MONDAY 3RD MARCH 2025

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ACF Wants Alleged Sexual Harassment against Akpabio Thoroughly Investigated Chuks Okocha, Sunday Aborisade in Abuja and John Shiklam in Kaduna

L-R: The Chief of Army Staff, Lt. General Olufemi Oluyede; Mrs Mariya Lagbaja; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Secretary to the State Government, Barr. ‘Bimbola Salu-Hundeyin; Chief of Defence Staff, General Christopher Musa and his wife, Mrs Oghogho Musa during the renaming ceremony of the Ikeja Military Cantonment to Taoreed Lagbaja Cantonment, Ikeja in Lagos, on Friday

rewa Consultative Forum (ACF) has called for thorough investigation into the allegations of sexual harassment levelled against Senate President Godswill Akpabio by the senator Continued on page 5

Fubara: We’ll Implement S’Court Verdict, Urges Calm in Rivers State

Orders outgoing chairmen to handover to Heads of LG Admin Emmanuel Addeh in Abuja and Blessing Ibunge in Port Harcourt Rivers State Governor, Mr. Siminalayi Fubara, yesterday, assured the people of the state that he would implement the recent Supreme Court judgment over the lingering political crisis in the state without reservation.

But, Fubara, who warned that the state might be back to trying times after the recent Supreme Court ruling has handed victory to his estranged benefactor and tormentor, Minister of the FCT, Nyesom Wike, however, sued for calm in the state.

However, in view of the

development, the governor has ordered the Heads of Local Government Administration (HLGAs) to immediately take over the administration of the 23 local government councils pending the conduct of fresh elections by the Rivers State Independent Electoral Commission (RSIEC).

Fubara, in a statewide broadcast in Port Harcourt, yesterday, said though he disagreed with the judgment, he was bound to obey the orders made as he runs a law-abiding government.

Continued on page 5

Dangote to Refund Customers Who Purchase PMS above Advertised CELEBRATING OBASANJO @ 88...

L-R: Former Vice President Atiku Abubakar; Former President Olusegun Obasanjo; (behind the duo) former President Goodluck Jonathan and former Rates from Key Partners...

President of Sierra Leone, Ernest Bai Koroma, during the 88th birthday anniversary celebration of Obasanjo in Lagos… yesterday Page 34

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How US Bank, Citigroup, Erroneously Credited Client with $81tn Instead of $280

Emmanuel Addeh in Abuja

Citigroup credited a client’s account with $81 trillion when it meant to send only $280, an error that could hinder the bank’s attempt to persuade regulators that it has fixed long-standing operational issues, the Financial Times reported at the weekend.

The erroneous internal transfer, which occurred last April and has not been previously reported, was missed by both a payments employee and a second official assigned to check the transaction before it was approved to be processed

at the start of business the following day.

According to the report, a third employee detected a problem with the bank’s account balances, catching the payment 90 minutes after it was posted.

The payment was reversed several hours later, according to an internal account of the event seen by the FT and two people familiar with the event.

No funds left Citi, which disclosed the “near miss” to the Federal Reserve and Office of the Comptroller of the Currency, according to another person with knowledge of the matter.

The bank said its “detective controls

promptly identified the inputting error between two Citi ledger accounts and we reversed the entry” and that these mechanisms “would have also stopped any funds leaving the bank”.

It added: “While there was no impact to the bank or our client, the episode underscores our continued efforts to continue eliminating manual processes and automating controls.”

A total of 10 near misses — incidents when a bank processes the wrong amount but is ultimately able to recover the funds — of $1 billion or greater occurred at Citi last year, according to

an internal report seen by the FT. The figure was down slightly from 13 the previous year. Citi declined to comment on this broader set of events.

Near misses do not need to be reported to regulators, meaning there is no comprehensive public data on how often these incidents occur across the sector, the report said. Several former regulators and bank risk managers said near misses of greater than $1 billion were unusual across the US bank industry.

According to FT, the series of near misses at Citi highlights how the Wall

Street bank is struggling to repair its operational troubles nearly five years after it mistakenly sent $900 million to creditors engaged in a contentious battle over the debt of cosmetics group Revlon.

Citi’s mistaken Revlon payout led to the ousting of then-chief executive Michael Corbat, big fines and the imposition of regulatory consent orders requiring it to fix the issues.

Jane Fraser, who took over as Citi’s top executive from Corbat in 2021, has described fixing Citi’s regulatory issues as her “top priority”. Still, the group was fined $136 million last year by the

Jane Fraser,CEO Citi Office of the Comptroller of Currency (OCC) and Federal Reserve for failing to correct problems in risk control and data management.

CBN Intensifies Regulatory Oversight to Strengthen Nigeria’s Financial System Reinforces compliance measures to curb financial crimes and enhance stability

Nume Ekeghe

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening the financial sector by enhancing regulatory oversight, improving risk management frameworks, and ensuring strict compliance with global banking standards.

In a rapidly evolving financial landscape, the apex bank said it was taking decisive steps to prevent financial crimes, maintain transparency, and reinforce public confidence in the Nigerian banking system.

Special Adviser to the CBN

Governor on Compliance, Ms. Shola Phillips, made the comments at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop, held in collaboration with Citi, at the weekend in Lagos.

In a statement, the apex bank reiterated its commitment to upholding regulatory excellence, ensuring that Nigerian financial institutions aligned with international compliance frameworks to mitigate risks, prevent financial crimes, and foster a transparent banking environment.

The statement stressed that effective enforcement of anti-money laundering

and counter-financing of terrorism (AML/CFT) measures were a top priority in efforts to protect Nigeria’s financial system from illicit activities and enhance investor confidence.

It stated, “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment.

“Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively.”

The workshop, attended by compliance officers, trade operations specialists, and correspondent

banking teams from various financial institutions, provided in-depth insights into global regulatory trends, emerging financial risks, and strategies to enhance Nigeria’s ability to meet international banking standards.

With increasing scrutiny on financial institutions worldwide, experts at the event underscored the importance of robust governance structures to mitigate risks and uphold the integrity of the financial system.

Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, highlighted the critical role of robust governance frameworks in mitigating risks.

Ealaithe underscored the necessity of

Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.

Head of EMEA AML Risk Management for Foreign Correspondent Banking, Citi Stephanie Bailey, provided a stark assessment of financial crime risks.

Bailey stated that over $3 trillion in illicit funds flowed through the global financial system annually. She urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.

The workshop aligned with CBN

Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.

Cardoso had consistently emphasised, “A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.”

By fostering a strong culture of compliance and strengthening risk management frameworks, the CBN aimed to safeguard Nigeria’s financial sector while ensuring its resilience and credibility locally and globally.

the period of the crises in the State, while awaiting the final verdict of the apex court of the land on all the matters."

Meanwhile, a political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has condemned the Supreme Court verdict ordering the withdrawal of local government allocations in Rivers State.

In a statement in Abuja on Sunday, Frank described the ruling as a “criminal usurpation” of funds rightfully belonging to the people of Rivers State.

In the statement, he warned that any unrest resulting from the ruling should be blamed on President Bola

Ahmed Tinubu and the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun.

“From the illegal judgment that emerged from the Supreme Court against the Rivers State Government, the whole world knows that this is the most fraudulent ruling ever delivered in the history of Nigeria.

“How can the Supreme Court give such an anti-truth, anti-God, inhuman, and compromised judgment designed to help the opposition APC take over Rivers State?

“This is a clear indication that the Supreme Court under Justice Kekere-Ekun, lacks the capacity to reform the judiciary and has instead turned justice into a commodity for the highest bidder,” he alleged.

FUBARA: WE’LL IMPLEMENT S’COURT VERDICT, URGES CALM IN RIVERS STATE He stressed that his administration would take necessary action on the judgment only after his legal team has received and analysed the implications.

"We are all aware of the recent Supreme Court judgments and pronouncements regarding aspects of the lingering political disputes in our dear State.

"Although we disagree with the judgments, we are bound to obey the orders made therein as a law-abiding government," he said.

The governor emphasised that, "Since inception, we have conducted the affairs of government within the framework of our constitution, due process and rule of law.

"While we are not above mistakes

because we are human, we believe that we have not, as a government, done anything deliberate to trample on the rule of law or the hallowed principles of constitutional governance.

"Accordingly, I have had a meeting with my team of lawyers and they have assured me that the certified true copy of the judgments may be available to them by Friday March 7, 2025."

Fubara assured that on receiving the certified copies of the judgments, he would study their ramifications and implement them without reservations to move the state forward.

He said, "Furthermore, given the outlawing of caretaker arrangements in the local government system, I

hereby direct the Heads of Local Government Administration to immediately take over the administration of the 23 local government councils pending the conduct of fresh elections by the Rivers State Independent Electoral Commission.

"I further direct the outgoing local government chairmen to formally hand over the levers of power to the Heads of Local Government Administration by Monday, 3rd March, 2025.”

Fubara, therefore warned that, "Although our dear state seems to be back in trying times, I urge everyone to remain calm and peacefully go about with their legitimate daily activities as we continue to do

everything in our power to advance our responsibilities to the citizens."

Earlier, the Rivers State Elders Council, has urged Fubara and the 27 lawmakers to ensure that all necessary steps were taken in conformity with their constitutional responsibilities.

In a statement by Chairman of the council, Chief Ferdinand Alabraba, he congratulated Rivers people on what he described as "well-rounded pronouncements of the Supreme Court of Nigeria delivered on Friday, February 28, 2025, on the political crises in the State."

The elders council further commended the people of the State "for their resilience, patience and peaceful disposition throughout

ACF WANTS ALLEGED SEXUAL HARASSMENT AGAINST AKPABIO THOROUGHLY INVESTIGATED for Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan.

Natasha had accused Akpabio of sexual harassment days after she had an altercation with the senate president over sitting arrangements in the upper chamber.

In a statement yesterday by ACF spokesperson, Professor Tukur Muhammad-Baba, the forum expressed concern over the allegations, saying the issue has negative implications for the “national and international public image” of the senate.

It stated, “Even Sen. AkpotiUduaghan’s husband has been forced to publicly comment on the matter and all such public interventions have the potential to bring into disrepute a body empowered to make laws for Nigeria.

“As things now stand, in the eyes of the general public the allegations in question portend definite negative implications for the national and international public image of the Red Chamber of Nigeria’s National Assembly.

“While the imbroglio lasts, the interests of the people of Kogi Central are not being adequately represented in the 10th Senate.

“While, perhaps, far-fetched, ACF rues the development and hopes that it is not part of the thinly-veiled antiArewa agenda now pervading the

Nigerian political process.”

The forum said it did appear only senators from the north had been subjected to heavy sanctions, such as suspensions, in the 10th Senate.

“In the event, ACF wonders if the unfolding events constitute a pattern or are cruel coincidences at work. Putting it mildly, the public image of the leadership of the 10th Senate is now less than inspiring,” Muhammad-Baba stated.

The forum called for, “An independent, open, transparent and thorough investigation, devoid of fear, favour or interference of any kind, from any quarters be conducted.”

ACF said this “will be necessary to allow the senate to return, as it should, to the serious and solemn duty of law-making for Nigeria, at a period when citizens are being overwhelmed by dire existential living conditions on account of the impact of public policies on lives and livelihoods.”

Allegations Against Senate President False, Baseless, Senate Deputy Chief Whip Insists Deputy Chief Whip of the Senate, Senator Onyekachi Nwebonyi, declared as false and baseless the allegations of sexual harassment levelled against Akpabio by Akpoti-Uduaghan.

Nwebonyi also faulted former Senate President Bukola Saraki's call on the Committee on Ethics, Privileges, Code of Conduct and Public Petitions to probe Akpoti-Uduaghan’s allegations against Akpabio.

The interventions came even as the senate panel investigating the matter, chaired by the Edo South senator, Neda Imasuen, had yet to start work.

Saraki had in a statement on Saturday asked Akpabio to protect the integrity of the senate by subjecting himself to investigation by the panel, just as he (Saraki) did in the eighth Assembly, when he was accused of importing an official vehicle.

Nwebonyi, in a statement on Sunday, titled, “The Difference is Clear: Protecting the Senate from Political Manipulation, Not Rewarding Falsehood,” insisted that Saraki's appeal was misplaced.

He stated, “Dr. Abubakar Bukola Saraki’s appeal for transparency and institutional protection is noted, but his attempt to draw a parallel between his own past case and the current false allegations against Senate President Godswill Akpabio is fundamentally flawed. The two situations are worlds apart in context, substance, and motivation.”

The deputy chief whip stated that in Saraki’s case, the matter revolved around his official duties as Senate

President, an accusation specifically concerning the importation of an official vehicle.

“The claim was factually incorrect, and Saraki, knowing this, subjected himself to scrutiny to clear his name,” he said.

But former National Publicity Secretary of Peoples Democratic Party (PDP), Mr. Kola Ologbondiyan, said, “The current Senate President, Senator Godswill Akpabio, has been toying with the ‘Banana Peels’ in his almost two years in office.

“Now, he has, through the current allegations of sexual harassment, fully introduced the 'Banana Sleaze' into the lexicon of the senate and the consequences are always inevitable.”

Writing on X, he Ologbondiyan stated, “The horrid stories churning out of the senate are, to say the least, disgusting. It is, therefore, time for the men of valour, who are in the senate, to rise and rescue the institution from a wholesale debasement.

“When Nigeria was a more civil and a more democratic clime, with the senate as it ought to be, Akpabio would, at the next plenary sitting (presumably on Tuesday), rise to tell his colleagues that he would step aside to clear his image, which, intrinsically, is the image of the senate.

“But if Akpabio failed to rise in defence of the senate on Tuesday, it will

be the duty of the law-making body, as an institution, in her own honour, to save the senate from this messy allegation of ‘Sexual Harassment’ by asking Akpabio to step aside.

“That is the only way to sanitise the senate and restore public confidence in the National Assembly.”

Editor-in-Chief/CEO of The Source Magazine), Comfort Obi, in an article, titled, “Senator Akpabio: I Can No Longer Hold It,” wrote, “Here’s what I think Akpabio should do. He should take this current allegation seriously.

He should encourage, and submit to a transparent investigation.

“He should head to the court to prove his innocence. Akpoti-Uduaghan says she is ready. She has called Akpabio out. She said she has evidences and witnesses, including her husband, and WhatsApp messages.

“She has even offered the security operatives her phone to thoroughly check-out for confirmation. For her sake, I hope she is ready, and her evidences provable. Else, the sh*t will hit the fan.

There will be no hiding place for her.

“The stage is set, Mr Senate President. Go ahead. Seize the opportunity and clear your name, and reaffirm your credibility, especially, for your office and your wife, and your impeachable character to lead the senate, the National Assembly.

“That is when you will be proud to be called Nigeria’s number three citizen, irrespective of the talk about how you earned the ticket. The allegations stink to high heavens. And need to not only be managed, or deodorised, but to be completely washed away, cleaned, and forgotten as a bad dream.”

A civil rights activist and lawyer, Madubuachi Idam, equally called for a commission of inquiry to be setup to probe the allegations of sexual harassment against Akpabio.

Idam said Akpabio should step aside for the commission to carry out its duty, adding that nobody should should use court orders to frustrate the inquiry.

In a statement, Idam wondered how Akpoti-Uduaghan’s husband could retain his composure and respect for somebody who wanted to sleep with his wife. He said, “I read Senator Natasha husband’s interview on the internet this morning with rapt attention and total admiration of aura with which the traditional ruler addressed the matter.

“I was struck to find that a point can be made even in the heat of anger without being disrespectful. How do you retain your composure and tacit respect to an alleged horny senate president who, to your foreknowledge, craves to satisfy his sexual urge inbetween the legs of your wife?”

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T H I S D AY • MONDAY, MARCH 3, 2025

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

LAUNCH OF IRRIGATE NIGERIA PROJECT IN GAMAWA LOCAL GOVERNMENT...

L-R: The Governor of Bauchi State, Senator Bala Abdulkadir Muhammad; The Executive Vice Chairman/CEO NASENI, Mr. Khalil Suleiman Halilu; the Emir of Bauchi, Dr. Rilwanu Suleiman Adamu; and the Deputy Chairman, House Committee on NASENI, Hon. Abdul Malik Zubairu Bungudu, at the official launch of Irrigate Nigeria Project in Gamawa Local Government, Bauchi State, last Saturday

In Bid for Full Capacity, Dangote Refinery Buys 1m Barrels of Oil from Algeria Oando emerges preferred bidder for crude refinery in Trinidad

Emmanuel Addeh in Abuja Nigeria's 650,000 barrels per day Dangote refinery has bought its first cargo of Algeria's light sweet Saharan Blend crude, according to market sources quoted by Argus Media, a leading independent provider of global energy market intelligence.

Dangote bought the 1 million barrels cargo from trading firm

Glencore in the past week, sources told Argus, adding that it is due to be delivered over 15-20 March. The deal was not directly confirmed by either party and the price is unknown, it added.

The mega refinery, Africa’s largest, had said in February that it could begin operating at full capacity this month.

The facility built by Nigerian

billionaire, Aliko Dangote, in Lagos began processing crude into products, including diesel, naphtha and jet fuel, in January last year and started processing petrol in September.

It aims to compete with European refiners when operating at full capacity but has been struggling to secure sufficient crude locally. Costing about $20 billion to build, the refinery has helped to partly meet local demand

and has reduced reliance on imports.

Last month, Head of the Dangote oil refinery, Devakumar Edwin, said the refinery was operating at 85 per cent capacity and “we can go 100 percent in 30 days.”

The refinery has asked for 550,000 bpd of crude for January-June this year from oil producers in Nigeria, which the refinery says the producers are hardly able to meet.

South Africa Investigates Google, X, Meta, Fines Google R500m for Imbalance Advertising Revenue

Emma Okonji with Agency Report

South Africa’s Competition Commission is currently investigating Google, X, and Meta platforms and has fined Google between R300 million and R500 million a year in “provisional remedy” for five years, to compensate local news media, including online, television and radio, for imbalance in competition and digital advertising revenue.

That was one of the main findings in the commission’s much-anticipated provisional report stemming from its 16-month media and digital platforms’ market inquiry.

As the commission continued to investigate other platforms, it warned

that if the companies targeted in its findings did not cooperate on the proposed remedies, it might seek a 5-10 per cent levy on the tech giants to compensate the local media industry.

The commission said it wanted Meta to stop de-prioritising news on Facebook “to restore referral traffic to the media from its peak with at least a 100 per cent increase in referral traffic”.

Elon Musk’s X and Meta must also “cease de-prioritising news with links in the user feed”, the commission said, adding that these demands set up the commission for a big fight with the global tech giants, which have pushed back against such proposals in other jurisdictions.

It stressed that the media should

be allowed to negotiate collectively with AI companies for content deals to train AI chatbots.

On Google, the commission recommended that the company should pay up to R500-million/ year to correct what it described as “imbalance in shared value while putting in place changes to search that will sustainably create shared value with the media through increases in referral traffic”.

“This includes the removal of search bias in favour of foreign media and YouTube, and the promotion of vernacular and community media,” the commission said in a statement.

The inquiry estimated that Google benefitted from news content by R800

million to R900 million annually, while the South African media lost R300 million to R500 million.

Competition Commissioner, Doris Tshepe, said the inquiry, which started in October 2023, had involved 16 months of extensive evidence gathering, public and in-camera hearings, expert report submissions, consultation with industry role players and focus group discussions.

It was initiated in terms of the Competition Act, because the commission had reason to believe that there were market features on digital platforms that distributed news media content, which impeded, distorted, and restricted competition, or undermined the purpose of the Act.

NEITI: Transparency Key to Successful Management of Host Oil Community Funds Emmanuel Addeh in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has advocated utmost openness in the administration of the Host Communities Development Trust Fund (HCDT) to ensure the beneficiaries are not short-changed.

Speaking at the launch of a policy brief titled: “Giving Host Communities Their Due: Revisiting the 3% OPEX

Funding Framework for HCDTs in Nigeria”, developed by Spaces for Change, Orji explained that non-state actors like civil society groups have a stake in making sure that the fund is spent transparently.

Orji stated that what happened in the Niger Delta in the past was that over a long period, institutions and agencies were created, but with very little impact on the lives of the host communities.

The host communities fund, which was established under the Petroleum Industry Act (PIA) of 2021, is designed to enhance the welfare of host communities, ensure sustainable development, and promote peaceful coexistence between industry operators and their host environments.

NEITI’s mandate to ensure openness in revenue flows and financial transactions, Orji said, is pivotal in tracking funds allocated

to host communities, especially by auditing and publishing detailed reports on payments made by oil and gas companies.

“NEITI actively engages stakeholders, including host communities, oil companies, and government entities. This engagement fosters dialogue and builds trust, ensuring that community needs are accurately identified and addressed through the trust fund.

But Argus said that none of the tankers that had loaded in Algeria in February had flagged Africa as their destination, suggesting that the Dangote cargo will load this March.

One trader noted that Saharan Blend's quality is suitable for the Dangote refinery and that it is competitively priced compared to Nigerian grades.

Nearly 420,000 bpd of crude was delivered to Lekki for Dangote so far this year, with about 82 per cent of that made up of light sweet grades, Vortexa data show. Nigerian crude accounted for 87 per cent of all arrivals, it added.

The March-loading trade cycle

for Saharan Blend was slow to kick off due to sluggish demand in Europe because of seasonal refinery maintenance and ample light crude supply, the report said.

This may have encouraged buyers in Europe to hold off on purchases of Saharan Blend in anticipation of weaker price differentials, prompting sellers to look to alternative outlets, it added.

Saharan Blend prices have dropped by $1 per barrel over the course of this month, when Marchloading cargoes were trading, and now stand at a 20¢/bl discount to the North Sea Dated benchmark on a fob Algeria basis.

NGX Group Records 157.3% Increase in PBT to N13.6 Billion …Board approves N4.4bn dividend for shareholders

Kayode Tokede

Nigerian Exchange Group Plc has announced its audited financial results for the year ended December 31, 2024, delivering a record profit before tax (PBT) of N13.6 billion, marking an impressive 157.3 per cent growth compared to the previous year.

According to the NGX in a statement, this strong performance was driven by robust revenue expansion, strategic cost optimisation, and increased market participation, reflecting the group’s resilience and financial strength.

The group’s gross earnings surged by 103.2 per cent to N24.0 billion in 2024, up from N11.8 billion in 2023, propelled by significant growth across key revenue streams with transaction fees rising 64 per cent, driven by improved market activity.

Listing fees increased by 397.1per cent, reflecting stronger capital market participation, while technology related income grew by 105 per cent, reflecting the success of the group’s digital transformation efforts.

Other fees recorded a 174.8 per cent growth, reinforcing the group’s diversified revenue base, just as treasury investment income climbed

45.6 per cent, highlighting NGX group’s effective asset management.

Market data revenue grew by 100.5 per cent, contributing to a 102.6 per cent rise in other income, which now accounts for 29.6 per cent of gross earnings.

NGX Group Board of Directors has recommended a final dividend of N4.4 billion, translating to N2.00 per share, the highest dividend payout in the group’s history. This decision reaffirms NGX Group’s commitment to delivering value to shareholders while maintaining a strong capital position.

Speaking on the results, Group Chairman, NGX Group, Alhaji Dr. Umaru Kwairanga, stated: “These results mark a pivotal moment in NGX Group’s post-demutualisation growth journey, reinforcing investor confidence in our long-term vision.

The approval of a record N4.4 billion dividend demonstrates our unwavering commitment to rewarding shareholders while positioning NGX Group as a key driver of capital market development. As we continue to invest in market infrastructure and innovation, we remain focused on creating sustainable value for all stakeholders.”

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PRESENTATION OF 14-SEATER HYBRID BUS TO THE NCWS BY THE FIRST LADY...

L-R: Wife of the Chief of Staff to the President and Director, Economic Empowerment, Renewed Hope Initiative (RHI), Mrs. Salamatu Gbajabiamila; Wife of the Imo State Governor and Secretary, RHI, Mrs. Chioma Uzodinma; Wife of the Vice President and National Vice Chairman, RHI, Hajia Nana Shettima; First Lady of Nigeria and National Chairman of the RHI, Senator Oluremi Tinubu; with the National President of the National Council of Women Societies (NCWS), Princess Edna Azura, and others during the presentation of a 14-seater Hybrid Bus to the NCWS by the First Lady of Nigeria on behalf of the Renewed Hope Initiative (RHI) at the State House, Abuja

FG to Contractors: You Must Get to Site Two Weeks Before Receiving Mobilisation Fee Emmanuel Addeh in Abuja

The Minister of Works, David Umahi, at the weekend maintained that only contractors who can deliver quickly are needed to work on Nigerian roads, stressing that henceforth, contractors must get to site two weeks before they are paid mobilisation fees.

Speaking while inspecting ongoing works on the AbujaKaduna-Zaria-Kano Dual Carriageway, Section I (AbujaKaduna) from Zuba Interchange to Western Bypass in Kaduna, the minister said that this would guarantee that road projects are not abandoned by those he described as ‘recalcitrant’ contractors.

However, he lauded Messrs Infiouest International (Nig) Limited, which he said has proven its capacity to deliver quality jobs in record time, especially within a month of signing the contract.

“This is without being paid the initial 30 per cent mobilisation fee as against what has been the previous practice,” Umahi emphasised, according to a statement by the Director of Press and Public Relations in the ministry, Mohammed Ahmed.

Umahi stressed that the ministry’s decision that every contractor must be at the site and working for at least

two weeks before the mobilisation fee is paid, was to ensure sustainable project development and delivery.

The minister urged resident engineers/engineer’s representatives on other projects across the country, to be vigilant in ensuring that the correct composition of the stone-base is achieved, stating that it must contain at least 70 per cent stone.

