THEWILL NEWSPAPER July 16, 2023

Social media has become an essential part of our lives. The world is now literally in your palm as you navigate different social media platforms from a device that fits into your palm. For us in the media space, we stay abreast with happenings around the world with the push of a button. For the rest of the world, information goes around relatively quickly; although there have been times when it took time to tell which was fake news, such times are fewer than with authentic news. It doesn’t stop with the newsroom; even politicians use social media for their campaigns, as do celebrities, to promote one new project or the other. Social media has become a force to be reckoned with in this digital age, and from the look of things, we might have more social media applications springing up. You would think that we would be tired of yet another social media app, but this proved wrong as with Instagram’s launch of Threads, the application had 30 million users in just 24 hours. This is a clear indication that the right app will always attract users. But what does this mean for the world at large? Read our take on this on pages 8 through 10.

What happens when you place ten comedians in one house with one aim: Try to make each other laugh. That’s the story behind LOL: Last One Laughing Naija, which premiered last week Sunday. We interview three of the show’s cast, Maryam ‘Taaooma’ Apaokagi-Greene, Onyebuchi ‘Buchi’ Ojieh and Otaghware ‘I Go Save’ Onodjayeke, who talk about different aspects of the show. Catch that on pages 14 and 15.

As we age, our skin concerns and the products we use change. From teenage to mature years, we discuss the different skincare regimens and products you will need to navigate different stages in life. See page 5. Until next week, enjoy your read.

Photo: Kola Oshalusi @insignamedia Makeup: Zaron

COVER

President Tinubu to Announce

Ministerial Nominees in Batches

• Senate May Get Names of Nominees This Week

• President Facing Tough Choices in Some States

•

Settles For Ganduje, Kwankwaso as Nominees For Kano, N/West

BY AMOS ESELE

Less than two weeks to the 60-Day Constitutionally mandated deadline for the appointment of Ministers, President Bola Tinubu has found a way around the looming dilemma as he struggles to build his cabinet, THEWILL can authoritatively reveal.

The president according to THEWILL checks will unveil his ministerial picks in batches with the first set likely to emerge this week. Partly responsible for this decision are the diverse interests he is taking into consideration as he assembles a cabinet that he intends to use to deliver on his campaign promises.

According to sources familiar with the president’s thinking, the leader plans to form a government of national interests across party lines by giving appointments to members of opposition parties with his eyes already on the 2027 general elections.

These calculations coupled with the need for further consultations with key stakeholders within and outside his party, the All Progressives Congress (APC), according to our sources, has been forcing the president back to his drawing board to constantly tweak portfolios to assign to states and who to appoint to effectively man the post. This development has seen Wale Edun returned as Minister for Finance.

THEWILL checks show that President Tinubu is scheduled to send the first batch of nominees to the Senate for confirmation as early as this week, just to beat the July 29, 2023 Constitutional deadline. “He will subsequently forward more names to the Senate for confirmation after the deadline”, one of the sources said, asking to not be identified.

The constitution mandates the president to appoint a minister per state. There are

36 states in the federation and the FCT. For political considerations, the president is expected to nominate at least six more persons with one coming from each of the 6 geopolitical zones.

RAGING BATTLES IN STATES: KANO

Prominent among the states giving President Tinubu dilemma is Kano State in the North West. After weeks of consultations and political engineering, THEWILL checks show that political arch-rivals and former governors of the state, Dr Rabiu Kwankwaso of the New Nigeria Peoples Party (NNPP) and his successor, Abdulahi Ganduje of the APC, will be nominees representing both Kano and the North West zone in the cabinet.

THEWILL recalls that Tinubu and Kwankwaso following their post-election

...Ministerial Nominees in Batches

meetings, have sealed a deal to work together ahead of the 2027 polls. For Kwankwanso, coming into the cabinet will be the first step towards consolidating this understanding with the President. Ganduje is a foremost Tinubu loyalist.

CROSS RIVER, RIVERS,

Some of the problematic states where President Tinubu is trying to manage political interests include Cross River, Rivers and Delta.

In Cross River, ex-Governor Ben Ayade, who failed to win his senatorial bid but delivered good numbers for Tinubu in the February 25, 2023 presidential poll and delivered the governorship for the party, is having a running battle with his successor, Bassey Otu. The Governor, THEWILL learnt, is not keen on Ayade becoming the state’s nominee. “The governor has said he will not nominate Ayade for the post of Minister representing Cross River,” a source close to Otu told THEWILL.

Unlike Cross River, the situation in Rivers State is complicated. Right from the eve of the presidential election in February when former Governor Nyesom Wike of the Peoples Democratic Party, PDP, openly declared his support for Tinubu’s candidacy, the state chapter of APC and its members were relegated in the scheme of things. Tinubu did not help matters for his party members in Rivers when, politicking for votes, he paid them no attention but embraced Wike.

After all, the APC in the state is factionalised. One of leaders of the factions and former Transportation Minister, Rotimi Amaechi, had maintained a cold distance after he lost the presidential primary election to Tinubu in July 2022, right up to the campaigns.

Wike, apart from rallying his G-5 led aggrieved PDP governors for Tinubu, also donated heavily to Tinubu’s campaign war chest and delivered Rivers votes to him. These ‘sacrifices,’ have endeared the former Rivers helmsman to the president who is said to be ready to reciprocate the gesture though also with an eye to the repeat electoral performance in the state in 2027.

Besides, there is another leader of the factionalised APC in the state, Senator Magnus Abe, who is loyal to Tinubu. He campaigned for Tinubu during the polls even after he fell out with Amaechi and defected from the APC to the Social Democratic Party, SDP, on whose platform he contested the governorship election in April 2023.

As at press time, it remained unclear how president Tinubu would navigate the interests of these players in these states and the South-South zone.

In Delta State, the battle appears to be between a former Deputy President of the Senate, Ovie Omo-Agege and former Minister of State for Labour and Productivity, Festus Keyamo, spokesman of the APC Presidential Campaign Council.

Although Omo-Agege, who was the governorship candidate of the APC in Delta State, is currently contesting his loss to the

PDP candidate, Sheriff Oborewhori, at the Election Petitions Tribunal in the state, he is said to be in contention with Keyamo for the ministerial position in the state.

The rivalry between Omo-Agege and Keyamo heightened during the governorship primary of the party when forces loyal to the former Deputy Senate President routed Keyamo’s. But the latter reasserted his power when he delivered his ward to the president, a no mean feat in a state that has been under the grip of the PDP since 1999.

“So the dilemma in the South-South zone for the president is who to pick to represent the states and zone,” our source said.

In Lagos, where he was the pioneer governor for two-terms and controls the political structure, things are surprisingly yet to fall in place for Tinubu. The nominee list had undergone three tweaks in the past weeks, according to THEWILL investigation.

GOVERNMENT OF NATIONAL INTERESTS/UNITY

The presence of loyalists like Wike and Kwankwaso who are members of the PDP and the NNPP, respectively, in the cabinet will fulfill the President’s desire to create a government of national unity. It is in that same light that he called on the governors of the 36 states to send nominees for appointments into the 42 governing boards of all federal parastatals, agencies and institutions and government-owned companies, which were dissolved a fortnight ago.

Last Friday, the President constituted a special committee led by his Chief of Staff, Rt. Hon. Femi Gbajabiamila with the Secretary to the Government of the Federation, Senator George Akume, Special Adviser to the President on Political and Intergovernmental Affairs, Mallam Yau Darazo and some other persons to draw up nomination modalities to be used to appoint competent and capable persons into the recently dissolved boards of

DELTA/LAGOS

The presence of loyalists like Wike and Kwankwaso who are members of the PDP and the NNPP, respectively, in the cabinet will fulfill the President’s desire to create a government of national unity. It is in that same light that he called on the governors of the 36 states to send nominees for appointments into the 42 governing boards of all federal parastatals, agencies and institutions and governmentowned companies, which were dissolved a fortnight ago

Nullify APC Votes, Declare PDP Winner, Witness Tells C’River Tribunal

The Legal Adviser of the Cross River State Chapter of the People's Democratic Party, Ikpi Ubana, has told the Governorship Election Petition Tribunal in the state to nullify the votes won by the APC in the election and declare his party winner.

Ubana said this when he appeared as the fourth and final witness in the petition instituted by his party as suit number EPT/CR/GOV/03M/2023.

Ikpi Ubana, who adopted his three evidences in Chief, said that although the second and third respondents (APC) got the majority of votes they are wasted because they were not qualified to contest the elections as at the time they did.

He contended that the third respondent (Peter Odey) specifically is still in the PDP and has not tendered any resignation.

He said (Peter Odey) is a PDP member who contested for the deputy governorship seat while still in the PDP.

On his British Citizenship, the PDP legal

adviser under Cross examination by INEC'S counsel, K.O. Balogun said the third respondent did not file an application for his exemption from signing the Oath of Allegiance.

He said, "There must be an application to the Secretary of home affairs which must be approved but in this case the third respondent has no such exemption.

"Immediately you subscribe to the British Citizenship, you swear to an Oath of Allegiance but he has neither shown us nor explained if he had a waiver."

The legal adviser also told the tribunal that of their case success, his party should be declared winner of the 2023 governor election in the state.

He contended that his party had evidence to show that the petitioners had 25 per cent votes spread in all the 18 local government councils to be declared winner.

Following the conclusion of his testimony, counsel to the petitioners said they have closed their case.

Court Dismisses Corruption Charges Against Okorocha

AFederal Capital Territory (FCT) High Court in Abuja has dismissed charges of corruption filed against Senator Rochas Okorocha by the Economic and Financial Crimes Commission (EFCC).

The EFCC had charged Okorocha before the court over alleged corruption and abuse of office when he was Governor of Imo State between 2011 and 2019.

In a judgment delivered on Friday by Justice Yusuf Halilu, the court noted that the anti-graft agency had filed a similar charge against Okorocha at the Federal High Court.

Justice Halilu described the EFCC’s charges of fraud and abuse of office against Okorocha as an abuse of the

Bayelsa Raises Alarm Over Environmental Impact of Oil Exploration

The Bayelsa State Government has expressed dismay at the extent of damage that oil exploration has caused and the attentant neglect by international oil companies (IOCs) operating in the Niger Delta.

Stop Blaming Colonialists For Underdevelopment, Diri Cautions

African Leaders

Bayelsa State Governor, Senator Douye Diri, has urged African leaders to stop blaming their woes on the colonial era but rather make deliberate efforts to develop their countries.

Governor Diri represented by his deputy governor, Senator Lawrence Ewhrudjakpo, spoke on Tuesday at the double launch of the books titled, The African Voice and Once A Soldier, at the Chief DSP Alamieyeseigha Memorial Banquet Hall in Yenagoa.

The two books were authored by the Chairman of the State Traditional Rulers Council and Ibenanaowei of Ekpetiama Kingdom, King Bubaraye Dakolo.

Senator Diri noted that institutions, such as PABOD Breweries, textile industries, paper mills in Delta and Akwa lbom states, crude oil discovery, Cocoa House were established prior to the colonial era and wondered why they had become comatose.

The governor, who stressed the need to do away with policies that create barriers to regional integration and economic development, advised that such policies should be jettisoned to allow for more integration to fast-track development in the continent.

The Commissioner for Environment, lselema Gbaranbiri, made this known while addressing a meeting of foreign experts from Oasis Earth and other Environmental Stakeholders in Yenagoa after an on-the -spot assessment tour to spill sites around the state, with a view to curbing the menace of environmental degradation caused by oil spills in the state.

According to Gbaranbiri, the state government was concerned about the level of damage that oil spills have caused the environment and its negative impact on human health, noting that the government was ready to collaborate with Oasis Earth to proffer lasting solutions to the challenges occasioned by oil exploration.

The commissioner said, “Before now, Bayelsans took to farming as a means of livelihood, but the situation is different today, as all our lands and water ways have been polluted by spills making life difficult for the citizenry.”

Speaking during the engagement meeting, the Director of Oasis Earth, an environmental scientist and professor in the University of Alaska, USA, Mr Rick Steiner, disclosed that, the organisation was formed to tackle the problems of Environmental degradation and that it had over the years worked on environmental aspect of oil and gas operations in a lot of Countries and States including the Niger Delta.

judicial process.

The Court cautioned the anti-graft agency, urging it to be a respecter of the law.

A Federal High Court in Abuja had, on February 6, 2023, discharged Senator Okorocha of N2.9 billion fraud charges preferred against him by the EFCC.

The EFCC had alleged that Okorocha, along with other defendants, conspired and diverted funds to the tune of N2.9 billion belonging to Imo State.

But Justice Inyang Ekwo, in a ruling in February, struck out the EFCC’s suit for being in contravention of Section 105 (3) of the Administration of Criminal Justice Act (ACJA), 2015, which gives the Honourable Attorney-General (HAGF) of the Federation the power to recall a case.

Diri, however, lauded African leaders for taking steps to establish the African Continental Free Trade Area, which promotes intra-African trade thereby deepening integration.

He said: "The problem is with us and not colonialism. I don't believe our predicament is still about the colonial masters. After all, it was not only Africa that was colonized. China, India and America were also colonised so why the perpetual cry about colonialism?

"There was colonialism before we had the Cocoa House, oil boom, PABOD Breweries, textile industry in Kaduna, paper mills in Sapele, Delta State and Oku Iboku in Akwa Ibom State. What has happened to those assets?

According to him, he and his partner, Mr Festus Odubo, were on a fact finding and assessment visit to Bayelsa, regarding oil spills and its effect in the State,the current State of oil industry divestment, decommissioning and abandonment of onshore infrastructure/facilities on the Niger Delta and to prepare a report with observations and recommendations to be circulated to all interested organisations including the United States Secretary General based on their gatherings from the visit.

Others who spoke on the various challenges and recommended solutions to the Oil Spill problems are Mr Iniruo Wills, former Commissioner for Environment,Bayelsa State, Mr Bank Japhet former Director, Petroleum Pollution Control Department, as well as other key Environmental Experts and Community representatives who all called for the need for a proper frame work to curb oil spills and its effects in the state.

L-R: Host, Big Brother Naija, Ebuka Uchendu; Head of Content and West Africa Channels, MultiChoice Nigeria, Dr Busola Tejumola; Chief Executive Officer, MultiChoice Nigeria, John Ugbe; Executive Head, DStv Media Sales, Doris Ohanugo and Head of Product Marketing, MoniePoint, Chinedu Oparaku, during MultiChoice media briefing to herald BBNaija Season 8, held at Art Hotel in Lagos on July 15, 2023.

Photo: Peace Udugba

FROM DAVID OWEI, YENAGOA

FROM BASSEY ANIEKAN, CALABAR

EFCC Shifts From Enforcement to Crime Prevention, Seeks Media Support

The Economic and Financial Crimes Commission (EFCC) says its focus is shifting from enforcement to crime prevention.

The spokesman for EFCC, Mr Wilson Uwujiaren, said this in Lagos on Thursday, during a workshop for some journalists on Financial Crimes Reporting.

He said that the essence of the workshop was to enable journalists covering the commission to key into the fight against economic and financial crimes and to update them of the commission’s activities.

Ministerial List: FCT Deserves

Slot - Abuja-based Lawyer

An Abuja-based human rights lawyer, Pelumi Olajengbesi, says it will be injustice for the indigenous people of the Federal Capital Territory (FCT), if the current administration does not give the FCT a ministerial slot.

Olajengbesi, who is the Managing Partner at the Law Corridor, a law firm in Abuja, urged President Bola Tinubu on Friday not to deny the FCT the benefits of a state.

He said it would be hypocritical not to allot a ministerial slot to the FCT after the party considered the FCT as a state, while arguing the requirement of 25 per cent of votes during the presidential election.

He said the All Progressives Congress (APC) argued during the 2023 presidential election that the FCT is a state, citing Section134 (1) (b) and (2) (b) with emphasis on “two-thirds of all the states in the federation and the Federal Capital Territory, Abuja”.

“For fairness, justice and equity, the APCled government of President Bola Tinubu should not deny the Federal Capital Territory a ministerial slot just as each of the 36 states get at least one ministerial slot,” he said.

Olajengbesi said that his call was in line with Section 318 of the 1999 Constitution on federal character principle to promote national unity, foster national loyalty and give every citizen of Nigeria a sense of

belonging to the nation.

“Also, Section 14 (3 and (4) of the 1999Constitution says that composition of the Government of the Federation must be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity.

“The APC-led administration should give a sense of belonging to the aboriginal people of Abuja and give a ministerial slot to an indigene just as each of the 36 states produced indigenes as members of the Federal Executive Council.”

Olajengbesi noted that no indigene of Abuja had been appointed FCT Minister since the return to democracy in 1999, yet political parties use the FCT as a state to get the required constitutional votes to win presidential election.

He listed the past FCT ministers to include Ibrahim Bunu, from May 1999 to February 2001 (Borno State) and Mohammed Abba Gana, from February 2001 to July 2003 (Borno State).

Others were Nasir elrufai, from July 2003 to July2007 (Kaduna State); Aliyu Modibbo Umar, from July 2007 to October 2008 (Gombe State) and Adamu Aliero, from December 2008 to April 2010 (Kebbi State).

He also listed Bala Mohammed from Bauchi, as the occupant of the seat from April 2010 to May 2015.

Uzodinma, Diri, Others to Headline

Freedom Online 5th Anniversary Lecture

Discourse about the expectations of Nigerians from their leaders at both state and federal level will be the focus on Tuesday as eminent Nigerians including Governors, Political leaders as well as opinion leaders will participate at a deliberation which will focus on “Nigerians, Elected Leaders and Expectations'.

