THEWILL NEWSPAPER CHRISTMAS EDITION 2023

Rivers Crisis: Tinubu’s Intervention And Attendant Uproar

VOL 3 NO. 52 • CHRISTMAS EDITION 2023 EDITION 2023 VOL 3 NO. 52 • CHRISTMAS

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Amid Biting Inflation, Plummeting Living Standards, Bleak Yuletide Awaits Nigerians

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

Onah Nwachukwu Editor, THEWILL DOWNTOWN

S

ourcing good quality clothes for kids is a difficult task. So when Adenike Ogunlesi realised she couldn’t find good quality, durable and stylish clothes in Nigeria for her children, she researched and found out there were many other mothers who were looking for good quality, trendy clothing for their children, so she decided to start making clothes for children. You know what they say; if you want a successful business, you should cater to a need. And that’s precisely what Adenike Ogunlesi did. She started with pyjamas, and then the company gradually became what it is today: Ruff ‘n’ Tumble.

Read her story on pages 8 through 10.

Our fashion pages spotlight what’s in and what’s out this festive season, which are on pages 4 and 5.

We also suggest some gift ideas that are not your conventional type of gift. You’ll love them. Scroll to page 11 for this.

This week’s beauty page is a guide to making customised DIY (do-it-yourself) beauty hampers for loved ones. It’s really simple: follow a theme, and you are good to go. Check them out on page 12.

VOL 3 NO. 52 • CHRISTMAS EDITION 2023

Bon appetit, our food page, has a recipe for the perfect Christmas treat— gingerbread cookies. This recipe is one in a million, so you don’t want to miss page 14.

Don’t forget you can click on the page titles on page 3 to take you to your desired page. The movie review page is also interactive; click on the instructions below the QR codes to download the playlist of Christmas tunes.

Merry Christmas to you!

Until next week, enjoy your read.

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COVER

Amid Biting Inflation, Plummeting Living Standards, Bleak Yuletide Awaits Nigerians

BY AMOS ESELE, WITH UDEME UTIP, UKANDI ODEY, ANIEKAN BASSEY, ANTHONY AWUNOR, GEORGE MARTINS, TUNDE OMOLEHIN, SEGUN AYINDE

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or millions of Nigerians, financial history appears to be repeating itself with vengeance. Money, which, according to a holy book, “answereth all things” may not be as available as desired during the Yuletide.

Just as it happened between October 26, 2022 and January 31, 2023 2022, when the Central Bank of Nigeria (CBN) announced and implemented the naira redesign policy and most Nigerians experienced a cash crunch and stayed on queues for agonizingly long hours inside banking halls and at ATM galleries to withdraw cash, they have started once again to move from the banking hall to ATMs in search of hard-earned money this December.

The same cash crunch has returned at 2023 year-end, though for a different reason. ATMs are dry and acrossthe-counter withdrawals are unsure, even for less than N10, 000. Banks blame the situation on the CBN. The apex bank, they say, is not supplying cash. On the other hand, the CBN claims the banks are colluding with Point of Sale operators to hoard currency notes. And Nigerians, who bear the brunt, are encouraged by the Ag CBN Director of Corporate Communications, Mrs Hakama Sidi-Ali “to use alternative payment channels as well as report any case of unauthorised activities, such as capping and hoarding by banks or PoS agents to the CBN branch in their locations…”

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“There is money, nothing to fear about that,” said a business economist, Mr Nik Ogbulie, publisher of Money Reports.

the picture of an economy that is yet to respond to government’s policies from its comatose position during the preceding administration.

Ogbulue told THEWILL at the weekend that the challenge, however, is managing the CBN policy of financial inclusion for millions of Nigerians outside the formal sector.

According to the NBS, Nigeria’s annual inflation rate rose to 28.20 percent in November from 27.33 percent in the previous month.

Some customers who had to leave the suburbs for places like the G.R.A in Ikeja, where they thought it would be easier to withdraw money, were disappointed. Some of them who narrated their experiences to THEWILL said commercial banks in Joel Ogunaike, Isaac John and Sobowale streets paid them less than N10,000 except a customer deposits large sums in their presence. The ATMs were not dispensing cash either.

Ogbulie said, “The apex bank wants to encourage the usage of e-platforms, plastic cards, e-Naira wallet, PoS and transfer. It has to do with the CBN introduction of the market whereby the apex bank started withdrawing money in circulation and replacing it with digital currency. But, I suspect that they are yet to know the amount of money in circulation. But the whole idea is to stem inflation. But how can you control inflation in a situation where there is no productivity?”

But the end result for many Nigerians is lack of money to travel and shop for the Yuletide.

BACKGROUND Indeed, last week’s National Bureau of Statistic, NBS, report for the month of November, 2023 paints

The Statistics Office said the November 2023 headline inflation rate showed an increase of 0.87 percent points when compared to the October 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 6.73 percent points higher, compared to the rate recorded in November 2022, which was 21.47 percent.

The NBS also said the food inflation rate in November 2023 increased by 32.84 percent on a year-on-year basis, which was 8.72 percent points higher, compared to the rate recorded in November 2022 (24.13 percent).

In recent years, food prices have been on the rise across Nigeria. The current situation deteriorated due to the impact of government policies, such as the removal of subsidies on petrol, the current naira depreciation in the parallel market, logistics costs and rising food prices, among others.

This development has caused hardship for many Nigerians with an attendant increase in the prices of goods and services.

“Statistically, we are back in the woods. Inflation and THEWILLNIGERIA

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...Standards, Bleak Yuletide Awaits Nigerians employment rates are high and finances are bad. It is not just a bleak Yuletide, it is a bleak future unless the government does something drastically different.”

President Bola Tinubu, however, thinks otherwise.

Speaking at a ceremony in Lagos on Friday, a day after he jetted into the commercial nerve-centre of the country for his holiday, he said, “We are committed to enthroning a better society for our citizens, irrespective of ethnic, religious or geographical differences. The various policies in place are expected to bring succour to our people. We know their pains and we are addressing them holistically.

“The recent 50 per cent cut in inter- state bus fares nationwide and the payment of N-Power beneficiaries’ backlog of allowances, among other reliefs, are all efforts aimed at alleviating the burden of Nigerians this festive season with more to be expected in the coming year.”

Explaining the details earlier, the Minister of Solid Minerals Development, Mr Dele Alake, who chaired the Inter-Ministerial Committee on Presidential Intervention, said the 50 per cent reduction in fares was arrived at in conjunction with companies operating luxury buses and President Bola Tinubu had directed that commuters on all train services would get free rides from December 21, 2023, to January 4, 2024.

50% Fare Reduction, N-Power Beneficiaries These interventions announced by President Bola Tinubu recently are ongoing albeit in a jerky manner.

The N-Power programme initiated by President Muhammadu Buhari in 2016 to address the issues of youth unemployment and help increase social development had fallen on bad times with the accumulation of arrears.

Last week the Federal Government revived it and paid the arrears of 400,000 youths across the country.

According to the Minister of Humanitarian Affairs and Poverty Alleviation, Beta Edu, the programme has been restructured to create jobs and reduce unemployment in the country, though she was quick to avoid ambiguity and clarified, “The Renewed Hope N-Power has not been relaunched yet. We are still trying to deal with the baggage from the previous years. So, these are persons who were owed money for a few months.”

The cash transfer programme of N25,000 to 15 Nigerian households, as promised by the administration shortly after the removal of subsidy on petrol in June, is another empowerment project. It is just about to be implemented, almost seven months after.

Explaining this delay in Lokoja, where she had gone to launch the programme last Thursday, National Enrolment Manager, National Cash Transfer Office, Hajiya Sadiya Abdullahi, said that most of the beneficiaries are unbanked and have to undergo data capturing.

Mrs Bridget James, the Head of Operation, Kogi Cash Transfer Unit, said, “Most of the beneficiaries are unbanked, that is why we are capturing them to get their details so long their names are on the National Social Register (NSR).

“The capturing of their details will in turn qualify them to partake of the N25,000 monthly cash transfer for three months to cushion the adverse effects of fuel subsidy removal.” These jerks and starts, coupled with the after-effect of the removal of subsidy has impacted on the finances, health, productivity and livelihood of Nigeria.

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The fare reduction exercise got off to a shaky start on Thursday and by Friday many bus owners had joined the initial official group of five, namely Chisco Transport, God Bless Ezenwanta Nig, ltd; The Young Shall Grow Ltd, God is Good and Area Motor. The new members who joined by Friday are Izuchukwu Transport Nigeria. Ltd; ABC Transport Plc; GUO Transport Ltd; SD Express Ltd; Welfare Transport Nig. Ltd; Ifesinachi Transport Nigeria. Ltd; E Ekesons Nig. Ltd; Ifeanyi Chukwu Industries and Commercial Ltd; Bonnyway Motor Ltd; and Delta Express Ltd. ALBON President, Nonso Ubajaka and Secretary, Frank Nneji, who confirmed this development said “All intending passengers on the above listed transporters are requested to go to our members’ various bus stations nationwide to book and board our buses on payment of only 50 percent (half the price) of the current bus fare on the principle of ‘first come, first served,’ on daily basis during the period.

Explaining the meaning of “first come, first served,” to THEWILL Correspondent, a manager in one the bus terminal at Mazamaza in the Festac Town area of Lagos said that passengers who come after the allocation for the day is taken may have to pay the full fare.

According to ALBON Frank Nneji the bus owners “are providing 11,118 seats per day for the duration of the exercise, which ends on January 4, 2024.”

In another instant, it was observed that many of the bus owners, who keyed into the position beside the initial five officially approved transporters, expect that it might enable them to establish a form of business relationship with the government that will in turn help them to consolidate their businesses in many ways. None was ready to disclose the financial rewards awaiting them, if any. A manager said he was acting to instruction to operate the scheme to the letter and had no detail of the plans.

For those intending to travel by rail, the Nigeria Railway Corporation, NRC, announced that passengers must obtain free tickets through e-ticketing platforms only as none of its train stations would issue no ticket. How far these measures have eased the transport situations of passengers is debatable. Our Correspondent who was at Mobolaji Johnson Station at Ebute Metta on Murtala Mohammed Way, Lagos met a crowd that was unprecedented. The NRC people said the train had been fully booked through Sunday

“

Reacting to the development through his X platform

“Statistically, we are back in the woods. Inflation and employment rates are high and finances are bad. It is not just a bleak Yuletide, it is a bleak future unless the government does something drastically different

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account on Friday, The presidential candidate of Labour Party in the 2023 general election, Peter Obi commended the intervention intended to help the masses, saying it was the right step in the right direction.

He however queried whether due process was followed in its implementation and expressed doubts about check and balances and the level of compliance by the transporters, adding that after conducting checks through contacts across major parks in the country, he was sure there were “obvious questions about the integrity” of this intervention effort.

Obi said, “One expects that such a policy that strives to appeal to the broad masses, especially the downtrodden, should be made with transport companies.

“I pray that this is not yet another spin to curry favour in the media space after appetising the people. The Nigerian people are going through untold hardship, and the government must not remain insensitive to their sufferings.”

UNTOLD HARDSHIP IN THE STATES For millions of Nigerians, the yuletide is indeed bleak, having waited for seven months for governance policies to begin to make the desired impact in their lives.

LAGOS As the commercial nerve-centre of the country, Lagos is home to many outlets for opportunities, even underemployment. Yet, like many other big cities, it can be expensive to live in. The costs of transportation, utilities and food have been on the rise since the removal of the subsidy on petrol. Portable water is lacking in many parts of the state and residents have to power boreholes with fuel engines. Transportation costs have also risen astronomically. Commercial bus drivers have no fixed fares. They use a rule of the thumb, capitalising on rush hours, late nights and weather to hike fares without notice. At the beginning of subsidy removal, the Lagos State Government subsidised the fares on the Bus Rapid Transport for residents. It stopped after three months. As part of its support to workers in the state, the government paid handsome bonuses in December.

Ponle Osimyemi, a teacher in one of the public schools, laments the inflationary pressures that has eaten up his salary, but he thinks Lagos still holds better opportunities than other states for its commercial nature.

IN JOS, RESIDENTS VOW TO WORK THROUGH YULETIDE TO MAKE ENDS MEET In Jos, capital of Plateau State, it appears the residents have resolved to continue to eke out a living to keep body and soul together, as if the merriment and rest implied in the Yuletide has lost its meaning.

A motor spare parts dealer at Al Gadama Junction, along Goodluck Ebele Jonathan Way, Jos, assured our reporter when he visited that his shop would be open all the time during the Yuletide.

At the Plateau Riders Motor Park in high-brow Terminus area of Jos, a food vendor, Laraba, told our reporter that she would not travel to anywhere for Christmas and her business would continue as usual through Boxing Day, December 26.

At the business nerve centre on Ahmadu Bello Way, buying and selling was in progress. Shop owners who dealt in food items, kitchen utensils and textile

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COVER

...Standards, Bleak Yuletide Awaits Nigerians materials admitted that there was some increase in the volume of sales, but not "the way it used to be."

They promised to keep their shops open through the festivities.

challenges.

At Ferin Gada Market, tomatoes, pepper, carrots, green beans and beverages were in high demand, as the price for a four-liter paint container of tomatoes sold for as much as N1,500 up from N750 naira, while the same measure of onions which has been in short supply in the past one month before the Yuletide was selling for N3,500, up from N1,500.

The state government in an effort to mitigate the hardship has approved the distribution of 60 bags of rice to each of the 196 political wards of the state.”

Between Chobe Market in Apata area of Jos and the famous Katako Market in Laranto, high human traffic patronised used or second hand clothing.

Transport fares were increased by as much as N3,000 naira, especially with persistent fuel scarcity and pump price standing between 650 and 700 naira.

BENUE RESIDENTS LAMENT HIGH COST OF LIVING In Benue State, the cost of transportation is going beyond the reach of many as motorcyclists no longer charge less than N250 for a trip that used to cost N100, no thanks to the removal of the subsidy on petrol. As a result, the cost of food items has increased.

Market women at Wurukum have decried the cost of doing business, just as the Chairman of Goat Sellers Association, Mr Justin Gbam, told our correspondent that patronage has dropped as potential buyers are unable to afford the prices of goats.

The Chairman of Mbagbera Development Association, Makurdi branch, Mr Paul Nongo, echoes the pastor in his submission that attendance at meetings have dropped; saying most members are absent or coming late because they trek just to walk to save cost.

In a quest to cushion the effect of high cost of living, the Benue State Government has reduced the transport fare of Benue Links Transport Company Limited on all routes. Under the new arrangement, a fare from Makurdi to Gboko which used to be N1200 is now N500, while Makurdi to Otukpo is N2000 among other routes.

There is nothing to show that there is a 50 per cent reduction in bus fares by the Federal Government in Benue state at the moment.

GOVERNMENT STEPS IN TO MITIGATE SUFFERING IN C’RIVER A Muslim leader in Cross River State, Shaban Abdullahi, described the situation as tense. He advised the government to look inwards in its efforts to address the challenges facing the people and urged residents to avoid extravagant lifestyles.

Abdullahi said, "The situation has been very tense because the high cost of things has made the people to lose confidence in many things.

"Although we are trying to preach that tough times don't last, when the prices of goods and services increase, people feel very bad.”

Similarly, a chieftain of the Labour Party and religious leder in the state, Christ Patriarch Ogar Osim advised residents who have accumulated so much wealth to make it available to the needy in line with what the scriptures advised.

He said, "There is no time we will not have the poor and the rich. This time, we should be our brothers’ keeper and help others cushion the effect of these

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"Nigerians should endure because the current challenges will not be for long.

PERSISTENT RISE IN COST OF LIVING IN AKWA IBOM In oil rich Akwa Ibom State, the cost of living is increasing by at least 20 per cent every month since the beginning of 2023. It all started with the hoarding of Petroleum products, especially Premium Motors Spirit (Petrol) by marketers, which led to scarcity of the product.

By the time hoarded fuel was released, the price had increased from N260 to N420 per litre and gradually rising to N670 per litre.

The cost of transportation, which to a large extent influenced the rise in the prices of other items, especially food items, within the state had tripled over the last seven months.

As Christmas approaches and inflation bites harder in the state, the state government has decided to pay 13th month salaries to civil servants in the state to cushion the effect of the hardship.

The only measure that seems to work minimally for a few hardworking individuals in the state, is the Own-A-Farm policy initiated by former governor, Mr Udom Emmanuel, which requires people to cultivate vegetables like tomatoes, cucumber, pumpkin, etc, which are helpful to the farmers but not cheap because of the cost of improved seedlings and fertilisers.

Some persons who spoke to our correspondent at Akpan Andem Market expressed confusion on how they to cope with the stuation as the prices of goods and services are expected to go higher in the coming days.

“

The recent 50 per cent cut in inter- state bus fares nationwide and the payment of N-Power beneficiaries’ backlog of allowances, among other reliefs, are all efforts aimed at alleviating the burden of Nigerians this festive season with more to be expected in the coming year

"It is not easy with us family people, I withdrew N10, 000 from a PoS just now a few minutes ago, it is finished and what I have left is just what you see in this nylon bag. I just said let me window shop for chicken, the least mature broiler is N12, 000.”

IN SOKOTO, RESIDENTS BEMOAN HARSH LIVING CONDITIONS In Sokoto State, the rising cost of living and the diminished purchasing power of the naira are taking a huge toll on residents, ahead of the Yuletide.

Aside from the general increase in the cost of food items, most residents who had planned to celebrate the Yuletide season in their home states could not travel due to high cost of transportation.

Our correspondent who spoke to a cross-section of residents in the state, noted that the failing economy has not only affected households but also charity organisations who often provide succour to the less privileged during the Yuletide.

Mr Tosin Oladina, a native of Osun State who has lived in the state for a decade, said the current economic situation in the country had made him not to travel to his hometown to celebrate Christmas with relatives and childhood friends.

"This is the first time that I will be staying back with my family, instead of travelling to my hometown to make merry with my people due to lack of money and high cost of essential commodities," he lamented.

Another resident, Mr. Godwin Okadigwu, a businessman who deals in fashion accessories, blamed the Federal Government for removing the subsidy on fuel.

"Since the removal of fuel subsidy by the Federal Government the cost of living has skyrocketed and cost of transportation has never remained the same again.

"People are only looking for what to feed themselves and their families while no one cares about what to wear because of the economic hardship,” he said.

A civil servant named Dauda Assadu said he couldn’t afford Christmas chicken and had opted for substitutes, such as fish and beef measured in kilogrammes.

“Whatever I can find within my means will be used instead of chicken – fish, meat, or ponmo. There are school fees to be paid for the children in January.

“My take-home pay has become meaningless due to the rising cost of living and constant naira devaluation.

Salaries have remained stagnant while prices of goods and services have tripled. With the current economic downturn in Nigeria, one has to live within his or her means,” he said.

In view of the current economic hardship, our correspondent recalls that in October, the Sokoto State Government declared a state of emergency on the food sector.

According to Alhaji Jabir Mai-Hula, the state Commissioner for Religious Affairs, the government approved N3.9 billion for the purchase of foodstuffs and distribution to the residents as part of its effort to cushion the effect of fuel subsidy removal in the state.

No fewer than 57,000 bags of 50kg of rice were purchased at the cost of N2.5 billion while 26,000 bags of 100kg of millet was cost at N1.4 bn, making a total of N3.9 billion.

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NEWS

L-R: Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga; Minister of Information and National Orientation, Mohammed Idris; Minister of Solid Minerals, Mr Dele Alake and Minister of Transportation, Alhaji Saidu Alkali, briefing State House Correspondents on the FG's 50 percent transport subsidy for Nigerians from December 21, 2023 to January 4 2024, at the Presidential Villa in Abuja on December 21, 2023.

Edo 2024: Group Restates Transport Subsidy: FG Gov Otu Pledges to Fulfill Call for Parties to Cast Expresses Excitement Campaign Promise on Lot for Esan Aspirants Over Commendations Fair Taxation System

by Nigerians

A

head of the Edo State Governorship Election slated for next year, the Esan Okpa Initiative (EOI), the Esan pan socio-cultural and non-partisan group, has strongly restated the need for all political parties to pick their candidates from Edo Central Senatorial Zone, in order to correct the prevailing political imbalance in the State to guarantee justice, equity, fairness and peace to all segments of the State.

Arguing that it will be a “grave mistake to do otherwise”, the group in a statement in Benin City, signed by its President, Rt. Hon. Mathew Egbadon, and Public Relations Officer, Mr Tony Iyare, canvassed for realism anchored on history and mutual respect to the different sections of the state, in casting lot for the next governor of Edo State that will succeed Mr Godwin Obaseki, whose term expires on November 12, 2024.

The group also stressed the need for the parties, political elites and opinion moulders in the state to appreciate this salient concern by Esan people and be mindful that the State was founded on a tripod of brotherhood at its creation in 1991.

“We cannot afford to carry on with the discordant tones now coming from the two other senatorial districts on the subject of a governor of Esan extraction, as if a vital part of the tripod does not matter. The political well -being and inclusiveness of all sections of our dear state should be uppermost in our consideration. We can’t shy away from this vital reality. The fact that Edo people have always ensured that the Governor, Deputy Governor and Speaker respectively, come from different zones underpins our resolve and desire on this matter, as a people tied by common history, to guarantee amity and political inclusion of the three zones,” the group contends, stressing that Edo Central(Esan) people have been left in the political wilderness by successive governments at both the State and Federal levels since 2015’’ Restating its strong appeal to political elites from Edo North and South Senatorial Zones to concede the governorship ticket to aspirants from Edo Central Senatorial Zone, it maintains that this is a recipe to ensuring peace, equity, justice and even development to all sections of the state.

Alluding to the popular view that the parties should anchor the emergence of their candidates only on the basis of competence and ability to elicit support of the three senatorial zones, Esan Okpa contends that no section of Edo State is in short supply of competent persons who are ably imbued with the right acumen and capacity to get the support of other areas for the governorship seat.

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FROM BASSEY ANIEKAN, CALABAR

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he Federal Government has expressed excitement over the patronage by millions of Nigerians of the Presidential intervention mitigating the high cost of transport this festive season.

Segun Tomori, Special Assistant on Media to the Chairman of the Yuletide Transport subsidy- Inter-ministerial committee and Minister of Solid Minerals Development, Dr. Dele Alake, said on Saturday that initial check shows that millions of Nigerians embraced cross-country travelling to see loved ones at the end of the year irrespective of religious inclinations.