“Any deviation from this ratio will compromise the road’s structural integrity, leading to premature failure,” he observed.

While promising that the remaining portion of the entire alignment, Section III (Zaria-Kano), which is at the Kano end of the project, will soon be approved and awarded, he advised that reinforced concrete overlay be completed on the underlying structures before the commencement of the rainy season.

The project earlier handled by Messrs Julius Berger was recently terminated by the minister and reassigned to the new contractors.

"This project is the heartbeat of Mr. President because of its economic value. We are committed to ensuring its timely completion, and by the first week of March, we will begin laying an eight-inch continuous reinforced concrete pavement," the minister stated.

He added: “The federal

Tinubu Rejoices with Chief of Staff's Mother, Alhaja Lateefat Gbajabiamila at 95 Describes Lateefat as a formidable political force in Lagos and beyond

Deji Elumoye in Abuja

President Bola Tinubu has rejoiced with Alhaja Lateefat Olufunke Gbajabiamila on her 95th birthday on March 2.

Alhaja Gbajabiamila who is a revered leader, accomplished entrepreneur, and philanthropist is also the mother of the President's Chief of Staff, Hon. Femi Gbajabiamila.

The president, in a release issued on Sunday by his Adviser on Information and Strategy, Bayo Onanuga, celebrated Mama on this special occasion and extolled her unmatched kindness, humility, and unwavering dedication to serving God and humanity.

President Tinubu described her as a formidable political force in Lagos and beyond, reflecting on her impactful service as the first elected female local government chairperson during the Lateef Jakande Administration.

The president said Alhaja Gbajabiamila's name will undoubtedly stand out when chronicling the women who have left lasting marks on Nigeria's socio-political landscape.

President Tinubu thanked Mama for her support and consistent prayers and beseeched God Almighty, whom she serves faithfully, to grant her many more years filled with good health, joy, and laughter.

government remains resolute in its commitment to quality infrastructure development, ensuring that all projects under the ministry’s supervision must meet the highest standards and be completed on schedule.”

Umahi added that interested companies must adhere to international standards and recommended practices in road construction or exit the scene.

Also speaking, the Managing

Director and Chief Executive Officer of the construction firm, Mr. Joseph Abougaoude disclosed that the company took the challenge to start the work without any payment of mobilisation fees because it has the capability and believes in the Bola Tinubu administration. He promised to deliver the contract following standards and on record time.

"My promise is that I will not let you down. I take this project

as a challenge and accept my role in ensuring its success. I am fully committed to this project and will push ahead to meet expectations," he added.

While fielding questions from reporters on the Lagos-Calabar Coastal Highway and the status of Julius Berger vis-a-vis contract with the ministry, the minister confirmed that before the end of the year, the entire first section of the highway will be completed.

He stated that Julius Berger has not been sidelined from the ministry’s contracts, but that on the contrary, they are still working for the ministry on other road infrastructure projects like the Bodo-Bonny Road and some major bridges in Lagos, among others.

He commended the new leadership of the company for aligning with the policies of the ministry and respecting professional engineering standards.

SERAP to Tinubu: Direct CBN to Suspend ATM Fee Hike Pending Court Verdict

Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to “direct Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”

SERAP also urged him to “seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of the lawsuit on the matter.”

SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the “patently unlawful, unfair, and unjust increase in ATM transaction fees.”

The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.

ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.

Banks ‘are advised to apply the increased ATM fees with effect from March 1, 2025.’

In the open letter dated 1 March 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the

case on its merit.”

SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”

According to SERAP, “Implementing the increased ATM fees while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”

SERAP also said: “It is in the public interest for the CBN to suspend the increased ATM fees and await the outcome of the lawsuit on the matter.”

The letter read in part: “The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the court.

“The CBN has the duty to maintain the status quo as of 26 February 2025 when the court processes were duly served on it, and during the pendency of the lawsuit filed by SERAP on the increased ATM fees before the Federal High Court, Lagos.

“Once the CBN has been duly served with the court processes on the increased ATM fees, the bank cannot resort to self-help.

“The CBN is not permitted to do or take any action or omission that would overreach the public interest or foist a situation of complete helplessness or ‘fait accompli’ on the Federal High Court.

“Nigerian courts frown upon any act of self-help and are always swift in repelling such conduct by sending strong signal that they are not being used as mere subterfuge to tie the hands of one party while the other helps himself extra-judicially.

DUFUHS Treats 200 Cancer Patients, Sets up Renal Center Benjamin Nworie in Abakaliki The Vice Chancellor of David Umahi Federal University of Health Sciences, Uburu, in Ebonyi State, Professor Jesse Uneke, said that 200 cancer patients have been successfully treated and discharged by the university's cancer centre.

Professor Uneke who disclosed this during the 4th matriculation ceremony of the university, added the services have been expanded to include chemotherapy.

According to him, the university has set up DUFUHS

Renal Center which is a stateof-the-art Centre of Excellence for Renal Research, Training and Patient Care.

"The University Cancer Centre is fully operational and has treated over 200 cancer patients coming from various parts of the Nigeria as of December 2024. The services have been expanded in 2024 to include chemotherapy".

"The University has set up the DUFUHS Renal Center which is a state-of-the-art Centre of Excellence for Renal Research, Training and Patient Care.

“The Centre operates with

a multi-disciplinary team of experts specialising in conducting research and training on kidney related issues, and caring for people with kidney disease", the VC said.

The VC also said that 14 students of the institution have been sanctioned for alleged examination misconduct, stealing and poor academic performance.

He noted that two students were expelled for examination misconduct, three received one year suspension for stealing while five received one year semester suspension for another stealing

offence.

Uneke further added that three students were withdrawn for poor academic performance.

The Vice Chancellor urged the 990 matriculants students to focus on their studies and avoid any act that can affect their stay in the school, warning that the university has zero-tolerance to anti-social behaviors.

He expressed satisfaction that the university which started with 26 students in 2021, has experienced unprecedented increase in students’ population to 2,496 students.

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NEWS

LAUNCH OF CHIEF AKPIEYI'S AUTOBIOGRAPHY...

L-R; Director, Arco Group Plc, Mrs Julie Okoigun; her husband/Group Managing Director, Arco Group Pl c, Mr., Alfred Okoigun; Author/Celebrant, Chief Joseph Akpieyi; Legal luminary, Prof. Itse Sagay; Publisher, Vanguard Media, Mr. Sam Amuka and Founder of Arik Airline, Mr. Joseph Arumemi- lkhide during the launch of the book, "Enduring Footprint" an autobiography of Chief Akpieyi in commemoration of his 86th birthday ceremony in Lagos...weekend. Photo; Abiodun Ajala

Bauchi Govt Set to Benefit From $500m Additional NG-CARES's Financing

Segun Awofadeji in Bauchi

Governor Bala Mohammed of Bauchi State has directed the State Implementation Unit for the NGCARES programme to, as a matter of urgency, work out the necessary modalities of assisting the state to access additional financing from the programme.

The governor gave the directive at the official launching and distribution of ICT Enhancement facilities to 7,000 Beneficiaries under the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Bauchi-Cares Result Area 3 MSEs held at the Banquet Hall, Government House, Bauchi weekend.

Governor Bala Mohammed revealed that, at the moment, the World Bank has generously provided an additional financing package of $500 million to support the rollout of the next phase of NG-CARES 2.0 where participants will access $12 million with additional $46 million

set aside as unallocated funds to be redistributed during the program's mid-term review meeting.

He noted the successful implementation of the NG-CARES Result Area 3, in Bauchi which focuses on strengthening the capacities of small and medium enterprises through the distribution of ICT enhancement facilities worth over 1 billion naira was made possible through the invaluable assistance of the World Bank and assured the partners that NG-CARES 2.0 would be fully implemented in the state.

According to him, the distribution of the ICT enhancement facilities marks a significant milestone in the collective efforts to harness the power of technology for the sustainable development in state and to alleviate poverty through the empowerment of the people.

"With these tools, our youths, small business owners, farmers, and traders will now have the means to expand their businesses, improve their

Tinubu Mourns First Nigerian Female Minister, Ebunoluwa Oyagbola

Says she's a trailblazer, beacon of inspiration for Nigerian women

Deji Elumoye in Abuja

President Bola Tinubu has commiserated with the family of the educationist, diplomat, and former Minister of National Planning, Mrs. Adenike Ebunoluwa Oyagbola, who passed away at 94.

The president also condoled with the government and people of Ogun State on the loss of their illustrious daughter, an eminent citizen of Nigeria.

In a heartfelt tribute on Sunday, President Tinubu described her as a trailblazer and a beacon of inspiration for women in Nigeria.

"As the nation's first female minister of cabinet rank, she broke barriers and paved the way for countless women to aspire to and achieve leadership roles in the country", the president said.

President Tinubu highlighted Mrs. Oyagbola's significant contributions to national development during her tenure

as Minister of National Planning from 1979 to 1983 saying she was pivotal in successfully implementing Nigeria's Fourth Development Plan, laying a foundation for sustainable growth and progress.

According to the president: "Mrs. Oyagbola's unwavering commitment to youth development, empowerment, and the promotion of arts and culture has left an indelible mark on our nation.

“Her legacy will continue to inspire generations, particularly in the creative industry, where her impact remains deeply felt.

"In an era where threats to ethical standards are increasing, we shall miss Mrs. Oyagbola's steadfast commitment to these principles. Our nation reveres her place in its history, and we will deeply feel her absence".

He prayed for the peaceful repose of her soul and urged her family to take solace in her enduring legacy of service and impact.

livelihoods, and contribute to the economy in a more meaningful way.

“This program is not just about distributing technology, it is about creating a sustainable ecosystem where businesses can thrive and poverty can be reduced.

"My administration remains fully committed to tackling poverty in Bauchi State. As we have shown with this program, addressing poverty requires multi-faceted solutions.

“This is why we will continue to work closely with the World Bank and other development partners to expand and strengthen our social protection programs."

The governor reiterated the

unwavering commitment of his administration towards empowering of its citizens with the tools needed to create opportunities, build resilience, and participate meaningfully in economic development.

He insisted his vision for Bauchi is to be a state where every citizen regardless of background, has access to the resources required to succeed.

On his part, the National Coordinator of NG-CARES program, represented by the Director of Monitoring and Evaluation, Atiku Musa, congratulated Bauchi on the milestones achieved in the implementation of the program and highlighted that the distribution of

the ICT gadgets is a key component of the NG-CARES initiative.

He explained that the program is designed to promote digital inclusion and empower beneficiaries with the skills and tools needed to thrive in today’s technology-driven world.

The Commissioner for Cooperatives, Small and Medium Enterprises Development, Sadiq Hamisu Shira, said the initiative reaffirms Governor Bala Mohammed’s vision of leveraging technology for economic growth and underscores Bauchi State’s commitment to empowering its citizens in the digital era.

According to the commissioner,

the distributed gadgets include smartphones, tablets, laptops, and POS machines providing recipients with access to digital tools that will help them improve their businesses, education, and overall livelihoods.

He said: "I would like to express my proud gratitude to His Excellency, for his visionary leadership and continued support for the advancement of small and medium enterprises in Bauchi State and in particular for making this initiative a reality.

“We are not in this for notoriety, but to paint the right colors on the fabric of history so that posterity will be right by us."

Kogi Secures $500m to Fund Education, Healthcare Ibrahim Oyewale, Lokoja Kogi State is set to receive enhanced funding of 500 million dollars from the World Bank to improve access to high quality basic education and Primary Healthcare Services in the state.

The Commissioner for Finance, Budget, and Economic Planning, Mr. Asiwaju Idris, disclosed this at a Citizens' Sensitization Programme held at the Government House in Lokoja, yesterday.

He noted the World Bank-assisted Programme under the HOPE-GOV

initiative will avail the state of over 500 million dollars in enhanced funding to strengthen basic education and Primary healthcare services in the state.

He added that education and healthcare are the pillars upon which a productive, innovative and resilient society is built upon, stressing that improved funding for education and healthcare which are two indices of human capital development is critical for accelerating progress and inclusive growth in the state.

The State Accountant General and World Bank Fiscal Focal Person, Dr.

Habibat Tijani, emphasized that the HOPE-GOV initiative will support the efforts of the state government to enhance fiscal transparency, improve budget credibility, and ensure accountability in the use of funds for policies and programmes of the state government.

She noted the initiative will increase the availability and effectiveness of financing for education and healthcare, improve recruitment and performance of teachers and healthcare workers in the state.

The Commissioner for Education,

Honorable Wemi Jones, lauded the initiative and commended Governor Usman Ododo's efforts in repositioning the education sector in the state adding that over ₦1.2 billion has been allocated for external examination fees of pupils and students in primary and secondary schools by the present administration.

Similarly, the Commissioner for Health, Dr. Abdulazeez Adams, noted that the Hope-Gov initiative is set to revolutionize healthcare service delivery and promote access to essential healthcare services in the state.

Sony Music Donates Towards Feeding, Education of Orphans, Abandoned Children in Nigeria

Michael Olugbode in Abuja

Sony Music Entertainment has donated towards the feeding and payment of school fees of children at an orphanage home, Vines Heritage Home, Gwagwalada in Abuja, Nigeria.

The donation was presented through ActionAid Sweden to ActionAid Nigeria and disbursed to the orphanage home which house 219 orphans and abandoned children.

Presenting the donation to the Vines Heritage Home at the weekend in Abuja, the Country Director of ActionAid Nigeria, Andrew Mamedu, disclosed that about $10,000 was donated by a musician on the Sony Music Entertainment label who felt persuaded to contribute towards bettering the living of orphans in the country.

He said the artiste chose to remain

anonymous.

Mamedu said: “It is with great joy and gratitude that I stand before you today on behalf of ActionAid Nigeria to acknowledge and celebrate a significant milestone in our collective efforts towards promoting access to quality education and improving the well-being of children in Nigeria.

“We are deeply grateful for the generous funding support provided by Sony Entertainment through ActionAid Sweden. As a globally recognized organisation, Sony Entertainment understands the crucial role of investing in education and securing a brighter future for children.

“This invaluable support will significantly impact the lives of some of the most vulnerable children in our society, particularly the 76 girls from Vines Heritage Home (VHH) and the 219 children under our care.”

He added that: “Through this funding, ActionAid Nigeria will ensure the payment of school fees for the second and third terms of the 2024/2025 academic session for 76 girls in five schools within the Gwagwalada Area Council.

“This means that these young girls can continue their education without disruption, empowering them with the knowledge and skills they need to build brighter futures.

“In addition to supporting education, the funding has been also used to procure food and essential non-food items for 219 children in VHH. “Proper nutrition and necessities are critical for a child’s overall development, and with this intervention, we are ensuring that no child in our care goes to bed hungry or lacks the essentials they need to thrive.”

Mamedu also said: “Furthermore, part of the funding from Sony Entertainment will be utilized to engage policymakers to advocate for better education policies that improve learning outcomes for children.

“By working closely with key decision-makers, we aim to create systemic changes that will enhance access to quality education and ensure that every child, regardless of their background, has an equal opportunity to succeed.

“I would like to take this opportunity to extend our heartfelt appreciation to Sony Entertainment for their commitment to social responsibility and their willingness to invest in the future of our children.

“This act of generosity is a testament to the power of partnerships in driving meaningful change in our communities.”

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Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only

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

Rivers: Judicial Pronouncements and Survival of Nigeria’s Democracy Alex Enumah writes that the failure of the nation’s apex court, the Supreme Court to ensure justice is served in the worsening political stalemate in Rivers State may threaten the survival of Nigeria’s fourth democratic dispensation.

Kekere-Ekun

C

ome May 29, 2025, Nigeria would be celebrating 26 years of uninterrupted democratic rule; the longest so far in the history of Nigeria.

While many pray and work towards the sustenance of democracy in Nigeria and indeed the West African region for the sake of regional peace and development, recent political developments and the increasing but worrisome role of the judiciary especially in the choice of who governs the people seem to threaten this desire and efforts.

A common political cliche in Nigeria today is, “Go to Court”. Political parties and their candidates declared as winners of a glaringly flawed elections with confidence are quick to tell those who actually won the election but declared as losers to go to court, simply because they are confident the courts will deliver judgment in their favour. There’s no gainsaying that some decisions of courts, especially the Supreme Court have continued to lower the image of the judiciary as well as erode public confidence in the judiciary.

Only few years ago, a Senior Advocate of Nigeria (SAN) and former President of the Nigeria Bar Association (NBA), Olisa Agbakoba (SAN), raised the alarm over the degeneration in the judiciary and warned that if the leadership of the judiciary does not take deliberate steps to redeem itself, the nation may be heading for doom. Agbakoba, while speaking on a television program in March 2023 had said, “I have lost a bit of confidence in what the courts have been doing lately”.

According to him, “There was a time you could say oh, on the facts and the law, this is the likely outcome, today you cannot because there has been all kinds of silly decisions, the most silly was that concerning the President of the Senate, who in order to become Nigeria’s president rushed off to buy the presidential ticket of the All Progressives Congress and that meant he did not take part in the senatorial primary.

“Lo and behold he lost, he now ran back after the horse has bolted. Clearly to anybody who has any brain which the Supreme Court justices might have had and they say no, that the

Fubara

man actually should be the senatorial candidate; that is the most ridiculous decision that I have ever heard that the Supreme Court has delivered”.

The former NBA President lamented that this unpredictable nature of the apex court has made some persons to begin to question the finality of the court. “There is a new school of thinking coming up to say should the Supreme Court really be final, you see what they are causing now, should they be final or should their decisions be subject to parliamentary review. It is an argument that is now growing in judicial circles”.

Even the Senate President, Senator Godswill Akpabio whether consciously or unconsciously few days ago ridiculed the judiciary when he called a female colleague “Court-declared Senator”. While taking a jibe at Kogi Central Senator, Natasha AkpotiUduaghan, who was protesting the allocation of her seat at the red chamber of the National Assembly, Akpabio had said that Akpoti-Uduaghan was not conversant with the rules of the Senate because she was brought in by the court. “I think part of the problem is

Wike

when people come from court — court-declared senators— they missed the orientation,” Akpabio was was quoted to have said.

Whether the leadership of the judiciary is aware of these ridicules and waning confidence in the court is one thing and how it is reacting to it is another.

However, it should be noted that the ongoing political crisis in Rivers State, if not well handled could be the last stroke that breaks the camel’s back. Towards the end of last year there was palpable tension in Rivers State when the Federal High Court in Abuja, in two separate judgements halted the release of Rivers State’s allocations from the consolidated accounts and halted the conduct of Local Government Elections. Nigerians, including the NBA had condemned the order of the courts. According to the NBA, a court should not be making an order restraining security agencies from providing security to electorates on any election.

Similarly, many had faulted the court for stopping the release of funds, arguing that it was targeted at disrupting and crippling governance in the state as well as hinder service delivery. Many warned the court not to turn itself as a tool for politicians in disrupting governance because it is actually the grassroots that suffers when funds are withheld; salaries would not be paid, healthcare would

As some have argued, the court would not be able to say it has conveniently resolved the political stalemate in Rivers State without deciding that the 27 lawmakers defected or not. This is the justice of the case, and the judiciary should not shy aware from this crucial judicial task. The justices must dispassionately look at the evidence before them and in line with the law.

Justice they say should not only be served, but must be seen to have been served.

be grounded, insecurity and crime would be on the increase because there would be no resources to fight them.

A huge relief however came the way of Rivers indigenes and residents last December, when the Court of Appeal, in its own wisdom set aside the judgements of the trial court. But, the relief evaporated into the air on February 28, following the setting aside of the judgements of the appellate court and restoring the judgements of the two lower courts. The apex court in its superior wisdom claimed to be acting in defense of democracy. According to the Supreme Court, funds would not be released to Governor Siminalayi Fubara to govern Rivers State until “he has purged himself” of disobedience of court order mandating him to seek the approval of the House of Assembly led by Rt Hon Martin Amaewhule and 26 other lawmakers who are said to be loyal to the former governor and current Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike.

The apex court said it took its decision based on the evidence of the Federal High Court and Court of Appeal, which affirmed the Amaewhule-led faction of the Rivers State House of Assembly as the authentic leadership of the house. The apex court held that Fubara violated the law and the rule of law when he presented the 2024 appropriation bill before four members of the house, adding that the governor collapsed the legislature when he chose to work with just four members representing 12% of the state’s constituents. Justice Emmanuel Agim, who read the unanimous judgement of the apex court affirmed the judgement of the Federal High Court which had voided all the actions Fubara took without the approval of the Amaewhule-led faction of the house of assembly.

He subsequently ordered the 27 lawmakers to resume duty as Rivers State lawmakers and should not be hindered in any way in the discharge of their legislative functions.

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Monday March 3, 2025 Vol 27. No 10919

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opinion@thisdaylive.com

www.thisdaylive.com

STANDING TALL AGAINST ALL ODDS

ABDULRAHMAN USMAN LEME contends that Nuhu Ribadu’s record of service is his greatest shield

See page 20

DEATH PENALTY FOR KIDNAPPERS

A decisive action is required to curb the escalating wave of kidnappings, argues ABIODUN OLUWADARE

See page 20

EDITORIAL

RAMADAN AND THE ESSENCE OF FASTING

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The path to breakthrough innovation is paved with missteps, argues LINUS OKORIE

FROM BLUNDERS TO BREAKTHROUGHS

In many organizations, mistakes and failures are treated as something to be avoided at all costs. Employees fear the repercussions of getting things wrong, and leaders unintentionally reinforce this fear through punitive measures or subtle cues that failures signal incompetence. This fear-based environment stifles creativity, discourages experimentation, and ultimately hinders innovation. Yet history shows us that some of the world’s greatest breakthroughs owe their existence to unexpected mistakes.

For instance, Alexander Fleming’s accidental discovery of penicillin revolutionized medicine, while the invention of the microwave was from Percy Spencer’s serendipitous observation of a melted chocolate bar during radar research. These examples illustrate that mistake, when approached with curiosity and openness, can become catalysts for innovations. So, the problem is not the mistake itself but how we respond to it.

When leaders adopt a zero-tolerance approach to failure, they unknowingly suppress the very qualities that drive progress. Employees become risk-averse, choosing the safest route over exploring bold, untested ideas. The culture of perfectionism limits organizational growth and leaves untapped potential on the table. Conversely, research from the Harvard Business Review shows that companies where team members feel safe to take risks and make mistakes are more innovative and perform better.

The absence of this psychological safety net creates workplaces where employees hesitate to share ideas or challenge the status quo.

We need to cultivate a mistake-tolerant leadership culture, and this begins with a radical shift in mindset; one that views mistakes not as dooms, but as learning curves. Mistakes are inevitable, but their impact depends entirely on how they are perceived. Forward-thinking leaders embrace failure as part of the creative process. Instead of asking, “Who’s to blame?”, they ask, “What can we learn?”

This mindset can be practically implemented in everyday workplace situations through reflective meetings where failed projects are dissected with a focus on lessons rather than faults. Leaders can encourage employees or the team involved to share one thing they learned from a setback during regular checkins or performance reviews.

Additionally, organizations can integrate learning moments into workflow processes; such as requiring teams to submit a brief reflection on what worked, what didn't, and how they would approach things differently next time. This shift encourages curiosity and continuous improvement. A prime example of this mindset is Thomas Edison, whose relentless experimentation led to the invention of the lightbulb. When questioned about his numerous failed attempts, Edison famously responded, “I have not failed. I've just found 10,000 ways that won't work.”

History is filled with products that resulted

from mistakes. Corn Flakes, one of the most popular breakfast cereals worldwide, was invented when Dr. John Harvey Kellogg and his brother left cooked wheat unattended for too long. The mixture turned stale but, rather than discarding it, they processed it further, creating the flakes that would later become a household staple. Coca-Cola's journey started as a medicinal tonic invented by Dr. John Stith Pemberton, who was trying to create a remedy for headaches. The accidental addition of carbonated water transformed it into the world’s most famous soft drink.

Super Glue was another accidental discovery, created by Dr. Harry Coover during World War II while attempting to develop clear plastic gun sights. Though initially dismissed as a failed experiment, the substance later became a widely-used adhesive.

Fostering psychological safety is not without its challenges. Leaders may struggle with balancing accountability and openness, especially in high-pressure environments where results are paramount. They might fear that encouraging mistakes will lead to complacency or lower performance standards. To overcome these challenges, leaders need to set clear boundaries between acceptable risks and negligence, communicate the value of learning from mistakes, and consistently reinforce that the goal is improvement, not perfection.

Regular feedback loops, transparent communication, and visible support from leadership are crucial in maintaining this delicate balance. Leaders play a critical role in enabling this environment by modeling vulnerability and admitting their own mistakes, encouraging open dialogue about setbacks, rewarding curiosity and calculated risk-taking, and creating a "no-blame" review process. Google's Project Aristotle found that psychological safety was the most important factor in determining high-performing teams, reinforcing its vital role in innovation.

Leadership sets the tone for how mistakes are perceived. When leaders openly discuss their own missteps and what they learned from them, they give others permission to do the same. This transparency breaks down the stigma around failure and encourages a culture of shared learning. One powerful way to normalize failure is through regular sessions where teams discuss recent mistakes, what went wrong, and how they can improve

moving forward. Documenting these details from these sessions serves two purposes: it captures valuable insights and prevents the same errors from recurring. Organizations like Pixar and Amazon have institutionalized this practice through structured reviews that dissect what went wrong and how to do better next time. Using this document often called a mistake playbook, companies have transformed their blunders into breakthroughs.

A Mistake Playbook chronicle mistakes, lessons learned, and recommended best practices. To build one, companies can create a simple template for recording mistakes and insights, assign ownership to a crossfunctional team, regularly review and update the playbook, make the document accessible to all employees, and celebrate contributions to the playbook as a sign of continuous improvement. Structured approaches like examining the original goal, actual outcomes, successes, areas for improvement, and key takeaways keep the focus on learning rather than assigning blame.

