example, diversifying the revenue base through the mining of solid minerals is a low hanging fruit that local investors could step in and fill the gap once the enabling environment is created. Do we have the infrastructure that can attract and retain FDIs, we have seen some multinational companies that are shutting their businesses in Nigeria, going to Ghana to set up, produce there and come back to sell in Nigeria? This underscored the importance of retention as opposed to focusing on attraction. Are we able to deal with policy inconsistencies as the policy that attracts FDI today may become inconsistent with the one that will be introduced subsequently? Look at the emerging monetary policies of the present CBN governor compared to those of the previous CBN’s governor. Will FDIs be compatible with the insecurity in the country? Put differently: is insecurity a conducive for FDIs? What about corruption that is systemic. Have we thought about the human capital that supports the functioning of FDIs? I talked about SDGs 2, 3 and 4.

What further improvement would you suggest to ensure that the index can be used to measure how citizens feel the impact of governance? One question that has arisen is the association between doing well in ICAN’s accountability index and the citizens experiencing the dividend of democracy. But this aspect is not the focus of ICAN’s index although there is an indirect association. The index addresses issues such as fiscal/macroeconomic budgeting, budget credibility, budget performance, reporting and accounting, external scrutiny. You can see the emphasis on budgeting as that is the first point of call in determining public funds and expenditure. So, one improvement that can be done to ICAN’s AI is to incorporate the aspect of citizens feeling the dividends of democracy. And what is the dividend of democracy? Globally it is being associated with inclusive development, it is sustainable development and what comes to mind is the UN 17 SDGs. This is what informed the theme of our 53rd Annual Accountants Conference: Nigeria: The Imperatives of Inclusive development. There will be inclusive development if government bold economic policies result in better life for the citizens. So, there is agreement in principle in our council for ICAN to pioneer another work in this direction, which is The ICAN Sustainability and Inclusive Development Index

Okwuosa (SIDI). The SIDI, when fully developed, will link public finance management and the achievement of UN SDGs. What are the major take-aways from the recent ICAN’s 53rd Annual Accountants Conference? The theme of the conference was “Nigeria: The Imperatives of Inclusive Development” and one of its outcomes is what I have just shared above on the need for inclusive development. Governments exist to improve the welfare of the citizens who voted them into power. Of what use are government’s bold economic policies if they do not translate into a better life for the citizens? It must not just lead to development but inclusive development that reduces inequality and cares for the less privileged. Before President Bola Ahmed Tinubu formed his cabinet you called for the constitution of his cabinet with more of professional chartered accountants. Why and how satisﬁed are you with the number of accountants that made the President’s cabinet? Accountants, and in particular professional accountants, are indispensable in the administration of democracy of any country. You will appreciate this when you come to understand that accountability is the right of ordinary citizens in any democratic setting. When professional accountants are neglected, democracy suffers. If you listen to the real concern of citizens and civil society organisations, whether in the previous administration of President Mohammed Buhari or this present administration of President Tinubu, it is always a call for those entrusted with governance to show accountability and transparency in the administration of the office they hold. I have always maintained that when accountability flees from its custodians, democracy suffers

and the citizens suffer as well. But it is the professional accountants that are in the best position to demand for and maintain true accountability. What is your assessment of the administration of President Tinubu to attract FDIs into the country? There is no doubt that President Tinubu is making good effort to attract FDIs into the country through many of his foreign travels, which is good. Last time, he has travelled to India for G20 Summit and the newspapers reported investment deals he sealed. Later he was at 78th UNGA in United States where he declared that Nigeria is open for business and investment. Later, Tinubu stopped over in Abu Dhabi and secured landmark deals with The UAE. Then a minister represented him at the just concluded Africa Climate Summit in Kenya where there was another headline “We’re targeting 30 million Nigerians for green jobs.” And as we are speaking we learnt that Nigeria has the highest number of registered delegates from Africa at the ongoing COP28 in Dubai, United Arab Emirates. So the effort is not in doubt. What is in doubt is the actual quantum of FDI to be attracted in the face of the sociopolitical and economic environment in Nigeria. What I know is that capital is attracted to that environment where it earns the highest return and is safe. The latest capital importation data released by the National Bureau of Statistics (NBS) showed that the total FDI that came into Nigeria in the first quarter (Q1) of 2023 was only $48 million. On a year-on-year comparison, this is a 69 per cent decrease when compared to similar figure of $155 million in Q1 2022 and is reported to be the lowest recorded FDI in nine years. So there are many questions to ask. But have we exploited the opportunities that

What is your assessment of President Tinubu’s 2024 Budget? Again, I will say that the institute is putting up a position paper on this and I will advise that you wait for that to be released. But I must say that the budget has many good areas. For example, 18 per cent revenue to GDP ratio is fantastic, but I know there is potential for this to be more since the Presidential Task Force is targeting tax to GDP ratio of 18 per cent. Budget deficit is down to N9.18 trillion in 2024 or 3.88 per cent of GDP as opposed to 6.11 per cent recorded last year. But the other sweet side of it is that despite the proposed financing of the deficit coming from borrowing and debt service constituting 30 per cent of the budget spending, debt to revenue ratio is 45 per cent as opposed to the high ratio of 96 per cent witnessed last year. Then you see defence having the highest allocation of 12 per cent. This corresponds to the question I raised as to whether insecurity is conducive for FDIs? Although there are many praises for the budget some areas of caution exist for me. First are the budget’s assumptions, which may affect the budget figures. For example, it said a conservative oil price benchmark of $77.96 per barrel and oil production estimate of 1.78 million barrels per day. However, I understand that at the 36th OPEC and non-OPEC ministerial meeting, Nigeria’s oil production level was reduced to 1.38 million bpd, from the current 1.74 million bpd effective from January 2024. Also, the budget adopted an exchange rate of N750 per US Dollar for 2024. Next is managing the borrowing to finance the deficit, where is this going to come from? One great suggestion is to tie it to infrastructural borrowing but will the government listen? How this is handled will have effect on local production and economic activities especially given the interest rate that will be attached to the borrowing and where it comes from. Another assumption is pegging inflation at 21 per cent in 2024, whereas it is currently 27 per cent. This is predicated on effective coordination of fiscal and monetary policy measures, and collaboration with sub-national governments to address structural factors driving inflation in Nigeria. As an Institute we will look at the budget from the perspective of how it has addressed issues raised under the five indicators of ICAN AI and their dimensions as captured under the following: policy-based fiscal strategy and budgeting; budget credibility; management of assets and liabilities budgeted; control in budget execution, accounting and reporting; external audit and legislative scrutiny. Only such assessment will help shed light on what to expect from the budgeting and its execution.

MONDAY, DECEMBER 25, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Thousands Benefit as UBA Foundation Extends Generosity at Annual Food Bank Kayode Tokede UBA Foundation, the Corporate Social Responsibility arm of United Bank for Africa (UBA) Plc, yesterday hosted the 2023 edition of its annual Food Bank initiative as part of its line-up of activities to mark the festive season. The UBA Foundation Food Bank serves as a charitable event dedicated to supporting the less privileged and individuals in need, around the bank’s community or operation. This year, the bank, through the foundation, generously reached out to thousands of individuals in need, extending its community service commitment. In Nigeria, the event took place at the UBA Foundation Garden and Roundabout located in Marina, Lagos. Concurrently, similar events were conducted across all countries where UBA operates.

Several UBA staff actively participated in the event, volunteering their time and resources. Many contributed food items and other essentials, amplifying the Foundation’s mission during this festive period to give back and touch lives. UBA’s Group Managing Director/Chief Executive Officer of UBA, Oliver Alawuba, who was on ground to personally share hope to people, emphasized the bank’s commitment to its communities through this initiative. He said, “Here at UBA, giving back is embedded in our core values. Over the years, we’ve consistently shown our appreciation to the communities across Africa and in countries of our operation. This initiative underscores our dedication to making a meaningful impact and resonates with our core belief that our success is intertwined with the well-being

of our communities.” The Managing Director of UBA Foundation, Bola Atta, highlighted the Foundation’s focus on empowerment, education, environment and special projects. She said, “The UBA Foundation has been doing this for the past five years now. We remain steadfast in fostering sustainable development within our host communities. As part of our corporate social responsibility, we’re set to provide sustenance to tens of thousands across Africa this festive season. Through our Food Bank initiative, we distribute essential items, including food and hygiene products, to those in need.” The event witnessed a substantial turnout, with eager individuals forming long queues, awaiting the Foundation’s charitable offerings. Gratitude and smiles were abundant among recipients.

Nigerian Breweries Shareholders Approve Acquisition of Distell Shareholders of Nigerian Breweries Plc, have overwhelmingly approved the acquisition of an 80% stake in Distell Wines and Spirits Nigeria Limited (Distell Nigeria) and the import business of Heineken Beverages (Holdings) Limited (Heineken Beverages). The approval was given at the company’s Extraordinary General Meeting (EGM) held on Wednesday, December 20, 2023, at the Oriental Hotel, Lagos. With this development, the board will proceed to conclude the transaction that will give Nigerian Breweries Plc the majority stake in Distell Nigeria and the exclusive right to import, market, and

distribute in Nigeria, Heineken Beverages’ wines, spirits, and ciders brands from South Africa, including the right to produce any of the imported brands locally. Speaking during the Extraordinary General Meeting, the Board Chairman, Asue Ighodalo, explained that the acquisition aligns with the company’s vision to become a Total Beverage Company, by adding wines and spirits to the product portfolio to cater to its diverse consumer needs. “This acquisition is part of efforts to provide access to a complementary multicategory portfolio of fastgrowing brands of wines and

spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry, ”Ighodalo stated. The Company Secretary and Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, added that the consideration for the acquisition approved by the shareholders is about N7 billion, and that the company had earlier received a confirmation from the Federal Competition and Consumer Protection Commission that the transaction will be treated as internal restructuring. This means that no further regulatory approval process will be required.

FBNIB Introduces First Cover, Marks Significant milestone in 2023 As part of measures to boost insurance penetration in the country, FBN Insurance Brokers (FBNIB) has launched the First Cover, a digital brokering platform aimed at deepening insurance penetration in the country. Speaking at the end of year party and launch of First Cover, the Managing Director of FBN Insurance Brokers, Olumide Ibidapo noted that despite the economic headwinds that prevailed in the country in 2023, the company had been able to not only break even but also surpass the financial performance of the year 2022. Speaking on the First Cover, he said the offering will revolu-

tionise the insurance landscape in the country. He explained that the product which had been in the pipeline was conceived out of the desire to make insurance easily accessible to potential policy payers. He noted that the offering, which is accessible online puts an array of insurance products ranging from property to car insurance in the hands of anyone from the comfort of wherever they are. On his part, Head of Strategy at FBN Insurance Brokers, Olawale Micheal, speaking on the First Cover said considering that the insurance penetration in the country is less than one percent, the company had birthed

the idea for the product in 2021. “Originally envisioned as a web aggregator or insurance marketplace, the idea swiftly metamorphosed into something far grander – a full-fledged digital broking platform. This digital brokering platform is a gamechanger, seamlessly facilitating end-to-end digital processing of retail insurance needs. First Cover doesn’t just provide insurance; it revolutionizes the entire experience, placing the power in the hands of users at their fingertips, allowing them to browse, compare, and purchase top-tier insurance solutions from the comfort of their homes, offices, or wherever life takes them, “he said.

May & Baker Grow Revenue to N14.3bn Ugo Aliogo The Chief Executive Officer, May and Baker Nigeria Plc, Patrick Ajah, has stated that despite the challenges in the economy, their revenue grew from N 10.5billion (Jan-Sept 2022) to N14.3billion (Jan-Sept 2023) which represents a 38 percent cumulative

growth on the topline. This also represents 111 percent achievement against the budget of N12.9billion. Ajah, who disclosed this in Lagos, during a media briefing, noted that on the bottom line, their PBT grew in comparison from N919million in 2022 to N1.7billion at the end of September 2023 representing a 147percent achieve-

ment against the budget of N1.1b, adding that this brilliant performance was however severely impacted by huge losses due to the floating of the Naira. “You may have noticed that our reported figure for PBT at the end of Q3 was less than N1b. This was as a result of the impact of the projected forex loss of more than N800m.

Head, Technical & Broking Services, FBN Insurance Brokers, Olaitan Ayanda; Head, IT, Adeleke Adedayo; Group Head, Business Development, Jane Nwagu; Managing Director /CEO, Olumide Ibidapo; CFO, Lateef Taiwo; Head, Internal Audit, Olufunmilayo Ogundipe and Strategy Lead, Olawale Omotehinse during the celebration of the company’s milestone in Lagos…recently

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

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ 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 25, 2023

MARKET NEWS

Stock Market Appreciates by N894bn as Major Indicator Hits All-time High

Kayode Tokede

The stock market appreciated by N894billion Week-on-Week (WoW) performance, pushing the market major indicator to a all-time of 74,000 basis points. The Nigerian Exchange Limited All-Share Index (NGX ASI) advanced by 2.26 per cent W-o-W to close at 74,023.27 basis points as the stock sustained its positive momentum in 2023. Consequently, market capitaliza-

tion rose by N894 billion to close the week at N40.507 trillion. Across sectors, weekly performance was positive. The NGX Banking index recorded a weekly gain of 3.4 per cent, while NGX Insurance index rose by 1.7 per cent W-o-W. NGX Industrial Goods index rose 0.3 per cent, while NGX Oil & Gas index up by 0.1 per cent W-o-W. Conversely, NGX Consumer Goods index close the week lower by 0.7 per cent. The market breadth

P R I C E S MAIN BOARD

F O R DEALS

for the week was positive as 55 equities appreciated in price, 35 equities depreciated in price, while 65 equities remained unchanged. Infinity Trust Mortgage Bank led the gainers table by 60.64 per cent to close at N4.53, per share. DAAR Communications followed with a gain of 50 per cent to close at 69 kobo, while Multiverse Mining and Exploration went up by 41.25 per cent to close to N13.97, per share. On the other side, Associated Bus Company led the decliners

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

QUANTITY TRADED

table by 16.48 per cent to close at 76 kobo, per share. Omatek Ventures followed with a loss of 12.33 per cent to close at 64 kobo, while e-Tranzact International declined by 12.32 per cent to close at N6.05, per share. Overall, a total turnover of 2.474 billion shares worth N53.787 billion in 35,848 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.882 billion shares valued at N31.630 billion that exchanged hands last week in 33,020 deals.

