World Bank Predicts Recession for Sub-Saharan Africa in 2020 Projects $79bn loss by regional economy to pandemic
Ndubuisi Francis in Abuja The World Bank has predicted recession for Sub-Saharan Africa in 2020 as the COVID-19 pandemic ravages the continent.
The bank said in a new forecast yesterday, which is contained in the latest edition of the bank's economic update, 'Africa’s Pulse', that this would be the first regional recession in 25 years.
In 2019, the region was projected to grow at 2.4 per cent this year, but the current forecast by the World Bank put growth at between -2.1 per cent and -5.1 per cent. The report quoted the
World Bank Vice President for Africa, Hafez Ghanem, as saying that “the COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit
particularly hard. “We are rallying all possible resources to help countries meet people’s immediate health and survival needs while also safeguarding livelihoods and jobs in the
longer term – including calling for a standstill on official bilateral debt service payments, which would free up funds for strengthening Continued on page 9
AfDB Approves Debt Deferment for Private Sector Clients... Page 5 Friday 10 April, 2020 Vol 25. No 9132. Price: N250
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COVID-19: Lagos Launches House-toHouse Search for Symptomatic Persons Discharges seven more patients as cases rise to 288 Chinese medical supplies not contaminated, Says NCDC FG: NAFDAC to ensure quality control of supplies Agency authorises emergency use of antibody test kits Sanwo-Olu mulls reordering 2020 budget to cushion pandemic’s effects Bauchi gov recovers African countries heading for peak of pandemic, says WHO Chuks Okocha, Onyebuchi Ezigbo in Abuja, Martins Ifijeh in Lagos and Segun Awofadeji in Bauchi With a steady rise in the number of COVID-19 cases in Nigeria, in which Lagos State is the epicentre, the state government yesterday unfolded plans to begin a
house-to-house search to identify those suspected of being infected with the virus. The state Ministry of Health said in a statement that the exercise, tagged the ‘Community Active Case Search,’ which will be phased, will last for two weeks in the Continued on page 9
Again, N' Assembly Tackles Presidency on NSIP Says Uwais’ reaction baseless, unfair Deji Elumoye and Chuks Okocha in Abuja The bickering between the leadership of the National Assembly and the presidency over the alleged N2 trillion allocated to the National Social Investment Programme (NSIP) continued yesterday as the President of the Senate, Dr.
Ahmad Lawan, described the reaction of Special Adviser to the President on Social Investments, Mrs. Maryam Uwais, to the comments of the lawmakers as unfair and baseless. Lawan and the Speaker of the House of Representatives, Continued on page 9
President Pardons Enahoro, Ali, Three Others... Page 8
DISTANCE IS CLEAR... Borno State Governor, Prof. Babagana Zulum (left), and President Muhammadu Buhari during the governor's visit to the Presidential Villa, Abuja…yesterday
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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
AfDB Approves Debt Deferment for Private Sector Clients Okays $10bn COVID-19 facility for Africa
Obinna Chima and Ugo Aliogo The Board of the African Development Bank (AfDB) yesterday announced deferment of debt repayment for its private sector clients. It also reiterated its approval of $10 billion for COVID-19 Response Facility for African countries. The President of AfDB, Dr. Akinwumi Adesina, during an online press conference yesterday, gave a breakdown of the distribution to include $5.5 billion to support the AfDB countries. “That is countries that can access the window of the bank or the non-concessionary window of the bank,” he explained. In addition, $3.1 billion would be to support countries he termed the African Development Fund countries. On the $1.4 billion to be set aside for the private sector, Adesina stated that many private sector operators would need emergency liquidity facility to help them with the liquidity constraints that they face due to the pandemic. He said: “It is to support and protect the SMEs. As you know, SMEs form 75 per cent or 85 per cent of all the businesses we have in Africa. So, we want to protect these businesses and jobs. “The third of course is that we are going to be deferring debt payments for the private sector that are our clients and we would be providing trade finance and guarantees to the private sector under this facility. “These are loan income and fragile state countries that have access to the concessional resources of the bank and basically grants that we give.
Also, we would provide $1.4 billion to support the private sector.” He explained that the $10 billion facility would support countries to have rapid costeffective and targeted emergency budget support as well as offer liquidity to countries that are facing fiscal and balance of payment challenges so that they can stabilise their economies. “It would also support the private sector and private support for sustainable efforts to avoid debt burdens for countries. “It is also not going to add to the debt of countries. We would help Africa to manage this crisis and we would support Africa to mitigate the knock-on economic impact of this health crisis on the rest of the economies and we would save lives. Every single country matters and nobody would be left behind,” he stated. He stated that if the pandemic was not effectively managed in the continent, it could lead to a food crisis. “I am actually delighted to let you know that yesterday, the board of the AfDB approved $10 billion for coronavirus response facility for Africa. “As we look at how countries in the world respond to the coronavirus, it is important that we bear two things in mind: First is that we can have social distancing because we all have to stay indoors as we try to deal with this crisis. “However, what is not acceptable as far as I am concerned is fiscal distancing. We cannot afford fiscal distancing at this point in time,” he added. According to him, every country in the world needs support to adequately protect its
citizens, protect its economy and to support economic recovery after the pandemic. He said the timely approval of the facility demonstrated the seriousness with which the AfDB took the pandemic. “As we talk of numbers in terms of monies, let us also bring to mind what is happening in terms of lives. Every time that I wake up in the morning, the most distressing thing that I see is listening to global news and the number of people that have been affected by the virus and the number of people that have died. “It is like announcing the number of deaths as if we are announcing some kind of gold medal in an Olympics. It is so
sad. Therefore, it is time for serious action. "We must move massively and aggressively to give Africa maximum support to quickly contain this epidemic,” he said. He said the latest approval was also to build on what the multilateral institution had done in the past two weeks. The AfDB recently went to the international capital market to raise a Social Impact Bond of $3 billion called the Fight Coronavirus Bond. Its debt instrument was regarded as the largest social impact bond launched ever in the world, at 0.75 per cent coupon rate. “So, this is cheap money that we can make available to our clients. I am also happy to announce that the $3 billion
bond of the bank has just been listed on the London Stock Exchange and it has been oversubscribed,” he said. According to Adesina, the pandemic has exposed the poor state of healthcare in Africa. He added that the bank was planning to build quality healthcare infrastructure for Africa. “We want to build a quality healthcare infrastructure to support Africa. In essence, Africa needs a healthcare infrastructure defense system. Today, we have the coronavirus, but we need to prepare because there might be another thing that is worse than this. Therefore, we need to be well prepared. “Today, Africa has only 375
pharmaceutical companies, for a population of 1.3 billion people. China has almost 7,000 pharmaceutical companies, India almost 11,000. “So, you can see that Africa doesn’t have the capacity to produce pharmaceutical products. We cannot continue importing pharmaceutical companies. As a bank, we are looking at how we can support a big-time effort of building Africa’s pharmaceutical industry to protect lives,” he said. He estimated that the disruption due to the pandemic would see economies in Africa lose between $22 billion and $88 billion, adding that the global economy is already facing a recession.
AMNESTY... L-R: Minister of Information and Culture, Alhaji Lai Mohammed; Minister of Interior, Mr. Rauf Aregbesola; and Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, during the release of inmates granted presidential pardon and clemency at the Kuje Custodial Centre in Abuja...yesterday
SGF Laments Nigeria's Poor Health Infrastructure Lawan wants better co-ordination of task force Deji Elumoye and Chuks Okocha in Abuja The Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, has bemoaned the state of Nigeria's health system, saying he never knew the infrastructure was in such a deplorable condition until recently. Mustapha, who also doubles as the Chairman of the Presidential Taskforce on COVID-19, told the leadership of the National Assembly at a meeting in Abuja yesterday that until his appointment as COVID-19 taskforce chairman in March, he never knew that the nation's total health system was in a shambles. According to him, if countries in Europe and America with excellent health infrastructure could be easily overwhelmed by the impact of COVID-19, "my prayer is that Nigeria's situation does not escalate to
that extent because the country lacked what is required to handle the situation". Mustapha added that Nigeria is up against an invisible enemy in the fight against the virus with the situation requiring the support of all. He called on the National Assembly to through legislative intervention prepare Nigeria against future occurrence and reform of the health care system. The SFG also urged the National Assembly to deepen its oversight function by coming up with legislation that will make it easier for the executive to cushion the effect of COVID-19 on the citizenry. He added that for transparency and accountability, the task force would not be directly involved in the collection and disbursement of cash donations for COVID-19. "The Accountant General of the Federation has already
published the account details for collection through some commercial banks and also provided the modalities for its utilisation. "All the main COVID-19 accounts shall be domiciled in the Central Bank of Nigeria (CBN). However, all non-cash donations shall be duly received by the PTF, acknowledged, documented and appropriately deployed," Mustapha said. In his opening remarks, President of the Senate, Dr. Ahmad Lawan, hailed members of the Presidential Task Force (PTF) on COVID-19 for their efforts in the management of the outbreak of the virus in the country. Lawan, who commended the task force for standing firm to execute the assignment, however, advised them to have a better coordination of the donations received from publicspirited individuals, corporate bodies and institutions to avoid
duplication or working at cross purposes. He said: "I believe that we face one critical challenge today in our fight against COVID-19. We have donations made by various organisations, corporate bodies and so on but it is my candid opinion that there is no coordination. The Corporate Nigeria, as I was told as at yesterday (Wednesday), has gathered N22 billion, the Nigerian National Petroleum Corporation(NNPC), I was told had $28 million, CBN and the banks, I don't know how much they have. The National Assembly, the ministers and so many individuals and institutions have also made donations. "I believe we must have a central body and not the PTF nor the corporate groups should receive and manage the funds but based on what the constitution provides for. "Where everybody is just
collecting and spending, I think it will lead us in a very bad shape. When people contribute their funds, they want to see such funds properly utilised. They want to see efficiency. They want to see transparency. They want to see accountability and of course, probity in what the funds are used for. "There could be duplication, working at cross purposes. At the end of the day, there will certainly be inefficiency in the application of such resources. But this meeting is going to give us the opportunity to discuss this and the way forward." According to him, the essence of the meeting is for the leaders of the National Assembly to engage with the PTF in order to understand clearly what the task force has been doing. "But let me also, say that this is a partnership. As you work from that side of government,
we are to work with you from this side and it will take the two arms, particularly the executive and legislature, to implement the kind of efforts to manage and control the COVID-19 pandemic in Nigeria. "So I want to commend you for the work you have been doing. I want to also take this opportunity to commend the Nigerian medical personnel. They have been doing quite a lot and of course commend Nigerians for showing understanding and supporting the government in its effort to manage and control the coronavirus." The meeting was also attended by the Speaker of the House of Representatives, Hon. Femi Gbajabiamila; Deputy Senate President, Senator Ovie Omo-Agege; Deputy Speaker, Hon Idris Wase, principal officers and members of the Senate and House committees.
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President Pardons Enahoro, Ali, Three Others 41 correctional centres inmates benefit from presidential amnesty 2,600 await governors' pardon Alex Enumah and Kuni Tyessi in Abuja A foremost nationalist, Chief Anthony Enahoro, and Second Republic governor of the defunct Bendel State, Prof. Ambrose Alli, both deceased, were among five persons President Muhammadu Buhari granted clemency yesterday. Others are Lt. Col. Moses Effiong, Major EJ Olanrewaju and Mr. Ajayi Babalola. The president also pardoned 41 inmates across correctional centres in the country. The 36 state governors are also expected to grant pardon to about 2,600 inmates in their domains. Also, N21.4 million is to be paid by the federal government as fine for 885 prisoners, who have failed to meet up with the condition needed for their release. The Minister of Interior, Mr. Rauf Aregbesola, told reporters in Abuja that the pardon for the inmates was in furtherance of the federal government's resolve to promote social distance culture in the correction centres in a bid to curb the COVID-19 pandemic. The late Enahoro, an anticolonial and pro-democracy activist, was involved in the old Western Region crisis of 1962 and accused of treason along with the late Premier of the defunct region, Chief Obafemi Awolowo. He fled to England to escape trial but was extradited and convicted for the offence. The late Alli was among
the governors convicted by a military tribunal, set up by Buhari, for corruption when he was a military leader in 1984 after overthrowing the civilian administration of the then President Shehu Shagari. The tribunal sentenced him to 100 years in prison for allegedly misappropriating N983,000 for a road project. Aregbesola, at the press conference, said the about 250 facilities spread across the nation were inadequate to house the over 74,000 inmates in their custody. He explained that the amnesty would not apply to inmates sentenced for violence or extreme offences such as terrorism, kidnapping, banditry, rape, human trafficking, and culpable homicide. He said: "We still have challenges with accommodation. Our about 250 facilities are inadequate to house the over 74,000 inmates in our custody presently. You will recollect that last month we turned the sod for the construction of a 3,000-capacity custodial centre in Abuja. "A bigger issue that will positively affect accommodation at the correctional centres is the review of criminal justice administration with regards to the inmates. For instance, our last audit shows that a disproportionate number of inmates are awaiting trial persons (ATPs). "I am pleased to inform you that five ex-convicts recommended for presidential pardon have been so pardoned.
They are the late Prof Ambrose Ali, the late Chief Anthony Enahoro, ex Lt. Col. Moses Effiong, Major E.J. Olanrewaju and Ajayi Olusola Babalola. “In a symbolic gesture of the amnesty given to the 2,600 inmates across Nigeria, 41 federal inmates and 29 FCT inmates making a total of 70 inmates who met the above criteria will be released today(yesterday) from the Kuje Custodial Centre in Abuja. “This amnesty will not apply to inmates sentenced for violent extreme offences such as terrorism, kidnapping, banditry, rape, human trafficking, culpable homicide and so on. “The governors of the 36 states under whose jurisdiction most of the inmates were incarcerated will complete the exercise in line with the federal principle,” he added. Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), in a statement yesterday, said the 41 inmates were among
176 persons interviewed by the Presidential Advisory Committee on Prerogative of Mercy (PACPM) for pardon by the president. The gesture, which is granted to deserving inmates and exconvicts is said to be in line with the provisions of section 175 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). Malami, at the launch of the 2020 Presidential Pardon and Clemency of convicts in Abuja, said Nigeria had come up with measures to ensure speedy decongestion of the custodial centres towards the control of the COVID -19 pandemic. Malami, in the statement by his media aide, Dr. Umar Gwandu, explained that the process of coming up with the list of beneficiaries commenced in 2018 when the PACPM was inaugurated to advise the president on granting pardon/ clemency to deserving inmates and ex-convicts in line with
the constitution. The AGF said the committee adopted the use of interviews, observations, consultation and reviewed documents from each of the correctional centres in Nigeria. “Out of the 176 persons interviewed, a presidential pardon has been granted to two inmates. Mr. President granted clemency to 39 inmates as recommended by the PACPM out of which four inmates are from Kuje Correctional Centre. In addition, Mr. President has also graciously granted pardon to five ex-convicts," Malami said, adding that his office will take necessary steps to publish the names of the beneficiaries in the federal gazette in line with extant laws and regulations. The minister said in furtherance of the efforts to combat COVID-19, Buhari requested appropriate authorities to visit all correctional/custodial centres within their respective states to identify and release deserving
inmates. “During the visit, there should be conditional or unconditional release of ATPs who have spent a substantial number of years in custody, especially those with no sufficient legal basis to remain in custody,” Malami said, adding that the president has requested that particular attention should be on the aged, especially those with terminal health issues, low risk offenders as well as the payment of fines for convicts of lesser offences with option of fines, who are in custody because of their inability to pay such fines. Malami warned all the beneficiaries of the presidential pardon and clemency to desist from crime and criminality and be of good behaviour. The minister also urged the public to welcome the beneficiaries and ensure that they are properly reintegrated into the society without any form of stigmatisation or discrimination.
NNPC to Extend Services to Neighbouring Countries Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) is to extend some of its services, including the building of filling stations, to some neighbouring countries. NNPC, in a statement yesterday in Abuja by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, also assured Nigerians of availability of petroleum products to guarantee hitch-free celebration during Easter. It added that the over 600 filling stations belonging to the organisation had also fully complied with the N123.50 pump price for petrol. “The company is planning to extend its services to neighbouring West African countries. Having introduced its high-quality lubricants into the market recently, its goal is to consolidate on that as a state-owned company for the economic benefit of Nigerians,” the NNPC said. On the reported sale of petrol above the pump price set by the Petroleum Products Pricing Regulatory Agency (PPPRA) for April by some NNPC stations, Obateru quoted the Managing Director of NNPC Retail Ltd., Mr. Billy Okoye, as saying that all of the company’s retail outlets have adjusted to the new price immediately the agency came up with the new price band of between N123.50 and N125. While calling on members of the public to always use any of the company’s feedback mechanisms displayed at all its retail outlets to report any sharp practice, the NNPC management said it would not fail to sanction erring dealers.
“Last week, the PPPRA announced the new pump price range of N123.50 to N125 for the month of April 2020. What this means is that all stations in Nigeria cannot sell below N123.50 and cannot sell above N125 per litre for the month of April 2020. “NNPC Retail Limited is fully complying with the PPPRA directive as we are neither selling below N123.50 nor selling above N125 per litre in all NNPC retail’s stations nationwide,” the corporation stated. Meanwhile, the corporation has assured Nigerians of availability of petroleum products to guarantee a hitch-free Easter celebration. Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Musa Lawan, said although there was the restriction of movement orders in parts of the country, PPMC had maintained a steady supply of petroleum products. “I want to assure Nigerians that the PPMC has enough petroleum products to go round as they prepare to celebrate Easter. We have up to 2.53 billion litres both in marine and in our inland depots. There are enough petroleum products in stock and as we speak, some vessels laden with petroleum products are en route to the country,” Lawan said. He stated that the PPMC would soon automate its processes and the deployment of the application would reduce face-to-face interactions with marketers and promote transparency of all its operations. He also urged Nigerians to avoid panic buying or stockpiling of petroleum products because of the associated danger and risks.
DELTA AGAINST COVID-19... Delta State Governor, Dr. Ifeanyi Okowa, during the inspection of the Centre for Communicable Diseases and Research at the Federal Medical Centre, Asaba...yesterday
Discos Recant on Two-month Free Power Supply Say FG to pay as part of stimulus package Ejiofor Alike in Lagos and Emmanuel Addeh in Abuja The federal government is to pick the bills for the twomonth free electricity supply announced on Wednesday by the 11 electricity Distribution Companies (Discos), THISDAY learnt yesterday. The Discos said they had embraced the free electricity supply initiative, once mooted by House of Representatives Speaker, Hon. Femi Gbajabiamila, as part of efforts to cushion the effects of the COVID-19 pandemic on the people. They committed themselves to the initiative to ensure more efficient power supply within this difficult period, as the nation battles with the impact of COVID-19. “We are also completely aligned with the plans to ensure palliative measures, including ‘free electricity supply to all Nigerians for two months,' to make life easier, during the lockdown period. Details of implementation to come soon. “Again, as a key utility player in the Nigerian
Electricity Supply Industry (NESI), we hereby reiterate our commitment to improving service delivery to the nation during this pandemic period and thereafter,” the Discos had said. But making some clarifications yesterday, the Executive Director, Research and Advocacy and spokesman of the Association of Nigerian Electricity Distributors(ANED), umbrella body of the Discos, Mr. Sunday Oduntan, said in a statement yesterday that the power to be supplied was not free after all. “There is a need to make the following clarifications. The energy to be supplied for the two months is not free from the Discos but is being paid for by the federal government, in partnership with the National Assembly. “As such, the ability for the Discos to go forward is subject to the stimulus package being passed by the National Assembly and signed into law by Mr. President. “While this palliative seeks to mitigate the economic challenges that Nigerians are
being subjected to during this COVID-19 period, it is our hope that we do not lose sight of the no-cost reflective tariff challenges that the Discos continue to suffer under. “Regardless, we laud Mr. President, members of his government and the National Assembly for this initiative,” the distribution companies said. Oduntan told THISDAY in a separate interview that all the participants in the electricity value chain must be involved for the free electricity supply to work. He said: “Remember, we (Discos) don’t own the product we sell. The product we distribute does not belong to us. Generating companies own the product and they use raw materials to generate it. The raw material, which is gas, does not belong to them. The federal government has to pay for the gas. We do not transport the product – the Transmission Company of Nigeria (TCN) does. So, all the stakeholders must be involved. We can’t unilaterally provide electricity free for Nigerians. "The statement we issued was
just a statement of support – a statement of intent. It was based on the proposal of the National Assembly. Until they pass the stimulus package into law and government signs it, there is nothing we can do unilaterally.” Gbajabiamila, during a meeting between the National Assembly leadership and the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, last Saturday, had mooted the idea that the package was necessary since it would have the highest impact on the entire strata of the Nigerian society. “We have the figures. I think we should look very seriously into that as part of our package for economic stimulus, because stimulus means something that will stimulate the economy. When you are stimulating the economy, most of it will come from the informal sector. “When you are saving people their electricity and the fact that they now have stable electricity for two months, you are also saving the monies that would go into the payment of those bills at least for two months,” he said.
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PAGE NINE COVID-19: LAGOS LAUNCHES HOUSE-TO-HOUSE SEARCH FOR SYMPTOMATIC PERSONS first lap, and would cover all the 20 local government areas in the state. Lagos has 158 of the 288 confirmed cases in the country. Yesterday, data from the Nigeria Centre for Disease Control (NCDC) showed that there were 14 new cases of COVID-19 in the country with 13 coming from Lagos. However, seven more COVID-19 patients were discharged from the Mainland Hospital, Yaba, Lagos, rallying the number of treated and virus-free patients in the state to 39. But 51 of the infected have been discharged and seven deaths recorded nationwide. And as the controversy over the visit of the Chinese medical team to Nigeria raged on yesterday, the NCDC dismissed claims by critics of the team's mission to Nigeria that the medical supplies they brought from China were contaminated with the virus and could aggravate the pandemic in the country, if used. The federal government had taken possession of the $1.3 million worth of medical equipment and consumables from a group of Chinese companies in Nigeria as part of their contributions towards fighting the COVID-19 pandemic, which has been on the upswing since the index case happened on February 27. The companies also sponsored a Chinese medical team that arrived in Abuja on Wednesday to install the equipment and train local medical personnel on how
to operate it. But the Nigerian Medical Association (NMA) is opposed to the presence of the team and the alleged moves by doctors among them to treat patients in Nigeria, saying it undermines Nigeria’s sovereignty. The Federal Ministry of Health has, however, given an assurance that the National Agency for Food and Drug Administration and Control (NAFDAC) would ensure the quality of all the medical supplies from China. NAFDAC has also granted conditional emergency use of antibody and antigen test kits on COVID-19 patients in Nigeria. The Bauchi State Governor, Senator Bala Mohammed, who had tested positive for the virus has, however, fully recovered and now tested negative Giving details on the planned house-to-house search, the statement quoted the Lagos State Commissioner for Health, Prof. Akin Abayomi, as saying at a press conference that officials carrying out the tracing of suspected COVID-19 patients would adorn the COVID-19 outbreak response tags and letters from their local government for easy identification. He said: “In the coming days, some of our health workers will be moving around in pairs to administer an electronic questionnaire at homes and healthcare facilities to make inquiries about symptoms of cough,
cold and fever. “This is in a bid to intensify our search for possible cases of COVID-19 in different communities across the state. I implore you to give them your maximum support by providing accurate information that would help in containing this pandemic quickly.” On the allegations that some of the Chinese medical materials are contaminated with the virus, NCDC Director-General, Dr. Chikwe Ihekweazu, in an exclusive interview with THISDAY yesterday, faulted the claim, saying they were in good condition. There has been outrage over the donations, as some Nigerians believed Europe’s COVID-19 cases escalated after countries in the region received medical materials from China. The critics warned that Nigeria’s number of cases may surge if the medical supplies are allowed into the country. But Ihekweazu said: “There is no evidence that the kits received in Nigeria are contaminated with the virus that causes COVID-19. These medical supplies are very effective when safely used by health workers.”