When leaders foster a culture that embraces mistakes, the benefits ripple across the entire organization. Increased innovation and creativity, higher employee engagement and trust, faster problem-solving cycles, a more resilient and adaptive workforce, and greater long-term business success all become achievable. In the words of management guru Peter Drucker, “The better a man is, the more mistakes he will make, for the newer things he will try.”

Mistakes are not the enemy of progress; it is the fear of making them that holds us back. This fear can be paralyzing, deterring individuals from stepping out of their comfort zones and exploring new ideas.

However, when leaders actively dismantle this fear by normalizing failure, they unlock the hidden potential within their teams. The path to breakthrough innovation is paved with missteps. The question is not whether mistakes will happen, but whether leaders will choose to bury them—or build upon them.

Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.

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ABDULRAHMAN USMAN LEME contends that Nuhu Ribadu’s record of service is his greatest shield

STANDING TALL AGAINST ALL ODDS The dilemma of leadership in a system where compromise is the currency of the day is that integrity becomes a burden. Those who refuse to bend to the whims of corrupt power players or stand on their principles find themselves the target of campaigns to undermine them. This has been the test before the National Security Adviser, Malam Nuhu Ribadu, in the past few weeks. Yet, once again, his record of service has proven to be his greatest shield. This is the price to pay for being a man in the arena, only that he’s not there to fight his detractors. His job is one that doesn’t even afford him the luxury of shifting his gaze away from his target—those who undermine Nigeria’s security.

These distractions are, at best, a calculated strategy to create tension and systematically target President Bola Ahmed Tinubu’s key men.

The futility of this reflects in the triumphs the NSA has been recording in national assignments, particularly his coordination of the armed forces. The sustained degradation of bandits and terrorists, for instance, has forced them into retreat, while stability in the Niger Delta has improved through strategic dialogue and consultation. Another key example is the recent engagement with Ogoni leaders, which signalled the long-awaited resumption of activities in Ogoniland after years of stagnation.

Similarly, in the South East, a gradual return to stability is evident. Nobody who does his job has the luxury of partaking in politics.

It’s easy to tell those who don’t truly know Ribadu’s track record. He never buys into the showmanship that could keep his gaze away from his target. This is why it was easy for Nigerians to call out the Binance executive, Tigran Gambaryan, who had alleged that Ribadu sought a bribe from him and even made a ridiculous claim that the payout was to fund his political ambition. The allegation was met with scepticism and absolute refutation from objective and non-partisan Nigerians—not only because the accuser lacks a shred of evidence but also because he fundamentally misjudged the character of the man he sought to malign.

Ribadu is a name synonymous with anti-corruption efforts in Nigeria. He has spent decades demonstrating an incorruptible commitment to public service. His reputation is not built on propaganda or media manipulation but on a long record of verifiable actions, including his well-documented rejection of a $15 million bribe while serving as pioneer Chairman of the Economic and Financial Crimes Commission (EFCC). That moment, etched in Nigeria’s anti-corruption history, was not an isolated event but a reflection of Ribadu’s principles.

So, imagine believing that a man who rejected a $15 million bribe in his 40s—when he was supposedly more vulnerable—would now solicit a bribe from an employee of a foreign company during a highly publicised trial with the entire world watching. The absurdity is staggering.

Only the gullible would fall for the desperate fabrications of a drowning man whose company has been caught red-handed sabotaging Nigeria’s financial security and infrastructure.

Malam Nuhu Ribadu’s record speaks for itself, but as he once said, “When you fight corruption, corruption fights back.”

Even staunch critics of the government have found the allegations laughable. Professor Farooq Kperogi, a well-known public intellectual and an uncompromising critic, put it succinctly: “There’s plenty to critique about Ribadu (who among us is a saint?), but believing that a man who once turned down a literal $15 million cash bribe—and who, as a security expert, knows his

words will be dissected like a crime scene—would casually shake down a detainee for billions and helpfully explain what the money is for?”

Kperogi’s assessment reflects the incredulity of discerning Nigerians who understand the difference between genuine whistleblowing and a clumsy attempt to deflect accountability. What we are witnessing is not an exposé of corruption but a desperate stunt by an executive whose company, Binance, has been implicated in financial crimes both in Nigeria and globally. This was why solidarity with Ribadu, even from unusual quarters, has been swift. The Coalition for Transparency and Economic Reforms (COTER), representing over 250 civil society organisations, categorically denounced the accusations, rolling out Binance’s long history of financial misconduct across multiple jurisdictions. The company, already banned and fined billions of dollars in other countries, is hardly a paragon of credibility.

Notably, one of his most recent critics, who attacked him over a comment he allegedly made in 2006, later campaigned for him in 2011 when he ran as the ACN presidential candidate—five years after the alleged remarks—under the very platform of the person he supposedly criticised.

This pattern is not uncommon; as seen with that woman and many who followed her lead in stirring controversy, those with questionable records often seem to be the loudest voices in our political landscape today. Their inconsistencies and constant flip-flopping are familiar patterns and should not come as a surprise—they are best ignored.

The battle ahead for Ribadu isn’t these inconsequential attempts at distraction as corruption fights back. The battle is his patience in resisting the bait from local actors who have misjudged his character and seek to drag him into unnecessary controversies. This was made clear in his statement reacting to an interview by Malam Nasir El-Rufai. Rather than dignifying the claims with a lengthy rebuttal, Ribadu emphasised his focus on his national assignment and his refusal to be drawn into petty media battles. This response typifies his personality because the enemies are not those who assume they are his target. The enemies are the bandits, terrorists, and their accomplices and enablers who threaten the entire nation.

Ultimately, Ribadu’s greatest defence is not in rebutting these baseless allegations from estranged friends and proxies but in the weight of his own history. His non-response to Malam El-Rufai is inspired by his conviction that the smear campaign against him is bound to collapse under the weight of its own contradictions—just as others before it have. This is a strong message to all.

Leme, a project management and development consultant, writes from Abuja

A decisive action is required to curb the escalating wave of kidnappings, argues ABIODUN OLUWADARE

DEATH PENALTY FOR KIDNAPPERS The recent decision by the Edo State House of Assembly to approve death sentence as punishment for kidnapping is a commendable and long-overdue step in addressing one of Nigeria’s most pressing security challenges. Kidnapping has become an existential threat to national stability, eroding public confidence in the rule of law and the fundamental human right to freedom of movement. If left unchecked, it has the potential to destabilize not just individual states but the entire federation.

Nigeria, once a nation where people travelled freely without fear, has been gripped by a crisis of insecurity.

The surge in kidnapping incidents has disrupted daily life, crippled businesses, and imposed severe emotional and financial burdens on victims and their families.

The situation has deteriorated to the extent that many citizens now fear travelling even short distances, unsure if they will reach their destinations safely. This is a national disgrace that must be addressed with all available legal instruments.

Beyond the direct impact on victims and their families, the worsening security landscape has led to the militarization of daily life, with citizens increasingly relying on vigilante groups and paramilitary forces for protection. This fragmentation of security provisions weakens the state's authority and fuels a dangerous cycle of violence.

The severity of kidnapping and its impact on society necessitate the harshest penalties. Criminals have turned kidnapping into a lucrative industry, operating with impunity and often enjoying the protection of influential backers. This has made the crime even more difficult to combat through conventional law enforcement measures. The reintroduction of the death penalty as a deterrent is not just necessary—it is a moral imperative.

Historical precedents support this approach. During the 1970s, the administration of General Yakubu Gowon implemented capital punishment for armed robbery. This firm stance significantly curbed the menace at the time, sending a clear message that the state would not tolerate acts that threatened public safety and order. Similar decisive action is required today to curb the escalating wave of kidnappings.

Furthermore, in countries where capital punishment has been strictly enforced for violent crimes, such as China and Saudi Arabia, crime rates have seen noticeable declines. While some human rights activists argue against capital punishment, the unique security situation in Nigeria demands exceptional measures.

The right to life must be protected, but so must the right of innocent citizens to live without the constant fear of abduction and violence.

One critical but often overlooked aspect of the fight against kidnapping is the role of communication service providers (CSPs). Kidnappers frequently use mobile phones to communicate with victims' families, coordinate their operations, and negotiate ransom payments. Unfortunately, telecom companies in Nigeria have not been proactive in leveraging technology to combat this menace.

In advanced nations, law enforcement agencies work closely with telecom providers to track and apprehend criminals. For instance, when U.S. troops successfully rescued a kidnapped American citizen in Niger State, intelligence gathering and real-time tracking played a crucial role. This raises the question: why are Nigerian telecom companies unable to provide similar support? With modern surveillance tools, geolocation technology, and call-tracking capabilities, CSPs can significantly aid security agencies in identifying and dismantling kidnapping syndicates.

Telecom companies must be held accountable for their role in national security. The government should enforce policies mandating real-time tracking of suspected criminals and require telecom firms to cooperate fully with law enforcement without unnecessary bureaucratic delays. Additionally, stricter regulations should be imposed on SIM card registration to prevent criminals from using unregistered or

fraudulently obtained phone numbers to evade detection.

Kidnapping has had devastating effects on Nigeria’s social, economic, and political fabric.

Families and communities have been torn apart by the trauma and financial strain of paying ransom for the release of loved ones. Trust among citizens has eroded, as individuals fear betrayal by those closest to them, given the growing trend of insider involvement in abductions.

From an economic perspective, crime has significantly discouraged both local and foreign investment. Investors, particularly foreigners, view Nigeria as a high-risk environment, leading to capital flight, job losses, and a weakened economy. The perception of insecurity hinders economic growth and development, creating a vicious cycle of poverty and crime. Businesses in states plagued by kidnapping, such as Kaduna, Zamfara, and parts of the South-South, have shut down operations, leading to further economic decline.

Politically, kidnapping has become a weapon used by opponents to intimidate and silence rivals.

This has further eroded the democratic process and undermined national cohesion. A country where political figures are abducted with ease is one where democracy is under siege. The recent abduction of traditional rulers, religious leaders, and political candidates points to a disturbing trend where governance is being influenced by criminal elements.

While Edo State has taken a bold step, this initiative should not be confined to just one state.

All states in the federation should swiftly enact similar laws prescribing capital punishment for kidnappers and their accomplices. More importantly, the National Assembly must take decisive action by enacting federal legislation that standardizes this penalty across the country.

A uniform legal framework will ensure that kidnappers do not simply migrate to states with weaker laws. A national approach will close legal loopholes and strengthen the collective resolve to combat this growing menace. Additionally, such a measure must be accompanied by stricter border control policies to prevent the influx of arms and foreign mercenaries who aid criminal gangs in their operations.

While capital punishment is a strong deterrent, it must be complemented by robust law enforcement and judicial processes. Security agencies must be equipped with advanced surveillance technology, intelligence-sharing mechanisms, and specialized anti-kidnapping units to ensure effective prevention and prosecution. The deployment of drones, biometric identification systems, and artificial intelligence for crime tracking should be prioritized.

Col Oluwadare (rtd) writes from Department of Political Science, Nigerian Defence Academy, Kaduna

22 4

T H I S D AY

MONDAY MARCH 3, 2025

EDITORIAL

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

RAMADAN AND THE ESSENCE OF FASTING

M

Ramadan holds significant lessons for all

uslims all over the world have commenced the holy month of Ramadan, an annual spiritual battle against the flesh and the pleasures of unchecked consumption. It is one of the five pillars of Islam which compels adherents of the faith to re-evaluate how they can be better in their stewardship to man and their creator by fasting and praying to Almighty Allah.

Incidentally, some Christian denominations in Nigeria are also currently observing a period of fasting.

There is indeed a lot to be said for a religious practice which is aimed at bringing about healing, repentance and renewal. It is therefore significant that even in this season, the essence of such exercise in self-denial is not limited to Muslims alone.

All Nigerians recognise the fact that there are many things that are not right in our country today. We should, as a people, use the opportunity of this season to examine our hearts, take individual responsibility for our failings and misdeeds, and pray for the courage and determination to do better and change our ways for the collective good of all Nigerians.

With all kinds of violence threatening to tear the country apart and a mindless craving for materialism that has witnessed a rise in crimes, there can be no better time for reflection.

These are infractions frowned at by Almighty God and vehemently discouraged by fasting, the essence of which is to expose the faithful to their spiritual roots while teaching them that true humanity does not equate to mere material possessions, passions or physical cravings.

This, we believe, is the real essence of shar-

ing with, and caring for, the needy and the less privileged that is common among those who fast regardless of the faith they profess.

Besides, the 2025 Ramadan season comes at a period when our country is going through an economic reform programme that has made life difficult for the greater majority of the people. If this spiritual essence of Ramadan is imbibed, it could lead to a positive change in our perspective on life: there would be no room for senseless materialism, greed and primitive accumulation of wealth. Rather, there would be greater concern for the poor.

Ramadan fasting is a leveller of sorts, as both the rich and poor are exposed to hunger and thirst at the same time without exception. Thus, after such self-denial, expectations are that the wealthy should become more empathetic to the plight of millions of their less fortunate compatriots and those in position of authority should make policies that would alleviate the sufferings of the people. Like the other four pillars of Islam, Ramadan fasting is aimed at promoting both the spiritual and material wellbeing of man. The nation’s political leaders have much to take from the lessons of Ramadan. If they can curtail their materialistic tendencies and pay more attention to the yearnings of the people, the country will certainly become a much happier place to live in. There is too much greed in the polity, and it has all but ruined the nation. The Ramadan offers such a great opportunity to contain this. We hope our leaders would avail themselves of the lessons of this season. We also hope that the outcome of this annual spiritual exercise will be of immense benefit to the nation.

Ramadan Kareem to all our Muslim brothers and sisters.

There is too much greed in the polity, and it has all but ruined the nation. The Ramadan offers such a great opportunity to contain this T H I S D AY

EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS

MTN AND CHALLENGES OF DOING BUSINESS IN NIGERIA

Doing business in Nigeria is tough. While we say this all the time, nothing makes it more real than the release of annual financial reports. Take MTN Nigeria’s latest report, it shows the bruising realities faced by businesses in the country today.

Take a look at the numbers. MTN Nigeria generated a staggering ₦3. 36 trillion in revenue in the year ended December 31, 2024, up 36.03 per cent from N2.47 trillion in 2023. Yet, it is regarded as a bad year, because it reported a loss of N400.4 billion after tax for the financial year. This was due to a net foreign exchange loss of N925.36 billion from ₦740.43 billion in 2023.

The upshot is that this financial turmoil shaved 24. 2 per cent off MTN Nigeria’s market capitalisation, dragged down its share price to ₦200, and sent shareholders into shock. I know, I’m a small-time shareholder and it hurts.

The sad news is that in response, the company has decided not to declare a final dividend for the year which begs the question: Should MTN Nigeria pay dividends despite its losses?

If we take a step back, we can see that doing business in Nigeria has been extremely challenging over the last three to four years.

The country’s continued economic instability, with inflation rates of over 30 per cent, devaluation of the currency and erratic foreign

exchange policies, has put tremendous pressure on companies. For MTN Nigeria, which has substantial dollar-denominated obligations, these economic headwinds have eroded capital at an unprecedented pace.

But this is not just an MTN Nigeria problem, it is a telecoms industry-wide problem. The entire industry is facing rising costs of doing business. Diesel to power base stations has become very expensive. Infrastructure costs remain high, and tower lease agreements are highly sensitive to forex movements. Regulatory uncertainties, including unresolved issues such as the USSD debt dispute with Nigerian banks, continue to dampen financial performance.

And of course, there are the perennial issues around the right of way and multiple taxation.

Sources at the company said that, in light of these harsh realities, the board of MTN Nigeria decided against paying a final dividend for the 2024 financial year. This decision, while understandable, will be a tough pill for investors to swallow, given that dividends are a form of return on investment, and investors rely on them.

The reality is that dividend payments are a key factor in investor confidence. By not paying out dividends, MTN Nigeria risks alienating shareholders and stifling the enthusiasm in the stock market.

Experts believe that this decision may have played a role in the company’s share price drop.

However, paying out dividends when losses are being recorded would raise governance issues. Critics say paying out dividends when the company is in the red would erode its balance sheet and reduce its liquidity for expanding its business and regaining profitability.

But there is a compelling counterargument to be made. MTN Nigeria’s operating profit of ₦778. 24 billion was still up by 0. 6 per cent from 2023. This confirms the strength of its core business in the face of external financial pressures. A modest dividend payout, perhaps at a lower percentage, would be a reassuring signal to investors without compromising long-term viability.

The firm’s focus on network expansion and digital services (including its MoMo Payment Service Bank) is well-placed to underpin future growth. Yet the company should push hard for more local currency-denominated contracts to reduce forex exposure. Its renegotiation with IHS Towers to cut dollar-based lease payments is a good example. The deal with ATC is naira-based.

Elvis Eromosele, elviseroms@gmail.com

23

T H I S D AY • Monday, MARCH 3, 2025

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F e b r u ar y

S & P INDEX

2 8 , 2 0 2 5

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,666.39/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT FRI., February 28, 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

At 7.76% YtD, Banking Index Outperforms Others Amid Sector’s Recapitalisation

Kayode Tokede Following the sector’s recapitalisation exercise directed by the Central Bank of Nigeria (CBN), banks’ stocks have witnessed demand this year posting a Year-till-Date (YtD) gain of 7.76 per cent to outperformed others indicators on the Nigerian Exchange Limited (NGX).

Currently at 7.76 per cent, the NGX Banking Index has out performed the overall market indicator, the NGX All-Share Index, which closed February 28, 2025 at 4.76 per cent.

After a double-digit capital gain in 2024, bank stocks are showing early signs of a bullish year as most of the offers raised have been oversubscribed.

The likes of Zenith Bank Plc,

Access Holdings Plc, FCMB Group Plc, Fidelity Bank Plc have successfully raised capital.

However, Guaranty Trust Holding Company (GTCO), that is yet to complete its capital raising exercise among other Nigerian banks are seeking to raise nearly N2 trillion in a new round of capital raising as the banking sector’s recapitalisation heads into its final year.

Wema Bank Plc, FCMB Group, FBN Holdco, are among others fresh capital hurdle is expected to cluster in the second quarter with offers from new issuers and previous issuers seeking to close their recapitalisation gaps.

THISDAY analysis of trading numbers showed that NGX Oil & Gas emerged as the worst performing index in the period, dropping by

-5.55 per cent YtD, followed by NGX Insurance Index that closed in the period under review at -0.24 per cent YtD. Further analysis showed that Wema Bank Plc, FCMB Group Plc and Stanbic IBTC Holdings Plc led other banking stocks in price appreciation in the first two months of 2025.

Wema Bank’s stock price appreciated by 30.8 per cent to close February 2025 at N11.90 per share from N9.1 per share the stock opened for trading in 2025 while FCMB Group’s stock appreciated by 12.8 per cent to close February 2025 at N10.6 per share from N9.40 per share it closed for trading in 2024.

Stanbic IBTC Holdings saw its stock price at N64.00 per share at the close of trading activities in Febuary

2025, an 11 per cent increase over N57.60 per share it opened for trading in thee year under review.

The three banks have released unaudited financial statement for full year ended December 31, 2024.

While Wema Bank declared N102.1 billion profit in 2024, about 134 per cent increase over N43.66billiion in 2023, FCMB Group posted N117.29 billion profit in 2024, representing an increase of 12.3 per cent from N104.43billion declared in 2023.

In addition, Stanbic IBTC Holdings closed 2024 with N303.8billion profit, a growth of 76 per cent from N172.91billion reported in 2023.

Speaking on the banking index performance, the Managing Director, Globalview Capital Limited, Mr. Aruna Kebira in a chat with

THISDAY said, “The entry into the year 2025 is remarkably different from that of 2024. Last year started with the adjustment of the MPR upwards by 600 basis points.

“The growth in the relevant microeconomic variables started their ascent on that note. However, in 2025, the first news about any microeconomic variable was that of inflation growing by 20 basis points.

At that, the market has discovered that the numbers are growing at a decreasing rate. This was followed by the rebating of inflation by the NBS. “The resultant drop in the numbers from 34.80 to 24.40 was another testimony that 2025 is set out to be different from 2024. Moreso, the CBN retained all the rates in its first meeting of 2025. The market is believing the relevant rates will tank

in 2025. Inflation figures spiked in 2024, using the year as the new base year, the number for inflation has no other option than to decline.”

He added that, “Dangote refinery is still in the business of reducing the pump price of Premium Motor Spirit. Now selling at N825 from N1, 100 from 2024, it is a matter of time, prices affected by the increase in petrol price will begin to temper.

The period between January and March each year is earning and dividend declaration season.

“The market, an nay, investors also factored in pricing equities. The UFS and the AFS released so far into the market are far from being labelled lacklustre.

The story continues online on www.thisdaylive.com

Macro-economic Headwinds Bite as Nestle, NB, MTN Declare N954.83bn Loss Kayode Tokede

Nestle Nigeria Plc, Nigerian Breweries Plc and MTN Nigeria Communication Plc have declared a whooping N954.83 billion loss in 2024, attributable to hike in net loss on foreign exchange transactions, among other macro-economic challenges facing the private sector in Nigeria.

This is an increase of 124 per cent when compared to the N427.14 billion loss declared in 2023FY. In the period under review, companies operating in Nigeria were faced with dwindling foreign exchange, 27.5 per cent interest rate, double-digit inflation rate that has impacted on operation.

THISDAY analysis of the companies’ audited 2024FY result and accounts showed that MTN Nigeria, despite a significant increase

in revenue announced N550.33 billion loss, about 209.4 per cent increase when compared to N177.89 billion loss declared in 2023FY. The telecommunication giant declared N3.36 trillion revenue in 2024, about 36 per cent from N2.47 trillion reported in 2023, but N925.36 billion net foreign exchange losses in 2024 from N740.43 billion in 2023 compounded the company’s performance.

In the same vein, Nestle Nigeria declared N221.6 billion loss in 2024 from N104.03 billion in 2023, while Nigerian Breweries closed 2024FY with N182.92 billion loss in 2024 from N145.22 billion loss in 2023.

Nestle Nigeria’s 2024FY poor performance is on the heels of N290.7 billion net exchange difference on translation of foreign currency denominated funds from N195.07 billion in 2023 and N652.46 billion

cost of sales in the year under review, about 98 per cent growth from N329.9 billion reported in the corresponding period of 2023.

In addition, Nigerian Breweries’s N182.92 billion loss was based on N764.52 billion cost of sales in 2024, about 97.5 per cent increase from N387.03 billion reported in 2023 and N252.81 billion net finance expenses in 2024FY, about 33.6 per cent when compared to N189.2 billion in 2023FY. Following the losses for the second consecutive year, the management of these companies will not be paying dividends to shareholders.

Explaining MTN’s performance, its CEO, Mr. Karl Toriola said that the management of the company was encouraged by the resilience of its business in 2024, which reflects a strong commitment to driving growth and managing costs.

Toriola in a statement said,

“Despite facing significant macroeconomic headwinds, including record high inflation, as well as ongoing currency and energy price volatility, we remained focused on executing our strategy and creating long-term value for our stakeholders.

“Inflation reached 34.8per cent in December 2024, averaging 33.2per cent for the year, significantly impacting operational costs and consumer purchasing power.

The Monetary Policy Rate (MPR) was raised on multiple occasions throughout the year, reaching 27.5per cent, aimed at counteracting naira volatility and elevated inflation.

“This increased our cost of borrowing. In the foreign exchange market, the naira depreciated to N1,535/Dollar by the end of 2024 (from N907.1/Dollar on 31 December 2023), as businesses and consumers

continued to grapple with escalating costs.

“However, we took some comfort from the improvement in US dollar liquidity in the forex market and reduced volatility over the course of the year, as the naira exchange rate held relatively stable through H2.

“These headwinds significantly impacted MTN Nigeria’s costs, particularly those related to tower leases and other foreign currency obligations.

Notwithstanding, through our focus on commercial execution and operational efficiencies, MTN Nigeria delivered a robust topline performance and an encouraging H2 improvement in the bottom line.”

Commenting on the results, CEO/ Managing Director of Nestlé Nigeria, Mr. Wassim Elhusseini stated, “Our 2024 results demonstrate the resilience of our brands and

teams and underscore our strong fundamentals in a challenging business environment. Our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.”

Looking ahead to 2025,. Elhusseini said, “We remain optimistic that our ongoing initiatives to tackle economic challenges will yield positive results and support consumer demand. Our performance in Q4 2024 demonstrates that we are well-positioned to tackle the current challenges and deliver long-term value to our shareholders, guided by our dedication to operational efficiency and innovation.