“Therefore, the far-reaching effect of discounted inter-state bus fares and free train rides on the citizenry, cannot be overemphasised.”

In announcing the Federal Government's gesture last Wednesday, the chairman of the Yuletide transport subsidy inter-ministerial committee and Minister of Solid Minerals Development, Alake had revealed that from 21st December 2023 to 4th January, 2024, Nigerians will enjoy a 50% discount on inter-state bus transport along 22 major routes, while the Nigeria Railway Corporation (NRC) will be offering free train rides within the same period, in what is now widely acclaimed as a novel, pro-masses initiative by any Federal Government in Nigeria's history.

Tomori said the programme targets lifting 5 million commuters this season as the initial partnering major transport companies like Good is Good (GIG) motors, Chisco Transport, Young Shall Grow, God Bless Ezenwata and Area Motor have since been scaled up from 22 to 28 while citizens travelling from Lagos - Nigeria's commercial hub, to other states like Akure and Ilorin via mini buses from the Oshodi bus interchange, are also beneficiaries.

He said, “It will be recalled that the attendant effect of fuel subsidy removal has led to skyrocketing transport fares which has necessitated palliatives from government to cushion its effect. Feedback from citizens across the country have indicated that this transport subsidy has the most significant impact, thus far.”

He said impact stories also abound from train commuters along the Lagos-Ibadan, Abuja-Kaduna routes

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he governor of Cross River State, Senator Bassey Otu has promised to fulfill his campaign promise of a fair taxation system in the state.

The governor reaffirmed his promise when he received the Eze Ndigbo, Emmanuel Ezenwenyi and members of the Igbo Community in Cross River in his office.

Governor Otu said Cross River State has always been renowned for its warmth and willingness to welcome visitors, insisting that the state is a home for all.

"Cross River has always been a home to everyone, because we are naturally hospitable and our culture embraces visitors.

"Your highness, you have been in Cross River for as long as I can remember and have always been committed to the growth of the State.

“Unquestionably, the Igbo Community has made several investments in the State; this administration acknowledges this commitment.

"During the campaigns, I did mention that we will restructure and provide a fair taxation system, I also talked about infrastructure.

"I want to assure you that we will fulfill all our promises. We have started. What you are seeing now is a tip of the iceberg.

We want to build a strong and egalitarian state where citizens can access opportunities for prosperity.

“The economy will be significantly stronger by the time we complete half of what we have on the plan," Governor Otu stated.

The governor whose statement was made available by his Chief Press Secretary, Emmanuel Ogbeche, expressed gratitude to the Eze for the overwhelming support the Igbo Community gave him during the last elections and assured the community of his commitment to creating an enabling business environment.

Earlier, the Eze Ndigbo of Igbo Community in the state, His Royal Highness, Eze E. A. Ezenwenyi, congratulated the governor and commended him on his accomplishments within the brief period on the stead of government.

Eze Emmanuel Ezenwenyi sought government's partnership in the areas of investment and business, and assured that the Igbo Community is ready to invest in the state.

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POLITICS

Rivers Crisis: Tinubu’s Intervention And Attendant Uproar

BY AYO ESAN

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resident Bola Tinubu’s intervention in the feud between former Governor of Rivers State, Nyesom Wike and the current Governor of the state, Sim Fubara, who happens to be Wike’s godson, has been condemned by many Nigerians, especially indigenes of Rivers, senior lawyers in the country and Ijaw communities in the South-South led

by Chief Edwin Clark.

Although many, including Chief Clark, had earlier called on President Tinubu to intervene in the crisis, they did so only to ask him to call Wike, who is the Minister of Federal Capital Territory and whom they considered to be the aggressor harassing and preventing Fubara from carrying out his duties as governor of the state, to order. They told Tinubu to warn Wike to allow Fubara to concentrate on his job.

“

Are those inviting the President to act in Ondo and in Rivers States not aware that the President has no constitutional role in these matters?” he asked

THEWILL recalls that former Minister of Works, Babatunde Fashola, (SAN), had warned that the President’s intervention was not required in the ongoing political tensions in Ondo and Rivers states, saying the Nigerian Constitution did not give room for such a thing.

Democratic Party (PDP) and a member of the Board of Trustees, (BoT) of the party, Chief Olabode George, derided those calling for President Tinubu’s intervention in the Rivers Crisis, saying that the state belonged to the PDP.

“Does the constitution assign a role to the President in this matter?” Fashola asked, while speaking at the Nigerian Air Force Officers Mess Honourary Members Forum 2023 Annual Lecture held in Lagos penultimate Saturday.

He therefore called on the leadership of the party, especially the Acting National Chairman, Umar Damagun, to immediately intervene in the crisis before it spread.

He said the Constitution clearly outlined the proper procedure and roles of government officials in such situations.

“Are those inviting the President to act in Ondo and in Rivers States not aware that the President has no constitutional role in these matters?” he asked.

He said that going forward, the “leadership in Rivers State” needed to “do the needful” rather than pass responsibility.

Also a former Deputy National Chairman of the Peoples

“This is a litmus test for the ability of our party to survive after the mayhem we called election. The Supreme Court had already told us we lost. Come back home, let us set up a committee to go there. The governor is still a member of the PDP. Let’s find out what exactly is happening in Rivers,” George said.

However last Monday, the President not only intervened in the crisis in Rivers State, he made orders that have since being resisted openly by many Nigerians. Although the two belligerents agreed to the resolution and signed the documents of settlement.

Resolution That Sparks Reaction In response to some voices that called on him to intervene in the crisis, last Monday Tinubu held a meeting with stakeholders in the Aso Rock Villa in Abuja. Those present at the meeting, which lasted till night fall, were Governor Fubara and his deputy, Mrs Ngozi Ordu; a former governor of the state, Dr Peter Odili and Wike, who was reportedly instrumental to the emergence of Fubara and other elected officers in the last general election.

Others who attended the meeting were Vice President Kashim Shettima; National Security Adviser’ Nuhu Ribadu, and the President’s Chief of Staff, Femi Gbajabiamila.

An eight-point resolution was signed by Fubara and his deputy; Wike; Ribadu; factional Speaker of the Rivers State Assembly, Martin Amaewhule; Chairman of the Peoples Democratic Party in Rivers State, Aaron Chukwuemeka, and his All Progressives Congress counterpart, Tony Okocha.

The document showed that instead of offering advice to the feuding parties, Tinubu had decided to issue a number of directives.

Summed up, the resolution reads: “All matters in court to be withdrawn immediately. Also, all impeachment proceedings initiated against the governor by the state House of Assembly should be dropped immediately.

“The leadership of the Rivers State House of Assembly as led by the Rt. Honourable Martin Amaewhule shall be recognised alongside the 27 members who resigned from the PDP; the remunerations and benefits of all members of the Rivers State House of Assembly and their staff must be reinstated immediately and the Governor of Rivers State shall henceforth not interfere with the full funding of the Rivers State House of Assembly (RSHA).

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...Tinubu’s Intervention And Attendant Uproar “The legislature has the right to choose where to sit and conduct legislative business without interference/hindrance from the executive; Governor Fubara to represent the state budget to properly constituted RSHA; The names of all commissioners who resigned to be resubmitted to the House of Assembly for approval; No caretaker committee for local government areas in Rivers State; The dissolution of local government administration is null and void.”

Constitution (as amended) and Section 84 (15) of the Electoral Act, 2022, fix a date for the conduct of fresh election into the state constituencies in Rivers State where vacancies have occurred by reason of the defection of the now former members of the Rivers State House of Assembly, pending the determination of any suit in any court.”

He said: “Our party insists that having now vacated and lost their seats, the only option available for the former lawmakers, if they wish to return to the House of Assembly, is to seek fresh nomination and re-election on the platform of any political party of their choice in line with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and the Electoral Act, 2022.

Uproar Greets Resolution The resolution met with severe criticism. The PDP, Eminent Lawyers and the Ijaw Group led by Chief Edwin Clark condemned it. Political analysts condemned the composition of the meeting, which they pointed out was tilted to Wike’s advantage. They noted that while the factional Speaker of the Rivers State Assembly loyal to Wike, Martin Amaewhule; was invited to the meeting, leader of the faction loyal to Fubara, Edison Ehie, who has also been confirmed by a court as the authentic Speaker of the Rivers House of Assembly, was ignored.

“For the avoidance of doubt, there is no division in the PDP at the national or any other level for that matter to justify the defection of the 27 former members of the Rivers State House of Assembly from the party. They, therefore, vacated their seats for reasons best known to them and cannot return to the House of Assembly without passing through a fresh electoral process in accordance with the provisions of the 1999 Constitution (as amended) and the Electoral Act, 2022.

Some elders in Rivers state last Friday approached a Federal High Court sitting in Abuja to declare the purported peace agreement with the Federal Capital Territory Minister, Nyesom Wike unconstitutional.

“Moreover, the Speaker of the Rivers State House of Assembly Rt. Hon (Barr) Ehie O. Edison DSSRS officially declared the seats of the defected now former members vacant in line with Section 109 (1)(g) of the 1999 Constitution (as amended).

The Rivers State House of Assembly, having become Functus Officio on the matter, cannot re-admit the former lawmakers unless through the channel of a fresh election.

They stated that the said agreement, which was signed on December 18, was not only illegal but amounted to an usurpation, nullification, and undermining of the extant/ binding relevant provisions of the 1999 Constitution, as amended.

“Our party, therefore, counsels the former members of the Rivers State House of Assembly not to be deceived by anybody giving them the false hope and impracticable assurances in Abuja that they can return to the Rivers State House of Assembly without a fresh election or that the INEC can be stopped from conducting fresh election into the 27 Rivers State Constituencies where vacancies have occurred by reason of their defection.”

The plaintiffs, led by a member of the Rivers State House of Assembly representing Bonny State Constituency, Victor Jumbo, are Senator Bennett Birabi, Senator Andrew Uchendu, Rear Admiral O.P. Fingesi, Ann Kio Briggs, and Emmanuel Deinma also asked the court to order the Independent National Electoral Commission to conduct a fresh poll to replace 27 lawmakers who defected from the Peoples Democratic Party to the All Progressives Congress.

Also reacting, an elder statesman and leader of the Ijaw community, Edwin Clark, described the resolutions reached during the truce brokered by President Tinubu as “The most unconstitutional, absurd and obnoxious resolutions at settling feuding parties that I have ever witnessed in my life.”

Listed as defendants in the suit marked: FHC/ABJ/ CS/1718/2023 are President Bola Tinubu; the Attorney General of the Federation and Minister of Justice, Governor Fubara, the Rivers Assembly, Speaker of the Rivers State Assembly, and the INEC Chairman, Prof. Mahmood Yakubu.

Clark said it was obvious that Governor Fubara was ambushed and intimidated into submission but that the president should know that with all the powers he possesses, he cannot override the Constitution.

They contended that neither Tinubu nor Fubara have the statutory powers to stop the Independent National Electoral Commission, INEC, from conducting fresh elections to replace the 27 Rivers State lawmakers who defected from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC. Lagos Based Human Right Lawyer, Femi Falana (SAN), said the presidential reinstatement of the 27 cross carpeting lawmakers is alien to the constitution in every material particular.

“In the case of Abegunde v Labour Party (2015) LPELR 24588 (SC), the Supreme Court held that a legislator who abandoned the political party that sponsored him and decamped to another political party has automatically lost a seat in the parliament.

“However, the cross carpeting legislator can only retain his seat if he can prove that the political party that sponsored him is divided into two or more factions.

“It is also necessary to point out that until a by-election is conducted by INEC to fill the 27 vacant seats, the remaining members of the House are competent to conduct legislative business except the impeachment of the governor, which can only be carried out by the two thirds of the entire members of the House of Assembly,” Falana said.

The PDP has also said that the 27 lawmakers who defected to the APC have lost their seats and cannot return to the House.

Addressing the media at the party’s headquarters in Abuja, the acting national Chairman of the PDP, Umar Damagum, asked the “former lawmakers” not to be deceived by those in Abuja, insisting that they had willingly vacated their seats.

Damagum noted that the right thing for the 27 lawmakers, who defected to the APC, to do was to prepare for fresh elections under any political party they want as the PDP had already written to the Independent National Electoral THEWILLNIGERIA

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Clark said it was obvious that Governor Fubara was ambushed and intimidated into submission but that the president should know that with all the powers he possesses, he cannot override the Constitution

Commission (INEC) to prepare for fresh polls in their constituencies.

The acting chairman, flanked by other members of the National Working Committee (NWC) said, “That INEC should, in line with Section 109 (1) (g) of the 1999

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According to the First Republic minister, the whole exercise amounts to an attempt to hold the governor hostage by those forces against him. Besides, he accused the president of an utter disregard for the 1999 Constitution and the limit of his power and authority as president. Similarly, Clark said Wike ought to know better as a lawyer the import of the resolutions, which tried to override the power and status of an elected incumbent governor of a state.

He said, “The eight resolutions reached are the most unconstitutional, absurd and obnoxious resolutions at settling feuding parties that I have ever witnessed in my life. From all that transpired at the meeting, the laws of the land have not been obeyed. President Tinubu simply sat over a meeting where the Constitution, which is the fulcrum of his office as President and which he swore to uphold and abide by, was truncated and desecrated. Twentyseven or so members (because the figure is not certain), of the Rivers State House of Assembly left the political party on which platform they were elected. The Constitution of the Federal Republic of Nigeria is very clear on that. Section 109 is quite clear on that. Nyesom Wike is quite abreast of these constitutional provisions.

“A court of competent jurisdiction has pronounced Edison Ehie as the Speaker of the Rivers State House of Assembly.

That ruling has not been vacated and based on that, he exercised the duties conferred on him by Section 109 (2) as quoted above, when the 27 or so members openly defected to APC, waving the flags of the party and singing President Tinubu’s campaign songs, from the Peoples Democratic Party (PDP). As at today and going by the Constitution, the Rivers State House of Assembly has four members who are recognised by the laws of the land.

•Continues online at www. thewillnews.com

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

POLITICS

Edo 2024: LP Set to Challenge APC, PDP, as Akpata Leads Aspirants

BY AYO ESAN

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he Labour Party (LP) in Edo State is currently repositioning itself to clinch the 2024 Governorship Election in the state and produce Governor Godwin Obaseki’s successor.

Another aspirant, Mr Dorry Okogie, has the backing of some of the youths within the party, but how that will help him in securing the party ticket is yet to be seen.

Mr Sergius Ogun is a two-term member of the House of Representatives on the platform of the PDP from Edo Central Senatorial District and formally joined in support of his re-election.

The party has commenced a capacity building programme for wards and local government executives to strengthen and reposition the party for success.

The National Chairman of the party, M. Julius Abure, at the training, expressed optimism that the Labour Party could rescue Edo State and the entire country from bad governance.

Olumide Akpata, the immediate past president of the Nigerian Bar Association, (NBA) is very strong in the race.

Akpata, who was born on October 7, 1972, is a legal practitioner. He was a senior partner and Head of the Corporate and Commercial Practice Group at Templars law firm in Nigeria until his resignation on August 31, 2023 to enable him to pursue partisan politics.

Abure said, “The intention of the programme is to build the capacity of our local government and ward executives in terms of what they are expected to do during an election.

He became the first non-Senior Advocate of Nigeria in 28 years to be elected president of the Nigeria Bar Association in July 2020.

”It is intended to develop and build their capacity for the 2024 governorship election in Edo State.

“Labour party believes that elections are won and lost at the ward or local government level, depending on the action and inaction of members.

Akpata began his legal practice in Delta State under the supervision of Dr. Mudiaga Odie, Senior Advocate of Nigeria, OFR, who was one of the most seasoned litigators of his time.

“This also underscores the importance of building the capacity of our local government and ward officers being trained in the trainer-workshop; they are supposed to replicate the training in their various local government and wards. ”

In 1996, Akpata relocated to Lagos and teamed up with his cousin, Oghogho Akpata, who had just set up the law firm, Templars, the previous year. He joined in the formation of Templars at the age of 23 and grew the firm into what it is today, as one of the largest law firms in Nigeria with a workforce of about 100 lawyers, including two Senior Advocates of Nigeria, both of whom practice proficiently in diverse areas of Nigerian law.

LP said it believes strongly that it is the only party that has the answer to the socio-economic challenges of the state and the nation.

Abure said that the high level of infrastructural decay, poverty, hunger and unemployment was unimaginable and the Labour Party had the ideology to change the trajectory and reposition the country for greatness.

He has participated in some major groundbreaking transactions that have shaped commercial law practice in Nigeria and indeed, the Nigerian economy.

August 1st, 2023 marked a pivotal moment for Akpata as he formally entered the political arena, solidifying his commitment to public service by joining the ranks of the Labour Party. This move not only underscores his dedication to civic engagement but also signals a new chapter in his journey towards contributing to the betterment of society.

“Therefore, Edo is looking up to our party to do the needful by giving them the right candidate that can defend their votes.

“Our main objective today in Edo is how to win the election with the right candidate that has the capacity to win.”

Abure noted that the same training would also be held in the other senatorial districts as a way of focusing the party for victory in 2024.

As a member of the Labour Party, Akpata brings his unique perspective and ideas to the forefront, poised to play a role in shaping policy decisions and advocating issues that align with the party's values. His entrance in the political landscape highlights the growing diversity of voices within the party, fostering a broader and more inclusive dialogue on matters of national importance. He has indicated his interest in contesting the September 2024 governorship election in Edo State.

Meanwhile several aspirants have emerged in the party as preparation for the election is in top gear.

About 28 persons have shown interest in vying under the party’s platform. But the major contenders are Ken Imasuagbon Esq, Olumide Akpata Esq, Dorry Okogie Esq and Mr Serguis Ogun.

Kenneth Imasuagbon has aspired four times under different political parties and not too long ago, he defected to the LP. Apart from coming from Edo Central Senatorial District and having the ability to spend money during party primaries, he has a distant chance of securing the party’s governorship ticket.

Imasuagbon has vowed to defend Labour Party’s votes, if given the party’s governorship ticket. He noted that the party is well positioned to occupy the Edo seat of power, come 2024, with the right candidate.

He boasted that he was the only aspirant among many seeking to emerge as the candidate of the party on account of his experience and widespread popularity.

“When I visited your (LP state chairman, Comrade Kelly Ogbaloi) local government headquarters (Afuze) it took

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me three hours to get to Ewohinmi from there. The state of the roads in that part of the state is very deplorable and unacceptable.

“If you elect me as the candidate of this great party, I will be in the forefront to defend your votes. I will fight to the last drop of my blood to ensure that our votes count.

Enough is enough,” he said.

Receiving the governorship hopeful and his entourage, Comrade Kelly Ogbaloi, the Chairman of the LP in the state, promised that a level playing ground will be made available for the party’s governorship primaries.

“

About 28 persons have shown interest in vying under the party’s platform. But the major contenders are Ken Imasuagbon Esq, Olumide Akpata Esq, Dorry Okogie Esq and Mr Serguis Ogun

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POLITICS NEWS

L-R: Deputy Governor of Lagos, Obafemi Hamzat; Bar. Wole Olanipekun (SAN); Secretary to Lagos State Government, Abimbola SaluHundeyin, after their appearance at the Supreme Court in Abuja on December 19, 2023.

FG Must Improve Power Makinde Assents to N438.4bn Edo 2024: Group Throws Weight Supply, Security For Nigeria 2024 Appropriation Act Behind Asue Ighodalo to be Great – Ayodele

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AYO ESAN

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he Leader of INRI Evangelical Spiritual Church, Primate Babatunde Elijah Ayodele has advised the Bola Tinubu - led Federal Government to prioritize on stable power supply; improvement in security, infrastructural development; improvement in Agriculture and create employment to ensure Nigeria attain its greatness in the new year.

PrImate Ayodele made this known while addressing journalists during the official presentation of his book, ‘A Compilation of the Divine Messages For Year 2024 and Beyond’ in Lagos on Friday He said these are the things God said the government of Tinubu should look into and leave other things for now; if it wants hardship to be reduced drastically in the country.

He said if the Federal Government failed to adhere to this, there will be compounded problems of hardship in the country.

His words “The government of Nigeria must work on five things in 2024 which can make the country great, Stable light; Improvement on security and buy more weapons; Development of Infrastructural facilities; Agriculture (plenty of food) and Create Employment. These are the things God said the government of Tinubu should look into and leave other things for now if it wants hardship to be reduced drastically.

Otherwise there will be compounded problems of hardship.

On the economy, Ayodele said the spirit of God says the Nigeria economy needs a lot of prayers for it to be revived.

“The economic policies and activities need to be well moderated and coordinated in order to achieve desired results. I foresee the government in Nigeria will launch Digital currency.

“The spirit of God says Digital currency will not help our economic woes as expected. The digital currency will only help the economy if the government agrees to do the right things that will boost the growth of the economy”, he said.

Ayodele further said that though there are forces that are hell bent at frustrating the Tinubu- led Federal government but said they will not be successful.

“The spirit of God says those who are scheming to frustrate the government are people that the president is closer to”.

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yo State governor, ‘Seyi Makinde, has signed the N438.4 Billion Budget, declaring that his administration will demonstrate total fidelity to implementing the budget and ensuring that the state achieves its vision of a wellrecovered economy.

He noted that the Budget was prepared after the state had put into consideration the economic situation at the national level and the challenges facing the people.

The governor stated this on Friday, during the Budget Signing Ceremony held at the Executive Chamber of the Governor’s Office, Agodi, Ibadan, noting that the Budget possesses robustness and demonstrates responsiveness to the situation on the ground.

He added that his administration inherited a Budget performance of 35 per cent but succeeded in raising the bar to about 75 per cent in 2023, assuring residents of the state that the government would target 80 per cent Budget performance in 2024.

The governor lauded the House of Assembly for its doggedness in scrutinising and passing the Budget in good time, saying: “The content of this Budget took into consideration the economic situations we are currently faced with, which started around the middle of the year.

“A new government came in; removed fuel subsidies and stopped the policy of pegging the US Dollar to a Naira and that created a lot of challenges for us.

“You would all recall that the Labour unions were agitated and that is to show you the seriousness of the issues. And so, we had to reach out, appeal for understanding. But the outcome is that we gave a wage award, initially for six months and discussion is still ongoing.

“We have to find a more sustainable way to deal with what we are facing. So, this is a Budget that will, apart from anticipating some of the things that will come up, have the robustness to demonstrate that we are quite responsive to what is going on.