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

The Financial Services Industry (measured by volume) led the activity chart with 1.756 billion shares valued at N24.641 billion traded in 17,589 deals; contributing 70.95 per cent and 45.81 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 222.963 million shares worth N1.781 billion in 2,573 deals, while the Services Industry traded a turnover of 93.820 million shares worth N528.510 million in 2,166 deals. Analysts

have projected positive sentiment to linger on the Nigerian stock market In the final trading week of the year, as investors cherry-pick on fundamentally sound stocks. The stock market performance has been on a positive trend. The impetus behind this positive trajectory was the heightened demand for financial services and blue-chip stocks, creating an environment conducive to the ongoing Santa Claus rally as the festive season approached.

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

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY DECEMBER 25, 2023 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

INAUGURATION OF 10 KILOMETERS OMI-ADIO TO IDO JUNCTION... Oyo State Governor, Seyi Makinde (second right); his deputy, Barr Bayo Lawal (middle); Speaker, Oyo State House of Assembly, Hon Debo Ogundoyin (right); Chairman, Ido Local Government, Hon Sheriﬀ Adeojo (left) and Chief Niyi Akintola (SAN), during the commissioning of 10km of Omi-Adio to Ido Junction in Ido Local Government Area of Oyo State.

Soyinka: I'll Assess Tinubu Govt After One Year in Office Says he submitted 7-point agenda to president for implementation

Deji Elumoye in Abuja Nobel Laureate, Prof. Wole Soyinka yesterday said that it will be too early for him to criticise President Bola Tinubu, stressing that he will give the Nigerian leader one year to find his bearing. Explaining that he discussed a seven-point agenda with the president, Soyinka who spoke with newsmen after meeting with Tinubu in Lagos said that as a routine, he stays away from criticising governments before they exhaust their first year in office. The professor of literature, who said he visited the president and his family to commemorate the Christmas season, stressed that he knows that most Nigerian leaders have had to start the process of leading the

country to development from below ground zero, a circumstance which he said would make criticism at that point unfair. Soyinka, who revealed that he had in the past advised Tinubu against running for the nation's number one position, however, said he would not say yet whether going against his advice had panned out well for the president until after one year in office. He said: "My first visit, actually it was an embarrassing visit because when I visited him the last time, it was to try and persuade him not to run for office. I think I’ve written about that. I told Atiku (Abubakar) and himself that they should please leave the ground for young people. That was the last time we met, about five years ago.

NANTA Welcomes FCCPC’s Probe of Outrageous Airfares Ugo Aliogo The President of the National Association of Nigeria Travel Agencies (NANTA), Mrs. Susan Akporiaye, has welcomed the announcement by the Federal Competition and Consumer Protection Commission ( FCCPC) to investigate the skyrocketing airfares regime in Nigeria. In a statement, the NANTA leadership said in recent times and in response to the cries of the Nigerian travelling public , it had taken decisive advocacy steps, on the need to wade into the issue which had made life difficult for the Nigerian travelling public. Akporiaye, in the statement revealed that NANTA was excited by the response of the federal government through its consumer protection and regulatory agency to wade into this matter, which has become seemingly unending. “We want to appreciate government through the Executive Vice Chairman of FCCPC, Babatunde Irukera, who has assured the sector that investigations would commence into the present structure of airfares in Nigeria and bring it to an acceptable regime," she stated. On his part, the Executive Vice

Chairman FCCPC, Irukera, noted that it was only fair to conduct a thorough investigation before decisive intervention steps were taken. Irukera promised to run a detailed investigation into the high airfare regime in Nigeria, noting that as important as that may sound, it is however a difficult task determining price hikes, particularly airfare. "There is a provision in the law against price gouging. Nigeria is a free market economy where the buyer and seller agree to determine cost. Do we, as a regulator, have the power to impose price? No, we don't. So one way to determine excessive pricing is through investigation,” he said. The FCCPC boss revealed that forensic studies in airfare pricing remained the most complex in the market investigation ecosystem. “There are many issues that must be considered when investigating hikes on airfare. "We believe that airfare in Nigeria is too high, but it will amount to an abuse of office by the regulatory authority to take action just because we feel the price is high. Our duty is to establish evidence and confront the body, and that's hard work," he added.

“I call him, secretly, olorikunkun, a stubborn man, so he ignored my advice completely. “So I came to see how’s he’s doing after neglecting my advice. I wanted to see if both he and his wife were weathering Nigeria as well as can be expected and to wish them happy Christmas. You know we’re friends, as you know, very well, and it was

as a friend that I told him don’t run, leave this thing alone, but he ignored me”. On whether he had been convinced that the president made a good choice by running for the office he was advised against, Soyinka said he had never criticised Nigerian leaders within the first year. "Something you may have noticed

about me, like when most heads of state take office, I always leave them alone for about the first year, if you have noticed that because I know when they come in, they don’t start from ground zero, they often start even lower than ground zero and they have to make up. “So I have this personal policy, whether it’s Obasanjo (Olusegun),

Buhari (Muhammadu), or (Goodluck) Jonathan, you will notice that during the first year, I hardly say anything. “Then people will ask me, why are you not talking and I will tell them, go and ask the last person whether I spoke during the first year. So, I’m adopting the same principle. At the end of one year, ask me this question,” he said.

Edu Says Tinubu Will Lift Nigeria’s Poor, Vulnerable Bassey Inyang in Calabar The Minister for Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has stated that President Bola Tinubu was working towards uplifting the poor and vulnerable Nigerians out of poverty. She also stated that the federal government in partnership with the Cross River state government will on Christmas day flag off the payment of grants to indigent

people in the state. The minister made the announcement at the weekend during the 15th Coronation Anniversary of the Obong of Calabar, Edidem Ekpo Okon Abasi Otu V and the 2023 annual Utomo Obong Festival, held in Adiabo, the country home of the monarch in Calabar metropolis. "President Bola Tinubu has directed that smiles be put on the faces of the poor and vulnerable at the grassroots this Christmas

season, so we've put together names of vulnerable groups in Cross River and we're beginning with those in the Southern Senatorial District. The flag-off will be at Millennium Park on Christmas Day. "These funds that we will be put in their pockets will help them to start micro-businesses that can go a long way in sustaining their family and pull them out of poverty," Edu said. Edu said that her ministry

has a checklist of would-be beneficiaries of the scheme having reached out through the traditional rulers, to all the communities the at the wards levels , the villages, to select those who met the criteria. She described the Utomo Obong festival as a classy celebration of the rich Efik cultural heritage and congratulated the Obong on his 15th coronation anniversary as well as for the success of the festival.

Edo 2024: Group Wants Political Parties to Select Esan Aspirants Adibe Emenyonu in Benin City Ahead of the Edo State Governorship Election slated for next year, the Esan Okpa Initiative (EOI), an Esan pan socio-cultural and non-partisan group, has strongly restated the need for all political parties to pick their candidates from Edo Central Senatorial Zone. The group stressed that this was important in order to correct the prevailing political imbalance in the state to guarantee justice, equity, fairness and peace for all segments of the State. Arguing that it will be a “grave mistake to do otherwise”, the group in a statement in Benin City, signed by its President Mathew Egbadon, and Public Relations Officer, Tony Iyare, canvassed for realism anchored on history and mutual respect to the different sections of the state. The group also stressed the need for the parties, political elite and opinion moulders in the state to appreciate the salient concern by Esan people and be mindful that

the state was founded on a tripod of brotherhood at its creation in 1991. “We cannot afford to carry on with the discordant tunes now coming from the two other senatorial districts on the subject of a governor of Esan extraction, as if a vital part of the tripod does not matter. “The political wellbeing and inclusiveness of all sections of our dear state should be uppermost in our consideration. We can’t shy away from this vital reality. "The fact that Edo people have always ensured that the governor, deputy governor and speaker respectively, come from different zones underpins our resolve and desire on this matter. Restating its strong appeal to political elites from Edo North and South Senatorial Zones to concede the governorship ticket to aspirants from Edo Central Senatorial Zone, it maintained that this is a recipe to ensuring peace, equity, justice and even development to all sections of the state.

“On our part, we have worked strenuously to reach out to our brothers and sisters in the other two zones to demonstrate our resolve on this matter. Until now that we have started hearing equivocations by some opinion moulders in Edo South and Edo North, we thought we had built a consensus on the just and equitable demand of Edo Central on this matter. “We remain ever committed to continue to dialogue with all political strands of the state to achieve this goal,” it said. Alluding to the popular view that the parties should anchor the emergence of their candidates only on the basis of competence and ability to elicit support of the three senatorial zones, Esan Okpa contended that no section of Edo State is in short supply of competent persons who are ably imbued with the right acumen and capacity to get the support of other areas for the governorship seat. “With a large pool of accomplished professionals in different areas of human

endeavour, the people of Edo Central Senatorial Zone, have demonstrated their ability and can do spirit, to hold their own in every sphere of life. “It remains the only area that has produced two former governors since the time of Bendel State, who are professors of international repute. “As at the last count, there are at least five professors from outstanding intellectual background and other distinguished professionals and accomplished aspirants, who have cut their callings in different areas, angling to be candidates of the different parties. That should underscore the character and make up of who we are. “Our people have also made huge contributions at great costs, to the sustenance of the democratic and political transformation of our dear country and by extension our dear state. We therefore cannot be relegated to play the second fiddle status in a political formation that we helped to cobble together,” the group stated.

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

THOUGHT LEADERSHIP SERIES OF TECHNOLOGY TIMES... L-R; Speaker/Chairperson, Data Privacy Professionals, Nigeria, Mrs. Adaobi Olaye; Speaker/President, Nigeria Internet Registration Association (NIRA), Mr. Adesola Akinsanya; MD/CEO, AFKAR Printing and Publishing Company Limited, Dr. Adesola Falaiye and Founder, Technology Times, Shina Badaru during the Thought Leadership Series of Technology Times, themed; ''Data Protection and ABIODUN AJALA Connected Nigeria, Challenges, Opportunities and Possibilities'' held in Lagos... recently

Security: 646 Arrests Made Across National Parks, Says Conservator General Michael Olugbode in Abuja

MoUs aimed at supporting and strengthening the capacities of the National Park Service in addressing conservation challenges. He however, disclosed that some of the MOUs were signed included the Safe Nature and Humanity Club, Sayari Dunia Sustainable Tourism Foundation, West African Conservation Network, and Sterling Oil Exploration & Energy Production Co. Ltd. He noted that the MoUs have had a significant impact on park protection, capacity building, and support zone development. He said within the year, the National Park Service

collaborated with relevant stakeholders to combat wildlife trafficking in Nigeria, revealing that, “Seizures have been made, and efforts have been made to release live animals back into the wild. “The Nigerian Customs Service recently confiscated 81 parrots among other bird species, galagos (bush

Oborevwori Salutes Nigerians at Christmas, Urges Continued Trust in God

Governor of Oyo State, Seyi Makinde, yesterday assured residents of the state that his administration will continue to embark on building infrastructure that impacts on the economy of the state He stated this in Ido, while commissioning the 10 kilometres Omi-Adio to Ido Junction Road constructed by Ido Local Government, adding that his administration will continue to support the efforts of local government areas in line with the developmental plans of the state. Makinde, who spoke at the Ido Clay Mining Station, venue of the event, said the new road was of great economic importance to the state as the axis was set to become an economic hub. “This project was not done by the state but by Ido council, which shows a good collaboration between the LG and state governments. So, this is an example of collaboration in government. "Let me specially thank the contractors, because after the award, we started facing economic headwinds. We awarded it in February and, by May, there was a change in government and they announced removal of fuel subsidy. So, the price of asphalt, which was a major component, went through

Following federal government’s sustained efforts to keep the national parks safe and free of criminals, the National Park Service, has said it had made 646 arrests across the country in 2023. Addressing the media, weekend, on successes made in 2023, the Conservator General of the National Park Service, Dr. Ibrahim Goni, gave the breakdown of the arrest to include 44 hunters, 222 grazers, 131 loggers, and 249 others. He noted that the arrests were made in all the national parks, with Gashaka-Gumti recording the highest number.