Freedom Online will host these eminent Nigerians at its fifth annual lecture at Sheraton Hotel, Ikeja, Lagos.

A statement by the Freedom Online Managing Director/Editor-in-Chief, Gabriel Akinadewo, says Governor Hope

BOR: CAC to Strike Off Non- compliant Companies

The Corporate Affairs Commission (CAC) has said it will commence the striking off of companies that fail to comply with the Beneficial Ownership Register (BOR) implementation soon.

The CAC Registrar-General, Alhaji Garba Abubakar, disclosed this to newsmen on Wednesday in Abuja on the sidelines of its training workshop for stakeholders on the use of BOR.

The News Agency of Nigeria (NAN) reports that BOR is a public register of the true ownership and control of Companies and Limited Liability Partnerships (LLPs) in Nigeria.

With the Register, any person can easily ascertain who owns what in Nigerian Companies and LLPs.

This is crucial in combating corruption, illicit financial flows and other forms of criminality under the cover of Companies and LLPs. It also promotes transparency in the conduct of business in Nigeria.

Abubakar said: ”Well, they have to comply because the commission will have zero tolerance for non compliance.

”Apart from the penalty, we are compiling a list of companies that are not up to date in an audit and very soon we are going to strike them off from the register.

”And the consequence of striking-off from the register is, any asset or any property you hold in the name of that company will be vested with the government.

Uwujiaren, who represented the acting Executive Chairman, Mr Abdulkarim Chukkol, said that, in preventing financial and economic crimes, the media was a critical partner.

“We believe that the media is critical in the fight against financial crimes, that is why we are here today to share knowledge and see how the media can help us, in preventing financial crimes, especially money laundering,” he said.

The spokesman recalled a time when they visited certain parts of the country and found it difficult to get hotel rooms.

He said they were told that this was because many rooms had been taken over by internet fraudsters popularly called “Yahoo boys”, urging journalists to help in investigating and uncovering such happenings.

“This is an issue bordering on financial crimes and the fight is not meant for the EFCC alone, the media has to complement the commission,” he said.

The image maker advised members of the public to always fill forms while lodging in hotels, urging them to avoid falling victim to fraudsters,

According to Uwujiaren, hotel proprietors also have it as an obligation under the Money Laundering Act to report to the commission the activities of guests they suspect to be fraudsters.

He said members of the public must also report to EFCC any singular transaction from N5 million cash and above, as for individuals, and N10 million cash for organisations, stressing that failure to do so was criminal.

The spokesman said that the commission was expecting financial transaction reports always from designated non-financial businesses and professions, which include Casinos, car dealers, legal consultants and consulting companies.

Uzondima of Imo State, his counterpart from Bayelsa State, Governor Douye Diri, Senator representing Ogun East and former Governor of Ogun State, Otunba Gbenga Daniel and former Deputy National Chairman of the Peoples Democratic Party, (PDP), Chief Olabode George among other political stakeholders in the country will feature at the event. Akinadewo said Governor Uzondima. will be the Special Guest Speaker; Governor Diri, Special Keynote Speaker ; Chief George , Special Guest of Honour, Senator Daniel as Chairman, while the President, Nigeria Guild of Editors, Eze Anaba will serve as Chief Host.

”This is because it is like a lost property until you go to court to ask for the name to be reinstated.

”For as long as that company remains struck off, you will not be able to access your funds in the bank, you will not be able to do any contract, you will not be able to enter into any business relationship.”

Abubakar said that the commission would soon remove the first 100,000 companies and after one month the next 100,000 would follow.

”And these are companies that are not up to date that have not filed annual returns in the last ten years.

He also listed dealers in machineries, precious stones, mechanised farming equipment, pool betting, mortgage brokers amongst others.

The News Agency of Nigeria (NAN) reports that over 25 journalists drawn from the print, broadcast and online media organiations participated in the workshop. Three papers were presented on “Understanding the new money laundering laws in relation to designated non-financial business and profession”, “Investigative journalism and fight against money laundering”, and “New trends in cybercrime: how not to become a victim”. (NAN)

Chairman Progressive Governor's Forum/ Imo State Governor, Sen. Hope Uzodimma (Left) with Chairman, Body of Benchers, Justice Mary Peter Odili, at the unveiling and presentation of Imo State Law Reports (2004- 2022), at the Concorde Hotel Owerri on July 15, 2023.

POLITICS

Bleak Future Awaits PDP

BY AYO ESAN

This may not be the best of times for the main opposition party, the Peoples Democratic Party (PDP). The once dominant party, which ruled Nigeria for 16 years, is losing even the areas that were previously considered to be its stronghold to its biggest political rivals, the All Progressives Congress (APC) and the Labour Party (LP).

Eight years after losing out to the APC at the Federal level, the PDP’s fortune appears to have dipped and the party itself is burdened by lack of cohesion, leaving political observers in the country to conclude that a bleak future awaits the party.

It would be recalled that the PDP had a good run at the Federal level at the outset, dominating both the executive and the legislature for a straight 16 years.

It is also a known fact that many of the founding fathers of the party, which used to pride itself as the largest political party in Africa, are dead. A few have left for other political parties and the rest have taken the back seat in the running of the party due to frustration from the younger elements who believe they have all it takes to manage the party.

These elders clearly had decided to keep their fingers crossed and watch the young Hawks distort the vision of the founding fathers of the party, thus paving the way for the party’s defeat in major electoral contests in the last few years, especially in the last general election.

These young hawks have jettisoned the party’s supremacy, loyalty and the values that once held the party together. They openly flirt with other political parties and dare the PDP leadership to do its worst. It is unbelievable how some aggrieved party members and leaders openly supported the ruling APC in the last general election, while one of its runaway

leaders, Mr Peter Obi became a rallying point for a lesser known Labour Party.

Surprisingly, Obi who was the PDP vice presidential candidate in the 2019 Presidential Election led the LP into victories in the South-East, some North Central states, South-South and quite unbelievably, in Lagos in the recent presidential election.

Also five of the party’s state governors, the self-styled G-5 Governors, led by former Rivers State Governor, Nyesom Wike, did not hide the fact that they worked for the APC presidential candidate, Bola Tinubu, who was eventually declared winner of the election by the Independent National Electoral Commission.

Cracks began to appear within the party after the leadership jettisoned its zoning principle by choosing its presidential candidate from the North, the region where its National Chairman, Dr Iyorchia Ayu, also hailed from.

THEWILL recalls that the founding fathers of the party adopted power rotation as a way of dousing the fear of dominance by one region over others. And with such a solid foundation, it was not a surprise that the party dominated and ruled the country continuously for 16 years.

Wike and his allies, citing the rotation principle of the party laid down by the founding fathers, called for Ayu’s resignation. They had argued that since

It is unbelievable how some aggrieved party members and leaders openly supported the ruling APC in the last general election, while one of its runaway leaders, Mr Peter Obi became a rallying point for a lesser known Labour Party

...Future Awaits PDP

Ayu and Atiku Abubakar, the party’s presidential candidate, both came from the same region, one of them had to give up his position to a southerner.

But Ayu insisted that he would not resign his position on the basis of the demands of the G-5. In response, the five governors of the party and their allies in the ‘Integrity Group ‘ shunned the PDP Presidential Campaign and mobilised against the Atiku in the election. They all worked for Tinubu.

Despite the removal of Ayu via a court decision and the fact that the party is currently at the Election Petitions Tribunal to challenge the outcome of the presidential election, leaders of the party who felt aggrieved before the election have not changed their positions as they still remain in the party and openly boasted how they aided the party’s defeat in the election.

Only last week, a former Governor of Ekiti State and PDP chieftain, Ayodele Fayose, disclosed that he worked for the candidate of the APC, Bola Ahmed Tinubu, during the last presidential election.

Speaking during a TV programme, Fayose said he chose to work against his party’s standard bearer, Atiku Abubakar, because the “PDP has not been fair to me”.

He said, “I never worked for the PDP during the last election. I cannot work for two people at the same time,”

“The reality is that I worked for Asiwaju Tinubu. He is a respectable person from the South-West. It is the time of the South.”

Also a former Chief of Staff to the Rivers State Governor, Chief Tony Okocha, said that ex-Governor Nyesom Wike made it possible for the APC and Tinubu to win the last presidential poll in the state.

Okocha said APC leaders in the state are pleading with the President to concede the ministerial slot for Rivers to Wike.

He said Wike committed huge material and financial support to the poll for Tinubu to win.

Okocha said that without the influence of Wike, Obi could have swept the state.

He said, : “The point I’m making is that neither my former boss, ex-Governor Rotimi Amaechi and his group nor Sen. Magnus Abe and his group worked for Tinubu.

“What helped us in Rivers State was the stupidity of PDP, we all know. At the centre of that is the spin doctor, Nyesom Wike, the then Governor of my state.

“Since the inception of PDP in 1998, Rivers State has been a safe haven for PDP. It has won elections backto-back. Even when we were in government, PDP still defeated us in Rivers.

Wike gave instructions to his PDP family because they had no candidate to vote for. ‘Work with APC’ and it was me they were coming to work with because I was the arrowhead (of the APC).

“Abe had left for SDP, Amaechi was not keen. I’m bold to say that Wike took care of the election bills. He was the one that paid the piper.

“Without Wike’s huge support, material and financial, Peter Obi could have swept Rivers State.

Even to localise Wike to Rivers State, you are shortcutting and short-circuiting his influence. If the G-5 governors were intact with the PDP, their party would have won.”

“The point was made clearly that it was Wike,

otherwise, I would have appropriated it to myself. I was keeping the house. He (Wike) played 70 per cent or more of the role that made the election of Tinubu in Rivers State possible.

“It has been acknowledged by all of us, including Magnus Abe, in one of his grandstanding appearances. He said that in the PCC, they didn’t reckon with Rivers State but winning Rivers State was to show that Wike was the game-changer”.

The rotation principle, which was jettisoned, created the crisis that led to the poor performance of the party in the last general election.

THEWILL recalled that at a stage before its crumbling, PDP leaders were boasting that the party would continue to win the presidential election and control the federal structure for 100 years.

Its dominance was so overwhelming that one of its former chairmen, Chief Vincent Ogbulafor predicted that the PDP would control the country for 60 years.

Ogbulafor made the controversial comment in 2008 while he was occupying the topmost position in the party.

He said “Some time ago, I used to read in the newspapers that the umbrella of the PDP was torn. Each time I read that, I would laugh and then say to myself that the umbrella is still strong and very intact and ready to accommodate more people.

“The PDP is a party for all and it is set to rule Nigeria for the next 60 years. I don’t care if Nigeria becomes a one-party state. We can do it and the PDP can contain all.”

Explaining why he uttered the statement, years later, the Abia-born politician said: “When I was PDP chairman, there was peace, and I brought in four non-PDP states: Abia, Imo, Sokoto and Bauchi. 28 states were under me; 28 PDP governors and a good number of National Assembly members and that was why I said PDP would be in office for 60 years.”

Ogbulafor also recalled how he counselled former President Goodluck Jonathan not to tamper with the Nigeria Governors Forum (NGF), warning him that such may have dire consequences.

“I advised him not to touch the structure of governors. He went and tampered with the structure; that was when they said 16 were greater than 19.

“So, some solid governors left the party; people like Rotimi Amaechi, Bukola Saraki and Aliyu Wamakko. Those are areas where you get a good number of voters. When they left, the party collapsed.”

The party is yet to rise from the ruin of 2015 when about seven governors left the party to join other parties in forming a coalition that resulted in the birth of the All Progressives Congress (APC), a party that gave the PDP its first defeat in 2015.

Can the party bounce back to winning ways? Only time will tell. The atmosphere is too cloudy to suggest that.

Most of the party’s leaders are already flirting with President Bola Tinubu and the APC possibly to get the crumbs as ministers or board chairmen.

Aside the G-5 Governors who had visited Tinubu in recent times, others like the former National Publicity Secretary-General of the PDP, Olisa Metuh and former Secretary to the Government of the Federation, Anyim Pius Anyim, have visited Tinubu and had discussions with him.

THEWILL recalls that the founding fathers of the party adopted power rotation as a way of dousing the fear of dominance by one region over others

Heightened Tension as APC Holds NEC Meeting POLITICS

BY AYO ESAN

The governing All Progressives Congress (APC) will hold its long-awaited National Caucus and National Executive Committee (NEC) meeting on Tuesday in Abuja.

The meeting, which was originally scheduled for last Tuesday, was postponed through a very short message signed by the National Secretary, Senator Iyiola Omisore.

In the statement, Omisore said the meeting was postponed as a result of President Bola Tinubu’s involvement in the activities of the Economic Community of the West African States (ECOWAS).

“Members of the National Caucus and NEC of APC are hereby informed that our meetings of 10th and 11th of July, 2023, have been postponed to the 18th and 19th of July, 2023, respectively.

“The postponement is necessitated by the regional and sub-regional schedules and engagements of President Tinubu, as the new Chairman of ECOWAS. Inconveniences regretted,” the statement read.

Political analysts and watchers of political developments in the country, however, believe that the postponement of the meeting has heightened the apprehensive atmosphere within the party’s hierarchy as many are imagining what will become the outcome of the meeting.

According to the party’s constitution, the NEC Meeting is supposed to hold statutorily every quarter of the year, but this has not been possible more than one year since the current leadership came into existence. This is seen as a clear violation of the party’s statute.

Article 25(B)(I and ii) of the APC constitution, stipulates that “(i) NEC shall meet every quarter and or at any time decided by the National Chairman or at the request made in writing by at least two-thirds of the members of the NEC, provided that not less than fourteen (14) days’ notice is given for the meeting to be summoned.

“(ii) Without prejudice to Article 25(B)(i) of this Constitution, the NWC may summon an emergency NEC meeting at any time, provided that at least seven (7) days’ notice of the meeting shall be given to all those entitled to attend.”

THEWILL recalled that the APC NEC ceded its powers to the NWC for 90 days during the first meeting held last year. After the expiration of the 90 days, there seems to be no conscious effort by the Abdullahi Adamu-led National Working Committee to organise NEC meetings until the one fixed for Tuesday.

As the party gets set for the NEC meeting, there is evidence to show that there is a crisis of confidence between the National Chairman of the party, Abdullahi Adamu and the President, Asiwaju Bola Ahmed Tinubu.

Sources revealed that Adamu, who supported Ahmed Lawan during the party’s presidential primary, has not been well at home with President Tinubu since he assumed power on May 29, 2023.

The frosty relationship between the duo came to the open recently as he openly criticised the unilateral decision of the President and the National Assembly leadership in picking the principal officers of the assembly without input from the party’s NWC.

Adamu, who felt the need to assert the party’s supremacy, decided to openly challenge the decision.

The existing tradition, with regard to the election of principal officers of the National Assembly after the emergence of the President of the Senate and Speaker of the House, is that the caucus of the party at the NASS selects the officers and seeks the approval of the NWC, composed of elected administrative executives of the party and the National Executive Committee comprising the President, Vice President, all elected state governors on the platform of the

party and the leadership of both the National Assembly and State Houses of Assembly.

Adamu was said to have been peeved by the sidelining of the party’s NWC in picking of the principal officers of the National Assembly..

“I had a courtesy call on Saturday from the President of the Senate and his deputy. The following day, which was Sunday, I received a visit from the Speaker and his deputy coming to me for Sallah’s homage,” a visibly angry Adamu told Governors during a meeting with them.

He said, “I am just hearing rumours now from the online media that there have been some announcements in the Senate and House of Representatives. The national headquarters of the party or the NWC has not given any such information or communicated about the choice of the remaining offices and until we formally resolve and communicate to them in writing which is the normal practice as had been done before we came here, it is not our intention to break away from tradition.

“So, whatever announcement is done either by the President of the Senate, Deputy Senate President, Speaker or Deputy Speaker, is not from this secretariat.”

Another issue before the party before the NEC meeting is the protracted leadership crisis within the NWC and the alleged lack of financial accountability.

Watchers of political developments believe there is mutual suspicion in the NWC.

This, however, reached a crescendo shortly after the declaration of Tinubu as President-elect, with the National Vice Chairman (North West) of the party, Salihu Moh Lukman demanding Adamu’s resignation as a way of balancing the Muslim-Muslim ticket of the Presidency.

He called on Adamu to make a sacrifice, saying it would be important that every necessary step is taken to inject a change of leadership for the party so that a new National Chairman who is a Christian takes over.

He said he is not opposed to the North Central retaining the National Chairmanship of the party. He engaged Adamu in an open battle.

Lukman, in the long-drawn battle with Adamu, listed his multiple sins to include the draconian administrative styles to reckless financial management of the party.

Reacting to Lukman's attack on Adamu, Omisore said Adamu didn't come to meetings and that he was not in a position to tell Adamu to resign.

Tinubu is however said to be favourably disposed to seeing Adamu’s back as the National Chairman. As reported by THEWILL, former Governor of Plateau State and DirectorGeneral of the APC/PCC, Simon Lalong, looks good to be the preferred National Chairman in the event of a convention.

Aware of the stakes at play, Lalong who had been leading a faction of the party in Plateau, Penultimate Thursday held a meeting with the faction led by ex-Governor Joshua Dariye and other party stakeholders. The need to present a united front in the face of many appointments yet to be made by the President had become necessary for Tinubu’s campaign DG.