“When we came in four years ago, we were faced with identical issues; we met on the ground the issue of new minimum wage and consequential adjustment and we dealt with it.

“So, this second tenure also, we are starting on a similar note; we are faced with problems that are still out there and we will address the problems and find lasting solutions.”

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embers of Edo South Vanguard for Justice and Equity have thrown their weight and support for the frontline aspirant of the Peoples Democratic Party (PDP) in the 2024 gubernatorial election in the State, Dr. Asue Ighodalo, describing him as the best fit and most qualified to be the State’s next helmsman.

Speaking to journalists on behalf of the group during a press conference in Benin City, Joy Osareimen from Oredo Local Government Area, said the group resolved to endorse Ighodalo based on his antecedent, credibility, pedigree and unalloyed commitment to the development of the State and its people, as well as in the spirit of fairness, justice and equity.

She said, “As we take our time to critically consider the socio-political history of the State since the beginning of the current democratic dispensation in 1999 and we arrived on the equitable resolution that it's fair that Edo Central is allowed to govern the State in 2024.

“After a search and study of all the aspirants coming into the race, we have concluded that for Edo State to experience a more peaceful coexistence, unity and brotherhood among all the ethnic nationalities in the State, we must respect the doctrine of fairness, equity, justice, equality and diversity and give Edo Central the opportunity to produce the next governor.”

Osareimen added, “We call on all the good people of Edo South to support our son, Governor Obaseki who made a promise to the State in 2020 that in the spirit of equity and fairness, he would ensure that Edo Central produces the next governor. It is our responsibility to support him to achieve this noble course.”

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EDITORIAL

CHRISTMAS EDITION 2023 WWW.THEWILLNEWS.COM

For Nigerians, it is Not Yet Uhuru

O

ne thing that most Nigerians wish for themselves, perhaps, is to recover quickly from an eight-year spell of misery induced by the Muhammadu Buhari Administration’s mishandling of the Nigerian economy, politics and national security.

Unfortunately, for Nigerians, it is not yet Uhuru and there seems to be no end to the country’s myriad of challenges in sight.

Tinubu’s government must immerse itself in the task of finding solutions to these problems.

It must begin to act immediately to renew hope in the longsuffering masses for a better Nigeria, as promised

Indeed, for eight years, impoverished and pulverised by hostile government policies, actions and a persistently worsening insecurity, Nigerians could do very little other than to helplessly watch as the ship of state floundered endlessly, tossed around by forces inclined, more than anything, to self-aggrandisement instead of rendering genuine service to the people.

The people are still watching and hoping, even as the current President, Bola Tinubu, struggles to untangle the All Progressives Congress-dominated Federal Government from a complicated and messy web spun by his predecessor.

Unfortunately and so far, it does not seem as if his efforts will yield any positive result soon.

During electioneering, Tinubu made some promises to Nigerians. He pledged to build a country where sufficient jobs with decent wages create a better life; to create an enabling environment for the production of goods and services that the nation requires; as well as ensure the transformation of Nigeria from a nation of consumers to that of creators.

Tinubu promised to strengthen the naira by importing less and exporting more made-in-Nigeria products.

He also pledged assistance to farmers, through government policies aimed at promoting and increasing agricultural productivity, so that farmers can support their families and feed the nation; improve and expand public infrastructure

NIGERIA BUREAU: 36AA Remi Fani-Kayode Street, GRA, Ikeja.

Lagos, Nigeria. info@thewillnigeria.com / @THEWILLNG, +234 810 345 2286, +234 913 333 3888 EDITOR: Olaolu Olusina @OLUSINA LETTERS/OPINIONS: opinion.letters@thewillnews.com

so that the rest of the economy can grow at an optimal rate; embolden and support the youth and women by harnessing emerging sectors, such as the digital economy, entertainment and culture, tourism and others to build the Nigeria of the future today.

The President promised to train and give economic opportunity to the poorest and most vulnerable in the country; generate, transmit and distribute sufficient, affordable electricity to give Nigerians the requisite power to enlighten their lives, their homes and their dreams; and to make basic healthcare, education, and housing accessible and affordable for all.

Most importantly, he promised to establish a bold and assertive policy that will create a strong, yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry and all other forms of violent extremism from the face of our nation. Nigerians have not forgotten these promises.

Meanwhile, the situation in the country remains much the same, even worse than Buhari had left it. For example, in 2014, the value of Nigeria’s Gross Domestic Product (GDP) was $572.2 billion. Today it is $390 billion. In the same year, the GDP’s growth rate was 6.32 percent.

Unfortunately it has declined to 2.54 percent.

Also, inflation has increased from 8.05 percent nine years ago to 28.20 percent today, just as the unemployment rate, which was 14 percent in 2015, increased by 33 percent in 2022.

The Capital inflow, which was about $6 billion when Buhari was first sworn in as civilian president, has now dropped to $1.03 billion Many companies listed on the Nigerian Exchange before 2015, are now delisting and leaving the country. The Naira once traded at N173 to the dollar on the

parallel market, today it is N1, 150 to the dollar.

Available statistical data points to the fact that Nigeria lags behind most other countries in terms of literacy. The World Bank’s latest records indicate that by November 2022, Nigeria's literacy rate was 62 per cent. According to Statista, 68 per cent of the youth in Nigeria in 2020 had received secondary education.

Around 15 percent of them had completed primary education, while only 17 per cent pursued higher studies after secondary education.

Education in Nigeria suffers from several challenges, including poor funding, inadequate classrooms and teaching aids, a shortage of quality teachers and the absence of an enabling learning environment. These shortcomings yield poor educational achievement and limited employability choices.

Healthcare is gradually slipping out of the reach of most Nigerians, especially the poor and less privileged. Healthcare infrastructure is still underdeveloped and lacks modern facilities. The situation is further compounded by the government's failure to provide adequate funding for the health sector.

What is more, the health sector is on the verge of being crippled by a persistent brain drain syndrome that is currently sweeping Nigeria’s best trained and qualified medical personnel abroad in search of better prospects.

Unfortunately, for Nigerians, it is not yet Uhuru and there seems to be no end to the country’s myriad of challenges in sight.

Tinubu’s government must immerse itself in the task of finding solutions to these problems. It must begin to act immediately to renew hope in the longsuffering masses for a better Nigeria, as promised.

THEWILL NEWSPAPER TEAM Publisher/Editor-in-Chief

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OPINION

CHRISTMAS EDITION 2023 WWW.THEWILLNEWS.COM

The Challenge of Building Capacity For Africa's Renewable Sector

BY N J AYUK

C

onsider this paradox: Nigeria has achieved the largest economy in Sub-Saharan Africa, but 45 per cent, or about 85 million, of its residents still live without electricity. Across Sub-Saharan Africa, that figure looms to 600 million.

What’s more, only 76,000 renewable energy jobs have been created in Africa, less than 1 per cent of 10.3 million globally. That means the vast majority of Africans have absolutely no experience, or hands-on opportunities to develop skills, in green energy.

I believe renewable energy is part of the solution to this dilemma — both in Nigeria and throughout the sub-continent. But there are several hurdles to be cleared before wind, solar, hydrogen, and other clean energy sources can provide the same economic benefits that natural gas — the other part of the solution — already offers. One of those hurdles will be preparing domestic workforces for employment and leadership in the growing renewable energy sector.

Turning this situation around begins with investing in and emphasizing the importance of science, technology, engineering, and math (STEM) education at all levels in Africa.

ONLY 76,000 RENEWABLE ENERGY JOBS HAVE BEEN CREATED IN AFRICA, LESS THAN 1 PER CENT OF 10.3 MILLION GLOBALLY. THAT MEANS THE VAST MAJORITY OF AFRICANS HAVE ABSOLUTELY NO EXPERIENCE, OR HANDS-ON OPPORTUNITIES TO DEVELOP SKILLS, IN GREEN ENERGY technologies.

We are seeing movement in that direction. In Nigeria, for example, global renewablespromoting nonprofit, RMI, is providing technical training in partnership with four Nigerian energy distribution companies, two developers, and vocational training schools such as RMI’s Energy Transition Academy and the Lagos Energy Academy.

Aimed at producing leaders and energy entrepreneurs, the Nigerian Cohort of RMI’s Global Fellowship ProgramME, started in 2022, uses online learning and inperson experiences to develop leaders who know how to produce and employ solar PV, battery storage, and microgrid

We will need many, many more efforts like this for Africans to fully reap the economic benefits of our energy transition. For that to happen, more investment capital must be attracted for curriculum development, to support training efforts, and to help fledgling renewable businesses find their footing.

The International Energy Agency (IEA) has predicted that 4 million new renewable energy jobs will be needed in sub-Saharan Africa by 2030 to meet 2050 net-zero goals. But it is not a given that those positions will be filled by Africans, especially if we rush forward with our transition from fossil fuels to renewables, as many wealthy nations and environmental groups are demanding.

Currently, there is a significant shortage of qualified human resources — people educated and prepared to take advantage of the opportunities for employment and entrepreneurship that renewables offer.

African governments will need to do their part by driving improvements in all-around education in science and technology and green energy vocational programmes.

Government policies should also provide advantages to attract private-sector visionaries and incentivize public-private collaborations that foster the education and training of Africans for careerlevel, leadership positions in the renewables sectors.

Africa’s renewable energy sector is growing. That reality is a mixed blessing because of the shortage of homegrown, trained professionals able to create, construct, and run renewable projects. We do, however, have an advantage — our large, youthful demography.

Many of our young people need jobs, and many more soon will. If we can put together partnerships among governments, learning facilities, and private industry, we can train our youth for careers in renewable technologies that offer them brighter futures.

We should be building on the examples of the promising educational opportunities that are available for African students who want to build a career in renewable energy.

Surveying the renewables horizon, there is general agreement that decarbonizing all the world’s economic sectors won’t be possible without the use of green hydrogen — for feedstock, fuel cell technology, and electric vehicles.

The demand for this clean and adaptable fuel, produced with renewable energy sources, compounds the need for a trained renewable energy workforce.

Green hydrogen presents both a large opportunity and a large challenge for African nations. With its massive area and plentiful solar and wind resources, Africa could potentially be producing about 10 per cent of the world’s green hydrogen by 2030. But there is an “if” attached to that projection.

If African states strategiSe and invest now to develop a green hydrogen workforce, they can be ready for the coming wave of green hydrogen development and utilization. Hydrogen learning opportunities should be made available from the high school level upward as part of comprehensive skills plans for developing a prepared workforce.

With forethought and smart implementation, young Africans can be readied to lead the way in bringing the benefits of green hydrogen to their communities. In the process, job shortages can be mitigated as these young employees put their skills to work in the production, storage, and transportation of green hydrogen.

•Ayuk is Executive Chairman, Africa Energy Chamber *Continues online at www. thewillnews.com

A Glance at Akinwunmi Bayode’s Political Mobilisation in Lagos

BY SUFUYAN OJEIFO

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n a society where merit and excellence are often not sufficiently recognised, the danger of moral atrophy and loss of faith is inevitably birthed. In effect, no society can live without her dreamers, achievers and folks who are driven by service.

that ensued, Chief Bayode got actively involved in the struggle with Senator Kofo Bucknor-Akerele, representing Lagos Central Senatorial Zone. He was at the core of the rganization of the entire youths on Victoria Island, where he resided, to Ikeja during the twilight of the annulment.

Like adroit alchemists, they weave a delicate balance between and among the ethics of service, faith, governance, responsibility and conviction. From this philosophical footing, they derive a flight plan that puts them in the arena of prestige and recognition.

It cannot be easily forgotten how on one occasion, three of Lagos youths were shot dead and several others wounded after the dictator General Sanni Abacha’s stern warning to the Governor to keep the protests in abeyance or he would do the needful.

In large part, this is the story of Chief Akinwumi Bayode, aka Otaloro, JP, educationist, politician, administrator, and security expert. No less a child of providence, a listening ear, uncommon discipline, strong convictions, unwavering focus, and almost a child-like faith in his beloved God remain his fortes.

Unassuming Chief Akinwumi Bayode comes from the background of a political family and started his active involvement in Lagos politics in 1988 as a member of the then committee of patriots (a political association) that metamorphosed into the People’s Patriotic Party (PPP). It was one of the 13 political associations that sought registration with the then-electoral umpire called the National Electoral Commission, NEC. Ever striving for involvement in projects that will lift a troubled society, he also had a stint with the National Republican Convention (NRC), where he aspired as Councilor in 1989, before moving to join the People’s Front (PF) and Primrose group of the Social Democratic Party (SDP), before the Governorship Elections that produced Sir Michael Otedola as governor of Lagos State.

Significantly, after the disagreement between party leaders in SDP about sharing of appointments into positions with the gubernatorial candidate of the party, Chief Yomi Edu, at the home of Chief Alade Shonubi a.k.a (Alansho), in Parkview Estate, Ikoyi, Lagos, the party leaders commenced another round of meeting after Chief Yomi Edu left in annoyance refusing to cede to them who would become the SSG after elections.

Subsequently, a new decision was taken to vote NRC for governor after consultations with NRC leaders, led by great Chief Hilario Babs Akerele, which paved the way for the emergence of Chief Michael Otedola as governor with just two Assembly members and SDP with 38, in a 40-member state parliament in Lagos. Chief Bayode was located in the circumference of the commixture of intricate politicking and delicate horse trading.

The essential Chief Bayode was also a delegate in the SDP Jos convention that produced Chief MKO Abiola, as the presidential flagbearer of SDP in 1993. Here, he played an all-around important role in rganizati the youth for that historic election before it was eventually annulled by General Ibrahim Babangida after Chief Abiola’s victory was about to be declared by Prof. Humphrey Nwosu, the NEC chairman.

After the unfortunate annulment of the June 12, 1993 presidential poll outcome, and the eventual crisis THEWILLNIGERIA

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IN A SOCIETY WHERE MERIT AND EXCELLENCE ARE OFTEN NOT SUFFICIENTLY RECOGNISED, THE DANGER OF MORAL ATROPHY AND LOSS OF FAITH IS INEVITABLY BIRTHED

After the proscription of SDP and NRC and the eventual flag-off of another round of transition by the junta and the registration of five political parties, Chief Bayode was an active member of the Imeri Group, led by Bode Olajumoke PhD, which culminated in the formation of the United Nigeria Congress Party (UNCP), where he became the Eti-Osa Local Government Area Secretary after party congress in 1995. Chief Bayode’s story certainly reads like an adventure, but there is more. After General Abacha’s death on November 17, 1998, another vista of opportunity came while all pro-democracy activists came back. General Abdulsalami Alhaji Abubakar, who took over, then announced another round of political transition programme.

It was at this juncture that the first notable political amalgamation called G-37 was birthed under the former Vice President, Dr Alex Ekwueme.

After a series of accusations and counter-accusations about who to align with as regards politicians who were with Abacha during his heyday, Afenifere, a Yoruba Pan cultural rganization pulled out of the G-37 which formed the Peoples Democratic Party (PDP), to form Alliance for Democracy (AD), led by Pa Ayo Adebanjo.

Not many would forget that the AD governorship primary election was keenly contested between then Senator Bola Ahmed Tinubu and the late Engr. Funsho Williams, with Chief Akinwunmi Bayode, as a delegate in that historic primary election.

•Ojeifo is the publisher of THE CONCLAVE, an online newspaper

*Continues online at www. thewillnews.com

CHRISTMAS EDITION 2023 • VOL . 3 NO. 57 WWW.THEWILLNEWS.COM

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UBA, ACCESS, ZENITH Record Huge Gains as NGX Hits N40trn Mkt Cap

Dangote Refinery Receives Additional 1m Barrels of Crude / PAGE 34

N1,175

Naira Stable in NAFEM in Week Ended Nov. 22 EDITOR Sam Diala

/ PAGE 35

AMCON: Dilemma of Toxic Assets Manager

– Why Multi-Million Naira Debts May not be Recovered

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(N’trn)

(N’trn)

10TRN 8.54

9.22

8.93

9.85

9.44

5TRN

11.34

11.73

Continues on page 33

ASSETS BASE OF BIG 4 BANKS IN Q3 2022

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igeria’s three leading banks swelled in their stock valuations as the equities market hit and crossed the N40 trillion market capitalisation for the first time in the 63 years of the local bourse's existence.

With its 10th consecutive weekly gain midweek, the market capitalisation opened at N39.657 trillion but closed at N40.164 trillion on Wednesday after gaining N507 billion in Tuesday's trading. Wednesday’s record was the highest point the market has reached in over 63 years of stock market history.

At the end of the last weekday of trading on Friday, December 22, a total of 423,301,833 shares in 6,333 deals, corresponding to a market value of N16,584,667,838.80, were traded. Compared with the previous NGX trading day (Thursday, December 21), Friday's data shows 44 percent decline in volume, 27 percent improvement in turnover, but 21 percent decline in deals. The current market capitalisation of the Nigerian Exchange is N40.5 trillion.

UBA closed its last trading day (Friday, December 22, 2023) at N25.60 per share, recording a 1.5 percent drop from its previous closing price of N26.00.

UBA began the year with a share price of N7.60 NGN and has since gained 237 per cent on that price valuation, ranking it 22nd on the NGX in terms of year-to-date performance.

Analysts expect shareholders to be optimistic about UBA

ASSETS BASE OF BIG 4 BANKS IN 2021

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Access Incorporation

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Zenith Bank

C

FBNH

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0

BY SAM DIALA

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A

Source; Banks’ Reports. he recent altercation between the Senate Committee on Banking, Insurance and other Financial Institutions and top officials of the Asset Management Corporation of Nigeria (AMCON), which led to the angered lawmakers calling for the immediate dissolution of AMCON has, again, activated the debate over the continued operation of the 13-year-old toxic assets manager.

The federal lawmakers who registered their displeasure over AMCON’s unsatisfactory performance when its managing director, Ahmed Kuru, appeared before the committee on Wednesday, December 13, to defend the agency’s budget for the 2024 fiscal year, frowned at AMCON’s failure to recover its over N5 trillion liabilities since 2010 the agency came into existence, yet incurring heavy recurrent and overhead costs.

“Most of the loans were owed by individual companies which were never sanctioned. At the end of the day, the same company would go back to buy back their assets that AMCON had hitherto taken over. Are we going to continue like this?

“It is not only about defending the budget; it is about seeing the effect of the appropriation. We need to know whether it is working. Or are we just creating a job for those we can’t protect?” remarked Sani Musa, the committee chairman who also queried why AMCON should not be scrapped since it appeared to have lost its statutory mandate.

Established by the act of the National Assembly in 2010, with an intended 10-year lifespan, there is no doubt that the corporation’s mandate of stabilising the banking sector was immediately felt with the take-over of more than N5 trillion loans and injection of fresh funds into the sector.

There is the general belief that some banks are perhaps still operating today due to AMCON’s intervention in the industry.

Besides, AMCON has sold assets in excess of N500 billion and has resolved about 5000 Eligible Bank Assets (EBSs). The corporation has till date recovered over N1.8 trillion out of accumulated liabilities. .

While AMCON is firing from all cylinders to recover the over N4 trillion owed by various entities that are regarded as recalcitrant debtors, the failure of some bank customers to repay loans has largely frustrated AMCON’s efforts.

Although AMCON’s tough stance has earned it remarkable accolades, the flipside is that among the “recalcitrant debtors” are victims of wrongfully classified debts, and toxic loans which constitute a good chunk of

B

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D

AMCON’s debts that may not be recovered.

THEWILL learnt from those familiar with the matter that while some of the debts owed AMCON (referred to as AMCON debts), are real and indisputable, others are not. The latter constitutes part of the countless litigations in which AMCON is either a plaintiff or defendant, or joined as such.

Among the wrongly classified toxic assets are unsubstantiated, nonexistent, disputed and interest capitalisation facilities. Legal and finance experts revealed that AMCON’s debt recovery drive has created casualties of victimisation and highhandedness – those with wrongfully classified debts hung on their neck like millstone.

A legal practitioner who is vast in AMCON-related matters attributed the anomaly to the faulty procedure in buying the Non-Performing Loans (NPLs). He argued that this has created fundamentally legal and administrative challenges as due diligence was not exercised over the integrity of the toxic assets prior. This, he said, led to AMCON buying “unsubstantiated and disputed loans” that have now created a problem for the system “AMCON parades over N4 trillion debts; sadly, this figure includes unsubstantiated debts – debts that never existed; and debts whose figures remain controversial and doubtful. It is therefore futile to engage in the pursuit of such debts. From my extensive handling of AMCON related matters, I would say that a lot of the AMCON debts will never be recovered”, said Victor Ukutt, Principal Partner, Victor Ukutt and Co. (Legal Practitioners) in their Lagos Chambers.

Ukutt told THEWILL that the coming of AMCON revealed deep-rooted rot in the Nigerian banking sector: Some corrupt bank officials used the customers’ accounts for various fraudulent practices. The procedure for acquiring the toxic loans allowed fraudulent bank officials to go free while innocent customers, the victims, suffer.

Among the unsubstantiated facilities Ukutt explained to THEWILL was the case of Bamidele Enterprises Limited (not real name) who applied for a credit facility to invest in their diesel supply business. The application was never approved and no facility was extended to the customer. Surprisingly, Bamidele THEWILLNIGERIA

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

BUSINESS WEEKLY ...Dilemma of Toxic Assets Manager

...Huge Gains as NGX Hits N40trn Mkt Cap

Enterprises Limited was published in the CBN’s list of banks’ bad debtors.

This led to a prolonged legal action that is yet to be concluded, yet Bamidele’s business has been destroyed, AMCON is yet to recover the debt that it bought erroneously.

THEWILL was shown legal mortgage documents executed as collateral for the loan which Ukutt said were fictitious as no such property existed in Ife Modakeke where it was said to be located.

THEWILL also learnt that some AMCON debts in dispute have to do with faulty processes created by the banks to swindle the customer. This includes the execution of stamp duty to perfect a legal mortgage used as collateral. Some banks were said to have under-declared the value of the mortgaged property so as to pay less stamp duty; but the customer (borrower) is debited with the charges for real/full value of the transaction.

A legal expert said the Supreme Court had ruled that the value declared for the purpose of stamp duty would be deemed to be the value of the facility even where the actual value exceeds the declared value. “There are cases like this; and the client would, through his lawyer, insist on the Supreme Court pronouncement on the matter. How will AMCON be carrying the wrong value of the facility as NPL?”, the lawyer asked.

A particular case of wrongful categorisation as non-performing loan was that of Suru Worldwide Venture, a Lagos-based firm which is into property and hotel business.