Omon-Julius Onabu in Asaba Governor Sheriff Oborevwori has sent warm greetings to the people of Delta and Nigerians on the occasion of Christmas and urged them to continuing to trust God for a more prosperous and peaceful nation. Oborevwori, who conveyed the message of felicitation via a statement by his Chief Press Secretary, Festus Ahon, yesterday in Asaba, urged Christians in particular to use the commemoration of

In relation to banditry incidents, he said 37 suspects were apprehended in connection with mining/ banditry in Old Oyo National Park, while Kainji Lake National Park arrested three suspected bandits and neutralised five others. Goni added that four victims were rescued during these operations conducted within the year, and various items such as motorcycles, phones, and machetes were recovered. He also revealed that a total of 646 cases were prosecuted in the National Parks during the year, with breakdown of the prosecution cases showing 161 convictions, 215 fines, 119

the birth of Jesus Christ to offer special prayers to God for a more peaceful and united state and country. While noting that Christmas remains "a season to show love and care for one another," the governor encouraged Nigerians to use the season of goodwill to work for the unity and progress of the country in an atmosphere devoid of bitterness and strife. Oborevwori, who assured of his administration's commitment to peace, said:

warnings and discharges, and 151 cases pending. Cross River and Gashaka-Gumti National Parks recorded the highest number of convictions. He further disclosed that total revenue generated for the Service from January to date stood at N83.2 million, noting that the revenue was derived from various sources, including ecotourism, compensation, and others. Noting that the revenue had been remitted to the federal government’s coffers, Goni said within the year, the National Park Service signed several Memoranda of Understanding (MoUs) with different organisations, with the

"On behalf of my family, the government and people of Delta State, I congratulate all Christians in the state and country as they join their brothers and sisters in faith all over the world to celebrate 2023 Christmas. "As the world celebrates Christmas, the birth of our Lord and Saviour Jesus Christ, I call on all Christians and indeed, all Deltans and Nigerians, to reflect on the virtues and teachings of Jesus Christ in their lives and activities so that our dear state, Delta, Nigeria and the world

would be a better place for all mankind. "I urge you all to make the most of this joyous occasion for serious introspection, complete spiritual rebirth, and dedication to coexisting peacefully and harmoniously with followers of other faiths. "It is imperative that we prioritise peaceful coexistence and mutual understanding among citizens, particularly in light of the current security and economic challenges facing our nation.

Imo Police Assure of Watertight Security During Yuletide Season Tony Icheku in Owerri, The Imo State Commissioner of Police, Aboki Danjuma, rising from a crucial security meeting with strategic police managers in the state, yesterday assured of watertight security across the state for the Yuletide season. In a release, the Police Public Relations Officer, Henry Okoye, stated that those in attendance

at the security meeting which held at the Senior Officers Mess, Owerri, comprised Area Commanders; Divisional Police Officers and tactical team commanders. He added that they all affirmed to work in line with the Imo state command’s steadfast dedication to providing adequate security for all and sundry in the State

"During the meeting, contingency operational plans that will guarantee the peaceful celebration of Christmas and New Year across the length and breadth of the state as well as the smooth flow of traffic were strategically emplaced", he stated. Earlier in the month, Danjuma has assured Imo residents and those in the diaspora wishing to return home for the festive

seasons of their maximum safety and security. He further enjoined them to collectively work towards sustaining the peace and security in the state by being security conscious and reporting any suspicious person. The CP further reiterated that the ban on the sale or use of firecrackers and pyrotechnics or knockouts remained in place.

babies) which were handed over to the National Park Service for rehabilitation and reintroduction to the wild. “Additionally, the National Park Service has developed a policy document on combating wildlife and forest crime in Nigeria in collaboration with the United Nations Office for Drugs and Crime.”

Makinde Inaugurates 10km Road, Assures of Infrastructure Revamp

Kemi Olaitan in Ibadan

the roof. "This road has economic importance. It links a particular rail line here. With this and also with the one we just opened, which leads to Orita-Challenge, and the plan we have for Owode Estate, this whole place will be a big hub for development,” he said. The governor promised to relocate the popular Omi Adio Market by the railroad side to a better location within the shortest period of time, calling on Ido Local Government to embark on the enumeration of traders at the market. The Commissioner for Local government and Chieftaincy Matters, Hon. Segun Olayiwola, in his welcome address, described the road project as another achievement to move the state forward and make life more comfortable for the people. Similarly, the Chairman, Ido local government, Mr. Sheriff Adeojo, said the project was successful because of Makinde’s friendly policy of supporting worthy projects at the local government level. Also in his goodwill message, the Asiwaju of Ido, Chief Niyi Akintola (SAN) lauded Makinde for supporting the road project and for bringing governments’ presence to Ido Community, which had not received the attention of the past administrations in the state for 31 years.

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

5TH CONVOCATION CEREMONY OF MOUNTAIN TOP UNIVERSITY... Chancellor, Mountain Top University, Ogun State, Dr. Daniel Kolawole Olukoya with the guest speaker, former Governor of Akwa Ibom State, Mr. Udom Emmanuel during the university’s 5th Convocation ceremony held recently at the Prayer City, Lagos -Ibadan Expressway, Ogun State

In Christmas Message, Tinubu Pledges to Govern with Vision, Dedication, Empathy Says reforms impose sacrifices on people Declares he'll continue to alleviate citizens’ suffering through palliatives Deji Elumoye, Chuks Okocha, Michael Olugbode, Adedayo Akinwale in Abuja, Hammed Shittu in Ilorin, Yinka Kolawole in Osogbo, Laleye Dipo in Minna, and Segun Tomori in Lagos President Bola Tinubu has pledged his readiness to govern Nigeria with vision, dedication and empathy. In his first Christmas message to Nigerians as president, Tinubu in a statement personally signed, also said he was aware of the sacrifices being imposed on the people through the reforms being carried out by his government since May 29, 2023. He, however, gave assurances that his administration would continue to implement palliative measures to alleviate the suffering of the citizenry. This was as prominent Nigerians from different walks of life, including governors and federal lawmakers, have also greeted Nigerians at yuletide and as well admonished them on the need to foster unity. Tinubu in the Christmas message stated: "Fellow Nigerians, Christmas is a special time of the year for all of us. For Christians, this time of the year marks the birth of Jesus Christ and celebrates the hope and redemption that are the hallmarks of Christ’s life. "For people of all faiths, this is an opportunity to enjoy the company of family, celebrate life, and delight in the gifts of love and friendship that make life worthwhile. "This is also a time to look out for each other because, amidst the festivities, this time of year, for many, will be tinged with sadness: some mourning the loss of loved ones and others grieving the hopes that failed to materialise and the dreams that fell short. "In the spirit of Christmas, reflecting the best of Christ, let us all endeavour to extend the warm embrace of kindness to those around us who need it and let the multiple acts of kindness serve as a light that guides us into a happy and wonderful new year. "This year has been a time of transformation and relentless change in our country. And I am aware that the necessary reforms we are implementing to achieve a more prosperous, peaceful nation for all have imposed unique sacrifices. "My administration will continue to implement palliative measures to ease the burden on the most vulnerable, address current hardships

and alleviate the suffering of all our nation’s people. "Fellow Nigerians, as we navigate this transition to stability, prosperity, and Renewed Hope, I urge you once more to hold fast and rest assured of my commitment to govern with vision, dedication, and empathy. "Be confident that by the strength of our joint endeavour, we will shortly emerge into a new dawn of prosperity, peace, and irreversible progress. "As you celebrate this season, please, spare a moment of remembrance and prayer for the men and women of our nation’s armed forces, bearing arms in our names and ensuring our safety. My God protect them and bring them back to their families. "And let us together commemorate the memory of those who, in their service, have paid the highest price for our nation. May God bless their souls and comfort their families and loved ones. "Let the light of Christmas guide our paths as we bring this year to a close and usher in the new year. I wish you all a merry Christmas." Meanwhile, prominent Nigerians, have continued to send in greetings to their compatriots as they gather to celebrate the birth of Christ.

AbdulRahman AbdulRazaq Kwara State Governor, Alhaji AbdulRahman AbdulRazaq,has urged Christians in the state to act in accordance with the message of truth, love and peace that Christ preached. A statement issued in Ilorin, the governor said the birth of Christ heralded hope, and that, "On this joyous occasion of the anniversary of the birth of Christ, I wish everyone a happy celebration and the best of the season."

Kwara PDP Also, the Peoples Democratic Party (PDP), in the state has congratulated Christians and the people of the state on the occasion of Christmas celebration. In a statement issued by its State Publicity Secretary, Mr. Olusegun Olusola Adewara, the party praised Christians all over the world, particularly those in the state for their dedication and commitment to a peaceful co-existence. "As we celebrate the birth of

Jesus Christ, let us reflect upon His teachings and the profound impact of His messages. "Jesus Christ's life exemplifies love, compassion, and selfless service – values that transcend time and inspire us to be better individuals. "In the spirit of Christmas, we encourage everyone to be steadfast in prayer for a better Kwara and a government that prioritizes shared prosperity for all," the statement stated.

Peter Obi Presidential Candidate of the Labour Party, Peter Obi, has urged Nigerians to use the season of Christmas to appreciate God's mercy on the country as a people. In a Christmas message on his X-handle platform, Obi noted that the people were going through immense hardship but should not allow it to stop them from using the season to appreciate God for his numerous blessings. "My Dear compatriots, I wish you all a Merry Christmas as you join Christendom to celebrate the anniversary of Jesus Christ. "This season epitomizes love, peace, and joy for all mankind. These are values and longings that unify our common humanity in a feast of love. "This is why I wish to share the spirit of this season with all our compatriots irrespective of station, circumstance, and persuasion. "I fully appreciate the difficulties of these times in our dear country. The hardship in the country and the biting effects of bad government policies and poor governance have dampened the hopes of most Nigerians. "I, therefore enjoin you to use this great feast to offer special supplications to God for our country so that we can have the opportunity of joining others in the global community to give thanks to God for the abundant gifts he lavished on us as a nation.”

Uche Secondus A former National Chairman of the Peoples Democratic Party (PDP), Uche Secondus, has felicitated with Nigerians on this year's anniversary of the birth of Jesus Christ and prayed that the peace, love, and joy of Christmas wouldenergise Nigerians to surmount the economic and security challenges and build a better country

Secondus reviewed the political crises ravaging some states since the inception of this new administration and cautioned the political class to be wary of actions that may constitute a threat to the nascent democracy and national security.

AdemolaAdeleke Osun State Governor, Senator Ademola Adeleke, has felicitated Christians in the state and beyond on the occasion of this year's Christmas celebration, urging them to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities. Also, the Speaker of Osun State House of Assembly, Hon. Adewale Olumide Egbedun, implored Christians to show love and be compassionate with the less-privileged. Adeleke, who described Christmas as a moment of reflection on the blessing that the birth of Jesus Christ symbolised for humanity, charged Osun people, especially Christians to embrace the spirit of compassion and kindness that the season reflects. He called on the people of the state to appreciate the strength and prospects of unity in driving the needed progress for the state, saying we should use the season to renew bonds, lend helping hands and spread love without boundaries. "I extend my heartfelt wishes to Christian faithful as we mark this year's Christmas. The birth of Jesus Christ, as we have come to realize, is the most profound message on the power of love and how it can save," the governor noted in his message. The speak, who congratulated the Christians, urged them to use the occasion to extend hands of love and humane brotherliness as enshrined in the the doctrine of Christmas.

Peter Mbah Enugu State Governor, Dr. Peter Mbah, has urged Nigerians to live in love, peace, and togetherness in order to advance the country. He, however, reaffirmed his dedication to creating a new Enugu, stressing that his goals included leading a state, where love, peace, and unity were paramount, in addition to eradicating poverty and growing the state's economy sevenfold to $30 billion. Mbah, in his goodwill message

reminded the Christian faithful and the nation that the true meaning of Christmas was love – the reason God sent His only begotten Son to be born as man for the redemption of humankind. “Love is the reason for Christmas, as we celebrate the height of love wherein God sent His only begotten son, Jesus Christ, to be born as man for our salvation. "Thus, as we commemorate His birth, let us likewise imbibe and exemplify the values of love, peace, harmony, selflessness, and being our brother's keeper, as Christ had shown us by example,” he said.

Douye Diri Bayelsa State Governor, Senator Douye Diri, has implored people of the state to foster peace, joy and brotherliness as they celebrate Christmas. Diri gave the counsel in his Christmas message during the state-organised carol programme christened “Festival of Nine Lessons” at the Gabriel Okara Cultural Centre, Yenagoa, on Saturday. A statement by his Chief Press Secretary, Mr. Daniel Alabrah, quoted the governor as saying his government would continue to build on the legacies of peace and love that it has been preaching. “My message to us Bayelsans is that, on behalf of the Prosperity Administration, I urge us to promote peace, joy and brotherliness throughout this Christmas and New Year celebrations. “Your government of prosperity will continue to spread the message of love, peace, unity, hope and build a brighter future for our dear state that all of us have desired even before its creation,” he said.

Godwin Obaseki Governor Godwin Obaseki of Edo State, has felicitated with the Edo people and Nigerians on the celebration of Christmas. In a statement, the governor said, “I heartily celebrate with all Edo people, at home and in the Diaspora, as we mark this beautiful season of Christmas. “The yuletide presents an opportunity to show care and love and reflect on the life and teachings of our Lord Jesus Christ. “As we celebrate with our friends,

relatives and neighbours, we must keep the significance of the season in mind. Let us spread the message of unity, love, sacrifice, tolerance.”