What is happening should not surprise anyone. If his own party leaders were prepared to sabotage his emergence as president, Tinubu should not be blamed for wanting to have his men and trusted aides and loyal party men and women to work with, said a dependable source.

As the party gets set for the NEC meeting, there is evidence to show that there is a crisis of confidence between the National Chairman of the party, Abdullahi Adamu and the President, Asiwaju Bola Ahmed Tinubu

The immediate past administration in Plateau State, headed by Simon Bako Lalong, one of the few sitting governors popularly rejected by their people in the February 25, 2023 National Assembly Election, apparently sought to ventilate its anger and predicament as a result of electoral humiliation and rejection by creating cogs in the wheel of transfer of power, using malicious handover notes replete with half-truths and misrepresentations, to frustrate the smooth take-off of the new administration.

This was besides handing over an impoverished treasury, demoralised and angry thousands of workers on forced holidays due to unpaid wages, an economy in tatters and groaning under a grinding and unsettling debt burden, and an environment besieged by predator bandits and politico-economic provocateurs spilling blood and questing to grab the land.

Earlier, immediately after March 20, 2023, when the Independent National Electoral Commission, INEC, announced Barrister Caleb Manasseh Mutfwang of the PDP as winner of the March 18 gubernatorial election, Government House at Little Rayfield, and Government Guest Houses and Liaison Offices came under intense plunder and petty stealing, including unconfirmed reports that even the cutleries in Government House were carted away by soldiers-at-arms of the departing APC’s Lalong administration. There were also reports of sale of Government properties, including lands, houses, and vehicles that were either stolen or forged as scrap and sold to government officials and their cronies.

Before the May 29 handover however, Mutfwang’s instincts of possible ambush and sabotage by his predecessor and his grieving foot soldiers were positive; and he took precaution in setting up a committee of professional technocrats to fashion out a development blueprint which implementation by his government will restore and set Plateau State on the path of prosperity and self actualization.

Almost simultaneously, Mutwang had to also constitute the Transition Implementation Committee, a necessary arrangement to liaise with a counterpart of the outgoing government to take inventory of the assets and liabilities of government as one political phase was fading and giving way to another. The Committee was headed by Professor G. Lombin, who will also be respected, trusted, and deemed worthy enough to head the body of professionals and technocrats to fashion out a four-year blueprint for strategic development of the State.

Inaugurated on April 25, once the committee settled down to work, it discovered that the grounds were unsettling and shifty as officials of the Lalong government put spanners in the works. There were media reports of sundry tricks and ploys deployed by the government side to frustrate the two sides from meeting to receive briefings and notes from the outgoing side. On several occasions, according to some members of the Mutfwang Transition Committee, the Lalong side would excuse themselves and abort a scheduled meeting, claiming the SGS, or one official or the other was “unavoidably away on official assignment”.

Submitting the report of the Committee during a twin occasion last Monday, Professor Lombin, in a representative lamentation, admitted that although the “joint committee designed a mutually acceptable template to work with, the joint committee was faced with formidable operational challenges that could not allow the presentation of a joint report”, as he resigned all to fate, saying “the rest is history”.

Before history will unfold however, Lombin’s lamentations continued in a heart-rending narrative: “an important part of the work of the Transition Committee was to study the handover notes and make appropriate recommendations to Your Excellency on the way forward. The out-gone government, unfortunately, did not avail us the opportunity of making inputs into their handover

Mutfwang: Beating Lalong’s Frustrations

BY UKANDI ODEY

documents handed over to you on May 29, as all efforts to have the draft documents were not successful”.

From a cursory study and analysis of the hand over notes received by Mutfwang on May 29, by the Committee on Roadmap for Strategic Development, it was surmised that the handover notes “were scanty and lacked necessary details as they did not follow the agreed template developed by the Joint committee”.

“Whereas the hand over notes stated that the total revenue which accrued to the Plateau State Government for the period May 2015 to May 2023 stood at N872billion, the total expenditure was only given for the period May 2015 to December 2022”, the report pointed out, noting further that “the State is in dire financial distress. Its total debts and

liabilities, including contingent liabilities, amount to about three hundred and seven (307) billion naira. This is far more than the amount reflected in the handover notes”.

With a charge to develop a four-year strategic development blueprint for Plateau State, last April, the then Governor-elect, Barrister Caleb M. Mutfwang, constituted a six-man committee headed by Professor G. Lombin, to develop and provide a document that “would assist the incoming administration in plotting its development agenda and roadmap in fulfilling its social contract with the people”.

The Committee was particularly to provide the foray and compass for development in agriculture, health care delivery, education and human resources development, physical infrastructure including urban renewal, industry and tourism, mining and mineral resources exploitation, public institutions and public sector reforms, and public sector funding and resources mobilization.

Noting that “for each thematic area, the plenary was requested to categorize clearly the immediate/short, medium, and long term policy objectives and the appropriate programme implementation plan, the Committee submitted its report last Monday, with a highlight on peace and security which it underscored to the effect that it should be handled by a “a small theme of experts who will submit their report directly to the Governor”.

About the Local Government System, the Committee observed that “the current system of local government administration was emplaced by the military administration in 1976”, noting further that “conceptually, the system remains one of the most effective and efficacious ways of bringing government activities, with all the attendant benefits, to the various communities in the State, thereby fulfilling the desire to extend participatory development activities to the grassroots”.

The Committee expressed reservation, nevertheless, that “over the years, the system has been largely abused, partly at the level of direct operators, and partly due to the absence of diligent supervision by the State government”. Thus, it advises the new administration of Mutfwang to “make it a point of duty to minimize areas of mutual corporate frustration, and enhance accountability and service delivery at that level”.

Pointing that “good governance is the bedrock and prerequisite for social inclusiveness, social justice, peace and public confidence in the political leadership”, it also emphasized that “good governance” per se “is premised essentially on the principles of accountability, transparency, zero tolerance for corruption, respect for the rule of law, and upholding unity in diversity”.

The two Professor Lombin Committees, which reports were submitted during a twin event last Monday, clinically capture the booby traps, land mines, and frustrations ranged against Mutwang and the PDP in the bid to revamp and reposition Plateau State. In an ironic twist, the two committees have succeeded in offering Mutfwang the way to go to rediscover Plateau, leaving Lalong sprawling in the dust and harsh opinion of the Plateau court.

Describing the debt burden of 307 billion naira as “intimidating and worrisome”, Governor Caleb Manasseh Mutfwang, on the occasion, gave the people of Plateau cause to cheer and be strong as he declared that “the challenges confronting us are not insurmountable....We are determined to fulfil our constitutional mandate, to protect the lives and property of our people. We will leave no stone unturned to protect the Plateau legacy.”

There were also reports of sale of Government properties, including lands, houses, and vehicles that were either stolen or forged as scrap and sold to government officials and their cronies

igeria is on the wrong track once again, despite all the promises made to turn things around for better. While most Nigerians believe that it is too early to start experiencing the changes, considering the fact that much harm had been done by the immediate past administration, the disbursement plan for the N500 Billion approved by the Senate for President Bola Tinubu last week as palliative for the fuel subsidy removal really leaves a sour taste in the mouth.

While many believe that palliative measures are, indeed, necessary to cushion the effects of the fuel subsidy withdrawal on Nigerians, going the unpopular money-sharing route under the guise of conditional cash transfer is highly disappointing for an administration that many expect to correct the mistakes of the past.

Despite the good intentions, the planned allocation of N500 Billion to 12 million vulnerable households at N8,000 per month for six months for each household and the planned disbursement of another N70 Billion to newly-elected lawmakers in the National Assembly are not good enough. Given the hyper-inflationary trend in the country, coupled with the drop in the value of the Naira, one begins to wonder what relief a meagre N8,000 would offer the recipients in a month. While statistics put the number of people living in poverty in the country at about 125 million out of the over 210 million Nigerians, the Federal Government has been flaunting the palliative measures to win popular support, even as it seems

to be leaving the fate of the remaining over 100 million Nigerians that are not factored into the plan to hang in the balance. Apparently, they have been left to wriggle their way out of the difficult economic challenges resulting from the subsidy removal.

The mode of disbursement of the conditional cash transfer is, in fact, suspect as we consider the whole arrangement as a charade that could turn into another scam as ''money for the boys'' after the controversial election victory, which is still in contention at the Presidential Election Petition Tribunal.

The speed at which the approval was also given by the Senate did not also come as a surprise to many since new members have also been accomodated in the distribution of the largesse, which, unfortunately, would have to be repaid through taxes and levies that are coming in torrents, by majority of Nigerians who are not even accommodated in the socalled palliative.

We are therefore not surprised that labour was quick to reject the palliative as it demanded for N300,000 minimum wage for workers in the country. While Nigerians are willing to be patient with the Tinubu Administration as his policies unfold, the President must be careful not to be misled into taking unpopular actions as Nigerians won't really fold their hands and watch helplessly as they are being led through the same unpopular route once again.

We are very sure that the palliative Tinubu is dangling at Nigerians at the moment is not the kind of palliative they expect as this is not good enough. The palliative Nigerians need is in the areas of

provision of much-needed infrastructure, especially in mass transportation like the Zamfara State Government has done.

N500bn Palliative as Another Charade? N

Distributing and sharing money under any guise will only encourage corruption as the trust problem is still there, especially with politicians and the so-called community leaders who are expected to be in charge of the disbursement.

Nigerians won't forget in a hurry the scam that the TradeMoni scheme became under the Muhammadu Buhari Administration. The humongous amount of money the former Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, claimed her Ministry disbursed as palliatives and free school feeding for children, among others, also remained contentious till date.

We therefore call on President Tinubu to listen to the genuine concerns being raised on his palliative plan in order not to go the unpopular route Buhari took, which was faulted by most Nigerians. We however commend the president for declaring a state of emergency on food security in the country and urge him to match his words with practical actions and not mere rhetoric.

Nigerians are no doubt going through a very difficult time now, with all the sacrifices they are making in support of the new administration. It will not be fair to them if the government embarks on unpopular policies and actions that are tantamount to robbing Peter to pay Paul. Costs of governance should be drastically reduced in view of current realities instead of placing too much burden on the majority of Nigerians.

The mode of disbursement of the conditional cash transfer is, in fact, suspect as we consider the whole arrangement a charade that could turn into another scam as ''money for the boys'' after the controversial election victory, which is still in contention at the Presidential Election Petition Tribunal

THEWILL NEWSPAPER TEAM

Bulkachuwa And Evasion of Accountability

BY NELSON EKUJUMI

It is quite disturbing to watch the latest attempt of former Senator Adamu Bulkachuwa’s justice delaying tactic of running to seek an order of court to restrain the Independent Corrupt Practices and other Offences Commission (ICPC) from inviting and investigating him for his confessions – at the valedictory session of the Ninth Senate on June 10 – of aiding the subversion of the democratic will of Nigerians through his wife, a former President of the Court of Appeal, Justice Zainab Bulkachuwa, who sat on election petitions that now appear tainted in their discharge of ‘justice’. The disclosure of the 83-year old has brought much disrepute to both the judiciary and the upper legislative chamber, which he was a member of until recent, and can be considered as a threat to national security.

I REPRESENTED USMAN TUGGAR IN RELATION TO THE DISPUTED ELECTION BETWEEN HIM AND SENATOR BULKACHUWA FOR BAUCHI NORTH SENATORIAL SEAT. WE LOST IN THREE COURTS…” NOW THE CHICKEN APPEARS TO HAVE COME HOME TO ROOST AND WE KNOW BETTER

The open and shameful confession of the former senator representing Bauchi North Senatorial district between 2019 and 2023, whereby he stated in the public glare of the Senate chambers that, “My wife, whose freedom and independence I encroached upon while (she) was in office, and she has been very tolerant and accepted my encroachment and extended her help to my colleagues” (even as the then Senate President Ahmad Lawan had sought to stop him from further exposure), has not only desecrated the hallowed chambers of the legislature but brought opprobrium to the judiciary, which can only be remedied by an independent and impartial investigation by the anti-corruption agency under whose jurisdiction his confessed crime falls.

Although one recognises and concedes that his wife, who headed President of the Court of Appeal between 2014 and 2020, has come out to deny the allegations, yet as an advocate and defender of public integrity and trust, I believe that the independent investigation of this potentially treasonable crime, as being canvassed, is what can fully exonerate her and restore the image of the judiciary and our democracy,

which have been impugned by the confession of the former federal lawmaker. One is also not unaware of the recant of ex-Senator Adamu Bulkachuwa that his comment was taken out of context because the then Senate President did not allow him to complete his speech. Even, as one can concede the right to this back and forth to the ex-Senator, still many insist that only an independent investigation can exonerate him and his wife, and absolve them from wrong-doing.

Interestingly, the antecedents of Senator Adamu Bulkachuwa makes it imperative for us all to be resolute in demanding his investigation over this matter, which is crucial to unearthing the truth and restoring the image of our institutions and democracy. We can disturbingly recollect that in the run-up to the 2019 general elections, particularly the APC senatorial primaries in Bauchi North, and as witnessed by INEC, one of the aspirants, Usman Tuggar polled 71,508 to defeat Senator Bulkachuwa, who came second scoring just 16,680 votes. However, in what many described as highly shocking, the chairman of the primaries committee, Ahmed Mohammed announced the runner up, Bulkachuwa, as senatorial candidate of the party, instead of Tuggar, who had the highest number of votes. Thereafter, APC sent Bulkachuwa’s name to INEC as its candidate for that senatorial election.

Senator Bulkachuwa’s confession on the “help” rendered by his wife as President of the Court of Appeal to candidates at election tribunals can be gleaned from the comments of Mr Olisa Agbakoba (SAN), a former president of the Nigerian Bar Association (NBA) and counsel to Usman Tuggar, the observed winner of the APC Bauchi North senatorial district primary election, but who is alleged to have been cheated and replaced with Senator Bulkachuwa for that 2019 election, lamented thus in the aftermath of Bulkachuwa’s confession that, “It is a blight on my confidence in our systems.

I represented Usman Tuggar in relation to the disputed election between him and Senator Bulkachuwa for Bauchi North Senatorial seat. We lost in three courts…” Now the chicken appears to have come home to roost and we know better.

In the aftermath of his confession in the Senate on the 10th of June and following public indignation and outcry, the ICPC extended an invitation to Senator Bulkachuwa, who responded to this affirmatively through his counsel, however three days to the scheduled invitation, the Senator ran to a Federal High Court in Abuja, seeking to obtain an order of court barring the agency from inviting and investigating him. Hence, these about-turns of Senator Adamu Bulkachuwa is unbecoming and makes the necessity of his invitation and investigation more pertinent than ever.

•Ekujumi is the Executive Director of the Centre for Social and Economic Rights.

Will IMF Loan Cushion Effects of Fuel Subsidy Removal?

BY MAGNUS ONYIBE

As I was in the process of releasing this piece into the mass media, the news broke that President Bola Tinubu had on Wednesday July 12, 2023 put forward a request to the House of Representatives for N500 billion as extra funds for the provision of succor for the masses undergoing what Mr President referred to as pains similar to child birth pang experienced by women who are mothers.

The sum which is to be specifically deployed in the provision of succour to the masses distressed due to the immediate consequences of the withdrawal of subsidies on both petrol and the naira policies being implemented by the incumbent administration.

The fund is expected to be deducted from the 2022 Supplementary Appropriation Act, which has a provision of N819.5 billion for palliatives envisaged by the predecessor administration. It was quite a pleasant co-incidence to me because a critical question that l had posed in the later part of this piece before the request for the approval for the allocation is: where would President Tinubu find the funds to provide the much needed cushion for his temporarily painful but ultimately economically revolutionarily positive policies? Having searched and not being able to identify other more viable alternatives in the horizon,my answer to the question is that taking the option of the International Monetary Funds loan may hold a better promise for our beleaguered country.

That is because although Nigeria is currently distressed financially, it is endowed with the resources and potentials to thrive as a prosperous and successful country which are yet to be tapped or harnessed.

But with the self-imposed reforms-removal of petrol subsidy and end of multiple exchange rates of the naira with foreign currencies which President Bola Ahmed Tinubu’s government has voluntarily embarked upon in less than 45 days of being in the saddle of leadership, Nigeria is eminently qualified to seek and obtain the IMF loan.

Having basically fulfilled all the loan conditionalities made by the IMF as far back as 1986 under the watch of then military president Gen.Ibrahim Babangida, IBB, through the sweeping reforms introduced by president Tinubu via his Tinubunomics initiative since 29 May this year, the question that comes to mind would be: is Nigeria taking the IMF loan?

Everyone knows that our country is in dire need of revenue, and its external debt burden that is hovering around fifty trillion (N50Tn) naira added to its local debt that brings its indebtedness to an estimated eighty (N80Tn) trillion has been acknowledged as unsustainable.

Given the paucity of revenue inflow that has been compounded by an epidemic and pernicious crude oil theft (Nigeria’s main source of revenue) that has assumed an alarming dimension, the country may not have any other option than to go the way of its neighbor, Ghana which recently sought and received a loan of three ($3b) billion dollars from the International Monetary Fund, IMF. The option of IMF loan recommends itself because it is becoming increasingly difficult for

Nigeria to service her external debt due to the fact that the cost of servicing it practically consumes most of the revenue accruing into the coffers of the federal government, to the extent that our country’s debt to equity ratio is in the negative territory and the world bank reckons that our debt servicing obligations matched against our national income, is at about 96 per cent.

In fact, by some estimates in some quarters ability a year ago is that our debt payment obligations,(all things remaining the same)would outstrip our revenue inflow in less than one year time.