The managing director, Mr Edward Akinlade, had in a press conference in Lagos late 2020, narrated his ordeal in the hands of AMCON over a facility his firm had with a third generation bank. Mr Akinlade later spoke with THEWILL to expatiate on the issues he raised at the media chat.

He explained that his firm had a funding of about N13.5 billion from a new generation bank that was later acquired by a Tier-1 lender. He revealed that his firm had drawn down N10 billion and that the facility was performing and being serviced. Yet it was surreptitiously sold to AMCON after the firm had paid over N700 million in the three months preceding the sale of the loan to AMCON. “AMCON was set up to purchase non-performing loans, but our loan was performing yet they sold it. We sued the bank in 2011 for that action – mismanaging our account”, Akinlade told THEWILL. According to Akinlade, the company’s business has been destroyed, the facility confiscated by AMCON is not yielding returns and interest is piling on the facility.

“How will AMCON recover such debts that cannot be substantiated? Whose debts is AMCON recovering now?” Ukutt asked.

The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, said in September in Abuja that the Federal Government was working towards ensuring that AMCON wound down as soon as possible.

“On AMCON work is being done to ensure as much as possible that AMCON meets its mandate of winding up in the very near future. So, it is a question of financial engineering, a question of making arrangements for taking care of the liabilities. And those responsible include the banking system which has a portion to pay, as well as the central bank and other stakeholders,” Edun said at a press meeting to discuss the economic agenda of President Tinubu-led administration.

AMCON in a recent statement by its spokesperson, Jude Nwauzor, said it has recovered over N1.8 trillion. The managing director/chief executive officer, Ahmed Kuru, insists that the agency is pursuing real debtors and would leave no stone unturned to recover the accumulated liabilities.

knowing the stock has accrued 23 percent over the past four-week period alone—16th best on NGX. UBA is the most traded stock on the Nigerian Exchange over the past three months (Sep 25 - Dec 22, 2023).

The stock has traded a total volume of 2.12 billion shares—in 26,424 deals—valued at N43.3 billion over the period, with an average of 33.7 million traded shares per session.

Access Corporation closed its last trading day (Friday, December 22, 2023) at N23.20 per share, recording a 0.4 percent drop from its previous closing price of N23.30.

Access began the year with a share price of N8.50 and has since gained 173 per cent on that price valuation, ranking it 34th on the NGX in terms of year-to-date performance. According to analysts, shareholders can be optimistic about Access Corporation stock which has accrued 34 percent over the past four-week period alone..

Access Holdings is the third most traded stock over the past three months (Sep 25 - Dec 22, 2023). The stock has traded a total volume of 1.79 billion shares—in 26,363 deals—valued at N32.5 billion over the period, with an average of 28.4 million traded shares per session.

Zenith Bank Plc closed its last trading day (Friday, December 22, 2023) at N37.90 per share, recording a 1.9 per cent drop from its previous closing price of N38.65. Zenith began the year with a share price of N24.00 and has since gained 57.9 percent on that price valuation, ranking it 72nd on the NGX in terms of year-to-date performance. The stock has accrued 9 percent over the past four-week period—31st best on NGX, which will endear it to shareholders.

Zenith Bank is the eighth most traded stock on the Nigerian Exchange over the past three months (Sep 25 - Dec 22, 2023. The stock has traded a total volume of 992 million shares—in 23,467 deals—valued at N34 billion over the period, with an average of 15.7 million traded shares per session.

“We expect bulls to rebound in the coming week amid improved investors’ sentiment,” analysts at Futureview Research said in a note to their investors.

Cowry Research anticipates a continuation of positive sentiment and profit-taking, driven by bargain hunting for dividend-paying stocks.

“Market players are expected to digest the recently published Consumer Price Inflation (CPI) report and its potential impact on the financial market, amidst sector rotation and portfolio rebalancing spurred by the high expectation for full-year corporate numbers and high yields.

“Amidst all these, we maintain our advice to investors on taking positions in stocks with sound fundamentals and whose earnings yield and earnings per share support higher payout ratio.”

From my extensive handling of AMCON related matters, I would say that a lot of the AMCON debts will never be recovered

CBN Lifts Ban on Cryptocurrency Transactions, Issues Guidelines

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he Central Bank of Nigeria (CBN) has lifted ban on cryptocurrency transactions in the country, directing commercial banks and other financial institutions to jettison its previous instruction on crypto transactions.

The guidelines are contained in a communication dated December 22, 2023, signed by Haruna Mustapha, CBN’s director of financial policy and regulation department. titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’

According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets.

The development signals a shift from CBN’s initial position which restricts crypto transactions.

THEWILL recalls that in February 2021, CBN

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issued a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and OFIs to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The regulator further warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.

The apex bank then cited concerns over money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban In its latest circular, however, the CBN directed all banks and OFIs to carry out cryptocurrency services.

The regulator said commercial banks must fully comply with the provisions of the guidelines on VASP. “Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets,”

the CBN said.

“Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPs to be regulated to prevent misuse of virtual assets for ML/TF/proliferation of weapons of mass destruction (PF).

“Furthermore, Section 30 of the money laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution. ”In addition, the Securities and Exchange Commission (SEC) in May 2022 issued rules on Issuance, offering, and custody of digital assets and VASPs to provide a regulatory framework for their operations in Nigeria.

“In view of the foregoing, the CBN hereby issues this guidelines to guide financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. *Continues online at www. thewillnews.com

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Access Bank Plc RC125384

RETURNS ON SOURCES AND UTILIZATION OF FUNDS FOR THE WEEK ENDED DECEMBER 22, 2023 BANK: ACCESS BANK PLC DATE OF RETURNS: 25/12/2023 SOURCES OF FUNDS

SOURCES OF FUNDS

SN

SOURCE

DATE OF FUND PURCHASE

EXCHANGE RATE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112

HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE OWN SOURCES HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE OWN SOURCES HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE OWN SOURCES HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE

20-Dec-23 22-Dec-23 19-Dec-23 20-Dec-23 19-Dec-23 21-Dec-23 21-Dec-23 18-Dec-23 21-Dec-23 22-Dec-23 20-Dec-23 21-Dec-23 18-Dec-23 22-Dec-23 19-Dec-23 18-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 21-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 21-Dec-23 21-Dec-23 22-Dec-23 19-Dec-23 21-Dec-23 21-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 21-Dec-23 19-Dec-23 20-Dec-23 21-Dec-23 18-Dec-23 19-Dec-23 19-Dec-23 22-Dec-23 19-Dec-23 20-Dec-23 22-Dec-23 20-Dec-23 22-Dec-23 22-Dec-23 18-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23 18-Dec-23 18-Dec-23 20-Dec-23 19-Dec-23 22-Dec-23 20-Dec-23 19-Dec-23 20-Dec-23 21-Dec-23 18-Dec-23 20-Dec-23 19-Dec-23 22-Dec-23 20-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 22-Dec-23 20-Dec-23 19-Dec-23 19-Dec-23 18-Dec-23 18-Dec-23 20-Dec-23 22-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 22-Dec-23 18-Dec-23 19-Dec-23 21-Dec-23 21-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 22-Dec-23 21-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 21-Dec-23 18-Dec-23 18-Dec-23 22-Dec-23 21-Dec-23 18-Dec-23 19-Dec-23 18-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23

850.00 850.00 950.00 850.00 814.66 850.00 850.00 850.00 888.28 927.38 928.81 850.00 850.00 850.00 880.00 850.00 912.11 850.00 865.01 950.00 850.00 955.00 950.00 912.11 850.00 927.25 850.00 850.00 850.00 850.00 900.00 850.00 950.00 850.00 889.63 850.00 850.00 950.00 850.00 923.91 850.00 850.00 850.00 1,099.02 1,189.12 923.95 900.00 885.90 927.27 850.00 850.00 850.00 850.00 850.00 923.94 850.00 1,049.99 850.00 850.00 950.00 850.00 850.00 850.00 850.00 850.00 850.00 912.12 850.00 850.00 850.00 930.00 850.00 850.00 850.00 850.00 850.00 874.23 924.21 850.00 849.60 901.42 897.78 904.66 850.00 911.93 850.00 910.55 850.00 910.49 850.00 1,000.00 900.00 850.00 950.01 870.00 850.00 850.00 850.00 900.00 850.00 844.85 865.97 850.00 955.00 850.00 850.00 850.00 950.00 850.00 923.94 850.00 850.00

AMOUNT

153.56 100.00 34,876.39 1,351.75 24.55 100.00 20.00 108.32 99.51 26,466.48 48.00 128.66 8.76 6,000.00 26,500.00 236.92 369.18 137.53 153.43 1,173.68 100.00 39,770.00 15,886.71 8,384.20 230.00 371.55 49.81 10.59 37.58 108.05 10,000.00 1,975.00 15,332.63 662.75 56,172.02 6.23 61.72 9,120.00 1,000.00 48.30 100.00 100.00 716.00 90.99 420,479.01 2,346.51 5,333.33 709.99 149.55 80.25 8.85 62.63 162.83 103.95 458.12 216.28 486.93 250.00 230.40 15,911.34 162.48 1.95 490.00 37.99 222.00 250.00 608.88 32.21 99.05 772.08 16,129.03 108.09 71.52 1,360.59 300.00 50.83 260.95 10.82 83.44 50,000.00 939.88 21,365.96 747.52 80.00 960.04 67.87 802.32 4,201.24 55.57 34.46 8,000.00 804.24 1.70 93.98 221,595.00 542.80 85.00 744.00 5,222.23 182.79 1,036.36 2,318.63 39.07 27,124.87 25.05 232.25 500.00 547.37 0.10 574.13 52.00 86.95

SN

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DATE OF FUND PURCHASE

EXCHANGE RATE

AMOUNT

113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224

DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE OWN SOURCES HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION CCI HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE CCI HOMEWARD REMITTANCE OWN SOURCES DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE DOM CONVERSION HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE DOM CONVERSION DOM CONVERSION HOMEWARD REMITTANCE

19-Dec-23 20-Dec-23 19-Dec-23 22-Dec-23 20-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 22-Dec-23 20-Dec-23 22-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 19-Dec-23 20-Dec-23 19-Dec-23 22-Dec-23 18-Dec-23 22-Dec-23 19-Dec-23 18-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 20-Dec-23 22-Dec-23 22-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 18-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 21-Dec-23 18-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 22-Dec-23 21-Dec-23 18-Dec-23 18-Dec-23 21-Dec-23 18-Dec-23 21-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23 20-Dec-23 22-Dec-23 19-Dec-23 19-Dec-23 22-Dec-23 20-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 20-Dec-23 22-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 18-Dec-23 20-Dec-23 19-Dec-23 19-Dec-23 21-Dec-23 22-Dec-23 19-Dec-23 22-Dec-23 22-Dec-23 21-Dec-23 21-Dec-23 22-Dec-23 20-Dec-23 20-Dec-23 18-Dec-23 22-Dec-23 19-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23 21-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 22-Dec-23 18-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 22-Dec-23

849.60 850.00 850.00 850.00 850.00 850.00 850.00 1,198.26 850.00 865.97 850.00 912.14 850.00 850.00 850.00 850.00 850.00 870.00 850.00 850.00 850.00 850.00 850.00 806.81 850.00 900.00 1,000.00 850.00 950.38 850.00 900.00 850.00 850.00 850.00 885.89 1,050.00 850.00 850.00 850.00 720.00 850.00 850.00 955.00 850.00 850.00 901.21 910.56 900.00 843.07 850.00 850.00 950.37 850.00 850.00 850.00 850.00 850.00 850.00 850.00 900.00 850.00 950.01 950.00 850.00 850.00 950.00 850.00 850.00 885.88 950.18 910.57 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 974.93 912.13 865.96 927.27 875.97 950.00 850.00 850.00 850.00 850.00 932.57 950.00 850.00 851.53 955.00 850.00 850.00 900.00 850.00 950.00 889.80 720.00 850.00 900.00 850.00 850.00 850.00 850.00 850.00 850.00 910.00 900.00 850.00

300,000.00 350.00 21.57 1.34 500.00 650.00 85.00 834,543.42 669.09 69.65 54.28 97.30 889.45 3,690,239.00 56.39 2,535.00 115.54 100.00 25.69 75.50 6.27 54.16 3.00 41.24 108.32 368,389.00 15,000.00 185.23 202.80 247.92 100,000.00 490.00 270.96 1,190.00 432.86 195.75 87.95 8.00 222.00 6,400.00 229.40 246.79 10,849.95 157.28 80.89 171,999.21 50.00 9,200.00 133.97 343.00 573.51 100.01 91.54 43.95 500.00 328.99 20.00 100.00 28.00 2,222.22 26.70 336.84 1,372,102.33 132.97 400.00 25,051.06 53.12 500.00 88.57 16.27 3,194.61 99.80 108.55 120.00 62.56 61.13 35,867.79 108.14 157.40 43.04 241.50 536.66 977.92 3,437.84 17,167.94 97.51 990.00 265.50 6.21 44.00 499,965.00 30.00 1,992.39 12,521.00 450.00 89.95 25,000.00 7.61 235.79 63.70 26,300.00 195.39 1,223.37 1,239.33 542.75 16.21 77.14 50.00 314.56 10,000.00 394,250.00 38.94

CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

Access Bank Plc RC125384

SOURCES OF FUNDS

SOURCES OF FUNDS

RETURNS ON SOURCES AND UTILIZATION OF FUNDS FOR THE WEEK ENDED DECEMBER 22, 2023 SN SOURCE DATE OF EXCHANGE AMOUNT SN SOURCE DATE OF EXCHANGE AMOUNT FUND FUND RATE RATE BANK: ACCESS BANK PLC PURCHASE PURCHASE 225 HOMEWARD REMITTANCE 22-Dec-23 100.01 233 HOMEWARD REMITTANCE 21-Dec-23 850.00 100.08 DATE OF RETURNS: 25/885.90 12/2023 226 227 228 229 230 231 232

HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE SN SOURCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE HOMEWARD REMITTANCE

18-Dec-23 850.00 200.00 135.00 21-Dec-23 850.00 850.00 889.12 21-Dec-23 19-Dec-23 870.00 7.25 DATE OF 850.00 EXCHANGE 194.65 AMOUNT 20-Dec-23 FUND RATE 22-Dec-23 21.16 PURCHASE850.00 20-Dec-23 850.00 41.80

SOURCES OF FUNDS

HOMEWARD REMITTANCE 1 HOMEWARD REMITTANCE 2 DOM CONVERSION 3 HOMEWARD REMITTANCE 4 HOMEWARD REMITTANCE 5 HOMEWARD REMITTANCE 6 HOMEWARD REMITTANCE 7 HOMEWARD REMITTANCE 8 HOMEWARD REMITTANCE 9 NNEKA OKONKWO OWN SOURCES 10 AUGUSTA TRICHEM INDUSTRIES LIMITED HOMEWARD REMITTANCE 11 HAFSAT MOHAMMED AMBURSA HOMEWARD REMITTANCE 12 NURAT OLUBUSAYO AMOO HOMEWARD REMITTANCE 13 FRILLS LIMITED DOM CONVERSION 14 OZIOMA BERNADETTE OKAFOR CONVERSION 15 ADOM MUSCA J INTERBIZ HOMEWARD REMITTANCE 16 PLASTON INDUSTRIES LIMITED ONYISAGE MULTI LINK ENTERPRISES HOMEWARD REMITTANCE 17 IFEOLUWA MORENIKEJI JAYEOLA HOMEWARD REMITTANCE 18 SUMIT HOMEWARD REMITTANCE 19 PANDA PENOK SYSTEMS&ALLIED MAN. 20 DOM CONVERSION OLUSHOLA TITILOLA OLUGBODE 21 BANK HOMEWARD REMITTANCE ACCESS PLC 22 DOM CONVERSION OLADAPO FOLAKE SOJI-GEORGE 23 DOM CONVERSION IFEOLUWA AFOLABI OPAWOYE AISHAT RASAQ 24 AINA HOMEWARD REMITTANCE AFEEZ OLUWADAMILARE ABOBARIN 25 HOMEWARD REMITTANCE DARMOF TECHNICAL&PROPERTY MGT.SER 26 HOMEWARD REMITTANCE BENNY IKECHUKWU NNABUENYI 27 HOMEWARD REMITTANCE ATINUKE OLUWAMODUPE OBELE 28 HOMEWARD NTA-STAR TV NETWORK REMITTANCE LIMITED 29 HOMEWARD REMITTANCE ADESINA ALEEMOT FOLASHADE CUTEDAMSEL COUTUREREMITTANCE ET AL LTD 30 HOMEWARD TEMITOPE OPEYEMI SEBASTINE-OKOH 31 DOM CONVERSION AJIBADE OYEBANJI SULAIMON 32 HOMEWARD REMITTANCE TEMITOPE OPEYEMI SEBASTINE-OKOH 33 DOM CONVERSION BONIFACE CHINANU ANTHONY 34 HOMEWARD MACDONALD NWOKOMAREMITTANCE IGBOJIONU 35 OWN SOURCES HADIJAT YETUNDE MACAULAY 36 HOMEWARD REMITTANCE GOLDEN SUGAR COMPANY LTD PRAVESH KUMAR PANDEYREMITTANCE 37 HOMEWARD CLAIRE INT'L LTD 38 ENERGY-CARE DOM CONVERSION JUDE DILIOHA 39 ONYINYECHUKWUKA HOMEWARD REMITTANCE VIVIAN IVIE OMO-OMORUYI 40 HOMEWARD REMITTANCE OGHENEOTHUKE SOLOMON ERERO 41 DALHATU-GORA HOMEWARD REMITTANCE REUBEN 42 HOMEWARD REMITTANCE ADESINA ALEEMOT FOLASHADE 43 HOMEWARD REMITTANCE ADEDEJI ADEYINKA SHOPRITE INTERNATIONAL LTD 44 HOMEWARD REMITTANCE GOLDEN SUGAR COMPANY LTD 45 HOMEWARD REMITTANCE RALPH OPARA REMITTANCE 46 CHINEDU HOMEWARD SHOPRITE INTERNATIONAL LTD 47 DOM CONVERSION YEWANDE SHONEYE-VAUGHAN 48 HOMEWARD REMITTANCE IFEANYICHUKWU ERASMUS IFEONU 49 HOMEWARD REMITTANCE ANDREW ADEKOLA OBELE 50 HOMEWARD CHUKWUKADIBIA OKOLI REMITTANCE JIDEOFOR BRIGHT MALIKCONVERSION 51 ODOM CHI 52LIMITED HOMEWARD REMITTANCE VASHTI DAN-SAMDI 53 HOMEWARD REMITTANCE ACCESS BANK PLC 54 REMITTANCE EKEJIUBAHOMEWARD COMFORT NENE 55 HOMEWARD REMITTANCE ACCESS BANK PLC 56 HOMEWARD REMITTANCE EBUBE N IWEDI MACDONALD NWOKOMAREMITTANCE IGBOJIONU 57 HOMEWARD EL-KAY-KAY INDUSTRIES REMITTANCE LIMITED 58 HOMEWARD NNOCHIRI IHEANYI JOHNSON 59 HOMEWARD REMITTANCE NITIN KANDPAL 60 DOM CONVERSION STELLAR BEVERAGES LIMITED 61 HOMEWARD OLUWAKAYODE FRANCISREMITTANCE OYAGBILE 62 HOMEWARD REMITTANCE OLABODE GANIYU OLANIYAN 63 HOMEWARD REMITTANCE FRANKLIN UCHENNA CHIAMA UCHE OSSAI 64 ADAOBI HOMEWARD REMITTANCE INYANG 65 VICTOR HOMEWARD REMITTANCE RASHIDAT MORIYIKE ADEBISI 66 HOMEWARD REMITTANCE OMOLARA KABIRAH SODIQ 67 HOMEWARD REMITTANCE MOTUNRAYO ADEPARUSI 68 HOMEWARD REMITTANCE EZULAGBO IJEOMA OBIELO 69 OJODOMO HOMEWARD REMITTANCE OMA VENTURES NIG LTD 70 HOMEWARD REMITTANCE IFEOLUWA AFOLABI OPAWOYE OLUSEGUN MICHAEL FAMORIYO 71 DOM CONVERSION ALICK MASIH REMITTANCE 72 RICHARD HOMEWARD AYOOLA ABIGAIL AYOADE 73 HOMEWARD REMITTANCE NASIRU ISHAQ 74 HOMEWARD REMITTANCE KOBIGINI GLOBAL CONCEPT 75 HOMEWARD REMITTANCE SIMILEOLUWA MARYAM LAWAL 76 HOMEWARD TIJANI AHMED ASUKU REMITTANCE EL-KAY-KAY INDUSTRIES REMITTANCE LIMITED 77 HOMEWARD UZOR IBEABUCHI 78 HULDAH HOMEWARD REMITTANCE SARAH FEMI 79 AND HOMEWARD REMITTANCE YEWANDE SHONEYE-VAUGHAN 80 DOM CONVERSION EBI KITCHEN EQUIPMENTS ENT. 81 HOMEWARD REMITTANCE CHIDIMMA MARIA-GORETTI DUREKE 82 OWN SOURCES INDORAMA ELEME FERT.LTD-LOAN D 83 HOMEWARD REMITTANCE KENNETH OKOTIE ORITSEGBUBEMI 84 JEFFREY HOMEWARD REMITTANCE ISRAEL EZUE 85 OKEKE HOMEWARD REMITTANCE UCHEGBUNAM UCHECHUKWU UME 86 HOMEWARD REMITTANCE OLALEYE OLAKUNLE TEMITOPE 87 HOMEWARD REMITTANCE SUCCESS ISAIAH EKUKU 88 HOMEWARD REMITTANCE PRADEEP BALAKRISHNAN 89 HOMEWARD REMITTANCE ADEBOYE ISAAC AYEWAMIDE 90 HOMEWARD REMITTANCE UBAKASON GLOBAL LINKS LIMITED KENNETH EKENE OSUOHA 91 DOM CONVERSION AVON CROWNCAP&CONTAINERS 92 DOM CONVERSION NIG EFUEME PEARL 93 NWANYINMA HOMEWARD REMITTANCE 94 DOM CONVERSION 95 DOM CONVERSION 96 HOMEWARD REMITTANCE 97 HOMEWARD REMITTANCE 98 HOMEWARD REMITTANCE 99 DOM CONVERSION 100 HOMEWARD REMITTANCE 101 HOMEWARD REMITTANCE 102 HOMEWARD REMITTANCE 103 HOMEWARD REMITTANCE 104 DOM CONVERSION 105 HOMEWARD REMITTANCE 106 HOMEWARD REMITTANCE 107 HOMEWARD REMITTANCE 108 DOM CONVERSION 109 HOMEWARD REMITTANCE 110 HOMEWARD REMITTANCE 111 HOMEWARD REMITTANCE 112 HOMEWARD REMITTANCE