NAFDAC to Ensure Quality of Medical Supplies Minister of Health, Dr. Osagie Ehanire, also vouched for the quality of the medical supplies from China. Ehanire said in a statement
that the National Agency for Food, Drug Administration and Control (NAFDAC) would ensure the quality of the medical supplies from China. “The Federal Ministry of Health, on behalf of the federal government appreciates this gesture from the Chinese community in Nigeria, recognising that collaboration, knowledge sharing, and expert insight are critical in the fight against coronavirus. “We assure that the federal government, through the National Agency for Food and Drug Administration and Control (NAFDAC), will ensure the quality of all the medical supplies that were brought into the country,” he said. The minister added that following global best practices and in line with the ministry of health’s advisory, the 15 medical experts who arrived in Nigeria on Wednesday from China have gone into isolation for 14 days and that they will be tested for the virus. “It is important to emphasise that the guests are not here to treat patients but to conduct capacity building based on their experience. All available resources shall be deployed to support adequate engagement of Nigerian medical experts towards curbing the spread of COVID-19 in the country,” he added.
NAFDAC Authorises for Use of Antibody Test Kits on Patients
NAFDAC has, however, granted conditional emergency use of antibody and antigen test kit on COVID-19 patients in Nigeria. In a statement made available to THISDAY yesterday, the DirectorGeneral, Prof. Mojisola Adeyeye, said the antibody test kits should be used in COVID-19 confirmed individuals at designated centres in other to ascertain whether or not they can be infected again by the virus. Antibodies are blood proteins produced in response to and countering specific antigens like viruses and bacteria. She said: “The antigen tests kits, on the other hand, can detect the COVID-19 antigen in patients with or without symptoms, and the results will either show positive or negative. “There has been a global effort by innovative diagnostic companies to develop test kits to aid in the detection of COVID-19 in patients to guide the management of the disease.” She explained that the agency has recently received many requests for emergency use authorisation for some of such diagnostic test kits to support the national response and ensure expanded testing capabilities.
Lagos Discharges Seven COVID-19 Patients
yesterday said it discharged seven more patients from the Mainland Hospital, an infectious disease facility in Yaba area of the state. The Governor, Mr. Babajide Sanwo-Olu, in a tweet on his verified Twitter handle @jidesanwoolu, said: “Good people of Lagos, I bring you awesome news from IDH, Yaba, which is as a testament to our resolve to overcome the lethal #COVID19 pandemic ravaging the world. “Today, we discharged seven more patients who have fully recovered and tested negative twice consecutively for #COVID19. “This brings to 39 the number of discharged patients in Lagos. “The patients include one female and six males; three of the discharged male patients are foreign nationals — two Ukrainians and one Italian.”
14 New Cases Raise Tally to 288 The NCDC yesterday reported 14 new cases of COVID-19 in Nigeria with 13 of them found in Lagos State and the remaining one in Delta State. The agency, in a breakdown on its official Twitter account, said Nigeria now has 288 confirmed cases while 51 people have been discharged and seven deaths recorded. Lagos State still tops the epidemic chart with 158 cases followed by the FCT- 54; Osun- 20; Edo-12;
The Lagos State Government
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of the legislature to oversight, review and make recommendations for better implementation of important programmes of the government," he added. The statement explained that the observations made by Lawan and Gbajabiamila captured the views of many Nigerians, stressing that these observations also reflect feedback from the people they represent who are the targeted beneficiaries of the scheme. "We, therefore, take strong exception to the innuendo by the presidential aide that her rejoinder was issued towards ‘safeguarding the entitlements of the poorest of Nigerian citizens, whose benefits are likely to cease because they are not known
or connected to National Assembly members or any other person of influence.’ That insinuation is unfair to the members of the National Assembly and entirely baseless. "Public officeholders should be receptive to constructive ideas and suggestions expressed to enhance service delivery and to improve the performances of public projects and institutions," the statement said.
AGAIN, N' ASSEMBLY TACKLES PRESIDENCY ON NSIP Hon. Femi Gbajabiamila, had during a meeting with the Minister of Humanitarian Affairs, Disaster Management and Social Development, Ms. Sadiya Farouq, demanded a reform of NSIP and wondered what parameters the government was using to implement the programme. Following Uwais’ response to the allegation credited to the lawmakers that N2 trillion was allocated to NSIP, Lawan said yesterday that there was no mention of N2 trillion or any amount in the statement by the leadership of the National Assembly during the meeting with the minister. Lawan stated that the statement the leadership made about NSIP was to make it more effective and
was not aimed at denigrating the presidency. He urged officials and agencies of government to exploit their access to the legislature in making clarifications before reacting to newspaper reports on its deliberations. Special Adviser to the Senate President on Media and Publicity, Mr. Ola Awoniyi, said in a statement that the leadership of the National Assembly had called the meeting as part of the legislature's collaborations with the executive arm of government for effective management of COVID-19 pandemic in Nigeria and mitigation of the harsh effects of the measures adopted in curbing it on Nigerians. According to him, the
focus of the meeting was the NSIP, which is the vehicle that the government is using to convey its palliative packages to the most vulnerable Nigerians against the backdrop of the lockdown called in many parts of the country to check the spread of the disease. "The comments at the meeting were not made to denigrate any official but to make the scheme more effective in the delivery of its critical mandate and these comments were well taken by the Honourable Minister and her delegation. The minister was honest enough to admit that the NSIP had some "challenges" and also bedeviled with "intrigues" which she was yet battling with," Lawan stated.
According to him, the National Assembly would not have suggested an enabling legislation for the NSIP if it does not believe in its relevance. "We believe this misrepresentation misled the Special Adviser to the President on Social Investments, Mrs. Maryam Uwais, to issue a rejoinder containing unfortunate insinuations, which were totally extraneous to the discussions at the meeting and the contemplations of the National Assembly. "It is true that the leadership of the National Assembly pointed out gaps in the implementation of NSIP. As the representatives of the people, it is a key constitutional mandate
WORLD BANK PREDICTS RECESSION FOR SUB-SAHARAN AFRICA IN 2020 health systems to deal with COVID 19 and save lives, social safety nets to save livelihoods and help workers who lose jobs, support to small and medium enterprises and food security.” The bank recommended some measures, including asking African policymakers to focus on saving lives and protecting livelihoods by focusing on strengthening health systems and taking quick actions to minimise disruptions in food supply chains. Others are the implementation of social protection programmes, such as cash transfers, food distribution and fee waivers, to support citizens, especially those working in the informal sector. The report said the region’s
economy would contract 2.1 per cent to 5.1 per cent from growth of 2.4 per cent last year and that the virus would cost sub-Saharan Africa $37 billion to $79 billion in output losses this year due to trade and value chain disruption, among other factors. Africa has at least 10,956 confirmed cases of the novel coronavirus, 562 deaths and 1,149 recoveries, according to a Reuters tally based on government statements and WHO data. The World Bank and International Monetary Fund (IMF) are racing to provide emergency funds to African countries and others to combat the virus and mitigate the impact of sweeping shutdowns aiming at curbing its spread. The virus has led to
suspension of international passenger travel in many countries on the continent and hit sectors such as tourism. Various African governments have announced lockdowns or curfews in response to the virus, which was slow to reach many African countries but is now growing exponentially, according to the World Health Organisation. Real gross domestic product growth was projected to fall sharply particularly in the region’s three largest economies – Nigeria, Angola and South Africa, the World Bank said. Oil exporting-countries would also be hard-hit; while growth would likely weaken substantially in the West African Economic and
Monetary Union, and the East African Community due to weak external demands, disruptions to supply chains and domestic production. The bank said the spread of the flu-like respiratory disease also had potential to lead to a food security crisis on the continent, with agricultural production forecast to contract between 2.6 per cent and seven per cent in the event of trade blockages. “Food imports would decline substantially (as much as 25 per cent or as little as 13 per cent) due to a combination of higher transaction costs and reduced domestic demand,” the bank said in a statement accompanying the report. It called on China, the United States and other
bilateral creditors to temporarily suspend debt payments by the poorest countries so they can use the money to halt the spread of the disease and mitigate its financial impact. “There will be need for some sort of debt relief from bilateral creditors to secure the resources urgently needed to fight COVID-19 and to help manage or maintain macroeconomic stability in the region,” Cesar Calderon, the bank’s lead economist and lead author of the report, said. The global pandemic is causing an economic crisis unlike any in the past century and will require a massive response to help in the recovery, IMF Chief, Ms. Kristalina Georgieva said yesterday.
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NGN NGN 0.95 10.70 0.55 6.20 0.60 6.90 0.02 0.23 0.12 1.39 NGN 0.03 0.31 0.02 0.21 0.04 0.42 JAIZBANK 0.04 0.47 CORNERSTONE 0.04 0.54 HPE Nestle Nig Plc ₦830.20 Volume: 314.906 million shares Value: N5.019 billion Deals: 5,427 As at yesterday 9/4/2020 See details on Page 29
% 9.7 9.7 9.5 9.5 9.4 % 8.8 8.7 8.7 7.8 6.9
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Shippers Council Laments Dwindling Sea Ports’ Revenue Says cargo clearing still in primitive stages Eromosele Abiodun, Nume Ekeghe in Lagos and Emmanuel Addeh in Abuja The Nigerian Shippers' Council (NSC), an agency under the Ministry of Transportation, yesterday lamented that the federal government’s revenue from the seaports has dwindled due to the COVID-19 outbreak, which had affected global supply logistics. The agency also revealed that the country’s cargo clearing processes were still primitive compared to other parts of the world where the clearing services in the ports had become automated. Executive Secretary of the NSC, Mr. Hassan Bello, made these revelations while speaking on ‘The Morning Show,' a programme of Arise Television, THISDAY Newspapers’ broadcast arm. Bello said COVID-19 had led to the shutdown of factories in China and other parts of the world, which meant that some contracts of carriage could not be optimised. He maintained that
with the pandemic, there would certainly be a drop in business at the ports since some factories are not working and can’t fulfill contracts currently. “Disruption of the logistics is universal. So, some contracts cannot be optimised. Therefore, we have problems even for the revenue to the government. This is the usual thing that happens with these kinds of disruptions. However, we hope that things will pick up” he added. Bello called on the CBN to intervene in the nation’s transport sector stressing that the sector is capable of challenging crude oil as the mainstay of the Nigerian economy. “However, we hope as we have done in Nigeria that things will pick up. The Nigerian economy even though struggling could be made strong especially through the port. We have to spike up the revenue, ensure that the factories are working, generate employment and you will see us out of this. “
He emphasized that the layers and layers of insulation that the federal government has put in place to insulate Nigeria from the spread of COVID-19 have been commended internationally. “It is a delicate balance, the port must open to fuel our economy, we must maintain the supply of cargo, especially essential cargo like medicine, food and raw material for our factories to maintain employment and of course the general economy of the country. However, we have said that this must be within the limits already prescribed and we have gone around the terminals many time and we have observed that the terminals are up to their responsibilities. They have kept all the pledges to abide by instructions from the government.”
NSC: Clearing Methods Still in Primitive Stages Bello also said that the country’s cargo clearing
processes were still primitive compared to other parts of the world where the clearing services in the ports had become automated. The agency has also revealed that the federal government’s revenue from the seaports has dwindled due to the COVID-19 outbreak, which has affected global supply logistics. He explained that given the right environment, the ports and indeed sea transportation could be major revenue earners for the government. While calling for synergy among all the agencies in the ports to tackle traffic and congestion in the ports in the country, he maintained that modern ports can actually operate without anyone’s “There must be electronic platforms. We cannot do the primitive cargo clearance that we are using now. Cargo can actually be cleared from the port without anybody going there. This is what is giving us problems at this moment. “We need to clear cargo, automate the ports, enhance
electronic handling of clearance of cargo and have a national single window which is very important in the speed of clearance. “We also need a cargo tracking code which means any cargo coming in is well known even before they arrive. That is why we need the synergy. We must set up the necessary machinery to make sure we are divorced from the primitive clearing of cargo” he said. Speaking on the impact of the COVID-19 pandemic, Bello described the times as challenging, but said with proper and tactful handling, the problems posed by the virus would be surmounted. “The Central Bank of Nigeria (CBN) has brought in palliatives and that’s impressive. It should look at the transport sector because apart from oil which is not a good friend of any economy, the transport sector is the second largest earner of revenue. Transport drives the economy. They should focus on areas of intervention. “These are quite challenging times from
which we have to learn a lesson. Traffic management is important to port operations. So, is the efficiency of the terminals and professionalism of freight forwarders. The port is layers and layers of interests and to have some levels of perfection, there must be unison and uniformity” he said. On the traffic situation in Apapa port, he explained:“The traffic situation in Apapa must be handled extremely well and we are having the task team as part of our operations where freight forwarders are monitors. We are encouraging the barging of containers, so we don’t have only one mode of transportation or exit from the port, because this seems to be the problem. “We also need rail services to the ports also, so that when we have these together, it will ease the chaos or gridlock at Apapa. However, we are conscious of the fact that we need modern traffic management and we are doing our best to ensure this is achieved within the circumstances”.
the State Emergency Agency, ambulances, police, Fire Service and the Federal Road Safety Corps. The communique said that the operations will be resident in the ECCs to process distress calls and contact relevant ERAs. Also, the governors said it received an update from Chief Transformation Officer, MTN Nigeria, Mr. Olubayo Adekanmi, on the ongoing work with the NGF Secretariat. The work is to estimate the vulnerability profile of all states based on their populations, age risk, international travel profile, population density and state contiguity, epidemiological metrics, and spending patterns that they resolved to adopt the new data to strengthen the distribution of palliatives put in place and support from various organisations and persons.
Claire Pierangelo, said in times of emergency, the US Department of State has no greater priority than the safety and security of its citizens overseas. She said: “This has been three weeks in the making. We had more than 50 people working on this on a daily basis to make sure that we can find the Americans, get the planes, secure flight clearances for the planes to land here and also ensure the safe passage of the Americans traveling to the airport since the city is on lockdown. It was an enormous effort and I am incredibly proud of my team. We appreciate all the help from our Nigerian partners. We couldn’t have done this without them. “The US Mission remains committed to working closely with Nigeria and the various health authorities to keep everyone healthy and safe amid the COVID-19 pandemic.” She said the US government has pledged more than $7 million in health and humanitarian funding to Nigeria in response to the pandemic, adding that the funds will go toward risk communication, water and sanitation activities, infection prevention, and coordination. “This assistance joins more than $5.2 billion in health assistance and more than $8.1 billion in total assistance for Nigeria over the past 20 years. “The US is providing nearly $274 million to help dozens of countries to combat the COVID-19, furthering America’s commitment to humanitarian assistance and global health.”
COVID-19: LAGOS LAUNCHES HOUSE-TO-HOUSE SEARCH FOR SYMPTOMATIC PERSONS Oyo- 11; Bauchi- 6; Akwa Ibom- 5; Ogun- 4; Kaduna- 5; Enugu- 2; Ekiti- 2; Rivers-2; Kwara- 2; Delta- 2; Benue- 1; Ondo- 1 and Katsina-1.
Bauchi Gov Recovers from Pandemic The Bauchi State Governor, Senator Bala Mohammed, has also fully recovered from COVID-19. The governor, while receiving the result of his second test which turned out negative, thanked the NCDC, the Bauchi COVID-19 Task Force and all religious leaders for their support through his time in isolation. According to a press statement issued yesterday by Mr. Lawal Muazu Bauchi, the governor’s Special Assistant on New Media, "The governor also thanked his cabinet as well as residents and indigenes of the state for remaining steadfast and relentless all through the period."
NMA Rejects Move by Chinese Doctors to Treat Patients NMA yesterday reiterated its opposition to the presence of the Chinese medical team in Nigeria and rejected alleged moves by them to treat patients in Nigeria. In a statement issued yesterday by NMA President, Dr. Francis Faduyile, and the Secretary-General, Dr. Olumuyiwa Odusote, the association said there was a contradiction in the statements of the Minister of Health, Dr. Osagie Ehanire, and the Managing Director
of the Chinese donor firm on the real mission of the Chinese medical personnel in the country. NMA noted that while the minister had said the experts were coming to assist in setting up test laboratories, the Chinese firm said the medical personnel would be treating Chinese workers in their facilities. NMA said: "We are not against the receipt of donor support and equipment. We rather are against pulling the wool over our eyes going by the recent statement issued by the Managing Director of the Chinese donor firm operating in Nigeria that the medical personnel will be treating Chinese workers in their facilities. "We are taken aback at this statement as this is at variance with the information supplied by the honourable Minister of Health. "We wish also to ask when medical expatriates started coming to sovereign states to treat her nationals. What happens to the Nigerians working in those facilities?” The association said it would continue to monitor the actions of the Chinese personnel.
“During the last four days we can see that the numbers have already doubled,” the WHO’s Africa Programme Manager for Emergency Response, Mr. Michel Yao, told a media teleconference yesterday. “If the trend continues and also learning from what happened in China and in Europe, some countries may face a huge peak very soon,” he said, adding it could arrive in the coming weeks. He did not name the countries affected. WHO’s Africa Head, Matshidiso Moeti, said there is an “urgent need” to expand testing capacity beyond capital cities in Africa, as the virus spreads through countries. “Without help and action now, poor countries and vulnerable communities could suffer massive devastation,” WHO Director-General, Dr. Tedros Ghebreyesus, told diplomats in Geneva. “The infection numbers in Africa are relatively small now, but they are growing fast,” he said. He noted the havoc wrought even in wealthy nations in the 100 days since China first informed the WHO of cases of “pneumonia of unknown cause” in the city of Wuhan.
African Countries Heading for Peak of Pandemic, Says Govs to Use WHO Telecommunications Meanwhile, the World Health Facilities to Organisation (WHO) has said Monitor Cases the alarm that some African countries could see a peak in COVID-19 cases in the coming weeks, stressing that testing should be urgently increased in the region.
At the end of its fourth teleconference meeting, the 36 state governors have agreed to use the facilities of telecommunications in
the country to monitor the rate of transmission of the pandemic in the country. The governors also agreed that they will use the telecommunications facilities to identify the vulnerable persons in the states of the federation. According to the Chairman of the Nigeria Governors Forum (NGF) who is also Governor of Ekiti State, Dr. Kayode Fayemi, the decision was reached after the governors were briefed by the Minister of Communication and Digital Economy, Dr. Isa Pantami He said in a communique of the meeting that the governors received an update from Pantami, on the response of his ministry to the COVID-19 pandemic, including support to state governments to help them identify vulnerable persons through a data mining study coordinated by the Nigerian Communications Commission (NCC) with the support of telecommunications providers in the country. The communique of the meeting said that the forum commended the minister for taking a functional role in the COVID-19 response and assured him of their resolve to use all relevant data available to target palliatives to the most vulnerable persons in the most effective and efficient manner. The governors said they are taking necessary measures to strengthen operations in their Emergency Communication Centres (ECCs) to improve the communication response between distressed citizens and Emergency Response Agencies (ERAs) including
Americans evacuated from Nigeria Now 997 Following the unprecedented challenge posed by the COVID-19 pandemic, the United States Government has evacuated a total of 997 Americans out of Nigeria. The Americans were evacuated through three US Consulate-organised chartered flights operated by Delta Air Lines and Ethiopian Airlines with 850 Americans airlifted from the Lagos, while 147 were airlifted from Abuja between April 4 and April 8. Announcing this yesterday, the United States Consul General in Nigeria, Ms.
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Buhari Pledges to Fight Boko Haram More Decisively Insurgents flee from Chad to Borno Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja promised to come up with more decisive and proactive measures aimed at eliminating Boko Haram insurgents. The president who issued this threat in the State House while receiving the Governor of Borno State, Prof. Babagana Zulum, said total elimination of Boko Haram had become necessary for the attainment of sustainable peace and development in the North-east. The governor had visited the president over the precarious security situation in the region, particularly following the gallant exploits of the Chadian Army against the terrorists on the shores of Lake Chad last week. The Chadian Army led by the country’s president had waged a ferocious war against Boko Haram, killing scores of them. Speaking with journalists after the meeting, Zulum said
the president promised that the federal government would take more decisive steps to get rid of the terrorists. He said he had visited the president to brief him on Chad Republic’s ongoing military action against Boko Haram and its implications for Nigeria’s national security. The governor expressed concern that the dislodged terrorists from the Chadian territory might settle in Borno State and consequently exacerbate the already deteriorating security situation. Chad’s anger against Boko Haram was provoked by the initial killing of almost 100 of its soldiers by the insurgents. At the meeting yesterday, it was learnt that both Buhari and Zulum critically analysed the development and agreed that it was high time the irresponsible and reckless acts of Boko Haram terrorists were brought to an end. According to the governor, the imminent consequences of
the Chad’s action are disturbing because of the influx of the terrorists from Chad to Borno State since the operation. He added that there was a need for Nigeria to launch a counter attack to resist the relocation of the insurgents to Nigeria. “Honestly speaking, we are
apprehensive because of the ongoing operations by the Chadians. “Right now, most of the Boko Haram terrorists are fleeing the shores of Lake Chad, the area from the Chad Republic and they are now coming to the Northern Borno State and to the Southern
Borno State and there is need for us to now provide some insurgency counter attacks. “This is the right time that the government of Nigeria and its leadership do everything possible to support the JTF to be proactive enough to contain the situation to
deal with them decisively to see the end of the crisis so that they don’t occupy some other areas in the Northern states,” he said. The governor also said he briefed Buhari on his administration’s efforts at containing COVID-19 in the state.