Dapo Abiodun Ogun State Governor, Dapo Abiodun, has urged Christians and Nigerians not to allow the current economic challenges dampen their spirit, saying there was hope of economic turnaround. Abiodun, in his Christmas message, also urged Nigerians to imbibe the spirits of love, peace, and goodwill. In a Statement by his Chief Press Secretary, Lekan Adeniran, he said the current hardship in the country occasioned by double digit inflation would soon give way as governments at the federal and state levels fashioned out ways to ensure economic recovery and improved living conditions for Nigerians. He praised the perseverance and the never-say-die spirit of Nigerians, and called for more support for the new governments, which were sworn-in on May 29, this year. "On this joyous occasion of Christmas, I extend my warmest greetings and heartfelt wishes to each and everyone of you. It is a time when we come together to celebrate the birth of Jesus Christ and reflect on the values of love, peace, and goodwill, he said.

Babajide Sanwo-Olu Lagos State Governor, Mr. Babajide Sanwo-Olu, has rejoiced with residents of the state, particularly the Christian faithful as they celebrate this year’s Christmas. Sanwo-Olu, in his Christmas message by his Chief Press Secretary, Mr. Gboyega Akosile, implored Nigerians to embrace peace, harmony and tolerance in line with the teachings of Jesus Christ. He also urged Lagos residents not to lose hope due to the challenging times in the state and the country at large, charging them to continue to trust in God and have faith in the good intentions of the current administration. The governor urged Christians to emulate the life of Jesus Christ by making tolerance, meekness, sacrifice and humility their virtues, in line with the teachings and practice of Jesus Christ during his lifetime.

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

BAYELSA CHRISTMAS CAROL... L-R: House of Representatives member for Ogbia Federal Constituency, Dr. Mitema Obordor; Governor Douye Diri; Special Adviser on Religion, Rev. Godspower Asingba; and Leader, Bayelsa State House of Assembly, Monday Bubou, during the 2023 Bayelsa Christmas Carol tagged “Festival of Nine Lessons” at the Gabriel Okara Cultural Centre, Yenagoa, last Saturday

Ogalla: Navy Seized 803, 353 Barrels of Oil Worth N105bn in One Year Kingsley Nwezeh in Abuja

available resources to anticipate criminal activity and disrupt their operations before they can even begin. Saturate the waters with credible presence. Let every illegal vessel know that they will be hunted down, intercepted, and brought to justice,” he said. Ogalla also declared that the Nigerian Navy under his watch retained zero tolerance for oil thieves and vowed to deal with any officer or rating found colluding with criminal elements. He assured of his commitment to providing the resources and leadership needed to defeat crude oil theft in the nation’s maritime domain. The naval chief commended

President Bola Tinubu for providing the resources and moral support needed by the Nigerian Navy to prevail. “With the support of Mr. President, we are working tirelessly to equip you with the tools to dominate the maritime domain – faster boats, advanced surveillance technology and robust intelligence networks. But

Wike Warns against Getting Involved in Politicians’ Fight Uninformed

The National leadership of Petroleum Tanker Drivers (PTD) yesterday insisted that the alleged plot to remove Lucky Osesua and Yusuf Garga as chairman and deputy chairman of the organisation would fail. Specifically, it said the plan by the group collectively led by Augustine Egbon, Afolabi Olawale, Williams Akporeha and Salimon Oladiti remained “an enterprise in futility.” The factional National Chairman, Osesua and the National Secretary, Humble Power of the PTD branch in a jointly signed statement, advised the NUPENG leadership to stop chasing shadows and concentrate on letting lasting peace reign in the union. They said that parading Egbon as the national chairman of PTD was an affront on the side of the law and other constitutional guidelines known by the union. The duo also added that Gambo Tuge, who is a respected leader in PTD, remained law abiding and not a fugitive of the law and could not be labelled with unprintable names simply because he was protecting the interest of the union through legitimate and decent means recognised by the law as well as International Labour Organisation (ILO) conventions guiding trade unionism. They also said that the election conducted in Abuja on Tuesday, October 31, 2023, by the branch was the one recognised by law. The Abuja election, they said, subsequently produced Osesua, Garga, Obinna, Akinlolu and other

The Chief of the Naval Staff, Vice Admiral Ikechukwu Ogalla, weekend, said the Nigerian Navy seized 803,353 barrels of crude oil worth N105 billion in the last one year. He said the Navy arrested 27 vessels and destroyed 703 illegal refining sites and arrested 232 suspects engaged in crude oil theft. Taking stock of its activities in the last one year at a meeting with principal staff officers, flag officers commanding and base commanders in Abuja, the security chief said naval personnel also arrested five barges, 690 cotonou boats laden with stolen crude, 116 speed boats and 82 vehicles/

Chuks Okocha in Abuja The FCT Minister, Nyesom Wike, has warned residents of Rivers State against getting involved in any political conflict without knowing the cause of such a fight. The minister made this known yesterday while addressing the congregation during a thanksgiving ceremony for George Kelly Alabo, the immediate past Commissioner for Works at the Kings’

trucks. He listed some of the vessels arrested to include MT Marine Express, MT Cecilia, MT Ufuoma, MT Vigor I, MV Barge Ayeba Eneni, FT Lamu I and MT Vinnalaris I Lagos, among others. “Arising from these, 46, 369,219 litres of diesel, 2,472,200 litres of kerosene and 438, 886 litres of petrol were recovered. Similarly, the NN recovered 803, 353.20 barrels of crude oil. At current market values, the seizures translate to about N105 billion. “Additionally, the NN has been active in the fight against illicit-drugs trafficking especially within the maritime domain. Between April and November 2023, the NN arrested 692 bags

Assembly in Port Harcourt, the Rivers State capital. In videos clips posted on the PDP Press Corp Platform, Wike said, “Don’t get involved in any fight between two politicians without knowing the real cause of the quarrel. “In any facet of life, there are rules and they must be obeyed. As a pastor, there are rules you must follow, so also as politicians, we must follow rules. While I was governor, I followed those rules, and that’s

of Cannabis Sativa, worth about N1 billion,” he said. Ogalla said the arrests and seizures were not just isolated successes but achievements recorded as a result of deliberate strategic policy formulation, operational implementation and tactical execution. He, however, cautioned personnel not to be lulled into complacency. “The criminals we combat are adaptable and ruthless. They will change their tactics, seek new routes and employ new technologies. It is our duty to stay ahead of the curve, to anticipate their moves, and to counter them with greater resolve,. “This is why I charge you all to, with renewed vigour, utilise all

why I was able to succeed.” Going on, the minister appeared to criticise the Rivers Elders position, saying, “When I was running for governor, I was invited that some elders wanted to see me, when I got there, I saw only two people. Just two of them constituted themselves as elders over the whole state. Now they’ve come back again as elders, don’t mind them.” The minister also went on to question the agitation, saying

those making it an Ijaw thing were ill-informed. He said, “When we wanted to go for it, we were not shouting asawana, now they’re carrying flags and shouting asawana up and down. Are you people aware that Mr President actually called us privately and told us what to do, he didn’t do it and now Mr President then said okay, the larger house should come and they’re saying he does not have the constitutional right to do that.”

Abure: Political Class Truncating Will of God for Nigeria Chuks Okocha in Abuja The National Chairman of the Labour Party (LP), Julius Abure, has called on Nigerians to let the lessons learnt from the birth of Jesus Christ guide their individual lives, arguing that the political class in the country was truncating God’s will for Nigeria. Abure said that Christ came to make the world a better place but that the purpose is being defeated by the misdeeds of men. According to him, the destiny of nations is being changed by

men in the position of authority and the will of God is being continuously subverted by those he described as power hijackers. "Nigeria is an example of a nation which God created and ensured that abundance of deposits of resources are huge enough to make us a giant nation. “ Nigeria must have been created as a perfect example of 'heaven on earth' but leadership has remained the bane and today, in spite of the abundance of resources, Nigeria is ranked as one of the poorest nations

in the world. “Today, most Nigerians would be celebrating the Christmas on empty stomach due to bad leadership,” he stated. He said that the question has always been what happens after the yuletide when the current transport palliative scheme would have ceased to function. “Would government also subsidise transport system in Nigeria as it boasted months ago? Schools will be opening in early January, how do the poverty stricken Nigerian grapple with that chaos waiting

to happen? “Did it ever occur to this government that a good percentage of those Nigerians travelling may never return to their base due to economic strangulation perpetuated by this government as one of its economic policies? "In all these uncertainty facing millions of Nigeria, I will still wish Nigerians a happy celebration and also plead with them to keep faith alive because a new Nigeria is not just possible but is already on the horizon,"Abure stressed.

resources alone are not the answer: The NN needs your unwavering commitment, strategic brilliance and steadfast courage. “You must also be accountable for the resources entrusted to you. Your ability to efficiently utilise the resources at your disposal to achieve best results will single you out as a commander worthy of trust and emulation," he said.

Osesua Remains Our National Chairman, Factional PTD Tells NUPENG Emmanuel Addeh in Abuja

executives. They equally stressed that those calling for fresh election had not breached any law, nor had they committed any crime. PTD also condemned the use of police and other coercive forces to bully them into silence while also maintaining that police cannot be cajoled to fall for their antics. “Our attention has again been drawn to a misleading report populated in the media by elements who are against the progress and success of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) as well as petroleum tanker drivers branch of the union. "They cannot foist on the rest of us Egbon as the national chairman; it is not only illegal but also totally disgraceful to what trade unionism stands for and the rule of law. Moreover, the union is bigger than anyone. The ILO conventions and other extant rules and ethics are very clear about this,” the PTD stated The factional PTD stated that the previous police invitation of its national executives was the height of the NUPENG's leadership's desperation to force Osesua out of office. “This has also failed, because police as a law-abiding federal security agent, now know the truth. Extrapolating a police invitation of anyone, despite their status, is itself an invitation to lawlessness and anarchy, which permeated the long but ineffective rule of Afolabi and his ilk in NUPENG. "Police cannot be cajoled to fall for their vicious antics by intimidating, victimising, oppressing and frustrating us,” the PTD added.

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

FCCPC ROADMAP... L-R : Executive Commissioner Operations, Federal Competition & Consumer Protection Commission(FCCPC), Adamu Abdullahi; Deputy Director, Consumer & Basic Education, Mercy Ogwu; Executive Vice Chairman, FCCPC, Babatunde Irukera; Director Planning ,Research and Statistics, Nkechi Mba and Head of Admin, Adepoju Yisau, during the Strategic Media Engagement on the FCCPC roadmap in Abuja ... recently KINGSLEY ADEBOYE

Yuletide: Akpabio, Senator Urge Steadfastness, Hope Gov. Mohammed donates N120m food items to Bauchi Christians Amotekun deploys 1,500 officers across Ondo State Sunday Aborisade in Abuja, Segun Awofadeji in Bauchi and Fidelis David in Akure The President of the Senate, Godswill Akpabio, has urged Nigerians to remain steadfast and hopeful despite the hard times they are experiencing. He said the pains, which Nigerians are going through, occasioned by the removal of petroleum subsidy was for the good of everyone but expressed optimism that the gains would manifest in the not too distant future. On his part, Bauchi State Governor, Senator Bala Abdulkadir Mohammed, has approved N120 million for the purchase of food items for 2023 Christmas celebration in the state. The chairman of the distribution committee, Mr. Abdon Dallah Gin, at a press briefing held at Government House, Bauchi, weekend, explained that the items distributed by the community to the Christian community for the celebration of the forthcoming Christmas are 66 bulls, 102 rams, 1,438 (50kg) bags of rice and 189 groundnut oil packs. Meanwhile, the Ondo State Security Network Agency codenamed Amotekun says it has deployed 1,500 officers within the State to ensure a crime free

yuletide season. The Commander of the Corps and Special Adviser to Ondo State Governor on Security Matters, Adetunji Adeleye, made the disclosure while parading twelve suspects at the Command's Headquarters in Akure at the weekend. According to Senate President Akpabio, "Our today's pain will surely produce joyful gains in a very short time." He stated this in a Christmas message issued by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh. He admonished the Christian faithful to pray, fast and be hopeful of better days ahead despite the current challenges in the country and advised Nigerians not to give up on their leaders, particularly President Bola Tinubu "I am confident that with your prayers and support, the current administration will wipe away your tears in no distant time," he said. Meanwhile, other members of the 10th Senate from different political divide and religious background across the country have congratulated Christians on the occasion of the Christmas celebration. They also urged every Nigerian to keep hope of a better 2024 alive as the current administration in

the country had started reforms and policies that would ensure prosperity in the forthcoming year. The senators included the Deputy Senate President, Jibrin Barau; Senate Leader, Opeyemi Bamidele; former President of the Senate, Ahmad Lawan; Senator Orji Uzor Kalu (Abia North); Sani Musa ( Niger East); Solomon Adeola ( Ogun West); Gbenga Daniel (Ogin East); Godiya Akwashiki (Nasarawa North) and Natasha Akpoti Uduaghan (Kogi Central). The Deputy President of the Senate rejoiced with Christians and all Nigerian citizens to intensify prayers for the peace, unity and progress of the country. He specifically appealed to Nigerians to rekindle their trust in the Renewed Hope Agenda under the President Bola Ahmed Tinubu. The Senate Leader preached peaceful co-existence among all ethnic nationalities across the federation, warning that no country could witness development progress in an atmosphere of ethnic disharmony. Bamidele also urged the Christian faithful to imbibe the teachings of our Lord Jesus Christ, who graciously laid down His lives for all, irrespective of our religious leanings, to reconcile us with God Almighty.