EVERYONE KNOWS THAT OUR COUNTRY IS IN DIRE NEED OF REVENUE, AND ITS EXTERNAL DEBT BURDEN THAT IS HOVERING AROUND FIFTY TRILLION (N50TN) NAIRA ADDED TO ITS LOCAL DEBT THAT BRINGS ITS INDEBTEDNESS TO AN ESTIMATED EIGHTY (N80TN) TRILLION HAS BEEN ACKNOWLEDGED AS UNSUSTAINABLE

Consequently, in recent times there has been very little or nothing left to apply in providing infrastructure or even somethings as little as basic remedies or palliatives for the hardship triggered by the removal of subsidy on the pump price of petrol and multiple naira exchange rates unification in the last one month of president Bola Ahmed Tinubu’s sweeping economic reforms.

For instance, the economy is in such a dire strait that it is the N400 million that used to be pushed into the black hole otherwise known as petrol subsidy on a daily and four hundred billion (N400bn) on a monthly basis that are being targeted as the funds for the new administration to kick start the much anticipated palliatives to ameliorate the hardships currently being faced by Nigerian masses.

It may be recalled that the outgone administration of President Mohammadu Buhari had programmed for petrol subsidy regime to be over at the end of last June beyond which there was no financial provision in the 2023.

• Onyibe is an entrepreneur, public policy analyst, author and democracy advocate.

*Continues online at www. thewillnews.com

CURRENCY FLOAT: I&E WINDOW RECORDS OVER $2.5BN TURNOVER IN ONE MONTH, NAIRA HITS

N803.90/$

EDITOR Sam Diala

One month after the Nigerian government liberalised the exchange rate on June 14, 2023, the Investors’ and Exporters’ FX (I and E) window recorded over $2.5 billion within one month of 21 trading days. This represents about 58 percent increase over the performance of the market which recorded an average daily turnover of $70 million before the forex reform.

The I and E FX Window is the market trading segment for Investors, Exporters and End-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian FX market.

It operated alongside other CBNcontrolled windows such as the Invincible and the SME as well as the parallel or black market which maintained a wide gap against the official rate. The liberalization regime witnessed a unification of the I&E window and the black market channel causing a sharp decline in the value of the Naira.

During the one-month period, the volume of dollar supply traded at the I and E window increased significantly. This signals the takeoff of the currency floating regime -- a monetary system where the value of a nation’s currency is determined by market forces such as supply and demand.

A look at the performance of the floated exchange regime showed that 21 trading days occurred between Wednesday, June 14 and Friday July 14, when the Naira depreciated lowest at N663.04/$ on June 16 but with the highest daily turnover of $311.82 million.

In contrast, trading on Friday, July 14 showed the highest depreciation of the Naira at N803.90/$, while daily

12,000 1,000

NCDMB to Implement Report on In-Country Manufacturing of Pumps, Valves, Equipment Categories

DBN Empowers Over 1,000 MSMEs Through, Capacity Training

Capital Importation: Investors Shun Heritage, Polaris, Keystone as Wema, Unity Banks Rank Low

BY SAM DIALA

Investment inflow to the Nigerian economy in the first quarter of this year (Q1 2023) eluded three mainstream deposit money banks (DMBs). According to the National Bureau of Statistics (NBS), no capital was channeled through these DMBs during the period.

The financial services institutions concerned are Heritage Bank Plc, Polaris Bank Limited and Keystone Bank Limited. The NBS, in its ‘Capital Importation Report for Q1 2023’ showed that investors did not choose the affected banks as medium of conveying their investments to their various sector and location destinations.

The NBS latest investment inflow report published Monday, July 10, 2023, showed that, with the exception of Keystone Bank which recorded a total of $2.53 million in 2022, the other two DMBs received nothing last year.

As a result, they appeared in the league of ‘fringe’ players like Suntrust Bank, Coronation Merchant Bank and FBN Merchant Bank who did not feature in the recent NBS report as having contributed to the investment inflow.

On the other hand, Unity Bank Plc, Wema Bank Plc, fouryear-old Globus Bank and Jaiz Bank recorded the lowest inflows with $0.11 million, $0.10 million, $0.04 million and $0.01 million respectively in Q1 2023 according to the report under its ‘Capital Importation by Banks’ section.

While Unity Bank received a total of $3.56 million in one tranche in 2022, Wema Bank recorded $3.81 million in three tranches. Globus Bank recorded no investment inflow in 2022.

According to the report in the ‘Categorisation of Capital/ Importation by Banks’ section, Citibank Nigeria Limited ranked top in Q1 2023 with US$424.13 million (representing 37.45 per cent of total inflow).

This was followed by Standard Chartered Bank Nigeria Limited with US$360.33 million (or 31.81 per cent) and

Stanbic IBTC Bank with US$151.85 (accounting for 13.41 per cent).

Other financial services institutions with double-digit capital inflow are Zenith Bank Plc ($38.93 million), Rand Merchant Bank ($26.81 million), FCMB Plc ($26.78 million), Union Bank of Nigeria Plc ($21.54 million), Access Bank Plc ($12.60) and FSDH Merchant Bank ($10 million).

An investment banker, Kayode Komolafe, said that subsidiaries of foreign banks operating in Nigeria stand a better chance of attracting foreign capital than their wholly indigenous counterparts.

This is because of the symbiotic relationship between the parent companies and their outposts in other parts of the world as they have a way of relating among themselves to have the capital revolve within.

“The banks that attract the highest foreign investment are subsidiaries of major international financial services institutions who have the money. They are able to attract huge capital within their environment where interest rate is significantly low, inflation rate is also low. So, they borrow at convenient interest rates to invest offshore with prospects of favourable returns”, Komolafe said.

He added that the foreign investors have more confidence in their own banks because of the healthier operating environment than what operates here.

Further disaggregation of the report showed that four states received the highest investment inflows under ‘Destination of Investment’. These are Lagos $704.87 million (accounting for 62.23 per cent of total capital investment in Nigeria in

NIGERIA 5-YEAR CAPITAL IMPORTATION: Q1-2019 - Q1-2023

BUSINESS WEEKLY

...Investors Shun Heritage, Polaris, Keystone as Wema, Unity Banks Rank Low

Q1 2023), Federal Capital Territory (FCT) $410.27 (representing 36.22 per cent of total capital inflow).

Capital importation into Nigeria has been on the decline in recent times – since 2020 when it dropped to $5.8 billion from $8.4 billion in the previous year. It dipped further to $1.9 billion in 2021 to $1.5 billion in 2022

Others are Akwa Ibom $5.21 million, Adamawa $4.50 million and Anambra $4.00 million.

Capital importation into Nigeria has been on the decline in recent times – since 2020 when it dropped to $5.8 billion from $8.4 billion in the previous year. It dipped further to $1.9 billion in 2021, thereafter $1.5 billion in 2022 before sinking to the current US$1,132.65 billion.

“Total capital importation into Nigeria in Q1 2023 stood at US$1,132.65 million, lower than US$1,573.14 million recorded in Q1 2022, indicating a decrease of 28.00% (the figures translated to billions). When compared to the preceding quarter, capital importation rose by 6.78% from US$1,060.73 million in Q4 2022,” the NBS report stated.

The report showed that the largest capital importation during Q1 2023 was received from Portfolio Investment, which accounted for 57.32% (US$649.28 million) of total capital imported in Q1 2023. This was followed by Other Investment with 38.31% (US$435.76 million) and Foreign Direct Investment (FDI) with 4.20% (US$47.60 million).

The significant drop in foreign direct investment has been of concern as it has the real capacity to add value to economic growth through job creation, tax revenue and other impacts. Example is the telecommunication firms.

Disaggregated by Sectors, capital importation into the banking industry recorded the highest inflow of US$304.56 million (representing 26.89 per cent of total capital imported in Q1 2023).

This was followed by capital imported into the production sector, valued at US$256.12 million (22.61 percent), and IT Services with US$216.06 million (19.08 per cent). Consultancy and Agriculture recorded the lowest channel of investment during the period with $0.02 million (0,00 per cent) and $4.84 million (0.43 per cent).

Capital Importation by Country of Origin reveals that investment from the United Kingdom ranked top in Q1 2023 with US$673.64 million, accounting for 59.47 per cent. This was followed by the United Arab Emirates and the United States valued at US$108.28 million (9.56 per cent) and US$95.36 million (8.42 per cent), respectively.

...I&E Window Records Over $2.5bn Turnover in One Month, Naira Hits N803.90/$

turnover recorded the least amount -- $46.90 million. The black market rate was N810/$ which showed a marginal increase from N805/$ exchanged on Thursday. “Nigeria is not a producing economy; it is import-reliant. We are not earning foreign exchange and our domestic capacity is almost zero. If you are not investing, not producing, not exporting, how do you expect to earn foreign exchange, grow your economy and strengthen your currency? What we are suffering now is the result of many years of waste, corruption and mismanagement. The currency floating system is not a child’s play”, said Justus Akinlade, a financial and investment analyst.

In the floating system, the currency’s exchange rate fluctuates freely in response to various economic factors, including inflation, interest rates, trade balances, and capital flows.

The Naira has depreciated by 70 percent (up to N800/$) against the pre-reform value of N470/$ on the I and E window when it was controlled by a Central Bank of Nigeria (CBN)-determined lid.

Over the years, the Nigerian government has employed various measures to manage the naira, including pegging it to a specific exchange rate, which created two exchange rates, the ‘official’ and the ‘black’ market.

The disparity between the two provided an avenue for people with access to dollars to buy at the official rate and resell at the black market, which created mid-day millionaires across the country. According to experts, many millionaires and a few billionaires were created through this distorted system.

With the floating of the exchange rate, the disparity has been drastically eliminated. But this comes with an inevitable challenge – inflationary pressure. This is because there is a ‘huge quantum’ of money in circulation and the dollar scarcity which has been the core challenge in addressing Nigeria’s many years of forex volatility is now under control.

Reactions to the new forex policy have been mixed. Many believe that it will impose inevitable hardship on the citizens because of the structural effects involved in trying to “correct” the system which will come with little gains because of the culture of waste, corruption and mismanagement.

Others maintain that “by allowing the naira to find its value, the Nigerian government may create an environment conducive to foreign direct investment (FDI), which can spur economic growth, technological advancements, and job creation.

“Now that the Naira has been floated by the Central Bank of Nigeria in response to the directive by Mr. President in his inaugural address, we wish that our experience this time around will be different and that we are able to stay the course.

“I say so because several times in the past, attempts had been made to float the exchange rate in response to the prodding by International Monetary Fund with the appreciation of the sheer difficulties with demand management; but as the consequences begin to unfold, the authorities did not have the political will to persevere and stay the course.

“This is so because nobody wants to be accused of unleashing hardship on the citizens as inflationary pressures pile up. And therefore, like it or not, as the rates fall and the Naira appears to be going into a free fall and the touted benefits are slow at materialising, panic sets in and we beat a retreat and reverse the process,” wrote Dr. Boniface Chizea, a retired banker, top Economics and Business Development Consultant, in a recent opinion article entitled, ‘Nigeria’s Economy and Consequences of Floating the Naira’.

Access Bank Reaches Agreement to Acquire StanChart Assets in Sub-Saharan Africa

Standard Chartered Bank and Access Bank Plc (Access), have entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in sub-Saharan Africa.

The shareholding includes those in Angola, Cameroon, The Gambia, and Sierra Leone. It will also sell its consumer, private and business banking in Tanzania to Access Bank.

This was disclosed on Friday, at Standard Chartered’s Headquarters in London, in the presence of senior representatives from both banks.

The agreement signed by Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered and, Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, said Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries.

It also stated that Access Bank and Standard Chartered will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.

Commenting on the agreement, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said: “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the 5 markets and the furtherance of a partnership with Access Bank.

“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients. We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritising our employees.”

On his part, Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, stated, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered through this transaction, in which it is exiting four African markets and refocusing in one.

“As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.

“For Access Bank, this strategic transaction represents a key step in its journey to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world, anchored by a robust capital base; a relentless focus on execution; and best-in-class customer service & governance structures.

“At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World’s Most Respected African Bank.

“Our 5-year growth plan will see us build a world-class class payments gateway leveraging the power of technology and a robust network of relationships across our operating countries. This will be supported by a dynamic ecosystem of local and international partnerships, enabling us to serve global payments and remittances efficiently.

“With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments. More importantly, we are committed to impacting our host communities positively.”

NCDMB to Implement Report on In-Country Manufacturing of Pumps, Valves, Equipment Categories

The Nigerian Content Development and Monitoring Board (NCDMB) will soon issue policy directives on in-country manufacturing capabilities of pumps, flanges, valves, and other major equipment categories utilised in different streams of the oil and gas industry, which constitute a huge percentage of capital and operational expenditures.

The Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote gave the indication when he received the report of the industry wide implementation committee for in-country manufacturing of pumps, valves, flanges, gaskets, bolts, and nuts.

The committee was set up on July 7, 2022, and members were drawn from international and indigenous operating and service companies and staff of the NCDMB.

Submitting the report at NCDMB’s liaison office in Abuja on Wednesday, chairman of the committee, Mr. Cyprain Ojum noted that eight major equipment categories occur in various oil and gas operations, listing them to include pumps, valve, flanges, gaskets, bolts, nuts, meters, and instrument fittings.

He noted that “these equipment categories come in different uses and specifications and make up a huge integral percentage of capital expenditure (CAPEX) and operational expenditure (OPEX) through the life of the production field, transportation and transformation processes as well as distribution and sales of the products.”

He explained further that periodic inspection and maintenance, shutdowns, and daily production operations demand that these equipment categories are repaired or replaced where necessary, and the cost implication over the years is enormous. He informed that some of the items are sourced off the shelf, while some are designed for purpose, hence require long lead time to ship into the country. He subsequently recommended that domiciling in-country manufacturing facilities for those components will greatly support operations, improve local content and the national economy.

Ojum also submitted that the Nigerian Content target of growing Nigerian Content performance to 70 percent by 2027 and the retention of $14bn in the economy is achievable and in-country manufacturing of the eight major equipment categories would contribute a huge part of that achievement.

Providing insight into the work programme of the committee, Ojum noted that the members “spent 12 months researching, assessing, visiting, evaluating and documenting local manufacturing capacity for these critical and frequently required equipment components and accessories for oil and gas operations in Nigeria.”

He indicated that their work covered 12,000 service companies and the committee was methodical in their approach and visited every facility that responded to their questionnaire and claimed to have established substantial capacity in the described areas.

*Continues online at www. thewillnews.com

DBN Empowers Over 1,000 MSMEs Through, Capacity Training

The Development Bank of Nigeria (DBN) in continuation of its capacity development training programmes for Micro, Small and Medium Enterprises (MSMEs) in Nigeria, has organised a one-day training for over 1,000 small businesses across six states in the North-East and North-West. The MSMEs were spread across Gombe, Maiduguri, Adamawa, Katsina, Sokoto and Kebbi states. The capacity training programme, which was conducted in each of the locations, had facilitators with experts in business management for small and medium scale enterprises.

A statement from DBN stated that the training focused on optimisation and development of skills, aimed at further strengthening the capacity of the beneficiaries to scale up their businesses.

It also said the key objective of the training programme across locations, was to help the owners of the businesses develop their capacity and gain better knowledge of how they could access the DBN funding through the participating financial intermediaries (PFI).

The Managing Director/CEO, Development Bank of Nigeria, Dr. Tony Okpanachi, commended the facilitators for bringing thier expertise and experience to bear and expressed the optimism that the training would have a lasting impact on the participants and their businesses.

He affirmed that the training was in line with the Bank's unwavering commitment to strengthening the capacity of MSMEs in the country so that they can continue to contribute more to economic growth and development of the country. Okpanachi said: "The strategic role of MSMEs as enablers of socio-economic development cannot be over-emphasised. A larger percentage of businesses in Nigeria are in the informal sector dominated by MSMEs. The MSMEs sector is a significant pillar for the Nigerian economic growth; they make up 97 per cent of businesses, generate six million jobs and contribute 50 per cent of national GDP. "Small businesses are value-creators and they create wealth for individuals. At DBN, we are passionately committed to seeing MSMEs increase their capacity for growth and expansion, and being more sustainable so that together, we can continue to build a stronger economy for the benefits of all Nigerians."

The Development Bank of Nigeria through its numerous capacity training platforms has enriched the knowledge and capacity of MSMEs owners in the country through regular highly-enriching training initiatives and retooling, thereby positioning them for sustainable growth and expansion.

One of the platforms is the annual DBN Entrepreneurship Training Programme (DBNETP) currently in its 5th Cycle and has benefitted over 2000 MSMEs across Nigeria who have been trained digitally and physically, leveraging partnerships and the DBN Learning Management System (LMS).

Governor of Osun State, Sen. Ademola Adeleke, (left) receiving NASENI's souvenir from the EVC/CEO of NASENI, Dr Bashir Gwandu (right) during the courtesy visit to the Agency Headquarters in Abuja on July 15, 2023.

Benefits And Limitations of Investment Ratios

BY SOLA ONI

One of the tools that stockbrokers deploy to ascertain the financial health of a company before executing client's purchase or sale order is investment ratio.

There are many investment ratios, depending on the objective of the user. This is a risk aversion strategy. Securities dealers cannot conduct proper analysis without the application of these tools called financial ratios.

The ratios are contained in the company’s financial statement which comprises basic information that appeal to diverse users for different reasons. Users of financial statements are the company’s management, government and its agencies, banks and other financial institutions, customers, competitors, investment analysts and employees.

