MONDAY 27TH NOVEMBER 2021 by THISDAY Newspapers Ltd

World Mourns as Anti-Apartheid Legend, Tutu, Passes on Buhari, Biden, Queen Elizabeth, Ramaphosa, Obasanjo, others pay tribute Funeral set for January 1 Bayo Akinloye and James Sowole in Abeokuta Anti-apartheid legend, Archbishop Emeritus Desmond Mpilo Tutu, has passed on. Tutu, the last of the surviving South African laureates

of the Nobel Peace Prize, died yesterday in Cape Town at 90. His funeral has been set for January 1, according to his foundation. Expectedly, tributes have poured in from world leaders, including President Muhammadu

Buhari, South African President Cyril Ramaphosa, United States President Joe Biden, Queen Elizabeth, and former President Olusegun Obasanjo. Buhari, on behalf of government and people of Nigeria, condoled

with Ramaphosa, South Africans, and the global Christian body, particularly Anglican Communion, over the passing of Tutu. In a statement by his special adviser, Femi Adesina, Buhari

believed the death of the iconic teacher, human rights activist, leader of thought, scholar and philanthropist, further created a void in a world in dire need of wisdom, integrity, courage and sound reasoning. He said these

were qualities that the Nobel Peace Prize Winner, 1984, typified and exemplified in words and actions. As a South African, global Continued on page 22

Insecurity: FG Oblivious of Value, Sacredness of Life of Nigerians, Says Bishop Kukah...Page 5 Monday 27 December, 2021 Vol 26. No 9756. Price: N250

www.thisdaylive.com TR

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& RE A S O

22 Nigerian Movers and Shakers in 2022

The new year, which will dawn in a few days, has been widely described as a defining moment for Nigeria. From the critical decisions that must be taken to accelerate economic activities, to the choice of candidates, particularly the presidential candidates, by the two leading political parties in coming elections, and the interventions by some private sector leaders, THISDAY, as part of its projections on what 2022 may hold in stock, presents personalities that may have significant impact on the political and business environments, and in turn, shape events in the country.

Buhari

Osinbajo

Tinubu

Ahmed

Atiku

Emeﬁele

Dangote

Wike

Wigwe

Otedola

Fayemi

Kyari

Buni

Elumelu

Tambuwal

Saraki

Ayu

Aboyeji

Akinlade

Wizkid

Davido

Burna Boy

Continued on page 20

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MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY DECEMBER 27, 2021 •T H I S D AY

MONDAY, DECEMBER 27, 2021 • T H I S D AY

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

THE OSINBAJOS' CHRISTMAS VISIT TO BUHARI... L-R: Koinsola Osinbajo; Damilola Osinbajo; Vice President Yemi Osinbajo; President Muhammadu Buhari and wife of the Vice President, Dolapo Osinbajo; Saun and Siyinoluwa Osinbajo, GODWIN OMOIGUI during the Osinbajos' Christmas visit to the President at the Presidential Villa, Abuja on Saturday

Insecurity: FG Oblivious of Value, Sacredness of Life of Nigerians, Says Bishop Kukah Insists Nigeria must atone for sins against N’Delta Calls for expeditious action on electoral bill Emmanuel Addeh in Abuja The Catholic Bishop of Sokoto Diocese, Matthew Kukah, has said that with the daily deaths all over the country, it was clear that the federal government no longer values the sacredness of human life. In his Christmas message at the weekend, the clergyman noted that just like the authorities would take the extreme option of ordering Jesus' crucifixion, all those who stand for the truth must be ready for persecution. The bishop recently received serious flaks from various groups in the country, especially in the north for drawing attention to the killings, injustices and imbalances within the Nigerian nation. Kukah maintained the times had not changed since the days of Jesus, pointing out that everywhere and every time that people holding power without authority hear the sound of truth, “they quiver and waiver.” According to him, the price for holding on to what was true, could even include loss of life. Kukah lamented that the country appearred to have moved on by ignoring the fate of its children in the custody of people he termed evil men, stressing that the moral scar of shame on Nigeria cannot be wished way. “Nothing expresses the powerlessness of the families like the silence of state at the federal level. Today, after over seven years, our over one hundred Chibok girls are still marooned in the ocean of uncertainty. “Over three years after, Leah Sharibu is still unaccounted for. Students of Federal Government College, Yauri, and children from Islamiyya School, Katsina, are still in captivity. “This does not include hundreds of other children whose captures were less dramatic. We also have

lost count of hundreds of individuals and families who have been kidnapped and live below the radar of publicity. We have before us a government totally oblivious to the cherished values of the sacredness of life,” he stated. According to him the silence of the federal government was only feeding the “ugly beast of complicity” in the deeds of the evil people who have suspended the future of entire generations of Nigeria’s children. The religious leader also recalled the case of Michael Nnadi, the murdered teenage Seminarian from Sokoto Diocese, Mrs. Bolanle Ataga, a Kaduna based housewife who who defied her captors from violating her and Lawan Andimi, leader of the Christian community in Michika, who was slaughtered by his abductors because of his faith. Kukah stated that President Muhammadu Buhari owes parents and citizens answers as to where the children are and when they are coming home or when the abductions, kidnappings, brutal, senseless, and endless massacres of citizens will end. He urged the president, governors and Nigeria’s security men and women, to develop a more honest, open, and robust strategy for “ending the humiliation of our people and restoring social order”, adding that “We have borne enough humiliation as communities and as a country.” In addition, he called on the authorities to do everything to mitigate the environmental degradation in the Niger Delta, describing the situation as an existential crisis. According to him, while the rest of the world struggles to preserve the future for its civilisations and citizens with a sense of urgency, Nigerians have continued to ignore the existential threats posed by the environmental disaster it faces.

He recalled that Nigeria established an ecological fund way back in 1981 while the Olusegun Obasanjo administration set up the ministry of environment in 1999, saying that since then, there have only been plans and huge budgets. “Air and water pollution, waste management, deforestation, desertification, erosion, and flooding, continue to threaten agriculture, aquaculture, and the welfare of citizens despite all these grand plans. Over time, we have seen long, good promises caught in the web of bureaucratic fraud,” he argued. The bishop maintained that there was an urgent need to reverse the effect of “our sins against the Niger Delta” and

to quickly embark on local and national initiatives to ensure the future by full environmental restoration. “We cannot afford to continue with the reckless pollution of our environment that is destroying aquatic, terrestrial, and human lives. The clock is ticking,” he noted. On the ongoing debate over the electoral bill, he hinted that happily, the country was inching closer in its search for a viable and credible process and commended the Independent National Electoral Commission (INEC) and the National Assembly for injecting technological innovation into the country’s electoral process. However, he urged the lawmakers to quickly take notice of the observations made by

the president on the issues of direct or indirect primaries and return the bill to him for assent. Kukah called on Nigerians, especially the youth, to seize the moment by coming out to register and be ready to vote, advising that the Endsars protests and the aftermath should be a mere punctuation mark in the sentences and chapters of their struggle for a better society. Talking about the security crisis in the north, the clergyman stated that at about this time last year when he raised the alarm about the perilous state of affairs in northern Nigeria, all kinds of accusations were levelled against him, especially by his northern brethren. In the same vein, he contended that when the

Catholic Bishops protested openly against the killings of their people in March 2020, they were accused of acting against government with religious motives being imputed to their noble intentions. “Now, we are fully in the grip of evil. Today, a feeling of vindication only saddens me as I have watched the north break into a cacophony of quarrelsome blame games over our tragic situation. “A catalogue of unprecedented cruelty has been unleashed on innocent citizens across the northern states. In their sleep, on their farmlands, in their markets, or even on the highway, innocent citizens have been mowed down and turned into burnt offerings to gods of evil.

SERAP Writes Buhari, Seeks Probe of Missing N3.1bn in Finance Ministry Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice, Abubakar Malami and appropriate anti-corruption agencies to investigate allegations that over N3 billion of public funds were missing, mismanaged or diverted from the Federal Ministry of Finance. The organisation stated that the allegations were documented in the 2018 and 2019 annual audited reports by the Auditor-General of the Federation. In the letter dated 24 December 2021, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the reports suggested a grave violation of the public trust, as trustee of public funds, the Ministry of

Finance ought to ensure strict compliance with transparency and accountability rules and regulations. SERAP said anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered. The letter, read in part: “Investigating and prosecuting the allegations, and recovering any missing public funds would improve the chances of success of your government’s oft-repeated commitment to fight corruption and end the impunity of perpetrators. “It will also serve the public interest. According to the report of the Auditor-General for 2018, the Ministry of Finance spent N24, 708,090 on pre-retirement training but without any document. The consultant hired also failed to quote any price as cost of the training but the

Ministry paid N5, 670,060 to the consultant. Request for payment from the consultant was dated 20 January 2017 while the first payment voucher in his favour was dated 13 January 2017 (7 days before his request). “The Ministry also reportedly failed to account for N2,885,772,493.27 released to the Ministry from the Service Wide Vote to take care of estacodes and other allowances for representing the Federal Government in meetings, and contribution to Organisation for Petroleum Exporting Countries (OPEC). The money was spent without approval, and any documents. “The Auditor-General is concerned that the money may have been mismanaged. The Ministry also reportedly awarded a contract on 17th May 2017 for N98,540,500 without any document, contrary to the Public Procurement Act. The project was not also budgeted

for. There was no evidence of performance of the contract.” The organisation added: “The Ministry also deducted N9,354,809.52 as WHT and VAT but without any evidence of remittance. The Auditor-General wants the money recovered. “SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs, and undermines economic development of the country, trapping the majority of Nigerians in poverty and depriving them of employment opportunities. We would be grateful if the recommended measures are taken within 14 days of the receipt and/ or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”

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NEWS

CHRISTMAS DAY SERVICE AT THE LAGOS CATHEDRAL... L-R: Archbishop, Ecclesiastical Province of Lagos and Bishop of Lagos Diocese, Most Revd. Humphrey Olumakaiye; his wife, Prof. (Mrs) Motunrayo; Lagos State Governor, Mr. Babajide Sanwo-Olu and the First Lady, Dr. Ibijoke Sanwo-Olu, during a Christmas Day Service at the Cathedral Church of Christ, Marina on Saturday

Implementation of $1.136bn Anti-malaria Project in Nigeria May Suffer Setback Onyebuchi Ezigbo in Abuja Representative of the Country Coordinating Mechanism for the Global Fund, Mr. Ibrahim Tajudeen has said the utilisation of a $1.136 billion grant offered Nigeria by the United States and the Global Fund for Anti-malaria intervention programme was being threatened by poor counterpart funding. According to Tajudeen, the amount was meant for the execution of the next phase of anti-malaria intervention programme from 2021 to 2023. He, however, lamented that the inability of the federal government to foot its part of the funding was delaying the full utilisation of the grant. Against the background of the controversy generated by the federal government's request for the National Assembly's loan approval of $360 million to fund its counterpart obligation in the execution of malaria intervention programme, Tajudeen said the programme may suffer setback, especially the initiative to safeguard pregnant women and their children from malaria. Tajudeen who made this known in an interview with THISDAY at the quarterly advocacy meeting of the Civil Society in Malaria Control, Immunisation and Nutrition (ACOMIN), said the issue was erroneously portrayed as if the money was to be used to purchase mere mosquito nets. He explained that Global Fund usually give countries allocation letter every three years, adding that Nigeria was fortunate enough to be one of the countries that received the highest allocation for the implementation period of 2021 to 2023 from $890 million to $1.136 billion. "Our allocation keep increasing from $890 million plus COVID-19 interventions of $246 million, which is about $1.136 billion grants

for the country," he added. He, however, said the grants came with little conditions attached to it. According to him, most of the opposition by members of the National Assembly to the issue of the loan for funding of counterpart obligation on malaria intervention programme stemmed from lack of information which he said was as a result of gaps in communication and policy sensitisation. Speaking on the need for more advocacy and

campaigns on the policy measures on malaria intervention programme, Tajudeen said: "If you see the calibre of people that condemned some of the interventions, especially malaria, it shows that there are gaps between policy operations and the general public. More importantly, the legislators need to be more acquainted with what we are doing and we need to move closer to them by giving them the required information.” Tajudeen said one of the

conditions for the malaria intervention fund was for the Nigerian government to make sure that it provides health kits for pregnant women so that they can have the three courses of IPT. “I don't think that is too much to ask from the federal government by the donor that gave over $1.1 billion free of charge. "The second point is that for a certain number of years from 2015 to date, there were some states that were categorised as orphan states. And if these states

are orphan, then who takes care of them, it should be the federal government. So the federal government was asked to provide mosquito nets for distribution to pregnant women, under-5 year children and funds for sensitisation campaign. "It was on that basis that government approached the World Bank, African Development Bank and Islamic Bank and we are seeking loan of $360 million, $200 million from World Bank, $100 million from ADB and $60 million from

the Islamic Bank," he said. On his part, the Coordinator of ACOMIN, Mr. Ayo Ipinmoye expressed dismay at the delay in the approval of funds to defray federal government's counterpart obligation in the malaria intervention programme. He said currently the malaria scourge was ravaging the citizens. According to Ipinmoye about 55,200 under-five deaths were recorded in Africa due to malaria illness in the last one year.

NAFDAC Advises against Use of Sex Enhancement Drugs Says they are capable of damaging kidney, liver, cause sudden death Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control, (NAFDAC) has warned Nigerians to desist from using performanceenhancing substances known as aphrodisiac in order to impress their female partner. The government agency stressed that consumption of such drugs could lead to stroke or sudden death. The warning came as it disclosed that N3 billion worth of falsified and banned drugs and unwholesome food products were seized by the agency recently at the Lagos Trade fair Complex. It revealed that no fewer than 20 trailer loads of such banned and unwholesome products were carted away by officers of the agency’s investigation and enforcement directorate led by Kingsley Ejiofor. According to NAFDAC, some of the drugs impounded at the trade fair complex were performanceenhancing drugs. The agency also urged Nigerians to be mindful of what they eat, stating that careless consumption could be very harmful to

their health. The Director General, Prof Mojisola Adeyeye gave the advice in her Christmas and New Year goodwill message to Nigerians, where she decried the preponderance of performance-enhancing drugs otherwise known as ‘Manpower' in local parlance, in the Nigerian market. According to Adeyeye, most of the performanceenhancing drugs were not registered with NAFDAC. "They are smuggled into the country. If they were registered, the producers and peddlers alike would not be doing what they are doing in the supermarkets, social media platforms and on the streets," she said. In a statement by NAFDAC's Resident Media Consultant, Sayo Akintola yesterday, Adeyeye lamented that many men had died using performanceenhancing drugs and their relatives do blame their death on some imaginary witches in the village. The NAFDAC boss also described as false the claim by the producers of the products that they have no side effects, insisting that majority of the products did not go through the approval

process of evaluation by the agency. She however, warned that the agency would not relent in running after the peddlers of such dangerous drugs until they are brought to book for violating the regulations. "Just like the need to have food and water, intimacy is also a primary requirement in life. Most human beings have the need for intimacy for a healthy sexual life which determines their overall wellbeing. If there are physical or psychological problems to a person’s sexuality it can hamper their self-confidence. "Many people today have been caught in the web of such circumstances leading them to seek a way out of the wood. In recent times, the use of aphrodisiacs has become the range. "Many people are ignorant of the possible damage that misuse of aphrodisiacs or use of unregistered drugs could cause, said Adeyeye, adding that there were manufacturing and quality guidelines, and mandated regulations that control the production, importation, exportation, advertisement, and the use of such products.

According to her, unbridled use of aphrodisiacs has a lot of implications in the entire body system, noting that the use of the products could potentially affect the blood pressure of the body. She stressed that when you have a disproportionate flow of blood to a particular part of the body and lasting longer than normal, they tend to disrupt the normal flow of the circulatory system. Adeyeye further warned that aphrodisiacs could also interact with other drugs in the system, explaining that the liver was responsible for breakdown of drugs while the byproduct of all waste goes down through the kidneys. “When these things are used especially with some herbal medicines that don’t have dosage and professional prescription, it can lead to internal organ damage. It can hurt the liver and the kidneys, leading to untimely death” she warned. "The way the body system works, everything should function the way God designed it. When they begin to disrupt those functions overtime it affects the imbalance and the ecosystem of how

the body physiology works and can lead to unintended consequences. "For those who have certain health risks, like people that are hypertensive, or people that have heart disease, there is more of anxiety that the drug could stimulate into the system, and with anxiety, that can lead to changes in the physiology of the body and can lead to stroke or sudden stoppage of the heart. "These happen in cases when men suddenly slump during sexual intercourse as reported in Rivers and Cross Rivers States recently, she said in a tone laden with grief. "There are a lot of side effects. Every drug is a potential poison. Every drug has one side effect or the other. These are chemical products with side effects. In some cases there are associated Adverse Drug Reactions, which means it could lead to death or more serious organ damage depending on usage,” she said. Adeyeye said recently, the agency also impounded falsified and banned drugs and unwholesome food products at the Lagos Trade fair Complex.

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY, DECEMBER 27, 2021 • T H I S D AY

NEWS

FAMILY THAT PRAYS TOGETHER STAYS TOGETHER... L-R: Son of the governor of Ogun State, Tobi Abiodun; his mother, Bamidele Abiodun and Governor Dapo Abiodun at the Christmas Day service held at St. James' Anglican Church, IperuRemo in Ikenne local government area of the state, weekend

Senate: PEF Must Account For Interest on N34bn Fixed Deposit Deji Elumoye in Abuja The Senate has insisted that the defunct Petroleum Equalisation Fund (PEF), now Nigeria Midstream and Downstream Petroleum Regulatory Authority (NPRA), must give account for interest that accrued to N34 billion it placed in fixed deposit. The upper legislative chamber had through its Public Committee accused the agency of not remitting fully the interest that accrued from N34 billion it fixed in a deposit account in 2015. But, the agency had in a letter to the committee claimed to have remitted the interest to the Federation Account. Not satisfied with the agency's

response, Chairman of the Committee, Senator Mathew Urhoghide, insisted at the weekend that the agency must present evidence of remitting N182 million which accrued from N34 billion placed in fixed deposit. He added that whether the agency changes name or not, it must appear before the Committee and account for the interest on the fixed deposit account. According to him, PEF must account for N100 million that is remaining in the interest that accrued to N34 billion placed in the fixed deposit account or else the Committee will sustain the position of Auditor General of the Federation (AuGF)against

THEWILL Names Emefiele 2021 Person of The Year THEWILL Newspaper has named the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, as its Person of the Year for 2021. The news platform made the announcement on its double cover stories Christmas edition captioned, “Emefiele: Passionate Central Banker in Turbulent Times” and "Godwin Emefiele: Revolutionary Banker That Walks His Talk," which is currently available on newsstands nationwide as well as its other digital channels. In arriving at the choice of Emefiele, who is Nigeria’s 10th indigenous CBN Governor, THEWILL Newspaper explained: "Since he first assumed office on June 4, 2014, Mr. Godwin Ifeanyichukwu Emefiele, Nigeria’s 10th indigenous Central Bank Governor, has been in the eye of the storm over the apex bank’s monetary policies. "The reason is simple. There is an organic relationship between the Central Bank and the economy of a nation; the bank’s policies have far-reaching implications on the people’s wealth-creating abilities and standard of living. It is therefore a matter, of course, that Emefiele is a household name to different people for different reasons. "At one time, he was applauded

by proponents of the bank’s policy initiatives. At the other, he was lambasted by critics for what they perceive as deliberate moves to worsen an already bad situation. But this passionate central banker has been consistent in his actions, which underlies the fact that he means well for the nation and the economy with his boundless belief in people-oriented policies.” It added: "Unarguably, Emefiele’s coming on board as CBN Governor first in June 2014 and his re-appointment in June 2019, brought hope and calm to an economy that witnessed two recessions and suffered the scourge of the COVID-19 pandemic under his watch. “Upon his first appointment, Emefiele unveiled his 10-point agenda, which spelt out, unambiguously, his plan to make the CBN more people-focused. “He left no one in doubt as to the priority of his policy thrust – development finance, to create jobs and attain financial stability. He said he was committed to creating “a Central Bank that is professional, apolitical and people-focused,” which “spends its energies on building a resilient financial system that can serve the growth and development needs of our beloved country.”

the agency. The AuGF had in its 2015 audited report queried the PEF over the non-remittance of the interest that accrued on the fixed account to government coffers. The query reads, "At the Petroleum Equalisation Fund (Management) Board, it was revealed that in 2015, the Board placed the sum of N34,003,057,534.22 (Thirtyfour billion, three million, fifty-seven thousand, five hundred and thirty-four naira, twenty-two kobo) in fixed deposit accounts in various banks which yielded interest

in the sum of N182,400,810.74 (One hundred and eightytwo million, four hundred thousand, eight hundred and ten naira, seventy-four kobo). "However, the Board remitted only the sum of N82,263,824.31 (Eighty-two million, two hundred and sixty-three thousand, eight hundred and twenty-four naira, thirty-one kobo) to the Consolidated Revenue Fund, leaving a balance of N100,136,986.43 (One hundred million, one hundred and thirty-six thousand, nine hundred and eighty-six naira,

forty-three kobo) unaccounted for. "This act is a contravention of the provision of Financial Regulation 222 which stipulates that “Interest earned on bank accounts must be properly classified to the appropriate revenue head of Accounts and paid to the Consolidated Revenue Fund”. "The Executive Secretary should remit the outstanding interest yield of N100,136,986.43 immediately to the Consolidated Revenue Fund and furnish evidence of remittance for my verification.

"Failure to comply should attract appropriate sanctions in line with Financial Regulation 3112 which stipulates that “where an officer fails to give satisfactory reply to an audit query within 7 days for his failure to account for government revenue, such officer shall be surcharged for the full amount involved and such officer handed over to either the Economic and Financial Crimes Commission (EFCC) or Independent Corrupt Practices and Other Related Offences Commission (ICPC)."

Sahara Group’s 2020 Sustainability Report Highlights Growth, Innovation Ugo Aliogo One of the leading energy conglomerates, the Sahara Group has released its 2020 Sustainability Report which further reiterated its commitment to creating shared value for its various stakeholders through economic development, protection of the environment and building a sustainable society. The report highlighted the Group’s economic, social, and environmental performance across seven operating entities within the Group including the Sahara Foundation. With the theme: “Leveraging Disruption for Growth and Innovation,” the report underscored how Sahara continued to leverage innovation and technology in achieving its corporate goals and sustainability ambitions across its businesses in Africa, Asia, Europe, and the Middle East. In 2020, the Sahara Group navigated through the global economic and health challenges, thereby ‘Leveraging Disruption for Growth and Innovation’. The Director, Governance and Sustainability, Sahara Group, Pearl Uzokwe, said the Group had continued to foster partnerships and initiatives that have co-created a desirable future

through innovation. Uzokwe said: "We navigated through the global economic and health challenges with continued attention to creating shared value for our stakeholders. Our proactive response to the pandemic ensured business continuity." She said the Group’s COVID-19 response work included the launch of Abuja’s only isolation, recovery and treatment centre with 300 beds for patients; providing and sustaining oxygen supplies for hospitals in Ghana and Cote D'Ivoire, providing dry and cooked food to over one million beneficiaries, face masks, hand sanitizers and relief materials to communities where our power affiliates (Ikeja Electric, Egbin Power and First Independent Power Limited), upstream and other Sahara affiliates operate across Africa. “In Zambia, Asharami Energy Limited Company donated tens of thousands of hand-made fabric/ Chitenge masks to shore up access to PPE and slow the spread of the virus. The company also published materials in English, Bemba, and Nyanja to facilitate the dissemination of information about the pandemic. “In Kenya, Asharami Synergy Limited donated thousands of 5

litre jerrycans of hand sanitizers, whilst oxygen was donated to hospitals in Nigeria, (through Egbin Power), Ghana as well as Cote d'Ivoire to boost life support operations. Our commitment is to make an impact on 1.3 billion Africans as the continent recovers from the pandemic,” it added. According to Uzokwe, Asharami Energy Limited, a Sahara Group Upstream Company, recorded an improved performance in responsible procurement with 92 per cent of our suppliers assessed for environmental risks in 2020. A foremost operator in Africa’s upstream sector, Asharami Energy also achieved zero fatalities and loss time injury in the reporting year. Sahara’s trading arm has committed to total compliance with IMO2020 regulation on keeping Sulphur content in shipping fuels at 0.50% m/m (mass by mass) for emission control. Furthermore, a commitment of $44million for the construction of Liquefied Petroleum Gas (LPG) facilities within West African region was made as well as the purchase of two additional LPG vessels to ensure the availability of cleaner energy sources for our global market.

“Our commitment to host communities enabled our investment of US$742 million in community development with a focus on COVID-19 relief support. We also fixed all cables and panels for the rural electrification project in Ajoki community. A project we plan to deliver by 2022. These demonstrate our progress on the sustainability journey,” Uzokwe added. In spite of the challenges faced in 2020, the Sahara Foundation realigned its focus areas to address two new pillars- promoting access to clean energy and fostering sustainable environments as we execute the Group’s Personal and Corporate Social Responsibility (PCSR) initiatives. In 2020, we launched a flagship project, the Sahara Impact Fund, aimed at boosting the UNSDGs in Africa with over $100,000 capacity. It stated that Sahara Group's 2020 Sustainability Report reflected its economic, social, and environmental activities from January 1 to December 31, 2020. The report was the energy conglomerate's sixth sustainability report, and the fifth report written in line with the GRI standard.

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY, DECEMBER 27, 2021 • T H I S D AY

NEWSXTRA

Military Chiefs Order Troops to End Terrorism in N’East in 2022

Kingsley Nwezeh in Abuja

The Chief of Army Staff, Lt Gen Faruk Yahaya and Chief of the Air Staff, Air Marshal Isiaka Amao, weekend, charged troops to end terrorism in the North-east by next year. The duo gave the charge at a joint Christmas luncheon for the 91 wounded troops at the Maimalari Cantonment, Maiduguri. "I implore you all to remain steadfast in tackling the myriads of security challenges that bedeviled our fatherland,” the army chief said. He said the troops should continue to work and actualise the mandate of Operation Hadin Kai (OPHK), which could restore peace in the North-east in 2022. He said the Christmas celebration provided a unique memorable occasion to appreciate the sacrifices, loyalty and gallantry of troops in OPHK and other operations across the country.