Gbenga Daniel on his part said, "As Christians, we have an important role to play in keeping that faith alongside all the lessons and teaching it offers. "As Nigerians, we must show the love and purity that encapsulate the life and time of Jesus not just amongst ourselves but also amongst others irrespective of beliefs.” Natasha Akpoti-Uduaghan lauded Nigerians for their resilience in the face of the challenges facing the nation, urging them to embrace love and unity. "Christmas reminds us of the reason for the season. It's a time to inspire hope and spread the message of love, she said. Mr. Gin who is the Special Adviser to the Governor on Civil Service matters, recalled that, since coming on board in 2019, the administration of Governor Bala Mohammed has established a tradition of providing food items to the Christian community for a pleasant commemoration of the birth of Jesus Christ every year. He said as usual, the committee has allocated a substantial portion of the food items to CAN which also allocates to all the five blocs across the state, and mentioned other beneficiaries of the governor's kind gesture

Ekiti Govt Alerts Public on Plan to Commence Land Use Charge Collection from 2024 Gbenga Sodeinde in Ado Ekiti The Ekiti state government has announced government’s intention to commence the collection of land use charge in 2024. Governor Biodun Oyebanji, said the property tax would not in any way be a serious burden to the residents of the state, as it is going to be “progressive.” In a one-day dialogue on Tax for Service in Ekiti State, organised by the New Initiative

for Social Development in collaboration with the Nigeria Civil Society Situation Room, with the support of the UK International Development, held in Ado-Ekiti, the stakeholders noted that taxes were compulsory for everyone to pay. The stakeholders , including market women, hoteliers, saw millers, among others, urged the government to remove all bottlenecks which include multiple taxation they are currently faced with in the

country. The Director General, Signage and Advertisement Agency, Mr. Bisi Adesua, explained the processes involved in the payment of signage rate and what constituted advertisement in the state. The Senior Special Assistant, Tax and Revenue Matters, Mr. Ayodeji Adarabierin, told the stakeholders that the government wanted to reduce the incidences of tax payers to the barest minimum and make tax payment seamless for the

people in the state. At the workshop, the Internal Revenue Service (IRS) Ekiti State, told the gathering that the state’s IGR had increased above N1 billion, saying the state hopes to work more on tax system payment in the coming year. According to the government representatives at the workshop, the government would meet the newly elected local government chairmen after their swearing in ceremony to avoid duplication of taxes in the state.

to include Christian government functionaries, relevant federal government functionaries and other Christian groups and associations. His words: "Accordingly, these items, this year, were equitably distributed across the state and beyond by the standing Committee. Understandably, the Local Government Caretaker committees are complimenting this gesture by giving Christians gifts in their respective Christian communities. "It is also gratifying to note that, as the Christmas gift items were being distributed, His Excellency, the Governor approved the release of December salaries to Civil Servants/Public Officers to assist them make purchases during this yuletide period. "The Committee therefore, wishes to use this medium to thank Governor Bala Abdulkadir Mohammed, CON and his entire government for this benevolence. We also appreciate the open and accommodating posture that has thrown away primordial sentiments thereby treating people of the State with tremendous love and care to the extent that everybody is having a sense of belonging, with the consequent effect that peace reigns supreme in this multi ethnic state. "Other ethnic groups resident in Bauchi State and people with special needs, that require close attention, are among the beneficiaries of the laudable gesture in this festive season which personifies love and togetherness." The Commander of the Corps and Special Adviser to Ondo State Governor on Security Matters, Adetunji Adeleye, said: "To the grace of God, the yuletide festivities will be peaceful and I want to assure the good people of Ondo State, that all hands of all security agencies in the state which include the Army, DSS, the Nigeria Police, Nigeria Security and Civil Defence Corps, NSCDC and Amotekun Corps are on deck to guarantee 24-hour patrol and safety of lives and property of residents and commuters in

the state. "On the part of Amotekun Corps, we had embarked on a – 24-hr, seven days per week of security patrol of all nooks and crannies of the state and I must tell you that our efforts are yielding results. We went on patrol yesterday and to the glory of God, we arrested a team contracted all the way from Edo State to come and destabilize our peaceful state. "We caught them in the act of the planning with weapons in the hotel where they were to take off from at 3:00am yesterday. We also have two different groups that specialise in stealing cars and motorbikes and we were able to dismantle them. Speaking on the 12 suspects arrested for alleged criminal offences ranging from kidnapping, armed robbery among others, he said, "From the twelve being paraded today, seven of them were arrested in Owo and out of the arrested seven, four of them were contracted with the job of kidnapping and armed robbery in Ondo State by the remaining three. "We were able to apprehend them with their riffles, camouflage they used in deceiving unsuspecting commuters on the road and they have made lots of confessional statements. We also have a syndicate that specialises in the robbery of Okada in Akure and Akoko areas. Our efforts so far are to drive home our position of zero-tolerance to all forms of criminalities and crimes in Ondo State. We want to further assure the good people of the state, that all security agencies are working in synergy to ensure that this yuletide period is crime free. He however, appealed to residents to ensure moderation while celebrating the yuletide and endeavour to "say something, when they see something strange" "They should feed us with quality information so that we can act swiftly on the tips and their safety is guaranteed for giving us useful information. Our distress line number remains: 08079999989."

T H I S D AY • MONDAY, DECEMBER 25, 2023

NEWS

PEOPLE OF 2023: MOVERS AND SHAKERS the business of governance. From the launch of the Ogun Job Portal, to other groundbreaking initiatives (including road constructions) that address the need of the state, he has kept a particular pace and is unmoved by any distraction. Therefore, to the best of his ability, he has continued to do his bit with the resources available and for the collective good of the people of the state.

Alex Otti

From the banking hall as former Managing Director of the defunct Diamond Bank PLC, to politics, Mr. Alex Otti, is definitely living his dream of changing the Abia narrative. His love for the state was the reason he didn’t stop trying even after failing a few times, before he eventually made it. But immediately he assumed office, he’d since begun to change the face of the state to the delight of the people. It’s another good start from God’s own state and he is just beginning.

Komolafe

Wabote

Isa

ON THE INTERNATIONAL FRONT

Benjamin Netanyahu

Business Leaders of the Year Aliko Dangote

Dangote is a Nigerian businessman and industrialist. He is the founder and President of the Dangote Group, the largest industrial conglomerate in West Africa. The Bloomberg Billionaires Index estimated his net worth at $16.1 billion in November 2023, making him the richest person in Africa, the world's richest black person, and the world's 107th richest person overall. The Dangote Group is one of the largest conglomerates in Africa, with international operations in Benin, Ghana, Zambia and Togo. The Dangote Group has moved from being a trading company to being the largest industrial group in Nigeria, encompassing divisions like Dangote Sugar Refinery, Dangote Cement, and Dangote Flour. On 22 May 2023 in Lekki, Nigeria, Dangote commissioned the Dangote Refinery. The plant plans to export surplus petrol, turning Africa's biggest oil producer into an export hub for petroleum products. A few days ago, the Dangote Refinery made further move towards commencement of production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company Limited (NNPCL)

Abdul Samad Isyaku Rabiu

several attempts to pull him tend to gravitate upward. Faced with daunting lawsuits, including criminal charges across the United States, the polls in his favour are surging, priming the ex-US president to stage a potential comeback on the platform of the Republican party. He still remains the presidential aspirant to be. Trump is the first ex-president in American history to be charged with criminal charges and be vilified on a large scale on several fronts, including his businesses, sex life, and allegation of insurrection against the US government. Despite the daunting circumstances, his support base has not dwindled, and he is expected to get the Republican nod for the next presidential election. In some 20 states, there are lawsuits about whether Trump should be on the ballot if picked by the Republican as its standard-bearer.

Trump

Putin

Netanyahu

Modi

and distribution and also lead to reduction in the price of Liquefied Petroleum Gas (LPG).

his ongoing commitment to promoting education and societal well-being as a whole. His total contribution to the university so far has grown to N3 billion including the N2 billion he committed to the construction of the university's Faculty of Engineering four years ago.

engineer and lawyer has no doubt been instrumental in giving the regulatory body the needed impetus to achieve its mandate. He was Group General Manager, Special Duties at the NNPC, Group General Manager, Crude Oil Marketing Division and Executive Director (Commercial) Pipelines and Petroleum Marketing Company (PPMC). In addition, he was General Manager, Operations, Petroleum Equalisation Fund (PEF), General Manager, Operations of the Petroleum Products Pricing Regulatory Agency (PPPRA), among several others. Aside being an engineer, Komolafe, has degrees in law, industrial and labour relations and is a recipient of various awards. He is an expet in institutional process study and designs to curb revenue leakages and attainment of optimum national productivity.

presence in Angola, Cameroon, Gambia, and Sierra Leone and its consumer, private, and business banking business in Tanzania, through a deal with Standard Chartered Bank. Wigwe is also building a $500 million eponymous university, to produce a set of fearless leaders, in his hometown, Isiokpo, Rivers State Nigeria.

Simbi Wabote

Simbi Wabote is the immediate past Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB). He championed local content administration in Nigeria’s oil and gas industry throughout his tenure as the Executive Secretary of the NCDMB following his appointment by President Muhammad Buhari in September 2016. Wabote did a lot to expand local participation and made sure there was compliance with the Local Content Act. Prior to his appointment as NCDMB boss, he was an Executive Director of Shell Petroleum Development Company (SPDC) Nigeria Limited and the General Manager, Business and Government Relations for Shell Companies in Nigeria (SCiN). Wabote joined Shell in September 1991 as an Oil and gas Engineer after a short stint with the Banking industry in Nigeria. He is a Fellow of the Nigerian Society of Engineers (NSE) and the Institute of Petroleum Studies (IPS). He holds a Masters Degree in Corporate Governance from Leeds Metropolitan University and a Bachelor of Technology (B. Tech) Degree in Civil Engineering from Nigeria’s premier University of Science and Technology, the Rivers State University of Science and Technology, Port Harcourt.

Abdul Samad Isyaku Rabiu, born on August 4, 1960, is a Nigerian billionaire businessman and philanthropist. He is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture, with revenue of over $2.5 billion. In 2023, BUA Cement announced a reduction in the ex-factory price of its cement from N5,500 to N3,500, which has continued to receive commendation from Nigerians. The announcement came a few weeks after Abdul Samad Rabiu, the company's Femi Otedola chairman, met with President Bola Otedola, the billionaire businessman Tinubu and promised to review the and Executive Chairman of Geregu price of the product. Power Plc as well as a Non-Executive Director of FBN Holdings, has Mele Kyari achieved numerous firsts. For instance, Mele Kyari is the Group Chief through his leadership and influence, Executive Officer of the Nigerian FBN has added over N1.3 trillion National Petroleum Company ($1.3 billion) in shareholder wealth to Limited (NNPCL), a position to investors with the rise in the holdco’s which he was appointed since July market capitalisation. 2019. His appointment was renewed He is the largest shareholder at by President Bola Tinubu this year. FBN Holdings, with major board Before his appointment by former seats. Geregu Power Plc has added President Muhammadu Buhari, N625 billion in market capitalisation Kyari served as Nigeria’s National this year alone making it one of the Representative to OPEC and held best performers on the NGX. In recent a variety of management positions years, his philanthropic endeavours in the former NNPC’s Crude Oil have made him akin to Robert Marketing Division. Frederick Smith, the African-American He laid the groundwork for the billionaire founder and CEO of Vista enactment of the Petroleum Industry Equity Partners. Act. Under his watch, the NNPCL Augustine University, a private few days ago announced mechanical Catholic institution affiliated with completion of Area 5 Plant of the old the Lagos Catholic Archdiocese 60,000 barrels per day Port Harcourt has been receiving generous dose Refinery under construction, disclosing of Otedola’s heart. On 26th October, that the facility would resume Otedola was inaugurated as the production of petroleum products after university’s chancellor, and he chose Christmas. Phase Two of the refinery that moment to make yet another would be completed and brought back extraordinary and selfless gesture. on stream by 2024, and resumption of He granted N1 million donation production at the facility would help to each of the 750 students of the stabilise petroleum products supply university, an act that is consistent with

Abdulrazaq Isa

Abdulrazaq Isa is the Chairman and Co-Founder of Waltersmith Group of Companies. Waltersmith Petroman Oil is the promoter of the modular refinery in Imo State. The refinery in Ibigwe, Imo State would produce diesel, naphtha, heavy fuel oil (HFO) and kerosene within its first phase, and subsequently produce petrol within its second phase. Five states in Nigeria’s south east region would have daily supply of 271 million litres of refined petroleum products from the 5,000 barrels per day (bpd) modular refinery. Isa had explained that Waltersmith decided to build the modular refinery to address incessant pipeline vandalism and theft of its crude oil within its operational bases. He said part of the company’s growth plan is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day. He is a seasoned entrepreneur and astute international businessman with over 30 years of experience in business, financial services and the oil & gas industry. He started his career in banking, gathering over 15 years first with African International Bank Nigeria Ltd, then Chartered Bank Nigeria Plc (now Stanbic IBTC) and co-founded Safetrust Savings & Loan Ltd (now a subsidiary of Sterling Bank plc). He established Waltersmith with interest in several sectors of the economy including Oil and Gas Upstream and Midstream, Real Estate, Hospitality, Agriculture and Manufacturing.