OPEC, Allies May Curb Oil Output by 15mbpd Shell declares force majeure EjioforAlikewithagencyagents OPEC and its allies held talks yesterday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15 per cent of global supplies, to support prices hammered by the COVID-19 crisis, sources involved in the discussions said. Crude oil prices dipped yesterday, giving back an earlier 10 per cent surge as investors awaited details on a massive OPEC supply-cut agreement in response to the global fuel demand collapse due to the coronavirus pandemic. This is coming as Shell Nigeria has declared force majeure on exports of Nigerian Forcados crude oil after a shutdown by the pipeline’s operator, a spokeswoman for the Shell Petroleum Development Company of Nigeria said yesterday. Forcados crude is shipped to the international market through the 400,000 barrels per day Forcados Export Terminal in Delta State. Brent futures fell 19 cents to $32.65 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 22 cents to $24.89 a barrel. Earlier yesterday, prices jumped
more than 10 per cent as OPEC+ appeared to agree to cut output, although details remained unclear. Meanwhile, Shell has declared force majeure on exports of Nigerian Forcados crude oil after a shutdown by the pipeline’s operator, aspokeswomanfortheShellPetroleum Development Company of Nigeria said yesterday. The action came into effect on Monday afternoon after Heritage Energy OperationalServicesLimitedshut downtheTransForcadospipelinewhich itoperatesonApril4,thespokeswoman added, without providing further details. Theplanbytheoilproducersincluded cuts of about five million bpd from producers outside the group known as OPEC+ and could be made gradually, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal. Reuters reported last night that talks have been complicated by friction between OPEC leader Saudi Arabia and non-OPEC Russia, two of the world’s biggest oil producers. But sources on both sides said they had overcome differences amid the deepest oil market crisis in decades.
Buhari Mourns Nigeria’s First Female Permanent Secretary Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja commiserated with the family of Nigeria’s first female permanent secretary, Mrs. Francesca Emmanuel, who passed on yesterday. She was 86. A statement by presidential spokesman, Malam Garba Shehu, said the deceased as a federal civil servant, rose through the ranks to the enviable height of permanent secretary before retiring in 1988. According to the statement, the president noted that Mrs. Emmanuel’s distinguished service to the nation showcased her as a true patriot, amazon and
administrator par excellence. ment added: “The President Buhari recognises her many efforts to modernise the civil service and for offering her services and wealth of experience as member of several boards and governing councils of government establishments. “The President believes that Mrs Emmanuel’s works will continue to be felt and honoured in the public service which she devotedly served as well as the arts, literary and fashion sectors where she excelled. “He prays God Almighty to comfort family, friends and associates of the deceased and grant her soul eternal rest.”
NO 5G CABLES IN LAGOS YET…
L-R: Chief Executive Officer, Lagos State Infrastructure Maintenance Regulatory Agency (LASIMRA), Mr. Funsho Elulade; Deputy General Manager, LASIMRA, Mrs. Bisoye Coker - Odusote; and Director, Human Resource and Admin, LASIMRA, Mrs. Oluwatoyin Oladeji, at the press conference organised by LASIMRA to debunk allegation of the laying of 5G cables in Lagos…yesterday ETOP UKUTT
Lagos Police Arrest ASP, Sergeant for Extortion 202 violators of restriction orders arraigned Rebecca Ejifoma The Lagos State Police Command has arrested an Assistant Superintendent of Police (ASP), Adebayo Ojo and Sergeant Adeleke Mojisola for extorting a lady and impounding her vehicle in a video that went viral on social media. Police officers have also arraigned 202 suspects engaging in physical exercise in a large number, thereby violating the
stay-at-home directives of the state government. The suspects, aged between 15 and 42, were said to have been arrested playing football on major streets in Lagos State. The two officers were arrested after the attention of Lagos State Police Command was drawn to a video where the lady alleged that her vehicle was impounded by the Divisional Traffic Officer (DTO) Agbowa Division and a female sergeant.
In a statement made available to THISDAY and signed by the Police PRO, DSP Bala Elkana yesterday, it said after analysing the video, operatives identified the officers mentioned and that they were arrested. Elkana said: “The Commissioner of Police Lagos State, CP Hakeem Odumosu has ordered an in-depth investigation into the case while appreciating the courage of the complainant and other well-meaning citizens who forwarded the video
to our social media page. “We urged the complainant to take a further step by reporting at the Command Headquarters Ikeja to enable us conclude the investigation.” He said members of the public will be updated on the outcome of the investigation” Meanwhile, police officers have also arrested 202 suspects having exercise in a large number, thereby violating the stay-at-home directives of the government.
IMF Foresees Negative Growth for 170 Countries in 2020 Nume Ekeghe The International Monetary Fund (IMF) yesterday predicted the worst economic downturn globally since the Great Depression, projecting negative growth for 170 countries in the world as the COVID-19 pandemic continues to eat deep into the wealth of nations. The Managing Director of the IMF. Kristalina Georgieva, said this in a speech titled “Confronting the Crisis: Priorities for the Global Economy,” ahead of the 2020
Virtual Spring Meetings of the IMF/World Bank. She said the fund with a lending capacity of $1 trillion have received the approval of its board to double access to its emergency facilities, which will allow it to meet the expected demand of about $100 billion in financing. While noting that although the fund had earlier in the year projected positive per capita income growth in over 160 of its member countries in 2020, she said, “we are still faced with extraordinary uncertainty about
the depth and duration of this crisis.” She added: “We are still faced with extraordinary uncertainty about the depth and duration of this crisis. It is already clear, however, that global growth will turn sharply negative in 2020. “In fact, we anticipate the worst economic fallout since the Great Depression. “Just three months ago, we expected positive per capita income growth in over 160 of our member countries in 2020.
Today, that number has been turned on its head: we now project that over 170 countries will experience negative per capita income growth this year.” She, however, said a partial recovery was plausible if the pandemic was curtailed timely. She added: “If the pandemic fades in the second half of the year thus allowing a gradual lifting of containment measures and reopening of the economy our baseline assumption is for a partial recovery in 2021.
ICPC Sets up Team to Check Abuse of COVID-19 Funds Bennett Oghifo The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has set up an independent COVID-19 Funds Monitoring Team to prevent possible financial abuses that may arise in the management of the COVID-19 special intervention funds. This is contained in a statement issued yesterday by the
Spokesperson for the Commission, Mrs. Rasheedat A. Okoduwa. ICPC said the action was in backed by its preventive mandate in Section 6 (b)-(d) of the Corrupt Practices and Other Related Offences Act, 2000. “The team will monitor the disbursement and utilisation of the funds, donations and other receipts mobilised towards combating the outbreak of the Coronavirus in the country,” the statement said.
The team will deploy appropriate strategy to prevent incidences of corruption that may have negative impact on the efforts of government to deal effectively with the pandemic and its work will complement the efforts of the Presidential Task Force on COVID-19 with regard to transparency and accountability in the management of the funds, the commission said.
It lauded all those on the frontline battling the outbreak and everyone facilitating the national effort behind the scene. ICPC reiterated its earlier advisory to all actors in the management chain of the COVID-19 response “to steer clear of all unethical and corrupt acts that could result in criminal investigation and consequences.”
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Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
FAREWELL, THANDIKA MKANDAWIRE
Said Adejumobi pays tribute to his mentor, Mkandawire, scholar and former executive secretary of CODESRIA
I
n April 2016, a group of African scholars gathered in Lilongwe, Malawi to celebrate the 75th Birthday of Thandika Mkandawire, though belatedly. This was under the auspices of the Council for the Development of Social Science Research in Africa (CODESRIA) when Ebrima Sall was the Executive Secretary of the organisation. Jimi Adesina of the University of South Africa (UNISA), a close friend and ally of Thandika, had worked very hard with Ebrima, to put the conference together. It was a celebration of life for one of Africa’s best and brightest. For Thandika, it was a sweet return back home after many years in exile, having left Malawi during the dictatorship of Kamuzu Banda. In turn, we reeled out eulogy for Africa’s most profound development scholar and political economist, whose originality, depth, and versatility of thinking and knowledge, is unparralled. Little did we know that we would never have that opportunity again to celebrate him while alive. The last two times I was in touch with Thandika was, first when he was not feeling well, and I was informed about it. He was in Sweden and I called him up. We chatted and I prayed that “may GOD grant him speedy recovery”. Thandika responded in his usual humorous way that while we wait on GOD, for now, “he was in the hands of his wife and the Swedish welfare state”. The state works in Sweden and efficiently well too. Thandika recovered and was back on his feet. In the second time, I had reached out to him, that Cyril Obi and I had decided to dedicate our forthcoming edited book on: “Developmental Regionalism and Economic Transformation in Southern Africa” being published by Routledge Publishers, to him. In his usual modesty, Thandika didn’t say much. Unfortunately, Thandika never lived to see and read the book; the book is to be released in June 2020. As a young academic in the early 1990s, four scholars had profound influence on me, mentored and nurtured my career in different ways. These were Archie Mafeje, Thandika Mkandawire, Mahmood Mamdani and Abdalla Bujra. The former two - Mafeje and Thandika have answered the call of the Almighty, and the latter two are still alive, though fairly old, and not as active as before. Archie Mafeje was the quintessential intellectual brand of the Oxbridge tradition, but of a radical bent. Exceedingly brilliant and knowledgeable, yet carried the aura of an intellectual sophisticat, who had little patience for poor academic discourse, arguments or scholarship. He would not associate with, or mill around those he could not engage in meaningful intellectual exchange. He chose his academic friends very carefully, and ensured that those are people he could engage with, in serious intellectual debate. Rigour, hard work, brilliance and dedication to the intellectual vocation were exemplified in Mafeje. In several encounters and conversations in Dakar, Addis Ababa, and a few other places, I learnt a lot from Mafeje, and he took me as his intellectual protege. Mafeje was a source of inspiration and admiration, in whom I saw the image of my future as a scholar. Thandika Mkandawire like Mafeje was an intellectual dinosaur, but different in many respects, in his personality. Very friendly, approachable, and of a bohemian lifestyle, Thandika was open to conversation with anyone who seeks to engage him, and you cannot end a conversation with him, without learning something new.
THANDIKA, SERVING AS EXECUTIVE SECRETARY OF CODESRIA, OPENED THE FLOODGATE OF KNOWLEDGE AND OPPORTUNITIES TO YOUNG SCHOLARS, AND FOUGHT WITH ALL HIS STRENGTH, FOR THE DEVELOPMENT OF AFRICAN SOCIAL SCIENCE SCHOLARSHIP
Thandika serving as Executive Secretary of CODESRIA, opened the floodgate of knowledge and opportunities to young scholars, and fought with all his strength, for the development of African social science scholarship. Under Thandika, several programmes, trainings, funding of academic projects, institutes like the African Governance and Gender Institutes, seminars, conferences, and meetings became the norm. CODESRIA under Thandika, was more popular to many social science scholars, than the universities. CODESRIA became the “mecca” of social science knowledge and scholarship, under Thandika. Some of the most profound, innovative and pathbreaking knowledge and policy interventions and debates in Africa took place on CODESRIA’s platform and through its publications. Some of us were branded, “the Children of CODESRIA”. I met Thandika in 1995 during the African Governance Institute, in which I was a laureate. Before then, I was already familiar with, and read a lot of his writings and publications. As Executive Secretary, he came to open the institute. In his opening remarks, Thandika noted that what CODESRIA had done was to provide us an opportunity; some who distinguish themselves will return back to be part of the community, while others will go back to their respective domains and will not be part of it. Thandika’s message sank deep in me; I promised myself quietly that I was going to return back to be part of the community, and so it was. As I became part of the ‘CODESRIA family’ participating in its academic projects, conferences and meetings, Thandika and I became friends; he became my mentor. In his humility, although Thandika is far older than scholars of my generation with two decades of age difference, yet he insisted he must be addressed by his first name. Initially, I was reluctant, but he persisted that, that’s how he should be called. This facilitated the breakdown of the generational barrier between us, and encouraged a seamless friendship that characterised our interaction. In and off the academic ground, Thandika was an incredibly lovely human being. He cared about people, cherished friendship, very simple and unassuming, and never showed off on anything. After the normal intellectual sessions at meetings, Thandika would mix with, and invite out to those close to him to informal gatherings and interactions; he was quite sociable. Offline, you will gain much more from Thandika, as he would engage you on diverse subjects and issues of developmental concern to the Continent. He was a man of immense energy. After a late night, Thandika would be the first to be in the office next day; looking good, quiet and settled and will work till late night. He was an extremely disciplined man. I could not match his energy, so I sometimes shy away from his invitations. But as age began to catch up, the energy level started diminishing. Our last social outing was in Cape Town about two years ago. The pace had slowed down dramatically, and Thandika could not stay the evening. In the company of Daniel Munene, a friend and staff of the University of Cape Town, Thandika was the first to request to call off the night; I knew that the centre was beginning to crack and our lovely Thandika was showing signs of a withering flower. Adejumobi wrote from Addis Ababa, Ethiopia
COVID-19, OIL BLUES AND NIGERIA’S BLUE REALITY The Covid-19 pandemic has exposed the inefficiencies in the system, writes Oke Epia
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n the fluster of fears and the wear and tear of the coronavirus pandemic, it is possible to have missed the news about the release of the 2018 Oil and Gas Audit by the Nigeria Extractive Industries Transparency Initiative (NEITI) last week. That report reveals that Nigeria earned a total of $32.63 billion from the oil and gas sector in 2018, an increase of 55% from the $20.99 billion received in 2017. That staggering amount is only a tip of the many interesting disclosures contained in the audit. What I find interesting and bemusing is that this new audit, characteristic of previous ones, awakens the stark realities of Nigeria’s unpalatable management or mismanagement of her huge petroleum resource endowment. But the Covid-19-inspired headwinds hugging Nigeria’s economy and the consequential prospect of a dreary future calls for hard questions. And sincere answers too. Urgently! No more time for kidding around. If we miss this moment, we may as well kiss the Nigeria of our dreams goodbye. Some say we have been dreaming for too long. Coronavirus has come to wake us up. How ironic that we needed a living nightmare to wake us up from an ‘Alice in wonderland’ reverie. Fortunately, this awakening is a leveler. It comes with adverse effects both for the rich and the poor; for the elite, middle class, the low class and the no class dregs of the earth. This is a moment of truth for all. We can no longer lie to ourselves. There is no question that the virus effect varies across strata but one thing is sure: we are all in this self-inflicted mess together. The borders of choice destinations of the world have been shut – no more shuttling to Europe
and America to treat waist pain, sprained limbs, heart aches and headaches. Yes, you can choose to call this piece a gloom’s day alert. Enough of the niceties and ostrich-playing. We have run away from reality for far too long and now reality has caught up with us. Our oil-dependent economy has caved in to the covid-19 hammer. The signs had always been there but we chose to ignore. We have heard preachments about diversification of the economy from government but that was all it was- empty promises and hollow policies. What responsible nation puts all its eggs in a single-basket commodity that contributes a meager 7.8% to its Gross Domestic Product (GDP)? At least that is what the $32.63billion petroleum earning for 2018 amounts to, according to the NEITI audit. How can a sector that contributed only 30.6% to all exports in 2018 (according to same audit) be the main focus of revenue for a country that is so abundantly blessed with multiple human and material resources? How can a sector that contributed only 0.03% to the total employment aggregate of the country in 2018 (the NEITI audit puts the absolute employment at 19,820 employees) be the sole source of foreign exchange to meet the needs of 200million citizens? A sector that should have been managed to jumpstart and establish other viable revenue earners have for decades remained the ‘curse’ of the nation driving the cancerous greed and uncanny consumption appetite of the ruling elite and its rentier economic side-kicks. The price of crude oil now hovers around $30/ barrel as against $57/barrel in the 2020 appropriation law. Analysts are telling that worse days are ahead in the global oil market with Russia and Saudi Arabia
up in arms over production levels. I read a projection that crude could fall to as low as $10/barrel. Nigeria now hawks her wares at incentives far less than what some other producing countries can offer buyers. The other day, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Melee Kyari, said our crude vessels are hovering over the waters in search of buyers. Scary stuff! On the fiscal front, the spin-off effects are hitting hard already. While government is scampering around for stimulus packages and palliatives to cushion the effect of the pandemic on citizens, there are strong indications that the state may no longer be able to meet its obligations. As I type this, a news alert just popped announcing that President Muhammadu Buhari has approved the withdrawal of $150million from the vaults of the sovereign investment authority for sharing among the three tiers of government. This source of saving (for the proverbial raining day) will deplete further in the coming months and there may nowhere to go to if it progresses from raining to pouring. Our foreign reserves have already dipped to worrisome levels – a mere $35.16billion as at March 31, 2020, the 9th consecutive drop according to the Central Bank of Nigeria (CBN). The federal government has been forced to suspend its external borrowing plan and may no longer find cash to implement key capital projects in the budget. A substantial budget cut is underway as the executive and legislative branches scramble for buffers. Soon salary payment could be a challenge. It is not only Abuja that is feeling the squeeze as the ill-breeze is wheezing across the land. Already, some states have back-pedaled on
the N30,000 a month minimum wage for workers. The 36 governors under the aegis of the Nigeria Governors’ Forum have asked for suspension of deductions from statutory allocations of their states pending a debt restructuring. Already, there is trickling down effects to the masses - the prices of goods, especially food, have gone up as a result of the lockdown in Lagos, Abuja and many other parts of the country. This will likely reduce whatever impact the distribution of tokens to the poorest will make. The 12.20% inflation rate for February, 2020 which was 0.7% higher than what it was in the preceding month of January (according to the National Bureau of Statistics (NBS), will slide further. We are already scooping from our strategic grains reserves. Doomsday scenarios everywhere. But how did we get here? How did Nigeria expend N83trillion earned from petroleum (as provided by the Nigeria Natural Resource Charter in a recent publication) in about four decades? Where is all that money gone as Nigeria has become the poverty capital of the world? Where are the roads, rails and airports that befit modern-day transportation infrastructure? Where are the schools and vocational centres that build brains and character in the land? Where are the hospitals and healthcare centres that can cure ailments and treat limbs? The Covid-19 pandemic has exposed our neglected and decrepit healthcare facilities like never in the history of our country. Epia, a Technology-for-Transparency, Accountability and Good Governance (TAGG-Tech) advocate; and Executive Director of OrderPaper Nigeria, wrote from Abuja
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T H I S D AY ˾ FRIDAY, APRIL 10, 2020
EDITORIAL WIKE, CAVERTON AND MATTERS ARISING The dispute is unnecessary
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he arrest and detention of two pilots and the closure of Caverton Helicopter offices in Port Harcourt by the governor of Rivers State, Mr Nyesom Wike has continued to generate controversy. Whatever may be the justifications for the action, our main concerns are the constitutional issues being thrown up. Control of the air space is in the exclusive legislative list and the company got all the approvals from the federal government to fly oil workers to the state. The presidential directive on the lockdown also exempted essential flights. Using a slight of hand to send the pilots to prison until May before they are tried for a non-existent offence cannot be right. Neither is closing down the offices of the company in Port Harcourt for carrying out a lawful assignment. We concede that the governor has a duty to protect the people of his state and we do not encourage anybody or company to flout whatever regulations Wike may have enacted to deal with the COVID-19 pandemic in Rivers. But against the background of the defence by the THERE ARE MATTERS Minister of Aviation, OF STATE THAT MUST BE Hadi Sirika that the TREATED IN A MANNER company had all the THAT IS DEVOID OF necessary approvals to undertake the PARTISANSHIP flight, we fail to understand the basis for the heavy-handedness displayed by the governor. “Those flights were approved lawfully, legally and correct”, said Sirika who explained that the approvals for the flights were part of the measures put in place for the oil and gas sector where Caverton provides services. This is a needless dispute that speaks to the usual inclination in Nigeria to abandon civil procedures. First, if the regulation of a state is breached by a federal authority, there is a process for redress. Besides, there are two regulations: One from the president, the other from the governor. For matters on the exclusive list like
aviation, only the president can act based on the legislation of the National Assembly. Even for matters on the concurrent list, in this instance like health, where there is an inconsistency between federal and state laws, the latter shall be void to the extent of its inconsistency. That remains the position of the law.
T T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE
T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO HEAD, COMPUTER DEPARTMENT PATRICIA UBAKA-ADEKOYA
his newspaper is a strong advocate for a true federal structure which leans heavily towards the protection of rights and powers of the states. We also hold strongly that if we are to remain an orderly society, we must abide by the tenets of our constitution. Therefore, if the governor had issues with the perceived breach of his regulation by agents of the federal government, he should have sought the relevant inter-governmental mechanism to seek redress, rather than take the law into his own hands. Meanwhile, the governor is also endangering the career of both the Commissioner of Police and the Air Force Commander who assisted him without following their clear lines of command, as pointed out by Sirika. Whatever may be their differences, public officials ought to understand that not everything is politics. There are matters of state that must be treated in a manner that is devoid of partisanship. Stopping authorised movement of oil and gas essential operatives is counter-productive, especially at this period for the nation. We therefore urge Governor Wike to reconsider his stance on Caverton by allowing the company to resume their legitimate operations while he resolves whatever issues he may have with the federal government. The level of indiscretion being demonstrated on this issue does not befit a state governor whom the public expects to show maturity, calm and consideration in times of emergency. Flexing muscles on any and every issue is not a sign of strength. It is a weakness. Wike should reopen Caverton offices and allow the federal government carry out its statutory functions in Rivers State
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BEYOND THE CORONAVIRUS PANDEMIC
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cholars in history and other fields in the humanities and sciences such as medical anthropology, epidemiology and pathogenesis have proven that humans and viruses have been at war since antiquity. The emergence of pandemic diseases in the pre - modern age and post - civilized world has been traced to the rising interaction between man and animals, environmental and climate changes, and globalization and urbanization. Many infectious diseases previously unknown to human communities were contracted through the contact of animals’ bodily fluids, the consumption of contaminated wild animals, livestock, food substances and water infected by animals, and the carnal knowledge of animals (bestiality). The changes in environment and climate may increase global temperature and wind. The alterations could therefore enhance skin - related diseases and geographic distributions of vector - borne diseases. The increasingly mobile and global population, unplanned urbanization, inappropriate land use and changes in ecosystems are fuelling the increased outbreak of infectious diseases. The emergence of infectious diseases was reported to have claimed more lives than all the historically recorded human wars. The Antonine’s plague of 165 AD killed over five million people across the globe. The Justinian’s plague of 541 - 542 AD annihilated over 25 million people across Europe. In the 14th century, the Black Death pathogen also wiped out nearly half the entire human population across Europe, Asia and Africa. The 2013 - 2016 Ebola virus epidemic in West Africa killed more than 11, 000 people, while viruses such as Lassa fever, meningitis and SARS - CoV - 2 are on the rampage across the globe. SARS - CoV - 2 (Severe Acute Respiratory Syndrome - Coronavi-
rus - 2002) has added to human roster of deadly diseases. It is the causative agent of the current COVID - 19 which has continued to spread disproportionately with growing mortality rate. This global menace has reignited the longstanding supremacy battle between science and religion since religious activities have been restricted as a preventive mechanism for escalation. Nigeria as a case study has declared its unreadiness and helplessness in combating the COVID - 19 pandemic. The nation could only boast of internationally renowned religious leaders, gigantic religious houses and government project on pilgrimages. Nigeria has failed to fully emulate Saudi Arabia, United Arab Emirates (UAE), the Republic of Turkey, Italy and other topnotch religious nations which continually invest in both science and religion. Nigeria’s political elite have continued displaying political rascality, misplacement of priorities and administrative perfunctoriness. The exposition was reflected in the government’s lackadaisical attitude towards the prevention of coronavirus outbreak in the country. Nigeria’s future is gloomy as her political terrain is susceptible to future violence. The people have ventilated their anger and readinesss to defy the curfew imposed in some states. There are reported cases of disobedience and clashes with the law enforcement agencies in Delta State, among others. The possibility of revolution should not be underestimated in Nigeria. The government across boards should sketch an inclusive social welfare state during and after this trying period. Nigeria would collapse if it encounters the degree of disease which has thrown Italy, Spain and the USA into disarray. Binzak Azeez, Faculty of Law, Obafemi Awolowo University, Ile Ife
WE ARE CLASS-CONSCIOUS
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ruth, they say, is bitter. The Bible says the truth shall set one free. If one confronts the truth, accepts the truth, speaks the truth, the soul will always be at peace with itself and with the world. There are surely uncomfortable truths that the black man appears too embarrassed to face. Though the politicallycorrect West and to a lesser degree other non-white peoples are charitable to treat us as “equals,” we would be unwise surely to see ourselves as true equals. Aren’t our ways and governments still crude? From non-Africa Haiti to in-Africa Nigeria, don’t we black folks still chase one another with machetes and butcher our opponents with these long knives? Truth be told, other non-black peoples privately view we black peoples as savages still existing into the 21st century. And for me, what is amazing is how stratified the typical black man society (notably here in Africa) is. The typical African community is too class-conscious for its good, what with layers of stratification that reminds everyone that all is not equal and the “high chiefs” must dine separately from the “chiefs” and these must be removed from the “sub-chiefs” and these too are separated from the “people.” This social-strata consciousness has been the reason for failure of governments across Africa and the black world. It is especially bad in Nigeria when basic amenities like running tap-water, functional toilets, assured electricity supply, etc., become veritable “status symbols” that separate the “big man” from the “common man.” Now, our government would not shut down when a “small man’s disease” like the Lassa fever ravages the land but this government closes shop pronto when a “big man’s disease” like the COVID-19 threatens. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State
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FRIDAY APRIL 10, 2020 ˾ T H I S D AY
COVID -19 UPDATE...