“There are fallen heroes, who paid the supreme price in the defence of our beloved country,” he said. While praying God to grant their souls eternal peace and comfort their families, he said President Muhammadu Buhari remained committed to enhancing the capacity of the troops through the provision of modern arms, vehicles and other fighting equipment. Yahaya stated that this was to ensure that the ongoing war against insurgency was brought to a logical conclusion in no distant time. The general assured the people that the massive delivery of heavy, fighting equipment in the theatre was a testimony to the president’s resolve to end Boko Haram insurgency and other insecurity threats to the nation. In his remarks, the air force chief called for the synergy of the armed forces in order to contain the security challenges

confronting the nation. “There should be a synergy among the armed forces, where the air component of the operation could provide

both aerial and surveillance support to end terrorism that has claimed many lives and property," he said. Two officers and four

soldiers were given awards for their gallantry in the frontlines. The service chiefs also donated N10.5 million to 50 widows of fallen heroes.

The 91 wounded troops that participated at the joint Christmas luncheon were given N20,000 each by the army chief.

Electoral Act: Standing Down from Overriding Buhari Was Strategic, Says Senator Umar Hammed Shittu in Ilorin. Chairman, Senate Committee on Rules and Business, Senator Sadiq Umar, has said the standing down on Senate's proposed veto of the Electoral Act Bill sent back by President Muhammadu Buhari, was purely strategic and has nothing to do with making any U-turn. Umar, who represents Kwara North Senatorial district, however, said such action by the Senate would have been meaningless without a corresponding decision from the House of Representatives. The senator, who spoke in Ilorin, Kwara State capital at the weekend, during the Correspondents’ Chapel Union of Journalists (NUJ) personality Programme tagged: ‘News Keg’ said, "The upper house was poised on overiding the President's veto but learnt that the Speaker, Femi Gbajabiamila, had put off decisions on the matter till January. "Overriding the president’s veto requires a two-thirds vote of both chambers, however, since the House of Representatives was in recess having on Tuesday adjourned until January 2022 without a decision on the issue, whatever the Senate may have chosen to do would be an exercise in futility." Buhari had last week, returned the Electoral Act Amendment Bill to the National Assembly, explaining why he couldn't sign the bill into law. There had since been backlashes from the public and across the political parties, especially, the heat on the lawmakers. But explaining the Senate's angle, Umar said their decision was strategic. "We did not make a U-turn on the proposed law as some

might want to believe. Our actions on the bill was a well thought out one. We consulted widely on the bill and made sure we carried stakeholders along, so we are ready to take the matter to the next level. We are not convinced by the president's myriad of reasons why he couldn't sign the bill into law. "But while we were debating the matter the House of Reps did not do so. We learnt that the matter had been put off till next year to allow tempers to cool and make for further meaningful consultations. If we had gone ahead to override the president on the matter, it would have been of no effect, null and void. "The House of Reps needed to back us for it to become law if we choose to override the president's veto. Standing down on the matter was purely strategic and has nothing to do with making any U-turn,” the senator said. He further used the platform to clear the air on a prevailing perception of the 9th Assembly being more of a rubber stamp for the executive. Umar said senate’s duties were principally to make laws, engage in oversight functions and check the executive. "But all these can be achieved without rancour", adding that, there had been instances in the past, where the Senate disagreed with the President. "One instance was given as that concerning the screening of Lauretta Onochie, former special assistant to the president as commissioner with Independent National Electoral Commission, INEC. We stood our ground on the matter but we sought a creative way of doing so without creating controversy," he said.

INT'L BASKETBALL FORWARD VISITS ENUGU GOVT HOUSE... Governor Ifeanyi Ugwuanyi of Enugu State (L) with the Enugu/United States-born international basketball forward and Captain of the Nigeria Women’s National Team, Adaora Elonu, at the Government House Enugu ... recently

2023: APC, PDP, Others Urged to Slash Fees for Nomination Form for Youths by 60% Representative of Kwara Central in the Nigerian Youth Parliament (NYP) fifth Assembly, Hon. Ibraheem Abdullateef has called on the leadership of the major political parties in Nigeria to slash fees for their nomination forms ahead of the 2023 elections to strengthen democracy and foster inclusion. In the 2019 elections, the gubernatorial expression of interest form of the APC was N2.5 million, while the nomination form went N20 million. Both categories attracted N1 million and N20 million, respectively in the PDP. Reports also showed that PDP charged N2 million for expression of interest and N10 million for nomination form for the office of president, N3.5million for senate, N2.5million for House of Representatives and N600, 000 for the House of Assembly. On its part, the APC charged N5 million for

expression of interest and N40 million for nomination form for the office of president; N7 million for Senate, N3.5million for House of Representatives and N850,000, for the House of Assembly. These political parties retained the fees in the recently held Anambra elections and have adopted the same for the elections in 2022. Owing to these, the young parliamentarian described Nigeria's democracy as hugely expensive, saying that it encourages corruption, inequality, and alienation of the common people. "We have seen in the past few months a great deal of debate over the amendment of the Electoral Act. Regardless of one's political leaning, it is the most patriotic thing to support to strengthen our democracy. I urge President Muhammadu Buhari and the National Assembly to find a common ground in bringing

the bill to life urgently," a statement quoted Abdullateef to have said at the weekend. "However, there is one more thing for young Nigerians to make a priority as we move closer to the 2023 general elections: the crazy fees for nomination forms. It is uneconomical, undemocratic, a stumbling block to the national agenda for inclusion and peace. This must form a strong discussion point for the political parties, media, CSOs, and other stakeholders. "There should be reductions of these fees for aspirants under 35 years below from bottom office to the top. It should be reviewed now. “No party must retain those crazy tables from 2019. For clarity, both the APC and PDP constitution gives women a 50 per cent cut, but they continue to alienate the youths. Youths, especially, should get at least a 60 per cent reduction. It is

time to put real action to the agenda of youth inclusion in politics and leadership,” he added. Abdullateef, who is also an alumnus of African Liberty Fellowship, USA, charged young Nigerians to take up the cause with vigour as they did with Age Reduction Bill known as #NotTooYoungToRun in the run-in to 2019 elections. "After the historic success of #NotTooYoungToRun which made electoral offices attainable age-wise, the most pressing and patriotic electoral change for the nation, especially young people is making the electoral space affordable. “After the general elections in 2019, only 8.6 per cent (68 members) of 991 seats in the 36 State House of Assemblies and 6.8% of 360 members of the House of Representatives were under 35 and below. It needs to go way up. Nigerian youths demand inclusion from political parties in one voice now."

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY DECEMBER 27, 2021 •T H I S D AY

MONDAY DECEMBER 27, 2021 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 27, 2021

COMMENT

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

ACCESS TO HOUSING IN LAGOS

The state government is working hard to deliver more homes to Lagosians, writes Tayo Ogunbiyi

ith the latest commissioning of the 774 housing units at the Sangotedo axis of the State by Governor Babajide Sanwo-Olu, access to ownership in Lagos is steadily getting better. Speaking at the unveiling of the new homes, Governor Sanwo-Olu disclosed that the 744 units LagosHOMS Sangotedo Housing Scheme (Phase 1), comprising 248 One-bedroom, (a room self-contained), 248 2-bedroom and 248 3-bedroom homes, is the largest housing scheme to be completed by his administration. Sanwo-Olu said that apart from fostering an enabling environment for family life and for raising future leaders, decent homes help in reducing occurrences of security breaches to the minimum. Since the inception of the Sanwo-Olu administration on May 29, 2019, 14 housing schemes have been completed and inaugurated in various parts of the State. Yet, the government isn’t resting on its oars as it is working hard to deliver more homes for Lagosians. For instance, according to the Commissioner for Housing, Mr. Moruf Fatai-Akinderu, the Phase 2 of the Sangotedo scheme will be delivered in due course. When completed, it will offer additional 444 homes to the housing stock in the area. The good thing about the homes being built by the government is that they come with fantastic infrastructural components such as a network of well-structured roads, adequate drainage system, perimeter fence, sewage treatment plant, water treatment plant and electricity. Another exciting aspect of the State’s housing initiative is its job creation dimension as over 16, 904 jobs have been created through construction work in the various housing schemes across the State. Besides the main and sub-contractors, numerous artisans, labourers, suppliers and food vendors are also effectively engaged and earning a living from these projects. Governor Babajide Sanwo-Olu revealed this while commissioning the 480 Housing Unit at Ibeshe, Ikorodu, saying that it is in acknowledgement of its job creation potential that his administration considers housing development a topmost priority. He described provision of housing as one of the core mandates of his administration, adding that the commissioning ceremony was a clear testimony and indication of fulfillment of electoral promises. Also, in a bid to reduce incidences of building collapse, cost of property development and enhance quality in housing development the Governor Sanwo-Olu has unveiled plans to build the competence of local artisans and craftsmen in the State. The purpose of the plan, the governor said, is to improve the skills of local artisans and bring them at par with their contemporaries in the region and the world at large. Speaking while commissioning a 774 housing units of LagosHOMS Sangotedo Phase 1, Governor Sanwo-Olu said there is so much skill gap in the built sector, which forced Nigerian developers to prefer artisans from other countries. He described the development as sad, especially when the construc-

THE GOOD THING ABOUT THE HOMES BEING BUILT BY THE GOVERNMENT IS THAT THEY COME WITH FANTASTIC INFRASTRUCTURAL COMPONENTS SUCH AS A NETWORK OF WELL-STRUCTURED ROADS, ADEQUATE DRAINAGE SYSTEM, PERIMETER FENCE, SEWAGE TREATMENT PLANT, WATER TREATMENT PLANT AND ELECTRICITY

tion industry has a large potential for economic engagement for the Nigerian youth. Consequently, the governor disclosed that the Ministry of Housing would soon come up with an artisan training package tagged MasterCraft Programme where over 1000 artisans would be trained. Harping on his administration’s drive to invest in a mass housing scheme, Sanwo-Olu said that the government has to continue to build decent homes in livable communities for people so that they can be psychologically and socially stable enough to contribute their quota to the ‘Greater Lagos’ project. Since everyone can obviously not benefit from the State’s housing schemes, the government is working on the commencement of a monthly rent payment scheme which will commence soon in the State. Special Adviser to the Governor on Housing, Benson-Awoyinka disclosed this during a discussion on Rental Policies at the Second Lagos Real Estate Market Place Conference and Exhibitions. She maintained that the new initiative will greatly ease the burden of yearly payment on residents, assuring that landlords will, however, get their annual payment of house rent upfront, while tenants will no longer have the burden of yearly payment of a huge amount of money. Her words: “Tenants can therefore use the yearly payment for other forms of investments or for payment of school fees as the burden of payment of yearly rent is taken away from them completely. So it is a win-win social investment scheme, it is a good one and it is applaudable”. The Special Adviser explained that for tenants interested in the scheme, they must be able to meet some requirements which include the capacity to make the payments on a monthly basis, stressing that the scheme will begin with those in the formal sector with monthly income after which the informal sector will be brought on board. On his part, the Lagos State Commissioner for Finance, Dr. Rabiu Olowo, said the initiative was part of the resilience policy of the current administration, noting that the state government did a rental survey and found out that 88 per cent of tenants would rather pay their rent monthly. With the housing deficit in the State, the government is still resolute on creating more innovative methods for supplying decent and affordable homes to the people of the State. Given the State’s limited land mass and the increased pressure on available lands for housing and other developmental ventures, the time is ripe for thinking outside the box. In the course of time, the government is keen on evolving an inclusive strategy through which owners of old homesteads partner with the government in terms of releasing old properties to the government for vertical developments of blocks of homes. The land on which the homes are will be viewed as equity for the family concerned while the government will partner in building high rise accommodation to serve as homes for more people. This is a strategy that will also result in urban renewal and regeneration of old homesteads. Ogunbiyi is Deputy Director, Public Affairs, Lagos State Ministry of Information & Strategy, Alausa, Ikeja

RETIREMENT SHOULD BE ENJOYED, NOT ENDURED Timi Olubiyi gives some tips on essence of planning for retirement

he current landscape of retirement in Nigeria will change in the next couple of years as the aging workforce is becoming increasingly visible in businesses, government, politics and in sports. Besides, with or without employment retirement phase will surely come for every individual. However, persistent high rates of unemployment have been a serious concern in the country over the years, without any visible unemployment benefit, insurance or social policy. The reality is that many in this unemployment category will equally be reaching retirement age and will be transiting in few years. So the impact of unemployment should be seen as long term and life-long, because it affects living standards even in retirement, when active age and work life has been passed with no palliatives or supports. It is not uncommon for employees, politicians, entrepreneurs and the unemployed to live more than 20 years after the retirement age of 60 years but the issue is usually the sustainability of wellbeing, livelihood, lifestyle, status, and social demands. The longer the time spent in retirement, the harder it becomes to be certain about the adequacy of resources to keep the livelihood and lifestyle going. For those that care to know, individuals will need to have enough funds, assets that generate steady income, family support or investments saved to last even beyond 20 years. Unfortunately, with a recent survey in Lagos State amongst the cluster of entrepreneurs and older adults majority may not have enough to meet and maintain their standard of living particularly livelihood, in an era of uncertainty, increasing inflation and harsh economic environments and much more at retirement. This piece present insights from business owners and businesses around Lagos State, the economic capital of the country, on retirement planning. A

follow-up survey in computer village Ikeja area of the State was carried out, where respondents (entrepreneurs) indicated that they will only be willing to grow and expand their businesses at the expense of retirement planning, how ironic? Few mentioned that the only motivating factor that can increase their confidence on retirement is if their businesses succeed. One of the key findings in the survey was that only a fraction of businesses are aware of the importance of pension and retirement plans. It was a stiff struggle identifying businesses with adequate arrangement of pension for staff, owner manager or the business operator. Even though a retirement plan through pension arrangements can help ensure that business owners and their staff have enough funds to live on in their later years, this all important scheme is found missing in majority of small businesses in Lagos State. Recall small businesses are over 90% of existing businesses in the country and provides significantly for majority of homes and family in terms of employment, sustainability and livelihood. Many entrepreneurs are so busy growing their businesses that they put off planning for retirement, this growing trend is not only worrisome but disturbing. Surprisingly as important as a retirement plan is, aging business owners and operators rarely consider it imperative. The survey further indicated that the majority of the businesses especially the self-employed do not have retirement savings plans, and 40% of business owners in the survey are not confident that they will be able to retire before the age of 65. Nevertheless, the good news is that those small business owners have more options available to them than traditional 9am to 5pm office employees, yet this advantage is not explored. Because it presents an option of flexibility in the date of retirement. Retirement can either be considered early or later, in some

cases business owners might choose not to fully retire. The flexibility gives entrepreneurs the option to determine exactly when to stop working, yet majority continue to operate without ceasing. Indeed, according to the survey, 70% of the selfemployed and entrepreneurs in computer village do not save regularly for retirement. The reason for this phenomenon is that they do not receive a steady salary pack, so many of these hardworking individuals forgo retirement plans. The survey further highlights that some of the small business owners have the mind of selling their businesses to fund their retirement and relocate to the village when the time arises. However, the risk of this option is that entrepreneurs and small business owners can overestimate the value of their businesses and eventually run at a lost. Counting entirely on the sale of the business to fully fund a long retirement is highly risky due to unforeseen circumstances. The survey also found that many business owners would appreciate guidance when it comes to retirement because they lack knowledge of it. It is important to note that before death, especially under normal conditions in life, there is a phase called old age; a period where entrepreneurs have almost exhausted intellectual values and strength. Consequently, there is a need to prepare for such a phase of life with adequate retirement planning and possibly business succession. Retiring is a real-life changing phase with far-reaching implications, dreadful stories most entrepreneurs would not want to hear or discuss this reality but unfortunately, there is nothing one can do about it; it is bound to come one day. Business owners cited cost and lack of resources to administer the plan as the leading reasons why they do not have a retirement plan in place. Please note if you are a small business owner reading this, you are likely busy running your

business and have not had the time to research the best retirement option. While retirement may not be on your mind currently as an entrepreneur, the sooner you start planning for this all-important aspect of your business the better. Here are simple steps entrepreneurs and small business owners can take right now to prepare for retirement in my opinion. A good start is by implementing the 10% rule which is a lot easier than you can comprehend. Achievable by simply setting up an auto-transfer system with your bank, that is automatically transferring 10% of all your earnings out of your business account into your savings account every month. Then you can place the accumulated fund into a low-risk investment at intervals and allow compounding interest to grow your fund. This applies whether you are an entrepreneur or not. It is a simple trick to grow your wealth and support retirement plan. Real estate investments can also help give succour in retirement, but professional guidance needs to be sought. Another approach is to develop an exit strategy in your business, that is, have in mind right now what will happen to it when you retire, when you intend to eventually quit and set up strategies to guarantee retirement income. One other important factor to consider is what will happen to your business when you retire. Will you pass it on to family or sell the company to another business or owner? Will you have someone currently working for you take over? A simple retirement model can give you a simple leeway, but you have to plan for it and stick to it. Because retirement age varies so drastically, small business owners need to evaluate their lifestyle, savings, and the company’s overall performance to determine an ideal retirement option. Dr. Olubiyi is an Entrepreneurship & Business Management expert

T H I S D AY • MONDAY, DECEMBER 27, 2021

EDITORIAL THE SACKING OF GERNOT ROHR Rohr’s inability to enforce discipline has made his stay indefensible

he termination of the employment of Gernot Rohr as the Super Eagles coach on the eve of the 33rd Africa Cup of Nations presages a far-reaching implication for the national team’s quest to win its fourth continental showpiece at the biennial tournament billed for Cameroon in January, 2022. The 68-year-old German was relieved of his role by the Nigeria Football Federation (NFF) in what was described as a mutual agreement, following a spate of tepid results in the lead to the 2022 FIFA World Cup in Qatar. The NFF President, Amaju Pinnick, said the decision to fire Rohr and appoint Austin Eguavoen as interim coach was a proactive step to avert a looming disaster. Indeed, given the uninspiring brand of football that has been the synonym of the Super Eagles in recent encounters, few were surprised by the decision. The team was beaten at home by Central African Republic (CAR) and obviously lacked enterprise and guile in the goalless draw against Cape EGUAVOEN IS HUGELY Verde also in Lagos EXPERIENCED BEING A FORMER INTERNATIONAL in the African World final group qualifyPLAYER, A FORMER ing match. Besides, NATIONAL COACH AND Rohr’s inability to UNTIL HIS APPOINTMENT, enforce discipline THE TECHNICAL DIRECTOR among players had OF THE NFF made his continued stay on the job untenable. However, the appointment of an interim coach few days before the start of a major tournament has only reinforced the traditional Nigerian script of acting on impulse rather than being guided by logic and long-term planning. That apart, the timing for such decision is wrong and it is akin to a gamble that may backfire and set our Africa Cup of Nations campaign up in a pall of smoke. It remains to be seen at this stage

Letters to the Editor

how an interim or a substantive coach for that matter, will inﬂuence team tactics when Rohr had for six years called the shot and had already submitted the provisional team list for the Africa Cup of Nations campaign to the Confederation of African Football (CAF).

E T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 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 (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

NEMBE: AFTER THE SPILL, WHAT NEXT?

he recent Christmas tree oil spill in Nembe left a devastating effect on the flora and fauna of the Nembe ecosystem. After the pollution and politicking and meager palliative given to the people I ask, what next? Recently a Louisiana-based oil company will pay $43 million in civil penalties and damages and $432 million to a clean-up trust fund over a spill in the Gulf of Mexico, the Justice Department announced. When I saw this story, I pondered when will the people of Nembe get compensation? There is a terrible antecedent to oil spill issues in Nigeria, when Ken Saro Wiwa advocated for the top oil majors to pay for damage to the environment in Ogoni. He was executed and the Ogoni clean-up is now like a mirage. It is poignant that the people of the Niger Delta continue to suffer and their only crime is because of the rich natural resource they have. Their livelihoods have been damaged and their lives destroyed beyond redemption. The case of the Niger Delta is like a series of unfortunate events and it keeps deteriorating like a pugnacious cancer, it’s ferocity keeps destroying the arteries and lungs of the Niger Delta. I believe in all this debacle, there are some

guavoen, who will draw support from a technical back up staff comprising Salisu Yusuf, Joseph Yobo, Paul Aigbogun, Alloy Agu and Terry Eguaoje, is hugely experienced being a former international player, a former national coach and until his appointment, the Technical Director of the NFF. But we should not expect him to suddenly become an overnight magician given the short time frame he has to prepare for the AfCON tournament last won by Nigeria in 2013. Regardless of the outcome of the competition being hosted by Cameroon, Eguavoen should be allowed to prepare the team for the crucial World Cup qualiﬁcation. Meanwhile, liability for the atmosphere of toxicity and uncertainty that is hovering around our Nations Cup campaign should be placed on the NFF and the Ministry of Youth and Sports. We ﬁnd it hard to understand why both dithered until the 11th hour before deciding to sack Rohr as the chief coach. That indecision has already put in jeopardy the AfCON campaign where Nigeria will feature in Group D against Egypt, Sudan, and Guinea-Bissau. The NFF may have found a fall guy in Rohr but whatever anybody may say about him, he is a gentleman who also endured unpleasant experiences. Even when his salaries were owed for several months, he never said any negative word about his employers or our country. His response to the sack was also typical. “It’s a huge frustration, but I don’t want to argue; it’s not my style,” Rohr told AFP. “I’m going to have a hard time doing without these great players and this very united staff, but the environment is not always favourable; we cannot control everything.” While we hope the Super Eagles will do well at AfCON, we wish Rohr well in his future endeavour.

quick wins and they can be as follows. If Aiteo truly cares as it claims it should carry out medical research and blood sample analysis of residents of Nembe and ascertain their health status and build them hospitals that will take care of this health challenges in the future, Also it should institute a quick cleanup process that is transparent and inclusive, that will also provide jobs for residents of the areas affected. Furthermore Aiteo should investigate the state of all its wells and look for ways to ensure they are in proper working shape. The next question will be who will fight for the people? I believe there should be a legal action in a bid to get compensation for the people affected and the compensation can be lodged in a development fund controlled by an independent body to ensure the best is given to the people. Also there should be a legal action taken against the regulatory bodies like NOSDRA for negligence because regulatory negligence was a major reason fingered. The well heads were not well capped and the regulators did nothing about it. In my view they played possum about the knowledge on the state of the wells. There will be many more spills, in fact, there are more spills going on now. The question is, do we learn? Rufai Oseni, rufaioseni@gmail.com

INSECURITY AND NORTHERN LEADERS

orthern Nigeria is bleeding with rapacious bandits attacking, killing and abducting of hapless people. The recent burning of over 20 passengers in Sokoto and the murdering of another 43 poor people in Giwa communities in Kaduna State are just tips of the iceberg. The trending news every passing day is the killing of innocent people by bandits. While the violent activities of Boko Haram might have subsidized courtesy of efforts by our gallant soldiers, bandits are now calling the shot or becoming more dangerous. These bandits have continued to sack communities, kill and abduct poor villagers with relative ease. Our security personnel who are supposed to contain the incessant attacks by these criminals are either overstretched or nowhere to be found. The victims who reside in rural communities are left to their fate. Many Nigerians who are closely monitoring the unfortunate destruction of the region are forced to ask questions such as: how did the region find itself in this insecurity quamire? Why are the leaders standing aloof while the north is being overwhelmed by insecurity? Answers to these questions will provide some possible solution on the way forward. The signs of the looming anarchy that will befall the north did not manifest today. It was a catalogue of unpleasant events ranging from illiteracy, poverty and poor governance. It is not an understatement to state that northern Nigeria is blessed with abundant arable land suitable for cultivation of different crops. However, government agricul-

tural policy seems to be poor and has failed to stimulate and improve crop production in the region. In spite of the vast fertile land covering the length and breadth of the region, only tiny fraction is being cultivated or used. With the relegation of agriculture which has a multiplier effect to job creation and poverty reduction, many productive youths have resorted to crime. Added to this woe-bedeviled region is lack of investment in education by the northern leaders. One will shed tears on the pathetic condition of education in the region. The poor condition of education has been confounded by incessant abduction of school children in many states of the region by bandits. This sad development has dampened morals and sent panic to the parents and guardian. Many parents out of fear do not want to send their children to schools. Besides, northern Nigeria is grappling with poverty resulting from rural /urban drift. Youths in their thousands migrate every year to cities and other parts of the country in search of greener pastures. The northern political elites have failed to provide good leadership capable of transforming the most backward region into progressive one. If late Sir Ahmadu Bello (Sardauna of Sokoto), were to be alive he would shed tears on the north he tried to build. Insecurity in northern Nigeria should have drawn the attention of its leaders to stand up and do the needful towards addressing it. Sadly, the region’s political leaders are more obsessed about how to hold power beyond the 2023. Ibrahim Mustapha, Pambegua, Kaduna State

MONDAY DECEMBER 27, 2021 •T H I S D AY

MONDAY DECEMBER 27, 2021 • T H I S D AY

T H I S D AY ˾ THURSDAY DECEMBER 27, 2021

POLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

Year of Increasing Uncertainty

Nseobong Okon-Ekong and Vanessa Obioha record some of the important events that shaped political discourse in 2021

Tinubu

Year of Photo Opportunities With Senator Bola Tinubu: or the better part of 2021, the acclaimed National Leader of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu was missing in action but his absence did not keep him away from the spotlight. During his time abroad where he underwent a knee surgery, his residence was a Mecca of sorts to politicians who trooped in as if they were on a political pilgrimage. While the publicised reasons for their visit was to wish the political stalwart good health, the photo-ops suggested otherwise. Many believed that the photos were a strategic way to show support for Tinubu who nurses a presidential ambition and recently made his intention clear, following the massive support he continues to receive from different groups. Notable figures that paid him a visit include President Muhammadu Buhari and Speaker House of Representatives, Femi Gbajabiamila among others.

an end? This is one of the questions on the lips of many political pundits and aggrieved members of the party. Since Buni who is also the governor of Yobe State assumed the responsibility following the controversial removal of the former National Chairman of the APC, Adams Oshiomhole, many have questioned the continuous extension of his tenure. The CECPC was set up in June 2020 to steer the activities of the party for an initial period of six months and also to prepare and conduct the party’s national convention. By the expiration of the six-month tenure, the interim committee/extraordinary convention committee was extended for another six months on December 8, 2020, during a national executive meeting of the party. But by June 2021, the tenure was extended till the party’s convention which is scheduled for February 2022. The prevailing impression in many quarters is that Buni is in the good books of the President, particularly with his ability to win over major politicians including three governors in the country from the main opposition, Peoples Democratic Party (PDP) to the ruling APC, thus, it is unlikely that the governor will relinquish his role before the 2023 general elections.