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F R I d ay, F e b r u a r y 2 8 , 2 0 2 5 BONDS

Description Price Yield Change Updated Time (%) ^21.00 20February 101.44 19.38 0.00 28, 2025 MAR-2026 ^16.2884 17February 95.15 19.25 0.01 28, MAR-2027 2025 ^19.94 20February 101.10 19.24 0.00 MAR-2027 28, 2025 ^13.98 23February 88.70 19.12 0.01 FEB-2028 28, 2025 ^21.00 20February 104.20 19.10 0.00 28, MAR-2028 2025

BILLS Maturity NTB 10-Apr25 NTB 8-May25 NTB 5-Jun25 NTB 10-Jul25 NTB 7-Aug25

Discount Yield

CPs

Change (%) Updated Time

Maturity

16.70

17.02

February -0.01 28, 2025

28.87

29.24

18.61

19.29

February -0.01 28, 2025

NSDL CP IVA 16-MAR-25 DANC CP XVI

20.90

19.39

February -0.01 28, 2025

20.27

18.44

25.70

27.54

18.23

19.51

February -0.01 28, 2025

21.45

23.33

19.61

February -0.01 28, 2025

TGIF CP II 3-JUN-25 MCIL CP II 16-JUL-25 FDHC CP XI 16-APR-25

20.36

20.91

18.06

23-APR-25

Discount Yield

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

February -0.01 28, 2025 February 0.00 28, 2025 February 0.00 28, 2025 February 0.00 28, 2025 February 0.00 28, 2025

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS MAR 13M – 25 2026 NGUS APR 14M – 29 2026 NGUS MAY 15M – 27 2026 NGUS JUN 16M – 24 2026 NGUS JUL 17M – 29 2026

Updated Time

February 28, 2025 February 28, 2025 February 28, 2025 February 28, 2025 February 28, 2025

24

Monday, MARCH 3, 2025 • T H I S D AY

BUSINESSWORLD

News

L-R: Executive Director and Executive Compliance Officer, Standard Chartered Bank Nigeria, Mr Olusiji Adeyinka; Head Compliance, Stanbic IBTC Bank, Mr Adewale Aina; Executive Director, Corporate Services, Nigeria Deposit Insurance Corporation (NDIC), Mrs Emily Osuji; Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Mr Philip Ikeazor; MD/CEO, Financial Institutions Training Centre (FITC), Dr Chizor Malize; Group Deputy Managing Director, UBA Plc, Mr Chukwuma Nweke and Group Head, Agric and NonOill Export, Polaris Bank, Dr Anthony Anichebe at FITC Board and Management Retreat held in Lagos… recently

United Capital Infrastructure Fund Disburses N1.98bn Dividends Amid Growth

Kayode Tokede

United Capital Infrastructure Fund (UCIF) has announced a total dividend distribution of

N1.98 billion to its unitholders, for the year ended 2024 stressing its performance during the period was driven by strong growth.

In accordance with its bi-

B UA C e m e n t D e c l a r e s N876.5bn Revenue in 2024FY Kayode Tokede BUA Cement Plc has released its full year 2024 audited financial statements and accounts, which showed the company doubled its revenue from N460 billion to N876.5 billion in 2024.

Furthermore, the company recorded a profit before tax of N99.6 billion, up from N67.2 billion and a profit after tax of N73.9 billion, up from N69.5 billion in 2023, despite its “slow” start to the year, along with the very challenging economic environment.

Additionally, given the currency volatility recorded in 2024, the company was not totally immune to its effect – a general trend witnessed among other companies, as a realised foreign exchange loss of N92.1 billion was reported, which the management attributed to loans obtained for its production expansion drive before the devaluation of the Naira.

Speaking on the overall performance, the Managing Director/ CEO, BUA Cement, Mr. Yusuf Binji said: “Indeed, we are pleased with this performance because of the various headwinds we had to contend with from the

turn of the year. More notable was the further depreciation of the Naira, which impacted our cost profile – operating and financing, and our slow start to the year. Our slow start was due to the customer backlog resulting from the October 1, 2023, price cut, which delayed our ability to adjust pricing amid the Naira’s depreciation.

“In spite of the slow start, our quality and support offerings continue to endear us to customers, enabling us to surpass our volume figures for 2023 and attaining a record high. To address the issue of rising costs, we have adopted certain measures. I am confident that the benefit of the measures taken will record positive outcomes from 2025.”

Speaking, the Chief Financial Officer, Chikezie Ajaero said: “We reported a strong performance if one considers how the year evolved and challenges encountered, especially the currency volatility during the first half of 2024. Still, we were able to double net revenue from N460 billion in 2023 to N876.5 billion and grew profit before tax to N99.6 billion from N67.2 billion in the preceding year.”

PMI Launches Podcast Series to Enhance Leadership Emma Okonji

Project Management Institute (PMI) has announced the launch of ‘The Shift Code podcast’, which explores the vital role of project success in facilitating organisational and digital transformation.

Hosted by PMI President and CEO, Pierre Le Manh, the first season features conversations with C-suite-level executives from aerospace, technology, agriculture, and other industries. Listeners will gain valuable insights into leadership lessons and how to achieve successful project outcomes consistently.

The series begins with CEO of Intuitive Machines, Steve Altemus, the first commercial company to soft-land a spacecraft on the moon in February 2024. Last week, the company successfully completed the

launch of its IM-2 mission lunar lander - named Athena - and part of Intuitive Machines plan to deliver NASA technology to the Moon.

In the podcast, Altemus discusses major advancements in aerospace technology and the role of project management in accelerating space exploration in his interview.

“What we’ve tried to do is find lean and affordable ways to work.

We’ve had a set of tenets that said, ‘set arbitrary and inflexible milestones and meet those to drive the team toward a resolution of problems,” Altemus said.

“Innovation comes out of overly constrained budgets, overly constrained schedules, and a very difficult technical challenge. Forced innovation is what happens when you take on that insurmountable challenge,” Le Manh said.

annual distribution structure, the infrastructure fund of leading Pan-African financial services group, United Capital Plc, paid an interim distribution of N769 million for the first half of 2024.

This was followed by a distribution of N1.21 billion for the second half, bringing the total distribution to unitholders for the full year to N1.98 billion.

These payments, comprising both accrued principal and interest, reflect the Fund’s unwavering commitment to

delivering exceptional value to its unitholders while advancing impactful infrastructure financing initiatives across key sectors.

Speaking on this milestone, Chief Investment Officer and Fund Manager at UCIF, UcheNna Mkparu in a statement said: “UCIF’s performance underscores our adherence to good governance principles and compliance with the Fund’s investment policy.

“We’re committed to delivering

robust returns while actively contributing to the growth of critical sectors of the economy.

Looking ahead, we aim to continue to deliver superior performance, and prioritize high-impact investments, that are profitable for our investors and foster sustainable development in Nigeria and Africa.”

UCIF achieved a gross return of 23.08per cent for the year, with revenues growing by 150per cent from N 791 million in 2023 to N1.9 billion for the

year-ended 2024.

This impressive growth affirms that the Fund is a profitable investment delivering attractive returns, whilst exposing investors to financing high-impact, value-adding infrastructure investments in strategic sectors of the economy.

UCIF continues to support critical sectors such as recycling, power, renewable energy, agriculture and telecoms, towards fostering sustainable development across Nigeria and Africa.

AfDB,WFP Grants $1M for Emergency Food Aid in Northeastern Nigeria Arthur Eriye

In a drive to ameliorate the humanitarian crisis triggered by flooding, and insecurity in the Northeastern Nigeria, the African Development Bank (AfDB) in collaboration with the World Food Programme (WFP) has approved a $1 million grant from its Special Relief Fund to provide emergency food aid to communities affected by flood.

The funding is a response to the devastating floods that affected some communities in Borno State

last year, which heightened the already existing food crisis being experienced in a region already battling with conflict, displacement, and economic hardship. According to WFP’s Country Director in Nigeria, David Stevenson, the floods displaced families who had begun rebuilding their lives after years of violence, making survival even more difficult.

“AfDB’s support is timely and comes as a lifeline for those struggling to feed themselves amid rising food prices and economic turmoil,” Stevenson said in Maiduguri.

Nigeria’s food insecurity is

projected to escalate in the coming months. The Cadre Harmonisé, a biannual food security assessment covering 26 states and the Federal Capital Territory, estimates that 33 million Nigerians could face food shortages by August 2025. Nigeria’s food insecurity is projected to escalate in the coming months.

AfDB’s Director-General for Nigeria, Abdul Kamara, expressed hope that the funding would help ease suffering in vulnerable communities. He also commended the Nigerian government and WFP for their efforts in navigating

difficult conditions to assist affected families.

The new funding aligns with AfDB’s broader initiatives in Nigeria, including the restructuring of key agricultural and climate adaptation programs in Borno, Yobe, and Adamawa states. These efforts, including the Programme for Integrated Agricultural Development and the Inclusive Basic Service Delivery and Livelihood Empowerment Programme, aim to strengthen resilience and improve living conditions.

IHS Targets More Unicorns, Begins Tech Innovation Programme in Ilorin Hub Emma Okonji Determined to produce more Unicorns from Nigeria to boost technology development and advance digital transformation, IHS Nigeria, a global operator and developer of shared communications infrastructure, has commenced technology innovation programme at the Ilorin Innovation Hub in Kwara State, where it will train tech startups and nurture them to become the next unicorns in Nigeria.

The training programme is commencing ahead of the official

commissioning of the IHS Ilorin Innovation Hub complex later this year.

Announcing the commencement of the tech innovation programme at the weekend in Ilorin, the CEO of IHS Nigeria, Mr. Mohamad Darwish, said the innovation centre, located in Ilorin, Kwara State, was an initiative of the Kwara State government, built and equipped in partnership with IHS Nigeria, who is also operationalising the facility.

Covering a land area of over 13,000 sqm, with seating capacity for over 1,000 users, the Ilorin

Innovation Hub is arguably the biggest technology space of its kind in West Africa and considered a masterpiece of functional space and design architecture.

Speaking at the ceremony to mark the commencement of the training programme, Kwara State Governor, Abdulrahman Abdulrazaq who was represented by the Commissioner for Tertiary Education, Dr. Mary Arinde, said through the partnership, IHS Nigeria and the Kwara State government would help stimulate the growth of the technological ecosystem in Kwara State and across Nigeria.

“Together, their vision is that the Ilorin Innovation Hub and its programmes will help create over 10,000 direct and indirect jobs in Nigeria, focusing on digital skills, artificial intelligence, agricultural technology, and energy innovation,” Arinde said.

Chief Operating Officer, IHS Nigeria, Kazeem Oladepo, said the state’s kind gesture in waiving Right of Way (RoW) charges for IHS, to enable it lay its fibre optic cable for connectivity, inspired the company to partner the state on the tech hub project.

FG, CSOs to Monitor Climate Efforts in States, LGAs Arthur Eriye

In a drive to address climate change issues in the country, the federal government has disclosed that it is collaborating with some civil society organisation’s (CSOs) to assess, track and rank the efforts put in place by states and Local Government Areas (LGAs).

The Director-General, Bureau of Public Service Reforms (BPSR), Mr. Dasuki Arabi, said this at a one-day stakeholders’ workshop on Climate Action Index (CAI) held in Abuja.

The workshop was jointly

organized by BPSR in partnership with the Centre for Fiscal Transparency and Public Integrity (CeFTPI) and Centre for Climate Action, Innovation and Engagement (CCAIE).

Arabi said the CAI would help drive accountability, encourage competition and highlight best practices to be replicated across the country.

“The Climate Action Index we introduce today is designed as a tool to assess, track, and rank sub-national climate efforts. This workshop aligns with Nigeria’s broader commitment under the

Paris Agreement and Climate Change Act of 2021, towards ensuring that subnational climate actions are transparent, measurable and impactful. The CAI is an innovative initiative created to amongst others evaluate, rank and support subnational governments in Nigeria towards fulfilling the climate commitments,” he said.

According to Arabi, climate change remains one of the most defining challenges in the country, with direct consequences on the economy, environment and public well-being.

The Executive Director, CCAIE,

Mr A’Aron John, said the centre in collaboration with CeFTPI, developed the CAI to identify implementation gaps, promote accountability and develop actionable road map towards a net-zero future.

John regretted that Nigeria’s emissions increased by a Compound Annual Growth Rate of one per cent between 1990 and 2021.

“The pillars are climate action plan alignment with the federal targets, integration into state policies and implementation frameworks,” he said.

25

T H I S D AY • MONDAY, MARCH 3, 2025

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 27 February-2025, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A AIICO Eurobond Fund N/A N/A N/A Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Priceinfo@anchoriaam.com Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 36.95 38.07 4.22% ARM Discovery Balanced Fund 823.32 848.14 3.58% ARM Ethical Fund 72.23 74.40 5.33% ARM Eurobond Fund ($) 1.15 1.15 24.02% ARM Fixed Income Fund 1.22 1.22 45.60% ARM Money Market Fund 1.00 1.00 22.78% ARM Short Term Bond Fund 1.09 1.09 38.60% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 114.7 114.7 5.57% AVA GAM Fixed Income Dollar Fund 1,128.28 1,128.28 1.35% AVA GAM Fixed Income Naira Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED info@capitalexpressassetandtrust.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn NILL NILL NILL Capitaltrust Halal Fixed Income Fund CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.06 1.06 17.20% CardinalStone Fixed Income Alpha Fund 1.09 1.09 8.22% CardinalStone Dollar Fund 1.35 1.37 9.09% CardinalStone Equity Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 100.00 100.00 21.37% Nigeria Bond Fund 98.609 99.0582 49.10% Nigeria Dollar Income Fund 1.07 1.07 52.05% Paramount Equity Fund 34.85 34.99 10.56% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 0.00% 112.08 112.08 12.82% Cordros Fixed Income Fund 118.03 118.03 11.77% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 117.65 117.65 6.54% Cordros Milestone Fund 217.87 219.79 6.69% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund N/A N/A N/A EDC Nigeria Balanced Fund N/A N/A N/A EDC Nigeria Halal Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A Emerging Africa Halal Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 100 100 10000.00% FBN Bond Fund 1700.62 1700.62 169959.00% FBN Dollar Fund 127.94 127.94 12772.00% FBN Halal Fund 147.59 147.59 14712.00% FBN Specialized Dollar Fund 120.34 120.34 14712.00% FBN Balanced Fund 343.41 346.07 5.95% FBN Smart Beta Equity Fund 361.67 365.74 11.69% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 0.00% Legacy USD Bond Fund 1.40 1.40 4.85% Legacy Debt Fund 3.68 3.68 9.28% Legacy Equity Fund 3.89 3.98 4.35% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,473.08 4,473.08 12.75% Coral money market fund 100.00 100.00 22.89% FSDH HALAL FUND 1,217.75 1,217.75 16.31% FSDH dollar fund 1.27 1.27 5.66% Coral Balanced Fund 8,637.33 8,718.91 82.01%

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn ABACUS: Guaranty Trust Money Market Fund (GTMMF) N/A N/A N/A VEIF: Guaranty Trust Equity Income Fund (GTEIF) N/A N/A N/A VBF: Guaranty Trust Balanced Fund (GTBF) N/A N/A N/A VDF: Guaranty Trust Dollar Fund (GTDF) N/A N/A N/A VGIF: Guaranty Trust Fixed Income Fund (GTFIF) N/A N/A N/A HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 2.29 2.31 8.70% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1,246.63 1,246.63 12.37% Lotus Halal Fixed Income Fund 21.90% 2.35 2.39 Lotus Halal Equity Exchange Traded Fund 33.58 37.11 59.80% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Value ETF N/A N/A N/A Meristem Growth ETF N/A N/A N/A Meristem Fixed Income Fund N/A N/A N/A Meristem Dollar Income Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Islamic Fund (NIF) N/A N/A N/A NORRENBERGER DOLLAR FUND (NDF)-----($) N/A N/A N/A NORRENBERGER TURBO FUND (NTF)-----(N) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn 10.00 10.00 16.4 PACAM Balanced Fund 12.36 12.71 0.44% PACAM Fixed Income Fund 2.74 2.80 18.12% PACAM Money Market Fund 1.46 1.51 -31.63% PACAM Equity Fund 136.76 140.88 3.97% PACAM EuroBond Fund SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 221.57 231.37 0.34 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A Skye Shelter Fund* N/A N/A N/A Union Homes REIT N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

STL ASSET MANAGEMENT LIMITED Web: WWW.STLASSETMGT.COM; Tel: 8136115170 Fund Name STL MONEY MARKET FUND STL BALANCED FUND

UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name United Capital Money Market Fund United Capital Sukuk Fund United Capital Fixed Income Fund United Capital Nigerian Eurobond Fund United Capital Global Fixed Income Fund United Capital Stable Income Fund United Capital Equity Fund United Capital Balanced Fund United Capital Wealth for Women Fund VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Zenith Balanced Strategy Fund Zenith ESG Impact Fund Zenith Income Fund Zenith Money Market Fund ZEDCREST INVESTMENT MANAGER LIMITED Web: www.zedcrestwealth.com; Tel: +2348075881240 Fund Name Zedcrest Money Market Fund Zedcrest Fixed Inocme Fund Zedcrest Dollar Fund

REITS

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

1.59 135.27 139.68 5,168.20 11.59 6,832.38 400.00 3.15 359.42 564.56 27,767.39 495.00 8,872.87 7,290.12

1.59 135.68 141.57 5,169.52 11.59 6,898.91 400.00 3.20 360.04 571.55 28,178.44 495.00 8,992.73 7,324.44

1.55% 1.25% 1.95% 0.03% 2.46% 7.14% -1.23% -98.42% 1.61% 13.29% 9.62% -38.89% 10.82% 7.29%

jemenike@stlassetmgt.com Bid Price 100.00 1,158.96

Offer Price Yield / T-Rtn 100.00 22.07% 1,175.66 16.54% unitedcapitalplcgroup.com

Bid Price 1.00 1.23 1.99 125.98 1.18 112.28 1.65 2.12 1.63

Offer Price Yield / T-Rtn 1.00 21.23% 1.23 8.32% 1.99 7.44% 125.98 7.25% 1.18 8.18% 112.28 20.73% 1.66 10.50% 2.14 7.27% 1.64 7.11% funds@vetiva.com

Bid Price

Offer Price

Yield / T-Rtn

11.71 11.81 41.94% 18.45 18.55 19.82% 39.47 39.67 9.43% 1.00 1.00 22.43% 36.26 36.46 -22.49% 147.83 149.83 0.00% service@quantumzenithasset.com.ng

Bid Price Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A investmentoperations@zedcrest.com Bid Price 1.00 1.17 1.29

Offer Price 1.00 1.17 1.29

Yield / T-Rtn 25.82% 57.71% 23.42%

Bid Price

Offer Price

Yield / T-Rtn

107.79

107.79

0.23%

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

26

T H I S D AY • MONDay, MARCH 3, 2025

business/MOnEYGUIDE

Keystone Bank Boosts Kaduna, Ekiti Schools with Infrastructure, LearningTools Oluchi Chibuzor

Keystone Bank Limited has reaffirmed its commitment to enhancing education across Nigeria through two significant contributions in Zaria, Kaduna and Ekiti states.

The bank recently handed over a fully renovated and equipped block of classrooms to Sarki Sambo L.G.E.A Primary School in Zaria, Kaduna State.

The project, executed under the Keystone Bank Educational Support Initiative, was aimed at creating a more conducive learning environment for young learners, aligning with the bank’s commitment to fostering sustainable development through education, according to a statement.

Speaking at the event, Managing Director & CEO of Keystone Bank, Mr. Hassan Imam, emphasised the role of education in driving national development.

According to him, “At

Keystone Bank, we recognise that education is the foundation of a prosperous society. By investing in the renovation of schools like Sarki Sambo L.G.E.A Primary School, we are not only enhancing learning conditions for children but also contributing to the overall development of our nation.”

In his remarks, His Royal Highness, the Emir of Zazzau, Ahmed Nuhu Bamalli, commended the bank for its investment in education, noting that such initiatives are vital for shaping the future of the region’s children.

The commissioning ceremony was attended by notable dignitaries, including the Governor of Kaduna State (represented

by Hadiza Usman Abdullahi), His Royal Highness, the Emir of Zazzau, and other distinguished guests. Similarly, the lender also donated interactive boards and automated time attendance systems to four secondary schools in Ekiti State.

The bank said the donation

was part of its Educational Corporate Social Responsibility (CSR) Initiative, which spans 12 states nationwide. The initiative aims to foster digital learning, improve classroom engagement, and enhance administrative efficiency within government-owned schools.

Directorate Head for Lagos Island and West at Keystone Bank, Mrs. Helen Maiyegun, emphasised the importance of technology in the classroom.

“Through initiatives like this, we aim to empower students and educators with the tools they need to thrive in a technologydriven world. We are honored to contribute to the transformation of the education sector in Ekiti and across Nigeria,” she said.

Commissioner of Education in Ekiti State, Dr. Olabimpe Aderiye, expressed her gratitude, highlighting that the donation would help bridge the digital divide and improve the learning experience for both students and teachers.

Ooni Of Ife Lauds TAJBank’s Partnership With AIFC His Royal Majesty Ooni of Ife, Oba Enitan Ogunwusi, has commended TAJBank Nigeria for its partnership with Astana International Financial Centre (AIFC) Kazakhstan, to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and improve the country’s foreign exchange (FX) earnings.

The foremost traditional ruler in Yorubaland lauded the TAJBank’s management on the collaboration during the signing of the Memorandum of Understanding (MoU) in Abuja, which formalizes the framework between the two partners to leverage the opportunities of non-interest banking for the

benefits of Nigerians, Asians and their businesses.

Ogunwusi, who recalled TAJBank’s remarkable efforts to deepen financial inclusion through the non-interest banking model in the country over the past few years, said: “I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.

“We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan”, Oba Ogunwusi added.

Commenting on the deal, TAJBank’s Founder/Managing

Director, Hamid Joda, enthused: “This is another landmark deal in our sustained drive to demonstrate to Nigerians that TAJBank is totally committed to support their businesses irrespective of the location,” Joda added.

In his brief remarks on the pact, AIFC’s Director, Yernar Zhanadil, said: “Your Majesty, the Islamic market in Kazakhstan is untapped; the market has over eight million users. We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential.

With the Ooni’s involvement and TAJBank, I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries.”

Wema Partners SMEDAN to Empower 800,000 Businesses Wema Bank has partnered Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to empower 800,000 businesses.

The partnership is focused on training Micro, Small Medium Enterprises (MSMEs) on soft skills, technical skills, and business skills, empowering them to build profitable businesses, gain more visibility and scale sustainably.

Speaking, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the financial institution’s commitment to empowering Nigerians to thrive.

He said, “At Wema Bank, we don’t pay lip service to SME matters. From inception in 1945, Wema Bank was built with a purpose to provide financing

for the indigenous people. It wasn’t because banks didn’t exist during those years, it was because we identified the gaps in access to finance for our people. This is why Wema Bank came to life; to provide tailored financial services and empower Nigerians to thrive on both individual and business levels.

“Over the past eight decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people. One cardinal thing that we haven’t deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.

“The petty traders we

provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise.

So, MSME empowerment for us is not just a buzzword. It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years.”

Commending Wema Bank’s commitment and role in empowering businesses and stimulating growth in the MSME sector, the Director General of SMEDAN, Charles Odili expressed confidence in the success of this partnership with Wema Bank towards building a sustainably successful future for Nigerian MSMEs.

Ezigbo, Others Sworn-in as Tax Appeal Tribunal Commissioners Barrister Okide Ezigbo has been appointed as an Honorable Federal Commissioner of the Tax Appeal Tribunal and was sworn in on February 18, 2025, in Abuja. The tribunal, established under Section 59 of the Federal Inland Revenue Service (Establishment) Act, is tasked with adjudicating tax-related disputes in Nigeria.

The swearing-in ceremony, presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr.

Wale Edun, saw the induction of 50 newly appointed commissioners.

Speaking at the event, the minister emphasized that the appointments reflect the federal government’s commitment to enhancing Nigeria’s tax dispute resolution system and ensuring fiscal justice.

Okide Ezigbo, a seasoned legal professional from Anambra State, brings over 22 years of experience to the role. He previously practiced

law at Funke Adekoya SAN Chambers in Yaba and Aelex Law Firm in Ikoyi. His academic and professional career includes being a law lecturer at Aberdeen College and Robert Gordon University in Scotland, he later worked in Canada , holding key positions at Bombardier Inc. Toronto, Irving Oil Limited, New Brunswick, and Ontario Power in Toronto.

He is currently the Managing Director of Hello Energy Ltd in Nigeria.

L-R: Executive Director, North Region, Keystone Bank Limited, Abubakar Usman Bello; Managing Director & CEO, Keystone Bank Limited, Hassan Imam; His Royal Highness, the Emir of Zazzau, Ahmad Nuhu Bamalli and Member Representing Daura/Sandamu/Mai’Adua Federal Constituency in the House of Representatives, Hon. Aminu Jamo, during the handover a fully renovated and equipped block of classrooms in Kaduna…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) Month

NOVEMBER

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26 72,672,756.90

-- Narrow Money (M1)

36,273,927.36

---- Currency Outside Banks

4,652,527.74

---- Demand Deposits

31,621,399.62

Net Foreign Assets (NFA)

17,347,112.78

Net Domestic Assets(NDA)

91,619,367.66

-- Net Domestic Credit (NDC)

115,576,757.67

---- Credit to Government (Net)

39,616,629.91

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

75,960,127.77

--Other Assets Net

12,147,461.96

Reserve Money (Base Money)

30,871,571.25

--Currency in Circulation

4,878,125.22

--Banks Reserves

25,993,446.02

--Special Intervention Reserves

278,860.37 • Source - CBN

Money Market Indicators (in Percentage) Month

November

Inter-Bank Call Rate

28.88

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

27.50

Treasury Bill Rate

18.00

Savings Deposit Rate

6.56

1 Month Deposit Rate

8.48

3 Months Deposit Rate

9.53

6 Months Deposit Rate

12.13

12 Months Deposit Rate

14.22

Prime Lending rate

18.39

Maximum Lending Rate

31.06

NSE

NSE MARKET INDEX % Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27.50%

OPEC DAILY BASKET PRICE As At 6TH JANUARY , 2025

The price of OPEC basket of twelve crudes stood at $76.18 a barrel on Monday, compared with $75.89 the previous Friday, according to OPEC Secretariat calculations.

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

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T H I S D AY • MONDay, MARCH 3, 2025

mARKET NEWS

Lafarge Announces 96% Increase in Profit, Proposes N1.20 Dividend Kayode Tokede

Lafarge Africa Plc has announced profit after tax of N100.15 billion for the financial year ended December 31, 2024, about 96 per cent increase over N51.11 billion reported in 2023 financial year.