COVID -19 UPDATE...
Obasanjo, Okonjo-Iweala Demand $44bn Debt Relief for Africa World leaders, including former President Olusegun Obasanjo and former Managing Director of the World Bank, Dr. Ngozi Okonjo-Iweala, have asked the G-20 countries for a $44 billion debt relief for African countries to tackle the COVID-19. The duo joined over 100 world leaders in demanding “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.
In a letter addressed to the G20 nations, the leaders said the 2008 to 2010 economic crisis is less complicated than the current pandemic seen across the world. “In 2008-2010, the immediate economic crisis could be surmounted when the economic fault line—under-capitalisation of the global banking system—was tackled,” the letter read. “Now, however, the economic emergency will not be resolved until the health emergency is effectively addressed: the health
emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries.” They also asked the international community to “waive this year’s poorer countries’ debt repayments, including $44 billion due from
Africa, and consider future debt relief to allow poor countries the fiscal space to tackle the health and economic impact of the COVID-19 pandemic.” “We ask the G20 to task the IMF and the World Bank to further assess the debt sustainability of affected countries.”
The world leaders, including Tony Blair and Gordon Brown, former prime ministers of the UK; Joyce Banda, former president of Malawi; Ban Ki Moon, former UN Secretary-General; Mo Ibrahim, Sudanese billionaire; George Soros, founder and chair of the Open Society Foundations, all asked
for an immediate release of $8 billion to battle the pandemic. “World leaders must immediately agree to commit $8 billion–as set out by the Global Preparedness Monitoring Board–to fill the most urgent gaps in the COVID-19 response,” the said.
Dangote Turns 63 Today Africa’s biggest humanitarian, Alhaji Aliko Dangote has assured Nigerians and Africans on hope and eventual victory over the coronavirus global pandemic, if all stakeholders join hands to fight against the scourge, which has also hit Nigeria and the continent on several fronts. In a goodwill message released on the occasion of his 63rd birthday on April 10 (today), the foremost entrepreneur commended the efforts of the organised private sector, which through an initiative tagged the Coalition Against COVID-19 (CACOVID) has donated over N21 billion to support government efforts to tackle the pandemic in Nigeria. Dangote, who through his philanthropic organisation, Aliko Dangote Foundation (ADF) has donated N2 billion in cash and
other materials to the CACOVID Fund, also saluted the efforts of the governments at all levels and those on the frontline of the fight against COVID-19, which is ravaging the economic, health and social sectors of the country. In the message issued by the Dangote Group’s Chief Corporate Communications Officer, Mr. Anthony Chiejina, Dangote noted that, “all hands must be on deck to help fight the coronavirus pandemic, and every gesture of support from other stakeholders outside government and the business community in Nigeria and Africa, would go a long way to help tackle an issue which has assumed a global dimension, with its impact felt all over the world. If we all work together to combat this virus, then there is light at the end of the tunnel.”
Delta Records Death from Pandemic Delta State Governor, Dr. Ifeanyi Okowa, last night announced that a patient suspected to have contracted COVID-19 in the state had died. The governor’s Chief Press Secretary, Mr. Olisa Ifeajika, said in a statement in Asaba, the state capital that the governor disclosed that the case, which was the second, after the first confirmed on Tuesday, was awaiting outcome of the test conducted on it when the patient passed away. He stated that the deceased had underlying health issues and had visited Lagos in the past two weeks, adding that the patient, with severe symptoms, presented himself late to the hospital. The governor said that the symptoms on the patient
included difficulty in breathing, which prompted immediate and necessary attention to him by medical professionals. “Shortly after the specimen was taken, he passed away. However, his test results came back positive today (Thursday). In order to mitigate against the spread of the virus, we are fasttracking our contact-tracing to ensure that all those that came in contact with the deceased patient are properly isolated and tested immediately,’’ he said. Okowa restated the importance of everyone working ``to protect citizens and residents of our state, families and friends of individuals that are exhibiting the primary symptoms of COVID-19, do not keep it from the authorities.’’
Kogi Gov Relaxes Ban on Religious Congregations Ibrahim Oyewale in Lokoja Kogi State Government has lifted ban on religious congregations in the state with immediate effect to allow various religious bodies to resume their normal worship and services. In a statement signed by the state Commissioner for Information and Communications, Kingsley Fanwo, a copy of which was made available to journalists in Lokoja yesterday, the government stated that religious bodies should return to worship centres for service.
According to the statement, “The state Governor, Yahaya Bello, has directed that the ban on religious congregations be lifted with immediate effect to allow religious bodies have their normal worship and services” The statement also urged religious leaders to put in place the following preventive measures by providing sanitizers for all worshippers at the entrance of churches and mosques. It further stated that the sitting arrangements in the worship centres should be done to ensure social distancing.
MAINTAINING SOCIAL DISTANCE…
L-R: Shell Regional Manager, Community Health, Dr. Akinwunmi Fajola; Permanent Secretary, Rivers State Ministry of Health, Dr. Ndidi Uchey; Rivers State Commissioner for Health, Professor Princewill Anthony Chike; Shell’s General Manager, External Relations, Mr. Igo Weli; External Relations Manager, Shell Petroleum Development Company Limited (SPDC), Mr. Evans Krukrubo; Permanent Secretary, Rivers State Primary Health Board, Dr. Agba Harry, at the handover of medical equipment donated by Shell to boost the fight against COVID-19 at the Rivers State Holding Centre, Eleme…recently
Caverton Pilots: Unions Threaten to Mobilise Aviation Community against Rivers Govt Chinedu Eze The aviation unions in Nigeria have threatened to mobilise the aviation community against the Rivers State Government if it fails to immediately release the Caverton pilots. In a statement jointly issued by the National Union of Air Transport Employees (NUATE), National Association of Aircraft Pilots and Engineers (NAAPE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and Association of Nigeria Aviation Professionals (ANAP), they demanded the
immediate and unconditional release of the pilots and oil and gas workers who are presently under “unlawful remand by the Rivers State Government.” The unions also demanded an unqualified public apology to the personnel and the companies involved, which include Caverton Helicopters and Shell Petroleum, as well as adequate recompense for the same persons and companies for personal damages and losses in revenue. The unions stressed that failure to meet these demands would incur
their wrath and they shall have no other choice than to mobilise the aviation community against the state. “It beats our imagination how the state Governor, Nyesom Wike, a lawyer, would so flagrantly disregard the provisions of the Constitution of the Federal Republic of Nigeria which vests legislation and regulation of aviation matters exclusively on the Federal Government, and how he could so arrogantly assume the power to invade a military base, accost aviation personnel who were on
lawful national assignment and purportedly prosecute and remand innocent citizens and legal foreign workers, contrary to everything reasonable and lawful, and in such bizarre manner. “Beyond the issue of legality, it is altruistic that any restriction on movements due to emergency situations anywhere in the world normally precludes essential services providers, as the current situation of coronavirus shows worldwide. In Nigeria, nothing is more essential than oil and gas services,” the unions stated.
Anap Foundation Identifies Areas of Need in Nigeria Martins Ifijeh The Anap Foundation COVID-19 Think Tank has identified seven key areas of urgent need in Nigeria for the execution of the fight against the pandemic. In a statement made available to THISDAY yesterday, the Chairman of the think tank, Atedo Peterside said these areas include deployment of test kits;
molecular laboratories; medical face masks; personal protective equipment; respirators and ventilators; Hydroxychloroquine and Azithromycin; and safety nets. Peterside said: “Access to test kits is critical. The countries that have performed best in containing the COVID-19 pandemic, including South Korea, Taiwan, Singapore and Vietnam all tested extensively and were then able to
implement efficient containment processes. “On molecular laboratories and skilled personnel, testing capacity must be ramped up dramatically. The PCR molecular swab test is the only currently WHO approved diagnostic test for COVID-19. It is highly reliable when positive. Several novel testing modalities are in development and pending approval by global and national
public health authorities. We need access to kits for purchase and by donation.” He said Nigeria urgently needs both surgical face masks and cloth face coverings, adding that surgical masks should be reserved for frontline healthcare personnel, and that the country’s textile industry, including small street tailors to factories, should begin to make cloth face coverings for the citizens.
Conspiracy Theories will Hamper Fight against COVID-19, Says USI Martins Ifijeh The Ummah Support Initiative (USI) has called on Nigerians to shun conspiracy theories on COVID-19, saying this will hamper the fight against the pandemic in Nigeria. In a statement made available to THISDAY Thursday, the Executive Director, USI, Danjuma Abdullahi
said those peddling all kinds of theories around COVID-19 should know that the virus has killed several lives around the world, even in Nigeria. He said: “If you find someone around you who don’t believe in COVID-19, educate them on social distancing, hand washing, coughing using tissue or elbow, as well as staying safe at home
“We need to mobilise and sensitise our communities on the reality of the virus. We are not safe until all are safe. Our singular focus should be working in our different ways to serve all people to save lives and stop the pandemic quickly.” He called on government at all levels to commit resources into educating Nigerians at the
grassroots so they play their role in curtailing the novel virus. The executive director said the global spread of the virus has overwhelmed health systems, disrupted the global economy, and has led to widespread societal disruption, adding that fatality rate was estimated to be 10 times higher than influenza.
FRIDAY APRIL 10, 2020 ˾ T H I S D AY
COVID -19 UPDATE...
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COVID -19 UPDATE...
Chagoury Brothers, Owners of Eko Hotel, Eko Atlantic City, Donate N1bn to Lagos Nigerian-Lebanese businessmen billionaires and philanthropists extraordinaire, Ronald and Gilbert Chagoury, owners of Eko Hotel and Suites, Eko Atlantic City, HITEC Construction Company Limited, ITB Contraction Limited, among others have significantly boosted the fight and containment of the spread of the deadly coronavirus pandemic with N1 billion donation to Lagos State government last week. The state is the epicenter of the Coronavirus disease in Nigeria recording 145 cases as at the time of writing this report. The brothers donation to the Lagos is the so far the single largest donation to the state government to help it tackle
the disease. The billionaire businessmen are also donating 300 plates of meals per day to the government to feed patients suffering from the disease and health workers taking care of the patients. The owners of the prestigious five-star Eko Hotel and Suites conference venue and many other eye-popping investments, such as Eko Atlantic City, HITEC Construction Company, ITB Construction Limited, under the Chagoury Group, an industrial conglomerate with interests in construction, real estate and property development, flour mills, water bottling and purification,
glass manufacturing, insurance, hotels, furniture manufacturing, telecommunications, IT, catering and international financing. The Chagoury billionaire brothers who have built a reputation as giants of global philanthropy are among Africa’s richest men with generous donations to charitable projects around the world. Gilbert has always maintained that the vision for his life was greater than he could imagine and considered it a duty to give back. The company has repeatedly stated that the safety of every Nigerian was uppermost in its mind especially at a time like this of Coronavirus pandemic.
Sanwo-Olu Mulls Reordering 2020 Budget to Cushion Pandemic’s Effects The Lagos State Government has reeled out strategies being put in place to cushion the effects of COVID-19 as the pandemic takes its toll on the economy and residents across the State. Speaking at an Inter-ministerial Briefing to update the media about palliatives by the government, the Commissioner for Economic Planning and Budget, Mr. Sam Egube hinted that the administration will consider reordering the N1.17 trillion budget for 2020 to channel funds into ventures that will generate quick employment and resources for the residents.
The media briefing, which was held at the JTT Park in Alausa, was organised by the State government to enable commissioners directly involved in the intervention programmesofLagosStategovernment provide updates on the activities aimed at reducing the effects of the pandemic on the populace. Egube said the ravaging pandemic had slowed down the growth of the State’s economy, shut down industrial production and distorted the supply chain of essential items, thereby heightening the fear of food insecurity among residents.
Assuring that the Lagos Government has started responding to the concerns of citizens, Egube said, “We have started to put together post-COVID-19 response and stimulation plan to ensure our business continuity plan is riding after Coronavirus. We are going to look at enterprise; that is, Small and Medium Scale businesses that have the capacity to generate quick revenue and employment. All these economic stimulus packages will be rolled out when we have clarity on the slowdown of the spread of Coronavirus in the State”.
Gbajabiamila Proposes Legislation for Disbursement of Funds Udora Orizu in Abuja The Speaker of the House of Representatives, Hon. Femi Gbajabiamila has called for a legislative backing for COVID-19 donations to the government by the private sector and individuals, noting that there should be means of discouraging reneging on donations publicly made. Gbajabiamila made the disclosure in Abuja yesterday during a meeting on the update on COVID-19 between the leadership of the National Assembly and the Presidential Task Force (PTF) on COVID-19 where he emphasised the need for legislation for the disbursement of government and private funds for the pandemic. He said without legislation,
spending from the COVID-19 funds may become a subject of litigation. According to Gbajabiamila, “the disbursement from the fund without the approval of the National Assembly could become controversial. What we are trying to do is to see if constitutional provision is brought to bear on this issue as stated by Section 80 of the Constitution, that disbursement from the coffers of government can only be in a manner prescribed by an Act of the National Assembly.” “What we can do is to convene as soon as possible and give you, even if it is a one line item for you to appropriate this monies, this is because to do otherwise may become a subject of litigation,
and the court can say you have no power to disburse from the money that is coming to the coffers of government. Right now, there is no consequence for reneging on promised made on donations because there is no legislation. There must be some form of legislation to that effect, an instrument to compel pledges must be in place.” Speaking further, Gbajabiamila said the House will monitor the activities of the Chinese medical personnel that came into the country on Wednesday. The Speaker said the need to monitor the movement of the personnel became important following fears expressed by Nigerians over their coming into the country.
Major Fire Outbreak Averted in Ikeja Airport Hotel Rebecca Ejifoma The Lagos State Fire Service has successfully averted a major fire outbreak at the Ikeja Airport Hotel, Lagos, although it razed down some vehicles stationed at the premises, and also affected a nearby company.
CHANGE OF NAME I, formerly known and addressed as NWOKORO ONUABUCHI VIRGINIA, now wish to be known and addressed as MRS NDUBUEZE ONUABUCHI VIRGINIA. All former documents remain valid. The general public should take note.
The Lagos State Emergency Management Authority (LASEMA) Response Team was said to be on ground to curtail the inferno. Confirming the incident last night, the Director General and Chief Executive Officer of LASEMA, Dr. Olufemi Damilola Oke-Osanyintolu, said: “We received multiple reports of a fire outbreak at Ikeja Airport Hotel along Obafemi Awolowo Way in Ikeja.” “On arrival at the scene, three vehicles including one Toyota coaster bus (LND133XW), a Honda civic
saloon car (AKR234LZ) and a Cadillac Escalade car with unknown registration number had gutted fire.” He confirmed that the fire affected the Tour Africa Transport Company within the hotel premises and not the hotel building itself. “The flames have since been extinguished by our responders and the Lagos State Fire Service and an investigation is being carried out to know the cause of the fire”. He, therefore, appealed for calm and promised to provide further updates
WORLD OF ISLAM
Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com
Coronavirus: Coping with Stress, Anxiety and Depression Basheer Ahmed/IslamiCity The Coronavirus spread from China to various parts of the world and has proved to be a global disaster. It has rapidly killed thousands and affected millions of people worldwide, not just the poor and weak, but also the rich and powerful. This shows how lethal and penetrative this virus is. The recent predictions are ominous suggesting that as many as 240,000 Americans could die. Because the United States did not impose restrictions early on, the coronavirus spread here rapidly, especially in Seattle and New York. While Asian countries like China and South Korea have controlled the spread of the disease, the world’s richest countries with the best scientists and infectious disease specialists in USA and European countries did not. Dr. Anthony S. Fauci, head of Institute of Allergy and Infectious Disease, told members of US Congress that the early inability to test was “a failing” of the administration’s response to a deadly, global pandemic. Now 229 million people in at least 26 states, 66 counties, 14 cities are urged to stay home. Everybody is advised to stay indoors, all schools and colleges are closed, all places of worship are closed, and all large social gatherings are banned. Many doctor’s offices are closed, elective surgeries are cancelled, and physicians are seeing patients through telemedicine as most hospitals are treating only emergencies. Flights are canceled, malls and shops are closed, and all restaurants are closed except for take-outs. All sports and outdoor events are canceled. People have lost jobs and their income. There are long lines at unemployment offices throughout the country. New York is almost shut down and Manhattan has become a ghost town. Everybody is uncertain about what might happen in the coming weeks. People who have a physical illness or mental illness are more vulnerable especially the elderly, individuals with chronic diseases, history of anxiety and depression, and people with financial stresses. Feelings of anxiety and uncertainty are completely normal occurring under these circumstances. We are grateful to medical professionals, grocery store employees, delivery drivers, pharmacy workers, mail carriers, firefighters, police, nursing home employees, and everyone else who is working to save lives. These are the front line worker who experience extreme stress due to concerns about their own and their family members’ safety. Health care professionals and front-line workers directly engaged in caring for COVID-19 patients experience symptoms of depression, anxiety, insomnia, and distress. They are at high risk of getting infected and some of them have died. The ever-increasing number of confirmed and suspected cases, overwhelming workload, depletion of personal protection equipment, lack of specific treatment, feelings of being inadequately supported, and seeing unimaginable scenes of suffering and death may all contribute to the stress of health care personnel, especially those responsible for triage and making decisions about who will or will not receive ventilators. An article published on March 23 in The New England Journal of Medicine estimates that the number of American patients who will require a ventilator for the coronavirus could be as high as 31 per machine. Imagine having to explain to a family that they have to take a ventilator off to give it another who has a better chance of survival. There are clear guidelines and doctors follow them. But these guidelines do not protect physicians from psychological stress. Many physicians may suffer from post-traumatic stress and moral injury (trauma of violating your own conscience) for a long period after the pandemic has gone. Under these situations when we experience things that feel threatening to us, we don’t generally feel safe and we start to feel anxious. When we feel helpless about what will happen, it causes anxiety. Prolonged anxiety may lead to depression. People feel more on edge than usual. They feel angry, helpless, or sad. Here are some suggestions to help cope with the stress caused by this epidemic. In some situations, people in great distress must seek professional counseling. One wife complained that “I feel like a pressure cooker in this house. It’s definitely way too much togetherness.” A pregnant lady complained about “What if we get the virus? What if you get it and can’t be there when he’s born? What if I get it and they isolate the baby”? Another obsessive-compulsive lady nags her
family to constantly wash their hands and use hand sanitizer. A husband may be watching TV to divert his attention and his wife shouts about the latest infection rates or death toll. One wife realized that her husband lost half of his money in the stock market which ruined him financially and was now also losing income from his business. She was concerned that he might harm himself. Unfortunately, we are also seeing an increase in incidents of domestic violence and child abuse. However, despite the rise, little is being done to stop this and women and children are at risk by staying with an abusive partner at home. What can we do to relive anxiety, fear and depression? Take the necessary precautions Wash your hands for 20 seconds at a time, try not to touch your face, keep a distance of 6 feet from one another, don’t shake hands, open doors with your closed fist or hip, use disinfectant wipes or sanitizer when available, wipe the handles at grocery stores and at gas stations. Cough or sneeze into a disposable tissue and immediately discard. Use mask if you are going outside. Do not use unproven remedies Social media is flooded with false claims of cures of coronavirus. These untested and unproven treatments may be toxic. Some of these false remedies include use of snake oil, drinking household bleach, gargling vinegar, or using a hairdryer to blow hot air into your nose. If you read or see something that purports to prevent or cure Covid-19, go to a reputable source such as the Center for Disease Control and Prevention or the World Health Organization to confirm. Things you can do to support yourself Take breaks from watching the news or social media. Hearing about the pandemic constantly can be upsetting. Try to eat healthy and do your daily exercises at home. This is one way to help stay grounded when things feel beyond your control. Stay connected and reach out if you need more support Talk to trusted friends about what you are feeling. By sharing accurate information about COVID-19 you can help make people feel less stressed. Social distancing does not have to mean social isolation especially with modern technologies available to many of us. Video calls with friends and family can help. Take the time to calmly and confidently talk with your child about the pandemic. Reassure your child that they are safe. When schools are closed, create a schedule for learning activities and relaxing or fun activities - take time to relax and focus on the present. Life and death are in the hand of God. At the minimum you should take care of the following items if you have not done so. Make sure you have an updated will including, a clear statement of your assets and liabilities, bank accounts, investments and businesses. Identify guardians and executor of your will. End of life decisions. Who should decide to remove the life support systems? It is normal to feel stressed! Fear, worry, and uncertainty about your own health status, as well as that of your loved ones, are common. Each one of us experiences anxiety and sadness at some point in our life and most of us are experiencing these now. It is especially important to be aware of the signs of stress so that you can act or consult a healthcare provider. Talking to those you trust is a helpful way to reduce feelings of isolation, anxiety, fear, boredom, or vulnerability during social distancing, quarantine, or other safety measures. This pandemic reminds us that we are all equal, regardless of our culture, religion, occupation, financial, or social status. By being “locked in,” we have developed a sense of supernatural control and oppression. This should make us aware that millions of people in the world have spent their whole life under oppression and misery. This experience should make us realize our powerlessness and I hope we can give up our big egos and become humble. A single virus can make this world “stand still.” Our reaction to COVID-19 is a sign of humankind’s smallness and vulnerability. I hope in addition to making us feel afraid and unsure, it is also making us more pragmatic and more open-minded, more sensible, more compassionate, and more understanding. We should maintain a sense of hope and improve our sense of control and endurance.