A Year of Multiple Crises for APC: The impending implosion of the ruling party seems nearer as the days go by. There is hardly any state where the party rules that is not experiencing one conundrum or the other. There are crises in more than 20 states including Rivers, Lagos, Akwa Ibom and Kwara. These disputes have led to court summons and in some cases a departure of splinter groups to an opposition party. Here are some of the notable conflicts that are rocking the APC to its very foundation Face-off between Governor InuwaYahaya of Gombe and Senator Danjuma Goje: Their dispute is the latest to rock the party. Signal of the rift was meticulously kept under

Akande’s Controversial Memoir Former Governor of Osun State and first, Chief Bisi Akande recently launched a book which rubbed many leading figures in the Nigerian political space on the wrong side. But, Akande, the first National Chairman of the APC remains unfazed by harsh criticisms of his book, some of which suggests that he was hired to promote Senator Bola Ahmed Tinubu’s presidential bid. Even with the latest controversies surrounding the Akande book, Tinubu continues to remain mute. Perhaps, he considers the matter too insignificant compared to his presidential ambition. The Unending Tenure of Mai Mala Buni: Will the tenure of APC’s Chairman, Caretaker Extraordinary Convention Planning Committee (CECPC), Mai Mala Buni ever come to

wraps but things escalated last month when the convoy of Senator Danjuma Goje was attacked by hoodlums believed to be sponsored by the incumbent governor of the state, Inuwa Yahaya. Goje who played the godfather role that produced Yahaya as the governor of the state is recognised by many as the leader of the party in the state. Thus, following his attack, his daughter Hussaina who served as the state’s Commissioner for Environment and Forest Resources resigned. Also, about 80 per cent of ward executives of the APC from Yamaltu/Deba Local Government Area of the state also left their posts in support of the senator. Their dispute is allegedly rooted in the godfatherism role often played by Nigerian politicians. Yahaya is said to have refused to bend to Goje’s rules on how to run the state, leading to a fallout. The two have since been in a leadership tussle. Although the party’s reconciliation committee affirmed that Yahaya is the recognised leader of the party in state, this declaration has not doused the tension in the state.

Lai Mohammed and Governor AbdulRahman AbdulRazaq:

Lagos4Lagos Movement Defection: After suffering a series of blockades from the APC, Lagos4Lagos Movement, a group within the APC in Lagos State, whose convener Olajide Adediran is keen on wrestling Lagos from the form grip of a former governor of the state, Senator Bola Tinubu finally defected to the opposition party Peoples Democratic Party (PDP). Their departure from the ruling party was somehow expected. Adediran, a bold and ambitious young man has always hinted to his followers that if the APC denies him an equal opportunity to contest in the upcoming governorship election in the state, that he wouldn’t think twice of defecting. Adediran also known as Jandor is confident that he has got the numbers to win Lagos. He’s been widely embraced by the former Senate President Bukola Saraki and PDP chieftain Olabode George. An official welcome is planned for next year.

On the Anambra governorship elections, the Independent National Electoral Commission (INEC) tried the effectiveness of the Bi-Modal Voters Accreditation System (BVAS) which it first deployed at the Isoko South I State Constituency Bye-election for Delta State in September 2021. The machine which authenticates voters through fingerprints and facials replaced the Smart Card Reader and erodes the use of incident forms at polls. Although it encountered a few glitches at the Anambra elections, the BVAS is a good nod to a better electoral process

For the first time, the reticent Governor of Kwara State, AbdulRahman AbdulRazaq spoke to THISDAY exclusively of the tussle between him and the Minister of Information and Culture Lai Mohammed. The duo had been at loggerheads over leadership in the state that began to intensify this year. In the over one-hour interview, AbdulRazaq released bombshells about the minister’s misappropriation of campaign funds and how he was constantly dehumanised by the minister and his loyalists. He also disclosed the mess he met in the state when he assumed office in 2019. The interview generated a lot of reactions including from the minister who described the allegations levelled against him as the height of recklessness, desperation and immaturity. For peace to reign, the party’s national leader Bola Tinubu waded in but the tension between the two is yet to abate. Between Governor Bello Matawalle, former Governor Abdul’aziz Yari and Senator Kabiru Marafa in Zamfara:

T H I S D AY ˾ THURSDAY DECEMBER 27, 2021

MONDAY DISCOURSE of the threats affected different sectors of the economy including agriculture, leading to food instability. Despite efforts by President Muhammadu Buhari’s administration to rein in order and peace, the country’s security is still on tenterhooks. Arrest of Separatist Group Leaders:

Matawalle

Ganduje

It can be argued that the incumbent governor of Zamfara State Bello Matawalle has a special charm or how can one explain his political climb.

The battle between the Rivers State Governor Nyesom Wike and the former National Chairman of the PDP, Uche Secondus was long drawn before the year started. Wike who was instrumental to Secondus’ emergence as national chairman of the PDP was keen on unseating him after a series of face-offs. True to his word, Secondus was displaced at the PDP’s convention and since then, been challenging his removal in courts. Beyond his feud with Wike, Secondus’ tenure was not void of controversies. More than once, other chieftains had called for his resignation. How he would fare next year in the party is yet unknown. Anambra Governorship Election:

Shekarau

From emerging as the governor of the state as a result of a fallout between his predecessor Abdul’aziz Yari and Senator Kabiru Marafa in 2018 to the state congress that elected him as the leader of the ruling party in the state. The declaration came shortly after he defected from the PDP to APC, a move many consider strategic, in order to secure a second term in office. However, the ceding of the leadership to Matawalle did not augur well with Yari and Marafa who having learnt their lessons from the 2018 feud, united to defeat a common enemy. The enduring spat between the three is not likely to be resolved any time soon even if the speculation that Yari and Marafa are considering leaving the APC continues to reverberate despite their denial of the rumours. Abdullahi Ganduje and Ibrahim Shekarau: Like many state chapters of the APC, Kano is not immune to the crisis plaguing the APC. In this case, it is between the incumbent governor Abdullahi Ganduje and former governor Ibrahim Shekarau. Factions loyal to either men are at loggerheads over who should hold the leadership baton in the state, Shekarau would emerge victorious as an Abuja High Court declared members of his faction as the duly elected leaders of the party in the state. Expectedly, rumours have been rife that Ganduje may quit the party over the court’s decision. Time will tell if he will or not.

Governor Godwin Obaseki’s Delayed Cabinet Appointment: The Edo State Governor raised eyebrows over the prolonged delay in constituting bis cabinet. It took him over one year to finally appoint members of his cabinet, casting doubts on his leadership style for his second term in office. From one reason to the other, the governor’s delay didn’t put him or the PDP that got him into office in good light. PDP National Convention: In unison, governors elected on the platform of the Peoples Democratic Party (PDP) took a decision to make their voices heard at the party’s national convention in October. They left no room for the perceived godfathers of the party to hold sway. Despite the controversies that threatened the process, 3,600 delegates voted for new members of the National Working Committee with Iyorchia Ayu emerging the National Chairman of the party, displacing Uche Secondus whose tenure was already mired in controversies. Only the office of the Deputy National Chairman (South) and National Youth Leader were contested out of the 21 NWC positions. Nyesom Wike and Uche Secondus:

One of the most anticipated elections of the year, the Anambra governorship poll made a strong statement on the will of the people. Although there were many contenders in the governorship race, all eyes were on Senator Andy Uba who flew the APC flag and former Governor of Central Bank of Nigeria Prof. Charles Soludo who ran under the All Progressives Grand Alliance (APGA) party. Soludo’s victory was celebrated as it conveyed the dominance of the party whose foundation is linked to the late Biafran leader Chukwuemeka Ojukwu. INEC’S Innovation: Still on the Anambra governorship elections, the Independent National Electoral Commission (INEC) tried the effectiveness of the Bi-Modal Voters Accreditation System (BVAS) which it first deployed at the Isoko South I State Constituency Bye-election for Delta State in September 2021. The machine which authenticates voters through fingerprints and facials replaced the Smart Card Reader and erodes the use of incident forms at polls. Although it encountered a few glitches at the Anambra elections, the BVAS is a good nod to a better electoral process. Insecurity: 2021 may be described as the year of increased insecurity as the country recorded varying degrees of loss and threat to lives and property. From bandits, terrorists to killer herdsmen and incidents of unrest engineered by separatist groups unrest, the country experienced a high level of insecurity. The effects

The impending implosion of the ruling party seems nearer as the days go by. There is hardly any state where the party rules that is not experiencing one conundrum or the other. There are crises in more than 20 states including Rivers, Lagos, Akwa Ibom and Kwara. These disputes have led to court summons and in some cases a departure of splinter groups to an opposition party

On different occasions, President Muhammadu Buhari has reiterated that his administration will not tolerate secessionist groups that threaten national unity. Having proscribed the Indigenous People of Biafra (IPOB) to the chagrin of many, the Federal Government thumped its chest when it captured the leader of the IPOB Nnamdi Kanu in June. Expectedly his arrest caused a wave of unrest in the South-east where his followers declared a sit-at-home order on the days he appeared in court. However, the directive paved a way for violence in the region. To date, the South-east remains a ticking bomb with all manners of crimes meted on citizens, particularly in the Orsu area of Imo State. In similar vein, the Yoruba Nation leader Sunday Adeyemo popularly known as Sunday Igboho was arrested on July 19, 2021, at the Cadjèhoun Airport in Cotonou, Benin Republic. He is yet to be released. Electoral Act (Amendment) Bill: Hope of the new electoral bill signed into law was recently dashed when the President refused to give assent. The two chambers of the National Assembly had passed the bill and transmitted to the president on November 18 but the president shocked Nigerians when he declined assent to an amendment that would have compelled political parties to involve every member of their party in the choice of their candidates

Furore Over Electronic Transfer of Election Results Following a backlash from the public, the National Assembly quickly retraced its steps from the unpopular decision on the controversial clause 53 (3) of the Electoral Act Amendment Bill, which had sought to subject the electronic transmission of electoral results to the approval of the Nigerian Communication Commission (NCC). The will of the people vehemently expressed by individual Nigerians and Civil Society Organisations voiced their preference for results of elections in the country to be electronically disseminated. Nigeria Retaliates Ban Whether with operation of airline flight frequency or inclusion on COVID-19 Red List, Nigeria adopted an official policy of retaliation against what the Federal Government considers unfair or discriminatory policies against the country. The United Kingdom, Canada and Emirates Airways were clubbed with Nigeria’s revenge hammer at different times.

T H I S D AY • MONDAY, DECEMBER 27, 2021

NEWS

22 NIGERIAN MOVERS AND SHAKERS IN 2022

Buhari

Osinbajo

The 22 individuals, which have been carefully selected, and what qualify them as those most likely to shape the new year are detailed in this report. In their chosen endeavour, either in business, politics or entertainment, they have shown uncommon dexterity and perseverance in the face of adversity and doubt. The list is by no means exhaustive or definitive, but it represents a guide to a year that holds, in unknown proportions, promise, danger and possibilities that are bound to shape the future of the country one way or another.

Buhari: A President Eager to Document His Achievements In 2021, a normally reticent President Muhammadu Buhari, came out of his shell and was aggressive in his investment drive. Not even the threat still posed by COVID-19 could slow him down. This is expected to continue in 2022, as the president appears eager to document his achievements. Buhari is definitely among those that would shape events in the country in 2022. All eyes would be on him to see how he would deal with thorny issues in his final days, such as fuel subsidy removal, which is expected next year. In the area of politics, Nigerians would also be watching to see the role Buhari would play in the choice of his successor. His body language towards the APC convention and other issues ahead of the next presidential election is closely watched. His support would be a critical factor in determining the direction of the party and the shape of the next general election. But with nothing really at stake for the president who is completing his second and final term, it remains to be seen if he would strongly back any aspirant. In addition, Nigerians would be eager to see how the president would respond to the rising security challenges confronting the country.

Osinbajo: No More Hiding Place With the increasing number of groups expressing support for the vice president, Professor Yemi Osinbajo, and urging him to join the 2023 presidential race, he is definitely going to be on the political radar next year. Osinbajo, even though he has not expressed interest in running for political office in 2023, comes across as someone, who wants to run for president, but is more likely to keep his cards close to his chest for now. His body language says as much. However, in 2022, there will no longer be a hiding place for Osinbajo. All along it has been tales of people calling on him to run, even though there are allegations that his associates are the ones funding the various groups springing up to sell his candidature. Today, Osinbajo attends every ceremony – from birthdays and funerals, to wedding and chieftaincy coronations, among others – apparently to reinforce himself in the consciousness of Nigerians. Indeed, there have been different groups urging him to throw his hat in the ring. One of such groups is the Osinbajo Grassroots Organisation (OGO), which visited a former military Head of State, Gen. Ibrahim Badamasi Babangida,

Emeﬁele

Dangote

Tinubu recently. IBB, at the meeting, said Nigeria needed a leader like the vice president to run the country at this time. Babangida said Osinbajo was someone he respected because of his good intentions for the country. In 2022, it would be interesting to watch Osinbajo go toe-to-toe with his mentor, Bola Ahmed Tinubu, to actualise a quietly nursed ambition.

Tinubu: To Finally Make His Position Known After playing a kind of hide and seek with the Nigerian public about his presidential ambition, there’s a high possibility that in 2022, Bola Ahmed Tinubu may formally declare his position, whether or not he is gunning for the plum job. The former Lagos State governor is presently consulting with different interest groups and individuals ahead of the 2023 elections, with his eyes allegedly on the exalted seat. With SWAGA, the acronym for “South-West Agenda for Asiwaju,” a group populated by Tinubu’s acolytes and yes men, touring the length and breadth of the country to sell his candidature, it is expected that more of such groups would spring up in 2022 as Tinubu is said to continue to strategise ahead of the All Progressives Congress (APC) presidential primaries. At the moment, he appears to be the front runner for the party’s ticket in terms of preparation and war chest. And he is not lacking in supporters who are ready to sing his praises. But in equal measure, he is disliked by many for his vast e, unexplained wealth and his politics of godfatherism.

Emeﬁele: Still Propagating His Made-in-Nigeria Dream Central Bank of Nigeria (CBN) Governor Godwin Emefiele, was, no doubt, one of the key personalities that shaped activities in the Nigerian economy this year. The stewardship of the advocate of domestic production at the apex bank is marked by unprecedented interventions in critical sectors of the economy with potential for high job creation. Efforts by the CBN governor to enhance credit flow to the private sector is particularly noteworthy, especially, in agriculture, through the Anchor Borrowers’ Programme (ABP), which has revolutionised local rice production and created massive job opportunities for Nigerians. The CBN intervention in the power sector has also helped to stabilise the sector, which had almost been crippled by its legacy debts to the financial industry. Emefiele helped to broker a deal, which had since kept the ship sailing, despite all odds, and guaranteed improved electricity supply to homes and businesses. The apex bank under Emefiele played a crucial role in ensuring that the economy exited two consecutive recessions through its intervention programmes in key sectors as well as boosting government’s spending to reflate the economy. In addition, this year,

Fayemi

Ahmed the central bank under Emefiele launched a Central Bank Digital Currency, the first in Africa, and the ‘100 to 100’ policy that focuses on job creation. Going into 2022, the Emefiele-led CBN, in collaboration with the fiscal authority, would be critical in steering the economy towards accelerated growth.

Atiku: A Recurring Political Decimal Former Vice President Atiku Abubakar wants to run again for the presidency in 2023 and this would likely be made fully open in 2022. Atiku’s son, Adamu, had disclosed that his father would contest for president in 2023, even though he, too, is rumoured to have an ambition in 2023. Some people call him the serial presidential aspirant, but Atiku does not seem to care. He is simply interested in becoming the president of Nigeria. Since his entry into politics in 1993, Atiku has unsuccessfully contested five times for the Office of President of Nigeria in the following order: 1993, 2007, 2011, 2015 and 2019. Will he be sixth time lucky if he gets the PDP presidential nomination? Will the forces in the PDP support and allow him to contest the primary? All these will unfold in 2022. No doubt, Atiku has enough experience and some see him as the most suited to wrest power from APC. Above all, he is a good tactician.

Wigwe: Access Bank’s Aggressive Expansion Continues Group Managing Director of Access Bank Plc, Mr. Hebert Wigwe, who this year was involved in an aggressive expansion drive, is not likely to slow down in 2022. The bank is targeting expanding its footprints to 20 countries in Africa. From Nigeria to Rwanda, South Africa, Mozambique, Kenya, Zambia, among several others, Wigwe’s expansion drive has remained on the rise. A few days ago, the bank opened a new branch in Rivers State, in its bid to serve more customers in the country. In Africa, Access Bank under Wigwe’s leadership is positioning itself to tap from the opportunities in the African Continental Free Trade Area (AfCFTA). From a small bank in 2002, Wigwe, who took over from his close friend and business partner, Aigboje Aig-Imoukhuede, in 2014, has completely transformed the bank, which then was ranked 65th among 89 banks operating in the country.

Atiku this year, in 2022, his first private crude oil refinery is expected to commence operations in Nigeria. This refinery, expected to be a game changer for the country in 2022, would to be a major forex saver for the country. The Dangote Refinery is under construction in the outskirts of Lagos State, and when fully operational, the $7 billion investment would have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. The refinery would significantly impact on the Nigerian economy, and it expected to end importation of refined petroleum products.

Otedola: A Critical Factor in First Bank’s Future Billionaire businessman and philanthropist, Femi Otedola, became one of the personalities that shaped 2021, through his strategic investment in FBN Holdings. Presently, the billionaire is the single largest shareholder in the holding company with a total shareholding of 7.5 per cent and he is going to play a role in determining the future of First Bank, the leading subsidiary of FBN Holdings and an important bank in Nigeria. Market analysts believe Otedola must have pumped a whopping N45 billion to attain the dominant position. But the Chairman of Geregu Energy Group has since debunked speculations that he is interested in holding a board position in FBN Holdings, First Bank or any of their subsidiaries. This year, Otedola was also invited by the UK-based Save the Children to join the prestigious group of its Vice Presidents, in recognition of his philanthropic efforts to better the lives of thechildren in Nigeria. Save the Children is the second largest charity in the world, after UNICEF, and has Princess Anne as Patron since 2017, after serving as President since 1970.

Saraki: Not Giving Up on North Central’s Claim A former President of the Senate, Dr. Bukola Saraki, strongly believes the North-central geopolitical zone has paid its due by working very hard to keep Nigeria together as one united entity and should be given the chance to lead the country. He also thinks he is the perfect man to lead Nigeria, when the tenure of the present All Progressives Congress (APC) government ends. The former Kwara State governor has announced his intention to run for the office of the president in 2023. Going by his disposition, Saraki is not going to back down as he seeks the support of people of his region and other PDP leaders towards realising his presidential ambition. He is widely considered qualified, competent and boasting the requisite capacity for the job..

Dangote: Ready to Rescue Nigeria from Fuel Importation

Elumelu: Relentlessly Supporting African Entrepreneurs

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, is among those expected to shape events next year. While products from his $2 billion granulated urea fertiliser plant hit the market

Founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, is expected to remain focused on building the next generation of

Wike

Continued on page 21

Tambuwal

T H I S D AY • MONDAY, DECEMBER 27, 2021

NEWS

Otedola

Kyari

Wigwe

Elumelu

Buni

Ayu

22 NIGERIAN MOVERS AND SHAKERS IN 2022 entrepreneurs in Africa, which he says is his lifetime ambition. His goal is to impact lives and transform societies in Africa. Through his TEF Entrepreneurship Programme, a $100 million commitment to empower 10,000 African entrepreneurs, he intends to the continent better than he met them. Elumelu is driven by his philosophy of Africapitalism, through which he wants to see the private sector play its role in the economic development of the continent. In 2022, he is expected to continue to promote the development of young African entrepreneurs.

Ayu: A Leadership on Trial The leadership skills of the new National Chairman of the Peoples Democratic Party (PDP), Dr. Iyiorcha Ayu, would be tested in 2022. How Ayu would be able to manage the different tendencies in the party and keep them together would determine if his name would be in the PDP hall of fame or infamy. He has started well by identifying APC’s alleged failures and promising to rescue Nigeria from the ruling party. He has continued to remind Nigerians what he terms the good days under the PDP government and also how the APC has allegedly destroyed the country. Ayu has also cited the rising security challenge as one of the reasons the APC should not be allowed to lead the country beyond 2023. He has given himself a target of winning about 25 states in 2023, which sounds like a tall ambition. But the main task for him next year would be to manage the big egos in PDP, especially, some of the governors.

Ahmed: Driving the Nation’s Economic Direction Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, will play a critical role in shaping the direction of the Nigerian economy in 2022. Nigeria recently launched a five-year National Development Plan (NDP), a replacement to the Economic Recovery and Growth Plan (ERGP), which expired in December 2020. The country requires an investment size of N348.1 trillion to achieve the targets set out in the NDP from 2021 to 2025. The projected investment portfolio would be contributed by the government, which would source 14.3 per cent (N49.7 trillion) of the amount, while the balance of 85.7 per cent (N298.3 trillion) would come from the private sector. The overall target of the plan is to achieve a broad-based real GDP growth rate of five per cent on the average during the period; generate 21 million full-time jobs; and through an inclusive growth, lift 35 million people out of poverty. The finance minister will be expected to drive the process of actualising some of the set goals in the plan before the end of the present administration.

Buni: Live or Die…APC in His Hands National Caretaker and Extra-ordinary Convention Committee of APC under the leadership of Hon. Mai Mala Buni, who is also the governor of Yobe State, must conduct the national convention for party as soon as possible. Presently, there are several power blocs in APC reportedly battling for the soul of the party ahead of the February 18, 2023 presidential election. Some aggrieved party leaders, believed

Saraki

Aboyeji

to have an axe to grind with Buni, have been pushing for the convention to take place. Of course, the outcome of the national convention, which has been tentatively fixed for February next year, will determine the fate of the party. What this means, therefore, is that the fate of the ruling party is in the hands of Buni.

Davido: Taking Philanthropy to Another Level David Adeleke, whose stage name is Davido, made news towards the end of 2021 following his N250 million donation to orphanages across the country during his birthday celebration. The award-winning singer has since set up a five-man committee to supervise the disbursement of the fund. Nigerians would be expecting to see how the committee would distribute the money. In addition, Nigerians would be looking forward to more releases by the awardwinning musician in the new year.

Fayemi: Eyes on the Ball Many believe the Ekiti State governor and Chairman of the Nigeria Governors’ Forum (NGF), Dr. Kayode Fayemi, also has his eyes on the presidency. But he is said to be keeping his cards close to his chest because of the forthcoming governorship election in his state, which holds in June next year. For Fayemi, who would be completing his second term in the new year, the first battle next year would be to ensure that his party wins the governorship election. He has his eyes on the ball; yet, all eyes are on him.

Wike: One-man Political Squad Arguably the most influential governor in the country today, by the time 2022 would be winding down, the Rivers State governor, Nyesom Wike, will just be months away from completing an eventful eight-year tenure. Wike has largely determined the direction the opposition Peoples Democratic Party (PDP) has been going since it lost the general election of 2015. He saw to the exit of erstwhile National Chairman, Uche Secondus, earlier in the year. In 2022, it is not likely PDP will want to take any step without Wike’s input. He is one of those to watch in the new year. Even his opponents cannot deny that.

Wizkid: A Consistently Rising Star Recently, while performing during a live show, a fan grabbed the legs of Ayodeji Ibrahim Balogun, popularly known as Wizkid, and it took the intervention of security guards around the stage to rescue him. This young musician remains one of the most influential entertainment icons on the continent in 2021, and 2022 won’t be different. This year, he made history when he edged out Drake to win Mobo Awards. He also made history as the most awarded African act after winning the Best International

Akinlade

Act and Best African Act awards. His “Essence”, which featured Justin Bieber and Tems, crossed genre lines to top Billboard’s R&B, hip-hop, rhythmic and world charts. Coming up on the one-year anniversary of its release, it reached the top 10 of the Billboard Hot 100 and became the first song with lyrics in Nigeria’s Yorùbá language to debut on the Global 200 chart, with 269 million on-demand global streams, according to MRC Data, In 2019, producer P2J, a frequent collaborator of both Wizkid and Beyoncé, recruited the Nigerian superstar for Beyoncé’s “Brown Skin Girl” (also featuring young Blue Ivy Carter and SAINt JHN) from The Lion King: The Gift. Both songs yielded Grammy attention for Wizkid: a nomination for album of the year as part of Drake’s Views and a win for best music video for the latter. The year 2022 is not expected to be different for Wizkid.

changer for the industry, the NNPC would be expected to drive the process of transforming the nation’s petroleum industry into a hub of business opportunities. The Act is also expected to attract huge capital globally into the country’s oil sector, strengthen cost recovery and ensure decent returns on investment. It is also expected that Kyari, who has been in the forefront of transforming the oil and gas industry would ride on the new legislation to promote good governance in the oil and gas sector in tandem with the international best practices. However, one thorny issue that he would be confronted with this year is how he would manage issues around the proposed fuel subsidy removal. He has shown his clear disdain for its retention and preached repeatedly that subsidy is not benefiting the poor, which he insists, negates the purpose. In 2022 when the subsidy on petrol is expected to be removed, his negotiating skills will be tested like never before for the simple reason that Labour is recalcitrant about its opposition to subsidy removal

Burna Boy: Mummy’s Boy, Music’s Gem

Iyinoluwa Aboyeji: The Power of Tech and Innovation

With his mother as his indisputable role model, 2021 has been good to Damini Ebunoluwa Ogulu, commonly known as Burna Boy. He made remarkable progress as a musician this year and, no doubt, he lived up to his title of African Giant. He won the Best International Act Award this year and also his album, Twice as Tall, won a Grammy, the Best Global Music Album in 2021. He is a Nigerian singer, rapper and songwriter. He is one of the biggest and most successful African artists. Burna Boy became the first African artiste to bag three nominations consecutively, having won the BET Award in 2019, 2020 and now in 2021. The year 2022 will surely see the awardwinning artist maintain his rising profile.