Gbenga Komolafe

Since 2021, when he was appointed the Chief Executive Officer of the Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, has continued to take gradual, but steady steps towards reforming the commission in line with his promise when he assumed office. The engineer from Ondo state, has shown that he is a round peg in a round hole as he continues to take critical decisions to ensure that NUPRC’s mandates are achieved. He contributed significantly to midwifing the PIA. He is a sound and versatile technocrat with robust and successful career. A Fellow of Nigerian Society of Engineers, Council of Registered Engineers of Nigeria and member of the Nigerian Bar Association (NBA), Komolafe’s expertise as a seasoned

Bankers of the Year Benedict Okey Oramah

For his exemplary leadership, Oramah, the award-winning President of Afreximbank on December 3, received the FORBES AFRICA Magazine Person of the Year. Amongst many initiatives under his visionary leadership, Afreximbank launched the Pan-African Payment and Settlement System (PAPSS), a historic project for cross-border payments in local African currencies. He is a resilient risk-taker and articulated so well what a new united Africa should, and would look like. With the award, Oramah joined a prestigious list of high achievers, who had previously received the Forbes award, including Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria; Dr. James Mwangi, CEO, of Equity Group; Dr. Akinwumi Adesina, President, African Development Bank; Aliko Dangote, CEO, Dangote Group; Mohammed Dewji, President, MeTL Group; and Thuli Madonsela, former Public Protector of South Africa. Through Afreximbank’s annual Intra-African Trade Fair, Oramah has continued to attract capital and investments to the continent.

Herbert Wigwe

Wigwe, the Group Chief Executive of Access Holdings Plc, without any doubt, ticked all the boxes as a remarkable leader, builder, dreamer, philanthropist, and financial services executive. Under his watch, Access Bank UK, the wholly owned subsidiary of Access Bank Plc, recently received approval to commence operations in Hong Kong through Access Bank UK, with regulated operations in the UAE, and Paris. This is in addition to the bank’s

Ebenezer Onyeagwu

Onyeagwu is recognised for the superlative performance of Zenith Bank this year. Under his supervision, the bank has continued to grow in all metrics. Zenith Bank was listed as the only Nigerian company in the World Finance 100 companies for 2023. Zenith Bank’s inclusion in this elite list underscored the bank’s outstanding achievements and resilience in a dynamic and competitive global market. Notably, Zenith Bank stands as the lone Nigerian company and one of just three African companies to earn a place on this esteemed list for 2023, alongside industry titans such as Apple, Amazon, and Alphabet. In the first nine-month period of the year, Zenith Bank whose total comprehensive income for the period increased by 412.55 per cent to N647.74 billion from N126.37 shone brilliantly. He has served Zenith Bank Plc in various capacities, like the Executive Director in charge of Lagos and SouthSouth Zones, and was responsible for strategic groups/business units of the bank, including Financial Control and Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group.

Segun Agbaje

Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services. Agbaje through his innovations, drive the banking arm of the holdco, GTBank to become one of the fast-growing banks in the country. Again, through his leadership, the institution has continued to look for new ways to meet every customer’s needs and to help communities thrive by creating faster, cheaper, safer and products for people and businesses through every stage of life. Agbaje is a professional banker par excellence who has garnered relevant banking experience across key banking functions.

On the Global Stage Donald Trump

American 45th president, maverick Donald Trump, has continued to defy gravity – figuratively speaking – as

Netanyahu's hawkish disposition has come to the fore as an Israeli leader leaning to the far right in the wake of the intriguing and devastating Hamas attack and kidnap of more than 200 people on Israel's soil, despite the Israeli sophisticated intelligence and military power. Since the intriguing attack and abduction, leaving Israel and its inhabitants reeling, Netanyahu's army has launched an unforgivable bombardment against Palestine, pounding Gaza to its foundation. Netanyahu considered an uncompromising and warmongering statesman, has seen Israel build settlements sprawling into Palestine. Analysts have noted that when the Israel-Hamas war ends, the focus will return to Netanyahu's capacity to continue presiding over the affairs of Israel following the precise surprise attack Hamas successfully launched on Israel. So far, Netanyahu has remained unpacified to let Gaza and Palestine breathe as the Israeli army continues to bombard the region and engage Hamas in violent combat, leaving in its trail a new humanitarian crisis and a conflict likely to include other Arab actors.

Vladimir Putin

Putin's Russia has survived some of the most severe sanctions ever placed on a nation. Yet, the Russian president has stayed put in his determination to fully execute its so-called special military operation in Ukraine. Though in dire economic situations, Putin and Russia have continued to attack Ukraine and have sought novel means to expand its economic possibilities and stability by courting China, Iran, and even Afghanistan. Putin was also able to put down a rebellion by his former chef and ally, the head of the mercenary Wagner Group, Yevgeny Prighozin. Prighozin had marched into Russia with his troops in rebellion against Russia's military chief in what was considered a mutiny. That soured the relationship between Putin and Prighozin with a fatal consequence. First, Prighozin was banished to Poland. Later, he found his way back into Moscow and finally met his Waterloo in a bombed aircraft he was flying. Putin has successfully shut down any opposition against him.

Narendra Modi

Modi is India's 14th prime minister and has ruled since 2014. The anti-Muslim bigotry in India is often laid at the foot of Modi for his staunch promotion of Hindu nationalism and posture against Muslims, who often fave frightening violence in India. Any scrutiny of his anti-Muslim stance has always incurred the wrath of Modi. While portraying himself as a global leader, Modi has lived at home as a tribal strongman working in cahoots with other Hindu nationalists. His stranglehold on India seems to remain firm and stronger. In 2023, Modi used the G20 Summit to burnish his global image as a leader and present India as a country that can offer the world some form of leWadership. His national party, BJP, goes to the poll in 2024. Modi's party remains in pole position to win the 2024 general election as the Indian prime minister remains largely popular and dominant in the country's politics and on the international scene.

MONDAY DECEMBER 25, 2023 ˾ T H I S D AY

NEWS

APAPA MINI WATERWORKS INAUGURATED…

L-R: Supervisor for Information, Intergovernmental Relations and Budget, Apapa Local Government Council, Hon. Tosan Wiltshire; Regional Business Manager (South-west), Lagos Water Corporation, Oluwabi Ayodele; Chairman, Apapa Local Government Council, Hon. Idowu Adejumoke Senbanjo;Chairman, Apapa Resident Developmental Committee(ARDC), Real Admiral Austin Oyagha (rtd); and Member, ARDC, Mrs. Irene Macfoy, at the opening of Apapa Mini Water works in Lagos…yesterday ETOP UKUTT

Court Stops Installation of Radio Base Stations by MTN, ATC Wireless Wale Igbintade A Federal High Court, Lagos, has restrained a Nigerian telecommunications giant, MTN Nigeria Communications Plc and its associate, the ATC Nigeria Wireless Infrastructure Limited, a fully-owned subsidiary of the U.S.-based American Tower, from overcrowding the environment with base stations pending the

determination of the motion on notice for interlocutory injunction. Justice Yellim Bogoro, who had earlier issued the order, reaffirmed it on December 7, 2023, in a suit marked FHC/L/CS/2359/2023 between HEDA and FMEEM & four others. The HEDA Resource Centre, a Nigerian civil society group, promoting sustainable development and protection of

CMD Decries Dearth of Medical Doctors in Kogi Ibrahim Oyewale in Lokoja

Worried by the dearth of medical doctors in Kogi State, the Chief Medical Director of Kogi State Specialist Hospital, Professor Isah Yahaya Adagiri, has lamented the seamless scarcity of the medical doctors in the state, and attributed it to brain drain popularly known ‘Japa syndrome’. Adagiri, who was speaking at a forum at the weekend in Lokoja, lauded the outgoing state Governor, Yahaya Bello, for his efforts in making the health sector one of thematic areas of his administration the past eight years. Adagiri commended Governor Bello for giving a standing approval to the management of Specialist Hospital to replace any medical doctor that leaves the service, noting that despite willingness to replace or employ new ones,

they are nowhere to be found. He lamented that a lot of doctors are moving out of the country in droves for greener pastures abroad, explaining that there are lots of disadvantages in it, as such workers work their ass out to earn every kobo paid them. Adagiri said he could not imagined himself leaving the service to work out of the country because his corpse would be brought home. He decried that the Kogi State Specialist Hospital recently lost a doctor who left for Dubai to work, adding that his death could be attributed to the hazards of working in a foreign country. Adagiri also pointed out that the hospital always liaised with the House Committee on Health and Social Services to get better welfare packages for doctors, advising that a better pay would stop the syndrome.

the environment, had gone to the court to request for an injunction to stop MTN and ATC from siting new base stations where there are already existing ones in close proximity owing to health and environmental concerns.

rekindle the flames of hope and unity that underpin our country. It is a time to celebrate the values of love, compassion, and generosity which was illustrated by the birth of Jesus Christ. ‘’Despite our challenges, Christmas reminds us of the enduring power of faith, forgiveness, and resilience. Let us embrace this spirit and use it to strengthen the bonds of brotherhood, foster peaceful coexistence, and rekindle the flames of national unity. ‘’I urge all Nigerians, irrespective of their differences, to use this special season to extend kindness and understanding to one another. Let us celebrate the joy of family and friends, share our blessings with those in need, and offer prayers for peace and prosperity for our country.

Infrastructure Ltd and MTN Nigeria Communications Plc respectively, together with their “servants, agents, privies and/ or assigns from commencing, continuing or completing the construction or installation of

any base trans-receiver stations/ towers/masts (BTS) within close proximity to IHS’ existing BTS or operating any BTS within close proximity to IHS’ existing BTS pending the determination of the motion on notice.”

Guber Election: Kano Gov Assures Supporters of Victory at Supreme Court

Ahmad Sorondinki in Kano

All roads leading to the Mallam Aminu International Airport (MAKIA) and Katsina Road in Kano City were a beehive of activities as an unprecedented crowd trooped to the airport to receive Kano State Governor Alhaji

Abba Kabir Yusuf after he spent about weeks out of the state. At about 3:15 p.m the state Deputy Governor Comrade Aminu Abdulsalam Gwarzo in the company with Commissioners and other government dignitaries received Governor Abba who came back from Abuja.

Different youth groups of artisans, and women joined thousands of party supporters singing and dancing all sorts of dances entertaining the massive crowd. The Governor’s convoy took about four hours to arrive at the Sani Abacha Stadium despite free

traffic being Sunday afternoon where most traders rest at home. Apart from party supporters who dressed in Kwankwasiyya attire, some women also dressed in white and red Hijab hijabs singing and chanting 4+4, meaning Abba must serve two terms in office.

Catholic Bishop Tasks Nigerians on Collective Rebuilding The Bishop of the Catholic Diocese of Abeokuta, Ogun State, Most Rev. Dr. Peter Olukayode Odetoyinbo, has conveyed festive greetings and a hopeful New Year to the Christian faithful. With joy and conviction, he celebrated the birth of Jesus Christ, by emphasising God’s

unyielding love for humanity despite its shortcomings. Reflecting on the essence of Christmas, Odetoyinbo reemphasised that “God’s love perseveres, and this season serves as a reminder that like God, we should not give up on ourselves or our country.”

Drawing from biblical references, he encouraged the faithful to overcome the challenges faced individually and collectively. The bishop also urged a continuous quest to reform, rebuild, and embrace righteousness and peace. Amidst the prevailing doubts,

hunger, danger, anger, pain, and hopelessness, the clergymam maintained a resolute hope in the vision of a new Nigeria. In his message, he expressed concern about the brain drain and loss of capable hands due to the exodus of Nigerians, especially the youths, to other nations.

Council of 19 Northern Yoruba Obas Urges Members, Host Communities to Unite Segun Awofadeji in Bauchi

The Council of Yoruba Obas in the 19 Northern States and the Federal Capital Territory (FCT) has urged their colleagues in the northern states to always promote

peaceful coexistence, unity and harmonious relationship between the members and the host communities. This is as they bemoaned the delays usually experienced in selecting, accepting and the appointment of Obas in Yoruba

land after the demise of an Oba. The Chairman of the Council, Oba Hassan Yusuf, stated this in an interview with journalists in Bauchi during the 2023 annual meeting of the council held last Saturday at Fatima Pastoral/ Social Centre, Bauchi.

He said the Yorubas have a rich and robust culture and tradition for peaceful co-existence and harmonious relationship with one another and with other tribes, irrespective of ethno-religious, political and socio-cultural differences.