T H I S D AY ˾ FRIDAY APRIL 10, 2020
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Group Politics Editor NSEOBONG OKON-EKONG
POLITICS
Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
What Africa Must Do to Mitigate the Damaging Effects of COVID-19 Atiku Abubakar, former Vice President of Nigeria suggests that the COVID-19 pandemic offers a good opportunity for African countries to unite and seek debt forgiveness
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efore the novel Coronavirus pandemic hit the globe, Nigeria spent 42% of her earnings on debt servicing. We have arrived at a new reality today: even if we devote 100% of our income to rebuilding our economy, it still will not be enough. COVID-19 has wreaked such damage to the world’s economy, and this is now very evident in the West. But we should not take solace in any false sense of security that nations like Nigeria are either immune to the vagaries of this plague or that we would not be as hard hit. The reason countries in the Western Hemisphere are reporting more significant numbers than developing nations is primarily due to the availability of testing and real-time information. Ignorance is not bliss, in this instance. We shall soon know the truth and, sadly, this truth will not set us free. It will shock us. Had we closed our ports of entry early, we would probably have had better reasons to be hopeful. However, the past is gone, but we must be proactive in going forward. I hate to be the bearer of bad news, but Nigeria and other African nations are yet to see the worst of the effects of this scourge. That is why we should unite and seek debt forgiveness, as a direct consequence of the impact of this pandemic on our economies. And we have a perfect case because almost every African nation with a COVID-19 infestation had an index case that originated outside the continent. Nigeria’s index case was Italian, Liberia’s was Swiss. Ethiopia had a Japanese index. South Africa’s index case was South African, but he and his family got infected in Italy. This crisis should force a commonality of purpose in Africa. And more so in Nigeria. This is beyond politics. Beyond religion. Beyond region. And beyond ethnicity. As crisis go, this one can be described as existential. While it is true that in a situation like this, the international community should invest in all countries needing help, we must be mature enough to see that that is not going to happen. The only thing that is standing in the way of the coronavirus in Africa is ourselves. And we should not give in to panic by the doomsday scenarios being painted by analysts. They mean well, but if they only shout fire in a crowded theatre, all that their good intentions will cause is widespread panic. We must remember that many of them had predicted that Nigeria would cease to exist as a corporate entity by 2015, but here we are. We had the Wild Ebola Virus, and we defeated it because we did not panic. We must apply that same level-headedness to this crisis. But this does not mean that we should go to the other extreme and become overly optimistic. Even when we are able to avoid a high human toll from this virus, we would not be able to escape a much higher economic toll. We may have a recession. The challenge right now must be to mitigate it, since we cannot avoid it. Already, we see forced currency devaluations from the Cape to Cairo. These will no doubt lead to internal inflation, which will spell trouble for nations like Nigeria, that have a high external dollar debt burden. Already, the United Nations Economic Commission for Africa is projecting that Africa’s growth will at least drop to 1.8%, and maybe more. Bear in mind that, thanks to nations like Rwanda, Ethiopia and Tanzania, we had been projected to grow 3.2% this year. Faced with this crisis, Africa cannot even think of falling back on China, or the West. When a country like the US is struggling to supply its own healthcare workers with personal protective equipment, Africa will not feature high on its priority. Where China is wondering how to explain itself to the world when this dies down, our challenges will be far from their minds. We must fall back on ourselves, or we will fall headlong. We must take responsibility for navigating our way out of a challenge
that was forced on us from outside the continent. This is the time for every money made in Africa to stay in Africa. We have hospitals to build. We have economies to reboot. We have citizens to care for. We certainly should not be sending money out of Africa and into Asia and the West. Not now and not for the foreseeable future. Oil prices have crashed, and that by itself should not be enough to trigger a crisis. After all, the current price of oil was lower than it is today when President Obasanjo and I assumed office on May 29, 1999. Yet we paid off Nigeria’s entire foreign
debt. However, there are two remarkable differences. The first is that we had a stellar cabinet between 1999-2007. We had the right people manning our economy. We certainly would not have proposed to take out a $500 million loan to digitalise the Nigerian Television Authority, or devoted N37 billion to renovating the National Assembly complex (which was built from the scratch at less than 20% of that amount). Today’s Nigerian government is severely lacking in qualified hands. And nothing proves this than the state of the Presidency itself.
Why Not an Igbo President? Cally Ikpe, a culture activist, broadcaster and convener of Road to a Violence-free Nigeria argues that a Nigerian president of Igbo extraction is necessary to forge national unity
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eneral Yakubu Gowon, Nigeria’s Head of State in 1970 declared at the end of the Civil War that there was ‘No Victor, No Vanguished’. It was a reconciliatory statement intended to heal all from the animosity that led to a war in the first place. It’s been over five decades since then, yet issues of genuine reconciliation and trust between the Igbos that attempted to secede and the rest of the country have remained a constant in our national discourse. Many have argued that the main reason a Nigerian citizen of Igbo extraction has not ascended the presidency since after the civil war is not unconnected with their role in that dark past. This postulation has remained delicately contentious as many would rather dismiss it as an infantile imagination of pundits and politicians playing on the psyche of the public. Candidates of Igbo extractions like others from other parts of the country have at every opportunity vied for all elective positions including the presidency. On one occasion, one of theirs was elected Vice President: Dr, Alex Ekwueme served as Vice President to Alhaji Shehu Shagari between 1979 and 1983. Subsequent shots at the presidency had seen names like Chuba Okadigbo, Emmanuel Iwanyanwu, Rochas Okorocha, Peter Obi, Kingsley Moghalu, Obi Ezekwesili and a host of others participate robustly. These patriots contested keenly each time in a process that was conclusive. While nothing tangible substantiates
claims of conspiracy and a deliberate scheme to keep the presidency out of the reach of the Igbos, activities of certain individuals have served to deepen that fear of alienation among the Igbos. Nnamdi Kanu who holds a dual citizenship: British and Nigerian- is a self-acclaimed leader of the Independent People of Biafra (IPOB), an organization committed to the actualization of the sovereign state of Biafra. Ralph Uwazururike is the leader of Movement for the Actualization. Of the Sovereign State of Biafra, popularly known as MASOB. Both groups have been persistent with their agitation for a sovereign state- a line of action that threatens Nigeria’s sovereignty. Though this trajectory has turned Nnamdi Kanu, particularly because of his exuberance into a fugitive of some sort; it has also served to reinforce that sour consciousness on the minds of all concerned. It must be acknowledged though that an overwhelming number of leaders of Igbo extraction have condemned in very unequivocal terms the activities of that group. These condemnations are quite reassuring, but are they enough to render insignificant all such sour feelings? Goodluck Jonathan as Nigeria’s president probably demonstrated that strong faith when he appointed Lt. Gen. Azubuike Ihejirika as Chief of Army Staff in 2010, making it the first time any military officer of Igbo extraction will be so appointed since the civil war. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
To think that after devoting N13 billion to the State House Clinic in the last five years, it is virtually useless as we face the most significant public health challenge of our national life. That is a pointer to the state of our Federal Government. The second and perhaps more important thing is that we did not have to deal with a worldwide pandemic of this extent (although we had the H5N1 incident). As it stands today, the world is too preoccupied with its challenges to prioritise Africa, and so we have to prioritise ourselves. The issue of Nigeria wanting to borrow $6.9 billion at this time shows the almost delusory state of our government. No one has that type of money to throw about. China and America, previously our two largest creditors, have taken hits to their economies to the tune of trillions of dollars. If they could, they would consider taking from us at this stage. Why is it that the Nigerian government is always quick to want to borrow at every instance? It shows a lazy mindset and an inability to take those sacrifices necessary to get the economy into shape. Worse still it proves that we do not, as of yet, have the ability to think outside the box for genuine solutions. We cannot be looking to borrow huge sums at the same time our officials are taking delivery of foreign made luxury cars. We cannot be considered a serious country when we refuse to cut down on profligacy and instead seek outside help to fund our inefficiencies. Even in our own individual houses, when things get tight, the first thing we should do is cut down on unnecessary expenditure and then you look for creative ways to generate funds and develop our household economy, before we even seek outside funding. A situation where the Nigerian government always seeks outside funding, which, by the way has to be repaid if ever granted, displays an inadequacy in the thinking process of our leaders at the moment. So, other than asking for debt relief, what can we realistically do to protect ourselves from the type of economic collapse that could lead to social upheaval in Nigeria? We can start from where we have the most influence, the global oil industry. To save our economy, Nigeria must engage in immediate shuttle diplomacy to get Saudi Arabia and Russia to settle their differences and end the price war that is affecting the price of oil almost as much as the pandemic. The Organization of Petroleum Exporting Countries (OPEC) cartel is more vulnerable than Russia right now. Yes, Russia is also vulnerable, but so are we. Russia has an almost stable gas market in Europe. We do not. So we are much more vulnerable. This price war is not just affecting Nigeria and Angola badly, it is also affecting the valuation of ARAMCO and delaying vital decisions, which are troubling signs. Nigeria must bring her weight (like we had done in the past) to bear to force an early cessation of hostilities so that oil prices could start looking up. And secondly, we must insist that the Abacha loots held back by various Western governments must be immediately and unconditionally returned to Nigeria. We have a humanitarian crisis on our hands. I believe that President Trump is a reasonable man. He knows that if nothing is done to avoid the foreseeable dislocation of African economies, the next wave of mass migration to the United States would not be from Mexico. The worst thing we can do now is to wring our hands and look to outsiders. Not now. The leadership in Abuja and the rest of Africa cannot afford to be lethargic while the rest of the world is scrambling to save what they can of their economies. In Nigeria, it is already clear that we must abandon the 2020 budget and come up with a more realistic budget. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
T H I S D AY ˾ FRIDAY APRIL 10, 2020
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PERSPECTIVE
Lawan Leads the Fight against COVID-19 Through Collaboration in Governance Mon-Charles Egbo, Print Media Aide to the Senate President, Dr. Ahmad Lawan posits that apart filling the painful communication gap left by the Presidency before the nationwide broadcast on COVID-19, Lawan continues to advocate collaboration between the legislature and the executive
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n these times of adversity, there are few things that any objective analyst and even critic cannot take away from the Senate President, Senator Ahmad Lawan. His sense of forthrightness and spirit of altruism are profound. He is consistent in dispensing dispassionate leadership. Even when it hurts, he does not shy away from speaking truth to power always. He recognizes the difference between politics and governance. He insists on not just doing things right but doing the right thing. He believes that any governance output that does not take into consideration, the peculiarities of the under-priviledged and vulnerable, is not productive. Above all, he advocates that legislature is truly the conscience of the nation only when it is the ultimate voice of the people. And as such, there is always need for collaboration in governance for the overall good of the people. Yet unfortunately, this very attribute is what some elites, for mere political expediency, term compromise. As an instance, until the nationwide broadcast on COVID-19, the painful communication void left by the presidency was filled by Lawan. And he is still unwavering in truly representing the people, particularly the poor and vulnerable, who indeed are at the greatest risk in the prevailing circumstance. This time, his renewed advocacy is on the urgent need to deploy high level of empathy and equity for effectiveness, in the current implementation of the Federal Government’s Social Investment Programme (SIP) relative to the COVID-19 palliatives. This very scheme even before the viral outbreak generated public outcry. It attracted series of knocks on both the government and governing party, .the All Progressives Congress (APC) . Its implementation has been roundly described as lacking in national spread, thereby reinforcing the perception that the initiative is deliberately designed to serve partisan and sectional interests as against what obtains globally. Hence it is the firm resolve of the senate president that SIP should be modified so that all the inherent good governance deliverables can be seamlessly delivered to the people, especially now that it matters most. And therefore in furtherance of his sustained engagements with the critical stakeholders as part of containment strategies against the COVID-19, Lawan hosted a meeting of the National Assembly leadership with the Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq. The aim was to review the performance of the federal government’s relief packages towards cushioning the effects of the pandemic, particularly on the vulnerable Nigerians. Lawan’s immediate attention was on the disbursement of the monetary palliatives as he noted that regrettably, the ultimate beneficiaries are apparently being shortchanged through the outlined conditions and guidelines. He therefore called for collaboration in implementation, moving forward. According to him, “We need to work together with you to ensure that there is effectiveness, there is efficiency; that those who are supposed to benefit, benefit directly. When for example, some conditions are set, that those who will benefit will have to go online, through the internet
or BVN and the rest of it. I want to tell you that the majority of those who are supposed to benefit have no access to power. They have no access to Internet. They have no bank account, so no BVN. In fact, many of them don’t even have phones and these are the poorest of the poor. Yet, some of the conditions or guidelines which you set inadvertently leave them out. We believe that when we work together, the Executive side of government and the National Assembly as representatives of the people, we will be able to reach much more of these people who are in serious distress even before the Coronavirus. Now with Coronavirus, they need our attention more than ever before. The time has come that we review the ways and manner we use to deliver the services under the SIP to Nigerians.” This is not the first time he would be making case for the people especially “the poorest of the poor” who he argues should be sufficiently impacted by the programme. At his initial discussion with the Minister of Finance, he announced that the National Assembly would be providing all the support as the need arises in this crisis time. Then at the follow-up, he assured the Minister that the national assembly in the spirit of collaboration would approve the N500b COVID-19 Crisis Intervention Fund proposal, of-which chief among the purposes is to upgrade the healthcare facilities nationwide. Lawan reiterated that beyond going to the streets sharing N20000, there should be streamlined approaches that would ensure efficiency and broad-based implementation. Also, in yet another session with the presidential committee on COVID-19, the senate president, apparently in response to continued complaints of marginalization by some segments of the society ; further cautioned that “we must ensure that there is equity. That there is fairness in the interventions. Every part of this country should have something to ameliorate the situation whether it is Coronavirus infected or not. In fact, some of our states have been in a very difficult situation before the outbreak of Coronavirus and such interventions will definitely help.” So with all these demonstrated determination to remain the real voice of the people particularly in this difficult times, Ahmad Lawan has substantially proven that indeed, collaboration in governance does not translate to compromise but a strategic approach in the overall interest of the people.
EPISTLES of ANTHONY KILA
The Favour Yahaya Bello Did Us Dear Dr. Wale Babalakin, Have you read the news lately, I mean beyond updates about Coronavirus, if you have, then you would have seen an event made in Kogi State that should have caught your attention: Kogi State Governor Yahaya Bello has sacked and replaced the Vice Chancellor of the Kogi State University and the Rector of the Kogi State Polytechnic. It seems really true that if we live long and travel far in life we shall come across the fish with hunchback and here we are: We have traveled far and lived enough to witness not only the era in which Yahaya Bello as Governor will posses the power to sack and replace a Vice Chancellor and a Rector but also the day he will have the audacity and authority to use such power. This grave and mighty historic act, executed at such a moment in our lives, gives us a golden opportunity to review our understanding of and relationship with our citadel of learning. Dear Dr Babalakin, allow me to remind distracted readers that today’s missive is addressed to you not because you are lawyer, businessman or philanthropist but as the Pro-Chancellor and Chairman University of Lagos Governing Council. That is the university currently rated as the 1st in Nigeria and 8th in Africa. Ordinarily, one will assume that as Pro-Chancellor, a man of your professional status and academic exposure will be striving to take that university to the level of being rated as 1st in Africa. It is after all, your university, yours, not because you are Pro-Chancellor but because you were a student of that university. Alas Dr, the battles you have at hand seem to be way below that of striving for greatness as you seem to be embroiled in mundane battles of who owns the space. A quick google search using the words ‘Babalakin UNILAG’ will tell you more than what we can discuss in a short epistle. It is enough
Allow me to remind distracted readers that today’s missive is addressed to you not because you are lawyer, businessman or philanthropist but as the Pro-Chancellor and Chairman University of Lagos Governing Council. That is the university currently rated as the 1st in Nigeria and 8th in Africa. Ordinarily, one will assume that as ProChancellor, a man of your professional status and academic exposure will be striving to take that university to the level of being rated as 1st in Africa
here to note that results of such search includes items like “abrupt suspension of convocation”, “lecturers demand removal of Babalakin” to “Students declare Babalakin unwanted on Campus.” There is no other way to put it Dr: So far, so bad. You need to review your approach in chairing university affairs and to do so effectively, it will be useful to review what a university is, what it ought to be and what we should not allow it to be in our lives. Whilst this discussion might have seemed theoretical and perhaps even abstract till not long ago, the recent sackings done in Kogi State give us a chance more to understand why some of us have maintained for years that we don’t want universities led by Vice Chancellors that can be controlled and sacked by a politician. Regardless of how democratic one is or how spiteful one might have become towards the university, I think common sense should explain to everyone that if we take the requirements of being eligible to become a Vice Chancellor and compare such requirements to what it takes to be eligible to run for the office of Governor, we should rationally not allow a Vice Chancellor to be answerable to a Governor. That is, however, what we are doing at the moment. Our society is littered with instances of such misplaced priorities and now that we have nowhere to rush to, we can calmly ponder on such flaws and jaundiced choices perhaps while washing our hands and practising social distancing. Luckily for us, with Dr. Babalakin as Pro-Chancellor of a top university, we have a chance to see how a world class university is managed. Yes, we can, because unlike others, Babalakin has the experience of and exposure to world class education and universities. He knows very well that world-class universities are known for cutting edge research led by a respected faculty that at all time express bold and independent thoughts whilst teaching bright motivated students who work, play and learn in a competitive but safe and stimulating environment. A university that is known for uncertainties like cancelling the date of convocation for any other thing outside natural disasters like earthquakes or pandemics like CONVID-19 is not acting like a world class university. The activities and ultimately the legacy of a Pro-Chancellor should be that of attracting funds, facilitating partnerships, building and promoting the ethos of the University. What does a Pro-Chancellor do if lecturers and other university executives are proving difficult? Does the Pro-Chancellor fight back and show them who is in charge or turns the other cheek? I have news for you: The great ProChancellor turns the other cheek. In a citadel that wants to produce great ideas and great minds, a ProChancellor does not exert power, the Pro-Chancellor exerts influence. The great Pro-Chancellor is calm and reconciling, always building and binding, not out of weakness but because his or her vision is on the legacy of tomorrow not the battle of today. -Prof. Kila is Centre Director at CIAPS Lagos.
20
FRIDAY, APRIL 10, 2020 ˾ T H I S D AY
MARKET NEWS
NSE Lists Flour Mills of Nigeria Plc’s N20bn Bonds Goddy Egene The Nigerian Stock Exchange (NSE) yesterday listed the N12,499,600,000 3-years 10 per cent Series 3 (tranche A) Fixed Rate Senior Unsecured Bond due 2023 and the N7,500,400,000 5-year 11.10 per cent Series 3 (tranche B) Fixed Rate
Senior Unsecured Bond due 2025 issued Flour Mills of Nigeria (FMN) Plc. The flour milling firm had issued the bonds under its N70 billion Bond Issuance Programme. According to the NSE, the bonds were 100 per cent subscribed and the listing would afford investors the opportunity
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
to trade the security. The firm intends to channel the capital raised through the offering into refinancing its short-term debt obligation and ramp up the efficiency of its balance sheet. The idea is to maximise the wealth of its shareholders. The food company recently posted improved financial results for the nine
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 08Apr-2020, unless otherwise stated.
months ended December 31, 2019. FMN recorded a revenue of N423.48 billion for the nine months in 2019, showing an increase of six per cent compared with N400.64 billion in the corresponding period of 2018. Profit before tax (PBT) rose marginally from N11.278 billion to N12.292 billion in 2019, while profit after
tax (PAT) increased from N7.896 billion to N8.161 billion. Commenting on the result, the Group Managing Director, FMN, Paul Gbededo, said: “I am pleased with our Q3 results. We have recorded impressive growth in our volumes, and profit before tax
increased by 23 per cent. Going into the final quarter of the financial year, continued growth is envisaged as we continue to implement targeted strategies, invest in our branding and distribution network and reduce operational costs that will bring even more value in the long run for shareholders.”