Each user needs a financial statement to achieve different objectives. Financial ratios are numerous. Our focus here is the frequently used investment ratios. Some of the top ratios are Profit Margin, Price-to-Book Ratio, Earnings Per Share {EPS}, Price-To—Earnings Ratio {P/E}, Dividend Yield, Debt-to-Equity Ratio {D/E Ratio), Return On Equity (ROE) and Current Ratio.

Profit Margin: The ratio shows how a company’s profit compares to its revenue. It is expressed in percentage. There are two types of Profit Margin: Gross Profit Margin and Operating Profit Margin.

The Gross Profit Margin uses revenue minus cost of revenue while the Operating Profit Margin uses the gross profit minus overhead items. A higher profit margin is indicative of a better way the company spends its income. But this ratio differs from one sector to the other.

Formula for Profit Margin: Net Profit /Revenue

Price-To-Book Ratio: This is also known as market-toBook Ratio. The ratio compares a company’s current market price to its book value. The book value is the value of an asset in the company’s financial statement. Calculating this ratio at times may reveal investments that the market has overlooked but has a great potential. A ratio is less than one means the current market price is lower than the book value. It may suggest a negative market reaction to poor performance of a company.

Formula for P/B Ratio: Market Capitalization/Book Value

Earnings Per Share: This ratio simply shows the net income that a company’s ordinary share also called equity or common stock has generated over the past one year.

Preference shares also called preferred shares are not common stock and therefore not included in the calculation of EPS. It must be noted that common stock may change at any given period, but the company must disclose the current one.

Formula for EPS: Net Income/ Average Outstanding Shares

Price-to-Earnings Ratio {P/E}: This ratio reveals the relationship between the price of a stock and its earnings.

It answers the question of how much will the market pay for the company’s earnings? It shows the expensiveness

or cheapness of a stock.

Formula for P/E Ratio: Price Per Share /Earnings Per Share Dividend Yield: The ratio measures the quantum of the company’s profit distributed as dividend. One of the major ways that a company rewards investors is by paying dividends regularly. For instance, if a company pays a dividend of N2 per share, a shareholder who owes1000 units of shares will be credited N2,000 in his account. But this is subject to withholding tax. Dividend yield is expressed as an annual percentage.

Formula for Dividend Yield: Dividend Per Share/ Price Per Share.

Debt-to-Equity Ratio: This shows the relationship between a company’s total debt and net worth which is called shareholder equity. The ratio will indicate the extent to which the company is in debt and therefore the percentage of its leverage. If the ratio of debt is higher than equity, the company is said to be high-geared. This may be a symptom for technical insolvency or gradual movement toward liquidation.

Formula for D/E Ratio: Total Debt/Total Shareholder Equity Return On Equity {ROE}: The ratio measures the level of efficiency of a company in making profit. This depends on how the company utilizes the invested funds. If a company generates N5 million in 2019 and has N7 million in shareholder equity, the result is 0,7 {5/7}. This is 70 percent ROE. The higher the percentage, the better. But the ratio is only used for a company that produces profitp .

Formula for ROE: Net Profit/Average Shareholder Fund Current Ratio: This shows liquidity of a company in meeting its current financial obligations. The company’s ability to achieve this largely depends on the ratio of its current assets to current liabilities.

For instance, if a company’s total current assets amount N10 million and liabilities, N2 million, its current ratio is 5 ie ((10/2). A current ratio of above one implies that the company is highly liquid as its current assets can pay off its debts while a Current Ratio of below one is an indication of technical insolvency.

Formula for Current Ratio: Total Current Assets/ Total Current Liabilities

Drawbacks of Ratio Analysis

At the basic level, ratio analysis is not without a number of drawbacks. Uncertainty of the future may render ratio analysis irrelevant. There are variations in accounting methods while incorrect accounting data may distort ratio analysis and this can lead false reports. There are situations when changes occur in price levels and this may lead to inaccurate analysis.

No particular method of ratio analysis that is foolproof since there is no common standard. Different meanings are assigned to the same thing in ratio analysis . The analysis ignores qualitative factors among others.

•Oni, an integrated Communications Strategist and Chartered Stockbroker, is the Chief Executive Officer, Sofunix Investment and Communications.

The ratios are contained in the company’s financial statement which comprises basic information that appeal to diverse users for different reasons

REASON MIKE ADENUGA GRACED TINUBU'S OGUN RECEPTION

ENTERTAINMENT &SOCIETY WEEKLY

EDITOR Ivory Ukonu

He has been dubbed by many as a 'big masquerade,' an appellation used to describe cultural ancestors or gods believed to hold mystical powers. These gods (masquerades) are not only considered important but also reverred as they hardly make public appearances except the event where they chose to make an appearance is of utmost importance. Billionaire businessman, Otunba Mike Adenuga has mastered this art of maintaining a 'masquerade' stance in order to create a mystical aura around him. Unlike many of his kind, the chances of bumping into him at an average Nigerian society party, even at his selfsponsored events, is as slim as experiencing an eclipse of the sun. But two weeks ago, during a reception held in honour of President Bola Tinubu at the palace of the Awujale of Ijebu-ode, Oba Sikiru Adetona, as part of a two-day-

Continues on page 41

No Love Lost Between Tony Elumelu, Femi Otedola?

FIRST LADIES

Things no longer seem rosy between billionaire economist and banker, Tony Elumelu and his fellow billionaire investor, Femi Otedola. The closeness both friends hitherto enjoyed may have just been sacrificed on the altar of bullish corporate moves. During the lavish 80th birthday party of Hajia

Continues on page 41

MAKING THEIR MARKS

•Fubara

•Mbah

•Tinubu

•Oborevwori

•Radda

First Ladies And Their Pet Projects

May 2023 marked the beginning of a new era in Nigeria as newly elected state governors were sworn in. SHADE WESLEY-METIBOGUN writes about the wives of these governors, who will be expected to complement the efforts of their husbands by launching and executing pet projects and schemes in their various states

Senator Oluremi Tinubu leads the pack as the wife of President Bola Ahmed Tinubu. She tasted power as a First Lady when her husband was Governor of Lagos State between 1999 and 2007. After her husband left office, she contested for a seat at the National Assembly in 2011, representing Lagos Central Senatorial District, and was re-elected in 2015, making her the first woman to be elected to serve in the Senate for two terms.

A lot of people are aware that the current First lady of the Federal Republic of Nigeria is an ordained pastor of the Redeemed Christian Church of God, but they do not know that she is also an educator. She worked with the Department of Science and Technology Education, University of Lagos before veering into politics. Her experience as an educator later became an asset in her political career as she used her expertise in advocating women’s education and empowerment.

As somebody who believes in investing in society human capital, Mrs Tinubu recently launched the Renewed Hope Initiative, with focus on agriculture, health, education, social investment and economic empowerment across the 36 states of the federation, including the Federal Capital Territory.

The First lady's pet project will give succour and relief to families across the nation. It will be an all-inclusive, extending to local government areas and the 36 states.

The wife of Governor Ahmadu Fintiri of Adamawa State, Hajiya Lami Fintiri, has been active in governance since 2014 when her husband took over as the Acting Governor of the state. Although her husband stayed in power for just three months, that short period afforded her the opportunity to prepare for the task ahead. She was able to fit in perfectly in 2019 as First Lady when her husband was elected into office.

Hajiya Fintiri has consistently demonstrated a deep passion for empowering and strengthening communities, as well as positively changing the lives of many people in ther state. Her determination and commitment to the well-being and empowerment of women and youths led to the establishment of Fresh Air Pro-Life Empowerment Foundation, a Non-Governmental Organisation that provides skills, enlightenment for women and youths of Adamawa State.

The first lady is also an advocate of girl-child education. Her NGO has organised different training programmes in computer innovation, awareness of sexual violence and the importance of girl-child education. Apart from her busy schedule as First lady, she is also the new secretary of the Northern Governors Wives' Forum.

Like her husband, the wife of Governor Alex Otti of Abia State, Priscilla, had a brief stint in the banking sector before following the footsteps of her husband, Alex Otti in the business world. The graduate of Economics from the University of Nigeria, Nsukka, ventured into the fashion industry and made a name in it before stepping aside to support her husband's political career. She is the Chief Executive Officer of Silhouette Fashion House, a leading fashion brand that specialises in high-end fashion designs for women. The fashion house grew to become one of the most respected fashion brands in Nigeria, with presence in several major cities across the country before switching roles to oversee the affairs of the state beside her husband.

The First lady is passionate about human rights, child care and women empowerment. She has been devoting her office and time to pursue a better life for women and children in her state.

Patience Eno, the better half of the Governor of Akwa Ibom State, Emo Eno, like her husband is a clergy woman. She co-founded All Nations Christian Ministry International, Eket, Akwa Ibom State alongside her husband and worked in his multi-billion business empire, the Royalty Group with stakes in hospitality, manufacturing, oil and gas and media firm before becoming the First lady. Having worked side by side with her husband of more than three decades, it was easy for Mrs Eno to embrace the A.R.I.S.E vision of her husband as her pet project. The A.R.I.S.E agenda focuses on agricultural revolution, rural development, infrastructural maintenance/advancement, security management and educational advancement among women, children and the underprivileged in Akwa Ibom. The First lady chose the feminine aspect of the A.R.I.S.E agenda and has impacted the lives of widows, orphans and the less privileged in the state.

Folake Abdulrazaq Nkechinyere Mbah

The First lady of Enugu State, Nkechinyere Mbah, is arguably one of the youngest in Nigeria. She is a mother of four, a philanthropist, child health and sustainable nutrition enthusiast. She holds a Bachelor’s Degree in Biotechnology from the Federal University of Technology, Imo State, Nigeria, as well as a professional certificate in Women Entrepreneurship and Leadership for Africa, from the China Europe International Business School, Pudong, Shanghai, in collaboration with Harvard University. Mrs Mbah is one of the founders and facilitators of the Peter Mbah Foundation, a Charity Organisation geared towards grassroots empowerment and development for communities, women and children. She is passionate about grassroots empowerment and development for communities. Women and children will also not be left out among the groups she will reach out to.

The wife of Governor Abdulrahman Abdulrazaq of Kwara State, Folake, was born with a silver spoon. Her father, Hezekiah Davies, was a prolific writer and journalist. Mrs Abdulrazaq was the third Secretary/Foreign Service officer at the Federal Ministry of Foreign Affairs, Lagos Liaison Office, before embracing politics. She also served as a Counselor to the Nigerian High Commission, London. She was the Acting Director, Ministry of Foreign Affairs, as well as the Acting Director and Head Trade, investment and economic cooperation division.

Arguably one of the most fashionable First ladies in the country, her passion for children led to the establishment of 'Catch Them Young’, a programme meant to educate young students in schools on the negative effects of social vices, such as drug abuse, child trafficking, truancy, examination malpractice and cultism, among others.

Remi Tinubu

Lami Fintiri

Priscilla Otti

Patience Eno

The Ebonyi State Governor’s wife, Mary-Maudline Nwifuru, has been doing fairly well in her new role as First lady. Her husband, Francis Nwifuru, is the immediate past Speaker of the Ebonyi State House of Assembly. He served for two terms before contesting in the last governorship election in the state. Just like some of her colleagues, her pet project is focusing on children, women and the vulnerable in the state. She has empowered a handful of women and provided scholarships for out-of-school children.

ENTERTAINMENT &SOCIETY WEEKLY

Eyoanwan Bassey-Otu is the wife of Prince Bassey Edet Otu, the newly elected Governor of Cross River State. She is a politician who represented Calabar Municipal Odukpani Constituency of Cross River State, Nigeria in the Federal House of Representative between 2003 and 2011. Her husband also served as a senator before he became governor. Eyoanwan, was a civil servant before taking over the role of the First lady. She spent 35 years in the civil service before bowing out. Like some of her colleagues, she is concentrating on women, widows, the girl child and the people living with disabilities in Cross River.

Hajiya Asma’u Inuwa Yahaya, wife of Governor Muhammad Inuwa Yahaya of Gombe State, is the only First lady who rocks a full hijab. She is the Chairperson of the Northern Governors Wives' Forum. An advocate of good governance, girl-child education and women empowerment, she established Jewel Care Foundation, a Non-Governmental Organisation where children, women and the underprivileged find succour. As part of her initiative, she has established breast and cervical screening centres across the state. A lot of women and students have also benefited from her free distribution of sanitary towels and hygiene packs.

The First lady of Delta State, Tobore Oborevwori, was up and doing while her husband, Governor Sheriff Oborevwori, was campaigning for election. She has not rested on her oars yet. Apparently she is determined to ensure that the people of Delta enjoy the dividends of democracy. As her pet project, she has embraced the MORE agenda, which was initiated by her husband. The MORE agenda focuses on meaningful development, opportunities for all, realistic reforms, enhanced peace and security in the state. The First lady is interested in the aspect that deals with women and children. She has provided succour for petty traders and enhanced small and medium businesses across the state.

The First lady of Kaduna State, Hafsat Sani, has hit the ground running since her husband, Governor Uba Sani, was sworn in. She has focused on uplifting the status of women, youths and people with disabilities by providing skills that will make them self-reliant.

The wife of Governor Babajide Sanwo-Olu of Lagos State, Ibijoke, is a medical doctor by profession. She has two Master's degrees in Business Administration and Public Health. She had worked for the Lagos State Government for 25 years before her husband ventured into politics. She was the Chief Medical Director and Chief Executive Officer at Harvey Road Comprehensive Health Centre in Yaba, before assuming the position of First lady. The First lady, through her office, has supported her husband’s T.H.E.M.E.S Agenda. The overall goal is to bring strategic development to Lagos State through traffic management and transportation; health and environment; education and technology; entertainment and tourism; as well as security and governance, all geared toward making Lagos a 21st Century economy.

With focus on the health sector, she has revived, rejuvenated and repositioned the health sector for optimal service delivery. She also set up 'Adopt-A-Child Project', an initiative to help parents who cannot afford to give their children quality education. Many children have been taken off the streets and back to school after getting scholarships from the First lady. The fight to eradicate Sexual and Gender-Based Violence (SGBV) from the state is another area that she has invested in. Pep talks, enlightenment campaigns and counseling have provided for victims of SGBV.

Fondly called the Diamond of Kastina, Her Excellency, Hajiya Radda, is a dogged and persistent woman who worked tirelessly to ensure the success of her husband's campaign and election. She is the wife of the Governor of Katsina State, Dikko Radda, who was elected into office in March. Hajiya started her pet project even before her husband won the election. She empowered several women, youths and start-ups with capital for small and medium businesses across the 34 local Government Areas in the state. She is also concerned about the rate of infant mortality in the state and working to ensure the number is reduced.

Zainab Idris is the wife of Kebbi State Governor, Nasir Idris. She is an advocate against genderbased violence and has set up a scheme known as Nasare Initiative for the youth and women in the state. The foundation also oversees and prioritises education, specifically focusing on empowering the girl-child.

The wife of Governor Abdullahi Sule of Nasarawa State, Silifat, attended Ahmadu Bello University where she bagged a degree in Food and Nutrition. She has established the Silifat A Sule Hope Foundation, SAS, an NGO aimed at providing humanitarian programmes for women, children and youths. SAS has touched many lives through skills acquisition, soft loan provision, payment of medical bills, provision of 'Mama's Kit', an ante natal kit for pregnant women, in order to encourage them to go for treatment duration pregnancy. Many children have also been taken off the streets and they are enjoying scholarships in various schools.

Eyoanwan Bassey Otu Mary-Maudline Nwifuru

Hafsat Uba Sani

Ibijoke Sanwo-Olu

Fatima Dikko Umar Radda Zainab Idris

Silifat Sule

Tobore Oborevwori

Asma’u Yahaya

ENTERTAINMENT &SOCIETY WEEKLY

Bamidele

The First lady of Ogun State, Bamidele Abiodun, is the daughter of Professor Oladipo Habeeb Oduye, a former Deputy Vice Chancellor of the University of Ibadan. She was a big player in the oil and gas sector with over two decades of experience in the industry before becoming first lady. Abiodun is passionate about women and children, which is why her pet project is basically to ensure their welfare. She has initiated several programmes with a focus on social welfare, health, education and poverty reduction. One of the programmes she has created is ‘She Venture,’ in collaboration with First City Monument Bank (FCMB). It is an initiative focused on boosting the economic capacity of women by offering both financial and non-financial support to small and medium scale businesses owned by women.

Tamunominini

Engr Tamunominini Olufunke Makinde is the First lady of Oyo State. An Ijaw woman from Rivers State, she is a mother of three and quite passionate about improving the welfare of women and children in the state. She chose women empowerment as her pet project, starting different empowerment schemes that have provided soft loans and grants to traders and business women. The First lady has also done a lot through her office to raise awareness of violence against women and children and child trafficking. By embarking on a massive enlightenment campaign, she has been able to help curtail the menace in parts of the state.

Although she is an indigene of Bayelsa State, the wife of Governor Caleb Mutfwang and First lady of Plateau State, Helen Muftwang appears willing and ready to leave a lasting legacy in the state. The mother of three, who met her husband while serving in Kaduna State, is also a lawyer. As part of her pet project, she has pledged to use her legal profession and existing legal framework to protect women and children, especially widows who are often cheated out of their late spouses’ properties. As part of the measures she is putting in place, she will partner with civil society organisations, international partners and other stakeholders to support this vulnerable group and less privileged children in the state. Widowhood vocational training centres will also be made available to equip widows for a better life.