Iyinoluwa Aboyeji co-founded two successful fintech startups in Africa before launching Flutterwave in 2017. With $15.7 million in funding, the payments company is empowering Pan-African merchants to execute business on global scale, processing $1.2 billion in transactions so far. Aboyeji’s previous startup Andela, gained attention when the venture received $24 million in funding from Mark Zuckerberg. In 2021, Flutterwave started the year by securing a $170 million deal in the first quarter. New York-based private investment firm Avenir Growth Capital and US hedge fund and investment firm Tiger Global led the Series C round. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Partners, Salesforce Ventures, Tiger Management, Worldpay FIS and 9yards Capital. The Series C round came a year after Flutterwave had closed its $35 million Series B and $20 million Series A in 2018. The company helps businesses build customisable payments applications through its APIs.

Tambuwal: Never Say Die Ordinarily, the security challenges faced by Governor Aminu Tambuwal of Sokoto State and Chairman of the PDP Governors’ Forum should be enough to make his name fizzle out from the list of those to watch out for in 2022. But that won’t be the case. Within his party, the Peoples Democratic Party (PDP), he remains one of the most influential members and it is not a coincidence that his name keeps propping up as the likely presidential candidate of the PDP in 2023 should the party zone it to the North. A former Speaker of the House of Representatives, security challenges or not, he remains one of those to watch out for in 2022.

Mele Kyari: Leading the Transformation of the Oil and Gas The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who is moving the corporation on a trajectory of achieving global excellence is one of those that would define the direction for Nigeria’s economy in 2022. With the Petroleum Industry Act (PIA) which has been described as a game-

Wizkid

Davido

Shola Akinlade: Expanding the Frontiers Beyond Africa Akinlade is the Chief Executive Officer and Co-founder of Paystack, a fintech company. The company provides modern online and offline payments services for users across the continent. It was founded in 2015 and was acquired by Stripe in 2020 for over $200 million in what was then described as one of the biggest exits in the African tech space. Paystack currently services more than 60,000 businesses and millions of individuals scored 27.5 for ingenious storytelling, 28.5 for brand tribe and 31 for brand experience thus ranking it at Number 8 with a total of 87 points. But despite the acquisition, Paystack has continued to operate independently. Stripe had estimated that the African internet economy was expanding quickly, with online commerce in the region growing at 21 per cent year-over-year, which was said to be 75 per cent faster than the global average. Akinlade believes that with the right tools, African creators, developers, and entrepreneurs would be able to do incredible things.

Burna Boy

MONDAY, DECEMBER 27, 2021 • T H I S D AY

TRIBUTE WORLD MOURNS AS ANTI-APARTHEID LEGEND, TUTU, PASSES ON citizen and renowned world leader, the president affirmed that the historic role Tutu played in the fight against apartheid, enduring physical assaults, jail terms and prolonged exile. This had taken him beyond the pulpit to global, political relevance, and his position, under President Nelson Mandela, in heading the Truth and Reconciliation Commission provided healing and direction for his country and the world. Buhari also commiserated with Leah Tutu, the spouse of the spiritual leader and lifelong partner in the struggle against injustice, corruption and inequality, the Tutu family, board and staff of Desmond and Leah Tutu Legacy Foundation, Elders and Nobel Laureate Group. Buhari said he took solace in the fact that the voice of the scholar and teacher, his published works, and inspirational quotes will resonate through generations, bringing more light and clarity to religious diversity, democracy and good governance. Ramaphosa, who paid tribute to the eminent religious leader, expressed his heartfelt condolences to Mam Leah Tutu, and the Tutu family. The South African president stated, “The passing of Archbishop Emeritus Desmond Tutu is another chapter of bereavement in our nation’s farewell to a generation of outstanding South Africans, who have bequeathed us a liberated South Africa." Ramaphosa described Tutu as a patriot without equal, a leader of principle and a pragmatist, who gave meaning to the biblical insight that faith without work is dead. He added that the late archbishop was a man of extraordinary intellect, integrity and invincibility against the forces of apartheid. He said the anti-apartheid hero was tender and vulnerable in his compassion for those, who had suffered oppression, injustice and violence under apartheid and oppressed and downtrodden people worldwide. As the Truth and Reconciliation Commission chairperson, Tutu, he said, articulated the universal outrage at the ravages of apartheid and touchingly and profoundly demonstrated the depth of meaning of ubuntu, reconciliation and forgiveness. Ramaphosa said Tutu also placed his extensive academic achievements at the service of black South African struggle and the "service of the cause for social and economic justice the world over." From the "pavements of resistance in South Africa to the pulpits of the world’s great cathedrals and places of worship, and the prestigious setting of the Nobel Peace Prize ceremony," Tutu distinguished himself as a non-sectarian, inclusive champion of universal human rights. In his richly inspiring, yet, challenging life, Tutu overcame tuberculosis, the brutality of the apartheid security forces and the intransigence of successive apartheid regimes, Ramaphosa said, adding that neither teargas, nor security agents could intimidate him or deter him from his steadfast belief in South Africa’s liberation. The anti-apartheid hero, he maintained, remained true to his convictions during South Africa's democratic dispensation, maintaining his vigour and vigilance as he held leadership and the burgeoning institutions of "our democracy to account in his inimitable, inescapable and always fortifying way,” Ramaphosa said. He added, “We share this moment of deep loss with Mam Leah Tutu, the archbishop’s soulmate and source of strength and insight, who has made a monumental contribution in

her own right to our freedom and to the development of our democracy. We pray that Archbishop Tutu’s soul will rest in peace but that his spirit will stand sentry over the future of our nation." US President Joe Biden said on Sunday he was “heartbroken” to learn of the passing of Tutu. Biden, however, said the South African archbishop’s legacy transcends borders and will “echo throughout the ages.” In a joint statement with First Lady Jill Biden, the president praised the “courage and moral clarity” of the anti-apartheid icon who has died aged 90. Describing the archbishop as an inspiration to generations across the world”, Secretary-general of the United Nations, Antonio Guterres, said he was saddened by Tutu’s death. Guterres said, “During the darkest days of apartheid, he was a shining beacon for social justice, freedom and non-violent resistance. “Archbishop Tutu’s relentless determination to build global solidarity for a free and democratic South Africa was fittingly recognised by the Nobel Committee in its decision to award him the Nobel Peace Prize in 1984. “As Chairman of the Truth and Reconciliation Commission, he made an immeasurable contribution to ensuring a peaceful, yet just transition to a democratic South Africa.” Queen Elizabeth said she was “deeply saddened” by the death of Tutu. The Queen called a “man who tirelessly championed human rights in South Africa and across the world.” She added, “I remember with fondness my meetings with him and his great warmth and humour,” she said in a statement, adding that his death “will be felt by the people of South Africa, and by so many people in Great Britain, Northern Ireland and across the Commonwealth, where he was held in such high affection and esteem.” On his part, Obasanjo, recalled Tutu’s role in the cancellation of Nigeria's debt during his tenure, adding that his death was a personal loss to him. Obasanjo, in a condolence message to the South African president, said, "Over the years, Reverend Tutu had shown focused, credible, bold, sensitive and purposeful leadership not just to members of the Anglican Church but to all Christians. "Tutu had been part of building and strengthening the Anglican Church, and its eminent place in the Church system in South Africa today is not unrelated to his selfless service and leadership. "I acknowledge late Tutu's uncommon solidarity and the deep passion with which he had argued Nigeria’s case for full debt cancellation by the contents of his letter to Mr. Gordon Brown, the then United Kingdom’s Chancellor of the Exchequer, during my administration as the President of Nigeria. "This heroic advocacy effort of his with respect to Nigeria’s indebtedness to the Paris Club on behalf of Nigeria was very much in his character. "Reverend Tutu was a patriotic and highly respected Teacher, Preacher, Intercessor and Field Commander of the Lord’s Army. He symbolised one of our finest examples of how a life truly dedicated to our Saviour Jesus Christ can make a difference. "He had been a differencemaker for his family, his friends, his flock, his community, the Church, the Republic of South Africa and, indeed, the world." Abiodun, who expressed grief over Tutu’s death, said in a statement by his Chief Press Secretary, Kunle Somorin, that he was shocked by the death of the anti-apartheid hero, who stood

Tutu stoutly against imperialism and segregation. Eulogising Tutu as a loud voice against suppression of black South Africans throughout the apartheid era in his country, and for giving support and playing a pivotal role in ensuring South Africa regained self rule, Abiodun said the black nation would miss him, especially, his altruistic disposition and wise counsel. The governor stated, "Desmond Tutu's legacy is moral strength, moral courage and clarity. He felt with the people. In public and alone, he cried because he felt people's pain. And he laughed – no, not just laughed, he cackled with delight when he shared their joy. "Though he was a South African, he defended the cause of Africa and blacks in the diaspora. He preached peace, lived peace and shared the words of peace. Even, when apartheid was raging in his country of birth, the late Tutu urged his countrymen and other fighters against white imperialism, to use peace as a vehicle to champion their cause. "In fact, his stance against xenophobia in his country cannot be forgotten. He will not only be missed by South Africa, but the whole of Africa."

Tutu: S’Africa's Most Outspoken 'Prophet' against Apartheid Born on October 7, 1931, in Klerksdorp, west of Johannesburg, Tutu has been described as South Africa's most prominent opponent of apartheid. Tutu was an embodiment of faith in action, as he spoke boldly against racism, injustice, corruption, and oppression, not just in apartheid South Africa but also wherever in the world he saw wrongdoing, especially, when

it impacted the most vulnerable and voiceless in society. The Desmond and Leah Tutu Legacy Foundation stated that while Tutu was "first and always" an Anglican priest, who made no secret of his deep dependence on the inner life of disciplined "prayer, his faith burst the confines of denomination and religion, embracing all who shared his passion for justice and love." With political leaders in prison and exile, Tutu, as general secretary of the South African Council of Churches and later, Anglican Archbishop of Cape Town, became the country's most "outspoken prophet for justice." He refused to be cowed despite consistent smears and vicious intimidation by the apartheid regime. Whether from the pulpit or in the streets, on trial or confronting cabinet ministers in the Union Buildings, Tutu spoke with a fierce moral and spiritual authority that faced down his adversaries and slowly won their grudging respect, the foundation stated With the freeing of Nelson Mandela and other leaders, the unbanning of political movements, the return of the exiles, South Africa’s first non-racial democratic elections, to move the country towards healing, Mandela asked Tutu to guide the delicate but often controversial work of the Truth and Reconciliation Commission. Presiding over months of agonising testimony and horrifying revelations, he became "chief pastor" to South Africa’s painful transition. Many, who had dismissed him as a ‘rabble-rouser’, were moved by his deeply compassionate response to apartheid’s victims and even those of their torturers, who showed remorse. While Tutu helped shepherd the democratic dispensation into

being, he was unafraid to remind the new governing party of its moral responsibilities toward all South Africans and its growing failings. He was realistic about politicians' weaknesses but expressed both sadness and anger as corruption took hold in the African National Congress (ANC). The wider world showered him with honours, most notably the Nobel Peace Prize in 1984. After retirement, his primary international responsibility was with a group of fellow Nobel Peace laureates and statespersons known as ‘The Elders,’ committed to global problem solving and peace-making. Officially “retiring” from public life on his 79th birthday, Tutu continued to speak out on a range of ethical and moral issues: illegal arms deals, xenophobia, oppressed people in Palestine, respect for the rule of law, HIV/ Aids, Tibet, China, Rohingya Muslims in Myanmar and LGBTQI+ rights. He also loudly campaigned for gentler stewardship of the earth and against the coming ravages of climate change, an authentic example of how human survival rested on their ubuntu-spirited ability to cooperate and work together. Tutu spent the closing years of his life increasingly devoted to prayer and contemplation in the Milnerton home he and his wife shared. Stated the foundation, "We, at the Desmond and Leah Tutu Legacy Foundation, mourn his passing and extend deep sympathy to Mrs Nomalizo Leah Tutu, siblings Trevor Thamsanqa Tutu, Naomi Nontombi Tutu, Theresa Thandeka Tutu, Mpho Tutu van Furth and their families. We commit ourselves to continue telling the story and emulating the example of this son of Africa,

who became an inspiring sign of peace, hope and justice across the world." According to Britannica, during South Africa’s moves toward democracy in the early 1990s, Tutu propagated the idea of South Africa as “the Rainbow Nation,” and he continued to comment on events with varying combinations of trenchancy and humour. His father was an elementary school principal, and his mother worked cooking and cleaning at a school for the blind. The South Africa of Tutu's youth was rigidly segregated, with Black Africans denied the right to vote and forced to live in specific areas. Although as a child, Tutu understood that he was treated worse than white children based on nothing other than the colour of his skin, he resolved to make the best of the situation and still managed a happy childhood. Achievement.org narrated that the Apartheid government did not extend citizenship rights to black South Africans. The National Party had risen to power on the promise of instituting a system of apartheid — complete separation of the races. All South Africans were legally assigned to an official racial group; each race was restricted to separate living areas and separate public facilities. Only white South Africans were permitted to vote in national elections. Black South Africans were only represented in remote “tribal homelands " local governments, with interracial marriage forbidden, and blacks legally barred from certain jobs and prohibited from forming labour unions. They needed passports for travel within the country; critics of the system could be banned from speaking in public and subjected to house arrest.

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY, DECEMBER 27, 2021 ˾ T H I S D AY

FOREIGN DESK

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Anti-Apartheid Hero Archbishop Desmond Tutu Dies at 90 South Africa’s Archbishop Emeritus Desmond Tutu has died at the age of 90, reports VOA. The Nobel peace laureate was known worldwide for anti-apartheid activism and as a human rights champion. His death was announced Sunday by South African President Cyril Ramaphosa. “The passing of Archbishop Emeritus Desmond Tutu is another chapter of bereavement in our nation’s farewell to a generation of outstanding South Africans who have bequeathed us a liberated South Africa,” he said. Tutu was awarded the Nobel Peace Prize in 1984 for his activism against South Africa’s racist apartheid regime. When Nelson Mandela was released from prison, Tutu housed him on his first night of freedom. The archbishop then presented Mandela to the public as the country’s first Black president in 1994. Tutu was at the helm in the country’s healing process after apartheid, chairing the Truth and Reconciliation Commission, where many horrific accounts of injustice were heard. Despite the hardships he confronted, Tutu is remembered for his peaceful activism and ability to forgive. Parliamentarian Patricia De Lille spoke to reporters about her memories of the Arch, as he was known. “Humor and a great sense of timing were amongst the Arch’s greatest assets. He had an extraordinary ability to defuse tension, contain anger, and remind people of their human essence. He used humour to convey important messages. And had that particular, that we all know, contagious love,” she said. Sudan Govt: 58 Policemen Injured in Protests Sudanese authorities said on Sunday that 58 police personnel had been injured during protests the previous day against military rule and that tear gas had been used only to confront attacks on security facilities and vehicles, state TV reported. The Khartoum security committee’s statement added that 114 people had been arrested and faced prosecution after Saturday’s protests, the latest in a series of rallies against an Oct. 25 coup that upended a transition towards democratic elections. Medics aligned with the protest movement said earlier that violence by security forces had caused 178 injuries among demonstrators, including eight with live bullet wounds. At least 48 people have been killed in crackdowns on protests against the coup, the medics say. Internet and phone communications were disrupted on Saturday, and security forces fired tear gas as they blocked protesters from reaching the presidential palace. A deal announced by the military in November to reinstate Prime Minister Abdalla Hamdok has failed to stem the protests, calling for the military to withdraw from politics altogether. Australia’s New South Wales Sets Daily COVID-19 Case Record Australia’s most populous state reported a record number of new COVID-19 cases on Sunday and a sharp jump in hospitalisations

for security guarantees amid heightened tensions involving a massive deployment of Russian troops near Ukraine. Moscow earlier this month submitted draft security documents demanding an end to NATO’s eastward expansion and military cooperation with countries such as Ukraine and Georgia, among other things. Speaking at his annual news conference last week, Putin urged the West to meet the demands “immediately,” listing off many grievances about Ukraine and NATO. He warned that Moscow would have to take adequate measures if the West continues its “aggressive” course “on the threshold of our home.”

while thousands of people were isolating at home after contracting the virus or coming into contact with someone who has. New South Wales reported 6,394 new infections, up from 6,288 a day earlier. Case numbers in the state have surged over the past two weeks, but hospitalizations have lagged behind new infections. More than 70% of cases in some Australian states are the omicron variant of the coronavirus, but New South Wales does not routinely carry out genome testing to identify the variant. State Health Minister Brad Hazzard indicated Sunday that omicron is widespread. “We would expect that pretty well everybody in New South Wales at some point will get omicron,” Hazzard said. “If we’re all going to get omicron, the best way to face it is when we have full vaccinations, including our booster.” Health officials reported 458 active cases in hospitals across the state, up sharply from 388 the day before. There were 52 people in intensive care in New South Wales. A major laboratory in Sydney, which is located in New South Wales, said Sunday that 400 people who’d been informed a day earlier they had tested negative for COVID-19 had, in fact, tested positive. The lab’s medical director said those people were being contacted and informed of the error. Save The Children Suspends Myanmar Operation as Children, Women Killed Aid group Save the Children said it was suspending operations in Myanmar’s strife-torn Kayah state after two staff members went missing in an attack that left at least 30 people dead, including women and children, with many bodies burnt. The two staff were travelling to their

home villages for the year-end holidays when they were caught up in the violence in the eastern state, Save the Children said in a statement late on Saturday. “We have confirmation that their private vehicle was attacked and burned out,” the statement said. Opposition groups on Saturday blamed the military, which seized power from a civilian government in February, for the carnage on Friday near Mo So village of Hpruso town. Junta spokesman General Zaw Mun Tun did not answer his telephone on Sunday. Reuters could not independently verify Saturday’s accounts of the attack from a local resident, media reports and a local human rights group. State media reported army troops had fired on and killed an unspecified number of “terrorists with weapons” from armed opposition forces fighting the military government. Photos shared by Karenni Human Rights Group and local media showed the charred remains of bodies on burnt-out truckbeds. On Saturday, a villager told Reuters that he had seen 32 bodies, while Save the Children said at least 38 people were killed. The London-based charity said it had suspended operations in Kayah and parts of the neighbouring Karen state and the Magway region. “We are horrified at the violence carried out against innocent civilians and our staff, who are dedicated humanitarians, supporting millions of children in need across Myanmar,” said Save the Children’s chief executive, Inger Ashing.

Queen Leads UK Tributes to Archbishop Desmond Tutu Archbishop Desmond Tutu tirelessly championed human rights, the Queen has said, following the death on Sunday of the Nobel Peace Prize laureate who helped end apartheid in South Africa, reports the BBC. Leading UK tributes to Tutu, who has died in Cape Town aged 90, the Queen remembered “with fondness my meetings with him, his great warmth and humour.” The Archbishop of Canterbury, Justin Welby, said he had changed the world. Prime Minister Boris Johnson praised his leadership and humour. The Queen said, “I am joined by the whole Royal Family in being deeply saddened by the news of the death of Archbishop Desmond Tutu, a man who tirelessly championed human rights in South Africa and across the world.” Tutu was one of the driving forces behind the movement to end apartheid, the policy that saw racial segregation and discrimination against the black majority in South Africa by the white minority government. He was credited with coming up with the term Rainbow Nation to describe the ethnic mix of post-apartheid South Africa, but in his later years, he expressed regret that the nation had not come together as he had hoped.

Cancelled Flights: Chinese, U.S. Airlines Hardest Hit over COVID-19 Tens of thousands of airline passengers have been hit by the grounding of thousands of flights as a surge in COVID-19 cases causes staff shortages. According to the FlightAware data tracking website, more than 7,000 flights have now been cancelled since Friday and over the Christmas weekend. Chinese and US airlines appear to be the hardest hit, with further delays and cancellations announced for Monday. Companies say the cancellations are due to airline crews testing positive. Staff who have not tested positive but have been in contact with those Putin to Mull Options if West Doesn’t infected are then being forced to Meet Security Demands self-isolate. Russian President Vladimir Putin has Recorded COVID-19 cases are rising said he would ponder various options if sharply worldwide, largely driven by the West fails to meet Moscow’s demands the Omicron variant.

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

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

2 4 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

MTN Nigeria, Dangote Cement, Others Raise N421.7bn CPs on FMDQ in 2021

Kayode Tokede With companies requiring short-term capital to stay afloat, 20 companies raised N421.7billion worth of Commercial Paper (CP) on FMDQ Exchange platform between January and December of 2021, FMDQ trading data has revealed. The data, which was obtained from FMDQ Exchange website revealed that 36 companies registered CP worth N1.806 trillion and quoted N421.7billion. CPs are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be

readily traded. Due to its relatively short maturity period, CP is referred to as low-risk investments, and offering competitive returns to investors in compensation for the issuer’s credit risk. The 20 companies that consist of manufacturing, telecommunication, oil & gas, banks, health, agriculture, among sectors have raised CPs on the FMDQ Exchange platform in the period under review. Analysis of the activities at the CPs market showed that Coronation Merchant Bank Limited in the 12 months of 2021 raised N74.54billion, one of the highest CPs on FMDQ Exchange followed by MTN Nigeria and Dangote Cement Plc that raised N73.51billion and N41

billion respectively. FMDQ Exchange in February admitted CP valued at N2.34 billion of Coronation Merchant Bank and in March, it issued N14.13 billion CP. The merchant bank in April issued N21.62billion in CPs but for May 2021, it was N11.46billion. However, in August, the company issued N25billion CPs. Coronation Merchant Bank has N100billion CP issuance programme on FMDQ Exchange. FMDQ in 2021 approved the quotation of the MTN Nigeria Communications Plc N19.77 billion Series 3 and N53.74 billion Series 4 CPs under its N200 billion CP Issuance Programme. Also, Dangote cement in Novem-

ber 2021 quoted a total of N41 billion CP under its N150billion CP issuance programme on its platform. FMDQ Exchange had announced the quotation of the Dangote Cement N15.20 billion Series 1, N7.96 billion Series 2, and N17.84 billion Series 3 CPs The proceeds from the Dangote Cement Series 1 – 3 CPs, which were sponsored on the Exchange by Stanbic IBTC Capital Limited – a Registration Member of FMDQ Exchange, was used to support the company’s short-term working capital and funding requirements. By quoting these CPs on the Exchange, Dangote Cement is availed unique benefits which include, but are not limited to, enhanced investor

confidence, transparent/relevant information disclosure on the issue, effective price formation, and global visibility. THISDAY gathered that Stanbic IBTC Bank Plc and Union Bank of Nigeria Plc were the only banks that raised capital through CP in 2021. Both raised a total of N65.26 billion and the breakdown revealed that Union bank raised N34.96 billion and Stanbic IBTC, N30.3billion Analysts, however, noted that expansion in business, according to the National Bureau of Statistic (NBS) third quarter of 2021 guarded these companies accessing short-term capital to expand businesses. In a chat with THISDAY, analyst at PAC Holdings, Mr. Wole Adeyeye

noted that most companies in Nigeria needed to increase their output to meet the increased demand in the country in 2021, hence the need for additional capital. He explained that since yields on short-term instruments are relatively low during the period, most companies see CPs as one of the cheapest ways to increase their capital. He said: “Rates are actually dropping across the board. When you look at Treasury Bills auction result last week, you will notice that rates are actually considering 91-day, 181-day and 364-day. What is happening in TB market is what Continued on page 26

Broad Money Supply Hits N40.37trn Driven by 9.12% Rise in Net Domestic Assets Eromosele Abiodun Central Bank of Nigeria (CBN) over the weekend released its depository corporation survey which showed a 7.10 per cent year-to-date (YTD) rise in Broad Money Supply (M3

money) to N40.37 trillion as at October 2021. Analysts believe the relatively significant increase was due to a 9.12 per cent rise in Net Domestic Assets (NDA) to N34.14 trillion.