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 ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds 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 100.00 100.00 7.07% AIICO Balanced Fund 2.48 2.54 0.86% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 6.74% Anchoria Equity Fund 84.23 84.49 -21.01% Anchoria Fixed Income Fund 1.16 1.16 1.72% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.48 12.85 -18.54% ARM Discovery Fund 305.94 315.16 -11.43% ARM Ethical Fund 26.24 27.03 -9.78% ARM Money Market Fund 1.00 1.00 6.34% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 85.41 86.01 -11.11% AXA Mansard Money Market Fund 1.00 1.00 5.92% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.07 0.05 6.93% Paramount Equity Fund 9.60 10.00 -22.41% Women's Investment Fund 104.08 104.81 -5.82% 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 6.44% Cordros Milestone Fund 2023 92.33 92.71 Cordros Milestone Fund 2028 99.67 100.15 CORONATION ASSEST 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 Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,320.53 1,322.17 2.28% FBN Balanced Fund 131.31 132.18 -10.56% FBN Money Market Fund 100.00 100.00 6.24% FBN Nigeria Eurobond (USD) Fund - Institutional 111.14 111.86 -6.79% FBN Nigeria Eurobond (USD) Fund - Retail 111.70 112.42 -6.78% FBN Nigeria Smart Beta Equity Fund 103.70 104.92 -20.31% 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 6.79% Legacy Debt Fund 3.73 3.73 1.98% Legacy Equity Fund 0.95 0.96 -16.39% Legacy USD Bond Fund 1.09 1.09 1.23% 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 Growth Fund 2,792.57 2,818.91 -6.43% Coral Income Fund 3,144.72 3,144.72 14.72% FSDH Treasury Bills Fund 100.00 100.00 6.06% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 4.78% Nigeria Entertainment Fund 116.27 116.62 7.62%
GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 4.83% Vantage Balanced Fund 2.06 2.09 -6.18% Vantage Guaranteed Income Fund 1.00 1.00 11.01% Kedari Investment Fund (KIF) 137.10 137.48 -4.46% 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 1.12 1.14 -3.97% Lotus Halal Fixed Income Fund 1,132.77 1,132.77 3.09% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 7.23 7.26 -26.42% Meristem Money Market Fund 10.00 10.00 4.50% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.26 1.28 3.93% PACAM Fixed Income Fund 11.34 11.37 1.01% PACAM Money Market Fund 10.00 10.00 4.42% PACAM Equity Fund 0.91 0.91 PACAM EuroBond Fund 85.96 88.00 SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 109.09 110.90 -9.16% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.03 1.03 2.68% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,521.35 2,532.80 -4.46% Stanbic IBTC Bond Fund 210.33 210.33 1.92% Stanbic IBTC Ethical Fund 0.88 0.89 -14.61% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 2.15% Stanbic IBTC Iman Fund 154.92 156.64 -14.59% Stanbic IBTC Money Market Fund 100.00 100.00 5.77% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 -14.55% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 1.56% Stanbic IBTC Shariah Fixed Income Fund 118.18 118.18 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.05 9.16 -11.94% Zenith Ethical Fund 10.89 10.99 -6.28% Zenith Income Fund 23.29 23.29 4.77% Zenith Money Market Fund 1.00 1.00 4.78%
REITS NAV Per Share
Yield / T-Rtn
3.15 120.83 52.49
-67.35% 1.45% 0.85%
Bid Price
Offer Price
Yield / T-Rtn
6.79 74.81 54.98
6.89 76.37 55.99
-21.87% -19.12% -25.43%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 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 Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com 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 N/A N/A N/A
NAV Per Share
Yield / T-Rtn
108.69
17.60%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
21
T H I S D AY ˾ APRIL 10, 2020
BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT
A S
A T
A P R I L
3% 3% 3%
S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
REPO 2.20 % 2.60 %
CALL 1-MONTH 3-MONTH
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875
3 , 2 0 2 0 466.99 % 0.03 % 0.28 %
S & P INDEX 1/4 TO DATE 0.28 % YEAR TO DATE -2.95 %
EXCHANGE RATE N361/1US DOLLAR* ̩
Quick Takes IATA Postpones AGM
TheInternationalAirTransportAssociation(IATA)hasannouncedthe postponementofits76thAnnualGeneralMeeting(AGM)andWorldAir TransportSummit.Theeventhadbeenscheduledtotakeplacebetween 22nd and 23rd of June in Amsterdam.The association said the 76th IATA AGM andWorld AirTransport Summit would now be held when it is both safe and practicable to do so. It also said it anticipated that the meeting would now be held in either in the third or fourth quarter of 2020. An announcement will be made when a date is confirmed, the association explained. “Our members are in the deepest crisis the air transport industry has ever faced. With much of the passenger business grounded as part of the global fight to contain the virus, many airlines are in a struggle to remain viable. “Onthecargoside,airlinesaredoingwhatevertheycantokeepglobal supplychainsmovingwithvitalshipments,includingthoseforcritical medicalsupplies.Wewillcometogetherasanindustrywhenthefreedom totravelhasbeenrestoredandwecanfocusonairtransport’scritical roleindrivingtheeconomicandsocialrecoveryfromthisunprecedented crisis,” said ATA’s Director General and CEO, Alexandre de Juniac.
Airlines Advised on Recirculation Fans
PORTS’ INSPECTION
L-R: Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala-Usman; Executive Vice Chairman, ENL Consortium, Vicky Haastrup, and Executive Director, Marine & Operations, NPA, Onari Brown, during the inspection of the Apapa and Tincan Island Terminals in Lagos...recently
Amiwero Urges FG to Halt Demurrage Charges Eromosele Abiodun Despite recent announcement by the Nigerian Ports Authority (NPA) that it has suspended all fees following the outbreak of the COVID-19 and the consequent lockdown directed by the federal government, customs agents in the country have cried out to the government to compel the shipping companies to stop all charges. In a petition to President Muhammadu Buhari, they appealed to the federal government to comply with the international convention by waiving rent and demurrage. National President of the Association of Managing Directors of Licensed Customs
MARITIME Agents (AMDLCA), the umbrella body of freight forwarders in the country, Lucky Amiwero, in the petition, said contrary to reports banks are not open at the ports and some government agencies are not on ground to carry out their duties. According to him, “We hereby bring to the notice of the federal government of the urgent need to waive the rents of terminals and shipping company demurrage charges on all shipping into Lagos port as a result of the Covid-19 lockdown that affect the banks, shipping companies and licensed Customs agents (LCA), other port users and other government
agencies. “The banks are not opened for bank normal transaction, which is the core within the core LCA clearing chain, as clearance of goods start, with the banks in the opening of form ‘M’, processing of PAAR, collection shipping documentation and other monetary transfers transaction. “Furthermore, the banks facilitate payment of import duty, terminal charges, shipping company charges, terminal charges, transporters charges, NAFDAC, SON etc, which cannot be performed as the banks are not open for the normal transactions till date.” The clearing agents added that shipping companies were not opened for the release of goods
adding that, “they are statutorily the agent to the carrier or the carrier themselves, who by the provision of the contract of carriage by sea or air are to release the goods after ascertaining of the payment for freight from the port of shipment to port of destination and other local shipping charges payments, that is paid through the banks “As stated, without the release of the goods from shipping company terminals cannot deliver the goods to the LCA/importer as the shipping company hold the cargo in trust until is release for delivery inline the contract of carriage.” Continued on page 22
Domestic Airlines May Face Aircraft Maintenance Challenge Post COVID-19 Chinedu Eze Industry experts have expressed fear that domestic airlines may face aircraft maintenance challenge on resumption after the COVID-19 pandemic that forced them to halt their operations. THISDAY learnt that some of the existing aircraft, many of which are currently grounded would be due for their calendar checks in April and May. Although it had been projected that the current sit at home order aimed at averting the spread of the COVID-19 may last for about four weeks, analysts believe that aircraft not well stored during this period may be corroded and damaged when flight operations resumes.
AVIATION The Nigerian Civil Aviation Authority (NCAA) had advised airlines on how to keep their aircraft safe and protected while the lockdown is still on and urged them to abide by the calendar maintenance of their aircraft. In other words, airline operators and other aircraft owners should abide by given regulations in protecting their aircraft while not in operation. NCAA directed all airlines and other aircraft owners to put their aircraft under short-term or longterm storage or they would be maintained in accordance to the aircraft maintenance programme during the period the aircraft
would be out of service. “Prior to returning to service, any aircraft that is under short term or short term storage or under an approved maintenance programme, all aircraft operator/ owners are to ensure that all storage/preservative maintenance requirements are carried out on the aircraft/ aircraft components at regular intervals and in accordance with the procedures stated in the aircraft maintenance manuals/approved maintenance programme/manufacturer’s technical document,” NCAA said. Aircraft engineer and former Director General of NCAA, Benedict Adeyileka, told THISDAY that if airlines do not abide by the rules in
storing their aircraft while not in operation, the engines and other sensitive parts may corrode and the aircraft would become damaged. He also advised that airlines should not do long term storage because of corrosion; rather, they should be kept in short storage and be warmed regularly. “The biggest problem in long term storage is that by the time you are ready to use them you see that they have stopped working. They will be corroded. You will have to rotate the tyres regularly to avoid flat stop, which damages the tyres. “So you have to roll the tyres at least every week so that the Continued on page 22
Europe’ssafetyregulatorhasadvisedcommercialaircraftoperatorsto adoptnewprocedurestoswitchoffair-conditioningsystemrecirculation fansregularly,aspartofmeasurestolimittheriskofcoronaviruscontagion. Supplementary procedures to turn off the fans periodically would, “accelerate cabin air exchange,” the European Union Aviation Safety Agency said. Its advisory was part of a series of operational recommendations to operators of passenger and cargo aircraft in response to the coronavirus outbreak. Carriersshouldprovideasufficientsupplyofsurgical-standardfacemasksfortheintendedoperation,andtheseshouldbewornatalltimes bycrewmembershavingdirectcontactwithpassengersornon-crew individuals – and be replaced every four hour. Hand disinfectants should be provided in lavatories on board, with crews informed that frequent hand-washing is the, “preferred and mostefficient”preventativemeasuretolimittransmission,saysEASA, althoughitacknowledgesthatthismightberestrictedbywater-tank capacity – in which case single-use gloves should be employed. Airlines should consider spacing passengers throughout the cabin – avoidingcentreseatsintriple-seatblocks–asfarasweight-and-balance conditions permit, or encourage use of passenger face-masks.They shouldalsocollaboratewithhealthauthoritiesbyencouragingcrewsto identifypassengersshowingsignsofrespiratoryinfection,collecting passengerdataifnecessary–particularlyfromthoseinthesamecabin section – and supporting passenger-tracing and epidemiological investigation measures if the presence of coronavirus on a flight is confirmed.
Air Canada Seeks Wage Subsidies
Air Canada is seeking newly available federal wage subsidies for 36,000 domestic employees, including roughly 16,500 workers who have already lost their jobs. TheMontreal-basedcarrierhasalsoexpandedacost-cuttingprogramme andborrowedadditionalfundsinresponsetothecoronaviruscrisis,it saidon8April.AccordingtoFlightGlobal,theairlinewouldapplyforthe fundsviathe,“CanadaEmergencyWageSubsidy,”programme,whichhas madeC$71billion($50.6billion)availabletocompaniesthathaveseen revenuedeclinebyatleast30percentduetothecoronaviruspandemic. Theprogrammereimbursesupto75percentofemployees’salaries,to amaximumofC$847weekly,accordingtothegovernment’swebsite. AirCanadaannouncedthe16,500jobcutson30March,andtheCanadian governmentpasseditscoronavirusreliefpackageonApril1,2020.In recentweeks,theairlinehasslashedseatcapacityby85-90percent duetothecoronaviruscrisisandis“incurringsignificantrevenuelosses.” “Once the crisis passes and passenger demand increases, we look forwardtoreturningasmanyemployeesaspossibletoactivestatus as we resume normal operations,” Air Canada chief executive, Calin Rovinescu, said. Inadditiontoapplyingforwagesubsidies,AirCanadahasbroadened a company-wide cost-reduction and capital deferment plan. It now expects to save C$750 million this year, up from a previous C$500 milliontarget.AirCanadahasalsoborrowedanadditional$1billion,and Rovinescu and chief financial officer Michael Rousseau have agreed to forgo all their salary.
“Flight approval given to Bristow, Caverton, Arik is for national interest to boost national revenue at a time oil has gone below $30 and the cost of production is $30” Minister of Aviation,
Senator Hadi Sirika
22
T H I S D AY Ëž ÍŻÍŽËœ Í°ÍŽÍ°ÍŽ
BUSINESSWORLD AMIWERO URGES FG TO HALT DEMURRAGE CHARGES They stated that the LCAs are by the provision of the Customs Management Act Section 153-(2) the only body authorised to interface with the Nigeria Customs Service (NCS), “as they are by the provision of Section 154 of the Customs and Excise Management Act c.45 of 2004, liable for the payment of import duty and responsible for defaulting on payment of import duty “LCAs by provision of the Port related (offences) Act 61 of 1999 Section 1-(a) &1-(b) are those allow to be in the port to transact the profession of Customs agent on import, export, transit, Transshipment, interface with other government agencies and other port users “However, LCAs are scatted over Lagos and part of Ogun state, cannot access the ports, terminals, shipping companies, banks, NAFDAC SON etc, and to arrange for transport to move out the goods from the port. “We hereby request for the clarification of essential goods, if is only the goods that is allow to leave the port, and such clarification should be backed by the relevant agency authorised to issue guide line for such goods, which is the Federal Ministry of Finance under Section 36 of the Customs and Excise Management Act for clarity,� they added.
DOMESTIC AIRLINES MAY FACE AIRCRAFT MAINTENANCE CHALLENGE POST COVID-19 aircraft, which is usually heavy does not rest on one area of the tyre for a long time. The manual will ask you to rotate the tyres once a week. “You also have to protect the screen and the dashboard of the aircraft with cardboard or foil so that they would be in good standard when you want to resume operation.� Adeyileka, also noted that despite the storage, airlines were also expected to maintain their aircraft that are due for maintenance, according to scheduled calendar checks. Calendar checks in accordance to NCAA regulations stipulate that commercial aircraft are taken out for C-check after every 18 months and it is expected that every aircraft due for maintenance under COVID-19 lockdown must be maintained.
NEWS
COVID-19: NIMASA Donates N700m Worth of Relief Items to FG, Lagos Stories by Eromosele Abiodun
As part of its contribution towards the battle to halt the spread of Covid-19, the Nigerian Maritime Administration and Safety Agency (NIMASA) has handed over relief materials valued at over N700 million to both Lagos State and the federal government. Speaking during the presentation ceremony in Lagos, Director General of the NIMASA, Dr. Bashir Jamoh, said besides the N50 million cash donation made the previous week, the agency was joining hands with government to stop the spread of the virus by supporting the initiative of government. Jamoh, who was silent on the amount spent to purchase the relief material and equipment, however, disclosed that one ventilator cost N15 million, “and over thirty has been acquired, including six fast intervention boats, three fire fighting vehicles, three Ambulances, Personal Protective Equipment, PPE amongst others.� The agency had earlier made a donation of N50million cash to contain the spread of the virus. Jamoh, said the agency was working hard to see what strategic efforts it can put in place to put an end the spread of the virus.
The NIMASA boss explained that the agency was also providing skill personnel as volunteer to help the Lagos State Government in handling some of the equipment. He also said that the agency was concentrating on communities, particularly coastal cities where the agency
operates adding that the fast intervention boats was purposely meant for Nigerians living in the coastal communities but come to the hinterland from time to time. “The issue of Coronavirus is real and we cannot afford to be laid back in trying to see the end of this chronic
L-R: Subject Teacher, Community Senior High School, Alapere, Lagos, Mrs Mary Isibor; Director, Nosak Group, Mrs. Risi Ogunbor; Director, Co-Curricular Unit, Education District 11, Maryland, Lagos, Mrs. Tinuola Idowu; with some of the students, during the ‘Growing Women Career Summit,’ organized by Nosak Group to mark the 2020 International Women’s day in Lagos‌recently
NPA Pledges More Support for SIFAX The Managing Director, Nigerian Ports Authority (NPA), Hadiza BalaUsman, has pledged the agency’s support towards resolving some of the challenges being experienced by SIFAX Group due to the lockdown imposed to contain the spread of coronavirus. She made this pledge when she visited the terminal of Ports & Cargo Handling Services Limited, the flagship company of SIFAX Group during a tour of all terminals in Lagos to assess the impact of the lockdown on port operations. While welcoming her, Group Managing Director,
SIFAX Group, Adekunle Oyinloye noted that the operations at the terminal has been faced with daunting challenges since the lockdown. He said: “We have encountered a lot of challenges including the harassment and detention of our staff by security agencies despite presenting their ID cards and the cover letter from NPA and bank closure at the ports, among others. We will need your assistance to address these obstacles to our operations. Also, in order to avoid congestion at the ports, we have stemmed some of our containers to our off
dock facilities.� In his contribution, Managing Director, Ports & Cargo Handling Services Limited, John Jenkins urged the NPA to sensitise security agencies on port operations, prevail on them to allow more trucks from outside Lagos access the ports and make public transport available for port workers. In her response, BalaUsman said the agency is collating the challenges of all terminal operators and will pass them to the appropriate agencies for proper actions. She hinted that the government was committed to having smooth operations
NIWA Joins Fight against COVID-19
Capital Market Editor
Further to its earlier financial contributions, the Managing Director, National Inland Waterways Authourity, Dr George Moghalu has authorised the release of the authority’s water-buses, security patrol boats and other craft for use by relevant states and federal agencies in the fight against the COVID-19 pandemic. These craft, it stated in
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this evening to flag off the distribution of the some of the items and relief materials.� Jamoh also stated the agency decided to donate materials to its landlords across the country just as materials were also donated to the six geopolitical zones across the country.
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Obinna Chima
problem. “We are working hard as both our staff that is the internal stakeholders and our external stakeholders to see what strategic effort we can put in place to bring this menace to the barest minimum within the shortest possible time. So we are here
a statement, are useful for moving personnel and materials to and from the riverine communities, as well as maintaining security on our inland waterways. Moghalu further urges all waterways users to observe safety precautions, social distancing and other guidelines as given by the Presidential Taskforce on COVID-19, in order to stay
safe in these trying times. The NIWA boss had last week announced the donation of N10 million to the Fight against the pandemic in the country. Moghalu in the statement said the agency is worried about the ravaging impact of the pandemic known as Corona Virus in the nation. He stated that NIWA, as part of her corporate social responsibilities
at the port during this period in other to keep the economy running. “I want to assure you that we will continue to support the operations of SIFAX Group and other port operators around the country. Any assistance required from the agency should be put into writing and forwarded to my office, this is because I read all letters addressed to me and I will make sure that proper action is taken on the requests, �she said. Group Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi thanked the NPA boss for taking out time to visit the ports.
He used the opportunity of the visit to intimate her of SIFAX Group’s plan to expand its operations especially with the acquisition of new facility that will serve as an off dock that would further help in decongesting the ports He said: “I want to inform you that we have acquired a new property that will be used as an off dock and we will require the assistance of the NPA in conjunction with the Lagos Channel Management in dredging the waters to allow for barges and even smaller ships to berth at this terminal.�
has graciously donated the sum of N5 million to the National Centre for Disease Control (NCDC) and another N5 million to the Lagos State Government (LASG). “This will help government fight the killer virus with more vigor and determination. The management also urged all Nigerians to obey Government directives on Convid -19, as the only
way to restore sanity and ensure safety and well being of everybody in the country,� he said. Moghalu disclosed that he has directed that NIWA’s infrastructures such as ferry terminals, dockyards, river ports, jetties, watercrafts, barges and tugboats nationwide should be sanitised and the highest level of hygiene maintained.
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AON Calls for Digitalisation of Licenses Stories by Chinedu Eze The Airline Operators of Nigeria (AON) has called on the Nigerian Civil Aviation Authority (NCAA) to simplify the issuance of licenses to pilots, cabin crew members as well as other critical operational staff in the aviation sector by digitalising the process. AON, however, commended the regulatory agency for granting an extension in validity of licenses of air crew and other critical operational staff in its response to the Covid-19 virus pandemic, which had disrupted activities globally. A letter signed by Chairman of AON, Capt. Nogie Meggison, titled, “Letter of Appreciation for Extension of Licence Validity,” stated that digitalising the process would be in tandem with modern day trend. The body also appealed to the NCAA to give priorities to the backlogs of licenses before it once full operations resumed after the present lockdown of activities in the country. “We would like to thank you for extending this approval to all
airlines and we commend you for simplifying processes within the authority. Furthermore, with regards to the suspension in processing of new certificates and licences, we understand the need for the authority to scale down its manpower in line with the skeletal operations of other CAA worldwide as verification and coordination have proven difficult due to the COVID-19 pandemic and the need to maintain social distancing. “On return to full operations, we kindly appeal that you give priorities to the backlogs and also simplify by digitalising the processes for approval to modern day technology. We acknowledge the proactive changes you are bringing into the CAA and we hope this will be sustained during your tenure,” it added. The NCAA had last week issued a circular indicating that it had suspended the issuance and processing of Air Operator’s Certificate, (AOC) and other related certificates as a result of the increasing spread of COVID-19. In a
letter dated April 1, signed by the Director General of NCAA, Captain Musa Nuhu and issued to stakeholders, the authority stated that inspections and audits paid for by clients were suspended until the 30th of June, 2020. The authority further stated that no applications or ongoing applications would be processed during this period for AOC, Approved Maintenance Organisations (AMO), Aircraft Type Certificate Acceptance, Aircraft Registration, and Related Matters, Modifications and Repairs, Airworthiness Certificates, Maintenance Clearance Certificates (MCC), amongst others. The letter further stated that all existing operators intending to renew their approval certificates and Aircraft Maintenance Clearance Certificates during this period must submit applications and proof of payment electronically to the relevant officials, adding that NCAA would conduct desktop evaluations of the document and request additional evidence or documents where necessary.
IATA Releases 2019 Airline Safety Report The International Air Transport Association (IATA) has announced the release of its 2019 Safety Report, which showed continuing improvement in airline safety compared to 2018 as well as the preceding five years. IATA said all major 2019 safety performance indicators improved compared to 2018 and to the average of the 2014-2018 period. “The safety and wellbeing of our passengers and crew is aviation’s highest priority. The release of the 2019 Safety Report is a reminder that even as aviation faces its deepest crisis, we are committed to making aviation even safer. “Based on the 2019 fatality risk, on average, a passenger could take a flight every day for 535 years before experiencing
an accident with one fatality on board. But we know that one accident is one too many. Every fatality is a tragedy and it is vital that we learn the correct lessons to make aviation even safer,” said IATA’s Director General and CEO, Alexandre de Juniac. According to the world body, five regions showed improvement in 2019 compared to the previous five years (2014-2018) in terms of the jet hull loss rate. All regions except for Latin America and the Caribbean showed improvement when compared to their respective five-year rates. Accidents involving turboprop aircraft represented 41.5 per cent of all accidents in 2019 and 50 per cent of fatal accidents. In 2019, the all accident rate for airlines on the IATA Operational Safety Audit (IOSA)
registry was nearly two times better than that of non-IOSA airlines (0.92 vs. 1.63) and it was more than two-and-a-half times better over the 2014-18 period (1.03 vs. 2.71). All IATA member airlines are required to maintain their IOSA registration. There are currently 439 airlines on the IOSA Registry of which 139 are non-IATA Members. IATA also said that fatality risk measures the exposure of a passenger or crew to a catastrophic accident with no survivors. “The calculation of fatality risk does not consider aircraft size or how many were on board. What is measured is the percentage of fatalities among those on-board. This is expressed as fatality risk per millions of flights,” IATA said.
Qatar Cargo Prioritises Transportation of Essential Supplies Qatar Airways Cargo has announced that it has increased services around the world, operating freighters and freight-only passenger aircraft to ensure the continuity of global trade and transportation of essential supplies to where they are needed during this critical time. It said in the past month, it has transported over 50,000,000kg of medical and aid supplies to impacted regions around the globe. This equates to roughly 500 fully loaded Boeing 777 freighters. Qatar Airways Group Chief Executive, Mr. Akbar Al Baker, said, “Now, more than ever it is important to support global trade that ensures the supply of essential goods and vital
aid worldwide. I am thankful to the airport authorities, ground handlers, cargo agents and governments around the world who have helped us increase our services to fulfil the demand for time sensitive freight. “I also want to thank many of our long standing commercial customers that have supported us to prioritise humanitarian relief shipments to badly effected regions over their existing commercial arrangements. We are all in this together and are glad to be of service to communities around the world during this difficult time.” In addition, Qatar Airways said capacity has been introduced to cities such as
Shanghai, Guangzhou, Paris, Amsterdam, Muscat, Kuwait, Delhi, Beijing and Melbourne. “We also continue to work closely with governments across the globe to operate freighter charters to support State efforts to bring in humanitarian aid and essential supplies. “To ensure the safety of our crew and cargo, we have implemented special procedures for ground handling to ensure minimum contact between staff and adherence to social distancing guidelines are met. All of our freighters and passenger aircraft are equipped with facemasks, gloves and hand sanitisers for our crew and all the crew and staff are screened regularly,” the airline said.