Yuletide: NGO Fetes 3,000 Pregnant, Breastfeeding Women in A’Ibom Okon Bassey in Uyo

by the growing rate Fayemi Calls for Unity, Peace and Worried of maternal deaths in society, a non-governmental organisation Generosity, Prays for Nigeria (NGO), HACEY, in conjunction for reflection, gratitude, and to Sunday Okobi As Nigerians join others across the world to celebrate Christmas and the approaching New Year, former Governor of Ekiti State and Chairman of the Nigerian Governors’ Forum (NGF), Dr. Kayode Fayemi, has extended heartfelt wishes of peace, goodwill, and prosperity to all Nigerians. In a goodwill message issued and made available to THISDAY by the Head of the Fayemi Media Office, Mallam Ahmad Sajoh, Fayemi, the former governor acknowledged Nigerians’ resilience in the face of challenges throughout the year, stating that in the spirit of Christmas, “we should all come together in celebration, irrespective of religious or cultural differences, fostering a sense of togetherness and unity.” According to Fayemi, “This festive season signifies a time

In the court sitting, the trial judge upheld the prayers of the plaintiff/applicant, the incorporated trustees of the HEDA Resource Centre and ordered the fourth and fifth defendants, ATC Nigeria Wireless

with Acce Corporation at the weekend donated birthing kits to no fewer than 3,000 pregnant

and nursing mothers in Akwa Ibom State. The beneficiaries were also engaged in a pep talk and counseling sessions on the importance of imbibing measures to safeguard maternal deaths. Addressing some of the women at the West Itam Primary

Health Centre (PHC) in Itu Local Government Area of the state, the state Coordinator of the scheme, code - named Project Agbebi, Mr. James Ubon, said the programme is aimed at sensitising pregnant women and breastfeeding mothers to adhere strictly to safety and

sanitary standards during the pre -natal and post -natal periods. He said the exercise, which cover 10 health centres in the state became necessary given cases of avoidable deaths of pregnant women due to ignorance of some risk factors during pregnancy and the delivery periods.

Christmas: Uzodimma Urges Renewal of Love for State, Nation, Humanity Governor Hope Uzodimma has, in the spirit of the Christmas celebration, urged the people of Imo State to renew their love for State, Nation and humanity. He said because the season affords us the opportunity to migrate from one country to another, including returning

home to bond with our kits and kin, it is only normal that we use the occasion to appreciate our State, our Country and the people around us. The governor further noted that we should take love and joy that are critical elements in the celebration of Christmas as

synonymous with God’s love for mankind that made Him send His only begotten son, Jesus Christ, to be born and later sacrificed so that we can be salvaged and redeemed. Uzodimma reminded us of the efforts the government is making at the State and National

levels to make life worth living for Nigerians, promising that the future has a lot of better things in stock for everyone. He said: “Christmas is here again. It is that time of the year when we celebrate the birth of our Lord Jesus Christ, our saviour.”

Pipeline Surveillance: Igbo Youths Not Marginalised, Group Tells FG, NNPC Folalumi AlaraninAbuja

A group, Igbo National Youths Integrity Movement (INYIM), has urged the federal government and the Nigerian National Petroleum Company Limited (NNPCL) to disregard the calls alleging

marginalisation of the South-east region over the award of pipeline surveillance contract. The INYIM alleged during a press conference in Umuahia, Abia State that those calls were sponsored to distract the government from pursuing its agenda of increasing

oil production in the country. The National Coordinator of INYIM, Mr. Elekwa Nnanna, said that the NNPCL, under the leadership of Mr. Mele Kyari, has shown strong commitment to building the fortunes of Nigeria. Nnanna said that the award

of pipeline surveillance contract was based on competence after the due processes of procurement. He said: “It is, therefore, uncalled for when youths are being sponsored to undermine and traduce the painstaking decisions of government.”

MONDAY DECEMBER 25, 2023 ˾ T H I S D AY

NEWS

NCAA Apologises to Passengers over Flight Delays, Cancellations Chinedu Eze The Nigeria Civil Aviation Authority (NCAA) has apologized to air travellers over flight delays and cancellations which disrupted scheduled operations during the Christmas holidays. In a statement signed by the Director of Public Affairs & Consumer Protection, Michael Achimugu, NCAA said it was aware of flight disruptions which have inconvenienced air passengers in the last couple of days and said it empathizes with all affected passengers for the inconveniences these disruptions may have caused. In order to mitigate the disruptions. NCAA said it has mandated all airlines

to provide timely flight disruption information to passengers to enable them make informed decisions concerning their travels. “NCAA is monitoring all operations and our Consumer Protection Officers are on ground to monitor passenger handling procedures to ensure that airlines mitigate the inconveniences to passengers and provide care, refreshments and other alternative measures in line with Nigeria Civil Aviation Regulations 2023 Part 19.” Activities are on top gear at the airports, as there are influx of passengers travelling to different parts of the country to stay with their loved ones during the Christmas. But due to harmattan

haze, which leads to flight cancellations when visibility reduces below accepted standards or several hours of delays, passengers are not airlifted as scheduled and this is inconveniencing to air travelers. The Nigeria Meteorology Agency (NIMET) announced that there would be three days of intense harmattan haze in some states, which would inevitably lead to flight delays and cancellations. Another challenge reported to have led to exacerbating the disruptions is infrastructural limitation that leads to delay in passenger facilitation and absence of airfield lighting at some airports which prevents flight service in the night to these airports.

TCN: Vandals Bring Down Towers in Yobe Segun Awofadeji in Bauchi

The Transmission Company of Nigeria (TCN) has stated that one of its towers, Tower T372 around Katsaita Village in Yobe State was vandalised, bringing down the 330kV transmission tower, which pulled down tower T373 along the same transmission line route. The incident, which took place at about 21:18 hours on December 21, 2023, caused the failure of power supply to parts of the North-east, namely Yobe and Borno States. This is contained in a press release that was issued

yesterday by the General Manager, Public Affairs, TCN, Ndidi Mbah. The release stated that “while patrolling the line to ascertain the cause of the cut in power supply, TCN engineers discovered the fallen towers, and the villagers confirmed they heard a loud explosion before the tower came down. On closer investigation, the engineers found evidence of explosive used by the vandals in bringing down the towers. “Presently, TCN mobilised one of its contractors to the site of the incident to commence the reconstruction

of the transmission towers damaged by the vandals.” According to the release, “TCN strongly condemns the incident and regrets the inconvenience caused to the government and people of Yobe and Borno States and pledges to do all that is possible to quickly re-erect the towers to restore power supply to the affected areas. “We are once again making an urgent appeal to host communities to collaborate with TCN in the fight against vandalism and the necessary preservation of power infrastructures nationwide, which is our collective asset.”

T H I S D AY • MONDAY, DECEMBER 25, 2023

BACKPAGE CONTINUATION DRESS CODE OF NIGER Governor Muhammadu Auwal Ibrahim always wore a flowing white gown and Zanna Bukar cap, which sat very well with his tall frame. I remember pictures in New Nigerian newspaper during the rowdy state congress of the National Party of Nigeria [NPN] in 1978 where Auwal was nominated as gubernatorial candidate. The congress was held three times due to rancour and Auwal won on all three occasions. At each event, he sat in the hall in Minna in his flowing gown, unperturbed by the rumpus around him. These days, as Emir of Suleja, he still wears the flowing white gown with royal alkyabba on top of it. Not only Alhaji Auwal. During the Third Republic, as a Citizen magazine reporter, I was twice sent to Niger State to interview Governor Musa Inuwa. He too always wore a flowing white robe. On one occasion, when I was to interview him at 8am, I had to wait for two hours before he had a visitor, then Abia State Governor Dr. Ogbonnaya Onu. When I was finally ushered in, the governor apologized that he kept me waiting and said he had not even had his breakfast, but we should proceed with the interview. I quickly urged him to eat his food first, and Musa Inuwa ate so hurriedly, in order not to delay me, that he soiled his white gown with red soup.

One day in 2006, I was in Sokoto State Governor Attahiru Bafarawa’s office when Niger State Governor Abdulkadir Kure of Niger State sauntered in. He immediately removed his flowing white gown and spread it on the three-seater, into which he also sank. I don’t know where he was coming from, but he was obviously very tired. I also met and interviewed Dr. Mu’azu Babangida Aliyu three times when he was Governor of Niger State. The Chief Servant was always in flowing robes, some white, some coloured. Governor Abubakar Sani Bello also wore white gowns throughout his eight years as Governor of Niger State. So you must forgive me for believing over a 40 year period that flowing gown is the dress code for Niger State governors. Indeed, when he was in the House of Representatives and even as aspirant, candidate and later Governor of Niger, Bago too was almost always in flowing dress. Even when, last month, a video of him went viral on the social media, being ferried around on a commercial motorcycle to inspect projects, while he tucked his flowing robes in order that they don’t get caught up in the motorcycle’s tyres. If Niger State civil servants will not wear gowns and kaftans, what will they now wear? Trust mischievous artists on the social media. Soon, there were posts of a

dozen suggested “dress codes for Niger State civil servants,” ranging from jeans, boogey trousers, mechanics’ uniforms, hunter’s hats and even bikinis. Was it not said that the governor wants them to dress smartly in order to work in the farms and fulfill the state’s potential as a bread basket? Pray, which dress is smarter than a bikini, with which White women dive into swimming pools and even the sea for a bath? You see, Governor Bago has a point about the correlation between work and smart dress. During our school days, our Vice Chancellor, Professor Shehu Galadanci, noticed a gang of three students that walked into a hall with their shirts tucked tightly in their trousers. The VC asked if they knew the history behind the tucking of shirts. He said when the Industrial Revolution set upon England, its people were wearing flowing dresses, which often got caught up in the machines. Hence, they resorted to tucking them. Ok, as far as I know, the Industrial Revolution has not yet arrived in Niger State, or anywhere else in Nigeria. It is alleged today that we are in the post-industrial Knowledge Age. The machines of these days, laptop and desktop computers, do not grab anyone’s dress, so why should we bother? Anyway, I saw a statement the very

next day, on Tuesday last week, of Governor Bago saying he was “quoted out of context” on the dress issue. The statement did not however say what was the correct context in which he made the statement. If he only meant that civil servants should go to the farms after working hours, why did he ask them to resign if they must wear gowns? Anyway, two days later, Bago presented his 2024 budget speech before the State House of Assembly and, lo and behold, he appeared in a blue T-shirt and without a cap. His thick black beard competed for attention with his balding head, and both shined in the floodlit assembly chamber. Apparently he implemented his directive alone, because all the legislators wore flowing gowns, the Speaker wore lawyer’s robes and wig, while all of Niger State’s great emirs sat in one row, in their flowing royal robes. Which “context” was more important than the governor’s wearing of a T-shirt to the most important state event of the year, the presentation of budget before the State Assembly? There is this thing that lawyers call estoppel; implementation is evidence of an agreement, in this case a directive. This Niger State dress code get as e be. Getting the conservative people of Niger to dress like Detroit factory workers promises to be a tall order.

is robust and fit for purpose. One that benignly softens the negative impact of the transitioning through adequate provisions that negate cash scarcity. A smooth technological push that is seamless and transparent would do. A cashless society is the future, where convenience meets digital innovation, transforming how we exchange value. This cash crunch may 'steal’ Christmas from many Nigerians if it continues exacerbating. The implications of this cashless festivity are multifaceted and painful in a country where many Nigerians are enduring economic difficulties and need this festivity to escape their daunting reality. To deny them this respite and add to their misery is challenging to contemplate. We must always remember that Nigeria has a significant informal economy. Moving to

a cashless system may pose challenges for individuals and businesses operating in this informal sector, which relies heavily on cash transactions. There may be resistance from individuals accustomed to using cash, particularly in rural areas where assessing digital infrastructure may be limited. Time is needed for the change to a cashless society to happen. Nigerians are not late adopters of new technology. However, in the case of financial technology, many, especially in the informal sector, are suspicious of the move to a cashless society and are hardwired to insist on the financial path they are familiar with – cash. I implore the government and CBN in particular to be proactive and innovative in solving this Naira note scarcity challenge and give Nigerians some respite.

CASHLESS FESTIVITIES rural dwellers, or those without access to banking services. These groups may need help meeting their basic needs and conducting daily transactions. Some villages in Northern Nigeria are over 98% reliant on cash for transactions with little or no presence of digital transactions. Furthest, if cash scarcity leads to financial stress for a large portion of the population, it may contribute to social unrest and dissatisfaction with the government or financial institutions. However, the cash crunch has some positive effects on the Nigerian economy. But we must note that these positive effects pale in significance compared to the detrimental effects. Some of the positive impacts of a lack of cash in the Nigerian economy include minimising opportunities for corruption and bribery since digital transactions leave a more transparent and traceable trail, facilitating greater financial inclusion by providing easier access to banking services for individuals who were previously unbanked, making financial transactions more efficient and convenient. Ultimately, the time and effort required for both consumers and businesses to conduct financial transactions by use of digital means is reduced, with more transactions occurring electronically. Thus giving the CBN better control over monetary policy. It is essential for policymakers to carefully manage cash scarcity to address the concerns of various stakeholders. They must ensure that measures are in place to mitigate potential negative impacts on the economy and society. The CBN, the authority responsible for money control and liquidity management, fails in this respect. CBN is attributing the situation to citizens' panic withdrawals, hoarding and fear that CBN may phase out the old Naira notes early next year. CBN is also accusing POS operators of colluding with Banks to starve the system of cash. These excuses, in every material sense, are untenable. It simply shows that CBN is not in firm cash management control. This is totally unacceptable. The apex banking institution ought to know that cash scarcity would have an adverse rippling effect on the already distressed economy and may last longer than the festive period. It is time we drew a curtain on the ill-fated experiment of the Naira redesign and its ripple effect and do a structured transition to a cashless system with minimal adverse impact on citizens and the economy. In implementing a cashless system, policymakers must address these challenges and ensure that the transition is inclusive, secure and beneficial for all population segments. Public awareness campaigns, robust cybersecurity measures, and infrastructure