However, there was a 1.50 per cent moderation in Net Foreign Assets (NFA) to N7.23 trillion which was insufficient to offset the sharp growth in NDA. The CBN numbers showed that

Net Domestic Credit (NDC) rose year-to-date by 11.35 per cent to N47.38 trillion in October 2021. Further breakdown of the NDC showed a 14.46 per cent YTD rise in Credit to the Pri vate sector to N34.51

trillion. Commenting analysts at Cowry Assets said the increase in credit to private sector should further boost economic growth as more people have access to loans at reasonable interest rates, albeit we expect the

growth pace to slow in 2022 given the anticipated rise in rate environment. According to Cowry Assets, “Also, government borrowings increased in the review period as the need Continued on page 26

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 4 , 2 0 2 1 FGN BONDS DESCRIPTION 7.144 FGNSB 15-JAN-2022 13.125 FGNSB 16-JAN-2022 16.39 27-JAN2022 5.910 FGNSB 12-FEB-2022 13.050 FGNSB 13-FEB-2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.19

3.91

-0.12

NTB 13-Jan-22

3.69

3.70 0.00

100.57

3.90

-0.11

NTB 27-Jan-22

3.85

3.86 0.00

101.13

3.89

-0.01

NTB 10-Feb-22

4.00

4.02 0.00

100.27

3.88

0.13

NTB 24-Feb-22

2.45

101.26

3.88

0.13

NTB 10-Mar-22

2.98

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS JAN 26 2022 422.61

NGUS FEB 23 2022 424.04

NGUS MAR 30 2022 425.46

2.46 0.00

NGUS APR 27 2022 426.89

3.00 0.00

NGUS MAY 25 2022 428.32

C Ps MATURITY

Discount Yield

Change (%)

PARP CP II 30DEC-21 CMBL CP XVI 7-JAN-22 CTIL CP I 10JAN-22 MREP CP XXXX 10-JAN-22 MREP CP XXXV 14-JAN-22

5.71

5.72

-0.25

7.83

7.86

-0.19

6.04

6.05

-0.16

12.68

12.75 -0.16

7.80

7.84

-0.13

MONDAY, DECEMBER 27, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Personalities, Companies that Will Impact Capital Market in 2022

Oscar Onyema Kayode Tokede Analysts have said the stock market of the Nigerian Exchange Limited (NGX) in 2021 might close positive despite investors’ aggressive profittaking to celebrate Christmas and Happy New Year. Closing positive means the local market investors opted to invest in active companies despite investors divesting to fixed income instruments depressed in 2020. The market witnessed an upward trajectory in 2021 amidst strong performance by some fundamental stocks amid a shortage of dollar and double-digit inflation. Analysts hinted that the recent federal government Bond, Nigeria Treasury Bills (NTB) and Open Market Operation (OMO) auctions have seen yields track higher and this has affected the stock market. The market in 2021 has witnessed mixed trading, dropping by 3.04 per cent the first three months and dropping further by 5.87 per cent in the first half year. The NGX All Share Index, which tracks the general market movement of all listed stocks shed 0.12 per cent to close nine months at 40,221.17 basis points from 40,270.72 basis points at which it opened trading for 2021. In its Year-till-Date performance as at December 17, the stock market has appreciated by 5.17 per cent to close at 42.353.31 basis points as analysts are optimistic that the market going to close at positive territory this year. The stock market in 2021 continued on its demutualisation as NGX group listed a total of 1,964,115,918 shares at of 50 kobo each at N16.15 per share, creating room for public to have access to its shares and to further deepen liquidity in the capital market. Amid this, the stock market in 2021 has witnessed foreign investors exit, double-digit inflation rate and investors renewed interest in money market instruments, as value of NGX top 10 highly capitalised stocks dropping by N474.95billion

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

Lamido Yuguda in nine months, THISDAY findings revealed. The blue chips companies on NGX have maintained stronger earnings and interim dividend pay out to investors but domestic and global economy challenges over COVID-19 virus existence created room for sentiment trading. In the year under review, the stock market has witnessed foreign investors exit in a deal worth N173.32billion as at October 2021 as against N391.98billion in 2020. Foreign investors’ inflow as at October was N156.30billion while inflow in 2020 was at N200.59 billion Domestic investors all through the year dominated the stock market trading 78.66 per cent as against foreign investors 21.34 per cent as at October out of deal worth N1.54trillion. In 2022, all eyes will be on policy reforms by Director General, Securities & Exchange Commission (SEC), Mr. Lamido Yuguda; Group Chief Executive Officer of Nigerian Exchange Group Plc, Oscar

Onyeme, and other capital market stakeholders to witness more listing, drive liquidity and attract foreign/ local investors to the market. Activities such as Nigerian businessman, philanthropist, Femi Otedola mop-upping of the shares of FBN Holding, one of Nigeria’s tier one banks, Flour Mills buying stake in Honeywell, MTN public offer and federal government bonds taking over listings on the bourse were key notable events on the NGX in 2021 and the trend is expected to drive activities. Access bank is 2022 expected to complete its Holding structure and decision taken by Dr. Herbert Wigwe and the board of the pan-African financial crucial to the capital market in 2022. The Central Bank of Nigeria (CBN) granting Airtel Africa and MTN Nigeria approval in principle for Payment Service Bank (PSB) licenses expected to boost the two telecommunication presence in mobile money operations and drive competition. Eyes will be on Aliko Dangote’s

MTN Nigeria companies, Managing Director of MTN, Mr. Karl Toriola; Managing Director and Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya; Group Managing Director/Chief Executive Officer, Mr. Omoboyede Olusanya, Flour Mills of Nigeria and FBN Holdings, GMD, Mr. Nnamdi Okonkwo who is expected to resume duty 2022. However, in 2022, analysts have opted that the stock market going to depreciate amid post-election year, attributable to foreign investors exiting the market over uncertainty. Recall that in 2018 post-election, the stock market closed negative, dropping by 14.87 per cent to close at 32,228.77 basis points to highlights attenuated foreign participation due to a shift to higheryielding assets with lower risks in developed countries, coupled with the impending political risks in the Nigerian elections. Despite the uncertainty, analysts have expressed that Zenith Bank Plc, Guaranty Trust Holdings Plc, FBN Holdings and the acquisition of Union Bank of Nigeria by Titan

Dangote Group Trust Bank Limited (TTB), among others are the top lenders to reshape the market in 2022. Also, the likes of cement manufacturing, oil & gas, and telecommunication companies are what investors should be looking out for in a post-election year. The Managing Director, APT Securities and Funds Limited, Malam Garba Kurfi noted that the market in 2022 might witness listing of food and generating companies which is expected to attract investors into the market. He added that: “I expect building materials do very well as well as Flourmill, Oil, financial and Telecommunications companies to sustain the impressive earnings.” The vice president, Highcap securities limited, Mr. David Adnori said: “2022 is a year towards the elections and we are going to witness post-election syndrome that will sharpen the market. “Insecurity will also factor the market and i do not think the price of crude will be sustained at the present high level.

“We are going to witness financial assets shifting to fixed income market considering the fact that federal government will beseech the market to raise a lot of debts.” Analyst at PAC Holdings, Mr. Wole Adeyeye added that: “In terms of event, if there is improvement in the security in the country in 2022, this may attract foreign investors into the country. “In addition, the stability of Naira may attract foreign investors into the country next year. Also, if the government decides to make yields on fixed income instruments unattractive in 2022, domestic investors may switch over to the equities market next year. “In terms of company, the high cap stocks such as Dangote Cement, MTNN, among others have potentials to grow next year. This is expected to have positive impact on the performance of the Nigerian equities market in 2022. However, some foreign investors may likely exit the market in the fourth quarter of 2022 due to the coming election of 2023.”

Foreshore Waters Secures N2.4bn BOI Facility Foreshore Waters Limited (FWL) has secured a N2.4 billion loan facility from the Bank of Industry (BOI) to support the company’s growth and expansion plans. A Director in the company, Christiana Amida in a statement said the facility will be utilized to further boost the company’s operational efficiency and expedite the delivery of some of its ongoing

projects. Speaking further on the development, Amida explained that the repayment of the loan facility is structured over a four-year tenor with a 6-month moratorium. “We are very excited to embark on the partnership with the Bank of Industry. The facility would be invested in the acquisition and infusion of cutting-edge innova-

tive solutions that will contribute significantly to the achievement of our growth projections. For us, this is the beginning of a long-term, mutually beneficial journey with BoI in our commitment to contributing our quota to the development of the Nigerian real estate sector and ultimately the economy,” she said. She declared that Foreshore Waters is the fastest-growing independent

luxury real estate company in Nigeria, providing innovative real estate solutions with numerous projects that redefine the concept of upscale contemporary living. She described the company as the savvy investor’s choice that provides the perfect blend of luxury, elegance, and style with state-of-the-art architectural designs, remarkable estate features, scenic surroundings, and

an unbeatable return on investment. According to her, some of the company’s developments include the prestigious Riverside Apartments, the tallest building on Banana Island Road; Banana Island Paradise, an exclusive but affordable development in Banana Island; and Insignia, a first-class hotel styled residential development at Osborne 2, Ikoyi among others.

BROAD MONEY SUPPLY HITS N40.37TRN DRIVEN BY 9.12% RISE IN NET DOMESTIC ASSETS to provide basic infrastructure remained pressing amid sustained budget deficit, hence Credit to the Government rose by 3.79 per cent to N12.87 trillion. On the liabilities side, the 7.10 per cent YTD increase in M3 Money was further strengthened by the 9.72 per cent rise in M2 Money to N41.37 trillion, albeit funding by treasury bills moderated YTD to N933.29 billion. “The increase in M2 was chiefly driven by a 14.21 per cent rise in Quasi Money (near maturing short term financial instruments) to N24.82 trillion. Narrow Money (M1) rose by 3.61 per cent YTD to

N16.55 trillion (of which Demand Deposits rose by 3.86 per cent to N14.00 trillion, however currency outside banks decreased by 12.22 per cent to N2.55 trillion). Reserve Money (Base Money) moderated YTD by 2.81 per cent to N12.73 trillion as Bank reserves decreased by 4.18 per cent to N9.77 trillion despite the currency in circulation, which rose by 1.98 per cent to N2.97 trillion.” Commenting on the 2022 fiscal year budget passed last week by the National Assembly, the analysts said the N17.1 trillion budget is an audacious one, considering the amount of infrastructure that the

country needs to support economic growth. Nevertheless, they added that the N6.9 trillion on recurrent expenditure, as against the N5.4 trillion to be expended on capital projects, appears outrageous in the face of low revenue income. “The National Assembly finally passed the 2022 fiscal year budget after increasing the estimated bill of N16.39 trillion presented by President Muhammadu Buhari by N800 billion to N17.13 trillion. According to the lawmakers, the 2022 budget was increased to provide more funds to critical sectors in order to execute their core mandate. They include government agencies such

as Independent National Electoral Commission (INEC) as it prepares for the 2023 general elections and the National Population Commission (NPC) for the preparation of 2022 proposed Population Census. “Freshly passed budget by the Senate showed that the executives were more conservative than the legislators as regards expected income from crude oil sales – the National Assembly revised upward the crude oil benchmark to $62 per barrel, as against the $52 per barrel earlier proposed by the President. Other economic variables in the budget such as exchange rate was pegged at N410/$; Gross Domestic

Product (GDP) rate at 4.2 per cent and inflation rate at 13 per cent, “they said. “In 2022, Federal Government would expend N6.9 trillion on recurrent expenditure, N5.4 trillion on capital expenditure, N3.8 trillion on debt servicing and N869.6 billion as statutory transfers. Further breakdown of the recurrent expenditure showed that N996.09 billion was earmarked for Ministry of Defence, Ministry of Police Affairs to get N518.53 billion, Ministry of Health and Ministry of Education to get N462.86 billion and N593.47 billion respectively, “the analysts said.

MTN NIGERIA, DANGOTE CEMENT, OTHERS RAISE N421.7BN CPS ON FMDQ IN 2021 is actually happening in CP “If these companies were to borrow from banks, they would have likely gotten it at least 15 per cent interest rate. That is even because they are big corporate. If it were smaller companies, they would have probably gotten it between 18 or more interest rate.” Reacting on role played by CPs in driving these companies and economy growth, FMDQ Exchange in a statement said: “An active CP paper market provides companies with the opportunity to raise capital to meet their short-term funding obligations. “Also, CPs typically do not create a lien on the company’s assets,

and this creates room for enhanced operational flexibility. In addition, interest on the debt is normally tax exempt and can be deducted from the company’s tax return, lowering the actual cost of the loan to the company. Thus, commercial papers impact the ability of companies to remain competitive and sustainable. “As an investment tool, CPs help to diversify an investor’s portfolio thereby reducing the overall portfolio risk. The short-term nature of CPs also permits a quick return on investment and allows investors remain relatively liquid. All of these enhance a vibrant and robust financial system thereby effectively and invariably contributing to the country’s economic growth

and development.” FMDQ Exchange had noted that an active CP market provides companies with the opportunity to raise capital to meet their short-term funding obligations. They explained that the instrument typically does not create a lien on the company’s assets, and this creates room for enhanced operational flexibility. “In addition, interest on the debt is normally tax exempt and can be deducted from the company’s tax return, lowering the actual cost of the loan to the company. Thus, commercial papers impact the ability of companies to remain competitive and sustainable.

“As an investment tool, commercial papers help to diversify an investor’s portfolio thereby reducing the overall portfolio risk. The short-term nature of CP also permit a quick return on investment and allow investors remain relatively liquid. “All of these enhance a vibrant and robust financial system thereby effectively and invariably contributing to the country’s economic growth and development.” The Managing Director, Highcap Securities Limited, Mr. David Adnori attributed trudge in corporate raising CPs through FMDQ to urgent short-term capital obligations. He noted CPs instrument not on the NGX and a money market

instrument. Speaking on interest rate, he said: “Not that the interest rate on CP is low, just that these companies need short term fund to meet their daily business obligations. Some of these companies might be having a short fail in working capital. Short term fund is to finance working capital to remain in business. Some might have short-term opportunities to grow their businesses and decided to take advantage of CP to remain buoyant.” FMDQ said the timely admission of the CP issues, and in general, all securities on the exchange was a testament of the efficiency of the exchange’s securities quotation process.

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

BUSINESSWORLD

STATUS REPORT

Notore: Weak Revenue, Cost of Sales Exacerbates Losses

Kayode Tokede

otore Chemical Industries in its unaudited fourth quarter (Q4) result and accounts for period ended September 30, 2021 reported decline in revenue and increase in the cost of sales to position its profits to losses. Also, most financial parameters for the period showed that the agro-allied & chemicals recorded poor performance in the year under review and it is an indication that the company is not going to pay dividend to shareholders soon. The listed company on the main board of the Nigerian Exchange Limited (NGX), known for producing fertilizer for sale within Nigeria and for export to West Africa, South Africa, and Europe, continued to record recurring losses since the last economic downturn in 2016. The top line performance showed that cost of sales outpaced revenue from contracts with customers, two major factors contributing to the company’s woes. Revenue from contracts with customers for Q4 2021 dropped by 7.1 per cent to N17.47billion from N18.8billion reported in Q4 2020, while cost of sales gained 0.96 per cent to close Q4 2021 at N21.89billion from N21.68billion reported in Q4 2020. The breakdown of revenue revealed that Nitrogen Phosphorus & Potassium (NPK) sales moved to N3.35billion in Q4 2021 from N249.6million reported in Q4 2020, while sales of Urea and other chemicals dropped by 31.1per cent to N12.57billion from N18.25billion in Q4 2020. Ammonia sales closed Q4 2021 at N359.2million from N298.6million in 2020 and infrastructure services, for the period added N1.19billion to revenue. Analysis by geographical location showed that revenue generated within Nigeria rose by nearly 20 per cent to N17.03billion in Q4 2021 from N14.21billion reported in Q4 2020, while revenue Outside Nigeria dropped significantly by 86per cent to N439.2 million in Q4 2021 from N3.22billion in Q4 2021 The company maintained that the

weak revenue is due to Turnaround Maintenance Programme (TAM) on the fertilizer plant that impacted on its revenue in the year under review. From the group’s profit & loss figures, growth in Haulage cost and Infrastructure services cost drive per cent increase in cost of sales that closed Q4 2021 at N21.89billion from N21.68billion reported in Q4 2020. Consequently, the company reported gross loss of N4.42 billion in Q4 2021 from N2.88billion in Q4 2020. Notore Chemical industries’s total operating expense, however, dropped by six per cent to N5.96billion in Q4 2021 from N6.31billion reported in Q4 2020. From the profit & loss figures, administrative expenses dropped by 4.5 per cent to N5.74billion in Q4 2021 from N6.02billion in Q4 2020 while selling and distribution expenses also dropped by 25.5 per cent to N218.79million from N293.7million. Other income dropped by 63 per cent to N6.89billion from N18.68billion in Q4 2020. The weak performances in revenue, among others weaken operating profit that gained N9.49billion in Q4 2020 from operating loss of N3.49billion in Q4 2021. The company in the period reported N388million finance income as against N1.07billion reported in Q4 2020, while finance cost dropped by 29 per cent to N16.7billion in Q4 2021 from N23.41billion reported in Q4 2020. In the last Q4 2021 results, the company paid N7.7billion as exchange difference on bank borrowing but in the current period, such money was not paid. However, the management paid NN16.69billion for interest and fees on borrowing in Q4 2021 as against N15.66billion reported in Q4 2020. Loss before income tax, however, closed N20.19billion in Q4 2021 from N13.9billion reported in Q4 2020. In the same vain, the company reported N20.19billion loss for the period in the

Q4 2021 from N6.4billion loss reported in Q4 2020. Swimming in negative Territory The group total debt amounted to N122.18billion as at September 30, 2021, an increase of 12 per cent from N108.35billion reported in full year ended September 30, 2020. It has also seen debts rising very fast as the fertilizer marker continues to struggle with its long and short-term financial obligations. Long-term borrowing dropped by 12.4 per cent to N78.55billion from N89.67billion reported in 2020, while short-term borrowing grew by 133.5 per cent to N43.6billion from N18.68billion reported in 2020. Meanwhile, Notore Chemical industries’s total assets grew by three per cent to N226.65billion as at September 30, 2021 from N220.76billion. In the period, Non-current assets grew by six per cent to N210.34 billion as at September 30, 2021 from N98.62billion reported in 2020, driven by 11.3 per cent and 4.1 per cent growth in investment property and Property, plant and equipment. Total current assets dropped by 26.35 per cent to N16.31billion as at September 30, 2021 from N2.14billion reported in September 30, 2020. The group’s total liabilities gained 16.5 per cent to N183.73billion as at September 30, 2021 from N157.7billion reported in 2020. From the financial statement, total equity of Notore Chemical industries depreciated by 31.9 per cent to N42.9billion as at September 30, 2021 from N63.06billion reported in prior period. The group reported negative retained earnings of N49.35billion as at September 30, 2021 from N29.16billion. Analysts View Analysts have expressed that the closure of the company’s plant impacted on revenue and the management needed to expand in its revenue to boost profit

and probably pay dividend to shareholders The Notore’s Group Managing Director, Mr. Ohis Ohiwerei in a statement had said that the relentless effort and focus of our team on attaining plant reliability has enabled the business to maintain daily production volume outpout at 1,000 MT. The emphasis going forward is to maintain the current daily production volumes and ramp up over the next few months to nameplate capacity. With the current in export prices in the fertilizer around the globe, the company’s focus is to optimise its sales distribution in order to cushion the rising cost of imported production input raw materials occasioned by the devaluation of the naira. The strategy is expected to retain the company to profitability in the last quarter of the current financial year as we continue to diversify our market outreach in both Urea and NPK fertilizer. “We expect to see an increase in the demand for NPK fertilizers in Q5 as we approach the dry season farming period. We also expect to harvest, mill and package the Notore Premium Rice Brand from the phase two pilot scheme for sale in this quarter.” He noted that beyond 2021, the company’s outlook remains to attain the name plate production capacity while expanding reach of Urea and NPK fertilizer in the west Africa sub region as the copany collaborates with governments across the region. While commenting on the plant, company secretary, Notore Chemical Industries, Otivbo Saleh, had maintained that: “Upon completion, we expect a significant improvement in the Plant’s reliability index and sustained daily production output of 1,500MT. “Attaining this level of production will guaranty improved cash flow, increase in annual revenue as well as return the Company to profitability.” On the outlook for the year, the company forecasted revenue growth of between 25per cent and 30per cent in the last quarter of the financial year, reflecting stability and reliability in the plant.

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

BUSINESSWORLD

NEWS

Olam’s Subsidiary Vaccinates Cattle against Foot and Mouth Disease in Kano Dike Onwuamaeze Outspan Nigeria Limited (ONL), the dairy business of Olam Food Ingredients (ofi), has flagged off vaccination exercise against the foot and mouth disease for 1,500 dairy cattle in Dawakin Tofa Local Government Area of Kano State. The vaccination exercise is being carried out in partnership with

the Kano Dairy and Livestock Husbandry Cooperative Union (KADALCU) that comprised over 70,000 smallholder dairy farmers. The exercise is meant to improve cattle health management and enhance milk production level in the state. The Manager of ONL, Kano, Mr. Ahmed Adetunji, who represented the National Sales

Operations Manager of Olam, Mr. Vipin Patel, said: “We keep deepening our involvement in the local dairy value chain by engaging an extensive number of smallholder farmers to facilitate improve farming practices in the value chain, while we inject the necessary investment funds to expand local milk production.

“The vaccination exercise will remove constraints around dairy cattle health management which directly affects the cattle productivity level and by extension increases the quantity and quality of milk being produced locally.” Adetunji added that in addition to the recent insemination exercise on 1000 cows in the

state, the opening of a new milk collection centre to preserve the quality of milk produced locally and the training of smallholder dairy farmers on the adoption of modern farming practices, all sponsored by the ONL, “the vaccination exercise against foot and mouth disease, which is considered deadly among livestock, is expected to fast

track the achievement of milk production self-sufficiency in the country.” The Chairman of the Kano Dairy Union, Mr. Usman Abdullahi Usman, and a Dairy Cosultant, Mr. Celestine Ayok, who were present at the event thanked ONL for its contribution to the growth aspirations of the dairy value chain.

A’Ibom Renews Pact with Firm to Manage Ibom Five-Star Hotel Okon Bassey in Uyo Akwa Ibom State Government has gone into a new deal with Icon Hotels & Resorts Nigeria Limited, operators of the Ibom Icon Hotel & Golf Resorts for the management of the hotel in the next fifteen years. The new agreement is with the aim of repositioning the leisure

facility for effective service delivery and profitability. The signing ceremony, which was witnessed by the representatives of the State Government and that of the Icon Hotels & Resorts Nigeria Limited, took place at the Mbo Meeting Hall, Ibom Icon Hotel & Golf Resorts, Uyo. The Chairman, Board of Directors,

Ibom Icon Hotel & Golf Resorts, Mr. Udeme Ufot, described the occasion as a momentous one in the history of the hotel since its establishment in 2007 by the Victor Attah administration. Explaining the structure of the agreement, the Chief of Staff, ( CoS ) to Governor Udom Emmanuel, Akparawa Ephraim Inyangeyen,

stated that it was the decision of the State Government to enter into a management agreement with the Icon group to manage the operations of the facility for greater benefits to the state and the people. Also speaking, the Commissioner for Culture and Tourism, Mr. Oman Esin, expressed appreciation to Governor Emmanuel for the bold

steps taken to reclaim the pride of the hotel by rejigging its management in order to turnaround its economic prospects. According to Esin, “Through this deal, we have seen a facility that was very tired, but now wearing new looks, and bearing new innovations. We are very impressed with the level of administrative

structures that have now been put in place to manage the operations of this hotel.” On his part, the Chief Executive Officer of Icon Hotels & Resorts Nigeria Limited, Mr. Adetope Kayode, promised that his company would live up to the confidence and trust reposed on her by the Akwa Ibom State Government.

Cleric Tasks FG on New Strategies for Teesas Signs Ambassadorial Deal with Mercy Johnson engaged to promote the app as ing children aged 2 – 12 years core Raheem Akingbolu a home tutor and a platform for subjects including Maths, Sciences and National Development Teesas, an African-focused Edtech the learning of native Nigerian Literacy through engaging tutor-led

Gilbert Ekugbe

The Founder, Celestial Church of Christ, Genesis Global, Prophet Israel Oladele, has charged the federal government to retsrategise policies to achieve an all inclusive economic growth for Nigeria. According to him, going into 2023, there is an urgent need by the economic managers to implement

sound economic policies to achieve the necessary change that would put Nigeria on a steady map of economic growth. The Genesis Global General Overseer, stated this on the sidelines of its annual harvest tagged ‘Intact joy’ in Lagos. In his words, “We should be positive going into 2023, we should not wait believing that things will change by itself. We need to restrategise for transformation,

we need to implement the change we are expecting. We must think outside the box to move forward. The youths should not sit back hoping for things to change. They have to come into politics too. We need to speak out to fight for our right. You have to do what is right and get the right results and do not sell your conscience because of what you will get from people.”

start-up that is delivering educational content via web and mobile applications, has signed-on Nollywood actress Mercy Johnson-Okojie as its first brand ambassador. The ambassadorial deal, which will run for two years was signed at the firm’s offices in Lagos recently. The actress, who was said to be unique for her ability to speak five Nigerian languages, has been

languages in a fun and engaging way, to her large fanbase. As part of the deal, the Nollywood actress will also feature in Teesas marketing communications campaigns to be deployed in mainstream and digital media. The founder and chief executive officer of Teesas, Osayi Izedonmwen, explained that the brand is a new educational app focused on teach-

videos and e-books in English, as well as educational content in major Nigerian languages namely; Bini, Hausa, Ibibio, Igbo, Ijaw, Yoruba, and Tiv with plans to include French soon. He added that the videos are in line with the national curriculum. He further explained that adults seeking to learn their mother tongue (local languages) would also find the app useful.

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY DECEMBER 27, 2021 •T H I S D AY

ADVERTORIAL

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY DECEMBER 27, 2021 •T H I S D AY

MONDAY DECEMBER 27, 2021 • T H I S D AY

MONDAY DECEMBER 27, 2021 •T H I S D AY

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

HOMES&DESIGN

EAGLE HOUSE as High-rise of Present and Future

MONDAY, DECEMBER 27, 2021 ˾ T H I S D AY

HOMES&DESIGN

Eagle House with Wings Across Marina Skies

The famed Eagle House rises to 20 floors on Marina Road, Lagos, looking elegant and bold. This solely commercial high-rise building fits the look of a rare machine. Bennett Oghifo writes

he Eagle House is a solid commercial property purpose-built for use by seasoned and well-established companies. It has an attractive golden facade, with an interior complete with state-of-the-art facilities. Those familiar with the tower say it is where company chief executives hold court. The building is designed to ensure fluid parking both underground and on one or two floors. It is a well-thought-out design, considering how tight the inner Marina Street is. The building’s critical services are installed on the rooftop, and transportation within it is by a bank of elevators (lifts), including one dedicated to services. The materials used for the structural system of high-rise buildings are reinforced concrete and steel. For instance, most North Americanstyle skyscrapers have a steel frame, while residential blocks are usually concrete. High-rise structures, such as the Eagle House, pose particular design challenges for structural and geotechnical engineers, particularly if situated in a seismically active region or if the underlying soils have geotechnical risk factors such as high compressibility or bay mud. They also pose serious challenges to firefighters during emergencies in high-rise structures. New and old building design, building systems like the building standpipe system, HVAC systems (heating, ventilation and air conditioning), fire sprinkler system, and stairwell and elevator evacuations pose significant problems. Studies are often required to ensure that pedestrian wind comfort and wind danger concerns are addressed. To allow less wind exposure, transmit more daylight to the ground, and appear more slender, many high-rises have a design with setbacks.