COVID-19: As 25m Aviation Workers Face Job Losses Chinedu Eze The International Air Transport Association (IATA) has said that the global aviation industry might lose about 25 million jobs by the time the lockdown occasioned by COVID-19 is over. The world body made this known in a new report released on Tuesday, which showed that some 25 million jobs are at risk of disappearing with plummeting demand for air travel amid the COVID-19 crisis. IATA said globally, the livelihoods of some 65.5 million people are dependent on the aviation industry, including sectors such as travel and tourism. IATA said among these are 2.7 million airlines jobs, noting that in a scenario of severe travel restrictions lasting for three months. IATA research calculated that 25 million jobs in aviation and related sectors are endangered across the world. The association estimated the job losses region by region and explained that 11.2 million jobs would be lost in Asia-Pacific; 5.6 million jobs would be lost in Europe; 2.9 million jobs would be lost in Latin America; two million jobs would be lost in North America; two million jobs would be lost in in Africa, while 0.9 million jobs would be in the Middle East. “In the same scenario, airlines are expected to see full year passenger revenues fall by $252 billion (-44%) in 2020 compared to 2019. The second quarter is the most critical with demand falling 70 per cent at its worst point, and airlines burning through $61 billion in cash,” IATA said. The global body therefore urged governments to provide immediate financial aid to help airlines to remain viable businesses, able to lead the recovery when the pandemic is contained. Specifically, IATA called for direct financial support, loans, loan guarantees and support for the corporate bond market and tax relief. “There are no words to adequately describe the devastating impact of COVID-19 on the airline industry and the economic pain will be shared by 25 million people who work in jobs dependent upon airlines. “Airlines must be viable businesses so that they can lead the recovery when the pandemic is contained. A lifeline to the airlines now is critical,” said IATA’s Director General and CEO, Alexandre de Juniac. IATA stated that alongside vital financial relief, the industry would also need careful planning and coordination to ensure that airlines are ready when the pandemic is contained. “We have never shuttered the industry on this scale before. Consequently, we have no
We are not expecting to restart the same industry that we closed a few weeks ago. Airlines will still connect the world. And we will do that through a variety of business models
de juniac
experience in starting it up. It will be complicated. At the practical level, we will need contingencies for licenses and certifications that have expired. “We will have to adapt operations and processes to avoid reinfections via imported cases. And we must find a predictable and efficient approach to managing travel restrictions, which need to be lifted before we can get back to work. “These are just some of the major tasks that are ahead of us. And to be successful, industry and government must be aligned and working together,” said de Juniac. He also said IATA was scoping a comprehensive approach to re-booting the industry when governments and public health authorities allow and that a multi-stakeholder approach would be essential, adding that one initial step would be a series of virtual meetings—or summits—on a regional basis, bringing together governments and industry stakeholders. The main objectives of the meeting included understanding what was needed to re-open closed borders, and agreeing solutions that can be operationalised and scaled efficiently “We are not expecting to re-start the same industry that we closed a few weeks ago. Airlines will still connect the world. And we will do that through a variety of business models. But the industry processes will need to adapt. “We must get on with this work quickly. We don’t want to repeat the mistakes made after 9.11 when many new processes were imposed in an uncoordinated way. “We ended up with a mess of measures that we are still sorting out today. The 25 million people whose jobs are at risk by this crisis will depend on an efficient re-start of the industry,” said de Juniac. Summit dates are being confirmed in the expectation of a start before the end of April, IATA said. In Nigeria, to combat the negative effect of the lockdown and protect jobs, industry stakeholders said the Nigerian Civil Aviation Authority (NCAA) should slash the sales tax by 50 per cent; the Federal Airports Authority of Nigeria (FAAN) should slash the landing and parking fees by 50 per cent, and the Nigerian Airspace Management Agency (NAMA) should slash the navigational fees by 50 per cent only for domestic airlines for a period of one year. The stakeholders noted that the airlines would not be able to raise ticket and freight prices because the entire economy would be down. They also added that this was the way the operators can retain most of their personnel and not sack many of their workers.
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ANALYSIS
Preventing COVID-19 at Ports Eromosele Abiodun examines efforts by the Nigerian Shippers Council to get freight forwarders and port users to comply with measures put in place by the federal government to prevent the spread of the COVID-19 at the ports
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ith over one million infections and 200,000 deaths recorded so far globally, the coronavirus (COVID-19) pandemic is said to be the biggest challenge the world has faced since World War 2. Countries over the world are waging war against the pandemic, outlining measures and policies to ensure further spread of the deadly virus is contained. Nigeria is not left out in the war against the COVID-19. In fact, scientists and experts have applauded the federal government’s effort at halting the spread of the virus. Even as the government is doing its best, the private sector has also joined with several billions donated to support in the effort to halt the virus. Government agencies are left out of the fight. However, some have more critical role to play given their strategic importance to the economy of the country. For instance, as the port economic regulator of the country, the Nigerian Shippers Council (NSC) has ensured that the ports do not become the hotspot for the spread of Covid-19 virus. Also, the NSC has taken steps to ensure that the directive by President Muhamadu Buhari that the ports remain open is adhered to in a responsible manner for the safety of port users and the general public. To achieve this, the Executive Secretary and Chief Executive Officer of the NSC, Hassan Bello last week visited the Apapa and Tincan Island Ports to see what measures are in place to protect Nigerians who use the port on daily basis. Also, last week, the NSC held a sensitisation forum for leaders of freight forwarders on the dangers of their members coming to port in violation of the directive of the federal government that people should stay at home. The meeting, which was strategically arranged because of the social distancing directive by the World Health Organisation (WHO) had just four leaders of the critical stakeholder associations in attendance. Halting Virus Spread Speaking at the meeting, Bello warned customs who has no immediate need to be at the port to stay at home to avoid the spread of COVID-19 at the port. He also debunked claims by some agents that the ports were closed, adding that only essential goods are to be cleared in the port at this time He stressed that only essential cargoes would be cleared at the ports for now, due to the lockdown directive by the federal government to contain spread of Coronavirus. Bello observed that even in hard-hit countries by COVID-19, port operations have continued without hindrance. He added that essential commodities such as drugs, medical equipment and consumables critical for the Nigerian people are to be cleared. According to him, “If as a freight forwarder you do not have business to do at the port, please don’t come out, stay in your house. Today when I came to Apapa, I was surprised at the number of vehicles I saw, it seems there has been no lockdown, this is very wrong, people must stay at home, except it is essential, please don’t come out” He disclosed that he has been interfacing with the Lagos State Commissioner of Police over some freight forwarders that were arrested on their way to the port, adding that the freight forwarders have now been released. Bello said the outbreak of the COVID-19 has further shown the need for electronic transactions at Nigerian ports. He said the ports needs to have a national single window where agencies would be talking to each other. Also, Bello said truck drivers going to the port to pick essential cargoes must also practice necessary health guidelines. He informed that the NSC would take stricter observation of people who come to the ports by the buses provided by the council. On his part, Registrar of the CRFFN, Samuel Nwakohu, noted that only freight forwarders who have essential goods to clear at the port would be allowed to clear goods while those
Bello with luxury goods will have to wait until the lock down is over. Nwakohu, added that there are presently six banks in operations for freight forwarders who needs to clear their essential goods. Specifically, he said: “The primary aim of the government as it stands today is to look after our health, and that is why they have taken all the steps they have taken. “It’s not business as usual, I said to my freight forwarders, after today, the executive secretary and I will approach the customs, the goods that will be cleared will be only those who have essential goods, if you have luxury goods you will have to wait until the shutdown is over. “Let me also state that you cannot clear goods whether it is luxury items or essential items if the banks are not there to provide services. “As at today we have six of them Zenith Bank Plc, UBA Plc, First Bank Nigeria Plc, FCMB Plc, GT Bank Plc with the names of their staff so that you can call them, ”he said. Stakeholders present at the meeting included President of Association of Nigerian Licensed Customs Agents (ANLCA), Tony Iju Nwabunike, Founder of NAGAFF, Dr Boniface Aniebonam, President of Shippers Association Lagos State, Jonathan Nicol, NAGAFF President, Increase Uche, AMARTO Chairman, Remi Ogungbemi. Clearing Essential Goods While addressing operators at terminals visited, Bello said the seaports must be operational for the exit of cargoes especially raw materials and relief materials. Bello who paid an on the spot assessment to
We have sent circulars trying to see that port operations are kept or the port is moving despite the difficulties. The government has to find a balance between the safety of the people and the economy
the Apapa and Tin-Can Island ports said cargo should not be subjected to interstate restrictions in order to keep the economy of the nation’s moving amid the Covid-19 pandemic. He also urged clearing agents and importers to use the opportunity of the lockdown to take delivery of cargoes from the ports and decongest the sea and landside. Bello who visited the ENL and Port and Terminal Multiservices Limited (PTML), said the council has provided buses for port workers to access the ports, reiterating that despite the lockdown, cargoes should be allow to reach their destinations across the country. According to him, “I am always scared about the congestion on both sides that will happen if cargo is not taken out of the port. We have terminals with 95 per cent occupancy rate. We are doing the same thing at Port Harcourt where people are not allowed to convey their goods from the port. “We are talking to the Authority to make sure cargoes are allowed to move freely. There should be movement of cargo. Vargo should not be subject to interstate restrictions. Cargo should reach his destination that is why even the airport we have cargo planes dropping. Expection has been made as far as that is concerned. We also have train running for freight and not for passengers.” He further stated that port is the nation’s heritage even though Nigeria as a country is presently constrained. He said Shippers Council is trying as much as possible to see that port operate because it is the nerve of the nation’s economy and for the citizens to fight the Coronavirus. He added: “We need certain essential commodities and medicine equipment and so on to move. We have sent circulars trying to see that port operations is kept or the port is moving despite the difficulties. The government has to find a balance between the safety of the people and the economy. Port also generates revenue, which is needed now.” In order to ensure that there is smooth operations in the port, he said NSC has been reaching out to some agents and freight forwarders so that they could come to port and transact business and those who has business to transact at the port. “I know that we are operating under some difficult situations, this is global and I know there are certain destructions in international shipping, logistics and so on especially certain contracts that are frustrated by the nature of this pandemic. And we cannot perform some of our obligations and that goes to both parties. “We have also been talking with the commercial banks. Some of them have also opened
immediately two branches in Apapa (Zenith Bank) to transact the business of assessment of duty and payment of duty, which they will start tomorrow, we are talking with other banks and they will do the same.” Also speaking at the visit to the ENL Terminal at the Apapa port, Vice Chairman of ENL Consortium, Princess Vicky Haastrup lamented that the terminal is already full to the brim with 85 per cent yard space already occupied. She attributed this to the fact that freight forwarders and importers were not coming forward to take delivery of their consignments. She noted that at the moment, five vessels are waiting at berth, ready to discharge their contents. “The freight forwarders are not coming because some of them have Customs problems. I have five ships at the berth and the terminal is full. We are ready to operate but the people are not coming, “she said. Meanwhile, the Managing Director of Ports and Terminal Multiservices Limited, Ascanio Russo said the company had been operational and intend to continue to be operational in line with the directives issued by President Buhari. He said: “I am very glad that the federal government is a critical infrastructure, which need to be open all the time especially in a difficult times like this. There is nowhere in the world even the most affected countries ports and critical logistics service were never closed. “So, am also very happy to hear and appreciate the Council for the role taken to facilitate access to the ports and also for the banks to come on so that we can facilitate the payment of duties and this are very critical steps because on our own side, we are ready to work.” According to him, there is need to acknowledge the whole world is working around the Logistics services not only Shipping agents, Manufacturers or dockworkers but all the service providers including security, cleaners, drivers and they should be allowed to come to the port area. Interstate restrictions Meanwhile, Bello said cargo should not be subjected to interstate restrictions in order to keep the economy of the nation moving amid the covid-19 pandemic. He said the seaports must remain operational for the exit of cargoes especially raw and relief materials. “I am always scared about the congestion on both sides that will happen if cargo is not taken out of the port. We have terminals with 95 per cent occupancy rate. We are doing the same thing at Port Harcourt where people are not allowed to convey their goods from the port. “We are talking to the authority to make sure cargoes are allowed to move freely. There should be movement of cargo. Cargo should not be subjected to interstate restrictions. Cargo should reach his destination; that is why even the airport we have cargo planes dropping. Exception has been made as far as that is concerned.” Bello said the NSC was making effort to see that the ports remain operational because it is the nerve of the nation’s economy and especially for the country to fight the Coronavirus. “We need certain essential commodities and medicine equipment and so on to move. We have sent circulars trying to see that port operations are kept or the port is moving despite the difficulties. The government has to find a balance between the safety of the people and the economy. Port also generates revenue, which is needed now. “In order to ensure that there is smooth operations in the port, Shippers Council has been transporting some agents and freight forwarders so that they could come to port and transact their businesses. I know that we are operating under some difficult situations. This is global and I know there are certain destructions in international shipping, logistics and so on especially certain contracts that are frustrated by the nature of this pandemic. And we cannot perform some of our obligations and that goes to both parties,” he added.
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Eunice Iferi-Chukwuemeka:The Business Woman, Clergy and Humanitarian
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Eunice Iferi-Chukwuemeka: The Business Woman, Clergy and Humanitarian Chairperson Eagle Group of Companies and co-Pastor, Winning Power Ministries International, Mrs. Eunice IferiChukwuemeka, is the brain behind, Stop Hurting People Foundation, a nongovernmental organisation that rehabilitates destitute recovered from the streets. In this interview with MARY NNAH, she talks about her uncontrollable yearning to take care of the less privilege, widows and the hurting in the society and most importantly, how passing through difficult seasons has been the driving force behind the establishment of her foundation
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hat informed your decision to start Stop Hurting People Foundation? The driving force is a long story. Well, I have been through seasons in my life that makes me understand that sometimes, people react to things as a result of what they pass through. A very pleasant person can turn sore because of a situation she has passed through. The truth is that, I was once married to someone else before I met my present husband. My husband is as handsome and lovely as my late husband. In fact if you saw both of them together, you would say they are twin brothers. The first time my mother saw him, she asked if I was going to marry my late husband’s brother. I told her they were not related at all. My late husband was from Delta State while my present husband is from Anambra. For a long time before my mother passed on she was never comfortable being in my husband’s company because she and my late husband were very close. He died in a mysterious circumstance. He was 36 years old while I was 28 when he died. While my friends were yet to be married, I was long married and I was so pampered by my late husband, I was like his baby and he was my first boyfriend. So, I was in a coma for a very long time when he died by the time I come back to life, I didn’t have my mind any more. I even forgot I had a daughter because I lost my mind completely at that time and when I recovered, I recovered to a terrible vexation. More so, because I was ordained a pastor at 16, I became born again at nine years old , not just going to church, I was Archbishop Benson Idahosa’s spiritual daughter. When I was to marry my late husband, he didn’t know him but he wrote me a letter saying to me to marry him. In fact he simply put it as, “avail yourself the opportunity of marrying him. Do not say no to him” And that was about the time my late husband was asking my hand in marriage. So, I married my late husband at 21. Then I had a lot of suitors but I was not interested even in a relationship; it was just God and church. But I eventually married him and we were very close. So, I was very angry. I didn’t want to marry at such young age when a lot of my friends were still very single but I had to get married because of the instruction from God. Now, I was asking God, if you asked me to marry him, why take him away? I was so angry with God. I said to God that I was going to make a mess of myself to make you feel bad like you made me feel because You led me thus far and then gave me this heat. That was a man who taught me how to be a woman and everything, so why just take him away. I tried not to serve God but I couldn’t stop serving God. At a point, if you saw me reading the Bible, I was only searching for passages where I will find what to do to annoy God so much. And then I stumbled onto a passage that says, “my body is the temple of God” and said I was going to mess up this body so much that God will be angry with me but I still couldn’t. God didn’t let me do that. Even when the late Apostle Gabriel Olusegun Oduyemi of Bethel Ministries Incorporated, Worldwide on the one year anniversary of my late husband, said to me, ‘God told me that He is returning back your
tired and said let them go with whatever they wanted, but that was when my present husband came to my rescue. He persuaded me to fight to finish. He called my lawyer and paid off his fee and took it up. Many women out there may not be as lucky as I am. So, the essence is for the foundation to be husband to that hurting widow who has no one to stand by her. We have a legal department and we have lawyers who work for us as volunteers to fight for their rights and ensure that women do not suffer after losing their husbands. So, I can tell you that hundreds of people have benefitted from this foundation.
Iferi-Chukwuemeka
late husband to you.’ I said, ‘daddy leave that matter, God is used to lying.’ I said so much rubbish with my mouth because of the pains I went through. And then God just used my present husband to comfort me. It was a big sorry God said to me by giving him to me as a husband after my late husband died. If you knew my late husband, you would never believe they were not brothers - they are same age, same height, and they are nice the same way. In fact they are same in all ways. God made sure I missed nothing in my late husband. So, when people go off the mark, I’m there to pick them and provide them succour because I know certain situation must have pushed them into such situation. It’s so sad but I tell you that many people have died in pains. Many people have lost their minds while others have lost their character. Many women are on the streets today because of the pains inflicted on them and we do not know what it is. So, we can’t condemn them. That’s how the foundation came about. So, it’s the need to see somebody get a lift that drives me. It is also to make sure that whatever I suffered nobody suffers such things. So, the passion for people in pains is what basically drives me daily. Now what has made me start this foundation that deals with girls in a mess is that, if God was not after my case even as dogged as I was at that time to go fight God back, not knowing that God cannot be fought, my life would have been a wreck in the hands of men because I said I was going to mess my body up and make God know how disappointed I was. I married my late husband as a virgin, so what did I get for it? But you see, everywhere I wanted to put my head God blocked me. Eventually, I reckoned with God. So, there are many girls who are wrecks in the hands of men today because they are angry but all of us look at them and shake our heads in disgust because we feel that sleeping with a man that is not your husband is prostitution. But why do have to condemn them? Certain circumstance
must have pushed them there and that is why I refused to condemn them because I don’t know what is responsible for the pain they are going through. So rather, let’s go and help pick them up. So, as an NGO, we recover prostitutes from the streets; we recover wayward boys and all of them are today transformed persons. So, we create transformation and that’s what we do to help our society for now. And that is how the NGO was born - Stop Hurting People Foundation. I don’t know who is hurting who but we should just stop. How long have you been doing this? I have been doing this officially for 11 years; but before then when it wasn’t even registered, I was doing a lot with my late husband even before I met this great man of God that eventually became my husband. What has the impact been like? The impact has been incredible because we have recovered over 300 youths from the streets and they are all rehabilitated. We have given hope to widows and their children. We have 36 children in various schools; we have built businesses for people, we have given cars to people that need cars. Part of what this organisation does is fight for widows whose rights have been denied regarding their inheritance. When I see any widow in such situation, I am ready to fight to finish because I have gone through such situation. I met my late husband while he was doing his youth service. I was also a corper. We got married soon after our youth service and started life together from the scrap. I knew when he made his first million, when he got his first car and many other things we acquired together and God blessed us with a daughter. When he died I was not inheriting him, but rather we were co-owners of all we owned. Now, his family wanted to inherit what we have both worked for even while we had a child between us. I was in court for 16 years on this case. I owed my lawyer millions of naira on the case. By the eighth year I got
What are your challenges? Our major challenge is finance. We need money to meet people’s numerous needs. No assistance for now except from one or two people. So, we need assistance from well-meaning Nigerians. Like recently we had a programme where over 100 people benefited from free eye screening and glasses. We had more than hundreds that screened for sugar level, blood pressure etc. Even police officials were not left out as most of them were present in their droves to be attended to. We still have plans to do more and so we need individuals, government and private organisations to come to our aid. What is your biggest goal for the foundation? To be able to create so much transformation that it will begin to fall as shadows in nation. I don’t believe that transformation is the sole business of government. If you have been in any form of leadership, and you are not being political you will understand the predicament of government. I say this not because I belong to any party but because I’ve been in leadership position from childhood so I do not for any reason castigate leadership. My dream is to make sure that this foundation is empowered enough to do as if we were raised to assist the government and to help the women and the girl-child to stabilise in their chosen field of endeavours. What else do you do apart from running the foundation? I had my first degree in English Linguistics from University of Uyo; Diploma in Management and then I abandoned a masters in International Relations and Criminal Law at the University of Lagos because of my tight schedule at that period but then I’ve always worked for myself. I’m the Chairperson of the Eagle Group of Companies. I am the also the co-pastor of Winning Power Ministries International. I also run Destiny Moment with Eunice, the media arm of the foundation purposely set up to mentor people. When you recover people from the streets and try to transform them, you would agree with me that transformation must start from the mind. What we do is that after having taking them off the street, we try to counsel them by bringing in successful men and women who have passed through what they are currently going through to talk to them, letting them know that that there is nothing new under the sun. We bring in such people who are role models in the society to tell their stories. This no doubt will make them to be purposeful in their hearts to overcome their challenges.
28
T H I S D AY Ëž Ëœ ÍŻÍŽËœ 2020
BUSINESS/MONEYGUIDE
Agusto Anticipates Drop in Banks’ Profitability Obinna Chima The Founder, Agusto & Co, Mr. Bode Agusto, has predicted that Nigerian banking industry profitability will drop in 2020, following the disruption caused by the COVID-19 pandemic. Agusto, said this yesterday, during an online presentation titled: “How Will COVID-19 Impact the Economy,� that was monitored by THISDAY. He, also pointed out that some commercial banks would need to raise equity in order to bring their leverage down to tolerable levels.“The banking industry will continue to deliver sub-optimal returns sub-optimal returns in 2020. In fact, ROE will drop further due to higher loan impairment charges. “This will continue to impair
the valuation of banks listed on the Nigerian Stock Exchange,� the former Director General, Budget Office said. The financial analyst projected a drop in the importation of goods from $49 billion in 2019, to $25 billion in 2020, adding that the focus of imports was likely going to be on necessaries, while import duties on such items may be at concessionary rates. According to Agusto, currency depreciation would boost naira equivalent of import duties. “We estimate federal government revenue of N3.2 trillion. We also estimate that the federal government will borrow about N4 trillion, some in foreign currency and others in local currency. “Historically, the level of borrowing that they have been able to raise historically has been
about N3 trillion yearly. So, we are even pushing it further a bit to say that they are going to borrow N4 trillion. “So, we expect an aggregate spending of N7.3 trillion. Let’s note that the government has always promised large amount of spending, but they have been able to finance between 60 and 70 per cent of it historically. So, this year is not going to be different. “But what would they be spending money on? There are some obligatory payments that the government has to make. What are these payments? “They pay interest on their loans, salaries and pensions of their workers and statutory transfers, that is, what they are obliged by law to transfer to other tiers of government,� he explained.
NNPC GMD Focused on Ensuring Sufficient Fuel Supply, Says Wunti The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, has said the focus of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, presently is to ensure that Nigerians have sufficient supply of petrol despite the disruption in the country due to the COVID-19 pandemic. Wunti, said this during an interview on Channels Television yesterday. He noted that the impact of the COVID-19 pandemic was far-reaching on economies across the world. He explained that the virus which has continued to spread across the globe has affected activities generally across the world.