850.00 20-Dec-23 850.00 22-Dec-23 950.00 19-Dec-23 850.00 20-Dec-23 814.66 19-Dec-23 850.00 21-Dec-23 850.00 21-Dec-23 850.00 18-Dec-23 888.28 21-Dec-23 SCHOOL FEES 927.38 22-Dec-23 OFFSHORE CHARGES 928.81 20-Dec-23 PTA 850.00 21-Dec-23 PTA 850.00 18-Dec-23 OFFSHORE CHARGES 850.00 22-Dec-23 PTA 880.00 19-Dec-23 SME 850.00 18-Dec-23 OFFSHORE CHARGES SME 912.11 21-Dec-23 PTA 850.00 20-Dec-23 PERSONAL HOME REMITTANCE 865.01 18-Dec-23 SME 950.00 21-Dec-23 SCHOOL FEES 22-Dec-23 SOFTWARE LISENCE850.00 21-Dec-23BILL 955.00 MORTGAGE 950.00 20-Dec-23 SCHOOL FEES SCHOOL FEES 912.11 20-Dec-23 SCHOOL FEES 850.00 18-Dec-23 SME 927.25 19-Dec-23 SCHOOL FEES 850.00 21-Dec-23 PTA 850.00 21-Dec-23 OFFSHORE CHARGES 850.00 22-Dec-23 PTA SME 850.00 21-Dec-23 SCHOOL FEES 900.00 21-Dec-23 SCHOOL FEES 850.00 21-Dec-23 SCHOOL FEES 950.00 22-Dec-23 SCHOOL FEES 850.00 19-Dec-23 CREDIT CARD SETTLEMENT 21-Dec-23 889.63 SCHOOL FEES 21-Dec-23 850.00 OFFSHORE CHARGES PERSONAL HOME REMITTANCE 21-Dec-23 850.00 SCHOOL FEES 22-Dec-23 950.00 SCHOOL FEES 21-Dec-23 850.00 SCHOOL FEES 21-Dec-23 923.91 SCHOOL FEES 19-Dec-23 850.00 CREDIT CARD SETTLEMENT 20-Dec-23 850.00 PTA 21-Dec-23 850.00 SCHOOL FEES CAPITAL REPARTRAITION 18-Dec-23 1,099.02 OFFSHORE CHARGES 19-Dec-23 1,189.12 CREDIT CARD SETTLEMENT 19-Dec-23 923.95 CAPITAL REPARTRAITION 22-Dec-23 900.00 CREDIT CARD SETTLEMENT 19-Dec-23 885.90 SCHOOL FEES 20-Dec-23 927.27 PTA 22-Dec-23 850.00 PTA PTA 20-Dec-23 850.00 OFFSHORE CHARGES 22-Dec-23 850.00 CREDIT CARD SETTLEMENT 22-Dec-23 850.00 SUBSCRIPTION FEES 18-Dec-23 850.00 SCHOOL FEES 20-Dec-23 SOFTWARE LISENCE923.94 20-Dec-23 MORTGAGE BILL 850.00 PTA 20-Dec-23 1,049.99 OFFSHORE CHARGES 18-Dec-23 850.00 LIVING EXPENSE 850.00 18-Dec-23 PERSONAL HOME REMITTANCE 18-Dec-23 950.00 OFFSHORE CHARGES 18-Dec-23BILL 850.00 MORTGAGE 20-Dec-23 850.00 COURSE FEE 19-Dec-23 LIVING EXPENSE 850.00 SCHOOL FEES 22-Dec-23 850.00 PTA 20-Dec-23 850.00 SCHOOL FEES 19-Dec-23 850.00 SCHOOL FEES 20-Dec-23 912.12 SCHOOL FEES 21-Dec-23 850.00 PTA 18-Dec-23 850.00 SME 20-Dec-23 850.00 SCHOOL FEES PTA 19-Dec-23 930.00 PERSONAL HOME REMITTANCE 22-Dec-23 850.00 SCHOOL FEES 20-Dec-23 850.00 PTA 22-Dec-23 850.00 SME 21-Dec-23 850.00 CREDIT CARD SETTLEMENT 20-Dec-23 LIVING EXPENSE 850.00 OFFSHORE CHARGES 18-Dec-23 874.23 SCHOOL FEES 22-Dec-23 924.21 PTA 20-Dec-23 850.00 CREDIT CARD SETTLEMENT 19-Dec-23 849.60 SME 19-Dec-23 901.42 CREDIT CARD SETTLEMENT 18-Dec-23 897.78 OFFSHORE CHARGES 18-Dec-23 904.66 SCHOOL FEES SCHOOL FEES 20-Dec-23 850.00 SCHOOL FEES 22-Dec-23 911.93 PTA 22-Dec-23 850.00 SCHOOL FEES 21-Dec-23 910.55 SCHOOL FEES 20-Dec-23 850.00 PERSONAL HOME REMITTANCE 22-Dec-23 910.49 CREDIT CARD SETTLEMENT 18-Dec-23 850.00 SME SCHOOL FEES 19-Dec-23 1,000.00 OFFSHORE CHARGES 21-Dec-23 900.00 PTA 21-Dec-23 850.00 18-Dec-23 950.01 19-Dec-23 870.00 20-Dec-23 850.00 22-Dec-23 850.00 21-Dec-23 850.00 22-Dec-23 900.00 22-Dec-23 850.00 22-Dec-23 844.85 21-Dec-23 865.97 18-Dec-23 850.00 18-Dec-23 955.00 22-Dec-23 850.00 21-Dec-23 850.00 18-Dec-23 850.00 19-Dec-23 950.00 18-Dec-23 850.00 20-Dec-23 923.94 18-Dec-23 850.00 18-Dec-23 850.00

UTILIZATION OF FUNDS

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96

153.56 100.00 34,876.39 1,351.75 24.55 100.00 EXCHANGE AMOUNT DATE OF 20.00 RATE SALE OF 108.32 FUNDS 99.51 6,976.26 26,466.48 20-Dec-23 951.00 372.22 18-Dec-23 951.00 48.00 4,000.00 901.00 21-Dec-23 128.66 4,000.00 19-Dec-23 851.00 8.76 12,259.31 18-Dec-23 951.00 6,000.00 22-Dec-23 951.00 4,000.00 26,500.00 18-Dec-23 951.00 10,000.00 236.92 169.22 18-Dec-23 951.00 10,000.00 18-Dec-23 951.00 369.18 4,000.00 22-Dec-23 951.00 137.53 1,200.00 20-Dec-23 720.50 153.43 10,000.00 18-Dec-23 951.00 1,173.68 3,890.00 19-Dec-23 951.00 100.00 5,520.00 22-Dec-23 951.00 39,770.00 22-Dec-23 901.00 5,000.00 15,886.71 18-Dec-23 951.00 3,865.87 13,846.87 951.00 18-Dec-23 8,384.20 6,500.00 951.00 20-Dec-23 230.00 10,000.00 18-Dec-23 951.00 371.55 861.91 20-Dec-23 951.00 49.81 4,000.00 22-Dec-23 851.00 10.59 4,303.22 18-Dec-23 951.00 37.58 2,000.00 22-Dec-23 951.00 10,000.00 18-Dec-23 951.00 108.05 3,890.00 10,000.00 19-Dec-23 951.00 4,773.30 851.00 19-Dec-23 1,975.00 607.00 19-Dec-23 951.00 15,332.63 9,915.33 20-Dec-23 951.00 662.75 2,038.12 20-Dec-23 851.00 56,172.02 19-Dec-23 951.00 5,458.68 6.23 9,719.17 18-Dec-23 951.00 2,000.00 20-Dec-23 720.50 61.72 11,287.51 9,120.00 20-Dec-23 951.00 4,000.00 1,000.00 19-Dec-23 951.00 3,833.00 19-Dec-23 881.00 48.30 22,734.46 19-Dec-23 951.00 100.00 1,500.00 19-Dec-23 851.00 100.00 2,000.00 22-Dec-23 951.00 716.00 15,270.38 18-Dec-23 951.00 50,000.00 1,199.26 22-Dec-23 90.99 4,128.17 951.00 19-Dec-23 420,479.01 3,000.00 2,346.51 21-Dec-23 901.00 50,000.00 22-Dec-23 1,199.26 5,333.33 22-Dec-23 901.00 736.89 709.99 5,010.00 19-Dec-23 951.00 149.55 4,000.00 22-Dec-23 851.00 4,000.00 80.25 20-Dec-23 851.00 2,000.00 18-Dec-23 951.00 8.85 604.00 951.00 18-Dec-23 62.63 3,000.00 19-Dec-23 851.00 162.83 2,150.00 22-Dec-23 951.00 103.95 20,025.00 18-Dec-23 951.00 458.12 4,140.00 22-Dec-23 951.00 216.28 1,695.58 18-Dec-23 951.00 4,000.00 20-Dec-23 901.00 486.93 1,186.05 18-Dec-23 951.00 250.00 910.61 18-Dec-23 951.00 230.40 1,700.00 20-Dec-23 720.50 15,911.34 1,615.43 18-Dec-23 951.00 162.48 1,947.99 19-Dec-23 901.00 1.95 1,650.00 20-Dec-23 851.00 490.00 1,365.91 18-Dec-23 951.00 12,528.51 951.00 20-Dec-23 37.99 4,000.00 18-Dec-23 951.00 222.00 21,821.00 18-Dec-23 951.00 250.00 13,000.00 19-Dec-23 951.00 608.88 5,400.00 19-Dec-23 951.00 32.21 4,000.00 18-Dec-23 851.00 99.05 10,000.00 18-Dec-23 951.00 772.08 4,488.65 19-Dec-23 951.00 2,000.00 16,129.03 18-Dec-23 951.00 5,580.00 951.00 21-Dec-23 108.09 8,328.49 18-Dec-23 951.00 71.52 2,000.00 18-Dec-23 951.00 1,360.59 18-Dec-23 951.00 10,000.00 300.00 1,821.22 21-Dec-23 901.00 50.83 1,490.66 20-Dec-23 951.00 1,304.05 18-Dec-23 951.00 260.95 3,643.16 20-Dec-23 951.00 10.82 4,000.00 22-Dec-23 951.00 83.44 934.55 22-Dec-23 901.00 50,000.00 10,000.00 18-Dec-23 951.00 939.88 2,059.65 21-Dec-23 901.00 21,365.96 18-Dec-23 951.00 484.00 747.52 4,000.15 19-Dec-23 951.00 22,307.70 951.00 19-Dec-23 80.00 17,585.69 20-Dec-23 951.00 960.04 4,000.00 18-Dec-23 881.00 67.87 6,173.17 18-Dec-23 951.00 802.32 6,466.00 19-Dec-23 951.00 4,201.24 20-Dec-23 720.50 6,000.00 55.57 3,000.00 20-Dec-23 901.00 34.46 10,000.00 18-Dec-23 951.00 19,074.70 8,000.00 19-Dec-23 951.00 1,840.02 951.00 18-Dec-23 804.24 4,000.00 19-Dec-23 851.00 1.70 93.98 221,595.00 542.80 85.00 744.00 5,222.23 182.79 1,036.36 2,318.63 39.07 27,124.87 25.05 232.25 500.00 547.37 0.10 574.13 52.00 86.95

234 HOMEWARD REMITTANCE 235 HOMEWARD REMITTANCE 236 HOMEWARD REMITTANCE 237 HOMEWARD REMITTANCE SN 238 SOURCE HOMEWARD REMITTANCE 239 HOMEWARD REMITTANCE

SOURCES OF FUNDS

20-Dec-23 850.00 20-Dec-23 850.00 850.00 22-Dec-23 20-Dec-23 921.49 DATE OF EXCHANGE 21-Dec-23 850.00 FUND RATE 18-Dec-23 850.00 PURCHASE

30.00 321.15 255.00 488.00 AMOUNT 1,135.00 129.23

19-Dec-23 849.60 113 DOM CONVERSION 300,000.00 20-Dec-23 850.00 114 HOMEWARD REMITTANCE 350.00 19-Dec-23 850.00 115 HOMEWARD REMITTANCE 21.57 22-Dec-23 850.00 116 DOM CONVERSION 1.34 20-Dec-23 850.00 117 HOMEWARD REMITTANCE 500.00 22-Dec-23 850.00 118 HOMEWARD REMITTANCE 650.00 22-Dec-23 850.00 119 HOMEWARD REMITTANCE 85.00 22-Dec-23 1,198.26 120 HOMEWARD REMITTANCE 834,543.42 22-Dec-23 850.00 121 HOMEWARD REMITTANCE 669.09 SCHOOL865.97 FEES HADIJAT YETUNDE MACAULAY REMITTANCE 22-Dec-23 12297 HOMEWARD 69.65 PERSONAL HOME REMITTANCE RAVI BAJAJ REMITTANCE 22-Dec-23 850.00 12398 HOMEWARD 54.28 SCHOOL FEES THOMAS IBUKUN OJO 99 22-Dec-23 912.14 124 HOMEWARD REMITTANCE 97.30 OFFSHORE CHARGES 100 LEBRUNI AGRO LIMITED 20-Dec-23 850.00 125 HOMEWARD REMITTANCE 889.45 PERSONAL HOME REMITTANCE 101 KUMAR RAJESH CONVERSION 22-Dec-23 850.00 126102 DOM 3,690,239.00 PTA ADEKUNLE BABATUNDE ALLI REMITTANCE 850.00 127103 HOMEWARD 56.39 PTA OLUWAGBOTEMI ELIJAH OLAWOYE 20-Dec-23 REMITTANCE 18-Dec-23 850.00 128104 HOMEWARD 2,535.00 HANIFAT BISOLA OWOSENI PTA GOLDEN SUGAR COMPANY LTD OFFSHORE CHARGES REMITTANCE 19-Dec-23 850.00 129105 HOMEWARD 115.54 SODIQ OLAYIWOLA KAREEM-BABATUNDE SCHOOL870.00 FEES REMITTANCE 19-Dec-23 130106 HOMEWARD 100.00 IFEOLUWA AFOLABI OPAWOYE SCHOOL850.00 FEES REMITTANCE 20-Dec-23 131107 HOMEWARD 25.69 SCHOOL FEES 108 NNEKA GERTRUDE OVEDJE-UGOH 19-Dec-23 850.00 132 HOMEWARD REMITTANCE 75.50 SOFTWARE LISENCE 109 ACCESS BANK PLC 6.27 CONVERSION 22-Dec-23 850.00 133110 DOM DANA MOTORS LIMITED OFFSHORE CHARGES 54.16 REMITTANCE 18-Dec-23 850.00 134111 HOMEWARD ODOSA COURSE FEE 3.00 850.00 135112 HOMEWARD OLATOMIWAREMITTANCE AYOBAMI OJEAGBASE 22-Dec-23 PTA REUBEN DALHATU-GORA CREDIT CARD SETTLEMENT 113 41.24 19-Dec-23 806.81 136 HOMEWARD REMITTANCE INDORAMA ELEME FERTI.LTD-LOAN D OFFSHORE CHARGES 114 108.32 18-Dec-23 850.00 137 HOMEWARD REMITTANCE OLABODE GANIYU OLANIYAN COURSE FEE 368,389.00 CONVERSION 21-Dec-23 900.00 138115 DOM OFFSHORE CHARGES 116 CHI LIMITED 15,000.00 CONVERSION 22-Dec-23 1,000.00 139117 DOM TARGET WOLRD INTERNATIONAL COY OFFSHORE CHARGES 185.23 REMITTANCE 21-Dec-23 140118 HOMEWARD OKOLI MIKE CHUKWUKA SCHOOL850.00 FEES REMITTANCE 20-Dec-23 950.38 141119 HOMEWARD ADEMOLA BILESANMI CREDIT CARD SETTLEMENT 202.80 VARINDER KUMAR JHA PERSONAL HOME REMITTANCE 247.92 REMITTANCE 18-Dec-23 850.00 142120 HOMEWARD JULIANA ENE EJEH SCHOOL900.00 FEES 100,000.00 CONVERSION 20-Dec-23 143121 DOM OVIE OFUGARA PTA 122 490.00 22-Dec-23 850.00 144 HOMEWARD REMITTANCE PERSONAL HOME REMITTANCE 123 NIBIN BABU BABU 270.96 22-Dec-23 850.00 145 HOMEWARD REMITTANCE PTA 124 BOLARINWA MAGEED ANIMASHAUN 1,190.00 REMITTANCE 20-Dec-23 850.00 146125 HOMEWARD ALAO OMOBOWALE SAMUEL LIVING EXPENSE 432.86 REMITTANCE 20-Dec-23 885.89 147126 HOMEWARD NIGERIAN BREWERIES PLC OFFSHORE CHARGES 195.75 REMITTANCE 20-Dec-23 1,050.00 148127 HOMEWARD KESLOM MIMGBA SCHOOL FEES IBRAHIM KAYODE RAHAMAN SCHOOL850.00 FEES 87.95 REMITTANCE 18-Dec-23 149128 HOMEWARD FINANCE APPLICATION SYSTEMS LTD 20-Dec-23 SOFTWARE LISENCE 8.00 REMITTANCE 850.00 150129 HOMEWARD URSULA ONYINYE OKAFO SCHOOL850.00 FEES 222.00 REMITTANCE 18-Dec-23 151130 HOMEWARD ACCOMMODATION BILL 131 OLADAPO FOLAKE SOJI-GEORGE 6,400.00 19-Dec-23 720.00 152 DOM CONVERSION PTA 132 MARYAM MUSA REMITTANCE 20-Dec-23 850.00 BILL 229.40 153133 HOMEWARD ODION SANDRA IMHANZE ACCOMMODATION 246.79 REMITTANCE 21-Dec-23 850.00 154134 HOMEWARD SHIV LILA POLYMERS LIMITED OFFSHORE CHARGES 10,849.95 CONVERSION 18-Dec-23 955.00 155135 DOM ABUBAKAR RABIU PTA BUKOLA CHRISTIANA ODEJOBI SCHOOL FEES 136 157.28 18-Dec-23 850.00 156 HOMEWARD REMITTANCE EZEDON BUILDING TECH GLOBAL LINK SME 80.89 REMITTANCE 19-Dec-23 850.00 157137 HOMEWARD CHUKWUDI AUGUSTUS AROH PTA 171,999.21 SOURCES 20-Dec-23 901.21 158138 OWN OFFSHORE CHARGES 139 FELICITY LIFE SYNERGY LTD 50.00 REMITTANCE 21-Dec-23 910.56 159140 HOMEWARD ECHIKA OZONOR SCHOOL FEES 9,200.00 CONVERSION 20-Dec-23 900.00 160141 DOM ONYEZE SME REMITTANCE 18-Dec-23 843.07 161142 HOMEWARD OMOSEBI DAMILOLA CREDIT CARD SETTLEMENT 133.97 343.00 REMITTANCE 19-Dec-23 850.00 162143 HOMEWARD NIGERIAN BREWERIES PLC OFFSHORE CHARGES DANGOTE OIL REFINIIN CO. LTD PERSONAL HOME REMITTANCE 573.51 REMITTANCE 22-Dec-23 850.00 163144 HOMEWARD ONORIODE KELVIN OWHREODE LIVING EXPENSE 145 100.01 21-Dec-23 950.37 164 HOMEWARD REMITTANCE SME 146 V & C INIFINITY ENTERPRISE 91.54 18-Dec-23 850.00 165 HOMEWARD REMITTANCE OFFSHORE CHARGES 147 FLOUR MILLS OF NIGERIA PLC 43.95 REMITTANCE 18-Dec-23 850.00 166148 HOMEWARD OBIA INIOBONG-ETTETE PTA 500.00 REMITTANCE 21-Dec-23 850.00 167149 HOMEWARD FESTUS AKINYEMI AKINNUSOTU SCHOOL FEES 328.99 REMITTANCE 18-Dec-23 850.00 168150 HOMEWARD NEXANS KABELMETAL NIGERIA PLC. OFFSHORE CHARGES PRUDENT ENERGY AND SERVICES LTD21-Dec-23 OFFSHORE CHARGES 20.00 REMITTANCE 850.00 169151 HOMEWARD MAINSTREAM ENERGY SOLUTIONS LTD OFFSHORE CHARGES 100.00 REMITTANCE 20-Dec-23 850.00 170152 HOMEWARD OMORINSOLA NUSIRAT KAREEM SCHOOL850.00 FEES 28.00 REMITTANCE 21-Dec-23 171153 HOMEWARD PERSONAL HOME REMITTANCE 154 SHAMRAT SHARMA 2,222.22 20-Dec-23 900.00 172 DOM CONVERSION ACCOMMODATION BILL 155 ALEXIUS TERWASE AYABAM 26.70 REMITTANCE 18-Dec-23 850.00 173156 HOMEWARD BRIGHT O MALIK PTA 336.84 CONVERSION 18-Dec-23 174157 DOM RUKAYAT ABIDEMI SALAWU SCHOOL950.01 FEES 1,372,102.33 20-Dec-23 950.00 175158 CCIPLASTON INDUSTRIES LIMITED OFFSHORE CHARGES OWOLABI GANIYU A. SCHOOL FEES 159 132.97 22-Dec-23 850.00 176 HOMEWARD REMITTANCE LEKAN RAHIM ABARI PTA 400.00 REMITTANCE 19-Dec-23 850.00 177160 HOMEWARD SUKHDEEP SINGH PERSONAL HOME REMITTANCE 25,051.06 CONVERSION 19-Dec-23 950.00 178161 DOM PTA 162 MAIMUNATU GOBIR 53.12 REMITTANCE 22-Dec-23 850.00 179163 HOMEWARD ONYINYE FLORA EKWONNA SCHOOL FEES 500.00 REMITTANCE 850.00 180164 HOMEWARD INDORAMA ELEME PETROCHEM.LTD 20-Dec-23 OFFSHORE CHARGES 88.57 REMITTANCE 885.88 181165 HOMEWARD OLABIMPE AMINA AFOLABI-AKANMU 20-Dec-23 PTA 16.27 CONVERSION 21-Dec-23 950.18 182166 DOM CHIME KING ALILIELE LIVING EXPENSE SANUSI ADEWALE LATEEF PTA 3,194.61 REMITTANCE 20-Dec-23 910.57 183167 HOMEWARD DICKSON FRANCISCA OMUNWA SCHOOL FEES 168 99.80 20-Dec-23 850.00 184 HOMEWARD REMITTANCE SCHOOL FEES 169 DAMILOLA MICHAEL ELESHIN 108.55 22-Dec-23 850.00 185 HOMEWARD REMITTANCE PTA 170 BECKY ADE ALIEGBA 120.00 REMITTANCE 18-Dec-23 850.00 186171 HOMEWARD OLURANTI ELESHIN CREDIT CARD SETTLEMENT 62.56 REMITTANCE 19-Dec-23 850.00 187172 HOMEWARD HIKMOT OMOBOLAJI ISMAIL SCHOOL FEES 61.13 REMITTANCE 20-Dec-23 850.00 188173 HOMEWARD PETER BATUBO SCHOOL FEES ODION SANDRA IMHANZE SCHOOL850.00 FEES 35,867.79 CONVERSION 18-Dec-23 189174 DOM SEUN OLUFEKO MORTGAGE BILL 108.14 REMITTANCE 20-Dec-23 850.00 190175 HOMEWARD RITESH PERSONAL HOME REMITTANCE 157.40 REMITTANCE 19-Dec-23 850.00 191176 HOMEWARD SCHOOL FEES 177 OLUWAKEMI OMOSILE OLALERE 43.04 19-Dec-23 974.93 192 HOMEWARD REMITTANCE PTA 178 LILIAN CHIOMA ONYEKUBA 241.50 REMITTANCE 21-Dec-23 193179 HOMEWARD CHIDIMMA AGNES ORJI SCHOOL912.13 FEES 536.66 REMITTANCE 22-Dec-23 194180 HOMEWARD DIVINE CHIEMERIE ONOH SCHOOL865.96 FEES 977.92 REMITTANCE 927.27 195181 HOMEWARD RELIANCE CHEMICAL PRODUCTS LTD 19-Dec-23 OFFSHORE CHARGES CHISOM NWANNUNU SCHOOL FEES 182 3,437.84 22-Dec-23 875.97 196 HOMEWARD REMITTANCE CHIDUBE CHUKA OLUEBUBE SCHOOL950.00 FEES 17,167.94 CONVERSION 22-Dec-23 197183 DOM MAINSTREAM ENERGY SOLUTIONS LTD OFFSHORE CHARGES 97.51 REMITTANCE 21-Dec-23 850.00 198184 HOMEWARD SCHOOL FEES 185 ALAO OMOBOWALE SAMUEL 990.00 21-Dec-23 850.00 199 HOMEWARD REMITTANCE SCHOOL FEES 186 IFAKO INTERNATIONAL SCHOOLS 265.50 REMITTANCE 22-Dec-23 850.00 200187 HOMEWARD TOPSEA STANDARD PHARMA.COY SME 6.21 REMITTANCE 201188 HOMEWARD ADEMOLA OLUWASEUN ADEBAYO 20-Dec-23 SCHOOL850.00 FEES 44.00 REMITTANCE 20-Dec-23 932.57 202189 HOMEWARD PERFECT GOLD SME CREDIT CARD SETTLEMENT 499,965.00 18-Dec-23 950.00 203190 CCIPATRICK OMOLE OLAGHERE SPECILTY OFFSHORE CHARGES 191 30.00 22-Dec-23 850.00 204 HOMEWARD REMITTANCE SHOLAYE ESTHER AYEWAMIDE CREDIT CARD SETTLEMENT 1,992.39 SOURCES 19-Dec-23 851.53 205192 OWN 12,521.00 20-Dec-23 955.00 206 DOM CONVERSION 450.00 18-Dec-23 850.00 207 HOMEWARD REMITTANCE 89.95 18-Dec-23 850.00 208 HOMEWARD REMITTANCE 25,000.00 21-Dec-23 900.00 209 DOM CONVERSION 7.61 20-Dec-23 850.00 210 DOM CONVERSION 235.79 21-Dec-23 950.00 211 DOM CONVERSION 63.70 20-Dec-23 889.80 212 HOMEWARD REMITTANCE 26,300.00 18-Dec-23 720.00 213 DOM CONVERSION 195.39 22-Dec-23 850.00 214 HOMEWARD REMITTANCE 1,223.37 18-Dec-23 900.00 215 DOM CONVERSION 1,239.33 21-Dec-23 850.00 216 HOMEWARD REMITTANCE 542.75 22-Dec-23 850.00 217 HOMEWARD REMITTANCE 16.21 21-Dec-23 850.00 218 HOMEWARD REMITTANCE 77.14 22-Dec-23 850.00 219 HOMEWARD REMITTANCE 50.00 21-Dec-23 850.00 220 HOMEWARD REMITTANCE 314.56 20-Dec-23 850.00 221 HOMEWARD REMITTANCE 10,000.00 20-Dec-23 910.00 222 DOM CONVERSION 394,250.00 20-Dec-23 900.00 223 DOM CONVERSION 38.94 22-Dec-23 850.00 224 HOMEWARD REMITTANCE