CBN Gov, Cardoso

development are essential to successfully transitioning to a cashless economy. The festive end of year is a time of heavy transaction traffic. Cash scarcity or shortage means more frustration for Nigerians who are already on edge, shrinking economic space for market traders and service providers, loss of confidence in the economy, especially the banking system, and most importantly, citizens' quality of life. And it would eventually lead to the shrinkage of the endangered business environment and a worsening of the economy. In the face of cash scarcity, this Christmas and New Year celebrations may lose the spirit and flavour of the season. This would add to the endless economic challenges Nigerians face. Nigeria needs a cashless transition that

T H I S D AY ˾ , DECEMBER 25, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Nigeria May Lose $500m to Extortion at Seme, Ghanaian Border Posts

Femi Solaja

Hard times await Nigerian football fans hoping to be part of the Africa Cup of Nations (AFCON) tournament in Cote d’Ivoire early next month following reports that there is a high level of extortion passengers traveling along the west coast for legitimate reasons go through. The 34th edition of the AFCON tournament starts January 13th to February 11th, 2024 and Super Eagles of Nigeria are one of the prime teams tipped to be on the podium on the final day. With the high cost of local and international air travel, thousands of Nigerian football fans have concluded plans to journey along the West Coast not just to save travel costs but to enjoy the cruise along the coastal line from the Seme border to the final destination which is Cote d’Ivoire for the premier continental football tournament. With many tourist organizations already engaging Nigerians with different tour packages over two months ago and the bolstering of Nigeria Football Supporters Club who had revived its other chapters in the neighboring countries, it is expected that hundreds of thousands of football lovers will want to be in Abidjan, the capital city, where Super Eagles will play the host nation in one of the Group A matches. However, an unidentified Nigerian who is based in Canada and posted his ordeal on social media yesterday warned that those who have made plans to hit Abidjan via the same route should prepare for the high level of extortion unless the Federal Government moves fast and check unscrupulous activities of Nigeria Custom Service officials at the border posts. In a short video posted on different social media, he narrated how flew into Nigeria from Canada but opted to continue the second leg to Abidjan by road. “Many Nigerians would be forced to part with their hardearned money because the border checks extortion is on the high side. I want to commend the Minister of Internal Affairs for a job well done so far as regards obtaining a traveling passport but attention needs to be focussed on the borders to guide against unnecessary extortion at all the checkpoints. “Holding a valid Ecowas passport is not a guarantee for smooth passage and we all know this problem has been on for a long time but it has hit the rooftop going by the high fee individual will have to cough out as a Nigerian plying that route for a legitimate reason,”

AFCON 2023 he narrated. Under the guise of using the roadblocks and checkpoints to checkmate smuggling activities and providing security along the expressway and around the Seme border and its environs, security agents including officials of the Nigeria Customs and men of the Nigeria Police Force had been

allegedly subjecting unsuspecting members of the public to traumatizing experiences all in a bid to extort them of their hard-earned money. “After I had paid 5,000 CAF about N10,000 at the Cote d’Ivoire border and even inside the country we were still made to pay the same amount several times and we were told it just a retaliation of the ordeal their citizens past through at the

Nigeria end of the route. “The minister must do something now so that Nigerians coming to cheer Super Eagles and others going about their legitimate business will not encounter same ordeal. “From my projection, I paid over N120,000 equivalent, and what this means is that with many Nigerian fans already planning to hit the road before the tournament gets underway in less than one

month's time, hundreds of dollars would have been extorted from innocent citizens,” he warned. From Badagry to the Seme border alone, there are more than 50 roadblocks on the road and you will encounter close to 20 roadblocks returning to Badagry from Seme. Interestingly, the majority of these illegal roadblocks are police checkpoints. The NCS also has more than the required roadblocks

Nigeria’s Super Eagles are amongst the teams to feature in Côte d’Ivoire 2023

Wolves Condemn Chelsea to Eighth Premier League Defeat Mauricio Pochettino admits his Chelsea team need to be more clinical after Wolves condemned them to an an eighth Premier League defeat of a tepid campaign. Second-half goals from Mario Lemina and Matt Doherty secured 2-1 victory for the hosts, who recorded

successive league wins against Chelsea for the first time in nearly half a century. Substitute Christopher Nkunku headed home in injury time on his Premier League debut but it was not enough to salvage a point for the Blues, who lost a fourth consecutive away league

game for the first time since December 2000. This was another day when Chelsea's failings in attack came back to haunt them. They have now have failed to convert 36 big chances in the league this season - the most of any team. Pochettino said: "We feel

very disappointed because I think we deserve much more. This competition wounds you when you are not clinical enough. "We created chances, that is why it is so disappointing. We conceded after a few corners and it was really difficult. "We have players playing for

GOtv Boxing Night 30: Boxers Set for Battle on Boxing Day All roads will lead to Tafawa Balewa Square, Lagos on Tuesday, December 26, where fans will be treated to six intriguing boxing bouts under the night sky, as 12 boxers vie for the Mojisola Ogunsanya Memorial Trophy and a cash prize of N1 million. Scheduled for the night are four national challenge bouts, one national and subregional title bouts. One of the title bouts will see national welterweight title holder, Taiwo

on the expressway. Other security agents also have roadblocks there. The last time the tournament was hosted in West Africa was in 2008 in Ghana with the Pharaohs of Egypt as the winner after a lone-goal victory over the Indomitable Lions of Cameroon in the final match. Cameroon staged the last edition which the Teranga Lions of Senegal won on penalties against Egypt.

"Gentle Boy" Olowu, face off with Alidu Sulemana of Ghana, for the West African Boxing Union (WABU) super welterweight title. Sulemana has a record of 10 wins and eight knockouts from his 10 professional fights, while Olowu, has a record of 15 wins and one defeat from his 16 professional fights. In the other title fight, Sifon “Best” Iwatt and Saheed Azeez, will battle for the national super flyweight title. The

fight allows both pugilists to clinch the first title of their professional careers. The night will also feature grudge national challenge fight involving national female cruiserweight champion, Bolatito “Black Tito” Oluwole, and Blessing Abisoye, In October last year, Abisoye lost to “Black Tito’, via a unanimous decision, setting the stage for a grudge match against her opponent, who claimed the national title at GOtv Boxing Night 29.

Abisoye has a record of one win and one defeat from her two professional fights, while ‘Black Tito’ has won all of her eight professional bouts, with a record of five knockouts. In the other bouts of the night, 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. The best boxer on the night will take home the Mojisola Ogunsanya Memorial Trophy and N1 million cash prize. Sponsored by GOtv and supported by Supa Komando, Classic FM, Beat FM, Nigeria Info FM, PulseNg and LegitNg, GOtv Boxing Night 30 will broadcast live on SuperSport Variety 4 (DStv ch 209).

the first time in the league, they need to adapt. It is confidence and about quality. We need to score if we want to win the games." Nicolas Jackson's contribution was so underwhelming his exit 10 minutes from time was cheered by the Chelsea fans. The result leaves the club 10th, seven points off qualification for the Europa Conference League, which, even at this stage, looks the best the Londoners can hope for. No side has lost more Premier League matches in 2023 than Chelsea (19), while only Almeria (24), Werder Bremen (20) and Empoli (20) have lost more games than the Blues across the big five European leagues this calendar year. Wolves are now level on points with Pochettino's men after a battling display, although the victory came at a price as experienced defender Craig Dawson limped off during the second half with what appeared to be a serious injury.

Monday, December 25, 2023

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MISSILE Rivers Groups to President Tinubu “Indeed, by this purported resolutions, it is evidently clear that Mr President hates and abhors the Niger Delta people and has aligned with Nyesom Wike, to undermine the entire Niger-Delta region. Indeed, one wonders why President Tinubu could accept the defection of 27 House of Assembly members from PDP to his own party, the APC, but cannot bring himself to accept the declaration" –Rivers Groups rejecting Wike, Fubara's peace deal by the President.

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MAHMUDJEGA VIEW FROM THE GALLERY

Dress Code of Niger

rubbed my eyes three times when I first saw it, to make sure that I had not gone blind in the interim. First the social media, and then nearly every major newspaper, online medium, radio and television station in Nigeria had the story on Monday last week, that Niger State Governor Mohammed Umaru Bago had banned the state’s civil servants from wearing flowing gowns, known as babbar riga or even its lesser form, the kaftan, during working hours. According to the story, Bago said they are not allowed to wear these native dresses from Monday to Thursday, when they must dress smartly to work. They are only allowed to do so on Fridays, probably because this is the day of the weekly Juma’at prayer, which is very important in a predominantly Muslim state such as Niger and on which day worshippers dress in their week’s best. Bago was said to have handed down the shock order on Saturday, December 17, during the presentation of land development and preparation equipment at Brains and Hammers Rice

Gov. Bago

City, Mohammed Inuwa Wushishi Farm, Chakwa Community in Wushishi Local Government Area of the state. Civil servants, he reportedly said, “must dress like workers who work to create wealth and not noblemen.” A video recording

of the governor’s speech, in Hausa language, went viral on social media. He added that any civil servant who wants to wear babbar riga or kaftan should resign from the service. I sat back that evening and imagined the shock, anxiety and consternation that such a directive would have caused in Niger State. I know Nigerlites quite well; we were together in the old North Western State, and majority of my secondary school mates, and many life-long friends, are Nigerlites. No disrespect intended, but even by the standards of Northern Nigeria, the people of Niger State are among the most conservative, in dress, in religious practice, in traditional customs, in politics, in food and even in the manner of exchanging greetings. I used to marvel, during our days together in the old North Western State, that when two Nupe men riding on their bicycles met on the highway, they will stop, both of them will alight from their bicycles, hold the bike with one hand while they kneel down to greet each other. Even by Sokoto standards, that was unusually conservative.

In our secondary school, Nupe students were most conspicuous in religious observances. They prayed ardently; there was one senior student called “Mai agogo” [the one with a clock in his head] because at every prayer time, whatever he was doing, he was always the first to jump to his feet, grab a bottle of water and rush to perform ablution, well before anyone else realized that it was prayer time. No surprise that on the streets of nearly every city, town and village in Niger State, flowing gowns and kaftans are to be seen everywhere, worn by elders and youths alike, civil servants or no, including farmers, artisans, drivers and motor cyclists. Even hunters in Niger State wear flowing gowns. Let us not mention Niger State’s traditional rulers, who wear some of the most regal attires in the North, including huge turbans. Or its Muslim clerics, for whom gowns, turbans and prayer beads are as indispensable as their hands and legs. Let’s not forget the politicians of Niger State. During the Second Republic, Continued on page 46

DAKUKUPETERSIDE Cashless Festivities BENEATH THE SURFACE

he world is moving into a new financial epoch. The era of physical currency is fading, making way for the rise of a cashless society thriving on digital transactions. In a cashless world, financial inclusion is both a promise and a challenge of bridging the gap while ensuring security for all. However, we are far from a cashless economy in Third world countries. In Nigeria, cash is still King. This may result from our love relationship with cash and the poor technology adoption syndrome. The love for cash reaches a crescendo during seasonal celebrations. Nigerians from all regions and religions love to spend extravagantly during the festive period. Such spending boosts the micro economy as well as the spirit of festivity. The digital mode of payment is yet to take root in this country and is not the natural alternative outside elite circles. This holiday season may be different. The system has been starved of cash and Nigerians face an unusual cash crunch.

This scarcity of cash will no doubt have excruciating effect nationwide on both Christians and non-Christians, rural and urban dwellers. Most transactions in the country are cash-denominated. The survival of small businesses and ease of doing business transactions in the informal sector rest on this. Transitioning to a cashless society is not just about technology; it is about reshaping our relationship with money and embracing the digital age. We may link the root cause of the present cash crisis to ex-Central Bank of Nigeria (CBN) Governor Godwin Emefiele's failed Naira redesign policy, which this government promised to fix. The Naira redesign policy of the first quarter of 2023 led to a booming trade in Naira notes as articles of commerce. The more scare, the higher the premium and the more profitable it became for POS operators and their collaborators in the Banks who made a kill in this nefarious business. Unfortunately, POS business appears established like other unconventional

profitable enterprises in Nigeria. POS operators shamefully rejoice in exuberance at the excruciating cash crunch that destabilises the entire cash transaction system. One year after Emefiele's illthought-through policy, cash is still being rationed. ATMs do not have money. Banks are still implementing a cash withdrawal limit policy and inflation is still rising. A scarcity of cash in an economy can have several implications and impact various aspects of financial transactions, economic activities and the overall well-being of individuals. For instance, cash scarcity may lead to declining consumer spending as people may need more access to physical currency for everyday transactions. This can result in a slowdown of economic activities and negatively impact businesses. Secondly, small businesses that rely heavily on cash transactions may need help conducting daily operations. Cash scarcity can hinder their ability to make payments, restock inventory and manage cash flows. Furthermore, cash scarcity may accelerate

a shift towards digital transactions. While this can enhance efficiency and transparency, it may also exclude individuals unfamiliar with digital payment methods or needing access to technology. Again, informal economies may thrive without sufficient cash whereas transactions are often conducted in cash. This can lead to challenges in tax collection, regulatory compliance and overall economic governance. In extreme cases of cash scarcity, there could be a resurgence of barter systems where goods and services are exchanged directly, thereby bypassing traditional monetary transactions. Going further, cash scarcity may exacerbate issues of financial exclusion. Particularly in regions with limited access to banking services or where digital infrastructure is inadequate. Cash scarcity may also disproportionately affect vulnerable populations such as older people, Continued on page 46

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