The First lady of Rivers State, Lady Valerie Fubara, is a tireless giver and good listener. She is focusing on the plight of the less privileged, women and children. She is planning to initiate schemes that will provide financial empowerment to women in her state.

The wife of Governor Agbu Kefas of Taraba State, Patience, is committed to improving the lives of the less privileged in the society. Upon resuming duty as the First lady of the state, she flagged off a Reproductive Health and Pandemic Resilience Project in Jalingo, capital of the state. The scheme will ensure that women, particularly expectant mothers, receive adequate antenatal care and kits. A lot of women have also been introduced to family planning as part of their reproductive health campaign. The Taraba First lady also initiated the Community Health Influencers Promoters and Services (CHIPS) Programme. The programme assists women to get necessary primary healthcare (PHC) services by bringing the services closer to households through home visits by CHIPS agents, especially in the rural parts of the state. Volunteers are trained, kitted and deployed in the various communities. The personnel through home visits and counselling, educate and provide PHC services.

The First lady of Jigawa State, Hajiya Umar Namadi, is leaving no stone unturned in her quest to spread the dividends of democracy to women and children in the state. She is devoting her office to fight against gender-based violence in the state and plans to facilitate the establishment of agencies against geed violence (GBV) and address issues of trafficking and rehabilitation of destitute people. She is also planning to equip orphanages across the state.

Fatima

The First lady of Sokoto State, Hajiya Fatima Aliyu, has been actively involved in the affairs of the state, even before her husband, Alhaji Ahmed Aliyu, was elected governor. She has attended several meetings organised by the Northern Governors’ Wives Forum toward the advancement of the people of her state. She is passionate about healthcare delivery, women empowerment and the fight against drug abuse in the state.

Hurriya

Zamfara State first lady, Hajiya Hurriya DaudaLawal, is one of those who worked very hard to ensure that her husband, a former Executive Director of First Bank of Nigeria Plc's Public Sector, North, Dauda Lawal, emerged victorious at the governorship poll in the state. She mobilised women and youths in the state who voted massively for her husband during the election. The First lady resumed office with one objective in mind: To ensure that the people of the state are hugely rewarded for choosing her husband to serve them. Her primary goal is to ensure that women, children and the vulnerable in Zamfara State are adequately taken care of. Skills acquisition centres and provision of soft loans are some of the initiatives she has introduced in the state.

As part of her contribution to the development of Yobe State, the First lady, Hafsat Kolere-Buni, has established Ma'aruf Foundation to assist vulnerable youths to get education and empowerment, as well as for ocial change and sustained development.

Abiodun

Helen Mutfwang

Hadiza Umar Namadi

Makinde

Valerie Fubara

Patience Agyin Kefas

Dauda-Lawal

Aliyu

Hafsat KolereBuni

The first wife of Governor Douye Diri of Bayelsa State, Gloria, is a professional nurse and Matron of the Federal Medical Centre, Yenagoa. A fitness and healthy living enthusiast, with decades of experience in the medical field, she is concentrating on finding ways to tackle the challenges facing the medical and nursing professions in Bayelsa.

So far, Mrs Diri has had smooth sailing and impacted a lot of people in Bayelsa with her foundation, Gloria Diri Foundation in the last three years of her tenure as the First lady of the state. The amicable woman also has a soft spot for elderly people and she is an advocate against teenage pregnancy and drug abuse.

ENTERTAINMENT &SOCIETY WEEKLY

Fitness enthusiast, Nonye Soludo, is the wife of Anambra State Governor, Professor Charles Soludo. Although she is an accountant by training, she worked in the manufacturing sector before becoming First lady. The mother of six has a Master's degree in Accounting and Finance from the University of Westminster, United Kingdom, while her first degree was in Computer Science from the University of Nigeria, Nsukka, Anambra State.

The Anambra first lady is the Chief Executive Officer of Healthy Living Foods Ltd, the establishment behind Royal Foods. Her passion for a healthy living led to the birth of the Healthy Living blog where she shares her health, fitness and weight loss journey.

Mrs Soludo also has stakes in the real estate industry. She is the Managing Director of Charles Frances Properties, a real estate firm based in London. Being a fitness, healthy living enthusiast, she established a scheme known as the Healthy Living with Nonye Soludo across schools in the state. The initiative is an open forum for hygiene and healthy living driven by ethics and passion. It is aimed at setting up clubs in schools that will serve as formative grounds for education and exposure of school children, teenagers and young people to the basics of a healthy life, and how they can incorporate the best living and wellness principles into their daily lives.

The First lady of Bauchi State has been enjoying the perks of office for some years now. Her husband, Governor Bala Mohammed, was elected in 2019 and he is serving his second term in office.

The educator and humanitarian married her husband at a tender age and had to acquire her formal education as a married woman. She started her secondary education while raising her third child and was able to proceed to a tertiary institution. She bagged her first degree in Public Administration at the University of Abuja and has taken more educational courses since then. The fact that she was married off early fueled her passion for the girl child education.

She established Al-Muhibbah Foundation, a NonGovernmental Organisation that is committed to educating the girl-child and raising awareness of the disadvantages of early marriage. The NGO has also helped the vulnerable and less privileged in the state.

The Buguma, Kalabari kingdom, Rivers State, born first lady is the better half of Governor Godwin Obaseki, who is serving his second term in office. The financial expert has one of the richest resumes among first ladies in Nigeria. She has both her Bachelor’s and Master’s degrees in Accounting from reputable institutions both in Nigeria and overseas. The Edo first lady also has a Masters degree in International law. She is an alumnus of the Kellogg’s School of Business Executive Management Program from the North Western University in Illinois, United States. Betsy has worked at high profile companies holding managerial positions before becoming a first lady. She was the Head of Business Development and Senior Manager of Leasing Company of Nigeria, a subsidiary of Bank of Industry Ltd. She was also the Chief Executive Officer and Managing Director of BOI Investment and Trust Company Ltd, which is another subsidiary of Bank of Industry Ltd. As the wife of the number one citizen of Edo State, Betty has empowered a lot of women. She has advocated and fought against sexual violence in the state and even earned accolades for her contribution in that area. The beautiful woman who is passionate about the girl child introduced two organizations, Junior Achievement of Nigeria, whose goal is to educate young people on various social and environmental issues and a non-profit organization, Ladies Aware, which empowers young ladies with skills and creates awareness for ladies about their rights.

Wife of Ekiti State governor, Biodun Abayomi Oyebanji is a seasoned scholar in the field of Institutional Administration, Quality Assurance in Education, Human Resource Development and Leadership Education. She graduated from the University of Ibadan in 1997 and started her lecturing career at the Ekiti State University, Ado Ekiti in the year 2000 as a research fellow in the Department of Education. Before assuming duty as the first lady of Ekiti State, she was lecturing in her alma mater, University of Ibadan. The princess from Ewi palace in Ado-Ekiti is focusing on gender advocacy by raising her voice against gender based violence in the state. She also established the Biodun Abayomi Oyebanji Foundation, BAO in Ekiti state where the aged, widows and less privileged women are taken care of.

The First lady of Ondo State, Betty Akeredolu, has worked with the Federal Department of Fisheries.. In 1997, she was diagnosed with breast cancer, but survived after undergoing treatment. Her health challenge led to the birth of Breast Cancer Association of Nigeria, BRECAN, a non-profit organisation where awareness is raised about the disease. She also launched the Forum for Wives of Ondo State Officials and Female Political Appointees, FOWOSO. FOWOSO has given financial aid to women, impacting knowledge in the form of skill empowerment, enlightenment on how women can take good care of their health and that of their children. A lot of women have been mobilised towards increased political participation through her schemes.

She is the wife of the governor of Imo State, Senator Hope Uzodimma is one of the youngest first ladies in Nigeria. The mother of four got married in 2015 though her husband was formerly married to Augusta Uzodinma, his first wife of 17 years before their union was dissolved by the Catholic Church. The Abia born first lady is a graduate of Law from University of Owerri, Imo State. Barrister Uzodimma has showcased an impeccable profile of mother to all in the state and she has given succour, hope and happiness through the Good Hope Flourish Foundation, an initiative that has empowered women and children in Imo state. Apart from her passion for the vulnerable, she is also interested in human rights advocacy which she has merged into her role as the first lady.

Although governor, Yahaya Bello of Kogi State has two other wives, Barrister Amina Oyiza Bello and Hafsat Bello, Rashida Bello is however the first lady. The graduate of Accounting from the University of Abuja was an Executive Director at Fairplus International Ltd before taking up the role of the first lady. She has been performing her role perfectly and providing succour to the people of her state. To achieve her goal of catering for the welfare of women and vulnerable in the state, she set up a non-governmental organization, known as Kogi Women and Youth Advancement Foundation (KOWYAF) which has been empowering women and youth, encouraging the growth of micro businesses for vulnerable women and to drastically reduce the mother/ child mortality rate in Kogi State.

The duo of Erelu Ngozi Adeleke and Yeyeluwa Titilayo Adeleke are the two first ladies that Osun State is blessed with. Unlike other states where governors with two or more wives will appoint the eldest wife as First lady.

Although Erelu Adeleke lives abroad, she has vowed to ensure that the current administration in Osun delivers on its promises on education, youth and women empowerment, improvement of Osun State Health Sector, amongst others.

Chief (Mrs) Titilola Adeleke, the second wife of the governor is also ready to contribute her quota to the development of the state in the aspect of listening to women and youths, persons with disabilities, children and translating their concerns into workable proposals. She is also willing to serve as a mother to all and to represent the interest of the women, youth and children of the state.

Nonye Soludo

Gloria Diri

Yemi Oyebanji

Betty Akeredolu

Chioma Uzodimma

Rashida Bello

Erelu Ngozi Adeleke and Yeyeluwa Titilayo Adeleke

Aishatu Bala

Betsy Obaseki

FEUD WITH GBENGA DANIEL TO PETTY LEVEL

The ongoing feud between Governor Dapo Abiodun and his predecessor, Senator Gbenga Daniel, has assumed a different dimension. All through the five-day activities heralding the burial ceremony of late Otunba Subomi Balogun, both men did their utmost best to avoid each other. At a point, particularly during the wake for the founder of First City Monument Bank, FCMB, at Tunwase Court, Ijebu-Ode, Daniel took time out to exchange pleasantries with the First lady, Mrs Bamidele Abiodun. His wife, Yeye Olufunke, also exchanged pleasantries with the First lady and gave her a warm embrace to the amazement of many. But not the governor, who wanted to have nothing to do with the Daniels. He carried on like they didn't exist.

The duo, who were hitherto friends, have been at each other's throats particularly in the last two years. But just before the last general election, it got worse. Abiodun refused to support Daniel's senatorial ambition, alleging that Daniel had thrown his weight behind Ladi Adebutu, his opponent in the Peoples Democratic Party, PDP and as such could not also support his senatorial ambition. At some point, a former governor of the state, Olusegun Osoba tried to persuade them sheathe their warring swords. His intervention worked but only for a while.

After Daniel's win at the polls, he threw a lavish party in Abuja to celebrate it, with quite a number of political heavy weights in attendance. Abiodun and a few of his loyal politicians were conspicuously absent, further lending credence to the fact

Continued from page 36

that both men are simply not interested in reconciliation.

Daniel however claims that the reason Abiodun is at war with him is because of his unflinching support for President Bola Tinubu during the APC 2023 presidential primaries, while Abiodun pitched his tent with former Vice President Yemi Osinbajo. He also claimed that Abiodun was being delusional by relying on sycophants who fabricated stories for him, rather than being aware of people's sentiments towards him at that time. With the latest gesture between their wives who are not in on the feud, many are hoping that they join forces together to put an end to their husbands' long-drawn debacle.

Reason Mike Adenuga Graced Tinubu's Ogun Reception

visit to Ogun State, the lone wolf stunned many by making a very rare appearance. Many assumed he did so perhaps because of his filial relationship with the Awujale. Others seemed to think, since he didn't make it to the Lagos leg of the reception held for Tinubu and hosted by the state governor, Babajide Sanwo-Olu, he may as well show some solidarity by attending the Ogun State reception, afterall, Ogun is his home state.

Still, others were quick to jump to the conclusion that both Tinubu and Adenuga were close pals and that the latter must have contributed hugely to the president's campaign coffers hence his presence at the reception. Nothing could be farther from the truth. Adenuga was at the reception at the behest of the Awujale. THEWILL reliably gathered that Adenuga allegedly threw his weight behind Atiku Abubakar, the presidential candidate of the Peoples Democratic Party, PDP in the last general election. This is quite unlike how his fellow billionaire businessmen, save for Femi Otedola, kept their preferred candidate close to their chest. Naturally, word got back to Tinubu.

After he was announced president-elect by the Independent National Electoral Commission, INEC, Adenuga allegedly began making frantic moves to bridge a presumed divide that his preference may have undoubtedly caused in order to prevent the gulf from further widening. Just like he approached the monarch to broker peace between him and former president Olusegun Obasanjo in the past, the same scenario played out again. The monarch allegedly reached out to the President asking to see him. He was willing to travel all the way to Abuja for the sake of Adenuga. But the President, who was shuttling between France and London, agreed to meet with him in his palace instead. As soon as he got back from his trips, he fulfilled his promise.

Just before the reception party was flagged off, the monarch allegedly pleaded with him not to hold any grudge against Adenuga for his indiscretion even if that is the only request, he (Tinubu) would grant him all through his time in office. Naturally, the President couldn't turn down the revered monarch's plea and immediately accepted to let bygones be bygones. He in turn allegedly made a request which the monarch quickly granted him; asking that the Mayegun of Yorubaland, Wasiu Ayinde Marshal take over the 'Olori Omo Oba' title, previously held by late Otunba Subomi Balogun. So when the reception party officially kicked off, President Tinubu had no inhibition pouring encomiums on Adenuga for being a game changer in Nigeria's economy and thanking him for 'being there.'

“The rest we are going to talk in privacy,” Tinubu ended his speech.

Continued from page 36

No Love Lost Between Tony Elumelu, Femi Otedola?

Bintu-Fatima Tinubu, mother of the Chief Executive Officer of Oando Plc, Wale Tinubu, penultimate week, the tension that brewed between both men at the party was palpable. Both of them were seated at the same table and they barely exchanged words. To help douse the tension, businessman and entrepreneur, Sam Iwuajoku offered to sit between them to reduce the tension that could have conflagrated if he didn't make that move. After exchanging pleasantries with the celebrant, the host and a few guests, Elumelu exited the party without much ado. The scenario was unfortunately quite unlike how the two erstwhile buddies used to pump fists, hug lightly and make banters when they meet at parties and even take

pictures together. But no thanks to Otedola's stealthy moves to take over Transnational Company of Nigeria from his friend. Unfortunately, his plans backfired as both businessmen reached a deal on the control of Transcorp with Elumelu buying back Otedola's shares at a premium and consolidating his hold on the company. Just when everyone thought that all was well and nothing could come between them, at least on the part of Elumelu who choose to publicly speak highly of his friend and his business acumen, Otedola rather than reciprocate the gesture, chose to throw him under the bus and made some shocking revelations. Well the die is cast, we await to see who blinks or swallows the humble pie first.

BANKE, LADI BALOGUN REUNITE FOR FATHER'S FUNERAL

The Baloguns

Their marriage was at some point regarded as the model marriage for the younger generation. Their wedding, which took place in 2003, was an open show of how wealth can be deployed in a stylish

and classy manner. Besides the good looks which they have going for them, they both come from decent backgrounds. While Ladi is the third son of late Subomi Balogun, Banke is from the famous Alakija family. Her mum is Judith Ambila Alakija. The marriage progressed smoothly until the centre could no longer hold and they parted ways in 2017. However, both had to put their differences aside in honour of the patriarch of the Balogun family as he was laid to rest last week. Both played their dutiful roles very maturely and unless one wasn't aware beforehand, there was no inkling to suggest they are no more man and wife.

Cecilia Ibru And Sons Return to The Spotlight

Back in the day when she was the 'first lady' of Nigeria's banking industry commanding the respect of many as the Managing Director/CEO of defunct Oceanic Bank, Cecilia Ibru, was also the toast of high-octane party scenes. She only needed to appear at ones' party for it to be labeled as upscale and exclusive. Such was the enormous influence she wielded. She was on first name terms with many high-profile individuals until she suffered a reversal of fate, hit by a Tsunami created by Sanusi Lamido Sanusi, deposed Emir of Kano, when he was at the helm of the Central Bank of Nigeria, CBN.

From serving a six-month jail term, to being asked to refund about N1.2 billion for allegedly committing a multi-billion-dollar banking fraud, to having over 100 of her properties located in Dubai, United States and Nigeria, confiscated-Ibru suffered a fate she wouldn't have wished on her enemies. She has since picked up the pieces of her life after recoiling into her shell and examining what is left of her life. She is now gradually returning to the party scene where

she once held sway. She was one of the numerous highprofile guests of Wale Tinubu, the boss of Oando Plc at his mother, Hajia Bintu-Fatima Tinubu's 80th birthday party. She didn’t betray any emotion of someone who had been humiliated. In fact, she was vivacious as many approached her where she was seated to either exchange pleasantries with her or pay homage to her.