UTILIZATION OF FUNDS

DATE OF SALE OF FUNDS

EXCHANGE AMOUNT RATE

20-Dec-23 20-Dec-23 19-Dec-23 18-Dec-23 20-Dec-23 21-Dec-23 21-Dec-23 21-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 20-Dec-23 22-Dec-23 18-Dec-23 19-Dec-23 21-Dec-23 19-Dec-23 18-Dec-23 22-Dec-23 18-Dec-23 18-Dec-23 20-Dec-23 22-Dec-23 20-Dec-23 19-Dec-23 21-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23 18-Dec-23 19-Dec-23 20-Dec-23 22-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 21-Dec-23 19-Dec-23 21-Dec-23 18-Dec-23 18-Dec-23 18-Dec-23 21-Dec-23 18-Dec-23 22-Dec-23 18-Dec-23 19-Dec-23 19-Dec-23 19-Dec-23 19-Dec-23 18-Dec-23 18-Dec-23 18-Dec-23 21-Dec-23 20-Dec-23 21-Dec-23 19-Dec-23 20-Dec-23 18-Dec-23 22-Dec-23 18-Dec-23 20-Dec-23 21-Dec-23 20-Dec-23 18-Dec-23 21-Dec-23 18-Dec-23 22-Dec-23 19-Dec-23 20-Dec-23 20-Dec-23 19-Dec-23 19-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 20-Dec-23 18-Dec-23 19-Dec-23 18-Dec-23 19-Dec-23 21-Dec-23 19-Dec-23 20-Dec-23 18-Dec-23 18-Dec-23 22-Dec-23 21-Dec-23 19-Dec-23 18-Dec-23 20-Dec-23

951.00 720.50 951.00 951.00 720.50 951.00 901.00 851.00 951.00 951.00 951.00 951.00 951.00 951.00 851.00 901.00 851.00 951.00 851.00 951.00 951.00 951.00 901.00 720.50 951.00 951.00 720.50 901.00 951.00 951.00 951.00 951.00 951.00 951.00 901.00 901.00 851.00 951.00 851.00 951.00 951.00 901.00 951.00 951.00 951.00 851.00 951.00 850.50 951.00 951.00 951.00 901.00 951.00 951.00 951.00 951.00 951.00 720.50 901.00 951.00 951.00 951.00 951.00 951.00 720.50 901.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 851.00 851.00 720.50 951.00 851.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 951.00 901.00 951.00 901.00 951.00 901.00

532.93 4,700.00 12,673.36 28,921.58 4,700.00 4,000.00 4,000.00 4,000.00 3,598.85 11,185.00 3,244.68 5,852.31 55,200.00 5,816.18 940.00 4,000.00 1,500.00 187.85 450.00 130.00 112.00 16,000.00 2,998.69 2,500.00 7,090.62 4,000.00 1,800.00 4,000.00 1,500.00 1,778.19 7,117.55 4,076.42 250,000.00 6,681.00 4,000.00 4,000.00 1,937.85 458.32 4,000.00 3,319.00 10,000.00 4,000.00 235.00 4,205.83 10,000.00 600.00 6,254.17 3,690,239.00 1,500.00 10,000.00 650.39 4,000.00 13,837.24 60.00 7,703.81 12,928.22 8,235.00 2,000.00 2,321.88 2,000.00 13,758.74 73.30 740.92 4,000.00 1,400.00 4,000.00 6,775.79 366.06 2,000.00 1,500.00 2,000.00 20,691.20 12,919.00 2,000.00 1,100.00 12,673.36 3,800.00 3,488.13 5,000.00 4,700.00 7,105.45 4,000.00 5,758.75 3,103.68 3,357.14 13,252.00 6,755.98 570.61 2,583.80 7,764.60 10,000.00 4,480.00 10,000.00 2,000.00 8,300.00 2,000.00

CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

BUSINESS WEEKLY

Nigeria, Supplementary Budgets And Money Illusion

BY MARCEL OKEKE

W

hen, on Monday, December 11, 2023, the Minister of Finance and Coordinating Minister of the Nigerian Economy, Mr Wale Edun, appeared before the Senate Committee on Finance and Budget, his sole message was the announcement of an impending supplementary budget for 2024.

If by 29 November 2023 when Mr President presented the 2024 budget proposal to a joint session of the National Assembly, the Finance Minister could not see clearly enough to come up with a realistic budget estimate, then, something is definitely amiss

The minister said definitively: “If we have a solid revenue performance, we will come back and I am sure Mr President will authorise the process to return to the National Assembly to appropriate extra revenue. That is the situation we are all looking forward to.”

In the 2024 Appropriation Bill presented by President Tinubu to the National Assembly on 29 November 2023, the projected deficit of N9.18 trillion shall be financed essentially by new borrowings totalling N7.83 trillion, among others.

Undoubtedly, the Coordinating Minister for the Economy may have all the information that form the backdrop of his optimism and pontifications.

If by 29 November 2023 when Mr President presented the 2024 budget proposal to a joint session of the National Assembly, the finance minister could not see clearly enough to come up with a realistic budget estimate, then, something is definitely amiss.

Barely two weeks after President Tinubu presented the N27.5 trillion budget for 2024, is the administration already seeing an entirely different revenue (inflow) scenario to now cobble ‘another budget?’ This is obviously self-indicting: economies are not run in ‘fits and starts.’

It was this unorthodox mind-set that Edun fed into the interim leadership of the Central Bank of Nigeria (CBN) when he functioned as (the only ever) Monetary Policy Adviser to the President. That mind-set and queer thinking reflected in the wholesale floating of the local currency (Naira).

The same unorthodox reasoning led to the relinquishing of the entire foreign exchange (FX) market to the reign of free market or the ‘invisible hands’ of demand and supply. This is

PAGE 36

Sector operators said (in the Manufacturers Association of Nigeria, MAN, report) the current forex situation has compounded the pressures coming from the removal oil subsidy, Russia-Ukraine war, among other adverse developments.

This trajectory will automatically translate to decline in CIT volume and value payable by these firms. And

The minister’s optimism and proposal for a supplementary budget came as a huge surprise to most Nigerians, because the reality of the economy is that the Government is cash-strapped; literally going cap in hand, seeking for loans from everywhere. But Edun told the budget panel that “there has been tremendous improvement in the economy; the revenue performance is encouraging, it is expected to continue to be encouraging.” He also alluded to the works of the fiscal policy and tax reform committee, which he said would make fundamental changes—including digitalisation and greater efficiency in tax collection.

Today, every US dollar available to Nigeria amounts to over N1,000 (one thousand Naira). This means that even the minimal forex inflow into Nigeria from crude oil sales translates to so much Naira—and this could be the money illusion that Mr Edun and his ilk are celebrating—and warming up to appropriate through supplementary budgets.

When the income expectation of the government is decomposed, inflow from corporate income tax (CIT) and personal income tax (PIT) are also being threatened by the impact of recent economic policies. A report shows that the manufacturing sector (in Nigeria) suffered about 400 per cent increase in net foreign exchange loss to N466 billion in the nine months ending September.

The operators said the sector now bleeds from multiple points as a result of exchange rate revaluation losses. Specifically, the MAN report shows that top17 manufacturing companies listed on the Nigerian Exchange Limited (NGX) indicated that while their gross earnings rose (in the first nine months 2023) as they increased the prices of their products, their profits crashed as a result of the multiple pressure points eroding their financial stability.

Edun was upbeat and cocksure that because of the huge and unexpected inflow of monies into the Federal till, the Bola Tinubu Administration is about to make some top-ups to the N27.5 trillion budget even before the final approval of the National Assembly.

However, given the monetary and fiscal quagmire in which Nigeria has been enmeshed for quite some time, it looks too hasty for Mr Edun to yet begin to practically clink the glasses. For Nigeria that floated its currency and thus, had it sharply devalued, every foreign exchange inflow will certainly amount to so much (in the local currency terms).

Also, the price of crude oil in the international market is already below the 2024 budget benchmark of US$77.97 per barrel.

In recent weeks, crude oil (Brent grade) had been selling at around US$74—US$76 per barrel. And obviously this poses a threat to the N27.5 trillion budget. So, if not money illusion, where lies the root of the finance minister’s optimism—to justify a supplementary budget even before the passage of the 2024 Appropriation Bill as presented by Mr President?

in a country that is openly confronted by an acute shortage of FX; and yet largely import-dependent, with inflow from crude oil sales as its mainstay.

In the past six months or so, the import and impact of these Edun-inspired policies have brought Nigeria’s currency (and indeed, the economy) to the nadir. All socio-economic indicators have continued not only to miss targets but to go against projections.

The potpourri of policies have seen inflation rate pushing towards 30 per cent mark by year-end 2023; it is already standing at 27.33 per cent as at end-October. Exchange rate of the Naira against the dollar (whether in the official of parallel FX market) is already over N100/US$. The persistent challenge of scarcity of FX is yet unaddressed; even the so called ‘market forces’ seem to have been jettisoned by the CBN. In truth, the workings of the FX market or the determination of the Naira exchange rate are getting shrouded in secrecy—with the epileptic supply of FX to the market by the apex bank.

Oil production and sales are seriously threatened by the bizarre phenomenon of oil theft, pipelines vandalism and outright sabotage on oil assets in various locations across the country. While the 2024 budget is optimistically premised on oil production of 1.78 million barrels per day (mbpd), Nigeria’s current production level only hovers around 1.3 million barrels per day. And at no time in recent years has Nigeria been able to meet its OPEC-allocated quota of about two million barrels per day. Given this trend, OPEC, from all indications is about to cut Nigeria’s quota to something below its 2024 budget benchmark (about 1.5 mbpd).

should the trend persist, many of them could be forced into bankruptcy in a short while!

In point of fact, the damage caused by recent monetary/fiscal policies to the financial conditions of businesses has been part of the excuses for the exit of some of them from Nigeria in recent months. The dangerously weakened purchasing power of the consumer has suddenly led to sharp drop in the sales value/volume of these businesses—turning them to huge loss makers. The Chief Financial Officer of Procter and Gamble (P & G), Andre Schulten, alluded to this when he announced the exit of the company from Nigeria recently.

Mr. Schulten said, “It is difficult to do business in Nigeria as a dollar-denominated organization and the macroeconomic reality in Nigeria.” Speaking further, Schulten said: “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S. dollar value.

So, when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.”

Surprisingly, as these blue chips are exiting Nigeria, the Finance Minister is seeing sudden improved inflow of money into Government coffers to warrant a supplementary budget.

Definitely something is wrong somewhere; and it is certainly a product of warped reasoning!

•Okeke is a practising Economist, Business Strategist, Sustainability expert and ex-Chief Economist of Zenith Bank Plc THEWILLNIGERIA

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

SHOTS OF THE WEEK Photo Editor: Peace Udugba [08033050729]

L-R: Group Managing Director, Nigerian National Petroleum Corporation Ltd., Malam Mele Kyari; Managing Director, Gas Aggregator Company of Nigeria (GNGC), Mr Chijioke Uzoho; Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed and the Minister of Petroleum (Gas), Ekperikpe Ekpo, during the inauguration of Gas Aggregator Company of Nigeria (GNGC)’s new identity and expanded mandate, in Abuja on December 19, 2023.

L-R: Programs Officer, Karis and Eleos Hand of Hope Foundation, Adedoyin Shittu; Dean, Students’ Affairs, Yaba College of Technology, Alaba Olalekan; Corporate Affairs and Sustainability Specialist, Nigerian Bottling Company (NBC) Ltd, Olukemi Ogunsakin; Sales Academy Manager, NBC, Diana Otisi and SubDean, Students’ Affairs, Yaba College of Technology, Engr ogunrinola oladele, during the 2023 campus edition of the NBC Youth Empowered initiative, held at Yaba College of Technology in Lagos recently.

Cross River State Governor, Bassey Otu (Midle); flanked by the Eze Ndigbo in Cross River, Eze Emmanuel L-R: Medical Personnel base in US/Groom Father, Pastor Paul Onaibu Akhalu; The groom, Timothy Ezenwenyi (right) and the traditional prime minister, Chief Ihezie, during a courtesy call on the governor Osahon Akhalu; The Bride, Victory Akhalu and the groom's Mother, Mrs. Kate Akhalu, during their Son

by Igbo Community in Cross Rivers state.

Traditional wedding in Ikeja, Lagos on December 19, 2023.

L-R: Dada Ajai-Ikhile, The Africa Quality Academy (AQA); newly installed Fellow, AQA, Dr. Ngozi Angela Ogwo and Secretary, Institute of Brand Management of Nigeria, Dr. Christian Akpotohwo, during the investiture of Dr. Ogwo at the Nigeria Brands Week, held at Lagos Chamber of Commerce and Industry (LCCI), Conference Centre, Alausa, Ikaja, Lagos, recently.

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L-R: Home Broadband Manager (NW), Airtel Nigeria, Dauda Daniel; Head of Distribution (NW), Airtel Nigeria, Oluyemi Giwa; Regional Operations Director (NW), Airtel Nigeria, Adeolu Balogun; Madakin Kano, Alhaji Yusuf Nabahani; Regional Marketing Manager (NW), Airtel Nigeria, Muhammad Buhari, during the Airtel ‘Five Days of Love’ programme in Kano on December 14, 2023.

PAGE 37

CHRISTMAS EDITION 2023 WWW.THEWILLNEWS.COM

Meet The Only Female Aspirant For Ebiraland Kingship

Thewillsociety

thewillng

Thewillsociety

38

ENTERTAINMENT &SOCIETY WEEKLY EDITOR Ivory Ukonu

T

he jostle for the throne of Ebiraland has become more exciting, with the entry of Professor Angela Okatahi. So far, Prof Okatahi is the only female among Continues on page 42

MARGARET OGUNTALA EMERGES FIRST FEMALE PRESIDENT OF NSE IN 65 YEARS

M

argaret Oguntala has emerged the first elected female president of the Nigerian Society of Engineers, NSE, in the 65 years of its existence. Margaret would take over the reins of the body from Jan. 1, 2024, in accordance with the laws of NSE for a period of two years. She was the Deputy President of NSE for the past two years. Although the election period was marked by challenges, including a court injunction initiated

Continues on page 42

DIVORCES/ SEPARATIONS OF 2023 THEWILLNIGERIA

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

ENTERTAINMENT &SOCIETY WEEKLY

Celebrity Marriages That Collapsed in 2023 There has been an alarming increase in divorce rates globally, especially among celebrities. In Nigeria, no sooner does a celebrity marriage take place than it collapses, with irreconcilable differences often mentioned as the cause. IVORY UKONU takes a look at a few celebrity marriages that broke up in 2023.

Dilly and Fifi Umenyiora

Gani and Mojisola Adams once celebrated between the TAareheunion Ona Kakanfo of

Yorubaland, Otunba Gani Adams and his wife, Mojisola, has unfortunately ended, with both of them going their separate ways. Mojisola has allegedly relocated to the United Kingdom with their children.

Sources close to THEWILL allege that she decided to relocate abroad because she could no longer tolerate her husband's weakness for women. A few years ago, Mojisola had claimed in an interview that she was advised not to marry Adams, but she had gone ahead, insisting that no marriage was perfect. Otunba Adams recently took a younger woman, Joy Onojaife, a former Delta State beauty queen, as his wife. The traditional wedding ceremony, a private one, however had some very prominent personalities in attendance.

Joy is the daughter of Lagos-based architect, Lucky Onojaife. She is a graduate of Physiology from Delta State University.

Gumsu Abacha and Mai Mala Buni umsu Abacha, daughter of late military Head of State, G late General Sani Abacha, has

fter many years of projecting themselves as the ultimate couple, businessman Okwudili Umenyiora, aka Dilly, and his wife, Fifi, ended their 15-year-old marriage, formally A confirming that not all that glitters is gold.

The erstwhile power couple had some challenges, but managed to keep it under wraps. Dilly, who is the chairman of Dilly Motors and The Dredgers Association of Nigeria, claimed his marriage crumbled due to irreconcilable differences. The marriage was blessed with three kids while it lasted. The couple has since moved on separately.

From a royal background, Dilly is the older sibling of USA NFL player, Osi Umenyiora, who married Leila Lopes, a former Miss Universe in 2015. His stepfather owns Germaine Motors and he is the half-brother of Nicole, wife to rapper, Naetochukwu Chikwe, aka Naeto C, Nicole’s mum was married to his dad until he passed on in the year 2020.

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ended her two-year-old marriage to Yobe State governor, Mai Mala Buni, for reasons best known to her, although she claimed to have been emancipated and liberated since she quit the marriage.

Rumour had it that the marriage was troubled, but the couple made sure to conceal this from the public. Gumsu became Buni’s fourth wife in March 2021. The wedding Fatiha was simple. It was an Islamic affair attended by friends of both families.

The wedding ceremony can be described as the quietest event in the Abacha household in recent memory.

Before then, Gumsu was married to Cameroonian multi-billionaire, Bayero Fadil Mohamadou. They separated in 2019 after almost 20 years of marriage that produced five children.

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ENTERTAINMENT &SOCIETY WEEKLY Fareeda Abdulkabir and Ademola Okulaja

Bolanle and Bunmi Ninalowo ollywood actor, Bolanle Ninalowo, decided together for 12 years, he and his wife had N to end his 17 year-old marriage to Bunmi decided to end things. They reunited in over irreconcilable differences. The couple, who 2018. In November 2022, they celebrated had been together for nearly two decades, first met in 2004 and started a journey that led to marriage in 2007.