The cement manufacturing company listed on the Nigerian Exchange Limited (NGX) declared N152.52 billion profit

before tax, representing an increase of 89 per cent from N80.7 billion declared in 2023 financial year.

Amid growth in profit, the management of Lafarge Africa has announced a final dividend of 120 kobo per unit (N19.3 billion) of 50 Kobo ordinary share when compared to N1.90 dividend payout in 2023 financial year.

The proposed dividend

P R I C E S MaiN Board

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is subject to approval by the Shareholders at the Annual General Meeting coming up April 2025.

From the profit & loss figures, the company announced net sales of N696.76 billion in 2024, a growth of 72 per cent from N405.5 billion in 2023.

The CEO of Lafarge Africa, Lolu Alade-Akinyemi, in a statement said, “I am excited to report our

S E C U R I T I E S Market Price

quantity traded

record-breaking revenue of N697 billion and PAT of N100 billion for full year 2024, a testament to our strong market positioning, operational efficiency, cost management and dedication to value creation.

“Despite a challenging business environment, we have remained resilient, leveraging innovation and green growth in line with our sustainability ambi-

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A S O F

tions, while also delivering value to our stakeholders.

“Lafarge Africa remains committed to strengthening its leadership position in offering environmental friendly building solutions, while driving longterm profitability. I would like to thank our esteemed customers, employees and all other stakeholders of Lafarge Africa for their commitment despite the macroeconomic headwinds

F E B R U A RY DEALS

being experienced in the industry.”

On outlook, the company said, “The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook for 2025, with market recovery expected to continue at similar growth with 2024.”

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BusinessSpecial

Monday, MARCH 3, 2025 • T H I S D AY Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

S h a i r e: How to S e cure F i n a n c i a l Stability, Ensure Steady Income Stream AVA Global Asset Managers Limited recently launched a Money Market Fund with an offer size of N1 billion.

The managing director of the company, Mr. Efe Shaire, speaks on how investors can secure financial stability through the fund, other innovative investment solutions that will assist investors to successfully navigate the economic challenges and other issues. Goddy Egene presents the excerpts: In an increasingly competitive financial sector, how does AVA GAM distinguish itself in delivering unparalleled value and service to its clients?

AVA GAM sets itself apart through expertise, transparency, accessibility, and education. Our team comprises seasoned professionals with deep investment knowledge, ensuring well-researched and innovative financial solutions. We maintain clear and transparent communication, providing clients with comprehensive insights into their portfolios. Additionally, we empower clients with educational resources, market insights, and personalised financial guidance, helping them make informed decisions. Our client-first approach ensures we remain a trusted financial partner. Furthermore, in line with our commitment to making investment opportunities more accessible, we have embraced digital platforms to provide seamless access to our services.

Clients can easily open accounts, monitor their investments, and make transactions through our user-friendly mobile app and investment portal.

Considering the current economic landscape in Nigeria, what are the most pressing financial challenges individuals and businesses face and how can innovative investment solutions help mitigate these risks? igerians face several challenges today, including high inflation rates, currency volatility, poor infrastructure, and rising unemployment rates. These issues create an uncertainty, making it difficult for individuals and businesses to plan for the future and achieve financial stability.

However, investing is a long-term endeavor through varying economic cycles and the right investment products can play a crucial role in addressing these challenges by providing more stable and low risk options for investing. For example, Money Market Funds offer a stable solution by investing in short-term, high-quality securities, which provide liquidity and lower risk compared to other investment options.

Money Market Funds can help individuals and businesses manage their cash flow more effectively making them an attractive option for investors looking to preserve capital while earning a competitive return.

N

With economic uncertainties affecting financial planning, what strategies can individuals and businesses adopt to safeguard their wealth while pursuing sustainable growth?

Navigating economic uncertainties while achieving financial growth requires strategic planning, stability and diversification. The key lies in making informed decisions that balance risk and return. One effective strategy is to invest in secure, low-risk options that provide a stable foundation for preserving and growing wealth. One of which include the AVA GAM Money Market Fund, an open-ended mutual fund recently launched this January 2025. The fund, registered as a Collective Investment Scheme (CIS) with the Securities and Exchange Commission (SEC) invests in Money Market Instruments, which offer liquidity and it is a low-risk investment compared to other investment vehicles. AVA GAM Money Market Fund is particularly suited for those seeking to preserve their capital during this turbulent economic time, it is ideal for retail investors, high networth Individuals and Institutional investors.

With a minimum of N20,000 investors can take advantage of this investment opportunity. The fund has the added advantage of providing capital preservation and steady income stream.

It is a secure choice for those looking to protect their principal investment. Investors can easily redeem their units when they need funds as the product offers easy exit and entry to the fund.

By pooling resources and investing in a range of short-term securities, the Fund assists investors to spread risk hence, creating diversification.

How AVA GAM does the firm support individuals and businesses in achieving long-term financial security?

At AVA Global Asset Managers Limited, we are dedicated to empowering Nigerians to achieve their financial goals. We play a pivotal role in offering tailored financial products to Nigerians by adopting a client focused approach. Our team of professionals with a combined capital market experience in excess of 80 years work closely with clients to develop personalized investment strategies that align with their individual goals. By taking the time to understand each client’s financial situation and aspirations, we can provide solutions that are both effective and sustainable. By offering investment solutions tailored to its clients’ financial objectives and maintaining a strong focus on client needs, are able to curate innovative products like the AVA GAM Money Market Fund. At AVA GAM we are committed to helping Nigerians build lasting wealth and secure their financial futures. Our mission is to be a trusted partner in their financial arena, providing the support and expertise needed to achieve financial objectives.

Investment needs are constantly evolving alongside economic shifts. How does AVA GAM ensure its offerings remain relevant and aligned with the changing financial landscape?

At AVA Global Asset Managers Limited we’re committed to ensuring that our offerings are meticulously aligned with the evolving needs of our clients and the dynamic realities of the economy. Through like proactive market research and analysis, we continuously monitor economic trends, market conditions, and client needsto stay ahead of changes and emerging trends.

Through innovative and flexible products such as the AVA GAM Money Market Fund, we are able to address current market demands, especially in an economy marked by volatility and inflation. The Fund is an excellent option considering the current economic realities as it provides a low-risk option that offers liquidity and capital preservation. This aligns perfectly with the needs of clients seeking to protect their principal investment while earning a stable return.

Shaire Given the fact that accessibility to investment opportunities remains a key concern for many Nigerians, what initiatives is AVA GAM implementing to ensure its products cater to diverse income levels?

At AVA GAM, we are dedicated to democratising investment opportunities for Nigerians across various income levels.

We recognise that high entry barriers can deter potential retail investors. Our investment products, including the Money Market Fund and other mutual funds, have been structured to be affordable, with low minimum investment requirements. This makes it possible for retail investors from different income brackets to commence their investment journey without feeling financially strained. When you factor in today’s fast-paced world, convenience is key thus, AVA GAM leverage cutting-edge digital platforms to provide easy access to its investment products. Through its user-friendly mobile app; AVA: Invest, Save & Trade, and online investment portal; invest.avacapitalgroup.com, clients can seamlessly open accounts, monitor their investments, and make transactions from the comfort of their homes and phones.

This digital-first approach ensures that our services are accessible to a wider audience, including those in remote areas.

For first-time investors or those hesitant due to financial risks, what foundational principles or steps should they take to build a strong investment portfolio?

First-time investors or those cautious about financial risks, taking the initial

step into the world of investing can seem daunting. However, with the right strategy and guidance, it can be rewarding.

I will advise you start by defining your financial objectives and time horizon.

Whether you’re saving for a specific goal, such as buying a caror funding your child’s education, or simply looking to grow your wealth over time, having clear goals will guide your investment decisions. Investing is a long-term journey. Start with an amount you are comfortable with and gradually increase your investments as you become more confident and knowledgeable. Patience and consistency are key to achieving financial growth over time. Also, start with a stable Investment. A Money Market Fund is an ideal entry point for new investors as I cannot over-emphasise its stability and simplicity. In order to mitigate risk, diversify your portfolio. While the Money Market Fund is a great starting point, diversifying your investments to spread risk is a key strategy for investing. Diversification helps protect your investments from market fluctuations and enhances potential returns.

Lastly, educate yourself. Knowledge is power in the world of investing. You have to take the time to learn about different investment options, risk management, and market trends.

We cannot under emphasize the need for professional advice. If you’re unsure where to start, consider consulting with a financial advisor. At AVA GAM, wehave professional investment managers that can provide personalized guidance and help you develop an investment strategy tailored to your unique financial situation and goals.

Financial literacy is essential for making informed investment decisions. What strategies is AVA GAM employing to enhance awareness and educate Nigerians on secure investment options?

AVA Global Asset Managers Limited is committed to promoting financial literacy and raising awareness about secure investment options. Our goal is to empower potential investors with the knowledge and confidence they need to make informed financial decisions and achieve lasting financial success. We currently promote financial literacy and Knowledge Sharing Expose’s of the various investment options within the capital market through regular webinar sessions, media rounds, and publications disseminated through social media and other relevant channels. We believe that empowering individuals with financial knowledge is crucial to helping them make informed investment decisions and achieve their financial goals.

Looking ahead, what is AVA GAM’s vision for the future of investing in Nigeria, and how does the firm plan to address the most pressing financial needs of the population?

AVA Global Asset Managers Limited is dedicated to shaping the future of investing in Nigeria through consistent investor education to improve financial literacy and the creation of client-oriented products that all Nigerians can easily associate with. Our vision is to be a catalyst for financial inclusion, stability, and economic development. A more financially literate population will lead to greater productivity. Our goal is to continue being a trusted partner in our clients’ financial journeys, driving innovation, and contributing to the overall development of Nigeria’s financial system. Together, we can shape a prosperous future for all.

MONDAY MARCH 3, 2025 • T H I S D AY

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MONDAY, MARCH 3, 2025 • THISDAY

TRIBUTE E.K. Clark: A Lesson in Lofty Courage and Conduct

By Oma Djebah

I

f you were a peripatetic journalist or an itinerant political reporter in 1991, there is the likelihood that you would have encountered Chief Edwin Kiagbodo Clark, elder-statesman, Senator, former minister of Information, nationalist, erstwhile Commissioner for Education, and later Finance in the old Midwest region, PANDEF leader, and above all, leader of the Ijaw, who passed away peacefully on February 17, 2025 at the ripe old age of 97. Deeply vocal, collegial and astute, he will be missed by many, including an astounded nation, family, and associates in grief, and a community reeling in shock that the Iroko whose resilience, courage, intellectual acuity, infectious steadfastness and love ramified both triumph and happiness, has departed. He was, without doubt, one of the most pragmatic, dogged and courageous fighters for justice, equity and parity in Nigeria and the Niger Delta, whose contagious voice resonated with many across various settings. Indeed, his personality sprawled across the broad spectrum of politics, leadership, national service, community ministration, and peacebuilding.

I met him for the first time in late 1991, 34 years ago in Port Harcourt, the Rivers State Capital. I was then a political reporter, and later Head of the Politics desk at Classique magazine. He was exceptionally attired in a quintessential traditional Niger Delta luxurious clothing. A wrapper, an elegant customary long-sleeved brocade shirt, a dark-coloured bowler hat, decorous beads necklace, and an ergonomic wooden-cane walking stick to match. He stood out from the crowd of politicians who had assembled at the Hall in Port Harcourt, the Rivers State Capital that afternoon, conceivably to determine the political future or direction of the then National Republican Convention (NRC).

The NRC and the Social Democratic Party (SDP) were the two political parties midwifed by General Ibrahim Babangida’s military regime, at the time.

Because Classique magazine was focusing more on SDP apparently on account of the fact that the SDP chieftains including political stalwarts like late General Shehu Musa Yar’adua (Rtd) (whom I had interviewed exclusively in his Ikoyi, Lagos home, having announced his intention to vie for the Party’s Presidential ticket), appeared to make more headlines, and consequently, many reporters delight. There was therefore a conscious effort to address this editorial gap!

Thus, an encounter, and later an interview with Chief Clark, who was a chieftain of the NRC at that time, naturally filled the void. Also, his capacity for being ‘brutally frank’, drew me to him, while my ability to report factually, as proceedings truly happened, I think, drew him to me. There were no frills, neither were there any acts of flounce around him that afternoon as I approached him, introduced myself and handed him my complimentary card.

“Oh, Oma Djebah! You are the journalist. I read your interview with General Yar’adua. I also read that of Umaru Shinkafi. You reported them verbatim.

I will speak to you in the evening…” Then he switched to Urhobo, my ancestral language. Surely, he spoke Urhobo more than many. And because news is typically what most journalists yearn for, as it constitutes that sparkle that animates awesome

Clark public readership, Pa Clark was naturally a sought after subject as he was always “brutally frank” while weighing in on various subject matters.

So, began a relationship that sprout, thrived for over three decades. He later introduced me to both Ambassador Akporode Clark, a doyen of the Nigerian foreign Service and former Nigeria’s Permanent Representative to the United Nations, and Prof John Pepper Clark, iconic poet, foremost playwright, erudite novelist and literary giant of the noblest tradition. The former attended my team’s post-graduate lecture in International Law and Diplomacy at the University of Lagos while Prof JP Clark graciously graced my wedding in Lagos.

After our Port-Harcourt meeting, I went on to interview Pa Clark again. This time around, it was in his residence situated on Swamp Road, Warri, Delta State. I was working with The Guardian newspaper at the time, having left Classique magazine. “Oh, Oshare (meaning man) from Okwagbe, please come in…’’, he ushered me into his sprawling living room in impeccable Urhobo, where we had what turned out to be a marathon interview. He spoke Urhobo more fluently than Ijaw, regaling me with accounts of his growing up years, his lineal connection with the Urhobo. I think this partly accounted for his broadmindedness and symbiotic niceties. There were so many people in the living room, which was more a less an emblem of his selflessness and leadership. They came from various Ijaw communities in Bayelsa, Ondo, Rivers, and Delta. Consequently, I asked him if I could address him as national leader of the Ijaw, to which he concurred. In this way, I became one of the earliest persons to ascribe to him the title of national leader of the Ijaw. Throughout the interview, what struck me about him was his

resilience, adroitness, courage and incredible sense of history. His sharp intellect, sure-footedness and rich historical insights were delightful. I recall he never prevaricated. Occasionally, he would adjust his sitting position, while I held my small tape recorder, not far from his mouth, to capture the full conversation.

The interview focused largely on issues central to resolving the Niger Delta quandary.

Chief Clark brings to my mind many connotations; courage, steadfastness, leadership, and commitment to peacebuilding and stability of the Niger Delta region. He was a purposeful, mediatory voice on the thorny Niger Delta subject. In reality, most scholars on the unsettling, and sometimes, escalating tensions in the Niger Delta region, saw him, and rightly so, as a reconciliatory voice crucial to addressing the bristly, spinose Niger Delta question-encompassing environmental, economic, socio-cultural and political dimensions since 1960. Though, often times, he was outspoken, it was also true that his voice of reason, wise counsel, and peacebuilding engagements helped nurtured sustained peace and dialogue amongst diverse ethnic nationalities in the Niger Delta region.

The formation of PANDEF which he led faithfully was equally a testimonial to his commitment to the Niger Delta. In fact, his leadership of PANDEF demonstrated his love for the people of the Niger Delta.

PANDEF benefitted richly from Pa Clark’s wealth of knowledge and experience. His career trajectory was impressive and salutary. He was not just an accomplished leader, titan of the old order, he was a hybrid personality whose rich public service engagements traversed the intersection of both the executive and the legislature, at different times. He was variously a Senator and a minister of Information. Not many were able to effectively sprawl through both arms of government. His rich insights and lofty conduct evidently proved pivotal in many ways. Little wonder, Chief Clark’s firm grasp, perspicacity and rich sense of historical records were admirable! He was brainy, cerebral, deeply analytical, scholarly yet easy-going. An incredibly audacious, resilient, tough-talking personality with a baritone voice; you were never in doubt where Pa Clark stood on any issue, notwithstanding its controversial colouration. Perhaps, this explains why his political trajectory bestraddle the gamut of law making, public administration and leadership.

Pa Clark’s early life, like an elastic, elaborate geometry, revolved around three communities, namely Eruwanrhien, where he was born, (Not Kiagbodo), Okrika, where he attended Native Authority Council School, in the old Midwest region, and Abraka where he attended Government Teachers Training College (in present day Delta State).

Thereafter, he proceeded to Holborn College, in the United Kingdom, where he earned his degree in Law. Upon his return from the UK, he launched himself into politics where he thrived and excelled.

He was one of the Midwest delegates to the 1966 Conference on the Structure of Nigeria. Between 1966 and 1975, he led various roles including, viz, Commissioner for Education (Midwest Region), and Minister of Information (Federal Commissioner for Information). As Commissioner for Education, he played a leading role in the establishment of the Mid-west College of Technology, which became the pillar upon which the university of Benin sprang.

As an avant-garde, a collegial, industrious political titan, Pa.Clark led by example! His life was like a study in Courage and a lesson in Excellence, to borrow the hackneyed phrase of James Grunig. Pa Clark’s life was a classic session in high conduct, courage, fearlessness, contention and capacity. It was not accidental. These qualities seem to be products of his upbringing. His invectiveness, brilliance, capacity to dare where others oscillated appeared to have shaped his life from his adolescent years.

For instance, he once narrated how he was penalized by his college authorities for daring to ask the then visiting expatriate Governor of the Western Region, Sir John Dalzell Rankine, a question.

He recounted: “In 1952, I think the Governor of Western Nigeria, Sir John Ranking,(sic) visited our college at Abraka, Government Teacher Training College, Abraka, and so we all gathered, he addressed us. Then he said “any question from anybody?” I stood up, our principal was a white man; he wanted to stop me. The Governor said “let him ask his question”. I said, “Your Excellency, I wanted to know from you why only some traditional rulers are given the knighthood of the British Empire and our people are not given and politicians like Azikiwe, Awolowo are not being given?” But as he wanted to answer, the principal intervened and, at the end, the man left; in the evening, we were to have dinner, we were gathered in the dining hall with the Monitor or the Prefect, Asagboyin, from Ubiaja, in Edo State today. Then a military man who had gone into the college to be a teacher called my name, so I stood up. He said, “You come out and there was a table in the front and he said I should mount the table.

So, he asked me why I should ask the question I asked the Governor. I said “what is wrong?” He said everything was wrong. So, they punished me, they asked that I should wash plates of all the students every evening for five days, which I did. But one of the senior teachers, Isekwe, from Inla, who was our physical education teacher, called me, gave me palm wine, he said I should drink it. I said I did not know what it was; he said, “Drink it. You will be a great man”. I said “how?” He said, “What you did two days ago pleased many Nigerians who were in that hall.…So I’ve always been very active. “ The Niger Delta region, and indeed Nigeria will dearly miss Pa Clark for his sagacity, rich sense of history, courageous leadership, exceptional foresight, unending advocacy for the rights of the peoples of the Niger Delta region and his uncommon perspectives on thorny national issues. As Abraham Lincoln once remarked: “In the end, it’s not the years in your life that count. It’s the life in your years.”

And Maya Angelou, one of America’s foremost civil rights activists and poets, agreed: “ Life is not measured by the number of breaths we take, but by the moments that take our breath away.” Pa Clark lives on in the hearts of humanity. Good night, Pa Edwin Kiagbodo Clark, OFR, CON. •NB: Ambassador Oma Djebah, JournalistDiplomat, Chieftain of the All Progressives Congress (APC), former Delta State Honourable Commissioner for Information, and previously Nigeria’s Ambassador to Thailand with concurrent accreditation to the United Nations Economic and Social Commission for Asia and the Pacific(UNESCAP), Bangkok, is the author of the book, Niger Delta: Media & Peacebuilding Options.

NEWS

Global Energy Alliance, AFD Back Plan to Provide Electricity for 300m Africans Set to mobilise $5m as technical assistance

Emmanuel Addeh in Abuja The Global Energy Alliance for People and Planet (GEAPP) and Agence Française de Développement (AFD) have announced their collaboration to mobilise up to $5 million of technical assistance to elevate the role of local financial institutions in accelerating clean energy in Africa.

The plan, which was made public at the Finance in Common Summit (FiCS) in Cape Town, will begin with a $1.3 million pilot envelope of technical assistance grants from GEAPP to be complemented with lines of credit from AFD Group.

GEAPP and AFD Group’s joint investments will direct both technical and financial support to private

financial institutions and Public Development Banks (PDBs) in Africa, a statement from the organisations stated.

The initiative is a direct response to the growing momentum among partners supporting Mission 300, the World Bank and African development Bank’s (AfDB) ambition to deliver affordable and sustainable electricity to 300 million people in Africa by 2030.

This builds a critical foundation for crowd-in funding, resources, and tools from public, private, and philanthropic partners to scale up local and global cooperation, the release added.

“The collaboration is the latest example of how the GEAPP alliance is pooling resources to support catalytic financing for projects that strengthen

local financial systems.

“By enhancing the capacity of African financial institutions at both the regional and national levels, the window will help those institutions become more capitalised and better positioned to deploy long-term and stable resources that are essential for scaling transformative energy technologies.

“These technologies, such as mini-grids, solar home systems, and grid upgrades, are pivotal in addressing the energy access gap across Africa,” the statement said.

Mission 300 aims to empower economic growth and deliver electricity access to some of Africa’s most vulnerable and hard-to-reach communities. While technical solutions such as off-grid technologies

and national grid extensions are available, the critical barrier remains a lack of sufficient financing to scale these solutions effectively.

Public and private financial institutions at the regional and national levels play a decisive role in unlocking these solutions, offering market-specific expertise, reducing exposure to foreign exchange volatility, and supporting innovative business models by providing much-needed capital and long-term resources.

The AFD & GEAPP initiative is expected to directly address this financing gap by equipping those African financial institutions with the necessary technical, financial, legal, environmental, and social support to strengthen their financial readiness, improve portfolio screening, enhance

due diligence capabilities, and support the analysis of portfolio emissions.

AFD Group’s long-term expertise towards public and private finance institutions is at the heart of this collaboration. Support to local financial systems to finance a climate resilient economy represent 25 per cent of AFD Group activity worldwide, it added.

“Through national PDBs and local private banks, we have a unique opportunity to accelerate energy access in Africa by strengthening the capacity of local financial institutions to participate in the objectives of Mission 300.

“Our partnership with GEAPP and this new initiative, leveraging both philanthropic and institutional funding, proves that FiCS is an ideal platform to support cross-fertilizing

partnerships between public development banks and other stakeholders committed to sustainable solutions” said Rémy Rioux, Chief Executive Officer of AFD Group.

“GEAPP is working with AFD Group to pool resources and invest in innovations that will help unlock more funding for Africa’s energy access projects,” said Woochong Um, Chief Executive Officer of GEAPP. “This is a demonstration of the power of radical collaboration to achieve the Mission 300 goal of connecting 300 million Africans by 2030 is driving us to uncover new solutions, extend the pipeline of commercially viable projects, and create jobs, skills, and better livelihoods in areas where electricity access remains a challenge,” the statement said.

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FEatures

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

A Fitting, Lasting Tribute to a Military Hero, Lieutenant General Taoreed Abiodun Lagbaja

Military service often comes with immense personal sacrifices, often leaving families to wonder if the dedication of their loved ones will be remembered. Over the weekend, that concern was put to rest by the Chief of Army Staff, Lieutenant General Olufemi Oluyede, who ensured that the legacy of his immediate predecessor, the late Lieutenant General Taoreed Abiodun Lagbaja, would endure by renaming the Ikeja Cantonment in his honour. Chiemelie Ezeobi writes that in taking this decisive step, Oluyede has reaffirmed the Nigerian Army’s commitment to honouring its own—not just in life, but beyond too

T

he Nigerian Army (NA), over the weekend, wove the name of the late Chief of Army Staff (COAS), Lieutenant General Taoreed Abiodun Lagbaja, into the very fabric of its history, ensuring that his legacy will stand unshaken for generations to come.

In a profound gesture of honour and remembrance, the iconic Ikeja Cantonment has been renamed T.A. Lagbaja Cantonment, transforming a place of military excellence into a living tribute to a man whose life embodied duty, courage, and sacrifice.

The unveiling, which coincided with what would have been his 57th birthday, was a moment where solemnity met celebration—an occasion not just to mourn a fallen hero, but to immortalise his spirit in the heart of the nation he so faithfully served.

The event drew an array of top military officials, dignitaries, the late COAS’ wife, Mariya, and family members, including Lagos State Governor Babajide Sanwo-Olu; Chief of Defence Staff (CDS) General Christopher Musa; and Chief of Army Staff (COAS) Lieutenant General Olufemi Oluyede. It also witnessed a reunion of all surviving members of Nigerian Defence Academy (NDA) Course 39, the late General Lagbaja’s coursemates.

Testament of an Enduring Legacy Governor Sanwo-Olu, in his address, described the renaming as a powerful testament to Lagbaja’s enduring legacy. “This cantonment has not only been a symbol of courage; it has been a symbol of discipline and fidelity. It has been home to thousands of brave men and women who have defended the sovereignty of our nation with their lives in the greatest moments of triumph, resilience, and sacrifice,” he said.

“Therefore, renaming it after Lieutenant General Lagbaja is a fitting tribute to a leader, a gentleman, and an officer whose life embodies all of these values. A distinguished infantry officer who served in the Nigerian Army with dedication for over three decades, he played key roles in counter-insurgency operations, internal security, and peacekeeping missions.

“By renaming this cantonment after him, we are sending a strong message to our Armed Forces and to future generations that Nigeria will always honour and celebrate our brave men and women in uniform, not just in times of conflict but in moments of peace. We must remind them that their sacrifice will not go unrecognised.”