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

FOCUS

Del-York & Partners to Develop a Beﬁtting, World-class Film and Media Park in Lagos

Vanessa Obioha writes that the recently announced partnership between the Lagos government, Del York International Group and US-based Storyland Studios to develop a film city in Lagos is a welcoming vision and a necessary facelift for the film industry

Linus I da hosa

ast May, Commissioner for Tourism Arts and Culture in Lagos, Mrs. Uzamat AkinbileYusuf, hinted at the state’s plan to build a film city. The plan was part of the Lagos State Creative Industry Initiative (LACI), whose objectives include giving practitioners in the creative sector an opportunity to compete favourably with their contemporaries across the globe in filmmaking. Akinbile-Yusuf stressed the administration’s goal to make Lagos the creative industry capital and ensure it takes its place in the African continent as the undisputed centre for outsourcing creative talent into the global entertainment industry talent pool. It is not news that entertainment is one of the campaign pillars of the Babajide Sanwo-Olu’s administration. The governor has consistently shown his support for the sector through various initiatives. The plan finally came into fruition recently when Del-York International Group, in partnership with the Lagos government, announced that it signed a deal with a US-based company Storyland Studios to develop a film city in Lagos. In most developed parts of the world, where the film industry is considered an important sector of the economy, film cities are built to not only help local filmmakers but to attract more international producers to domesticate their filmmaking operations in the country and have a pool of trained professionals they can draw on to produce quality content. Imagine the Fast and Furious franchise coming to Nigeria to film or perhaps, Marvel Comics toying with the idea of having a Wakanda situated in Lagos, the bustling city of Nigeria. Such projects are what the Del York International Group, the project’s sponsors, is hoping to achieve

M el M c Gowa n

with the multimillion-dollar facility. Expectedly, such news is greeted with fanfare as it will address one of the challenges of Nollywood, which is an enabling environment for filmmakers to work. As the world’s second-largest film industry in terms of production volume, Nollywood has, over the years, blossomed into one of the top employers of labour. It has a projected annual growth of 8.6 per cent and contributes 1.42 per cent to the Nigerian GDP. It is one of the major cultural exports of the country. But practitioners are faced with a myriad of challenges that range from piracy to funds and infrastructural needs for productions. With little support from the government, most filmmakers resort to using their private funds. But with the outlook of the creative industry which revenue today stands close to about $4.5 billion annually, Nollywood is touted as the next big thing for the country. Therefore, having a publicprivate partnership with Del York

“The continent’s burgeoning community of creatives have long been inspired through the magic of ﬁlm and television, spiriting themselves into worlds they never thought possible but curtailed by their immediate circumstances.”

International Group to develop a facility that will provide a seamless environment for filmmakers to do their work is laudable. And Lagos, home to an estimated 20 million people as the preferred location, will surely add to the economic value of the state through tourism and entertainment. The facility will be sited in Ejirin City, Epe area of the state and will provide ancillary services such as a theme park, studios for production and post-production and is expected to attract 5,000 to 10,000 daily visitors. It combines leisure, entertainment and learning as a Creative Academy for film students will be situated in the 100-hectare facility. “The continent’s burgeoning community of creatives have long been inspired through the magic of film and television, spiriting themselves into worlds they never thought possible but curtailed by their immediate circumstances,” said The President of Del York International Group, Mr. Linus Idahosa, who is also the founder of the Del-York Creative Academy (a renown film making institute on the African continent). The founder and Chief Creative Officer of Storyland Studios, Mel McGowan, added that “We’re excited to be part of the further development of Nigeria’s incredibly prolific and rapidly-growing film industry. The Lagos film city concept is a cultural, creative ecosystem that will be a catalyst not only for the country of Nigeria but for Africa.” The film city is not the first partnership between Del York International Group and Lagos. Also, last May, the duo entered a

partnership that saw the state government sponsoring trainees in the creative field to Del York Academy. Now with both working together like two hands on a clapping task to change the face of Nollywood as well as attract global investors to the state, Nollywood is perhaps on its way to achieving gold status in the global film industry. “With this agreement in place, we can finally realize that purpose-designed infrastructure that will match the dreams and most expansive imaginations of creatives on the African continent,” added Idahosa, who is reputed for his keen interest in media and film capacity building. Over the years, Del York International Group’s reputation as a global syndicate providing world-class innovation in technology, mass communication, education, and sustainable energy while also facilitating market entry for companies and institutions interested in doing business in Africa has magnified. Under the exceptional leadership of Idahosa, the Group continues to attract international companies into the country. For instance, it signed a deal with Huffine Global Solutions (HGS) earlier in the year to conceptualise and execute projects in Nigeria and across Africa. Idahosa, it seems, is on a dedicated mission to revolutionalise the African market through groundbreaking interventions and innovations. Each business strategy is meticulously applied to replicate success and build a legacy. By deploying the services of Storyland Studios, a renowned design and production studio with offices in the US and Europe, there are no doubts that by the completion of the film city, which will start construction early next year, the global spotlight on Nollywood will be further illuminated.

MONDAY, DECEMBER 27, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Ede: Nigeria’s Human Capital Key in Unlocking Economy’s Strength The Group Managing Director of Norrenberger, an independent financial services group that provides bespoke financial solutions, Mr. Tony Ede, speaks to Goddy Egene on the Nigeria’s budget, foreign exchange and other sundry financial and economic issues. Excerpts: domestic, foreign revenue sources, multilateral and bilateral groups to finance budget deficit of N5.2 trillion in the 2021 and corporate borrowers’ activities would help to absorb some of the excess liquidity from the system, we forecasted corporate instruments issuance within the region of N1.5 trillion to N2 trillion to drive meaningful impact in the direction of yields. We did predict liquidity crunch for the banks to spark sale of bills in the secondary market, thereby triggering an uptrend in yields in the money market, with attendant support for funds mobilisation from investors. In line with our expectation, the 7-year and 15-year bond yields settled at 11.20 per cent and 12.15 per cent respectively, while the 30-year bond inched higher to close at 13.0 per cent. Similarly, NTB auction printed at 7.5 per cent, 3.5 per cent, and 2.5 per cent respectively for the 364-day, 182-day, and 91-day bills respectively. Despite the weak macroeconomic situation, the federal government and corporate organisations in the country raised over N4.58 trillion from the capital market via the fixed income segment between January to June 3, 2021. Our prediction of low yields in the equities market, and the portfolio recommendation/ strategy of dividend aristocrats paid off as dividend yields recorded as low as 1.08 per cent amongst the top tier banks.

What is your take on the 2022 Budget that was presented by the President to the National Assembly? he presentation of the 2022 budget proposal to the National Assembly by the President more than two months prior to the start of the next fiscal year is laudable. This would give the National Assembly sufficient time to conduct the required legislative review of the budget. Most importantly, it will also allow for public consultation and citizen inputs into the budget prior to its passage into the appropriation act, however, a review of the proposed fiscal parameters shows that the budget proposal reflects the future of past years’ budgets. The budget seems replete with some of the mistakes of the past budgets in terms of structure and character. Revenue forecasts and budget parameters are somewhat overly optimistic, so the usual credibility problems of previous budgets are likely to shadow the 2022 budget. Clearly as a nation, we still have an incremental fiscal structure, regardless of the state of the economy.

Normally, the challenge has been implementation. Given the budget outline, do you think it has potential to meet expectations of all? The 2021 budget, which was called the budget of stabilisation and economic growth, has so far been unable to meet up to 30 per cent of the government’s fiscal policy objectives. According to the government’s half-year report, the economy is yet to witness the desired growth outside the Gross Domestic Product(GDP) growth statistics. According to the half year budget implementation report, as of June 2021, only 27 per cent (N1.34trillion) of the money from total public debt of N4.9 trillion was released to fund capital expenditures (including additional capital expenditures). This implies that all the revenue of the government and about 73 per cent of the accumulated public debt in the first half of 2021 was used for debt servicing and recurrent expenditure funding. The usual expectations are to fund capital projects, especially projects with the ability to repay costs, support existing revenue sources and stimulate economic growth. The year is fast running to an end, how would you describe the performance of the economy. Are you satisﬁed with the performance? The 2021 budget has so far delivered mixed results. There are some commendable positive results, as well as negative results. There is a considerable improvement in the non-oil revenue. Nonetheless, economic growth and stabilisation seems very weak, with an attendant depletion of accrued savings (external reserves) and other State resources. Unlike the 2020 half-year, when the government made a transfer of U$ 250 million to the Nigerian Sovereign Wealth Investment Authority (NSWIA) has received no transfer in 2021. External reserves decreased by 10.6 per cent, from $36.48 billion in December 2020 to $32.99 billion in

Ede

June 2021, followed by a gradual positive reversal to US$40 billion by third quarter in October 2021 thanks to the successful Eurobond raise. Trade deficit also increased sharply, reaching around $4.23 billion. Import growth remains very high relative to our export growth rate. Relative to 2020, Nigeria’s trade deficit in the first half of 2021 rose by N3.56 trillion and stood at N5.81 trillion in June 2021. With an import growth rate of 60.67 per cent in the first half of 2021, Nigeria’s export growth rate of 26.18 per cent had little or no impact to stabilize or grow the economy. In the first half of 2021, the federal government accumulated an additional public debt of around N2.51 trillion (foreign debt – N897 billion, domestic debt – N1.61 trillion).Additionally, N2.40 trillion loan was received from the Central Bank of Nigeria (CBN) via

Ways and Means Advance bringing total borrowings t0 N4.91 trillion outweighing at half year, full year 2020 budget deficit figure of N4.70 trillion. It is important to note that the value of the Ways and Means provided to the federal government by the CBN violates applicable laws. External debt increased by 8.5 per cent, from N10.95 trillion in December 2020 to N13.711 trillion in June 2021.In the same vein, domestic debt increased by 10 per cent, from N16.02 trillion in December 2020 to N21.754 trillion in June 2021 bringing total debt size to $N35.465 trillion as at June, 2021. Given your projections as an operator in the ﬁnancial services sector, how much of your expectations were met? We had predicted that federal government borrowings from

The Central Bank of Nigeria (CBN) has introduced e-Naira, how do you see this affecting the ﬁnancial system? The eNaira is a CBN-issued digital currency that provides a unique form of money denominated in Naira. The digital currency serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. The CBDC has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. It is expected that the implementation would not only ensure cheaper transactions but would take banking services to the poorest and most vulnerable in the society, it will prevent counterfeiting, cut the cost of printing, movement and destruction of cash, especially dirty notes. It will reduce the problems associated with the use of current electronic forms of transactions. When you access the impact of being able to transfer value at low or no cost, the ability of people to do things without having to worry about any change (balance), the ability to transfer money to Nigerians as part of social programmes, the impact on Diaspora remittances, l will say that the impact on the financial system and the GDP will be much larger than the President’s prediction of US$29 billion dollar addition to the nation’s GDP in the next 10 years. What is your reaction to the exchange rate and what do you think could be done to stabilize the Naira? Continued on page 39

T H I S D AY ˾ MONDAY, DECEMBER 27, 2021

BUSINESS SPECIAL

INTERVIEW

“Our portfolios are customised to ﬁt the needs and goals of each client. We do not follow a model where one size ﬁts all or follow an asset allocation approach that does not consider individual return requirements.”

The free-fall of the naira is a hydraheaded monster that requires diverse and intensive intervention otherwise the currency will continue to devalue. I already suspect that the gap in FX supply will push the exchange rate to almost N600 by December 2022 as demand increases. One of the major troubles of the Naira is that the CBN managers believe they can use a duct tape strategy to prop up its value using income from oil. They don’t want market forces to determine the Naira value because it would reveal that the Naira is much weaker than they want us to believe. Amid the various monetary policies already or currently being implemented by the Central Bank of Nigeria,(CBN), and the Naira exchanging at N570/$1, it has recorded its poorest run in the history of the foreign exchange policy administration in Nigeria. In reaction to this, the apex bank recently took the battle to the footsteps of “currency manipulators” after barring bureau de change operators from its official window. The way out of this foreign exchange conundrum is for the CBN to allow the market to function. It is also imperative for the apex bank to deemphasise demand management and focus on strategies to stimulate forex inflows. A fixed exchange rate regime is a major disincentive to inflows and creates enormous pressure of demand for forex. The CBN needs to give the market a chance. Its current approach would continue to deepen distortions in the economy, perpetuate round tripping, fuel speculation, suppress forex supply and boost underground economy. The exchange rate challenge stems from the fact that the country is deteriorating to a net importer of all it consumes which incidentally has become the tragedy of the economy. To solve this problem, there must be a retooling of the nation’s production infrastructure to reduce importation of manufactured goods and raw materials to conserve forex. We need to improve Nigeria’s production particularly in agriculture. If the country produce, the lesser we import and that is the better. We really need to reduce our imports and export more. In the past few years, some manufacturing companies have closed shop and relocated to nearby West African countries. If we produce more and export more the GDP will grow, and the value of the naira will improve. If we import less, we will be in a better position. One of the problems of the country’s economic management strategy clearly is policy summersault. In the past few years, the CBN governor has done a lot. I think the person handling the macro-economic side or the monetary sector of the country has not been finding

things easy. What is worrisome is that devaluation of currencies does not help in anyway. We are still a mono economy, which is the oil that is fading. We have not done much to encourage export. The ease of doing business is diminishing, the hurdles faced by exporters are numerous. These include: corruption, infrastructural decay, multiple taxes and other obstacles that are discouraging and killing businesses. Nigerian has a very huge population but the ﬁnancial system has not really taken advantage of the human mass to transform the economy. Why do you think this is so? Nigeria has an estimated population of about 206 million, making it the seventh most populous country in the world. The country’s population is projected to increase to 263 million in 2030 and 401 million in 2050 when it will become the third most populous country in the world. This is because the country’s population continues to grow at a high rate of 2.6 per cent , while global population growth is 1.05 per cent per year. Nigeria, as the most populous country in Africa must be the envy of many other countries. This human capital is not only a blessing of immense proportions, but also a huge economic strength, especially if put to productive use. Nigeria’s population is not a problem per se, but its poor management is. An example of a country that skillfully and productively manages her high population density is Singapore, which is reputed to have 25 times greater population density than even India. Other countries like The Netherlands, South Korea, Bahrain, Israel, and Taiwan have also done well with their large number of citizens. A large population increases the demand for goods and services in the economy, which stimulates investment and production, leading to creation of more jobs and better incomes. With more taxes from a large population that is productively engaged, enough money can be sourced to improve benefits for those in the dependent age group, thus creating a happier society. In addition, with a large population there is greater demand and supply in the economy, leading to large economies of scale. A large population, when properly managed or built as productive capital, is sure to be a source of security against external aggression. In addition, given that Nigeria has a large expanse of

rich land, channelling the human resource to agriculture to improve the nation’s food security is one benefit of its huge population. With the right environment for investors, a large pool of workforce is already guaranteed for inexpensive labour and large-scale production for export at competitive prices. Specifically, a large youth population means that a maximum number is in the working age, with dynamic and innovative qualities. This generally implies a better workforce. Another associated benefit is a lower dependent population, that is, the number of people dependent on other citizens’ income would be less, leading to comparatively better living standards. So, good management of the nations’ human capital, especially the youth population is the way to go. Therefore, a large population is not a problem. How it is managed or mismanaged as economic resource is. It is therefore imperative that Nigerian manages her population and other resources well and reap the demographic dividend of having a large citizen base. You came into the industry years ago, what has been the experience? The Nigerian asset management industry is an industry under pressure due to margin squeeze, an ever-increasing regulatory burden, macro-economic and political changes and new disruptive business models. The expectations of clients in this environment changes quickly and places even greater pressure on the industry to respond to their evolving needs. As asset managers positioned as order-takers, we are at the start of our customer experience journey. We recognize that there are opportunities and much needs to be done. We are having to transform to become client centric, driven not just by our clients’ needs, but also by regulatory change such as the recently introduced regulations under privately managed portfolio by the Securities and Exchange Commission (SEC). These have also created increased pressure and new competition. Our experience at the heart of the future is understanding who the client is and what their needs are so that experiences can be personalised and cover the wealth management ecosystem end-to-end. We have had to change the role of the relationship manager with evolving landscape from a sale to a consultative relationship based on need and solutions delivery. Our experience has also paved the way

for our IT estate that is supporting our rapid adoption of new digital approaches. At the heart of this plan is the delivery of well-defined customer experience to get right across the lifecycle of the relationship to be clear on the client ‘outside-in’ and to place the client at the heart of everything we do in an ever-competitive industry. What sets your organization apart that will make one patronises you instead of the many others out there? Norrenberger treats every portfolio the same: that is, differently. Where most firms will go through a process of determining essential factors of the client such as their time horizon, tolerance for risk, we will construct a portfolio unique to the client because of the belief that every client is different. Our portfolios are customised to fit the needs and goals of each client. We do not follow a model where one size fits all or follow an asset allocation approach that does not consider individual return requirements. We communicate with our clients throughout the year to ensure that the current investment strategy is aligned with their lives—something that can change due to a new job, retirement, or any other life event. We do our own investment research of traditional and alternative assets and do not rely on others or use middlemen. At Norrenberger, our underlying tenet is that diligent research is fundamental to prudent investment decisions. Our board and management are directly accountable to clients for the investments. A call to us regarding any portfolio investment security will get a knowledgeable response. Our background in education and training is asset management. This provides us with an excellent understanding of corporate finances and a leg up in investment research. Our executive and management investment experience going back over thirty years provides an invaluable perspective and knowledgeable insights for our clients. We are independently owned by entities and individuals with strong community ties. Our independence means flexibility to do what is always right for our clients without an out-of-town owner setting conditions. Our community ties reflect our values and of giving back. Everyone is team focused. All the members of the investment team incorporate the same philosophy and process. Clients are not assigned to a portfolio manager who may not share the same investment discipline that is Norrenberger ’s hallmark. We seek and take feedbacks for system and process improvements to better serve our clients. We are open and honest, and our clients enjoy working with us.

T H I S D AY ˾ ˜ DECEMBER 27, 2021

BUSINESS/MONEYGUIDE

FG Raises N2.7trn through FGN Bonds, N8.09bn via Savings Bond in 2021

Nume Ekeghe

Data released by the Debt Management office (DMO) has showed that the federal government in 2021 raised N2.72 trillion through FGN Bonds as well as the N8.09 billion through Savings Bond. This is as analysts have urged the government to ensure that the debt being incurred is used to improve on the country’s growth. The amount raised through the FGN Bonds was a 44 per cent improvement on what it raised through the bond auctions in 2020 when it raised N1.8 trillion. Last year’s outcome was influenced by Covid-19 pandemic and restrictions, which stopped the Savings Bond auction from holding between April to July. Commenting on the debt level of the country, analysts at

Coronation Merchant Bank noted that as a percentage of total GDP, Nigeria’s public debt burden is relatively low compared to peer emerging market economies. They however noted that that the onus is on the federal government to make productive use of the borrowed funds to improve GDP growth and by extension, ensure economic development, “The 2022 FGN budget has been pegged at N16.4 trillion. “The FGN aims to earn N10.13 trillion to fund the budget and the resulting deficit of N6.3 trillion is expected to be financed by new external and domestic borrowings, privatisation proceeds, and multilateral /bilateral loan drawdowns.” According to the DMO report, Nigeria’s total public debt rose by 7.2 per cent or N2.5 trillion from N35.5 trillion at end-June to

N38 trillion at end of September 2021. When compared to the same period last year, the total public debt increased by 17.9 per cent or N5.8 trillion. Coronation Merchant Bank analysts noted that as at endSeptember, the public debt is equivalent to 24.9 per cent of 2020 nominal GDP. “This is in line with the DMO’s debt management targets for the period 2020-2023 which raised the ceiling for public debt to 40 per cent of GDP and targets a domestic to external debt ratio of 70:30. In the first nine months of 2021, Nigeria spent N2.5trn on debt servicing payments, N1.7 trillion was spent on servicing domestic debts and N755 billion spent on external debt servicing. “As at end-September, total domestic debt was N22.4 trillion.

FCTA Acquires Four DMUs for Rail Mass Transit Services Olawale Ajimotokan ÓØ ÌßÔË The Federal Capital Territory Transport Secretariat said it has acquired four brand new Diesel Multiple Units (DMUS), Rescue Cranes and Rail Grinding Machines to support the operation of the Abuja Light Rail Mass Transit. The Mandate Secretary FCT Transportation Secretariat, Hon Zakari Dobi disclosed yesterday that the new DMUS were delivered recently from China. He said the FCT Administration was expecting the delivery of the remaining eight sets of DMUs from China in the near future.

According to him, one of the DMUS was used during the familiarisation tour from Metro Station to Idu Locomotive Yard. The Secretary added that efforts were also in top gear to rehabilitate the Abuja Rail Mass Transit (ARMT) facilities that were vandalised so that the planned resumption of passenger service operation could commence as soon as possible. “We are devising measures that will make movements along the tracks a pleasurable one devoid of mishap. In order to keep unauthorised persons including animals away from the tracks, an access barricad-

ing contract that entails the construction of block walls on both sides of the tracks was awarded to various companies and the projects are almost completed,” Dobi said. The FCT Administration stated that work will soon resume on the Lot 1A 5.76km (Gbazango to Kubwa) to complete Lots 1 and 3 of the Abuja Light Rail Project. The Secretary said the service will provide residents of the Federal Capital Territory with cheaper, efficient and safe transportation system and an environmentally friendly transportation system as well as serve as additional source of revenue for the FCT Administration.

SHAREit Lite Aims to Connect with Users In furtherance of its commitment to enhance content accessibility through fast peerto-peer file transfer without internet connection, high-speed file transmission app, SHAREit Lite has launched a series of online initiatives for Nigerian users this festive season. The company in a statement said t’s users in Nigeria have the opportunity to participate in the ongoing Christmas Carnival initiative, which is one among the long list of initiatives that the app intends to roll out to its community continuously. It added, “48% of the Nigerian population access the internet through a mobile device, according to Statista and the rate of media file transfer is expected

to double as Nigeria experiences a simultaneous increase in its youthful population. Similarly, the number of smartphone users is projected to reach 136.52 million by 2025, which reflects an uptrend in the transfer of music, photographs and movies. “The company caters to users who want to acquire digital content and files without an internet connection, thus erasing the hassle of transferring files through Bluetooth or mobile data connectivity. While SHAREit Lite intends to keep delivering its core solution of providing fast content-sharing access between devices and in the absence of mobile data, the platform has also recognized the need to communicate with young Nigerians

who form the majority of its users, which is also Nigeria’s most promising demographic and constitutes about 45% of the population. “The company’s festive initiative is designed for users in Nigeria where participants can engage with the app and connect with their friends in a fun and easy way. The file-sharing platform is built around impressive features, which would not only enable Android users to send files without any form of a wired connection, but also at a high speed. Through its community of digital-savvy users they will foster peer-support and ensure that people connect with others through sharing files, thereby expressing care for each other.”

CHI Heralds Festive Season with Special Edition Packs To ring in the festive season, CHI Limited has launched its Christmas campaign in addition to the unveiling of its special edition Christmas packs to connect with consumers and deepen affinity for its brands. The special edition Christmas design is currently out on the Hollandia Yoghurt Strawberry, Hollandia Yoghurt Plain Sweetened, Chi Exotic Multifruita, Chi Exotic Pineapple Coconut, and Happy Hour Orange Safari, all in 1 Litre packs. They can be enjoyed by families and friends, and are also ideal for sharing in hampers and as gifts during the festive season. The CHI Limited Christmas campaign, currently on Television, Radio, Out-of-Home

displays, and Digital platforms, will brighten the mood of the season and reinforce its brands as the healthy and preferred choice for nourishment, moments of relaxation, indulgence, and merriment this festive season. As part of the Christmas campaign, a social media promo tagged “A CHI-eerful Christmas” to reward loyal consumers with Christmas hampers is also currently going on via its social media handles on Facebook and Instagram. To stand a chance to win prizes, participants are required to follow the social media handles and share a one-minute video stating 12 reasons why they are “CHI-eerful” this season. The promo runs till the 13th of December.

Brand Manager, Yoghurts & Others, Mrs. Bose Ogunyemi, stated that the festive season is filled with times of joy, celebration and indulgence so it was necessary to create special edition packs that reflects this. “We are delighted to offer juices and dairy products across our brands that will help make this festive season enriching and special. The Special Edition packs are our way of showing that satisfying our consumers remains a key consideration of our innovations, and the Christmas campaign offers reasons to be cheerful and enables consumers spread the cheer this festive season,” she stated.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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), Basra Light (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 ˾ ˜ Ͱ͵˜ ͰͮͰͯ

Stock Market Depreciates by 0.21% WoW, Maintains Positive YtD Performance Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) last week closed in negative territory ahead of Christmas and New year celebrations. The bears dictated proceedings in the stock market, as profittaking activities dominated performance, with the benchmark index recording declines on three of the five trading sessions of the week. Specifically, the NGX

All-share Index (ASI) declined by 90.46 basis points or 0.21 per cent to close at 42,262.85 basis points from 42,353.31 basis points, while market capitalisation dropped N47 billion week-on-week (W-o-W) to N22.060 trillion. Consequently, the stock market in its Month-till-Date (MtD) and Year-till-Date (YtD) return settled at -2.3per cent and +4.9per cent, respectively However, the sector gauges

P R I C E S MAIN BOARD

F O R DEALS

did not mirror the benchmark index as four of the five subindices tracked closed in green. The NGX Banking, NGX Insurance, NGX Consumer Goods and the NGX Industrial indices gained 0.10 per cent, 1.85 per cent, 0.78 per cent and 0.43 per cent to close at 395.76 points, 194.46 points, 554.68 points and 2,090.00 points respectively. However, the NGX Oil & Gas index fell by 0.52 per cent to close at 348.81 points.