This is not the first time that the couple’s relationship has made news headlines. In 2017, Bolanle confirmed that after living

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ess than two months after popular Lagos skincare entrepreneur and boss of House of Phreedah, Fareeda Abdulkabir and her partner, Ademola Okulaja tied the knot in a lavish wedding ceremony, the marriage has broken down irretrievably.

The drama that followed the collapse of the Okulajas’ dominated the social media space for many weeks. It is still being talked about because a large sum of money, about N100 million, was spent on the wedding ceremony and the erstwhile couple threw caution aside and washed its dirty linen in full glare of the public.

Fareedah and Ademola's love story started two decades ago when they began an off and on relationship until Ademola completed a prison term in London and returned to Nigeria to take his relationship with Fareedah to the next level.

They had barely settled down to enjoy their marriage when the centre could no longer hold again. Fareedah, who will be 50 next month, accused Ademola of body shaming her, always referring to her as someone with the body of an 80-year-old woman. For that reason, according to her, she preferred to undress or dress up outside his view, preferably in the bathroom.

She claimed that he refused to accept her the way she was. He also put her under undue pressure to go under the knife for a liposuction and Brazilian Butt Lift procedures to make her look more attractive for him.

She also accused him of suffering from erectile dysfunction which prompted them to go run

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helter-skelter in search of a remedy for his issue, including going the traditional way by visiting herbalists.

Fareeda claimed that Ademola cheated on her without shame or remorse and that he was emotionally attached to a certain married woman (name withheld) whose romantic love message she intercepted on his phone and burst the bubble. In his defence, Ademola claimed they attempted to go for In Vitro Fertilisation, IVF, so she could bear a child, only for him to discover that she had no womb. He accused her of being a nymphomaniac who cheated on him with 12 of his friends, a major reason he wanted to call off their wedding at a point, but was prevailed upon not to do so by well-wishers.

He also said that no sooner did they tie the knot than he began to experience excruciating headaches and after a series of comprehensive tests which turned up nothing, he was forced to go spiritual only to find out that his wife was fetish.

This is what he said prompted him to move out of their matrimonial home.

Ademola denied cheating on Fareeda and only had one affair outside his marriage after he moved out. Judging by the manner they both washed their dirty linensin public, it was obvious that they had no intention of patching things up.

Fareeda was formerly married to Foluke Daramola's ex-husband, Tunde Sobowale, son of a former Commissioner for Education in Lagos State, Professor Idowu Sobowale. They got married in 2015, but the marriage did not last.

the 18th anniversary of their marriage by sharing moments of joy on social media.

However, despite the outward appearances of a harmonious relationship and heavy public display of affection, they both decided to move on with their lives.

Wunmi Toriola and husband arly in the year, Nollywood actor, Emarriage Wunmi Toriola, announced that her had crashed. She was quick

to debunk allegations of violence while the marriage lasted. She said that her four-year-old marriage ended because her ex-husband always rubbed her fame in her face when they had arguments.

“I got married to a young man, we had our lives coming up. I used to believe we could work things out, but at a point when you have issues in marriage and keep letting you feel your celebrity status is on the rock. Things that would have been settled," she had said.

Wunmi is open to being a second wife as long as the union makes her happy.

“I used to have the mindset that I cannot be a second or third wife but that has changed because I am after-one now. If I see an after-one like me or a widower, I will marry him. What matters is my happiness.”

The union produced a child while it lasted and according to her, her ex-husband remains fully engaged in coparenting their child despite their split.

"I even realized that co-parenting is going better, we could have even ended up being friends."

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

ENTERTAINMENT &SOCIETY WEEKLY Yomi Gold and Meenah

B-Red and Faith Johnson

oruba actor and producer, Yannounced Yomi Alore, aka Yomi Gold, the end of his second

marriage to his wife, Meenah, in January 2023. This was less than a year after they got married. He took responsibility for the collapse of the marriage, tagging his wife a ‘good person’ who didn’t deserve a man like himself and would make a loving partner to a better man.

He said, “Meenah and I decided to go our separate ways. I want our families, friends and fans to understand. This is no time to judge anyone. When love dies in a relationship, no one should force it. Meenah is a good person. She doesn’t deserve a man like me.

She will make a great and loving partner to a far better person than me. I am not perfect. I will work on myself and be a better person."

The marriage was blessed with a son before it crashed.

Yomi was previously married to Victoria Ige, but their marriage broke up, too.

Damola Olatunji and Bukola Arugba usic artist, Adebayo Adeleke (popularly known as B-Red) marriage to Faith Johnson ended on account M of infidelity and alleged physical abuse on the part of B-Red. B-Red is the second son of Osun State governor, Ademola Adeleke. The couple who welcomed a son named Adetayo Oshioke Adeleke in 2019 have continued to lambast each other on social media

Israel DMW and Sheila Courage avido’s personal logistics D manager, Israel Afeare, parted ways with his wife, Sheila

news of the abrupt end of Nollywood actor, Damilola Olatunji's relationship with his colleague, TthatheBukola Arugba didn't come as a surprise to many. The signs were already visible, despite the fact the two tried to cover it up. Fans started suspecting that there was trouble in their paradise when

the two started shunning each other's celebrations and going on vacations alone. Eventually, Bukola announced that they were both going their separate ways. Although she didn't give reasons for falling apart from her partner, THEWILL gathered that Olatunji's philandering attitude crashed the relationship which produced a set of twins, a boy and girl. Aside from his love for anything in skirt, he is also a deadbeat father who leaves most of his financial obligations to the mother of his twins.

The actress did all within her to save her marriage, but Olatunji was hell bent on going astray. The couple were not married legally for the years they spent together, but they had an introduction ceremony.

Ironically, the two thespians met while Olatunji was busy philandering. The actor was married to a United Kingdom based lady, Raliat Abiodun-Olatunji, before meeting Bukola Arugba.

Olatunji and Raliat got married in 2013. They had both their registry and customary wedding which however crumbled in 2014 as a result of infidelity on the part of the actor. While Raliat was busy preparing to get her husband documents to secure his UK visa, Olatunji was having an affair with Bukola Arugba and even impregnated her. It was when Raliat came back to Nigeria from her UK base that she got to know about her husband's infidelity. He denied being unfaithful to her but he shouldn’t save his marriage as Raliat ended the relationship without conceding to divorce. The union produced two children (twins) before it crashed.

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Courage, over marital crisis.

The couple tied the knot on Thursday, October 20, 2022, at a traditional ceremony held in Benin City. Israel claims Sheila deceived him into thinking he could have peace with her, adding that herself and her family extorted him unnecessarily. But Sheila accused Israel of physical and emotional abuse while they were together. She claimed that she was locked out of her home for no reason and constantly threatened, adding that Israel brought hoodlums to invade her mother’s shop and assault her.

Sheila claimed that the genesis of their problem was that each time she tried to encourage him to be productive and venture into business, he would tell her that Edo men can't be controlled.

She accused him of projecting himself to be what he isn't by parading all kinds of certificates from church and claiming to be born again. The marriage, which was consummated in October 2022, produced no children.

Additional reports from Abuose Usifoh

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ENTERTAINMENT &SOCIETY WEEKLY STORIES BY IVORY UKONU

SUNNY KUKU TO BE INSTALLED AS OGBENI-OJA OF IJEBULAND

Continued from page 38

Margaret Oguntala Emerges First Female President of NSE in 65 Years

Olatilo

BISI OLATILO WALTZES INTO 70S CLUB IN STYLE

Kuku

E

ight years after the highly coveted chieftaincy post was left vacant, the Awujale of Ijebuland, Alaiyeluwa Oba (Dr) Sikiru Kayode Adetona has picked Olor’ogun (Dr) Sunny Folorunso Kuku as the new Ogbeni Oja of Ijebuland.

The Ogbeni Oja title is about the most prestigious chieftaincy title in Ijebuland and the highest nonhereditary title an Ijebu man can aspire to. The holder of the title is also automatically a king maker.

Upon confirmation, Olor’ogun Kuku will become the third Ijebu man in modern history to be so honoured after the llate Chief Timothy Adeola Odutola and High Chief Bayo Kuku who last held the post till his demise in 2015.

The Ogbeni Oja of Ijebu land title, otherwise known as the leader of commerce and industry in Ijebu, is a highly contentious one. The intrigues and competition that comes into play concerning who takes the title, naturally causes the Awujale such a long delay in the

selection of the new holder. The title is usually given to a very successful businessman who is accomplished in his chosen career - at the prerogative of the Awujale.

Prominent names of illustrious Ijebu men that had featured over the years in the contest for the title are accomplished businessmen, founder of Fototek boss, Chief Adegunwa and the Chairman of Honeywell Group, Oba Otudeko. The contest is now rested with Kuku’s selection. The date for his installation ceremony is yet to be announced.

Kuku who will be turning 80 on January 3, 2024 is an accomplished medical doctor, businessman and highly distinguished personality from the Balogun Odueyingbo Kuku Family of Ita Ntebo, Ijebu-Ode. He is the Joint Chief Medical Director and co-chairman of Eneli, Kuku, Obiora aka EKO Hospital or Ekocorp Plc, which he co-founded in 1978. It is the only quoted hospital on the Nigerian Stock Exchange and the first Federal Government-recognised private hospital.

Continued from page 38

Meet The Only Female Aspirant For Ebiraland Kingship 75 aspirants who have applied for the position of Paramount ruler of Ebiraland.

Born on June 1, 1950, in Okene, Kogi State, Okatahi holds the esteemed title of the Ometere of Ebiraland.

Throughout her illustrious career spanning over four decades, she has contributed significantly to the academia, both in Nigeria and abroad.

Beyond her contributions to the academia, the 70-yearold first female professor to emerge from Ebiraland is deeply committed to community service. She founded the Okatahi Foundation, a platform dedicated to humanitarian efforts, including awarding scholarships to indigent students and empowering youths and widows.

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Other applicants include a former Clerk of the National Assembly, Muhammed Sani Omolori as reported by THEWILL and former Deputy Governor of Kogi State, Philip Salawu; the Ohi of Okengwe, Dr. Ahmed Tijani Muhammed, who is also the Vice Chairman of Ebira Area Traditional Council. He has since vacated the position to join the race for the throne. The late Ohinoyi, Dr Ado Ibrahim, the 4th Ohinoyi died on Sunday, October 29, 2023 and was laid to rest the following on Monday, October 30, 2023.

The Kogi State Governor, Alhaji Yayaha Bello, whose tenure ends on January 27, 2023 is reportedly under pressure to install a new Ohinoyi before vacating office.

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enultimate week, veteran broadcaster Bisi Olatilo rolled out the red carpets for a 2-in-1 celebration. It was the occasion of his 70th birthday and his 42nd wedding anniversary to his wife, Folashade.

Several high-profile personalities gathered to celebrate the couple in the Oregun area of Lagos where the lavish party took place.

To kick off the party, Pastor Dotun Ojelabi of Harvest Christian International Ministry, Lagos, led the opening prayers. Some of the attendees were former President Olusegun Obasanjo, former Governor of Ogun State, Olusegun Osoba; Ogun State Governor, Dapo Abiodun; Lotto magnate, Kessignton Adebutu; Ephraim Faloughi; Doyin Okupe; Senator Olorunnimbe Mamora, former Minister of State for Science and Technology; Mrs Abimbola Fashola, former First Lady of Lagos State; actor Nobert Young.

Olatilo had every reason to celebrate his birthday in a grand style as, according to him, he didn't know he would live up to 70. The seasoned media guru who has an extremely high network of friends in high places made sure it was a grand celebration as a way of thanking God for keeping him well and alive, particularly during the COVID-19 pandemic.

While the celebrant said he lost count of many of his wealthy friends, some of whom were in the same hospital environment as he and didn't make it out alive, God's benevolence kept him. Following the success of the party which was the first of several batches, another party was held for him, organised by his committee of northern friends in Abuja, the Federal Capital Territory. The party held at the Sheu Musa Yar’adua Centre was chaired by the Seriki Kano, Alhaji Ado Bayero.

by one of the candidates, which resulted in the postponement of the NSE annual general meeting in November, Oguntala surmounted all pressures to emerge the duly elected president.

A graduate of Chemical Engineering from the University of Benin, Margaret boasts a career spanning three decades.

An erudite engineer with a proven track record of exemplary and outstanding leadership in several capacities across various engineering bodies in Nigeria, she holds certification as an environmental consultant, showcasing success in executive and boardroom roles.

A recipient of over 60 awards to her name from various engineering institutions, professional bodies and organisations, she served as a Council Member for the Association of Professional Bodies of Nigeria (APBN) Lagos Chapter from 2010

to 2014. Recognised for her service, she continues to be an active member of APWEN, contributing meaningfully to the association’s growth over 19 years. She was the chairman at the NSE Ikeja Branch from 2009 to 2011 where she played a pivotal role in the completion of the Ikeja Branch Secretariat, earning the branch the esteemed Best Branch Award in 2010.

Oguntala’s contributions earned her fellowships in prestigious institutions, such as the Nigerian Society of Engineers (FNSE), Nigerian Society of Chemical Engineers (FNSChE), Nigerian Institution of Environmental Engineers (FINEE), and the Institute of Management Consultants (FIMC).

A Group Executive Director at Kenol Nigeria Limited, and a Board Member at BlackHouse Media, among other roles, she is also an advocate for Girls in STEM and a champion for young engineers.

Oyetunde-Lawal

resource personnel, and an emotional intelligence coach.

Before her appointment, Oyetunde-Lawal was the Senior Special Assistant to the Governor on Persons With Disabilities (Disability and Inclusion).

Her passion-driven conversations around the plight of disability in Nigeria led her to establish the Amputees United Initiative, a social group specifically for amputees.

She also uses advocacy to push for and encourage the inclusion of persons with disability in Nigeria.

Having suffered from bone cancer as a young woman, Oyetunde-Lawal realised that the only way she could have respite, having tried everything, was to have her leg amputated when she was 20 years old. She runs Amputees United and is also an author with a self-titled published work 'Adénìké,' an autobiography.

ADENIKE OYETUNDE-LAWAL BAGS APPOINTMENT WITH LASG

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overnor Babajide Sanwo-Olu of Lagos State has appointed Adenike Oyetunde-Lawal as new General Manager of the Lagos State Office for Disability Affairs (LASODA), with effect from December 19, 2023.

The appointment is in recognition of OteundeLawal’s impressive track record as a reputable lawyer, highly qualified alternate dispute resolution, human

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

ENTERTAINMENT &SOCIETY WEEKLY STORIES BY IVORY UKONU

BISI ONASANYA BURIES MUM IN STYLE B

isi Onasanya, a former Managing Director of First Bank Plc, recently hosted the creme de la crème of Lagos society, including government officials, to the burial ceremony of his departed mother, Mrs. Selimot Olaleye Elizabeth Onasanya, Nee Folorunsho.

Ma Onasanya died on November 18, 2023 at the ripe old age of 88.

The former distinguished banker, who now plays big in real estate, is the chairman of Address Homes.

Some of the guests in attendance were the Pastor-in-Charge of the Redeemed Christian Church of God, RCCG, City of David Parish, Pastor Idowu Iluyomade and his wife, Pastor Siji; Zamfara State Governor, Dauda Lawal, who led the delegation of his government to the event.

Others were former Deputy Governor of Ogun state, Chief Yetunde Onanuga and her husband, Giwa Biodun Onanuga; First Bank Nigeria, MD/CEO, Dr Adesola Adeduntan; Governor of

Funke Daniel Settles For a Quiet 60th Birthday

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Lagos State, Babajide Sanwo Olu; Abia State governor, Alex Otti, among several other dignitaries.

The two-day event commenced with a wake-keep at Mama’s residence in Ijede, Ikorodu, on December 13, 2023, setting the stage for an extravagant commemoration.

The commemorative events included a solemn church service at Abundant Life Onasanya Baptist Church, Ijede Road, Ikorodu on Thursday, December bandstand to entertain the guests, 14, 2023, followed by a private comedian Gbenga Adeyinka took interment ceremony at the Ikoyi charge of proceedings at the party.

Cemetery’s private wing.

The climax of the event was a grand Despite wearing a smile throughout the ceremony, Onasanya carried the reception held at the prestigious Harbour Point, Victoria Island. While pain associated with losing one’s beloved mother all through the singer Seun Bankole, popularly ceremony. known as SB LIVE, was on the

eye Olufunke Daniel recently clocked 60.

Rather than throw a lavish party to herald her entrance into the diamond club, the elegant former First lady of Ogun State instead chose to have a quiet celebration with her close friends and family. Save for a few goodwill messages sent to her on the auspicious day, not many people were aware that she was a year older. The day simply came and went like any other.

A few incidents may have been responsible for Mrs

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The businessman and heir of the Abiola empire, alongside his wife, Victoria Arafat, pulled out all the stops to host eminent personalities at their daughter's traditional wedding to Olasubomi, one of the sons of Opeoluwa Surakat's. The venue was in Lagos and on the bandstand to entertain the couple and guests were King Sunny Ade and Abolaji David Banjoko, aka Beejay Sax. Some of the eminent personalities in attendance were Oba Saheed Elegushi, Prince Segun Oniru, former Senate President, Bukola Saraki and wife, Toyin, Margaret Obi, wife of Peter Obi, Jumoke Oyeneyin, etc.

The Other Side of Bella Disu

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t the mention of Bella Disu, the daughter of billionaire businessman, Michael Adenuga, most people only envision her as a serious-minded corporate executive who is only interested in running some of her father's businesses on his behalf while also representing him on the board of a few other blue-chip companies. But it turns out that just like her father, charity runs in her blood, and she has been quietly touching many lives via the activities of her Bella Disu Foundation, BDF, THEWILLNIGERIA

a nonprofit organization which aims to help less privileged children by providing education and employment skills. The latest is the recent big donation of educational materials, school uniforms, Information and Communication Technology Lab and others made to Dairy Farm High School, located in Agege area of Lagos. Bella herself was on ground to do the presentation where she shared good time with the students, with words of encouragement to inspire them as well.

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Daniel

TAIWO AFOLABI ADDS ANOTHER FEATHER TO HIS CAP

T

Kola Abiola Gives Out Daughter in Marriage enultimate week, Kola Abiola, the first son of late Chief Moshood Kashimawo Olawale Abiola, the presumed winner of the June 12, 1993 presidential election, had cause to rejoice again, following his dismal performance at the 2023 general election where he contested for president on the platform of the Peoples Redemption Party, PRP. The cause of his happiness was his first daughter, Rabiat, who was getting married.

Couple and their grooms men

Daniel’s decision not to roll out the proverbial drums. First, her only daughter, Kehinde, who got married to media entrepreneur, Debola Williams, two years ago, recently welcomed a baby girl in the United States. She obviously felt compelled to be there for her daughter to put her through the necessities required of a new mother. Not to forget inadvertently getting into the crossfire between her husband and the Ogun State governor, Dapo Abiodun. The result of which got her five-storey multibillion-naira plaza building demolished.

Afolabi

here is no stopping serial entrepreneur, Taiwo Afolabi who keeps manifesting his winning streak in virtually every sector of the economy. For this, he was recently conferred with an honorary doctorate degree.

The recognition came from Ajayi Crowther University, Oyo State.

Afola was conferred with a degree in Business Administration (honoris causa) during the institution’s 15th convocation ceremony, in recognition of his business acumen through which he has been able to build his humongous business empire, SIFAX Group, which spans aviation, energy, maritime, shipping, finance, hospitality, logistics, oil and gas, etc.

The 61-year-old started his business operation as SIFAX Nigeria Limited, a freight forwarding agency in Lagos rendering services, such as haulage and warehousing operations until the company metamorphosed due to its rapid growth to several subsidiaries.

Family Hold Separate One Year Remembrance Events in Honour of Demola Seriki

I

t has been one year since Demola Seriki, the former Minister of State for Defence passed on and his family members decided to hold various activities, rather than one coordinated activity, in remembrance of him.

While Lagos society woman, Wosilat Okoya Seriki, his first wife gathered her immediate family members, her children such as Abisola Dejonwo, Faridah DemolaSeriki and Alimah Araoye, fellow society matriarchs and allies of the late politician for a special one-year remembrance prayer, his younger wife, Solape who was not in attendance also held her own special prayers in his remembrance. Wosilat's event was an all-white and blue affair. The special Fidau prayer and lecture took place at Peacock Hall, Island Club Onikan, Lagos. The prayers were led by the Imams of Lagos Central Mosque, while the guest lecturer was Dr. Saheed Timehin, an Associate Professor at the Lagos State University (LASU).

Solape on the other hand with her children, chose to visit his graveside to offer prayers on the first anniversary of his passing. The late Seriki was a politician, teacher, businessman, and public administrator who died in Madrid, Spain where he was serving his motherland as the Nigeria ambassador to Spain. He died on 15 December 2022, at the age of 63.

Seriki

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FEATURES

It Was Sex-for-Marks Then, Now It’s Certificate Racketeering

Sometime back, university authorities had to contend with randy lecturers trading marks for sex with female students. As technology advances with concealable handy gadgets everywhere, teachers are now wary of giving even a suggestive wink. Even so, some have devised ways of making the best of their positions, especially financially. THEWILL examines recent cases of certificate racketeering. Michael Jimoh reports…

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or years since inception in 1983, Lagos State University Ojo has lived under the shadow of two dominant institutions of higher learning in one of the oldest colonies in Nigeria. Founded in 1962, the federal University of Lagos Akoka is older by almost two decades. Another federal institution Yaba College of Technology boasts of a longer provenance – 1947.

As a state-owned school founded fairly recently, it is only reasonable to assume that LASU would have made a heavy going of competing with the already existing schools for staff and students. Still, the school with its permanent campus along Lagos/ Badagry Expressway has acquitted itself well as an academic institution, emerging once as the second highest of six Nigerian universities by Times Higher Education World Ranking for 2021.

LASU has also had its moments of infamy, times when the school’s reputation was sullied by people who should burnish it. In mid-2005, a lecturer in the Department of English Mr. Stanley Adebodun Oriola set off the first of a series of sex scandals that would rock the school to its very foundation. Hoping to benefit from his position Oriola arranged a tryst with his female student in a hotel room in Ketu. The understanding was clear: a romp with the said student and the lecturer will up her grades in two courses ENG 122 and ENG 125. The plan backfired leading to the teacher’s sack by the school authorities.