Sanwo-Olu also praised President Bola Tinubu for approving the renaming of the cantonment, acknowledging the federal government’s commitment to supporting the Armed Forces. He further reassured the military of Lagos State’s continued collaboration in infrastructural development and welfare support to enhance security in the state.

Turning to the late COAS’s widow, Mrs. Mariya Lagbaja, the governor encouraged her to walk with pride, knowing that her husband’s legacy was deeply valued.

Honouring a Military Tradition of Immortalisation Speaking at the event, General Christopher Musa reaffirmed that renaming military facilities after distinguished officers was a long-standing tradition meant to honour their contributions.

“Today, we are gathered here to immortalise Late Lieutenant General Taoreed Abiodun Lagbaja, CFR, who, until his passing late last year, epitomised the highest military values of courage, selflessness, and strategic acumen, making him a revered figure,” he said.

“His transformational leadership and commitment to ensuring the Nigerian Army navigates

L-R: President of the Defence and Police Officers Wives Association (DEPOWA), Mrs. Oghogho Musa; Chief of Defence Staff (CDS) General Christopher Musa; Lagos State Governor Babajide Sanwo-Olu; Chief of Army Staff (COAS) Lieutenant General Olufemi Oluyede; Widow of late COAS, Mrs. Mariya Lagbaja; Chief of Air Staff, Air Marshal Hasan Abubakar; Late Lagbaja’s brother; Chief of Defence Intelligence, Major General Emmanuel Undiandeye; DEPOWA members; General Officer Commanding (GOC) 81 Division Nigerian Army, Major General Farouk Mijinyawa; a senior officer; Air Officer Commanding, Logistics Command, AVM Adeniran Ademuwagun; 9 Brigade Commander, Brigadier General Olawale Mathew Oyekola; and Flag Officer Commanding, Western Naval Command, Rear Admiral Michael Oamen, standing in front of the meticulously crafted 400,000 half-inch nail portrait of Late Lieutenant General Taoreed Abiodun Lagbaja the ever-evolving global security landscape serve as a testament to his legacy and vision for a stronger and highly efficient army.”

Musa described the late Lagbaja as not only a military professional but also a compassionate leader, a devoted family man, and a true brother-in-arms.

He expressed gratitude to President Tinubu for his continued support of the Armed Forces, pledging that the military would remain steadfast in safeguarding Nigeria’s territorial integrity.

“As we honour the legacy and memory of the Twenty-Third Chief of Army Staff of Nigeria, I appeal for the public’s continued support and collaboration in addressing the contemporary security challenges facing our country. Together, we can achieve the President’s Renewed Hope Agenda for a better Nigeria.”

Also speaking, the Chief of Army Staff, Lieutenant General Olufemi Oluyede, emphasised the importance of preserving the legacy of fallen leaders.

“Legacies that are enduring lay credence to the depth of selflessness and dedication to duty, which mere words cannot express but can only be quantified through irrepressible adoration,” Oluyede said.

“It is in our bid to ensure that the good memories of our late leaders outlive their generation and that their deeds are etched in marble that the Nigerian Army names barracks and cantonments after prominent personalities, campaigns, and events.

“On this premise, cantonments and barracks are named after Chiefs of Army Staff who died in active service.

Consequently, the Special Forces Barracks in Makurdi was named after Colonel Joe Akaahan, who died in a helicopter crash during the Civil War, and today, Ikeja Cantonment is being renamed T.A. Lagbaja Cantonment.”

He also acknowledged an earlier oversight in not naming a barracks after

the late Lieutenant General Ibrahim Attahiru, who also died while in office. To rectify this, he announced that the Akim Barracks in Calabar, home to Headquarters 13 Brigade, would soon be renamed Ibrahim Attahiru Barracks.

Oluyede further noted that Ikeja Cantonment was an appropriate choice for immortalising Lagbaja, given his role in spearheading major infrastructural developments there during his tenure as both Brigade Commander and later as COAS. Legacy of Infrastructural Development Having once held sway at the Ikeja Cantonment as Brigade Commander, it was only fitting the NA immortalised his name on the same grounds.

Therefore, the renaming of Ikeja Cantonment to T.A. Lagbaja Cantonment was more than just a symbolic gesture—but a reaffirmation of the values that Lagbaja stood for. With this, his contributions to national security, military professionalism, and the welfare of soldiers will remain etched in history.

Therefore, one of the most remarkable aspects of the event was the unveiling of major infrastructural upgrades within the cantonment, spearheaded by the current 9 Brigade Commander, Brigadier General Olawale Mathew Oyekola.

Among the most striking tributes was a meticulously crafted portrait of General Lagbaja, embedded into the newly refurbished digital gate. The portrait, created with over 400,000 half-inch nails, stands as an artistic and symbolic honour to the late general’s service.

Other significant improvements include the remodelling of the residence for the 9 Brigade Commander, a newly constructed accommodation for the Commander of 70 Supply and Transport Command, and the renovation of quarters for both Corporals and Senior Non-Commissioned Officers (SNCOs).

Under Oyekola’s leadership, the cantonment has also seen the restoration of its water treatment plant, the upgrade of the medical centre, improvements to school facilities, and a long-overdue resolution to its erratic electricity supply. These efforts have greatly enhanced the living and working conditions for personnel

stationed at the cantonment and would surely make the late COAS proud.

A Family’s Pride and a Nation’s Gratitude Suffice to say that Lieutenant General Olufemi Oluyede’s decision to rename the Ikeja Cantonment after the late Lieutenant General Taoreed Abiodun Lagbaja has not only cemented his legacy within the Nigerian Army but has also provided immense comfort to his family.

By ensuring that Lagbaja’s contributions are permanently enshrined in the heart of one of Nigeria’s most significant military bases, Oluyede has reassured the nation that true service and sacrifice will never be forgotten. For many, this honour is a public affirmation that Lagbaja’s life’s work continues to be valued and will inspire future generations of soldiers.

For the Lagbaja family, this renaming has dispelled any fears that their beloved husband and father’s name might fade from the national consciousness.

His announcement at the ceremony, encouraging Mrs. Lagbaja to walk with pride, was a deeply personal and touching moment, affirming that the institution her husband served so diligently will always stand by his memory and those he left behind.

Suffice to say that the overwhelming joy and pride within the Lagbaja family were evident at the event. For them, this was not just a renaming—it was a powerful reminder that their patriarch’s legacy lives on, not only in their hearts but in the history of the Nigerian Army.

The sight of the beautifully renovated cantonment bearing his name, along with the heartfelt tributes from senior military officers, must have filled them with immense gratitude. In this act, Lieutenant General Oluyede has ensured that General Lagbaja’s story will continue to be told, not just as a fallen hero, but as a symbol of selfless service, dedication, and honour.

As the Nigerian Army continues to build on his legacy, the newly named cantonment stands as a beacon of courage, sacrifice, and dedication, reminding future generations of the enduring impact of a leader who gave his all for his country.

T H I S D AY • MONDAY, MARCH 3, 2025

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NEWS

CELEBRATING 'UNBUNDLED' ABARIBE @70...

L-R, Senator Austin Akobundu, Senator Victor Umeh, Senator Enyinnaya Abaribe (celebrant), Governor Alex Otti, and Rep Ginger Onwusibe presenting the book "Unbundled" written by Abaribe, which was unveiled during his 70th birthday celebration at the International Conference Centre Umuahia... weekend.

NASENI Launches Irrigate Nigeria Project in Bauchi to Enable Three Farming Cycles Annually 30,000 hectares of land to be harvested in Bauchi annually

Segun Awofadeji in Bauchi

The National Agency for Science and Engineering Infrastructure (NASENI) has launched the Irrigate Nigeria Project, a transformative initiative designed to enhance mechanised farming and enables farmers to achieve three farming cycles annually at TIAMIN Rice Farm, Udubo, Gamawa Local Government Area of Bauchi State.

The project is being jointly implemented by NASENI and the Renewed Hope Infrastructure Development Fund (RHIDF), with

the participation of the private sector, in line with President Tinubu’s commitment to fully empowering and enabling Nigeria’s private sector.

In his welcome remarks during the launching ceremony on Saturday, NASENI's Executive Vice Chairman (EVC) and Chief Executive Officer (CEO), Mr. Khalil Suleiman Halilu, who stressed the project's potential to revolutionise Nigerian agriculture, explained that the initiative will enable farmers to have three harvests in a year compared to the traditional single

season harvest According to him, "the goal of Irrigate Nigeria is to transform Nigeria’s agriculture through the provision of sustainable irrigation systems that empower farmers to achieve year-round farming, and by extension, increased productivity and reduce food prices".

He explained the project aims to tackle the country's ongoing food scarcity by providing farmers with modern irrigation techniques and modern equipment to dry-season farming.

The EVC/CEO highlighted

the four key features of Irrigate Nigeria to include the deployment of centralised NASENI irrigation systems to support farming clusters in the participating communities, the provision of input - enhanced seeds and fertilizers - and technical support to the participating farmers, to complement the provision of irrigation equipment and the specialised nature of the commercial model, aimed at ensuring commercial viability and long-term sustainability.

The chairman who also emphasised the project's goal of

Tuggar: Tinubu Committed to Nigeria’s Food Security, Safeguarding Land Rights Michael Olugbode in Abuja Minister of Foreign Affairs, Ambassador Yusuf Tuggar has assured of federal government’s commitment to safeguarding land rights while boosting agricultural productivity.

He gave this assurance on Sunday to farmers and pastoralists in Udobo, Gamawa Local Government Area of Bauchi State, during a community engagement in the historic agrarian town.

He outlined President Bola Tinubu’s plans to combat food insecurity through rural empowerment, science-driven farming, and climate-resilient infrastructure.

The minister who lamented

that though Udubo was a hub of Nigeria’s agricultural output between 1960s-70s but the story has changed because the community had been largely neglected by the state government for decades as floods and climate change continue to impact lives and harvest.

He noted and commended the urgent support from the federal government which he credited improvements in the situation to.

Tuggar praised the community’s enduring potential, stating that: “This land fed nations. We aim to revive that legacy without displacing those who till it,” while detailing President Tinubu’s strategy for Udobo and similar communities by promising to protect the farmers' lands.

He pledged that: “No one will

lose their land. Grow what you eat first; we’ll help you sell the surplus.”

The minister also added that with support from the National Agency for Science and Engineering Infrastructure (NASENI), the federal government will optimize water access via Udobo’s fadama wetlands and introduce climate-smart tools that help optimize agricultural output and further impact the lives of the community.

The minister also revealed the various measures he took as the Minister of Foreign Affairs to assist the victims of last year's flood that devastated a lot of communities in the local government which included the Udubo community.

Following devastating floods, ECOWAS - secured through

Tuggar’s diplomatic efforts - and federal agencies will fund resilient infrastructure.

Hajiya Aisha, one of the beneficiaries of the support, thanked Ambassador Tuggar for not abandoning them.

She said the community has been neglected by the state for decades without any tangible measure to help them fight climate change that worsen flooding.

"We are very grateful to Tuggar for his support to our community.

I am sure the fertilizers he gave us will help a lot of farmers during the upcoming raining season," she said.

Youth leader Musa Adamu Udubo urged the minister to curb urban migration by increasing support for farmers.

Angolan Arrested at Kano Airport with 120 Ingested Wraps of Cocaine Destined for Turkey Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested a 42-year-old Angolan businessman Mbala Dajou Abuba at the Mallam Aminu Kano International Airport (MAKIA), Kano, for attempting to traffic a large consignment of cocaine, which he ingested, to Istanbul Turkey.

A statement by the spokesman of NDLEA, Femi Babafemi, on Sunday, said Abuba who is from the Zaire province

in Angola was arrested last Tuesday at the screening point of the Kano airport while trying to board Egypt Air flight MS 880 to Istanbul, Turkey via Cairo.

Babafemi said after Abuba body scan result confirmed he ingested illicit drug he was placed under excretion observation during which he expelled 120 pellets of cocaine weighing 1.829 kilogrammes in seven excretions.

In his statement, the suspect claimed he was into the business of township delivery services in Angola before

delving into the illicit drug trade.

The spokesman said a similar attempt by an auto spare parts dealer, Okeke Igwe, to send two parcels of 1.1 kilogrammes cocaine concealed in vehicle propellers to Angola through the export shed of the Murtala Muhammed International Airport, Lagos, was thwarted by NDLEA operatives who arrested him last Monday following credible intelligence.

Babafemi said during interrogation, the suspect claimed that he is a

businessman selling auto parts in ASPANDA, Trade Fair Complex, Ojo area of Lagos State.

Babafemi also revealed that the bid by another suspect, Ezechi Cyprian, to move a large consignment of cocaine weighing 5.4 kilogrammes to Owerri, Imo state in his Toyota Sienna bus on Sunday 23rd February was frustrated by operatives of a special operations unit of NDLEA who arrested him following weeks of intelligence and surveillance.

enhancing food security pointed out that the project will equip farmers with modern irrigation systems and dry season farming tools which enables year-round productivity.

"To get to where we are today – the launch of this pilot phase, taking place on 10,000 hectares of farmland – a lot of work has taken place, bringing together various partners and stakeholders, who deserve immense gratitude", he stated.

According to him, "Irrigate Nigeria will be run on a commercial basis, but with every care taken to ensure that this does not burden the participating farmers unnecessarily.

“To this end, the repayments by farmers for the support being provided will be in the form of convenient portions of their harvests, like rice paddy.

"These repayments will be pooled into a strategic food reserve that will help to stabilize commodity prices, and also be available for institutional sale and for export.

"Irrigate Nigeria Project will ensure that Nigeria’s farmers are able to farm throughout the year, regardless of the availability of rains.

“Irrigate Nigeria will empower Nigeria’s farmers and rural economies. By increasing the quantity and quality of harvests, farmers and farming communities will see increased incomes.

He also added that "Nigerian consumers will benefit through reduced prices that will result from increased availability of food. Upon achievement of domestic sufficiency, Nigeria will be able to increase export volumes and earn muchneeded foreign exchange that will support macroeconomic stability.

Firm Launches Garnet Project, Begins Allocation of Lands in Abuja Emmanuel Addeh in Abuja Gtext Holdings, a global real estate development firm, at the weekend officially launched its much awaited Garnet Resort City in Asokoro II in Abuja and the allocation of lands to their beneficiaries in the Federal Capital Territory (FCT).

Speaking at the event, an ambassador of the company and former Inspector General of Police (IGP), Mike Okiro, described the occasion as significant, stressing that the firm aims to provide accommodation for Nigerians, especially those residing in Abuja.

“Abuja is visited by businessmen, people who are working, and nonnatives alike. So if you live wherever you come from in Abuja, you need accommodation. Gtext is contributing its own quota to make life more meaningful and make our houses affordable for Nigerians in Abuja.

“So I appreciate what they have done. They are making plots available at very cheap rates. So people can buy plots. Either they build for them or they build on their own. You see, if you are a civil servant, you don't have to have money involved before you build a house. “ You buy the land, you start

building gradually. But you are able to finish the house and live comfortably. So Gtext is making a lot of contributions to encourage people to build houses on their own, which is very good and very significant,” Okiro added.

Acting Manager of Gtext Holdings, Abuja branch, Shola Olufemi, commenting, noted that the official launch of Garnet Resort City in Asokoro II in Abuja, promises a very high potential investment value for smart investors.

Olufemi said the location has a very beautiful landscape, mountain view, a hilltop view and valley plane, noting that it was an opportunity for Nigerians to tap into what he said was a goldmine for not just investors but also for homeowners looking to be close to nature.

“We're making it a created environment. There's going to be a 24/7 solar-powered community. It's going to be double-gated. What this place also gives to you is a sense of security because we are very close to the Nigerian Air Force Valley Estate.

“We also have the Navy Admiralty Estate here in Asokoro, just about 12 minutes drive from here. So, this gives us a very smart location you want to get into,” he added.

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NEWS

GRADUATION CEREMONY OF MAJEURS ACADEMY'S MAIDEN COHORT OF TALENTED ARTISANS...

L-R: Founding Partner, Banwo & Ighodalo Law Firm , Barr. Femi Olubanwo; Board Member, Majeurs Academy, Chief Ms. Tolu Ighodalo; Majeurs Academy 2024/2025 Valedictorian, Miss Toroobong Emmanuel; Founder, Majeurs Academy, Demi Samande; and Dean of Faculty, Majeurs Academy – Kemmal Onuoha, at the graduation ceremony of the academy's maiden cohort of talented artisans in Lagos, Yesterday.

Dangote to Refund Customers Who Purchase PMS above Advertised Rates from Key Partners ...Absorbs N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel ...Insists Nigerians deserve good quality, affordable fuel products

Peter Uzoho Dangote Petroleum Refinery & Petrochemicals has said that it will refund customers who purchase Premium Motor Spirit (PMS) at rates higher than the advertised prices from any of its key partners, Ardova Plc (AP), Heyden or MRS – across Nigeria.

This move follows the refinery's recent reduction of its gantry price from N890 per litre to N825 per litre.

The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu's Renewed Hope Agenda, which aims to stimulate the economy.

In a statement issued over the

weekend, the refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, prior to the new rate of N825 per litre. Dangote refinery also absorbed N16 billion loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel “The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement said.

The refinery emphasised that this initiative extends beyond MRS Holdings, Ardova Plc

(AP), and Heyden. It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level, encouraging a collective commitment to affordable, quality products.

Dangote also condemned any exploitation of the new pricing structure. “It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain,” the statement added.

"Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make

this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.

The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-west, N885 in the North, and N895 in the South-south and South-east.

With the new gantry price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for

Ooni's Queen Unveils N14bn L'Extinction Artwork to Promote Thorn Carving as Catalyst for Revival, Development

Yinka Kolawole in Osogbo

The Ooni of Ife's wife, Queen Aderonke Ademiluyi-Ogunwusi, yesterday unveiled over N14 billion L'Extinction or "No to Extinction" artwork to bring the blessing of Aje to thorn carving that has gone into extinction.

Also speaking at the event, the Ambassador for Environment, Ms. Olapeju Olayemi, in her goodwill message, explained that the priceless art value stem not just from the extreme reality of thorn trees but also from the status of the princely hand-woven attire in which the thorn is placed and the fascinating backstory of thorn carving and lego toys invention in 1932.

The unveiling event took place to commemorate Aje Festival, holding at Adire Oodua and Art Gallery, at Ooni's Palace, in Ile-Ife. Queen Ademiluyi-Ogunwusi recalled that "NO TO EXTINCTION" artwork was produced by Olapeju Twins and artist Olulaja Akeredolu from the endangered thorn trees which has almost disappeared from our forest.

Ooni's queen who decried the disappearing thorn trees in the forest noted that disappearance was due to

logging and deforestation activities of human being.

According to her, “It is the most important piece of thorn carving in history because it is the first artistic carving that accurately tells us to say "NO TO EXTINCTION".

She opined that, “the art piece was created to re-invent the art of thorn carvings, that famed artist Chief Justus Akeredolu from Owo invented in the 1930s which is currently going into extinction.

"And to bring back the most prestigious aso-oke hand-woven cloths "gbowoyo" that the ancient people of Owo town invented, which means "expensive cloth that takes all the money.

"Thorn Carving, which is an excellent illustration of Africa culture, was invented in Nigeria in the 1930s, about the same time that Ole Kirk Christiansen, a carpenter in Denmark, created lego wooden toys.

"Lego is now a multi-milliondollar toy industry and has produced over 600 billion Lego toys, whereas our iconic miniature tree thorn carving has almost gone into extinction," she stated.

She explained that the value of the artwork is inscribed on the frame as €93 million Euros, which equates to

fourteen billion, one hundred and sixty-three million Naira.

This value was to redress and level thorn carving that originated from our fatherland Nigeria with its counterpart lego toys, which was invented in Denmark in 1932, she said.

Artist Olulaja Akeredolu thanked Her Royal Majesty, Queen Aderonke Ademiluyi-Ogunwusi, for her tremendous support towards the promotion of our indigenous Nigeria

arts and culture.

He said that NO TO EXTINCTION or L'EXTINCTION artwork is to resuscitate the art of thorn carving, which his father, the late artist Chief J.D Akeredolu, invented in 1930s and has been forgotten.

Akeredolu said LEXTINCTION" or "NO TO EXTINCTION" is a remarkable return of thorn carving, and it is an art of cultural and environmental preservation.

PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.

“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions selfsufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring

every Nigerian has access to affordable, high-quality energy solutions,” the refinery said.

Dangote Refinery concluded: “This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”

Bloomberg: Prada Close to Buying Versace for $1.6bn Emmanuel Addeh in Abuja Italian luxury group, Prada, is moving closer to a deal to buy Versace from upmarket fashion group Capri Holdings after agreeing to a price of nearly 1.5 billion euros or $1.6 billion, Bloomberg News reported yesterday.

Prada and Capri - also owner of brands including Jimmy Choo and Michael Kors - could finalise a deal for Versace in March, the report quoted by Reuters said, citing unnamed sources.

Talks between the two companies are progressing after initial due diligence did not show any risks, the report said, adding that the timing and deal value could change and discussions

could still fall apart.

Prada declined to comment and Capri did not immediately respond to a request for comment outside regular business hours, the report added.

Numerous fashion companies are potentially interested in buying Versace, Miuccia Prada, owner of the Italian luxury group that bears her name, said last week.

In February, Reuters reported exclusively that the Italian luxury group was given preferential access, ahead of other potential suitors, to the financial data of Versace, after Capri Holdings put it up for sale.

Capri Holdings bought Versace in 2018 for 1.83 billion euros including debt.

FG Implements 4-Year Action Plan Against Antimicrobial Resistance Onyebuchi Ezigbo in Abuja The fight against antimicrobial resistance (AMR) gained renewed momentum with a review of progress made so far by the AMR Technical Working Group (TWG) and the AMR Coordinating Committee.

At the first Quarter Meeting of the National AMR Stakeholders held in Abuja, key stakeholders from human health, animal health, agriculture, and the environment met to assess progress, discuss challenges, and strengthen the

national response strategies to AMR. A statement signed by the Head Corporate Communications at the Nigeria Centre for Disease Control and Prevention (NCDC), Sani Datti, said the meeting focused on strengthening the implementation of National Action Plan 2.0, improving coordination across the human, animal, and environmental health sectors It said the National Action Plan (NAP) 2.0 demonstrated the Nigerian government's commitment to combating AMR over the next five years, from 2024 to 2028.

According to NCDC, the aim is to build upon and sustain the achievements of the first AMR NAP (NAP 1.0), which was implemented from 2017 to 2023.

"The meeting reviewed progress in AMR surveillance, antimicrobial stewardship, infection prevention and control (IPC), and awareness campaigns.

"It focused on strengthening the implementation of National Action Plan 2.0, improving coordination across the human, animal, and environmental health sectors to foster a One Health approach to

AMR mitigation, and exploring opportunities for increased funding".

Dr. Tochi Okwor, who represented the Director-General of the NCDC, Dr. Jide Idris, praised the TWG for their efforts in advancing the AMR agenda in Nigeria and for delivering the first National Action Plan (NAP 1.0).

Chairman of the Technical Working Group, Prof. Kabir Junaid, said that all the pillars would collaborate to develop a strategy and clarify the expectations for each pillar, as well as gather feedback on their previous activities.

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NEWS

MATHS4LIFE NATIONAL MATHEMATICS TOURNAMENT FINALS...

L-R: President, Mathematics for Life Foundation, Omoniyi Osuntuyi; Mathematics Teacher, Graceland International School, Rivers State, Barnabas Adeyemo; Winners, students of Graceland International School, Rivers State, Adoga Agbo and Ekwelem Elvis; and MD, PESO Energy Services, James Ogbe, during the 2025 Maths4Life National Mathematics Tournament finals in Lagos… weekend ABIODUN AJALA

Jonathan: Adebanjo, Clark’s Courage, Wisdom, Love for Nigeria Knew No Bounds Atiku, Bai, George mourn

Segun James Former President Goodluck Jonathan, has described the death of elder statesmen, Chief Ayo Adebanjo and Niger Delta leader, Chief Edwin Clark as great loss to Nigeria as a nation, saying they were men of courage and wisdom, whose love for the country and good Governance knew no bound.

The former president, said this in Lagos, when he paid a condolence visit to the Adebanjo family at his house in Lekki Phase 1, Lagos, in company with former Sierra Leone President, Ernest Bai Koroma and

former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George.

He said Adebanjo was an upright man that was committed to the growth and development of Nigeria for the benefit of all, even as he noted that it was people like Adebanjo that made the 2014 conference he convened a success.

Jonathan said both Adebanjo and Clark worked together for the interest of Nigeria.

"Our dear leader was not the leader of Afenifere alone, he was a leader of this country. He was a man with

enormous wisdom, courage and willingness to do the right thing for this country.

"He believed in truth and justice.

No nation can grow when there is no truth and when there is no justice.

Those were the things he was known for. We are not surprised that he led the Afenifere credibly well," he said.

Jonathan said when a nation was not moving as expected, there was a need for a comprehensive dialogue.

He explained that, the composition of the 2014 conference was credible, saying, "I gave them total authority to discuss what is good for this country.

"I didn't know that the issue of national conference would even come on board, without people like him and other leaders there, it wouldn't have taken place because they thought initially I wanted to manipulate the system.

"I remember in the beginning when there were issues, some came to me, they said president we want to know if there were some areas you were interested in. I say look, I can't even advise you, you are more experienced than me.

“You are the leaders, Supreme Court justices, more than 50 per cent

Elumelu Visits Gabon, Set to Invest in Country's Infrastructure

Emmanuel Addeh in Abuja

The Chairman of the United Bank for Africa (UBA) Group and Founder of the Tony Elumelu Foundation (TEF), Mr Tony Elumelu, has reaffirmed his commitment to the development of the economy of Gabon.