Nowadays, she keeps busy running her private university, Michael and Cecilia Ibru University in Delta State. Also, two of her sons who were a recurring decimal on the party scene but had to retreat, following the fate that befell their mother, accompanied her to the party. The two, who held important positions in the defunct Oceanic Bank, have made something of themselves. While Oboden who has had stints in Oando, Aero Contractors is currently the Acting Managing Director/CEO of Midwestern Oil and Gas Company Limited, Mamemo is currently the Managing Director and member of the Board of Directors of Ibafon Oil Nigeria Ltd, a 31 million litre capacity Tank Farm owned by his family.

Abiodun

Daniel

SHOTS OF THE WEEK

Photo Editor: Peace Udugba [08033050729]

Lagos State Governor, Mr Babajide Sanwo-Olu (right) presenting a State plaque to President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr Kenneth Opara, during a courtesy visit to the Governor, at the Lagos House,

L-R: Director, Nigerian Exchange Group Plc, (NGX Group), Mrs. Ojinika Olaghere; Group Chief Executive Officer, NGX Group, Mr. Oscar N. Onyema, OON; Group Chairman, NGX Group, Dr. Umaru Kwarainga; Group Company Secretary, NGX Group, Ms. Obehi Ikhaghe and Director, NGX Group, Dr. Okechukwu Itanyi, during the 62nd Annual General Meeting held at NGX Group House, Lagos on July 14, 2023.

L-R: Deputy Director, Market Development Department, Securities and Exchange Commission (SEC), Mrs. Ojone Kabir; President, MAN, Otunba Frances Meshioye; DG, Nigerian Employers Consultative Association (NECA), Mr. Adewale Oyerinde and Executive Director, Nigerian Export Promotion Council, Dr. Ezra Yakusak, during the 2023 Nigerian Employers Summit, in Abuja on July 11, 2023.

Alausa, Ikeja, on July 13, 2023.

L-R: Head, Brands and Marketing, Airtel Nigeria, Omobolanle Osotule; Nancy Charles-Egwu; Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja; Morolake Lawal and Moses Efe Imafidon, at the presentation of cash prizes to the winners of Airtel’ Competition at the Airtel HQ in Lagos on July 13, 2023.

L-R: Chairman of the committee on industry-wide implementation for in-country manufacturing of pumps, valves, flanges, and gaskets, Mr. Cyprain Ojum, submitting their report to the Executive Secretary of NCDMB,  Engr. Simbi Kesiye Wabote, at the Board's Liaison Office in Abuja on July 13, 2023.

Executive Head of Business, DSTV, West Africa, Abayomi Famuyiwa; Executive Head of Corporate Affair, DSTV, West Africa, Caroline Oghuma and Executive Head of Marketing, DSTV, Tope Oshunkeye, during BBNaija press conference in Lagos on July 15, 2023.

Rise And Rise of Professor Is’haq Oloyede

From head of departments to dean of faculties, those in the academia sometimes make it to the top rung of administrative ladder as vice chancellors. For some, it’s a downhill journey as they’re mostly forgotten after their terms in office. A few do take up senior advisory roles in reputable companies or honorary positions in NGOs. But it is seldom like it was when everyone from lecturers to students and even non-academic staff quaked before them in campuses. Hands up anyone who can name - without going online - the last two, three or so VCs of some federal universities in Nigeria and what they’re up to these days. That is not so with Professor Is’haq Oloyede, onetime VC of University of Ilorin and now REGISTRAR Joint Admissions and Matriculation Board. As head of the preparatory institution for university hopefuls in Nigeria and given his modest nature, Oloyede would have preferred going about his duties as unobtrusively as possible. But because of the strategic importance of the institution he helms, the man invariably becomes the subject of public discourse now and then, as it happened recently with a student Nmesoma Joy Emenike accused of padding her JAMB result. THEWILL examines the career of an administrator who is giving JAMB a long overdue makeover. Michael Jimoh

While already an undergraduate in a Nigerian university, a twenty-something year-old chap once sat for the Joint Admissions and Matriculation Board for another university hopeful. By then, he was already a 200-Level student in one of the federal universities in the South-south. He’d been contracted, sort of, to sit for the other candidate who’d made one or two attempts but failed to gain admission into a choice institution.

Called ‘runs’ then, long before its misapplication to gentrified strumpets nowadays, it was the undergrad’s tough luck that the centre for the JAMB exam was the same university where he was a student. Fate decided to punish him further: one of the invigilators on that Saturday morning was not only a lecturer in the same school but from the same town, a man on first name terms with the student’s father. In other words, the invigilator knew for certain he was writing the exam for someone else.

Will he blow his cover? That was all the impostor could think off while already seated in the tiered

reports…

theatre hall of the Department of Physics venue of the JAMB exam that year. Of course, the student had seen the invigilator and so tried to duck his head each time the man strolled by. Unknown to the student, the supervisor had spotted him too.

Faced with a jail term for impersonation if found out, the student tried all he could to avoid eye contact with the lecturer/ supervisor. It failed. But he was not unmasked publicly. Neither did he go to jail. Onetime, he heard someone whisper in his left ear: “I thought you are a student of…” the invigilator said in their dialect, mentioned the department and then moved on. It was a close call for the impostor.

That was one of the range of ruses young Nigerians employed to secure admission for others without the candidates themselves ever sitting for the test. Another was to involve invigilators with tempting cash offers. For the duration of the exam in special centres, for instance, parents could connive with examiners to look the other way while someone else answered questions on behalf of their wards.

And such was the success of these impostors in various guises that the institution seen as the gateway, gatekeeper to tertiary schools in Nigeria soon lost its credibility. A prospective university student could, for a fee, secure a place in any department of his/ her choice without ever going through the rigours of answering questions on the

A prospective university student could, for a fee, secure a place in any department of his/ her choice without ever going through the rigours of answering questions on the four mandatory subjects for any course of choice in any Nigerian university or polytechnic

...Rise of Professor Is’haq Oloyede

four mandatory subjects for any course of choice in any Nigerian university or polytechnic.

So, for years since inception in 1978, JAMB’s reputation has gone the way of some other notoriously corrupt and thoroughly mismanaged national institutions some now extinct – NEPA, NITEL, WAEC, NNSL, Nigeria Airways – where nothing works and many prone to sabotage from within and without. As of mid-July this year, for example, Nigerian newspapers reported 178 cases of exam malpractices in the 2022/ 2023 JAMB sessions. 94 were recorded last year alone while 84 cases were detected this year.

According to JAMB, all of them were as a result of “multiple registrations, manipulation of biometrics, collusion of some private CBT centres with parents, impersonation, deliberate disruption of the examination process and syndicate of adjacent centres in examination.”

Guiltier than most in all of these are private schools “aiding and abetting examination malpractice.” Part of the reason is the five, six-figure sums many of the private schools charge as tuition fees. However underwhelming the performance of students under their care may be, private schools are more than eager to pass them to the next class, common entrance examinations or even JAMB, a source told the newspaper. For this reason, JAMB has cautioned that “there is a need to continuously check the activities of private school operators.”

Not to mention padding of results by JAMB candidates looking to benefitting from scholarships made available to those with the highest scores every year. The infamous scandal of 19-year-old Nmesoma Joy Emenike dominated the headlines and social media up until last week. The audacious young woman claimed to have had the highest score for the 2022/ 2023 JAMB session. It was a brazen lie, JAMB pointedly replied her, insisting that her result was a perfect forgery.

Needless to say that Nmesoma later admitted to forging her result, the very thing that JAMB under Professor Oloyede is fighting hard to prevent since becoming the institution’s public face.

“One of the government institutions that has gained national prominence in the last few years in the course of discharging its statutory responsibilities is the Joint Admissions and Matriculation Board,” NEXTMONEY wrote recently in a cover story on Oloyede. “What has given JAMB this national prominence is its efficient public service delivery in not just the conduct of fraud-free Unified Tertiary Matriculation Examination (UTME) into tertiary institutions but also the transparency and accountability it exhibits in the running of its operations.”

For JAMB’s transparency and accountability, NEXTMONEY a publication by Ray Echebiri who runs a centre for financial journalism made the JAMB boss the Man of the Year 2022, devoting seven long pages to him as well as having him grace the cover for Volume 2 Number 7 of the quarterly.

One of the professor’s notable achievements as JAMB boss, the magazine asserted, was remitting over N30b into the coffers of the Federal Government. “This commitment to probity, coupled with the adoption of international best practices,” declared Dr. Fabian Benjamin Head, Public Affairs and Protocol of JAMB, “make for cost-effective operational processes and attendant savings to yield more remittance to government coffers. It is pertinent to note that one of the direct benefits of

the sustained remittance by the Professor Oloyedeled management manifested in the reduction of the cost of the application documents (UTME and DE) for candidates from N5, 000 to N3, 500, in 2018. This singular act has ensured the annual transfer of over N3b to the pockets of parents and guardians of candidates as a consequence of the slash in the price of UTME forms.”

With this unimaginable successes in JAMB, the question that naturally crops up is what is Prof Oloyede doing differently and what is his antecedent?

The answers to both questions are fairly well known. To start with the second, a schoolmate of Oloyede’s at University of Ilorin in the early eighties, Mr. Osagie Jacobs, told the newspaper his recollection of Oloyede as an exceptional student.

“Professor Is’haq Oloyede is a brilliant scholar,” Mr. Jacobs told THEWILL last Friday via a WhatsApp message. “I was in University of Ilorin with him as students though he was my senior. He made a First Class in Arabic Studies in 1981. He was retained as a junior lecturer in the university. He later rose through the ranks to become the Vice Chancellor of the university.”

According to Jacobs, part of Oloyede’s meteoric rise in the administrative hierarchy was not unconnected with his “deep faith in Islam.” As a result, “he became a Vice Chancellor above university teachers who were already professors before he was admitted to the university as a student. He was preceded as Vice Chancellor by Professor Oba, a Muslim and an Ilorin indigene. It was during Prof Oba’s tenure that what many believed the Islamisation of the University of Ilorin management began. Prof Oloyede succeeded him and was believed to further this religious tendency. Prof Oloyede was the one who banned the worship of Pentecostal Christians on campus. For about 25 years now, no Christian has been Vice Chancellor of the University of Ilorin.”

Even so, Jacobs seriously considers Oloyede a guru in administration. “He did well as VC. It is the same talent in administration that JAMB is currently benefiting from. He has rebranded JAMB as a responsible and disciplined institution. He has brought in transparency and accountability.”

Linked directly to the first question, “transparency and accountability” is what Oloyede is doing differently as the public face of JAMB. Unlike onetime JAMB Registrar, Professor Adedibu Ojerinde facing an 18-count charge of fraud and diversion of N5.2b, it is hard to imagine Oloyede facing similar charges during or after his tenure. Three years after his appointment in 2016 by former President Muhammadu Buhari, Oloyede griped that there were “expanded throats” in the institution he inherited. “I find a way to put such people aside,” he confidently told Nigerians, sort of presaging what was to come as head of JAMB. “We sack about 10 to 15 people in a year. We don’t stop at sacking them, we take them to court and insist on their prosecution because we have the facts before us.”

Professor Oloyede had nothing but facts to show Nigerians when Nmesoma went to town proclaiming herself as the highest scorer of JAMB result for 2022/ 2023 session. In the heat of the controversy, JAMB was already taking a lot of flak, cast as an overbearing institution unduly punishing an innocent girl.

Everyone from Charly Boy to Oby Ezekwesili and Emmanuel Onwubiko of Human Rights Writers Association (HURIWA) took side prematurely with the young university hopeful from Anambra state. On his part, the executive director of HURIWA was markedly rude in a hastily convened press conference where he referred to Oloyede as suffering from Igbophobia or, simply put, a hater of Igbos.

With the truth finally out, Onwubiko is yet to convene another press conference to apologise to Oloyede or even chastise the erring result manipulator publicly.

That aside, the public face of the rebranded JAMB is undaunted in his determination to rid the institution under his care of fraudulent candidates like Nmesoma or even officials from within looking to giving the 45-year-old organisation a bad name.

With the truth finally out, Onwubiko is yet to convene another press conference to apologise to Oloyede or even chastise the erring result manipulator publicly

It is not his fault that he is the longest living Nobel laureate in Literature in the world today. The first African bestowed with the most prestigious prize in Literature in 1986, some of his fellow recipients in the continent have since passed on.

Harassed endlessly and even stabbed once by Islamic fundamentalists on the streets of Cairo, Egyptian writer Naguib Mahfouz who was awarded the Nobel in the same category in 1988 died in 2006 - eighteen years after the conferment of the literary honour on him by the Swedish Academy.

TRIBUTE

Soyinka @ 89: A Life of Writing And Activism

BY MICHAEL JIMOH

South African writer Nadine Gordimer was next up for the prize in 1991. She lived slightly longer than her North African counterpart: 23 years after she got the Nobel in 1991, Nadine was no more. The South African died exactly nine years ago on July 13, 2014, thus presenting Soyinka with the odd choice of celebrating his 80th birthday and mourning the death of an esteemed colleague and contemporary on the same day.

Now at 89 and 37 years after winning the Nobel, Soyinka is not only as fit as a fiddle but he is going stronger than ever and very well engaged in the two things that have preoccupied him for decades – writing and activism. Playwright, poet, essayist, novelist, film maker and actor, Soyinka has written in virtually all the genre of literature known to man.

Among his dramatic oeuvre is Death and the King’s Horseman cited by the Swedish Academy for the Nobel Prize. “Telephone Conversation” is one poem generations of students across West Africa are only too familiar with. Soyinka’s prison memoir The Man Died is still passed from hand to hand like a proscribed text in censorious regimes.

One of the African continent’s most prolific authors, Soyinka has not stopped writing despite his advancement in age. Also popular with students of secondary and tertiary institutions are the Jero Plays, Soyinka’s subtle dig at religious charlatans and dogma. There is Ake, his recollection of childhood and Ibadan: The Penkelemesi Years – A Memoir 1945 – 67 his days as a student at Ibadan and Leeds where Soyinka continued his graduate studies. His last publication – Chronicles of the Happiest People on Earth – was published only two years ago.

Nor has he forsaken one bit the life of activism he espoused right from his younger years. His many run-ins with dictatorial regimes in Nigeria is legendary, starting with General Yakubu Gowon prior to the Nigeria/ Biafra war in the mid-sixties down to General Sani Abacha in the mid to late nineties.

He has been unsparing of civilian governments in Nigeria as well and the society at large. He once described a major political party in his country as “a nest of thieves and vipers.” Critics have pointed out that Chronicles is a potshot at Nigeria’s “deteriorating political and civil values” – and for good reasons.

Evaluating the worsening situation in Nigeria in an interview with Financial Times two years ago, Soyinka admitted that “it’s like something has broken in society” insisting that “as an observer, as a citizen, as a human being — what appalls me is quote-unquote ‘man’s inhumanity to man.”

Therefore, what has always been in the dramatist’s sightline is the good of society, the advancement of the human race, the black race especially.

Soyinka could also head butt with unconscionable religious authorities, as he did early in July with a traditional ruler Emir of Ilorin Alhaji Sulu Gambari over an aborted cultural festival in the Kwara state capital. An unrepentant advocate of traditional cultural festivals, Soyinka took exception to Gambari’s position on the Isese Festival scheduled to take place in Ilorin which the Emir cancelled instead of offending religious sensibilities.

In a scathing epistle to Gambari, the scholar literally tore the monarch to pieces for his sanctimonious posture on his avowal of a foreign religion at the expense of one native to his own people- particularly people in Ilorin where generations of worshippers of different faith have cohabited for centuries without rancor.

Soyinka pointedly called out Gambari for his “effrontery to cancel Isese Festival” calling it a “crime against

cultural heritage.”

“So soon after the Moslem season of spiritual purification,” Soyinka began in his letter, “it is sad to see the ancient city of Ilorin, a confluence of faiths and ethnic varieties, reduced to this level of bigotry and intolerance, manifested in the role of a presiding monarch. The truncation of a people’s traditional festival is a crime against the cultural heritage of all humanity.”

Gambari’s unroyal conduct and intolerance of other faiths, Soyinka rightly suggested, may have triggered religious fundamentalism such as “Boko Haram, ISIS, ISWAP and other religious malformations that currently plague this nation, spreading grief and outrage across a once peaceful landscape, degrading my and your existence with their virulent brand of Islam.

“It is conduct like this that has turned, before our very eyes, a once ecumenical city like Kaduna into a blood-stained mockery of cohabitation. It is conduct like this that makes it possible for a young student, Deborah, to be lynched in the very presence of armed police, on mere allegation of having belittled the image of a revered prophet.”

Rather than polarize his subjects along religious lines, Soyinka advised the monarch to embrace all and, more importantly, “to rein in those agents of division, of triumphalist intolerance, such as the Majlisu Shabab Ulamahu Society. There is a thin line between Power and Piety. Call Yeye Ajasikemi OIokun Omolara to your side, make peace with her and make restitution whichever way you can for this grievous insult to our race.”

Gambari’s response followed almost immediately by way of the palace spokesman Mallam AbdulAzeez Arowona. The cancellation of the Isese Festival was to avert a situation that could possibly cause “chaos in the society.”

Cancelling the festival in question, Arowona stated, “is to prevent crisis and not waiting until it erupt (sic) because the cost of managing crises cannot be equated to the wisdom or courage required to prevent it. Such pro-activeness is necessary in order to sustain peaceful co-existence in the society. It is therefore surprising to hear that the position of Professor Soyinka is identical to someone who does not consider what might transpire if the programme was hosted.

“It may result to issues which could also lead to reprisal attacks by sympathisers or promoters of such belief (Isese festival) in other parts of the country…In order to set records straight, Professor Wole Soyinka tends to be economical with facts, forgetting that war is nobody’s want.”