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

The market breadth for the week was positive as 33 equities appreciated in price, 25 equities depreciated in price, while 99 equities remained unchanged. Mutual Benefits Assurance led the gainers table by 23.08 per cent to close at 32 kobo, per share. Consolidated Hallmark Insurance followed with a gain of 20.69 per cent to close at 70 kobo, while Union Bank of Nigeria (UBN) went up by 20.65 per cent to close to N5.55,

T R A D E D MAIN BOARD

A S

per share. On the other side, Julius Berger led the decliners table by 9.88 per cent to close at N22.35, per share. MRS Oil Nigeria followed with a loss of 9.85 per cent to close at N12.35, while Cornerstone Insurance declined by 9.80 per cent to close at 46 kobo, per share. Overall, a total turnover of 965.061 million shares worth N12.455 billion in 14,802 deals was traded last week by inves-

O F

tors on the floor of the Exchange, in contrast to a total of 1.317 billion shares valued at N15.330 billion that exchanged hands previous week in 18,292 deals. The Financial Services Industry (measured by volume) led the activity chart with 574.223 million shares valued at N4.861 billion traded in 7,794 deals; contributing 59.50 per cent and 39.03 per cent to the total equity turnover volume and value respectively.

2 4 / 1 2 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, DECEMBER 27, 2021

Monday, December 27, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ: dŚĞ ĞĂƌƐ ZĞƐƵƌĨĂĐĞ͙ ^/ ĚŽǁŶ Ϭ͘Ϯй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

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Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƚŽ ƐĞƩůĞ Ăƚ ϰϮ͕ϮϲϮ͘ϴϱ ƉŽŝŶƚƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ zd ƌĞƚƵƌŶ

Current Price

THISDAY AFRINVEST 40

1,850.54

0.04%

955.00

0.0%

33.7%

74.50

0.0%

10.4%

-3.7%

25.75

-0.6%

7.1%

-20.4%

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& E, ;ϵϱ͘ϱŵ ƵŶŝƚƐͿ͕ ĂŶĚ ^KsZ E/E^ ;ϱϭ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ UACN (േϮ͘ϬďŶͿ͕ DdEE (േϭ͘ϯďŶͿ͕ ĂŶĚ E ^d> (േϭ͘ϮďŶͿ ůĞĚ ďǇ ǀĂůƵĞ͘

Price Previous Current Change Price Weighting YTD Change

Ticker

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC 8 Lafarge Africa PLC 9 Access Bank PLC 10 United Bank for Africa PLC 11 FBN Holdings Plc 12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

Price Change Index to Date

ROE

ROA

P/E

5.0x

P/BV

Divindend Earnings Yield Yield

26.1%

85.1%

15.0%

3.5%

12.1%

14.7%

5.2%

0.7x

5.3%

17.0%

-3.7%

19.1%

11.2%

35.8x

6.7x

-20.4%

24.8%

3.9%

3.9x

1.0x

11.7%

25.7% 30.2%

1.9% 2.8%

24.40

0.8%

6.4%

-1.6%

20.9%

2.8%

3.3x

0.6x

12.3%

257.00

0.0%

6.1%

4.9%

40.4%

16.7%

12.8x

4.9x

6.2%

7.8%

182.70

0.0%

5.0%

7.5%

179.2%

14.1%

13.2x

20.0x

5.7%

7.6%

1,415.00

0.0%

3.6%

-6.0%

106.8%

15.6%

27.5x

32.3x

4.3%

3.6%

23.95

3.2%

3.6%

13.8%

11.6%

8.4%

9.0x

1.0x

4.2%

11.2%

8.85

-1.7%

2.8%

4.7%

17.0%

1.4%

2.5x

0.4x

9.6%

40.3%

7.90

-0.6%

2.4%

-8.7%

2.0x

0.4x

7.0%

50.3%

11.50

-1.7%

3.8%

60.8%

3.9%

14.7%

48.00

0.0%

1.7%

-14.3%

36.00

0.0%

1.8%

-4.7%

8.4%

0.8%

6.8x

0.6x

-14.3%

5.3%

1.9%

44.2x

2.3x

2.3%

-4.7%

15.4%

2.0%

8.3x

1.3x

11.3%

12.1%

-10.3%

-3.9%

4.75

0.0%

1.2%

-20.2%

28.30

0.0%

1.1%

8.8%

650.00

0.0%

1.6%

61.6%

3.4%

0.9x

-12.0%

4.4x

0.7x

5.8%

22.9%

1.9%

15.0x

0.5x

6.3%

6.7%

WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ

17 11 PLC 18 Okomu Oil Palm PLC

ĐŽǀĞƌĂŐĞ ĂƐ ϰ ŽĨ ϲ ŝŶĚŝĐĂƚŽƌƐ ŐĂŝŶĞĚ͘ ƵǇŝŶŐ ŝŶƚĞƌĞƐƚ

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

ŝŶ ^KsZ E/E^ ;нϴ͘ϯйͿ͕ Z ' >/E^ ;нϰ͘ϵйͿ͕ W

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

;нϳ͘ϮйͿ͕ ĂŶĚ s/d &K D ;нϰ͘ϰйͿ ĚƌŽǀĞ ƚŚĞ /ŶƐƵƌĂŶĐĞ

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

0.99

26 Presco PLC 27 Unilever Nigeria PLC 28 PZ Cussons Nigeria PLC

87.80 13.35 6.70

7.2%

29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

9.90

0.0%

0.4%

110.2%

2.2x

7.1%

39.00

0.0%

0.4%

105.3%

8.1%

3.8%

13.9x

1.1x

1.2%

7.2%

7.80

0.0%

0.2%

33.3%

24.7%

7.5%

3.8x

0.9x

7.1%

26.0%

32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC

0.71

1.4%

0.3%

46.6%

47.9%

7.2%

1.1%

394.4x

0.7x

221.90

0.0%

0.3%

70.7%

1.9%

19.8%

ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƵƉ ϭ͘ϴй ĂŶĚ Ϭ͘ϴй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͘ ůƐŽ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŚŝŐŚĞƌ ďǇ Ϭ͘ϰй ĂŶĚ 0.1% ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ D z Z ;нϵ͘ϯйͿ͕ hd/y ;нϵ͘ϮйͿ͕ hE/dz E< ;нϲ͘ϳйͿ͕ ĂŶĚ &/ >/dz ;нϯ͘ϮйͿ͘ DĞĂŶǁŚŝůĞ͕ &Z-ICT ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĚĞĐůŝŶĞĚ -ϭ͘Ϯй ĂŶĚ -Ϭ͘ϱй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƐĞůů ƉƌĞƐƐƵƌĞ ŝŶ DdEE ;-Ϯ͘ϯйͿ͕ d ZE ;-

0.0% 142.00

0.0%

1.2%

56.0%

38.8%

25.2%

9.7x

3.4x

5.0%

10.3%

2.60

2.0%

0.7%

3.2%

12.0%

1.1%

2.3x

0.3x

8.5%

43.5%

8.90

0.0%

1.0%

48.3%

14.8%

0.9%

2.5x

0.3x

17.00

0.0%

0.5%

-3.4%

15.3%

6.3%

11.1x

1.7x

3.00

0.0%

0.5%

-9.9%

1.45

-2.0%

0.3%

-28.9%

10.1%

0.9%

3.2x

0.3x

3.4%

13.20

0.0%

0.3%

-9.0%

21.3%

6.9%

12.4x

2.5x

3.0%

8.1%

2.1%

0.4%

10.0%

11.1%

2.3%

5.3x

0.6x

1.0%

19.0%

0.0%

0.3%

23.7%

2.1x

1.2%

0.0%

0.2%

-4.0%

-1.3%

-0.8%

0.2%

26.4%

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϯǆ ĨƌŽŵ ϭ͘ϭǆ ƌĞĐŽƌĚĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ϯϭ ƐƚŽĐŬƐ ŐĂŝŶĞĚ ĂŐĂŝŶƐƚ Ϯϯ ůŽƐĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ

1.2x

-1.1% 3.7%

0.3%

5.0x

0.0%

0.2%

26.8%

20.7%

2.5%

3.9x

0.7x

1.8%

25.7%

0.77

-1.3%

0.1%

11.6%

13.7%

0.8%

3.6x

0.5x

5.2%

27.5%

9.9%

0.0%

7.1%

0.8%

6.3x

0.6x

4.5%

37 Oando PLC 38 Notore Chemical Industries Ltd 39 Beta Glass PLC

4.60

0.0%

0.1%

24.3%

14.5%

2.6%

2.0x

0.3x

4.7x

0.6x

24.3%

62.50

0.0%

0.1%

0.0%

-41.3%

-9.2%

52.95

0.0%

0.1%

-4.4%

14.8%

10.1%

5.38

0.0%

49.4%

T ic k er

P ric e

2.3x

-20.3% 2.0%

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

5.55

9.9%

T R A N SC OR P

11.5

2.1%

C H IP LC

0.70

9.4%

UB N

9.9

9.9%

SOVR EN IN S

0.26

8.3%

A C C ESS

9.9

-1.7%

6.70

7.2%

SOVR EN IN S

9.0

8.3% -2.0%

22.50

4.4%

ST ER LN B A N K

7.1

WA P C O

23.95

3.2%

Z EN IT H B A N K

5.9

0.8%

R OYA LEX

0.77

2.7%

N GXGR OUP

5.6

0.0%

ZKz > y ;нϭϭ͘ϲйͿ ǁŚŝůĞ : Z' Z (-ϵ͘ϵйͿ͕ DZ^K/> (-

T R A N SC OR P

0.99

2.1%

J A P A ULGOLD

5.0

-2.6%

F ID ELIT YB K

2.60

2.0%

FB NH

4.5

-1.7%

ϵ͘ϵйͿ͕ ĂŶĚ KZE Z^d (-ϵ͘ϴйͿ ǁĞƌĞ ƚŚĞ ƚŽƉ

LIVEST OC K

2.04

1.5%

F ID ELIT YB K

3.6

2.0%

ŵĂƌŬĞƚ

ƚŽ

ĞǆƚĞŶĚ

ƉƌĞǀŝŽƵƐ

ǁĞĞŬ͛s

C OR N ER ST

ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĞďĂůĂŶĐĞ ƚŚĞŝƌ ƉŽƌƞŽůŝŽ͘

Afrinvest West Africa Limited

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

T o p 10 L o s e r s T ic k er

UP D C

21.4%

0.9x

UB N

ƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ

16.0% 50.5%

VIT A F OA M

ǁĞĞŬ ǁĞƌĞ D E &/d ;нϮϯ͘ϭйͿ͕ h E ;нϮϬ͘ϳйͿ͕ ĂŶĚ

31.7%

22.35

T o p 10 G a i n e r s

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

9.0%

5.0%

35 Wema Bank PLC 36 Union Bank of Nigeria PLC

40 Transcorp Hotels Plc

ϰ͘ϯйͿ͕ ĂŶĚ K E K ;-Ϯ͘ϭйͿ͘

40.8% 8.8%

P ric e

P ric e C hg %

0.46

-9.8%

T ic k er Z EN IT H B A N K

Value 143.0

P ric e C hg % 0.8%

1.14

-3.4%

N GXGR OUP

106.8

0.0%

J A IZ B A N K

0.62

-3.1%

A C C ESS

88.2

-1.7%

J A P A ULGOLD

0.37

-2.6%

GT C O

85.3

-0.6%

UP D C R EIT

4.00

-2.4%

VIT A F OA M

58.4

4.4%

ST ER LN B A N K

1.45

-2.0%

WA P C O

57.0

3.2% 9.9%

FB NH

11.50

-1.7%

UB N

54.7

A C C ESS

8.85

-1.7%

FB NH

51.3

-1.7%

WEM A B A N K

0.77

-1.3%

SEP LA T

32.4

0.0%

GLA XOSM IT H

5.95

-0.8%

B UA C EM EN T

22.9

0.0%

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

MONDAY DECEMBER 27, 2021• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 23Dec-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 162.74 164.16 0.54% Afrinvest Plutus Fund 100.00 100.00 9.06% Nigeria International Debt Fund 318.59 318.59 -17.95% Afrinvest Dollar Fund 101.84 102.99 -7.04% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.21% AIICO Balanced Fund 3.42 3.59 0.72% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.18% info@anchoriaam.com Anchoria Equity Fund 137.12 138.83 3.09% Anchoria Fixed Income Fund 1.14 1.14 -13.97% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.14 20.75 11.08% ARM Discovery Balanced Fund 450.40 463.98 12.50% ARM Ethical Fund 39.58 40.77 17.40% ARM Eurobond Fund ($) 1.07 1.08 -1.95% ARM Fixed Income Fund 0.99 1.00 -5.27% ARM Money Market Fund 1.00 1.00 10.25% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.81 107.81 6.00% AVA GAM Fixed Income Naira Fund 1,064.83 1,064.83 6.48% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Chapelhill Denham Money Market Fund Paramount Equity Fund Women's Investment Fund CORDROS ASSET MANAGEMENT LIMITED Web: www.cordros.com, Tel: 019036947 Fund Name Cordros Money Market Fund Cordros Milestone Fund Cordros Dollar Fund ($) CORONATION ASSEST MANAGEMENT Web:www.coronationam.com , Tel: 012366215 Fund Name Coronation Money Market Fund Coronation Balanced Fund Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED Web: www.ecobank.com Tel: 012265281 Fund Name EDC Nigeria Money Market Fund Class A EDC Nigeria Money Market Fund Class B EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Emerging Africa Money Market Fund Emerging Africa Bond Fund

Bid Price Offer Price Yield / T-Rtn 1.04 1.04 5.76% investmentmanagement@chapelhilldenham.com Bid Price 100.00 16.89 139.13

Offer Price Yield / T-Rtn 100.00 9.74% 17.20 5.61% 140.71 4.53% assetmgtteam@cordros.com

Bid Price 100.00 131.30 110.40

Offer Price Yield / T-Rtn 100.00 9.45% 132.12 12.01% 110.40 5.87% investment@coronationam.com

Bid Price 1.00 1.24 1.42

Offer Price Yield / T-Rtn 1.00 8.18% 1.26 3.70% 1.42 -10.20% mutualfundng@ecobank.com

Bid Price Offer Price Yield / T-Rtn 100.00 100.00 7.61% 1,000,000.00 1,000,000.00 8.34% 1,178.81 1,203.86 2.61% assetmanagement@emergingafricafroup.com

Bid Price 1.00 1.04

Emerging Africa Balanced Diversity Fund 1.12 Emerging Africa Eurobond Fund 104.51 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,389.35 FBN Balanced Fund 173.75 FBN Halal Fund 115.41 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

122.21 147.61 Bid Price 1.00 4.00 1.71 1.21

Offer Price 1.00 1.04

Yield / T-Rtn 7.93% 3.94%

1.12 10.88% 104.51 4.47% invest@fbnquest.com Offer Price 1,389.35 174.93 115.41 100.00

Yield / T-Rtn 11.32% 4.16% 9.71% 9.31%

122.21 3.95% 149.60 11.82% fcmbamhelpdesk@fcmb.com Offer Price 1.00 4.00 1.74 1.21

Yield / T-Rtn 7.54% 3.39% 12.05% 6.11%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.96% Vantage Balanced Fund 2.81 2.87 -1.72% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 156.03 156.31 0.34% Vantage Equity Income Fund (VEIF) - June Year End 1.26 1.30 -0.09% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 4.15% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.49 1.51 9.03% Lotus Halal Fixed Income Fund 1,158.84 1,158.84 8.56% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.55 11.65 10.48% Meristem Money Market Fund 10.00 10.00 10.21% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.74 101.75 7.67% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.93% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.38 129.74 6.89% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.34 1.36 4.77% United Capital Bond Fund 1.95 1.95 6.64% United Capital Equity Fund 0.91 0.94 14.48% United Capital Money Market Fund 1.00 1.00 9.15% United Capital Eurobond Fund 122.20 122.20 6.71% United Capital Wealth for Women Fund 1.07 1.09 4.35% United capital Sukuk Fund 1.07 1.07 7.24% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.05 13.16 9.95% Zenith ESG Impact Fund 14.48 14.63 9.68% Zenith Income Fund 24.85 24.85 3.53% Zenith Money Market Fund 1.00 1.00 6.97%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.46

10.62% 7.74%

Bid Price

Offer Price

Yield / T-Rtn

13.58 127.57 101.17 17.56 21.28

13.68 130.74 103.40 17.66 21.38

5.52% 6.09% 1.98% -4.88% 15.02%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.88 5.49 17.44 1.00 20.76 157.68

3.98 5.59 17.64 1.00 20.96 159.68

3.53% -3.32% 7.79% 0.00% 1.17% -15.06%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY DECEMBER 27, 2021 •T H I S D AY

MONDAY, DECEMBER 27, 2021 • T H I S D AY

NEWS

AT AN UNEMPLOYMENT SUMMIT HELD IN AKURE... L-R: Executive Director, A.Y.E, Joy Smart Francis; CEO, Ondo State Entrepreneurship Agency, (ONDEA), Summy Smart Francis; MD, FFA Resort &amp; Spa, Funke Felix-Adejumo; Ondo State Governor, Oluwarotimi Akeredolu and Grand Matron, Folorunso Alakija, during the ONDEA unemployment summit held in Akure… recently

Goods Worth Billions of Naira Burnt as Fire Engulfs Next Cash and Carry Police launch probe, arrest three suspected looters Olawale Ajimotokan in Abuja A fire outbreak that engulfed the high-end Next Cash and

Carry Supermarket in Kado district of Abuja yesterday destroyed goods valued at billions of naira. The inferno started before

NGO Decries Vote-trading, Wants Electoral Offences Commission Established Ibrahim Oyewale in Lokoja

Worried by the trend of votetrading, which has continued to feature in the nation’s elections and, which might continue if the perpetrators go unpunished, a pro-democracy group, Action Aid Nigeria, has called for the establishment of Electoral Offences Commission to prosecute offenders across the country. ActionAid decried vote buying and selling during elections in all its ramifications ahead of 2023 general election. A communique issued at the end of its annual general meeting in Lokoja yesterday, the group berated the political stakeholders for engaging in vote trading in the country. "We, therefore, call for the establishment of the National Electoral Offences Commission to prosecute electoral offenders. In addition, INEC adhoc staff should be retrained on the electoral processes, especially, on how to operate the Biometric Voters’ Accreditation System (BVAS). “INEC should take lessons from the Anambra polls and re-evaluate its readiness for subsequent elections. There is need for the review and clean-up of the national electoral voters’ register for citizens to ascertain the real numbers of eligible voters across the country,” it said. Furthermore, the group has urged the Nigerian government to deploy advanced ICT to combat

crime and criminality, noting that bandits were committing heinous crimes against the Nigerian state and must be treated as terrorists to enable the military adopt the necessary rule of engagements. On the implementation of the recommendations of the judicial panels set up across the country to investigate the SARS related abuses and other matters, ActionAid said the development would present an opportunity for the current administration to take a strong stand against human rights violations in the country. "This includes disciplinary actions and dismissal of security officials indicted in the investigations as well as the immediate release of citizens arrested during the protests and compensation of those found to have been abused. "The federal government through the National Orientation Agency should intensify the campaign on COVID-19 vaccination and co-opt religious and traditional rulers as champions to reduce misconceptions and myths surrounding the vaccination especially, in the face of the emergent Omicron variant. "We call on the federal government to promptly implement all contents of the FGN/ASUU agreement. Government should declare a state of emergency on education to rebuild it and ensure that the children of the poor get quality education," the communique stated.

the mall which was closed for business for the Christmas Day holiday opened for business in the morning. The fire raged and caused a thick pall of smoke that could be seen from far distances in the territory. An eye witness recalled that for nearly an hour there was no emergency response to douse the fire before it engulfed the entire mall. He attributed it to the faulty fire service facility in the mall. However, after spreading for hours, fire fighters from the FCT Fire Service, the Federal Fire Service, Fire Service Departments of the Nigerian Navy, Air Force, Guards Brigade and Julius Berger mobilised to the scene and put the fire under control. The Director, FCT Emergency Management Agency, FEMA, Forecasting Response Mitigation, Mrs. Florence Wenegieme, told newsmen that a team was sent to the scene after the agency received a distress call around 9:45 a.m. Although no casualty was recorded, many looters were seen prancing about the mall to loot several household goods like mattresses, electronics, groceries, food packs, bottles of wine and

champagne, exotic fragrances and other items. Some of the looters were seen tugging at the goods while some simply stuffed the items into trolleys which they pushed into safety before the arrival of security operatives. However, the Director General of FEMA, Abbas Idriss insisted that there was no looting as being speculated and circulated on social media. Idriss told reporters that the perceived looters were actually staff of the shopping mall trying to salvage goods by using trolleys. He added that no lives were lost to the fire neither was anyone within the premises injured. He appealed to business owners to factor in risk element in their business plans, noting that the fire trucks were limited by access within the shopping mall. One of the victims of the fire, Promise said he lost goods worth more than N12 million to the fire. He attributed the incident to the defective fire equipment at the mall. Meanwhile the FCT Minister, Malam Muhammad Musa Bello has expressed shock and deep sadness over the fire incident that

engulfed the Next Cash and Carry Supermarket. In a statement issued yesterday, Bello commiserated with the management and staff of the supermarket and the FCT business community over the unfortunate incident. He assured that a thorough investigation will be conducted to ascertain the cause of the fire incident in an effort to prevent a recurrence in any other business establishment within the FCT. Meanwhile, the Federal Capital Territory Police Command yesterday said it had launched an investigation into the fire incident. Minister of State for the Federal Capital Territory, Dr. Ramatu Tijjani Aliyu and the FCT Police Commissioner, Mr. Sunday Babaji, also visited the scene of the incident for an on-the-spot assessment and supervision of activities at the scene of the fire incident. A statement issued by the command explained: "Today Thursday, 26th December 2021, at about 1115hours, there was a report of a fire outbreak incidence at Next Cash and Carry Supermarket at Jahi District of the FCT. "Upon receipt of the information, a team of

police officers attached to Mabushi Police Divisional Headquarters responded swiftly to the scene where a concerted effort of the Federal Fire Service, FCT Fire Service, Julius Berger Fire Service and members of other security agencies were deployed to manage the situation, minimize damage, extinguish the inferno and ensure the maintenance of law and order. "Well-meaning members of the surrounding communities came out en masse and helped in evacuating goods and other valuables from the supermarket to a safe location within the area with the supervision of police officers of the command who were on ground", it said. It added: "This is contrary to the news making the rounds as there is no successful case of looting or carting away of goods from the store. "The suspects, who made attempts to cart away goods from the store and were promptly arrested include Ali Audu, 18; Yahaya Yunusa, 20 and Sahabi Abubakar, 20. The statement said "investigation was ongoing to ascertain the cause of the fire. So far, no casualty has been recorded."

Imo Police Arrests Nwosu, Former AA Governorship Candidate Amby Uneze in Owerri The Imo State Police Command, has confirmed the arrest of a former governorship candidate of the Action Alliance (AA), Chief Uche Nwosu, for undisclosed reasons. Nwosu, who is son in-law to a former governor of the state, Senator Rochas Okorocha, was reportedly whisked away by gunmen in military uniform at the St. Peters Anglican

Church,Eziama Obaire, in Nkwerre Local Government Area of the state. Report claimed he was arrested while attending an outing church service after the burial of his mother, who was committed to mother earth within the week. An eyewitness said the gunmen, who also came with a military van fired live bullets in the air and at the church building before carrying out

their main task. A press statement by Police Public Relations Office, Mike Abattam, a Chief Superintendent of Police, said it was the police that arrested Nwosu and not unknown gunmen. "This is to inform the general public that Chief Uche Nwosu was not kidnapped but was arrested by the police and Imo State police command is aware of the arrest and presently he is in police custody.

"This is to refute the earlier news that has been making rounds on social media that he was kidnapped by unknown persons/gunmen. "The Commissioner of Police, Hussien Rabbiu, while using this medium to assure Imolites of the command's commitment in ensuring the safety of life and property this yuletide seasons, advised the general public to always shun fake news," he said.

MONDAY DECEMBER 27, 2021 • T H I S D AY

NEWS

NNPC Remittance to Federation Account Slumps to 8.5% of Projected Payment Emmanuel Addeh in Abuja With a paltry N10.54 billion in November, the Nigerian National Petroleum Company (NNPC) Limited, was only able to remit 8.5 per cent of its projected N122.7 billion to the federation account, a joint pool of funds shared by the country’s three tiers of government. Aside April this year when the national oil company paid in nothing into the federation account, the November remittance represented the second lowest payment for the year. The information on the proceeds of the NNPC’s sales of crude oil and gas and subsequent contribution to the account was contained in its presentation to the Federation Account Allocation Committee (FAAC) for December, 2021. The committee comprises the minister of finance, who chairs the body, all state commissioners of finance and accountantsgeneral, accountant–general of the federation and permanent secretary of the ministry of finance. The N10.5 billion represented a 29.1 per cent decline in the monthly contribution which had steadily declined in the past three months due to a

variety of factors, including under-production and petrol subsidy payments. In addition, while a total of N2.30 trillion was supposed to

have been paid to the federal, state and local governments in the first 11 months of 2021, only N522.2 billion had been paid as of November.