Elumelu, who was on an official visit to the President of Gabon, Brice Oligui Nguema at the Presidential Palace in Libreville, on the invitation of the country's leader, discussed key strategies to enhance infrastructure development and foster entrepreneurship in the country.

During the discussions both leaders underscored the importance of strategic investments in infrastructure as a catalyst for economic growth and job creation, a statement from the bank said.

It stated that Elumelu, a strong advocate of Africapitalism, emphasised the role of private sector partnerships in driving sustainable development.

“The President of Gabon is committed to ensuring the development of infrastructure in Gabon, and I, as an African and an African investor, support countries, leaders, and companies that want to invest and create jobs for young people,” Elumelu highlighted.

On the back of a previous engagement by both leaders in New York in September 2024, Elumelu disclosed plans of a dedicated initiative to support the Gabonese youth through UBA and his Foundation, the TEF. “As the founder of TEF, which supports young Africans, I am pleased to work alongside leaders who embrace and bring together

African youth. His Excellency, the President, was kind enough to share his vision for assisting young Gabonese people, and he asked for my support.

“I made a promise that UBA Group will support infrastructure development projects in Gabon, and TEF will provide young entrepreneurs with non-refundable seed funding of $5,000 each year,” Elumelu assured.

Expressing his appreciation for Elumelu’s commitment, the president of Gabon highlighted the significance of the partnership in driving the nation’s economic agenda.

“Gabon is poised for a new era of economic transformation, and partnerships with leading African investors like Tony Elumelu are key to accelerating our progress. Our focus is on creating opportunities

for young people and strengthening the nation’s infrastructure, and we welcome collaborations that align with this vision,” the president stated.

UBA Group, a leading PanAfrican financial institution, said it has long supported economic growth across the continent through strategic infrastructure investments and financial empowerment initiatives.

With the renewed commitment, the bank said it aims to enhance financial inclusion and create sustainable opportunities for local entrepreneurs, further strengthening Gabon’s economic resilience.

This collaboration, according to the statement, marks a significant step in fostering an environment that promotes innovation, financial independence, and economic prosperity in Gabon.

Oyebanji: My Partnership with Federal Lawmakers Yielding Dividends for Citizens Gbenga Sodeinde in Ado Ekiti

The Ekiti State Governor, Biodun Oyebanji, has disclosed that the partnership he established with nine members of the National Assembly from the state, was yielding the right dividends that were turning around the lives of the citizens.

Oyebanji said the synergy, which he branded as highly beneficial, was

largely responsible for the upsurge in federal projects accruing to the state and massive appointments of Ekiti indigenes under President Bola Ahmed Tinubu's leadership.

The governor spoke in Ikosu Ekiti, Moba Local Government Area, on Saturday, during an empowerment programme, organised by a member of the House of Representatives, Hon. Akinlayo Kolawole, for the people of

Ekiti North Federal Constituency II. Materials distributed included hundreds of motorcycles, fridges, generating sets, dryers, roofing sheets, knapsack spraying machines, sowing machines, grinding machines, multimillion naira cash gifts to widows, traditional chiefs, among others.

Oyebanji, represented by the Deputy Governor, Chief (Mrs) Monisade Afuye, applauded the federal lawmakers for

their loyalty to the electorate, and for establishing a synergy that is upscaling dividends, in terms of projects and human capital development.

He eulogised Kolawole for his generosity and sense of patronage, saying he has demonstrated commitment to human capital development as a pillar of his administration, with the quantum of materials distributed to the citizens.

of members were more experienced than me. It was benevolent privilege that made me to do that setting up the Confab," h added.

Former Vice-President Atiku Abubakar described Adebanjo as a nationalist and patriot who believe in ‘One Nigeria’, adding that, he proved this by not being loyal to ethnic sentiments.

Abubakar, who said this yesterday when he also paid a condolence visit to the Adebanjo family, said he decided to visit the family over the loss of their patriarch because of the virtue Adebanjo preached and lived for all his life.

The former vice-president was accompanied by Dr. Abimbola Ogunkelu, Chief Dele Momodu, the Peoples Democratic Party

(PDP) governorship candidate in 2023 governorship election, Olajide AbdulAzeez Adediran (JANDOR); Captain Yahaya Abubakar and Captain Tunji Shelle, among others.

He noted that Adebanjo lived a worthy life that cannot really be compared with any other, added that his contributions to the country's peaceful coexistence was quite worthy of emulation.

He described Adebanjo as a humble man that believed in the peaceful coexistence of Nigerians, and lived a life worthy of emulation, adding that, his death was a monumental loss not only to his family and Nigeria but to "those of us that have tried to emulate his kind of life and his belief in the unity of this country

Walson-Jack Assures Federal Civil Servants of Improved Welfare Blessing Ibunge in Port Harcourt

The Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, has assured federal civil servants across the country of improved welfare and conducive working environment.

Mrs. Walson-Jack gave the assurance at the weekend, during her official inspection at the Federal Secretariat complex, in Port Harcourt, Rivers State.

Addressing the civil servants from about 15 federal ministries and 35 agencies, the Head of Civil Service, noted that the workers have contributed immensely in the nation development.

She thanked them for their hardwork, saying "we are here to thank you for your hardwork and commitment, we remember you and care about your work environment and your welfare".

Walson-Jack explained that she was in Port Harcourt to inspect the federal secretariat building, and look for ways to add value and renovate the structure for a conducive environment of workers.

She said: "I took an inspection of the facility, well as expected the building of about 35 years old will definitely not be looking in top shape,

especially if we have not done several renovations as we should have.

“We will be looking closely at what we can do to upgrade the facilities and we hope that within budgetary provisions we will be able to do something this year."

Responding to questions from journalists on the outcome of the interaction with the civil servants, Walson-Jack said: "I am happy that they are here representing the various ministries and agencies very well, and I see that there is unity of purpose. They have an association that appears to be doing well, bringing them together and ensuring that everything is going on well".

She appreciated the Controller of Works, the Minister of Federal Ministry of Housing and Urban Development, permanent secretaries and others who she said have added values to what the civil servants are doing in the federal secretariat in the state.

She added: "We will want to say a very big thank you to the Rivers State Government; definitely they are playing a very big role in providing security, all the infrastructure that is necessary for the federal civil servants to do their work in a conducive environment".

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T H I S D AY • MONDAY, MARCH 3, 2025

NEWS

PRIVATE SECTOR PERSONALITY AWARD...

L-R: Former Director General, Small and Medium Enterprises Development Agency of Nigeria, Olawale Fasanya; Recipient and Managing Partner, New Amis Global Resources, ’Seun Jewelede; Engr. Kayode Durojaye; and President, National Youth Council of Nigeria (NYC), Akosile Muktah, during the presentation of the Private Sector Personality Award to Ejiwale by the NYC in Abuja at the weekend ENOCK REUBEN

AbdulRazaq, Sanwo-Olu, Adeleke, Ododo, Others Urge Prayers for Nation at Ramadan Hammed Shittu in Ilorin, Michael Olugbode in Maiduguri, Yinka Kolawole in Osogbo, Segun Awofadeji in Gombe, Adedayo Akinwale in Abuja and Ibrahim Oyewale in Lokoja

Governors and other stakeholders, weekend, urged Muslims to pray for nation at Ramadan, the one-month long fasting by Muslim devotes.

ABDULRAHMAN ABDULRAZAQ

Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, urged the people of the state to use the period to pray fervently for a stronger, safer, and more prosperous nation and the state.

A statement issued in Ilorin by AbdulRazaq and signed by his Chief Press Secretary, Mr. Rafiu Ajakaye, joined the Muslim community worldwide, especially in the state, to joyfully welcome Ramadan, the ninth lunar month in which fasting is prescribed for the Muslims.

The governor specifically

congratulated the Emir of Ilorin and chairman of the State Council of Chiefs, Alhaji Ibrahim Sulu-Gambari, on the dawn of the month of mercy in which the Holy Qur’an was revealed to the blessed Prophet Muhammad.

BABAJIDE SANWO-OLU Also, the Lagos State Governor, Mr. Babajide Sanwo-Olu, has extended his felicitations to all Muslim faithful as they commenced the holy month of Ramadan on Saturday.

Sanwo-Olu, who described

Ramadan as a sacred month and a time for deep reflection, renewed faith, and acts of kindness, urged Nigerians, particularly Lagos residents, to be compassionate and generous to one another during the fasting season.

The Governor said the commencement of the Muslim fasting season, which started on March 1, coinciding with the first day of a new month, and Christians’ Lenten season, which starts from Wednesday, March 5, was a double coincidence and therefore urged people to live in peace and harmony.

Labour Party Crisis: NLC Seeks Re-alignment, Merger ahead of 2027 Elections Confirm deal with FG on telecom tariffs hike

Onyebuchi Ezigbo in Abuja

The Nigeria Labour Congress (NLC), has asked its Labour Party fraction, led by the National Administrative Council (NAC), to take immediate steps to rebrand the party through merger or Coalitions to defend the interests of NLC and Nigerian workers.

On the contentious issue of hike in telecom tariffs, NLC said it reached agreement with the federal government on February 21, 2025 for the reduction of tariff hike from 50 per cent to 35 per cent.

Addressing the leadership crisis in the Labour Party, the Labour movement said it had, after due considerations, instructed the National Administrative Council, a group leading a faction of the party to explore options rebranding it, including going into merger and coalition with other political groups.

In a communiqué by NLC President, Joe Ajaero, and General Secretary, Emmanuel Ugboaja, it said: "After carefully examining the unfortunate events in the Labour Party, which was a creation of the Nigeria Labour Congress (NLC), and the opaqueness that

pervades its activities, NEC-in-session directed the National Administrative Council (NAC) to take immediate steps which may include rebranding, merger or forming of coalitions to defend the interests of NLC and Nigerian workers in the party with a view to reclaiming the Party and returning it to its original ideological roots."

NLC said it would not allow the Labour Party to be hijacked by reactionary forces, who did not represent the aspirations of the working people and broader Nigerian People.

"The NLC remains committed to

ensuring that the Party remains a true vehicle for the emancipation of Nigerian workers and the oppressed masses," it said.

While confirming its agreement reached with the federal government for the reduction of telecom tariff hike from 50 per cent to 35 percent, NLC warned that it would immediately embark on nationwide protest should the Ministry of Power and Nigeria Electricity Regulatory Commission (NERC) proceed with their exploitative plan to further hike electricity tariffs under any guise.

Otti Initiates Education Transformation Initiative for Abia Children Ahead of New Age Emmanuel Ugwu-Nwogo in Umuahia

Abia State Governor, Alex Otti, has said children of the state would not lag behind in fitting into the emerging new age defined by high tech and artificial intelligence.

To this end, Otti has come up with the Abia Fostering Innovation Reform School Transformation (AbiaFIRST), an initiative aimed at providing

intentional quality education in the state.

At the launch and unveiling of the Abia First logo in Umuahia, Otti expressed his strong belief in the transformative power of education to prepare Abia children for the future.

He explained that the programme constituted the fulcrum of his transformational governance initiative for the rapid socioeconomic

development of the state.

"AbiaFIRST Transformation Education programme is focused on strategic initiatives aimed at transforming the education sector in the state through sustained investments," he said.

According to him, the investments in education would be channelled to "development of school infrastructure, training and retraining of teachers

on new trends, recruitment of quality teachers to cater for the rise in enrollment figures in our public schools."

Meanwhile, the Senate President, Senator Godswill Akpabio, has praised the for playing "good politics" by setting aside political differences to celebrate former Senate Minority Leader, Senator Enyinnaya Abaribe, who turned 70 on March 1.

"As we embrace the values of compassion, unity, and generosity, let us uplift one another and extend love to those in need. Lagos is a home for all, and in this season of devotion, we pray for continued progress and harmony in our state and beyond," he said.

MUHAMMADU INUWA Gombe State Governor, Muhammadu Inuwa, who is also the Chairman of the Northern States Governors’ Forum (NSGF),has enjoined the Ummah to embody the values of empathy, love, sacrifice, and forgiveness.

He encouraged the promotion of peace, kindness, and obedience, urging the affluent to extend acts of generosity to those in need.

According to a Press release issued

by Ismaila Uba Misilli, Director-General, Press Affairs, said the governor urged the people of Gombe State to remain law-abiding and uphold the prevailing peaceful coexistence.

He emphasised that Ramadan offered a unique opportunity for spiritual rejuvenation through supplication and worship, calling on the faithful to dedicate this period to fervent prayers for peace, development, and prosperity in the state and the country at large.

Expressing optimism in the power of prayers, commitment, and patriotism, he believed the nation would emerge stronger from its current challenges.

ADEMOLA ADELEKE The Osun State Governor, Ademola Adeleke, felicitating with Muslim ummah, called for prayers for sustenance of peace and upholding of godliness in national politics.

In a statement to mark the beginning of the holy month, the Governor highlighted the importance of godliness in national politics and state governance as he urged Muslim faithful to intercede on behalf of leaders for adherence to the will of God whether in or out of power.

The governor, who described the Ramadan period as a month

of spiritual rebirth, called for closer relationship with the creator of heaven and earth through fasting and prayers to achieve ultimate submission to the will of Allah.

USMAN ODODO The Kogi State Governor, Usman Ododo, has called on Muslims to imbibe the virtues of patience, sacrifices and compassion towards the less privileged as they embarked on this year’s Ramadan fasting.

In his message to the people of the state, the governor described the month of Ramadan as a sacred time for reflection on the goodness of Allah, devotion to worship and self-discipline.

“Ramadan is a sacred time of reflection, devotion, and self-discipline.

It reminds us of the virtues of patience, sacrifice, and generosity; values that strengthen our faith and foster a spirit of compassion for those in need,” he said.

ABDULLAHI GANDUJE The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje, has urged the Muslims not to forget the poor, the vulnerable, and the marginalised in the month of Ramadan, adding that they should reach out to them with kindness, compassion, and generosity.

Ganduje, in a statement by his Chief Press Secretary, Edwin Olofu, said the month of Ramadan was a time for spiritual rejuvenation, introspection, and renewal.

"As we embark on this 30-day journey, we urge all Nigerian Muslims to remain steadfast in their faith and to continue being shining examples of the values of compassion, generosity, and kindness that are hallmarks of our great religion.

"We pray that Allah (SWT) grants us the strength and wisdom to observe the fast with devotion and sincerity,” he said, stressing that the ruling APC remained committed to promoting the welfare and well-being of all Nigerians, regardless of their faith or background.

monday march 3, 2025 • T H I S D AY

37

NEWS

COURTESY VISIT TO THE MINISTER...

Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim(left),and Deputy Governor of Ogun State, Noimot Salako-Oyedele, when the deputy governor visited the minister in Abuja…recently

Insecurity: Ex-DIG Urges FG to Overhaul Security Architecture

Onuminya Innocent in Sokoto

In view of security challenges bedeviling the country, the former Deputy Inspector General of Police (DIG), Habu Ahmadu Sani (rtd), has called on federal government to overhaul the security architecture.

He noted that it is high time the security agencies in Nigeria thoroughly reviewed operational

strategies in their fight against insecurity in Nigeria, particularly in the northern region and other areas across the country.

In a media chat in Sokoto, Sani expressed deep concerns about the mounting security challenges that threaten the stability and unity of Nigeria.

He emphasised that addressing these security challenges requires a coordinated

Ifon-Ilobu Communal Disputes: Adeleke Relaxes Curfew Yinka Kolawole in Osogbo

Following gradual return to peace and harmony between the warring communities of Ilobu and Ifon in Osun State, the state Governor, Senator Ademola Adeleke, has relaxed the hitherto 7p.m. to 7a.m. curfew imposed on the towns to henceforth take effect from 10p.m. to 4 a.m. with effect from March 2, 2025.

It will be recalled that sequel to an outbreak of incessant communal crisis between the communities, Adeleke had few weeks ago ordered an imposition of curfew in the

warring communities.

The new timeframe for the curfew was contained in a statement made available to journalists by the state Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, in which Governor Adeleke expressed satisfaction that at last peace is gradually returning to the affected communities.

The statement reads thus: “His Excellency, Governor Ademola Adeleke has expressed happiness and satisfaction with the gradual return to peace in the embattled communities of Ifon and Ilobu over land disputes.

and strategic approach by all relevant agencies.

Sani stressed the need for continuous and effective training and retraining of security personnel to ensure

they are in line with global best practices. He highlighted that modern security threats require a sophisticated and well-prepared security force that can adapt to rapidly changing circumstances.

The former DIG pointed out that the government, both at the federal and state levels, must prioritize the procurement of advanced security equipment and logistics to enhance the

operational capacity of security forces. This, he believes, would go a long way in improving the effectiveness of security agencies in addressing emerging threats.

Angolan Arrested at Kano Airport with 120 Ingested Wraps of Cocaine Destined for Turkey Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 42-yearold Angolan businessman, Mbala Dajou Abuba, at the Mallam Aminu Kano International Airport (MAKIA), Kano, for attempting to traffic a large consignment of cocaine, which he ingested, to

Istanbul in Turkey.

A statement issued by the spokesman of NDLEA, Femi Babafemi, yesterday said that Abuba who is from the Zaire province in Angola was arrested last Tuesday at the screening point of the Kano airport while trying to board Egypt Air flight MS 880 to Istanbul, Turkey via Cairo.

Babafemi said after Abuba

body scan result confirmed he ingested illicit drug, he was placed under excretion observation during which he expelled 120 pellets of cocaine weighing 1.829 kilogrammes in seven excretions.

In his statement, the suspect claimed he was into the business of township delivery services in Angola before delving into the illicit drug trade.

The spokesman said a similar attempt by an auto spare parts dealer, Okeke Igwe, to send two parcels of 1.1 kilogrammes cocaine concealed in vehicle propellers to Angola through the export shed of the Murtala Muhammed International Airport, Lagos, was thwarted by NDLEA operatives who arrested him last Monday following credible intelligence.

Otuaro: We’re Giving Presidential Amnesty Programme Human Face

The Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has said that his reforms at the PAP are aimed at giving a human face to the programme and to help develop the people of the Niger Delta for a better future.

He explained that this formed part of his resolve to add value to the programme beyond the N65,000 monthly stipends paid

to the ex-agitators.

Otuaro stated this at a meeting in Yenagoa with the leaders of ex-agitators from Bayelsa State led

by His Royal Highness, Selky Kile Torughedi alias General Young Shall Grow, with the President of the Ijaw Youth Council (IYC), Jonathan Lokpobiri, in attendance.

The PAP boss said his determination was boosted by the strong support of President

Bola Tinubu, who understood the challenges of the region, and was ready to do more for the programme.

He, however, said that Ijaw and indeed the Niger Delta people must be united and encourage the president to create more opportunities of growth and development for the region.

Otuaro said: “As soon as my leadership came on board, we

started our reforms to add value to the programme beyond the monthly N65,000 stipends paid to the ex-agitators. If we don’t add value to the programme, then we will not be developing the future of our people.

“My concern is that we must give the programme a human face so that tomorrow it will actually be seen to have made impact on the people, and helped them.

Katsina Revolutionises Aviation Ground Handling Companies Seek Duty Waivers, Concessionary Loans from FG Agriculture with N36bn of Nigeria (AGHAN), Mr. ‘Niyi more state of art equipment and to remain in business.

Chinedu Eze and 10 combine harvesters for

Francis Sardauna in Katsina

The Katsina State Government has expended the sum of N36 billion to procure 20,000 metric tons of fertilizer for farmers, 722 motorcycles, and knapsack sprayers for agricultural extension workers.

The state Deputy Governor, Hon. Faruk Lawal, revealed this yesterday while briefing journalists on the scorecards of the state government in the agriculture and water resources sectors.

He said the sum of N21.7 billion was also expended for the procurement of 400 tractors with accessories, 2,000 hand planters

farmers across the 34 local government areas of the state.

Lawal explained the state government had revamped the Songhai Farm Centre, seven zonal produce stores and cotton value chain for all-year-round farming activities at the cost of N790,558,800.

According to him, “The government has spent the sum of N273,604,600.00 to carry out numerous activities for the development of agriculture.

These include the purchase and distribution of 40 motorcycles for monitoring activities. Additionally, agro chemicals for pest control were distributed to farmers.

Ground handling companies in the Nigerian aviation industry have urged the federal government to grant them duty waivers and concessionary loans in order to expand their business, acquire

render better service to airlines.

The operators argued that that the low profit margin for operators in the sector, made business toxic, with very lean finances, saying that they needed the collaboration and support of the government

The operators made this known in Lagos at the weekend after stakeholders’ meeting with the Minister of Aviation and Aerospace Development, Festus Keyamo.

The Chairman, Aviation Ground Handlers Association

Adigun, observed that for almost a decade, the federal government had granted indigenous airlines customs waivers, while handling companies with huge investments are treated differently by the government.

Ogonis Laud Tinubu, Continue Dialogue for Resumption ofHeOil Exploration peaceful move. exploration. described the establishment

Blessing Ibunge in Port Harcourt

As the dialogue of the Ogoni people ahead of the resumption of oil exploration in Ogoniland, Rivers State, continues the ethnic group has commended President Bola Tinubu for initiating the

The Ogonis Dialogue Committee (ODC) at a town hall meeting in Tail Local Government Area applauded President Tinubu for his visionary initiative in engaging in dialogue with the Ogoni people ahead of planned resumption of oil

West African States (ECOWAS) has highlighted the key successes of its designed Energy Information System (EIS), noting that the initiative has streamlined access

and Mines at the ECOWAS Commission, Dabire Bayaornibè, reiterated this in Lagos during ECOWAS-EIS four-day workshop which brought together

The Co-chairman of the ODC, Archbishop Ignatius Kattey, who made the commendation stressed that the step taken by Tinubu marked a crucial turning point in quest by the people of Ogoni for understanding, reconciliation and progress.

of the Federal University of Environment and Technology as a significant achievement of the Ogoni ethnic nationality.

He said: “I would like to begin by expressing our heartfelt gratitude to the President of the Federal Republic of Nigeria.”

Directorate of Energy and Mines to enhance energy data management and integration across the region.

Bayaornibè stated that ECOWAS-EIS launched in Bissau,

He said that the initiative also served as a platform to better guide policymakers, investors, and researchers with accurate energy information.

ECOWAS Highlights Progress of Region’s Energy Information System Don Advocates Convocation of Regional OmolabakeFasogbon to energy information on the representatives from ECOWAS Guinea-Bissau in 2023 is to enable member states, specialized energy reliable collection, storage, and Peace Dialogues to End Agitations The Economic Community of continent.

The Director of Energy agencies, and the ECOWAS dissemination of energy data.

Gideon Arinze in Enugu

A professor in the Department of Political Science, Enugu State University of Science and Technology, Felix Asogwa, has called on the federal government to convoke regional peace dialogues in the Southeast and South-west regions as part of efforts aimed at quelling the increasing spate of agitation.

Asogwa made the call yesterday while presenting the 42nd inaugural lecture of the

university on the topic: ‘From confrontation to consensus, reengaging the separatist agitators for sustainable peace in the Nigerian State’.

In his address, Asogwa said that past efforts aimed at quelling the increasing spate of agitation in the regions have not yielded the needed result of terminating the agitations, adding that the efforts have focused attention on the fall outs of the agitations rather than the causes.

Orphanage Ownersand Decry Poor Policies, Lack of Awareness, Funding, Others limited capacity-building for care in Nigeria’, said to tackle the child protection advocates and KuniTyessiinAbuja The President of the Association of Orphanages and Home Operators in Nigeria (ASOHON), Rev. Gabriel Oyediji, has revealed that inadequate policies, lack of awareness, insufficient funding,

foster parents and caregivers has remained the existential challenges to foster care in Nigeria.

Oyediji, who stated this yesterday in Abuja during a two-day seminar with theme: ‘From vulnerability to stability: Time to strengthen foster

challenges, legal frameworks must be strengthened, capacity building for parents and caregivers must be enhanced, as well as public awareness and advocacy.

In partnership with SOS Children’s Villages Nigeria,

stakeholders in alternative care, the national president said research and global best practices has shown that children thrive best in families where they experience love, belonging, and consistent emotional support which the foster care presents.

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T H I S D AY • MONDAY, MARCH 3, 2025

BACKPAGE CONTINUATION THIS ‘NO VACANCY’ BUSINESS Act directs INEC to conduct an election into the same post many weeks before that expiry, political parties had rolled out time tables for their primary elections and aspirants all over the country were gearing up to contest, a happy time for Nigerian voters and “party members” because money flows at no time like when elections are at hand?

I once attended a dinner at Chief Anenih’s Asokoro residence in Abuja and seized the chance to ask him why he made that statement in 2002. It was widely construed to mean that there will be no free and fair contest and that the ruling party was going to cling to power “by hook or by crook, mostly the latter,” to borrow the words of former US President Richard Nixon during the Watergate scandal of the 1970s. The Chief denied that that was what he meant and said he was only making an observation because there was already an occupant in Aso Rock. Well, I stopped there, so as not to ruin the dinner; otherwise I wanted to say that there is an occupant in Aso Rock quite alright but he has been served with a constitutional quit notice to vacate the place by May 29, 2003.

Probably the only other statement that caused as much consternation as the No Vacancy announcement was then President Olusegun Obasanjo’s statement during a PDP campaign rally in Akure in 2007, when he declared that the election was a “do or die” for his party. Even the Senate

told him “to stop heating up the polity.”