If Oriola’s dismissal was to serve as a deterrent to others, three of his colleagues apparently didn’t care. Following a recommendation by the Senior Staff Disciplinary Committee on Oriola’s case, the VC Professor Abisogun Leigh said “it was a clear case of sexual harassment but

“

After we met with him,” the undercover agent told SaharaReporters, Qudus “gave a bill of N3 million and the then-VC (Prof. Fagbohun) who was saddened by the development and eager for us to bust the syndicate provided N1 million as an advance payment to give to the group to lure them in

CHRISTMAS EDITION 2023 WWW.THEWILLNEWS.COM

the senate committee felt otherwise. Even some of his colleagues are saying it was not sexual harassment and that it was a set up.”

To forestall future occurrence, Leigh pointedly noted that he "rid the system of the rot that had been giving the institution a bad image outside."

For some time, it appeared to be so thus forever banishing the spirit of the philandering lecturer from stalking the academic corridors of the university. But it didn’t take long before it resurfaced once again. This time, the number of lecturers accused had increased to three, all of them charged with the same sex-for-marks as Oriola was years before.

In separate investigations, two Associate Professors Ayoola Sunkanmi Odubunmi of the Department of Economics and Isiaka Ajani Ogunwande of the Department of Chemistry were caught pants down in an attempt to bed their female students in exchange for marks. A third, Emmanuel Orilade Gbeleyi Lecturer II of the Department of Anatomy, Lagos State University College of Medicine (LASUCOM)) was also unmasked.

Speaking of the incidents in 2018, Mr. Ademola Adekoya spokesperson for LASU at the time said the lecturers were dismissed "following due investigations into the allegation of sexual misconduct levelled against them as well as testimonies of their respective accusers."

Though LASU quickly earned notoriety as a school for sex scandals of that sort, another institution – also stateowned – soon joined in ignominy. Ambrose Alli University Ekpoma hardly counts as a place where teachers had the soft spots for their female wards considering the school’s macho image on account of the frequency of cult-related disturbances. But a video soon leaked of a senior male lecturer undergoing a humiliating exercise in the hands of a female student who accused him of requesting for sexual favours for marks.

Mostly in the buff in the video, Dr. Peter Otubu of the Department of Electrical and Electronic Engineering Faculty of Engineering would never have envisaged playing a leading role in the bizarre drama he was involved in that day. At the end of it, he had become a statistic in the number of university lecturers involved in sex-for-marks scandal.

And to that Professor Cyril Osim Ndifon Dean of the Department of Law University of Calabar would also add his name to the growing list of university dons preying on their students. The professor has since been suspended from the university while investigation is ongoing.

From that time till now, it has been quiet on the academic front until the recent scandal blew up once again. Again, the explosion was heard right from the otherwise sedate campus of LASU and not about a Lothario lecturer trying and failing to bed his student. It was worse.

Like the sex-for-marks scandal the school was involved in THEWILLNIGERIA

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FEATURES

...Now It’s Certificate Racketeering back then, this one was a made-for-tabloid story.

Even the Lagos State House of Assembly has ordered its own investigation to unravel those behind the certificate scam in an institution some of them graduated from.

When SaharaReporters first published an expose of certificate racketeering by academic and non-academic staff of Lagos State University Ojo on 6 November 2023, it got the desired effect from audiences far and wide.

And just when you thought the last had been heard of certificate racketeering in institutions of higher learning, reports came from AAU Ekpoma of yet another involving not a syndicate this time but a lecturer in the school.

The headline said it all: “Degree For Sale: Sting Operation Exposes Lagos State University Certificate Racketeering, Shielding Of Workers Charging Up To N3Million Per Buyer,” with a rider “Degree available for N2 million N3 million.” It was damning enough.

As of now, Dr. Omoregie Nosa Acting Head of Department of Accounting has been issued a query concerning his role in alleged “large-scale certificate and transcript racketeering at the institution.” The same query also accused Nosa of “establishing a cyber café which is dedicated to the illegal issuance of fake certificates and transcripts of the university.”

The online publication began by saying that “when Lagos State University (LASU), Ojo, was established in 1983, it was envisioned to pursue the advancement of learning and academic excellence. None of those involved in the establishment of the noble project could have foreseen that less than four decades down the line, all it would take for intellectually lazy people to get a degree approved by the school Senate would be N2 million to N3 million.”

According to findings by SaharaReporters, “all the interested person needs are the required amount of money – which can vary depending on the department of choice – and an O-level certificate and in two to three weeks, they can count themselves as 'LASU graduates'.

Remarkably, their details and results make it to the school server alongside those of genuine graduates who burnt the candle at both ends to earn theirs. And that is not all: the founders must be turning in their graves knowing that not only is certificate racketeering thriving in the school but that some staff members were caught and mysteriously allowed to stay on as if nothing happened.”

What did happen was that once apprised of the racket by an alumnus of LASU, some DSS members, security detail from the school armed with secret cameras and recoding devises set up a sting operation. That was in 2020, 202I. By the time they were through they discovered that “the certificate racketeering syndicate have genuine Lagos State University certificates that anyone interested can purchase for between N2 million and N3 million, depending on the technicality of the course involved.

“Once they have their client, the only things they will ask from the client are money and their O-level certificate. They check the number of credits you have.

That will determine the course they will recommend. As professionals, they know the course you should do or the degree you should go for once you have this or that. Once that is settled, they have members of the syndicate in the ICT department of the school who will input the person’s date into the server. They collect the money and input all your scores and, after, it will be posted on the server of the university. Once you go to the school's server with the matric number generated for you, you get the name and details of the student there as an authentic student.”

The online newspaper then went on to publish names of those involved in certificate racketeering at LASU. Out of the loop on the certificate racketeering under his very nose, the VC then Professor Olarenwaju Fagbohun was said to be “very saddened.” To confirm that there was indeed something amiss in issuance of certificates, the undercover agents mooted another plan to lure one of the racketeers Qudus a non-teaching staff who demanded for N3m.

“After we met with him,” the undercover agent told SaharaReporters, Qudus “gave a bill of N3 million and the then-VC (Prof. Fagbohun) who was saddened by the development and eager for us to bust the syndicate provided N1 million as an advance payment to give to the group to lure them in.

“There were body cameras and so on. We worked together as a team then and the school’s security team was also part of the operation. True to their word, they did it and everything was posted on the school’s server. It was ready for clearance by the Senate of the school; that was THEWILLNIGERIA

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Following an undercover work by a team of DSS, the Registrar of AAU Mr. Ambrose Odiase queried Nosa charging that the cybercafé owned by the lecturer “has been observed to be engaged in the production of fake certificates and transcripts,” and issuing same to one Osolase Deborah Ebarekenta, a graduate of the Department of Chemical Pathology, Faculty of Medical Laboratory Science.

“

Even the Lagos State House of Assembly has ordered its own investigation to unravel those behind the certificate scam in an institution some of them graduated from

when we arrested those people. They spent some time in custody and made damning statements that indicted topranking members of the university."

SaharaReporters estimate that 104 degree certificates have been issued so far by the LASU syndicate, singling out the ICT department of the school as “very corrupt and there are still elements there today who were part of the certificate racketeering.”

The Dean of Student Affairs Professor Abayomi Olumoko has been suspended and now replaced by Dr. Abiodun Fatai-Abatan a senior lecturer in the Department of Political Science, according to a statement by Mrs. Oluwayemisi Thomas Onashile, Coordinator of the Centre for Information and Public Relations.

“Lagos State University Management does not take such matters lightly. Its inquiries into the allegations will be concluded before the end of 2023. Consistently with applicable law, the outcome of the inquiry will be published and appropriate action will be taken,” insisting that “there has been no cover-up and there will be no cover-up.”

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In a joint statement by Dr. Monday Igbafen, former chairperson of AAU chapter of ASUU and Dr. A.A AizebiojeCoker, secretary, Dr. Nosa was also accused of using his office to collect N30,000 per post-graduate student for presentation/defense of proposals/seminars against the approved regulation of Senate.

“Dr. Omoregie,” Igbafen and Aizebioje said, is “using his office as acting Head of Department, has been collecting from the Part-time students between N5,000 to N10,000 under the guise of checking for missing results. The phenomenon of missing results has since been outlawed by the Senate of the university.”

Responding to the charge of certificate racketeering, Nosa denied all, insisting that he does not have a cyber café. “I do not have a cyber café,” Nosa said. “People want to tarnish my image just because they believe that I am working with the government. It is totally untrue. I don’t own a cyber cafe neither do I print certificate and transcripts for students.”

In the meantime, a forensic firm Wealth Root has faulted SaharaReporters allegations of certificate racketeering at LASU. Hired by the school’s management possibly to launder its already besmirched reputation, Mr. Benedict Okohnma General Manager of the company admitted there was indeed a certificate racketeering syndicate but carried out by some staffers of the institution’s satellite campuses.

“We wish to bring to the notice of the general public some misconceptions which are already in the social and traditional media about the alleged certificate racketeering in the Lagos State University,” a statement from Wealth Root asserted.

“During our investigation, we discovered that this act was being perpetrated through the University External System otherwise known as Satellite campuses and not the full-time regular academic programmes as it was being projected in the media.

“Further findings by us also revealed that some members of these syndicates had once worked at the university’s External System at one point or the other, and so took advantage of the university’s resolve to wind up the External System by clearing the backlog of yet to be graduated students of the External System platform, otherwise known as part-time students at the time.”

Like the university spokesperson, Thomas-Onashile, Wealth Root also confirmed investigation is ongoing and there will be no cover up. “The university also charged us not to compromise standards but to do a thorough job by

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Super Falcons

Highs And Lows of Nigerian Sports in 2023

BY JUDE OBAFEMI

T

he year 2023 was an eventful one for Nigerian sports, filled with inspiring highs and disappointing lows across various sporting disciplines. From football to athletics, boxing to basketball, Nigerian athletes experienced both triumph and heartbreak on the global stage.

Osimhen

As always, football garnered a lot of attention and headlines.

The year kicked off with rising star Victor Osimhen continuing his goal-scoring heroics for Italian giants Napoli, outshining even the great George Weah and iconic Samuel Eto’o Fils in the number of goals scored in a single Serie A season by an African. His prolific partnership with Georgian striker Khvicha Kvaratskhelia powered Napoli to their first Scudetto in over 30 years.

However, Nigeria's World Cup absence after failing to qualify for Qatar last year remained a sore point for fans. In 2023, the Super Eagles continued to struggle under manager Jose Peseiro, with uninspiring draws against minnows like Sierra Leone and Ethiopia. A leadership change was part of an ongoing debate throughout the year, with the Nigeria Football Federation urged to turn to local coaches like Finidi George in the event of Peseiro's exit.

Ofili

“

In athletics, Nigeria endured similar high highs and low lows.

Sprinter Favour Ofili enjoyed a breakout year, claiming sprint doubles at both the Commonwealth Games and African Championships

In September, however, Peseiro's contract was extended after he agreed to a significant wage reduction.

The NFF struggled financially due to the high salary initially agreed upon. The renewal involved a nearly 30 percent pay cut, aligning his earnings

with previous coaches. Peseiro had already secured Nigeria's spot in the 2024 Africa Cup of Nations and he was tasked with reaching the tournament's semi-finals. He introduced new players for the international matches that followed, including Gift Orban, Victor Boniface, and Jordan Torunarigha.

Additionally, he was given charge of coaching the CHAN team, composed of domestic league players competing in the CAF Africa Nations Championship.

The domestic league also faced issues in 2024, with the Nigeria Professional Football League suffering from mismanagement, an unstable calendar, and poor infrastructure. A mid-season takeover brought hope of a revival through corporate investments from the likes of tech company Propel Sportz Digital. In the previous season, Enyimba emerged league champions after nine years, beating Rivers United in a dramatic penalty shootout in the abridged season's final. The People's Elephant has seen a decline in fortunes since they were knocked out of the continent's biggest tournament, the CAF Champions League and the inaugural African Football League. They could not withstand the firepower of Moroccan giants, Wydad Casablanca.

In athletics, Nigeria endured similar high highs and low lows. Sprinter Favour Ofili enjoyed a breakout year, claiming sprint doubles at both the Commonwealth Games and African Championships. The athlete emerged the Female Athlete of the championship at the 2019 African U18 event after winning the 200 and 400m with new personal bests in both. In February this year, she demonstrated her remarkable talent at the NCAA Indoor Championships in March 2023.

In the women's 60m event, Ofili qualified for the final with a new Personal Best of 7.14s. However, it was in the 200m race where she truly excelled, storming to a blistering time of 22.11s in the heats. This performance not only secured her victory but also set multiple records, establishing her as the 4th fastest woman ever in the indoor 200m category. Her achievement included a new Personal Best, School Record, THEWILLNIGERIA

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CHRISTMAS EDITION 2023 T H E W I L L N E W S P A P E R • www.thewillnews.com

SPORTSLIVE

...Nigerian Sports in 2023 Also, the Commonwealth Games Federation stripped Nigeria of its gold medal in the women’s 4x100 metres event won at the Birmingham 2022 due to one of its runners, Grace Nwokocha, failing a doping test for ostarine and ligandrol.

As a result, the victory of the outstanding quartet of Tobi Amusan, Favour Ofili, Rosemary Chukwuma, and Nwokocha was invalidated, and England, Jamaica, and Australia were awarded upgraded medals. Nwokocha faced immediate suspension, and her case was sent to the

performances demonstrated Nigeria's enduring pedigree in African basketball. Newly appointed coach Rena Wakama etched her name in the record books too as the first female tactician to claim the AfroBasket.

The year also exposed flaws in Nigerian sports governance.

Athletics and football federations were engulfed in unnecessary leadership tussles and factional infighting instead of promoting athletes' interests. Meanwhile, ageing former sports heroes continued to suffer from financial neglect and inadequate welfare provisions.

Disturbing events like the gun attack on lower league club Sunshine Stars highlighted security issues. Criticism also persisted around decrepit national stadium facilities like the Moshood Abiola complex falling back into disrepair shortly after costly renovations.

However, on a positive note, corporate sponsorships steadily increased, indicating a growing commercial appeal and viability of Nigerian sports. Partners like Sterling Bank aided Bendel Insurance's fairytale promotion to the elite division and their remarkable title challenge. Initiatives like the privately funded Naija Super 8 Football Tournament also attracted sizable investments and sponsorship deals from the likes of GTI Group. Such collaborations provide templates for future progress.

Oshoala

In September, MTN Nigeria solidified its position as the exclusive telecommunications partner for streaming NPFL games on mobile devices. Partnering with Propel Sports Africa, this collaboration was entered to broadcast eight live

Despite losing her World title crown in Budapest, Amusan bounced back strongly, securing victory in Oregon with a remarkable time of 12.33 seconds, marking her season's best. Dominating the Diamond League event, she clinched gold consecutively, surpassing all her competitors. As the Diamond League in Oregon marks the final event of the year, Amusan aims to build on this success when the event resumes in 2024.

However, the sport's reputation took a hit when Divine Oduduru received a 4-year ban for doping violations. The case was linked to that of disgraced Beijing Olympics medalist Blessing Okagbare, who remains sanctioned after a marathon 11-year suspension for numerous breaches. More positives came from discus thrower Chioma Onyekwere and shot putter Chuk Enekwechi, who both etched their names in the record books.

Athletics Integrity Unit for further action.

A new wave of Nigerian boxers like Ridwan "Scorpion" Oyekola seized their chance for glory. The young pugilist notched a first round knockout in a boxing show tagged, ‘Okinawa Mayhem’ in January against Manat Sopatip of Thailand. His rise coincided with veteran Olanrewaju Durodola's challenge for the vacant WBC Cruiserweight title, as Nigerian boxing entered a rebuilding phase even if he eventually lost to Ryan “The Bruiser” Rozicki. More established names like Anthony "Showtime" Joshua lost titles but remained determined to fight on.

Elsewhere, the Nigerian women's national basketball team recovered from a disappointing absence at the FIBA Women's World Cup 2022 to create history. The D'Tigress won their fourth straight FIBA Women's AfroBasket title, led by MVP Amy Okonkwo. Her dominant double-double

Continued from Back Page

BVN/NIN: Why They Are Important For You And National Development require renewal.

Can they ever change? BVN may change if incorrectly issued by a bank. NIN cannot change except when revoked due to established identity fraud.

What if I forget my number? Banks can retrieve BVN, while NIMC retrieves NIN using registered phone numbers, biometrics etc.

Must I always provide the number? Yes, always have your BVN/NIN handy, as they will frequently be required for identification.

Can anyone access my information? No. Individual data is confidential and protected under data THEWILLNIGERIA

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privacy laws. Only you and authorised verification agencies via secure protocols can request verification.

Every Nigerian, businesses and government institutions inclusive, has a responsibility to support the NIN/BVN initiatives, which underpin modern identification systems. Secure identity is vital for fraud prevention, service delivery, financial inclusion, law enforcement and national progress. All Nigerians should enroll for NIN, provide it to banks for BVN linkage and present whenever required. The personal, social and economic benefits are invaluable for the country's development.

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Oduduru

Hurdler and former World Record holder Amusan, who made history as Nigeria's first track and field world record holder in 2022, retained her Diamond League title in 2023. Following issues regarding her whereabouts and a violation of WADA's Athletic Integrity Unit, which impacted her performance in Budapest, Nigeria's 100-metre hurdle standout made an impressive comeback in Eugene, Oregon.

Amusan

NCAA Lead, Championship Record, and the fastest time globally for the year 2023.

games weekly, totaling over 300 games per season. The deal includes real-time highlights delivered to MTN subscribers through the NPFL Live OTT platform. With commitments from MTN and accolades from various stakeholders, this partnership is meant to transform the NPFL's reception and elevate football viewing experiences for fans nationwide.

In December, the NPFL set its sights on reintroducing Friday night matches, citing specific sections of the NPFL Framework and Rules for justification. Davidson Owumi, the Chief Operating Officer, highlighted the intent to schedule fixtures on Friday nights in conjunction with CAF Club Licensing procedures. This move follows the league's recent expansion onto various streaming platforms, aiming to engage a broader audience. Clubs have been instructed to ensure their facilities, especially floodlighting, are in optimal condition. *Continues online at www. thewillnews.com

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CHRISTMAS EDITION 2023

BVN/NIN: Why They Are Important For You And National Development I n recent years, the Nigerian Government introduced two major identification number systems – the Bank Verification Number (BVN) and the National Identification Number (NIN). These unique numbers are linked to an individual's biometric data and are intended to enhance identity verification, reduce fraud, and promote financial inclusion.

However, many Nigerians still do not understand why they need these numbers and how they benefit the country. This needs to be addressed because of their significance for personal and national development.

The BVN is an 11-digit number randomly assigned by banks to individuals with bank accounts in Nigeria. During BVN enrollment, an individual's fingerprints and facial image are captured and linked to the BVN. This biometric data enables banks to verify customer identities and connect all their accounts, preventing identity fraud. If any questions arise, regarding a customer’s identity for transactions, the bank can instantly validate it using their fingerprints.

The NIN is an 11-digit non-sequential number issued by the National Identity Management Commission (NIMC) upon enrollment into the National Identity Database. The NIN is tied to an individual’s biometric data, including fingerprints and headshot photo on record with NIMC. It provides the primary means of identifying every Nigerian citizen and legal resident. The NIN is meant to be the foundational identification format of all individuals necessary for public services and transactions.

These two identification systems are significant in many ways and their use is mandatory as stipulated by the Federal Government.

The BVN and NIN are actually game changers and good for everyone. They prevent identity theft and fraud by providing undisputed verification of identities. Hard working people have had their bank accounts and investment fraudulently taken over by impersonators because we did not have a biometric identification system. The mandatory implementation of the identity management law drastically reduces these frauds to almost zero.

With the NIN and BVN, individuals can confidently apply for loans, open bank accounts, register property and assets, register to participate in elections, access social benefits and bursaries, and carry out countless essential transactions, without fear of impersonation.

In Nigeria, a deep lack of identification was a major reason millions of people lacked access to financial services. There was no dependable database of all of us. But the BVN and NIN enable more people,

including those in rural areas to be the real beneficiaries of financial services and most importantly government social programmes, such as cash transfers to the poorest of the poor, which often ended up in the pockets of roguish government personnel and their agents in the private sector.

Government agencies and private institutions can also efficiently identify recipients of social benefits and palliatives, as well as plan well for administration and service delivery to Nigerians.

The BVN and NIN completely eliminate phoney or dual identities, which hitherto enabled fraud and individual actions around illegal acts can be immediately traced to those who commit them.

In addition, employers can seamlessly verify identities and credentials of employees using NIN and BVN. This enhances recruitment processes, payroll administration and most importantly, background

checks.

Law enforcement and criminal justice agencies benefit from accurate identification records of Nigerian citizens and residents built on the foundational NIN system. National security policy and planning relies on valid population data, which NIN provides and like countries where data is important in service delivery, Nigeria can benefit immensely from these identification data. This is because valid real-time population data enables effective policymaking, planning and resource allocation across public and private sectors. This is why Engr. Abisoye Coker Odusote, the new Director-General/CEO of NIMC, a passionate data management professional was appointed by President Bola Tinubu to effectively drive the NIN policy and ensure optimal compliance with the administration of the National Identity Management Commission Act. Yet, we all have responsibilities to play to bring this about. Every Nigerian who is yet to have their BVN and NIN is expected to enroll for their NIN with NIMC and provide it to their bank for linkage to their BVN. It then becomes everyone's duty to protect and keep NIN and BVN details safely and present them when required for identification.

The same applies for businesses. Private companies must collect and validate BVN/NIN details of customers for records, transactions and interactions. They are also expected to procure verification devices and maintain responsibility for secure data practices.

As for employers, NIN details should be collected from prospective and current employees and utilised for HR functions like recruitment, payroll, pensions etc.

Government Agencies are also expected to collaborate with NIMC to integrate agency databases with the National Identity Database for real-time verification of identity while also maintaining continued liaison with NIMC. Readers may have questions about BVNs and NINs, which others have asked in the past. The FAQ section of the NIMC provides answers to give peace of mind to those worried about any aspect of the system.

Are they really secure? Yes, very secure. The numbers are randomly generated, while the biometric databases are safely encrypted making them impossible to falsify.

Do the numbers expire? No. BVN and NIN once issued, remain with an individual for life. They do not

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The BVN and NIN completely eliminate phoney or dual identities, which hitherto enabled fraud and individual actions around illegal acts can be immediately traced to those who commit them PAGE 48

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