The NNPC data showed that the continuous deficit payment has so far resulted in a shortfall of N1.78 trillion far in the current year.

The company has struggled with production this year, pumping less than 1.3 million barrels of crude oil daily against its projected 1.8

million barrels per day, on the back of dilapidating upstream infrastructure owing to ageing assets and years of underinvestment.

PROMOTING EDUCATION…

L-R: Chairman, Oriental Energy, Alhaji Muhammadu Indimi; President Muhammed Buhari; Kaduna State, Nasir El-Ruufai and Borno State Governor, Prof. Babagana Zukum, duringthe inauguration of of Muhammadu Indimi Centre for Distance Learning, University of Maiduguri in Borno State…recently

Declare Your Assets Now, PDP Yuletide: NDLEA Stops 8.3m Tramadol Caps, 56,782 Tells Akeredolu’s Son Bottles of Codeine from Circulation Fidelis David in Akure

The opposition Peoples Democratic Party (PDP) in Ondo State has asked Babajide Akeredolu ,the son of the state governor, Mr. Oluwarotimi Akeredolu to declare his assets having being appointed by his father as a cabinet member in the state. This is coming two weeks after Akeredolu sworn in his son as the Director General of Performance and Project Implementation Monitoring Unit ( PPIMU), an appointment which generated divergent reactions in the state. The party made the call in a statement titled, ‘Akeredolu’s Misrule In Ondo State (9): Puts Son On Collision Course With The Law,’ and signed by its spokesperson, Kennedy Ikantu Peretei. It reads: “Now that Babajide

Akeredolu has become a public servant, it is now mandatory for him to declare his assets with the Code of Conduct Bureau. He has to do so at the beginning and end of his tenure as DG, PPMIU. He must declare all the houses and petrol stations he bought with the N430 million collected from the Ondo State treasury without lifting a finger. “He is under the law, expected to declare the source of his billions syphoned from Ondo State. He is expected to declare where he ever worked before his father was elected as Governor for him to have acquired such assets. “Babajide’s father is a lawyer, l expect him to know that, any of his properties not captured in his Code of Conduct Assets Declaration forms will be forfieted to the Federal Government.

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have prevented millions of capsules/tablets of tramadol and several thousands of bottles of codeine syrup from the streets of Nigeria during the Yuletide. The spokesman of the anti-narcotics agency, Femi

Babafemi, said in a statement yesterday that desperate bids by drug cartels to push out millions of illicit drug tablets across Lagos and other parts of the country for the festive season were frustrated by the NDLEA, “with the seizure of 8,381,600 capsules and tablets of Tramadol as well as 56,782 bottles of codeine among others in major raids

in Lagos state.” Babafemi noted that ahead of Christmas, the Chairman/ Chief Executive of the agency, Brig. Gen. Buba Marwa (rtd) had ordered a sustained surveillance on some targets at Satellite Town and Alaba Rago areas of Lagos, revealing that the Satellite Town target was eventually raided on last Thursday, two days to

Christmas, during which a drug kingpin, Ezekiel Ibe was arrested and over five tons of high milligrammes of tramadol; 225 milligrammes and 100 milligrammes recovered from his warehouse. He said a breakdown of the seized drug showed 7,991,600 tramadol tablets and 390,000 capsules of same weighing 5,468.894 kilogrammes.

Army Arrests IPOB Leader in Enugu Community Raid Gideon Arinze in Enugu

The Nigeria army said they have arrested a notorious leader of the proscribed Indigenous People of Biafra and Eastern Security Network, identified as Godwin Nnamdi in Nkanu East Local Government Area. In a statement, Director Army Public Relations, Brigadier General Onyema

Nwachukwu, said the leader was arrested when troops of the 82 Division of the Nigerian Army, in conjunction with other security agencies, conducted a raid in Nkanu. Meanwhile, some community sources who spoke with newsmen said that soldiers of the Nigerian Army sacked Akpawfu Community in trying to carry out a raid.

According to them, soldiers invaded the community on the night of Christmas Eve, December 24 2021, while residents were still observing nativity church services and arrested over 50 youths. They recalled that several youths had been missing since the previous military invasions in June and early July. Nwachukwu, however, said

that the raid was part of the Exercise Golden Dawn the Nigerian Army in the South-east. “The IPOB leader was arrested during joint clearance operations at a camp suspected to be the fortress of IPOB/ESN elements located at Akpawfu Forest in Nkanu East Local Government Area of Enugu State, on Saturday, December 25, 2021" Nwachukwu said in the statement.

Kidnappers of Ekiti Chief Kwara Lawmaker Decries APC Govs’ Continued Hijacking of Party the party on a part of sliding. electoral victory in the next well of progressives. Hammed Shittu in Ilorin Demand N20m Ransom Popoola, who spoke to elections in the country. "You can see court ruling on yesterday. Victor Ogunje in Ado Ekiti

The kidnappers, who abducted a traditional Chief , Emmanuel Obafemi in Ijan Ekiti, Gbonyin Local government area of Ekiti State last week have demanded a sum of N20 million for the man to regain freedom. Obafemi was kidnapped on his farm located along Ado-Ijan road last week and had since been in captivity. This came as gunmen abducted two persons, including a cocoa merchant and motorcyclist on Christmas day in Ijan-Ekiti, Gbonyin local government area, of Ekiti State. Also, the Sum Pyem of Gindri, in Mangu Local Government Areal, of Plateau, Charles Mato, has been abducted. The traditional ruler was kidnapped by gunmen

A family source revealed to journalists in Ado Ekiti yesterday that the kidnappers of the traditional Chief contacted the family early on Sunday and made the request . "We have been contacted today and what they were asking for is a sum of N20m for our brother to regain freedom. "We are completely confused because we don't know how to raise such amount of money. Though with the way the gunmen spoke, there could be negotiation so that the ransom can be reduced". On the two persons that were kidnapped, sources in the community, said the two victims who were on a motorbike, were said to have been ambushed by the gunmen around 5:30 pm on Saturday.

A chieftain of All Progressives Congress(APC) in Kwara state and a member of the State House of Assembly, representing Ojomu/Balogun constituency of Offa in Offa Local Government Council Area of the state, Hon. Saheed Popoola at the weekend raised the alarm that the continued hijacking of APC by Governors of the party may put

journalists in Ilorin on the state of the nation on the sideline of the Correspondents Chapel of the Kwara NUJ programme tagged: "News Keg" lamented that the various unending crisis rocking the party in the country was allegedly manifested by the governors and may have a serious effects on the APC

He said: “I am the first person to contest under APC in the whole of Nigeria, immediately the party was formed in 2013, I had my election as chairman of Offa Local Government Council, just one month after. So I have every right to talk about APC, because the way the party is going most importantly at the national level, it is not speaking

the governorship election held in Anambra, and I said it when they were concocting figures that Andy Uba won primary election. I know of my friend George Moghalu that contested the primary and he did not even see materials for that election and you were declaring somebody a winner of election that never took place in real sense.

Group Demands Immediate Release of APC Convention Timetable

Adedayo AkinwaleinAbuja

A group within the governing All Progressives Congress (APC) under the umbrella of Progressive Mandate Movement (PMM) has called on the Caretaker/ Extraordinary Convention Planning Committee (CECPC) to immediately release the convention timetable slated for February. The group in a statement

issued yesterday and signed by its National Coordinator, Hon. Abdullahi Mohammed and the Secretary, Comrade Adekunle Fijabi, said it would launch operation #OccupyAPCNationalSecretariat for its leaders to do the right thing. It also challenged Governor Mai Mala Buni-led Caretaker Committee to ensure that the party's national convention does not fail to hold by 5th of February,

2022. It stated: "The delay in conducting the overdue APC national convention is already giving the opposition Peoples Democratic Party (PDP) some advantages, making it look like nobody is in charge of the governing party. "We therefore call on Governor Mai Mala Buni-led National Caretaker Committee not to go

beyond February 5 to hold our party's National Convention." The group stressed that it was in possession of the instructions given to the caretaker committee by the Presidency and therefore appealed to the CECPC to respect President Muhammadu Buhari by releasing to the public all the necessary information concerning the forthcoming National Convention.

MONDAY, ͺͿ˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Twinkling, Remo Stars, Enyimba, Continue Impressive Run Femi Solaja Returnee to the elite league division, Remo Stars and former champions, Enyimba FC continued their respective dream runs after Match Day-two as they overran Heartland of Owerri and Enugu Rangers respectively in the matches played across the nation yesterday. For Remo Star, it was an historic win in the first ever top league match in Ikenne majorly known for political reasons but the newly promoted side did not disappoint their teeming fans as they beat one of the powerhouses of Nigerian club football, 3-0 in a match the visitors were already two goals down within the opening five minutes. Great thanks to the precision moves of Andy Okpei who was a turn in the flesh of Heartland. He scored just under four minutes of the match. The ovation that greeted the goal had hardly died when under

a minute he had found the net again. By the 10th minute, he could have had a hat-trick but his flip narrowly missed. As the match was getting to the closing minutes, Samuel Anakwe scored the third goal that now saw the Remo Stars having six points, five goals and no goal against. In an Oriental clash, Enyimba scored a memorable win to give Finidi George, their coach, an impressive run so far. The lone

goal of the match was scored by Victor Mbaoma in the 88th minute of the match. Abdullateef Abiola’s goal settled the scores as Wikki Tourists beat visiting Niger Tornadoes 1-0. After losing to Enyimba on matchday one, Abia Warriors redeemed themselves with a 1-0 victory over Sunshine Stars. Elsewhere in Ibadan, the

Shooting Stars did not shine bright enough as they had to rally from a goal down to hold Akwa United 1-1. Akwa United shot into the lead in the 29th minute through Utibe Achibong and the Uyo boys held on tenaciously to the lead until Ayo Adejubu leveled up to salvage a point for the ‘Oluyole Warriors’ who appear to be draw

specialists this season. They drew their opening match last weekend with Gombe United who also drew their match day 2 match, 1-1 away to Nasarawa United. In Port Harcourt, the ‘Pride of Rivers’, Rivers United were truly at home as they overwhelmed Katsina United 3-0. For MFM who lost at home

2-0 to Remo Stars on matchday 1, they recorded another 2-0 loss this Sunday at Dakkada following goals from Aniekan Ekpe Okon and Musa Bashiru. Plateau United had a fifth minute goal by Muhammad Zulkiilu to beat Kwara United 1-0. Kano Pillars were forced to a goalless draw in their home match with Lobi Stars

NFPL RESULTS Rangers Abia Warriors Dakkada Kano Pillars Nasarawa Utd Plateau Utd Remo Stars Rivers Utd

0-1 1-0 2-0 0-0 1-1 1-0 3-0 3-0

Enyimba Sunshine Stars MFN Lobi Gombe Utd Kwara Utd Heartland Katsina Utd

AFCON 2021: CAF Agrees with ECA on Players’ Release The Confederation of African Football (CAF) has accepted a request to delay the release of players involved in the Africa Cup of Nations until just six days before the tournament kicks off. FIFA regulations had meant that those called up were due to join up with their international squads on Monday, 27 December, which would mean players from leagues that do not have a winter break like the Premier League would miss even more domestic action. However, CAF has agreed for the player release date to be pushed back until 3 January - six days before AFCON gets underway in Cameroon on 9 January - at the request of domestic leagues. The decision was influenced by the increasing number of Covid-19 cases across Europe. The delay was confirmed by FIFA secretary general Mattias Grafström in a letter seen by The Associated Press. “CAF has decided that for those players who have official club matches between the 27 December 2021 and 3 January

2022, the participating member associations in question are to be directed that these players may remain with their clubs to participate in these matches and be released after the last match during this period,” he wrote. “It has been highlighted to FIFA that this decision is taken in the spirit of goodwill and solidarity with the affected clubs in recognition of the fact that they, like all members of the football community, have been adversely affected by the onset of the COVID pandemic. “It is also assumed that a spirit of mutual cooperation remained between CAF and all relevant stakeholders in this regard, including related to the release of players and the provision of sporting exemptions to travel and quarantine restrictions if required in the future.” The decision will be welcomed by the likes of Arsenal, Chelsea, Crystal Palace, Leicester, Liverpool and Watford in the Premier League - all of whom are set to lose key players for the tournament, which finishes on 6 February.

GOtv Boxing Night 24: Afinni Wins Best Boxer Prize Abiodun "Infiniti" Afinni, on Friday night, emerged the national cruiserweight champion after defeating Micheal "Emirate" Godwin by split decision at GOtv Boxing Night 24. His performance at the show, which held at Teslim Balogun Stadium, Lagos, won him the Mojisola Ogunsanya Memorial Trophy for the best boxer and N1million cash prize attached. Afinni won a little more than the title and cash prize. His defeat of Godwin was a revenge for his own defeat in the hands of the same opponent at GOtv Boxing Night 23. The seven-bout event, which featured live musical performance by Jamopyper, also saw Nigeria's Rilwan "Baby Face" Babatunde retain his World Boxing Federation international welterweight title by

defeating Justice "Qwick Action" of Ghana by unanimous decision. In the third title fight on the night, Segun "Success" Olanrewaju, made light work of David "Awosika" Cosmos, who was knocked out in the second round of their national lightweight title bout. In the welterweight division, Segun "War Adeyemi" knocked out William "Kaki" Amosun in the first round, while Semiu "Jagaban" Olapade triumphed over Taiwo "Gentle Boy" Olowu. The bantamweight bout went the way of Aminu "Lucky Boy" Akintayo, who defeated Saheed "The Eagle" Azeez. The super flyweight division had the only female fight on the night and it ended in a draw between Kehinde Solomon and Happiness Okoh.

Remo Stars players in warming session in their opening NPLF match

Guardiola Salutes Iheanacho, Lookman in Man City’s Nine-goal Thriller Manchester City coach Pep Guardiola singled out two Nigerian players for praise after his side defeated Leicester City 6-3 in one of the most entertaining matches of the Premier League season so far. The Citizens thought they were cruising at halftime after goals from Riyad Mahrez, Ilkay Gundogan, Raheem Sterling and Aymeric Laporte inside twentyfive minutes saw them establish a four-goal lead. But the Foxes mounted an astonishing second half comeback, scoring three goals before Aymeric Laporte and Raheem Sterling made the scoreline more comfortable in the closing minutes. Kelechi Iheanacho set up

James Maddison to slot beyond Ederson in the 55th minute and the Nigeria international got his second assist of the game when he slid the ball through for Lookman before tapping the ball home in the 65th minute to make it 4-3. Guardiola highlighted the impact Iheanacho and Lookman had in the game as he spoke about the quality in the Leicester City side. In quotes relayed by LeicestershireLive, the Spanish manager said : "The game was open at 4-0. They have a big quality in transition and then they changed shape. "Vestergaard is an excellent player, and when Tielemans and

Maddison can play, they have lots of quality, with Kelechi and Lookman too. "They have an incredible manager, it was very clever to change the system." Iheanacho has directly participated in 11 goals (4 goals, 7 assists) from 21 appearances in all competitions for the Foxes in 2021-2022. Bayernlinked Rangers Defender Fails to Make Super Eagles AFCON Cut Rangers defender, Calvin Bassey will not be going to the Africa Cup of Nations (AFCON) with Nigeria. However, Rangers Player of the Year frontrunner Joe Aribo makes the squad whilst Ibrox

centre-back Leon Balogun, who has 41 caps for his country has also been called up for the tournament in Cameroon. Versatile Ibrox defender Calvin Bassey is yet to make an appearance for the Super Eagles but after being called up by ex-Nigeria boss Gernot Rohr previously, there were hopes he might’ve made the cut. Bassey has also been a revelation for new Rangers manager Giovanni van Bronckhorst amid a spate of defensive injuries at Ibrox. The decision will represent a blow for Bassey, 21, but it does mean the player should be available to face Celtic in the rearranged Old Firm fixture at Celtic Park on February 2.

Okpe Wins Ultimate Golf Challenge The second edition of the annual Ultimate Golf Challenge came to a thrilling ends at the Golf Section of Ikoyi Club 1938 on Thursday with Minna based Stephen Okpe emerging winner. To come tops in the tournament, Okpe shot an opening 72 and closed with 1-under 70 for 142-total over 36-holes. His victory was aided by birdies on hole-5, the 8th, the 11th and the 12th in his closing round. Though bogeys on the 7th and double-bogey on the 10th dented his red doted card, it wasn’t enough to push him down the winners chart. His effort earned him the tournament Ultimate Prize of N2m. Ghanaian top seed, Vincent Torgah also gave a good account of himself coming second in the keenly contested encounter. An opening 71 and a closing 72 placed

him in the second position. Christopher Francis came third at 2-over par 144 while

Port Harcourt based professional, Willy Gift came fourth at 3-over par, a position he shared with

Ultimate Golf Challenge Promoter, Femi Pedro, Chairman, Ikoyi Club 1938, Ademola Mumuney, tournament winner, Stephen Okpe and Head, Strategic Brand Management, Polaris Bank, Nduneche Ezurike

tournament favourites and defending champion, Francis Epe. Epe who open his game with 3-under 68, the best score of the opening round threw his lead away courtesy of some wayward drives, missed puts and miscalculated bunker-shots on the back-nine to fall short of the title. While Epe bemoans his fate, Okpe relishes his victory. Speaking shortly after the round, Opke said, “This victory is a great one. I came here to enjoy golf and play my game knowing that I wasn’t even seen as one of the favourties but here I am today a champion”. Though, the 36-holes tournament was a winner-takes-all affair, there were other consolation prizes and birdies were rewarded as well as longest drives. Polaris Bank, Jamz Group, Mactay were the tournament sponsors.

Monday December 27, 2021

UT H

& RE A SO

Price: N250

MISSILE CAN to Nigerians “My message to all Nigerians this Christmas is to remain hopeful in Christ Jesus and rejoice in hope no matter what we are passing through. Our Father God can turn all situations around. Let all the killings, kidnapping of our fellow brothers and sisters and all other acts of wickedness stop because God is going to judge these acts on the day of judgement” – Christian Association of Nigeria President, Rev. Samson Ayokunle, assuring Nigerians not to lose hope.

MAHMUDJEGA VIEW FROM THE GALLERY

Before All the Memory Fades

family doctor came to my house recently, armed with a laptop computer, with a medical application that I had never seen before. He clamped a clip that was hooked to the laptop on my thumb. He then reeled out a dozen stats about my health condition. I knew some of them to be true, from previous hospital checks. Some others were news to me. One stat however baffled me. He flatly said, “Your memory is failing rapidly.” If he were a native doctor instead of a GP, I would have thought that unseen spiritual powers told him that. Instead, I wondered if this GP, his laptop or his software need to be tested themselves. As the year 2021 ends in a few days’ time, it occurred to me that I have been reading newspapers for 50 years now, beginning from the day that, as a primary school pupil, I crept up to my teacher Mr. Obinwe’s desk and read the back page of his newspaper as he read the front page. He noticed my curiosity, told me to return to my seat, and he handed the whole paper to me when he finished. I have read newspapers nearly every day since then. In order to independently test the family doctor’s allegation about my failing memory, I sat down and tried to remember some persons and events that dominated the news at one time or the other in the last half century. For no particular reason, I thought of Jarnail Singh Bhindranwale, leader of the All India Sikh Students Federation in the early 1980s. Campaigning for the religious right of Sikhs to carry a dagger into commercial flights, his militant boys hid in the Golden Temple at Amritsar, Sikh’s holiest shrine, from where they launched attacks at security forces. When Prime Minister Indira Gandhi ordered soldiers to storm the temple and disarm them, the seven Holy Gurus passed a death sentence on her. This was duly carried out by her two Sikh bodyguards, Satwant Singh and Beant Singh, as a religious duty. I remember too Sant Harchand Singh Longowal, prominent leader of the Sikh’s Akali Dal party during the troubles in Punjab, who was assassinated in 1985 because he signed a peace deal with Prime Minister Rajiv Gandhi. Across the Palk Straits from India, I thought of Mrs. Sirimavo Bandaranaike, one-time Prime Minister of Sri Lanka. Not for a good reason: Newsweek magazine stated in the 1980s that she was one of the world’s most nepotistic rulers, alongside President William Tolbert of Liberia and Romania’s Communist ruler Nicolae Ceauescu. Many ministerial and other top positions in their governments were held by their family members. I trembled with fear at the thought of

Bhindranwale

another Communist ruler, Yuri Andropov. Before he succeeded Brezhnev as leader of the Soviet Union in 1982, Andropov was head of the Soviet secret police, the KGB. TIME magazine said Andropov stretched his hand at a Kremlin dinner and offered to fill another guest’s glass with vodka. The guest however declined, so Andropov said, “You should better accept. KGB has a long arm.” Just in case Alhaji Yusuf Bichi extends his hand to fill anyone’s glass during an Aso Rock dinner, always remember that DSS has a long arm! Not only Andropov. I thought of all

Deng once told a story that Chairman Mao Zedong tabled an issue before the Politburo and asked anyone who disagreed to stand up. Only the diminutive Deng stood up, so Mao glared at him and said, “Since I cannot see anybody standing up, it is unanimously adopted”

the members of the Soviet Communist Party’s Politburo in those days, including General Secretary Leonid Brezhnev, Premier Nikolai Tikhonov, President Alexei Kosygin, CPSU Chief of Ideological Affairs Mikhail Suslov, Foreign Minister Andrei Gromyko, Defence Minister Marshal Dmitri Ustinov, Deputy Premier Heydar Alirza Aliyev, Vasili Kuznetsov and Brezhnev’s Chief of Staff, Konstantin Chernenko. We did not know who was the Politburo’s second in command until 1979. In a rare interview, Brezhnev showed TIME magazine editors a chair in his office and said, “This is where I sit when I preside over Politburo meetings. Unless I am away, then Comrade Andrei Kirilenko will preside.” Up until the 1980s China was much less open than it is today, so we knew only some leaders of the Chinese Communist Party, including Deng Xiaoping, Zhao Zhiyang, Hu Yaobang, Jiang Zemin and Hu Jintao. That was, after Mao Zedong, Chou en-Lai and Marshal Zhu Deh had all passed away. Deng once told a story that Chairman Mao Zedong tabled an issue before the Politburo and asked anyone who disagreed to stand up. Only the diminutive Deng stood up, so Mao glared at him and said, “Since I cannot see anybody standing up, it is unanimously adopted.” The day the current Chinese leader Xi Xinping took over, BBC’s news anchorman made a humorous play at his name. He said, “So what will Xi, I mean he, bring to the table?” Where is the Chinese’s neighbour Shin Kanemaru, the Japanese political godfather who was said “to know who will become the Prime Minister after the next one?” No national ruler’s title ever impressed me quite as much as that of Burma’s Senior General Than Shwe. I found his title more interesting than the drab “Head of State” used by Nigerian military rulers. Burma’s ruling Law and Order Restoration Council was also more impressive than Nigeria’s drab “Supreme Military Council.” Equally impressive, to me, was Poland’s General Wojciech Jaruzelski, Chief Martial Law Administrator and his Military Council of National Salvation of the early 1980s. In 1989 when Solidarity won Poland’s first multiparty polls, BBC’s Warsaw reporter said the Polish Workers Party will allow it to form the government but will retain the Ministries of Defence, Foreign Affairs, Interior and Finance. BBC news’ anchorman then said, “If the Communists will retain those ministries, why did you call it a Solidarity government then?” What happened to the case of Father Jerzy Popieluszko, the Polish Roman Catholic priest who was killed by rogue secret service agents in 1984, without the leaders’ approval? Before I get lost abroad, lets return to

Africa. No name ever evoked as much ill feelings in me as did South Africa’s Minister of Justice, Police and Prisons Jimmy Kruger, who serially “banned” Winnie Mandela under the Suppression of Communism Act 1950. His successors Cobie Coetzee, Adrian Vlok and Louis LaGrange were no less vile. The apartheid regime later renamed this ministry to Ministry of Law and Order, which did not soften its image. Africa has forgotten its heroes. When South African Communist Party secretary general Yusuf Dadoo died in 1983, it was revealed that he never missed a SACP meeting in 40 years! Or Ruth First, wife of Umkhonto We Sizwe commander Joe Slovo, who was killed by a parcel bomb in Maputo in 1982. Where is our United Democratic Front [UDF] hero, Patrick “Terror” Lekota? Today, young Africans think of Cyril Ramaphosa only as the former Chairman of MTN. During the epic coal miners’ strike of 1988, several times BBC World News opened with his soundbite. He would deliver a militant message, and the news anchorman would say, “Leader of South Africa’s National Union of Mineworkers, Cyril Ramaphosa.” Even today, that memory brings tears to my eyes. Africa should never forget Josiah Tongogara, commander of Robert Mugabe’s Zimbabwe Africa National Liberation Army [ZANLA] who died in a motor accident in Maputo six days after the Lancaster House Agreement was signed in 1979. Or for that matter, Lt General Dumiso Dabengwa and Major General Lookout Masuku, commanders of Joshua Nkomo’s Zimbabwe Peoples Revolutionary Army [ZIPRA] who were imprisoned by Mugabe in 1981 for allegedly hiding weapons at a Matabeleland farm. In 1980 or so, TIME magazine did a story about then Egyptian President Anwar Sadat. At noon every day, Sadat’s close friend Osman Ahmed Osman, owner of Arab Contractors, arrived at the door of the Presidential Palace. Sadat came out and they went for an hour’s walk in the garden. They hardly said a word to each other as they walked. At 1pm they were back at the door, Sadat went in and Osman went to his car and drove away. The long, terminal illnesses of Spain’s Francisco Franco, Houari Boumedienne of Algeria and Josif Broz Tito of Yugoslavia in 1975, 1978 and 1980 respectively, captivated the world because their governments issued daily medical bulletins until those leaders passed away. Today we only hear that “he died after a brief illness.” In our laboratory one day in 1984, my Physiology lecturer Prof Robert Miodonski told me that if, after three months, a student can remember ten percent of what he read for the exam, then his memory is very good. Please tell that to my family doctor.

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