Do or die! Who was going to do and who was going to die? The understanding at the time was that Obasanjo’s anger was directed at Chief Olusegun Mimiko, a former minister in his cabinet minister who defected from PDP to Labour Party and was its Ondo State governorship candidate that year. The fact that INEC, then led

by Professor Maurice Iwu, declared PDP candidate Olusegun Agagu as winner of the election, only for the courts to upturn it and hand the chair to Mimiko, was proof enough that the promise of “do or die” was sinister and implied the use of methods illegal.

As does this No Vacancy statement. What message does it send to party members and to opposition folks? There are always fears that in Nigerian elections, ruling parties at the federal level have tremendous advantages. They are believed to have more money through unbridled access to the state treasury; they are believed to have the support of the security agencies, which could look the other way when they unleash thugs; and it is also feared that they could have the collaboration of Electoral Commission officials.

If ruling party supporters believe that their party will railroad its way to power no matter what, then they lose the motivation for hard work, and they could become careless with their words and reckless with their acts. The leaders also become smug and no longer worry that the socio-

economic condition of most folks is the determinant of election success. I believe NPN suffered from this situation back in the Second Republic, and for a time PDP also suffered from this when its leaders publicly proclaimed in 2008 that it was going to rule the country for sixty years.

In other words, that there was to be no vacancy in fifteen consecutive elections.

The No Vacancy declaration also sends a message of desperation to opposition parties. Does that explain, for example, why the main opposition party is decapitated by a sitting cabinet minister who controls its national leadership and for more than a year, has prevented it from having a national executive committee meeting where it can sort itself out? While APC’s hidden hand is visible in PDP’s disorganization, it is not yet visible in the disorientation of LP, which finished only a stone’s throw behind APC and PDP in the 2023 presidential election. Julius Abure’s sit-tight posture as party chairman; lone LP governor Alex Otti’s feeble attempt to rescue it as well as former party presidential candidate Peter Obi’s running around to build 2027 alliances even while his 2023 political base is in shambles, could all be self-inflicted.

Or maybe not, I don’t know.

To declare that there is no vacancy in Aso Rock or in any state Government House could psychologically rattle the opposition, but it becomes self-defeating if those who utter it begin to believe their own propaganda. The danger is

real that if party chieftains swallow this line of thinking, two things will suffer: shun good planning and hard work, and more immediately, miss the chance to tell the party’s leaders in government what exactly needs to be done to win a free and fair election.

I have a few suggestions. The party national secretary should put up a memo saying, “Look, presidential elections will hold in this country exactly two years from now. Here is a short list of things that we need to do within that time. We should bring down inflation and cost of living; we should reduce fuel and transport prices; reduce banditry, kidnapping and insurgency to the barest minimum; significantly improve electricity supply; significantly reduce unemployment; build more critical infrastructure; boost food production; shore up the naira; reduce leaders’ profligacy; intensify the fight against corruption; impress our countrymen and women with financial transparency; instruct ministers and key officials to avoid costly gaffes and slips of tongue; eliminate this perception that we are intolerant of critics; avoid financial and sex scandals by our top chieftains; and then work to eliminate perceptions of regional imbalance in appointments.

While our leaders in the government work at these, we in the party would work at the manpower, financial, logistical, legal, organizational, physical, electoral and spiritual mechanics of winning elections.”

THE EFCC AND EPIDEMIC OF ORGANISED CRIME Statistics (NBS}, Nigerians paid approximately N2.23 trillion as ransom to kidnapers between May 223 and Aril 224. Victims range from schoolchildren to high-profile politicians and business executives. Many kidnappers operate with impunity due to compromised security forces.

Fraudulent investment schemes prey on Nigerians' economic desperation, often collapsing and leaving thousands financially devastated.

High-profile Ponzi schemes such as MMM Nigeria defrauded millions of Nigerians, and most recently, investment scams such as MBA Forex and Chinmark have left investors with billions of naira in losses. The government's failure to properly regulate investment platforms and prosecute perpetrators has contributed to the continued rise of Ponzi schemes.

Nigeria is also a transit point for illegal arms trafficking, fueling conflicts and criminal enterprises. The porous borders allow weapons to flow freely into the country, exacerbating insecurity. Reports by the Small Arms Survey indicate that over 70% of the estimated 500 million illegal small arms circulating in West Africa are in Nigeria, aiding insurgents, bandits, and criminal syndicates. The unchecked smuggling of firearms contributes significantly to rising violence and organized crime activities, including armed robbery and terrorism.

Nigerian drug syndicates operate both locally and internationally, with high-profile cases of cocaine and heroin trafficking. In 2022, the National Drug Law Enforcement Agency (NDLEA) seized over 3.6 million kilograms of illicit drugs, including heroin, cocaine, and methamphetamine, across various states. Despite these efforts, corruption within law enforcement agencies often compromises investigations, allowing drug barons to operate with impunity.

The international reach of Nigerian drug cartels has been evident in cases such as the arrest of Nigerian nationals involved in heroin trafficking in Southeast Asia, where drug-related offences carry the death penalty.

The theft and illegal crude oil refining have cost Nigeria billions in revenue. The Nigerian National Petroleum Company (NNPC) estimates that the country loses about 400,000 barrels of crude oil daily to theft, amounting to over $3 billion annually. Militants, local cartels, and corrupt government officials are deeply involved in this illicit trade. The environmental consequences of illegal oil bunkering are severe, with widespread pollution in the Niger Delta region leading to health crises and economic devastation for local communities.

Additionally, illegal mining of valuable minerals like gold and lithium is widespread, often controlled by criminal groups that exploit weak regulations. Reports by the Nigeria Extractive Industries Transparency Initiative (NEITI) reveal that the country loses billions in

EFCC Chairman, Olanipekun Olukayode

revenue due to unregulated mining activities.

In Zamfara and Osun states, illegal gold mining has been linked to armed banditry, with criminal gangs using proceeds to fund violent attacks.

Foreign companies, often operating with local collaborators, smuggle precious minerals out of Nigeria, depriving the nation of much-needed economic gains.

Several factors contribute to the high success rate of organized crime in Nigeria. The lack of a reliable national identification and address system makes tracking criminals difficult, as many citizens operate without proper documentation. Nigeria has created a NIN data base but still it has not been appropriately used to combat crime. Rapid urbanization has led to an unregulated population boom,

overwhelming security agencies. Unemployment remains a key driver of crime, pushing many young people towards fraudulent activities.

The societal pressure to attain wealth at any cost has normalized corruption and criminal behaviour.

Many criminals evade justice due to bribery and judicial inefficiencies, further eroding trust in the legal system. Corruption at all levels of government enables organized crime to flourish, from law enforcement officials who accept bribes to policymakers who ignore illicit activities. Ineffective policies and weak political will prevent meaningful reforms, allowing criminal networks to strengthen.

Despite the challenges, Nigeria can still reverse the trend of organized crime with strategic

interventions. The first necessary step is a comprehensive process of reform, involving de-criminalization of the relevant agencies. You cannot use officially licensed criminal cartels to fight casual criminals. Strengthening law enforcement and judicial systems is critical, but the role of the public is equally important.

Citizens should be vigilant and report any suspicious activities to the authorities. Security agencies require better funding and training, and the public can support these efforts by providing information and cooperating with investigations.

Judicial reforms should ensure speedy trials and strict sentencing for criminals. The judiciary must uphold strict interpretations of the law, and courts should deliver appropriate punishments for criminal offences. Judges must resist external influences, bribery, and political interference. Enforcing harsher penalties for criminal activities is essential. Laws against cybercrime, kidnapping, and fraud should be strictly enforced, and high-profile criminals should be prosecuted as deterrents.

Enforcing stricter financial regulations will help disrupt criminal financing. Strengthening anti-money laundering measures and improving surveillance of cryptocurrency transactions are necessary steps. Implementing a national identification and address system will help track criminals and reduce identity fraud.

Citizens should be required to register with verifiable addresses.

Addressing unemployment and poverty through job creation programmes and entrepreneurship initiatives will discourage youth involvement in crime. Combating corruption and improving governance will require more assertive and independent anti-corruption agencies. Government officials found complicit in organized crime should be held accountable.

Nigeria stands at a crossroads. The country can either continue on its current path, where crime syndicates dictate the rules or take bold and decisive action to reclaim national security and stability. The government must demonstrate an unwavering commitment to justice, ensuring crime is met with swift and appropriate punishment. Citizens must demand accountability from leaders and refuse to normalize corruption.

A functioning society cannot exist where crime thrives unchecked. It is time for Nigeria to embrace the rule of law, restore public trust, and build a nation where security and justice prevail over criminal enterprise. The fight against organized crime is not just a fight for governance—it is a fight for the nation's soul. Without urgent intervention, Nigeria risks deeper instability and economic decline. The future of Nigeria depends on a collective effort to restore law, order, and justice.

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T H I S D AY • MONDAY, MARCH 3, 2025

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Rwanda Contract Algerian Coach, Amarouche, for Nigerian Clash

Duro Ikhazuagbe Super Eagles next opponents in the 2026 FIFA World Cup qualifier, Rwanda, yesterday announced the

W O R L D C U P Q UA L I F I E R S appointment of Algerian Adel Amarouche as their new head coach.

Nigeria and Rwanda will meet on March 21 in Kigali in continua-

tion of their race for the Group C ticket to the Mundial to be hosted

by USA, Mexico and Canada.

The Amavubi on same seven points as South Africa and Benin

Republic lead the Group C with Lesotho on four points fourth.

Nigeria on three points are fifth with Zimbabwe at the rear.

But yesterday, Rwanda Football

FA Cup: Calvin Bassey on Target as Fulham Knockout Man Utd Nigerian international defender, Calvin Bassey, last night scored for Fulham in regulation time for the London club to go past cup holders Manchester United into the quarterfinal of the FA Cup in England.

After regulation time and extra time deadlocked 1-1, Fulham won the ensuing penalty shootouts 4-3.

Fulham also paraded Super Eagles star Alex Iwobi.

Fulham had taken the lead in first-half stoppage time when Bassey was left free at the far post to head in from close range after Rodrigo Muniz had flicked on a corner.

But, days after former United captain Roy Keane had condemned

the influence of current skipper Bruno Fernandes, the Portuguese dragged his side level with a superb equaliser, driving home a low shot from the edge of the area after Diogo Dalot had found him with a pass from the touchline.

In the penalty kicks, Fulham goalkeeper, Bernd Leno, was the hero with two saves to knock Manchester United out of the FA Cup. After three precise spot-kicks from both sides, Leno denied Victor Lindelof, then, after skipper Antonee Robinson had extended Fulham's perfect record, the German also kept out Joshua Zirkzee's effort to send the Cottagers into the quarter-finals.

Coronation CEOs Laud Lagos Polo Club for Delivering a World-class Tourney Coronation Group, Africa’s leading financial ecosystem, is proud to celebrate the resounding success of the 2025 Lagos International Polo Tournament final. The event, which brought together distinguished dignitaries and industry leaders from far and wide—including Jude Chiemeka, Chief Executive Officer of Nigerian Exchange—showcased the very best of polo, and set a new standard in sporting excellence.

In a thrilling final match that pitted Lagos MSR BuA against Lagos MSD BabyBear, the latter emerged as the deserving champions, captivating the audience with their skill and determination.

The tournament provided a vibrant platform for networking and celebration, where guests had the opportunity to unwind and enjoy a world-class display of athleticism and strategy.

Highlight of the day was the trophy presentation ceremony, during which Coronation CEOs, including Aigbovbioise Aig-Imoukhuede - Managing Director/CEO Coronation Asset

Management, Olamide Olajolo, CEO of Coronation Insurance Plc, and Wole Onasanya, Group Managing Director of Coronation Group, proudly presented the prestigious Coronation Silver Cup to MSD BabyBear.

Their participation not only underscored our long-standing commitment to excellence but also demonstrated our resolve to drive transformational partnerships that contribute to sustainable wealth creation.

Reflecting on the event, Wole Onasanya remarked, “Our continued sponsorship of the Lagos Polo Tournament, particularly through the Coronation Silver Cup, is a powerful testament to our vision of transforming aspirations into enduring legacies.

“Today, as we celebrate a world-class tournament experience and witness MSD BabyBear’s exceptional victory, we are reminded that our mission extends beyond financial services—it is about forging lasting partnerships, empowering communities, and driving prosperity for our clients and Africa as a whole.”

Federation (FERWAFA) announced that it has contracted the Algerian in the bid to consolidate of the quest to qualify for the World Cup next year.

Amarouche, a midfielder in his playing days, replaced German Thorsten Spittler, whose contract was not renewed when it ran out late last year.

His assistants are Eric Nshimiyimana and Carolin Braun.

The 56-year-old Amaroucche previously handled various African countries including Tanzania, Botswana, Libya, Kenya and Equatorial Guinea.

Meanwhile,Super Eagles have been boosted ahead of crucial 2026 World Cup qualifying clash with Rwanda after Captain William Ekong returned to action for Saudi Arabian club Al Kholood after his injury.

Ekong played the entire match for his club to beat Al Khaleej 2-1 Saturday night.

The 31-year-old defender had missed his team’s two previous league games due to what officials described as “minor injury”.

The MVP of the 2023 AFCON will lead the Super Eagles to must-win World Cup ties against Rwanda and Zimbabwe later this month.

RESULTS NPFL Remo Stars 1-0 Plateau Abia War 1-1 Nasarawa Bayelsa 2-1 Insurance Kano Pillars 2-1 Rangers Ikorodu City 2-0 Heartland Tornadoes 0-1 Enyimba

TODAY Shooting v Rivers Utd El Kanemi v Lobi Akwa Utd v Katsina Utd

FA CUP Nigerian international defender Calvin Bassey (left) scored as Fulham knocked out Manchester United 4-2 in penalty shootouts ...last night

Newcastle 1-2 Brighton Man Utd 1-2 Fulham

NPFL: Remo Stars Labour to Lone-goal Win against Plateau Utd CDS: Sports Promotes Synergy Amongst Military, Other Security Agencies Linus Aleke in Abuja

The Chief of Defence Staff (CDS), General Christopher Musa, has said that sports promote unity and synergy amongst the military and other security agencies.

General Musa stated this during the five-kilometer route march organised by the Defence Headquarters (DHQ) as part of its activities to commemorate International Military Sports Council Day 2025.

Represented at the sporting activities and physical exercise at Aguiyi Ironsi Cantonment, Asokoro, Abuja, over the weekend by the Chief of Defence Administration, Vice Admiral Joseph Akpan, the CDS said the event aims to improve physical fitness and strengthen existing bonds and esprit-de-corps among personnel.

He said that the objective of the commemoration is to promote friendship through sports.

"Sports are something to be encouraged worldwide, and it is always a

platform to foster unity, collaboration, and shared principles of sportsmanship that transcend national boundaries," he said.

The CDS recalled how the allied troops and the opposing forces came out to play football during World War, stressing that this singular act highlights the importance of sports in fostering global peace.

He reminded uniform personnel to adopt the attitude of participating in personal sports to maintain physical fitness and mental alertness.

The Comptroller-General of Customs, Bashir Adeniyi, said that there are many values that sportsmen cultivate, such as discipline, teamwork, and strategic deployment to win each game.

These values, he stated, are essential for the military and other security agencies in their daily activities, emphasizing that every sportsman is physically and mentally fit. "We need to promote these ideals in customs to succeed on all fronts," he said.

Femi Solaja

Leaders, Remo Stars extended their lead at the summit to 12 points as they laboured to a lone goal win against visiting Plateau United yesterday evening at the Ikenne Stadium.

After hard work to break the back of the visiting side looked futile, it was debutant, Samson Olasupo who got the winner in the 74th minute.

The result pushed the Ikenne side to 54 points but will wait till the conclusion of today’s match between Shooting Stars and Rivers United to know the gap with the second placed team.

In Kano, the defending champion Enugu Rangers suffered a 2-1 defeat

against hosts Kano Pillars, pushing the Flying Antelopes further down the ladder.

Bashiru Usman’s well-taken penalty gave the visitors the lead in the 33rd minute, but veteran defender Rabiu Ali restored parity three minutes before the end of the first stanza, and Jerry Alex scored the winning goal in the 60th minute.

The result leaves Rangers in the fifth position and allows Kano Pillars to upstage the champions to the fourth position with 42 points.

Abia Warriors and Nasarawa United battled to a 1-1 scoreline in Abakaliki. The home side, Abia opened the score in the 31st minute through Sunday Megwo but the visiting

Nasarawa side restored parity in the 37th minute via Mohammed Garba.

Benin Arsenal's impressive fivematch run was brought to a halt in Yenagoa following a 1-2 defeat by hosts, Bayelsa United. The Benin Arsenal had not lost any match since the late-minute lone goal loss to Shooting Stars in Ibadan last month.

Interestingly, it was the away side that drew the first blood in the 36th minute through Kayode Solomon but the home side drew level in the added time of the first half through James Emorun before Bina Tombiri scored the winner in the 69th minute.

Former Champion, Enyimba revived the chances of top finish with a lone goal away win at Niger

Tornadoes. It was Joseph Atule’s strike in the 62nd minute that settled the score.

In Lagos, Ikorodu City handed a two-nil defeat to Heartland of Owerri with goals from Leonard Ngenge in the 9th minute and Ayomide Cole in the 59th minute of the match.

Match day-26 matches resume today with Shooting Stars of Ibadan who will host Rivers United at the Lekan Salami Stadium in Ibada.

The two sides are leveled on points 42 and the second and third positions on the log.

Relegation-threatened Akwa United will host Katsina United while El Kanemi will host Lobi Stars in the final week match.

Kanu, Ikpeba, Amuneke, Others Join NDSF Train Nwankwo Kanu, Victor Ikpeba and Blessing Oborodudu lead a strong field of accomplished athletes appointed as Festival Ambassadors for the maiden edition of the Niger Delta Sports Festival (NDSF) slated to open from April 1-8 in Uyo, Akwa Ibom State.

It was a major step towards accomplishing the aspirational value of the NDSF as envisioned by the

organisers, Dunamis Icon, consultants to the Niger Delta Development Commission (NDDC) for the project.

Announcing the Ambassadors, Itiako Ikpokpo, the lead consultant at Dunamis Icon, said the Festival Ambassadors were picked to inspire the upcoming athletes.

"What we have done is to take a careful look at past and present sportsmen and women from the nine

mandate states of the NDDC who can inspire upcoming athletes with their achievements on and off the field", Ikpokpo told NDSF Media.

The other six ambassadors are Efionwan Ekpo, Tamunosiki Atorudibo, and Patience Igbiti. The rest are Emmanuel Amuneke, Enefiok Udo-Obong and Seun Ogunkoya.

"The ambassadors cut across

different sporting events and gender.

"The selection is intentional and meant to tell the young athletes that they can achieve greatness in any field whether they are male or female", further explained Ikpokpo who also is the Co-Chairman of the festival Main Organising Committee (MOC) They will be formally unveiled at a ceremony in Owerri, Imo State, on Friday, March 7, 2025.

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Monday, March 3, 2025

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MISSILE

Obi to Federal Govt

“The tragic collision on February 28, 2025 along the Ilorin-Jebba expressway in Kwara State, which claimed over 60 lives, is a heartbreaking reminder of the urgent need to prioritise the reconstruction of existing road infrastructure across the country, improve road safety...rather than embarking on new road infrastructure that might never be completed" –Labour Party 2023 Presidential Candidate, Peter Obi, urges the FG to prioritise repairs of existing roads in the country.

MAHMUDJEGA VIEW FROM THE GALLERY

This ‘No Vacancy’ Business I t must have been a happy event for the people of Kwara Central Senatorial District at the weekend, coinciding as it did with the start of the Muslim holy month of Ramadan.

Senator Saliu Mustapha, who represents the district in the Senate, launched what was described as “a multi-billion naira agriculture and human capital development empowerment” involving the dishing out of 200 youth scholarships to university level, skills acquisition for women to fix and repair solar panels, one hundred abattoir trainees to go home with one cow each; as well as the sharing of refrigerators, grinding machines, sewing machines and two tractors per each local government in the district.

In two decades of “democratic” practice in Nigeria, the role of the legislator has been severely redefined from that of passing good laws, check and balance of Executive power to empowerment programs of this nature. Folks at the grassroots do not care a hoot how many bills and motions a legislator sponsors, or the quality of his contributions in plenary or in committees. The real measure of a

Senator Mustapha

“good” legislator is how much he does of these programs, in addition to quietly dishing out money to constituents whenever he is in town to settle medical bills, house rent, food bills, school fees and pay for marriages, birthday parties and religious

pilgrimages. Senator Saliu is known to be a wealthy man who has been doing this for some time, so his constituents must be rating him very highly on the legislative score card.

But, in my opinion, the ceremony was thrown off gear when National Secretary of the All Progressives Congress (APC), Senator Bashir Ajibola, released a cat among the pigeons when he veered off from its convivial nature and declared that “there is no vacancy in Aso Rock in 2027.” According to newspaper reports, Ajibola said, “The programmes of President Bola Ahmed Tinubu in his Renewed Hope Agenda are yielding fruits and turning the country into a self-dependent nation.

The food security reforms are yielding good results. I enjoin you all to support President Tinubu and Senator Mustapha in the elections with your votes. I repeat, there is no vacancy in Aso Rock in 2027.”

A small contradiction in there. If there is no vacancy in Aso Rock in 2027 [or at any time thereafter], why is it necessary to urge voters to support the president and the senator “with your votes”? Which votes again, when there is no vacancy?

However the number of votes any Nigerian has, they are of no use until it is time for elections and vacancies are declared in some posts. Mind you, even during the general election season, not every post is available for you to cast a vote, because there are [I think] six off-season governorship elections in the country which hold at different times. Voters in Kogi, Edo, Anambra, Osun, Ekiti and Bayelsa states, for instance, looked on askance as voters in all other states trooped to the polls in February 2023 to elect state governors.

Senator Ajibola borrowed this notorious “no vacancy” phrase from the late PDP chieftain and then Minister of Works in the Obasanjo cabinet, Chief Tony Anenih, who first uttered it ahead of the 2003 general and presidential elections. It caused shock and consternation all over the political field and beyond at the time. What did he mean no vacancy, when the constitution clearly stated that a presidential term expires four years from the day of inauguration, Electoral Continued on page 38

DAKUKUPETERSIDE BENEATH THE SURFACE

The EFCC and Epidemic of Organised Crime

O

rganised crime in Nigeria is like a tap root with its grip firm and difficult to detach, all thanks to systemic weaknesses and institutional failures. This crime epidemic is not just a statistic, but a harsh reality that affects Nigerians daily.

Most citizens agree on three fundamental issues regarding crime in Nigeria: the high success rate of organised crime, the fact that socioeconomic conditions create a breeding ground, and the weakness of governmental structures and institutions.

Criminal enterprises continue to grow with little resistance from law enforcement, and widespread poverty, hunger, and unemployment push many into criminal activities as a means of survival. According to the National Bureau of Statistics (NBS), Nigeria's unemployment rate stood above 34% in 2023, with youth unemployment exceeding 42%, creating a vast pool of potential recruits for organized crime.

Corruption, inefficiency, and lack of accountability have allowed criminals to overpower the justice system. The inability of security agencies to curb the growing

influence of organized crime has emboldened criminals, who operate with little fear of repercussions. This situation has created a vicious cycle where crime flourishes, law enforcement remains ineffective, and public confidence in governance continues to erode.

The Global Organized Crime Index 2021 ranked Nigeria as the 6th most criminally entrenched country globally, highlighting the country's struggle with illicit markets, criminal networks, and state-embedded actors. The absence of a strong judicial deterrent has led to an increasing number of young Nigerians being drawn into illegal activities.

A recent warning by the Economic and Financial Crimes Commission (EFCC) chairman highlighted how foreign criminal groups embed themselves within Nigerian cities. These syndicates recruit young Nigerians into sophisticated cybercrimes, particularly cryptocurrency fraud, with global financial implications. Adding to the concerns, the EFCC has alleged that foreign fraud syndicates are importing arms into Nigeria using cryptocurrency as a payment mode. This development raises serious national security concerns and underscores the critical need

for stricter monitoring of digital financial transactions. International collaboration is not just beneficial, but necessary in our efforts to combat crime.

High-profile cases of fraud, drug trafficking, and financial crimes fuel Nigeria's reputation as a centre for organized crime. Failing to combat these crimes has led to travel restrictions, financial monitoring, and diplomatic strain between Nigeria and other nations. The reputational damage is enormous, and the implication is visible when you see how innocent Nigerians are searched and treated like criminals at airports and other gateways in countries around the world.

Despite efforts by law enforcement agencies, organized crime thrives due to systemic weaknesses. Nigeria has become a global hotspot for internet fraud, ranging from phishing scams to Business Email Compromise (BEC) fraud. The rise of "Yahoo Yahoo" (online fraudsters) has normalized cybercrime among youths, many of whom view it as a lucrative alternative to legitimate employment. A Nigerian Communications Commission (NCC) report estimated that cybercrime costs the Nigerian economy over $500 million annually.

The infamous "419 scam" (named after Nigeria’s penal code section on fraud) remains a persistent issue, targeting individuals and businesses worldwide. Nigeria has become the butt of jokes around the world when comedians and the likes evoke the image of "a scam Nigerian rich prince looking for someone in the West to help him luander his family wealth".

Nigeria faces severe security challenges from Boko Haram, ISWAP, and other militant groups. However, the Nigerian government is not sitting idly by. Due to regulatory loopholes, the banking system has become an avenue for terrorist financing. In response, the Nigerian government implemented the Terrorism (Prevention and Prohibition) Act of 2022 and the Money Laundering (Prevention and Prohibition) Act of 2022 to curb terrorist financing. However, enforcement remains weak, and more needs to be done to strengthen these measures.

Kidnapping for ransom has become one of the most lucrative criminal activities in Nigeria. According to the National Bureau of Continued on page 38

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