War or not, family, friends and the teeming admirers of the gracefully ageing professor and humanist have been clinking goblets of champagne all week in many parts of the world drinking to Soyinka's health after he turned 89 on Thursday July 13. They are, without any doubt, looking forward to touching glasses next July on his 90th.

For now, the incomparable professor of Comparative Literature remains the longest living legend of the Nobel Prize in Literature – at least in the continent. Oh yes, there is John Maxwell Coetzee (pronounced Kurtzior) the inimitable South African author who deservedly got the prize in 2003.

Though of dual South African and Australian citizenship, the notoriously reticent and publicity-shy novelist was duly honored with OMG (not Oh My God please) but Order of Mapungubwe granted only by the president of SA f"or achievements in the international arena which have served South African interests." Categorised into Bronze, Silver, Gold, Coetzee’s OMG is Platinum “for exceptional and unique achievements.”

Soyinka has had his own “exceptional and unique achievements” as well for Nigeria, Africa, the entire black race and the world. Though disdainful of titles of dubious provenance, a fetching bust of the bard, complete with silvery mane may not be out of place at the entrance to his birth place. It is something the Nigerian Government may consider as an everlasting monument to his genius and as a humanist.

Soyinka has had his own “exceptional and unique achievements” as well for Nigeria, Africa, the entire black race and the world. Though disdainful of titles of dubious provenance, a fetching bust of the bard, complete with silvery mane may not be out of place at the entrance to his birth place. It is something the Nigerian Government may consider as an everlasting monument to his genius and as a humanist

SportsLive

Saudi Arabia, America And Seismic Shift in Football Influence

BY JUDE OBAFEMI

The Saudi Pro League and Major League Soccer (MLS) have emerged as highly soughtafter destinations for top-calibre football players, signalling a profound shift in the footballing world. These leagues offer not only regular playing opportunities but also significant financial investments, drawing attention and attracting renowned athletes. The promise of consistent game time and the chance for skill development make them enticing alternatives to traditionally prestigious leagues in Europe. Backed by substantial government-backed investments, the Saudi Pro League is assembling competitive teams, while the MLS has experienced remarkable growth, creating a highly competitive environment going forward.

A key factor driving the popularity of the Saudi Pro League and MLS is the substantial financial resources injected into these leagues. Wealthy owners and investors have committed to raising the profile of football in America, while the Saudi Arabia interest in becoming an Arabian football hub has seen the reach for influential players with substantial salaries and lucrative contracts.

Moreover, the Saudi Pro League and MLS have actively worked to enhance their reputations and expand their reach. By organising high-profile tournaments, investing in state-of-the-art facilities, and attracting renowned talent, these leagues have gained prominence and are establishing themselves as important players in the global football landscape. How did this shift occur?

The rise of the Saudi Pro League as an enticing destination for top footballers worldwide has been fuelled by significant financial investments by the Kingdom of Saudi Arabia. Under the leadership of Crown Prince Mohammed bin Salman, the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has made substantial acquisitions, transforming the league and its clubs into financial powerhouses. Four major clubs in particular have benefited from this infusion of capital: Al Nassr and Al Hilal in Riyadh, and Al Ittihad and Al Ahli in Jeddah. These clubs have been

able to make substantial transfers and secure lucrative contracts, thanks to the financial muscle provided by the PIF.

The real attraction of Saudi Pro League began with Portuguese superstar Cristiano Ronaldo's move to Al Nassr in December last year. The SPL's global TV audience increased significantly since Ronaldo's arrival. The league is now being broadcast in 137 countries, up from just 40 before Ronaldo signed. The SPL's attendances have also increased. Ronaldo's first match for Al Nassr was significantly higher than any of the club's previous home games this season. His presence also helped to raise the profile of the SPL on social media. Al Nassr's Instagram following has increased from 860,000 to almost 15 million since Ronaldo signed.

In addition to these direct impacts, Ronaldo's move to

Saudi Arabia has also helped to raise the profile of the country itself. Saudi Arabia is now seen as a more attractive destination for foreign investment and tourism, and the SPL is seen as a more attractive destination for foreign players.

Overall, Cristiano Ronaldo's move to Saudi Arabia has been a positive for the SPL. It helped to increase the league's global visibility, attendances, and social media following. It has also helped to raise the profile of Saudi Arabia as a country.

The summer of 2023 witnessed a flurry of highprofile transfers, showcasing the league's growing prominence. Al-Hilal, one of the most prominent clubs in the Saudi Pro League, made significant waves in the transfer market. They secured the services of Ruben Neves from Wolves for a fee of N55 million and acquired Kalidou Koulibaly from Chelsea for N23 million. The club is currently in negotiations to sign Sergej Milinkovic-Savic from Lazio for N40 million, with a contract offer exceeding N20 million per season.

The presence of global icons Ronaldo and Benzema in the Saudi Pro League has added a unique competitive edge and elevated its profile worldwide

SportsLive

...Seismic Shift in Football Influence

Additionally, Al-Hilal made an astonishing offer of N120 million to Nicolo Zaniolo of Galatasaray. They have done this to compete with Al Ittihad, which signed Real Madrid's striker Karim Benzema and ex-Chelsea midfield enforcer N'Golo Kante.

The presence of global icons Ronaldo and Benzema in the league has added a unique competitive edge and elevated its profile worldwide. Ronaldo completed his first season with Al Nassr, while Benzema also made the transition to Saudi Arabia for next season. Both players are earning staggering annual salaries of N200 million. Kante, the highly acclaimed midfielder, will be receiving an impressive annual salary of N100 million.

Looking ahead to the upcoming season, there are several intriguing signings on the horizon. Hakim Ziyech, originally set to transfer to Al Nassr, is a notable name that fans are eagerly watching. Marcelo Brozovic has already completed a transfer from Inter Milan to Al Nassr for N18 million, further strengthening the league's appeal. Roberto Firmino, the accomplished Liverpool forward, has been confirmed to be joining Al Ahli after the expiration of his contract with the English club.

The influx of top-tier players, combined with the financial muscle and ambitious investments by the Kingdom of Saudi Arabia, has positioned the Saudi Pro League as an increasingly attractive and competitive destination for footballers worldwide.

With its growing prominence, the league is expected to continue making waves in the global football landscape in the coming years. Football fans will be tuning in to follow their stars and will have to get familiar with the league and opposing teams and players as well. The same will be the case in the MLS.

The Major League Soccer has experienced a remarkable transformation in recent times, propelled by various

Continued from Back Page

Recently, a significant development that has brought even more global attention to the American football scene, is the acquisition of Lionel Messi by Inter Miami, a move that instantly elevated the league's stature and generated immense excitement among fans worldwide. Messi's presence in the MLS has made the league an attractive destination for top players seeking fresh challenges and opportunities.

Reportedly joining Messi in this new wave of talent are renowned players such as Sergio Busquets, the esteemed Barcelona midfielder, and Marcelo Brozovic, who have chosen to make their mark in the MLS.

These high-profile names will further enhance the league's profile and competitiveness, drawing more attention and admiration from fans across the globe.

Another crucial aspect of the MLS transformation is its partnership with Apple. Currently, Apple holds exclusive, worldwide rights to broadcast every MLS game, making it the go-to platform for fans to catch their favorite teams in action. The MLS season pass on Apple TV features both English and Spanish broadcast crews, catering to a diverse audience. This collaboration has not only expanded the

Does President Tinubu Have The Political Will to End Oil Theft in Nigeria?

safeguarding national resources become key collaborators in illegal activities that drain the country's economy. Security agencies, entrusted with protecting oil infrastructure, often collude with criminal networks engaged in oil theft. This complicity can manifest through turning a blind eye to illegal activities, accepting bribes, or actively participating in the theft and transportation of stolen oil. The collaboration of security agencies not only undermines efforts to combat oil theft but also erodes public trust and hampers the effectiveness of law enforcement. Local communities, living in impoverished conditions with limited economic opportunities, see getting involved in oil theft as a means of survival.

Addressing oil theft in Nigeria necessitates a comprehensive approach that includes holding perpetrators and collaborators accountable, strengthening regulations and oversight, fostering transparency and accountability within the oil sector and promoting sustainable economic opportunities for local communities. Combating oil theft requires the collaboration and commitment of all stakeholders involved, including government authorities, security agencies, communities, and oil industry players. There is an urgency in addressing this issue, especially

with a new President determined to make the tough calls required for change.

The Nigerian government has enacted several laws and regulations to combat oil bunkering and related crimes, including the Petroleum Act of 1969, the Miscellaneous Offences Act of 1983, the Economic and Financial Crimes Commission (EFCC) Act of 2004, the Criminal Code Act of 2004, and the Pipeline and Product Marketing Company (PPMC) Anti-Vandalism Task Force Order of 2012. These laws aim to deter illegal oil bunkering activities, protect Nigeria's oil assets and revenues, and impose severe penalties for offences. However, enforcing these laws faces numerous challenges such as corruption, lack of coordination among security agencies, insufficient resources, and complicity of local communities and officials.

The question, therefore, is whether President Tinubu has the political will to drastically cut crude theft. Tinubu has shown that he has the courage to make tough decisions without flinching. It is now as urgent as ever to sanitise the oil sector of the thieving cabal and all those who collude with them in this unpatriotic act. They all have to be accountable for their actions. We can only hope that it is done sooner rather than later.

league's reach but also ensured a high-quality viewing experience for fans.

Within Lionel Messi's contract with Inter Miami, there exists a revenue sharing formula. This means that Messi stands to benefit from the attention he brings to the broadcasting of MLS games.

As more fans tune in to watch these matches, they become more acquainted with MLS teams, players, and the unique Eastern and Western conferences, which are structured differently from European leagues. This exposure will likely lead to increased fan engagement and a deeper connection between fans and the MLS.

The "Messi effect" was evident right from the moment the seven-time Ballon d'Or winner announced his move to the MLS. Inter Miami CF's social media following experienced a significant surge, ticket prices skyrocketed, and upcoming fixtures sold out, all before Messi even signed a contract. Alongside these developments, revenue-sharing agreements with major brands like Adidas, for profits from shirt sales, and Apple were negotiated, with discussions centered on a cut of revenue from new subscribers to Apple TV's MLS Season Pass streaming service for the Argentine maestro.

The MLS has entered a new era of growth and recognition, fueled by marquee signings, a strong partnership with Apple, and an increasing global fan base. The league's transformation has brought unprecedented attention and excitement to American soccer, solidifying its place on the international stage. As the MLS continues to evolve, it is expected to attract even more top-tier players, foster greater competitiveness, and captivate fans with its unique blend of talent and entertainment.

The increased prominence of both the Saudi Pro League and MLS as attractive destinations for football stars signifies a significant shift in the global football landscape. The substantial financial investments and unwavering commitment from the Kingdom of Saudi Arabia and MLS stakeholders have played a crucial role in redefining the traditional power structures of European football and offering compelling alternatives for players seeking new challenges.

Messi

Benzema

Kante

Does President Tinubu Have The Political Will to End Oil Theft in Nigeria?

Oil theft is a global problem with severe consequences for countries worldwide. It involves the unauthorised extraction, transportation and sale of petroleum products and is carried out by organised criminal networks, corrupt officials, military personnel and militant groups. This illicit industry results in significant economic losses, environmental damage, security concerns, and disruptions in the international energy market. This illegal practice undermines national economies by depriving governments of substantial revenues. It disrupts global energy markets by introducing stolen oil into legitimate supply chains. The environmental consequences are dire, with spills and pollution harming biodiversity, ecosystems and local communities. Additionally, oil theft fuels conflicts, perpetuates instability, and weakens governance structures.

Nigeria, being one of the world's largest oil producers, faces significant challenges regarding oil theft. The country experiences substantial financial losses, environmental degradation and societal challenges as a result of this illicit activity. Nigeria's vast oil reserves, extensive pipeline networks and complex socio-political dynamics make it particularly vulnerable to oil theft. Sadly, military officers who have the responsibility of protecting these assets have been named as a part of the thieving cartel. One significant incident highlighting the seriousness of oil theft occurred in July in Delta State, Nigeria. Security operatives from the Joint Task Force, Operation Delta Safe, collaborated with Tantita Security Services Nigeria Limited, a private security group hired by the government to help fight crude theft, to intercept a vessel carrying stolen crude oil in the Escravos area. The vessel, owned by a Nigerian registered company, was en route to Cameroon with its illicit cargo when it was seized according to the Executive Director of Operations and Technical at Tantita Security, Captain Warred Enisuoh, and the Commander of the Joint Task Force, Operation Delta Safe, Rear Admiral Olusegun Ferreira. Rather than preserving the vessel, which had been involved in illicit operations for at least 12 years, as evidence for further investigation, a controversial decision was made to set the vessel ablaze by firing rounds from a military chopper. This action had telling consequences for aquatic life and environmental degradation. The resulting flames and thick black smoke released harmful pollutants into the air and water, further exacerbating the existing environmental damage caused by oil theft.

The decision to set the vessel on fire prevents a thorough investigation into how the theft occurred and the networks involved. Preserving the vessel would have provided valuable evidence for identifying the owners, tracing the illicit supply chain, and ultimately dismantling the criminal networks responsible for the theft. The destruction of the vessel, without a comprehensive investigation, hampers efforts to understand the modus operandi of oil theft and impedes progress in tackling the issue effectively.

Moreover, the environmental consequences of setting the vessel ablaze are severe. Aquatic life in the surrounding area is particularly vulnerable to the pollutants released into the water. The spilled oil and resulting contamination harm marine organisms, disrupt the natural habitat and pose long-term risks to biodiversity. The impact extends beyond the immediate area, affecting fishing communities and the livelihoods of those dependent on aquatic resources.

The decision to destroy the vessel highlights the complex nature of combating oil theft in Nigeria. While immediate action may be necessary to prevent further theft and secure the seized vessel, the long-term consequences of such actions must be carefully considered. Balancing the need for swift action against oil theft with the preservation of evidence, environmental protection, and the

In response to the criticisms, the Federal Government defended the swift destruction of the vessel, asserting that it was carried out in accordance with the rules of engagement.

General Lucky Irabor, Chief of Defence Staff at that time, stated that the vessel was caught in the act, leading to the decision to set it on fire. According to him, no further investigation was necessary to justify this action.

The conflicting perspectives on the destruction of the vessel reflect the complexities and challenges associated with combating oil theft in Nigeria. While the immediate destruction of the vessel may serve as a deterrent and prevent further theft, it raises questions about the potential loss of valuable evidence and the ability to prosecute those involved. Striking a balance between immediate action and thorough investigation remains a critical consideration.

These controversies underscore the need for transparency, accountability and effective communication in addressing oil theft. It is crucial for relevant authorities to ensure that actions taken against oil theft are not only effective in the short term but also support long-term strategies to dismantle criminal networks, gather evidence, and prosecute offenders. Balancing the immediate need to prevent theft with the necessity of preserving evidence is essential in achieving sustainable solutions to the problem of oil theft in Nigeria.

facilitation of comprehensive investigations is crucial to effectively address the problem.

Prior incidents related to oil theft in Nigeria have been accompanied by controversies, raising important questions about the actions taken and their implications. These incidents have contributed to a broader understanding of the challenges faced in combating oil theft and the need for careful consideration of the methods employed.

One such incident occurred when a vessel involved in crude oil theft was destroyed in the Niger Delta creeks. The vessel had been apprehended by Tompolo's firm, Tantita Security Services. However, the destruction of the vessel sparked controversy and criticism from some sectors of society. Concerns were raised regarding the decision to destroy the vessel instead of preserving it as evidence for prosecution.

The controversy surrounding the destruction of the vessel led to the House of Representatives announcing its intention to investigate the circumstances surrounding the incident. The aim was to assess whether the vessel's destruction hindered the process of bringing the perpetrators to justice. The controversy highlighted the importance of preserving evidence and ensuring a thorough investigation, even in the face of immediate actions against oil theft.

Oil theft in Nigeria has reached alarming proportions, resulting in severe economic and environmental consequences. In April, the Nigerian National Petroleum Company (NNPC) discovered an illegal oil connection operating for a staggering nine years, leading to an estimated loss of approximately 600,000 barrels of oil per day. This translates to significant revenue losses for the country, amounting to billions of dollars annually. The theft of such vast quantities of oil has a direct impact on Nigeria's economy, hindering its ability to fund essential infrastructure development, social welfare programs, and economic diversification initiatives.

The extent and impact of oil theft in Nigeria cannot be overstated. It undermines the country's economic growth, compromises environmental sustainability, and perpetuates poverty and social instability. Addressing this issue requires a comprehensive and multi-faceted approach that involves stringent security measures, effective law enforcement, collaboration between government agencies and industry stakeholders, and a concerted effort to raise public awareness about the detrimental effects of oil theft on Nigeria's present and future well-being.

However, combating oil theft in Nigeria is challenging due to the involvement of powerful perpetrators and collaborators. This illicit practice often includes influential political leaders, retired and serving military personnel, security agencies, local communities, and multinational oil companies. Their collaboration and complicity contribute to the persistence and scale of oil theft, creating a complex web of actors involved in this illegal activity.

Political leaders and ranking military officers exploit their positions of power and influence to facilitate oil theft operations. They provide protection, insider information and access to resources, allowing criminal networks to operate with impunity. Unfortunately, those who should be

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Political leaders and ranking military officers exploit their positions of power and influence to facilitate oil theft operations. They provide protection, insider information and access to resources, allowing criminal networks to operate with impunity