Wunti said: “As you are aware, when this happened, it caught the world unprepared and what the world did in order to contain it was to trigger a kind of lockdown. “That lockdown led to total shutdown of economies. It brought down the global economy to the level that was forecasted to be 10 per cent of global GDP and wages of $4 trillion has been taken away as a result of unemployment forecasted to be almost 100 million people who would have lost their jobs. “And all these things are happening at the same time when demand has collapsed completely. Demand has come down by almost 20 per cent, from 100 million barrels to now around
80 million barrels. “And while this is happening, production continues to grow. We have an oversupply and a decaying demand and the consequence of that obviously triggered a kind of intense struggle by the two largest producers – Russia and Saudi Arabia.“That led to a price which brought us to where we are. We have seen a new trend in oil prices because of the oversupply, mopping up everything that has to do with storage. What that means is that the storage are getting filled quickly and very soon if nothing is that, we would get to a situation where there is nowhere to commodity.� Owing to this development, Wunti said: “What is important is that we have to maintain our energy security.
COVID-19: American Multinationals Support Nigeria American Business Council, together with its members are implementing various measures aimed at supporting the Nigerian government in its campaign against the COVID-19 pandemic. A statement yesterday disclosed that the Council which is made up of American businesses are making adjustments for their employees and customers by enabling remote working and online learning to promote social distancing, among other measures aimed at avoiding the spread of the virus. “The Council also looks further to engaging the federal and state governments on ways the Ameri-
can Business Community can contribute to the overall response to the COVID-19 pandemic and the Nigerian Economy,� the President of the American Business Council and Country General Manager IBM West Africa, Dipo Faulkner said. The Secretariat recently held an Economic update for business and political Leaders with focus on how leaders can plan and provide for the future as a result of COVID 19. Boston Consulting Group anchored this virtual meeting and the Council partnered with Abuja chamber of Commerce, Nigerian – American Chamber of Commerce and the African
Venture Philanthropy Alliance. “American Companies such as Johnson & Johnson, GE, Bristol Scientific, MasterCard, IBM, Procter & Gamble, Kimberly Clark, Tolaram Group, Tropical General Investment, Mastercard and Google are ameliorating and supporting the Nigerian government as well as local enterprises in not only protecting businesses but also securing the livelihood of Nigerians. “Some of these efforts made towards corona virus include: Johnson and Johnson’s collaboration with the Pharmaceutical Trade association to see how they could provide some sort of assistance to the Federal Government.
Unilever Nigeria’s Revenue Dips to N60.5bn Omolabake Fasogbon Unilever Nigeria has released its audited financial statements for the year ended December 31, 2019. The company recorded turnover of N60.5 billion in the year under review. This represented a decline, compared with the N92.89 billion recorded in the corresponding year of 2018. The results show the company also recorded a loss after tax of N7.42 billion for the year under review, as against a profit after
tax of N10.55 billion recorded in the comparative year in 2018. According to the firm, the results reflected the challenging operating conditions, adding that the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade. This also seek to position the company for innovation and a return to competitive growth. As a result, the company said it has been better placed to adjust to the prevailing operating
circumstances now emerging in 2020. The Corporate Affairs Director of Unilever, Soromidayo George, stated that given the current uncertainty, the organisation would continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term. She said that the business acknowledged that 2019 was a challenging year for everyone, but also that there were measures taken to adjust those challenges.
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
SEPTEMBER 2019 Money Supply (M3)
35,029,779.72
-- CBN Bills Held by Money Holding Sectors
7,374,356.91
Money Supply (M2)
27,655,422.82
-- Quasi Money
116,533,891.21
-- Narrow Money (M1)
11,121,531.60
---- Currency Outside Banks
1,625,047.69
---- Demand Deposits
9,496,483.91
Net Foreign Assets (NFA)
13,911,335.83
Net Domestic Assets(NDA)
21,118,443.89
-- Net Domestic Credit (NDC)
35,918,179.45
---- Credit to Government (Net)
10,452,199.38
---- Memo: Credit to Govt. (Net) less FMA
11,007,422.79
---- Memo: Fed. and Mirror Accounts (FMA)
25,465,980.07
---- Credit to Private Sector (CPS)
-14,799,735.56
--Other Assets Net
7,000,253.07
Reserve Money (Base Money
2,005,600.83
--Currency in Circulation
4,677,530.81
--Banks Reserves
317,121.43
Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹
Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE Ëœ Íś Í°ÍŽÍ°ÍŽ
The price of OPEC basket of thirteen crudes stood at $21.19 a barrel on Wednesday, compared with $22.67 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna
29
T H I S D AY ˾ ˜ ͯͮ˜ ͰͮͰͮ
MARKET NEWS
Stock Market Recovers Further on Continuing Bargain Hunting Goddy Egene The market capitalisation of the Nigerian Stock Exchange (NSE) climbed back to N11.144 trillion yesterday while the NSE All-Share Index rose further by 1.47 per cent to close at 21,384.03 following sustained bullish trading. The market, which hit a record low on Monday, recovered on Tuesday due to bargain hunting by investors who are taking advantage of low
valuation of the most of the stocks. The positive performance continued yesterday as 24 stocks recorded gains compared with 12 stocks that depreciated. As a result, the market capitalisation added N162 billion to close at 11.144 trillion while year-to-date gain moderated to 20.3 per cent. Bellwethers such as Nestle Nigeria Plc, Zenith Bank Plc and United Bank for Africa Plc were the major drivers of the
P R I C E S MAIN BOARD
F O R DEALS
growth recorded. However, Dangote Sugar Refinery Plc and UBA led the price gainers with 9.7 per cent apiece. Cadbury Nigeria Plc trailed with a gain of 9.5 per cent, just as LASACO Assurance Plc and Sterling Bank Plc chalked up 9.5 per cent and 9.0 per cent in that order. Oando Plc, Nestle Nigeria Plc and Glaxosmithkline Consumer Nigeria Plc went up by 9.0 per cent, 8.5 per cent and 8.0 per cent respectively.
S E C U R I T I E S MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
FBN Holdings Plc was also among the price gainers as investors continued to react to the results of the bank recently released. A look at the performance showed that FBN Holdings Plc posted gross earnings of N627 billion in 2019, showing an increase of 6.7 per cent compared with N587.4 billion in 2018.Net interest income moved from N285.3 billion to N290.2 billion, while non-interest income rose from
T R A D E D MAIN BOARD
A S
N132 billion to N159.2 billion. Impairment charges fell 41.5 per cent to N51.1 billion from N87.5 billion, while operating expenses rose 18.3 per cent to N314.7 billion from N266 billion. As result, profit before tax (PBT) grew by 30.9 per cent to N83.6 billion in 2019, from N63.9 billion in 2018, while profit after tax (PAT) rose 26.5 per cent to N73.7 billion compared with N58.2 billion. Earnings per share grew from 161 kobo to 195
O F
kobo, out which the board recommended that 38 kobo be paid as dividend to the shareholders. Meanwhile, activity level at the market dipped as volume and value traded declined 9.1 per cent and 3.8 per cent to 314.9 million shares and N5.0 billion respectively. The most active stocks by volume were FBN Holdings (56 million shares), UBA (37.8 million shares) and Lafarge Africa Plc (35 million shares.
0 8 / 0 4 / 2 0 2 0 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
30
˾ FRIDAY, APRIL 10, 2020
Friday, April 10, 2020 Thisday Afrinvest 40 Index Rose 1.9%
THISDAY AFRINVEST 40 INDEX
Yesterday, the Thisday Afrinvest 40 Index increased 192bps to close at 936.73 points following price appreciaƟŽŶ ŝŶ GUARANTY (+3.0%), ZENITH (+5.7%), and NESTLE
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
;нϴ͘ϱйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϭϴ͘ϱй ŽĨ Ticker
the index.
Price Previous Current Change Price Weightin YTD Change g
Current Price
THISDAY AFRINVEST 40
Price Change Index to Date
936.73
1.92%
-36.2%
-6.3%
95.00
0.0%
30.8%
-9.5%
-12.8%
298.90
0.0%
17.9%
0.0%
0.0%
1 MTN Nigeria Communications PLC
ROE
ROA
11.7%
4.4%
P/E
P/BV
Divindend Earnings Yield Yield
3.9x
0.5x
8.4%
20.4%
9.6x
13.4x
5.2%
10.5%
ot Applicable
3.6%
dŚĞ ƵůůŝƐŚ DŽŵĞŶƚƵŵ ŽŶƟŶƵĞƐ͘͘͘ ^/ ƵƉ ϭ͘ϱй
2 Airtel Africa PLC 3 Guaranty Trust Bank PLC
18.85
3.0%
8.8%
-36.5%
-35.4%
31.6%
5.5%
2.7x
0.8x
14.7%
37.0%
dŽĚĂLJΖƐ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĞŶĚĞĚ ƉŽƐŝƟǀĞ ĂƐ ƚŚĞ All-Share
4 Zenith Bank PLC
14.00
5.7%
6.2%
-24.7%
-25.1%
23.8%
3.4%
2.1x
0.5x
20.4%
47.5%
5 Nestle Nigeria PLC
830.20
8.5%
Index gained 147bps to 21,384.03 points following gains
3.5%
-43.5%
-43.5%
95.4%
25.7%
14.4x
14.4x
8.4%
6.9%
6 Dangote Cement PLC
117.00
0.0%
4.7%
-17.6%
-17.6%
21.6%
11.7%
9.9x
2.2x
13.3%
10.1%
in NESTLE (+8.5%), ZENITH (+5.7%) and UBA (+9.7%). Investors gained േϭϲϮ͘ϬďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ƚŽ േϭϭ͘ϭƚŶ while YTD return moderated to -ϮϬ͘ϯй͘ ĐƟǀŝƚLJ level dipped as volume and value traded declined 9.1% and 3.8% to 314.9m units and േϱ͘ϬďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ŵŽƐƚ ĂĐƟǀĞ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ FBNH (56.0m units), UBA (37.8m units) and WAPCO (35.0m units)
7 Access Bank PLC
6.65
2.3%
3.6%
-33.5%
-34.2%
17.8%
1.6%
2.2x
0.4x
10.0%
45.7%
8 United Bank for Africa PLC
6.20
9.7%
3.1%
-13.3%
-13.9%
16.2%
1.6%
2.5x
0.4x
16.1%
40.6% 37.0%
9 FBN Holdings Plc
4.70
6.8%
2.6%
-23.6%
-27.7%
12.0%
1.2%
2.7x
0.3x
8.3%
10 Nigerian Brew eries PLC
22.20
0.0%
1.3%
-62.4%
-62.4%
9.6%
4.2%
11.1x
1.1x
8.7%
11 Lafarge Africa PLC
12.65
7.2%
2.9%
-17.3%
-8.3%
48.0%
22.2%
23.6x
0.6x
12 SEPLAT Petroleum Development C
495.00
1.0%
2.3%
-24.7%
-16.4%
16.2%
9.6%
2.8x
0.4x
7.6%
36.3%
13 Stanbic IBTC Holdings PLC
26.00
6.1%
1.7%
-36.6%
-35.0%
27.3%
4.1%
3.7x
0.9x
11.3%
26.9%
14 Flour Mills of Nigeria PLC
21.50
0.0%
1.4%
9.1%
9.1%
3.6%
1.3%
16.7x
0.6x
5.6%
5.00
2.0%
0.7%
-47.4%
-47.4%
-130.5%
-8.2%
15 International Brew eries PLC
DANGCEM
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GUARANTY
;േϱϵϲ͘ϬŵͿ
and NESTLE ;േϰϱϰ͘ϭŵͿ ůĞĚ ƚŚĞ ǀĂůƵĞ ĐŚĂƌƚ͘
5.8x
6.0% -61.6%
16 Ecobank Transnational Inc
4.65
5.7%
0.8%
-28.5%
-29.0%
13.2%
0.8%
1.6x
0.2x
17 Fidelity Bank PLC
2.10
-1.9%
1.0%
2.4%
4.0%
13.4%
1.5%
2.1x
0.3x
9.6%
47.3%
160.90
0.0%
0.9%
8.8%
8.8%
24.1%
10.9%
6.5x
1.5x
5.2%
15.3%
18 11 PLC
while
9.0% 4.2%
64.0%
19 Okomu Oil Palm PLC
55.05
0.0%
0.8%
-1.0%
-1.0%
19.1%
13.5%
9.5x
1.8x
5.4%
10.5%
20 Dangote Sugar Refinery PLC
10.70
9.7%
0.5%
-21.3%
-23.6%
19.6%
11.6%
6.3x
1.3x
10.3%
15.7%
#N/A N/A
1.4%
0.70
7.7%
0.4%
-29.3%
-34.6%
22 Unilever Nigeria PLC
21 Transnational Corp of Nigeria
10.50
0.0%
0.3%
-52.3%
-49.3%
-5.7%
-3.6%
23 Guinness Nigeria PLC
22.70
0.0%
0.4%
-24.5%
-24.5%
4.9%
2.6%
11.8x
0.6x
6.7%
8.5%
1.71
0.6%
0.5%
-7.6%
-6.0%
9.2%
1.1%
1.9x
0.2x
8.2%
52.0%
0.9x
-7.0%
Bullish Sector Performance
24 FCMB Group Plc 25 Sterling Bank PLC
1.39
9.4%
0.3%
-30.2%
-26.8%
9.8%
0.9%
3.7x
0.3x
2.2%
26.7%
Across sectors under our coverage, performance was bull-
26 UAC of Nigeria PLC
7.05
-0.7%
0.3%
-18.0%
-20.8%
-9.6%
-4.1%
2.0x
0.5x
9.1%
50.5%
27 Custodian and Allied Insurance
5.75
0.0%
0.3%
-4.2%
-4.2%
13.6%
5.3%
5.9x
0.8x
7.8%
17.0%
36.45
0.0%
0.2%
-23.3%
-23.3%
15.9%
6.4%
9.2x
1.4x
5.8%
10.9%
ish as the Industrial Goods index was the lone loser, down 0.6% due to price decline in BUACEMENT (-2.2%). Gains in
NESTLE
(+8.5%),
DANGSUGAR
(+9.7%)
28 Presco PLC 29 Union Bank of Nigeria PLC 30 Total Nigeria PLC 31 Oando PLC 32 NASCON Allied Industries PLC
and ZENITH (+5.7%) buoyed performance in the Consumer Goods (+5.0%) and Banking (+4.0%) indices. Similarly, the Oil & Gas and Insurance indices rose 1.4% and 0.3% ƌĞƐƉĞĐƟǀĞůLJ
ĨŽůůŽǁŝŶŐ
ďƵLJŝŶŐ
ŝŶƚĞƌĞƐƚ
in OANDO (+9.1%) and AIICO (+5.0%). Lastly, the AFR-ICT
33 Julius Berger Nigeria PLC 34 Wema Bank PLC 35 Ardova PLC 36 Continental Reinsurance PLC
6.60
0.0%
0.3%
10.0%
9.1%
8.4%
1.2%
8.0x
0.8x
96.30
0.0%
0.2%
-13.2%
-13.2%
8.8%
2.0%
12.5x
1.1x
2.40
9.1%
0.1%
-39.8%
-39.8%
14.5%
2.6%
1.0x
0.1x
8.50
0.0%
0.1%
-34.4%
-34.4%
16.5%
5.8%
11.8x
2.0x
10.7%
8.5%
2.7%
0.2%
14.6%
14.6%
23.2%
2.9%
3.4x
0.7x
12.1%
29.1%
4.8x
0.4x
5.1%
0.59
5.4%
0.1%
-20.3%
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9.0%
0.9%
11.25
0.0%
0.1%
-37.8%
-37.5%
5.1%
1.4%
#N/A N/A
0.0%
#VALUE!
70.00
0.0%
0.1%
30.1%
30.1%
17.4%
11.4%
38 Notore Chemical Industries Ltd
62.50
0.0%
0.1%
0.0%
0.0%
-12.1%
-3.8%
39 AXA Mansard Insurance PLC
1.58
0.0%
0.1%
-20.2%
-20.2%
10.3%
2.8%
40 Transcorp Hotels Plc
4.00
0.0%
0.0%
-18.4%
-18.4%
1.1%
0.5%
D A N GSUGA R
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DANGSUGAR
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(+9.7%),
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1.0x
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6.9x
0.7x
14.6%
49.4x
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1.8%
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9.7%
FB NH
56.0
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6.20
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UB A
37.8
9.5%
WA P C O
35.0
7.2%
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0.23
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31.6
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1.39
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28.3
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9.1%
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27.4
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8.5%
D A N GC EM
17.2
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4.70
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17.1
2.3%
7.7%
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8.0
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6.8
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0.70
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0.29
T o p 10 T r a d e s b y V a l u e
T o p 10 L o s e r s T ic k er
P ric e
OM A T EK
0.31
CHA M S
0.21
UN IT YB N K
0.42
P ric e C hg %
T ic k er
Value
P ric e C hg %
2022.2
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596.1
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454.1
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0.47
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444.4
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0.54
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388.4
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2.40
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261.5
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R ED ST A R EX
2.90
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UB A
228.4
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30.80
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111.3
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108.5
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79.4
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UP L
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6.90
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15.9%
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C A D B UR Y
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Afrinvest West Africa Limited
6.3x
UB A
8.7%) and UNITYBNK (-8.7%) led the losers. We are not ŽǀĞƌůLJ ŽƉƟŵŝƐƟĐ ĂďŽƵƚ ĂŶ ĞůŽŶŐĂƚĞĚ ďƵůůŝƐŚ ƌƵŶ ĂƐ ƚŚĞ
10.70
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T o p 10 T r a d e s b y V o l u m e
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8.0% 96.8%
22.80
37 Beta Glass PLC
T ic k er
12.5% 14.5%
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˜ ˜ ͺͺ ˾ T H I S D AY
31
FRIDAYSPORTS
Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Pelican Stars Protest over 10-month Salary Arrears Players from Nigeria’s most successful women’s football club, Pelican Stars of Cross River State, have been protesting outside the Government House in Calabar over salaries that they say have not been paid for 10 months. Three-quarters of Nigerian women’s teams are state-owned and therefore dependent on the state’s government for wages, including Pelican Stars. Their male counterparts have been being paid, one of the players - who held five-hour demonstrations on Monday
and Wednesday - told the BBC Sport Africa. Pelican Stars are one of Africa’s top women’s football clubs, having won seven women’s Premier League titles. But the players said they are not sure the state still wants the club’s existence. “It has really been a big shock for us, maltreating the female team in Cross River like this,” one player told BBC Sport Africa under anonymity. “We got relegated three years ago in the 2017/2018 league, so we played pro league last season to qualify for the premier league.
“Unfortunately, to date, we have had nothing - our bonuses, our allowances from last season - and no news about anything, or hope coming forward for it.” The Cross River State’s Commissioner for Sports, Offa Aya, conceded that the state’s male professional teams, such as UNICEM Rovers, have been paid, but said that this was due to some private individuals helping out with donations. ‘’How will we discriminate against our daughters? We are going to pay them,” he said.
“We asked them to exercise a little patience - they were not the only ones involved. “There were other clubs, like Ayade Babes and Canaan Table Tennis, whose payments were settled last - they wouldn’t allow us to arrange the account to start paying, then they went on to protest,” he said. “There are private individuals who have adopted some of these clubs, like UNICEM Rovers, but for the Pelicans, we are still begging for people to assist us.’’ The Pelican players insist
that the lack of payment is discriminatory as their salary backlog of at least N60,000 ($165) per month dates as far back as June 2019, when salaries for April to June were paid to them just before they went on their 2019 Christmas break. “That is the reason why we have to take this bold step to go the Government House. ‘’It’s like Pelican Stars is dead - or maybe the state Governor, (Senator Ben Ayade) does not want the team anymore. ‘’We don’t know. We just want
to get information. Maybe, if he wants the team, fine. If he doesn’t want the team, we should go home. However, the club Chairman, Sam Kombor, told BBC Sport Africa that the players have been owed eight months of salary, instead of 10, as their backlog dates from August 2019. ‘’If we knew that placard they wrote 10 months, we would have corrected them,” he said. “I am the chairman of the club. They are also owing me, but the truth remains that it is eight months from August 2019.”
One of the Pelican Stars players with a placard protesting the 10-month unpaid wages at the Government House in Calabar …on Wednesday
Ighalo Plaudits for De Gea, Romero, Mata For helping him settle in at Man Utd Nigerian international, Odion Ighalo, has thanked his three ‘brothers’ at Manchester United for helping him settle after joining on loan in January. Ighalo has scored four goals in three starts since arriving from Shanghai Greenland Shenhua. The 30-year-old striker credits goalkeepers David de Gea and Sergio Romero and midfielder Juan Mata for helping make the transition back to the Premier League easier. “I have a lot of guys there who have helped me. The guys
in the dressing room are very good guys. “The first time I stepped my feet in that dressing room – wow. There are two or three players that took me and made me feel welcome and comfortable. “After two or three days we started living like brothers, like I’ve been there for five years, laughing together and cracking jokes together. “Especially Juan Mata, De Gea and the other goalkeeper Romero, because they speak Spanish and I speak Spanish.”
Super Eagles Static in FIFA Ranking as the World Fights COVID-19 The position of Nigeria’s Super Eagles has remained unchanged in the latest FIFA rankings released Thursday in Zurich, Switzerland. Three-time African champion Super Eagles retained their 31st position globally and 3rd best in Africa. Senegal’s Teranga Lions are holding on to the summit of African football from the last rankings and are followed by Tunisia in second position. Algeria and Morocco are fourth and fifth in the continent respectively. The ongoing measures to combat the spread of COVID-19 have resulted in little football of late and, consequently, next-to-no movement in the latest ranking
globally. There are no changes in the top five teams in the world with Belgium still in number one position. World Champions France, Brazil, England and Uruguay completed the list of Top Five teams. A whole raft of international fixtures, including qualifiers for the FIFA World Cup and other major tournaments, were postponed, while dates were redrawn for showpiece men’s events such as the Olympic Football Tournament, CONMEBOL Copa America and UEFA EURO. The next FIFA/CocaCola World Ranking will be published on 11 June 2020.
Ighalo (right) and Mata celebrating a Manchester United victory before the COVID-19 lockdown
Transfer: Mikel Obi Undecided on Botafogo Move Former Chelsea star, John Obi Mikel, is yet to make up his mind on the proposed move to Brazilian club, Botafogo. The 32-year-old midfielder is a free agent after ending his contract with Turkish Super Lig club Trabzonspor by mutual agreement last month. The former Super Eagles captain affirmed that the Brazilian side has shown their interest to sign him but he is yet to make a final decision. “Yes there has been interest and yes there has been negotiations but I don’t know yet. I am still thinking about it. Not sure yet,” Mikel told ESPN.
Mikel has featured for Chinese Super League club Tianjin TEDA and Championship side Middlesbrough since leaving Chelsea in 2017 where he enjoyed success, besides playing in Turkey. The midfielder won the Champions League, Europa League, Premier League among other titles before his departure from Stamford Bridge. Mikel who had 89 caps for the Super Eagles, joined Trabzonspor last summer and made 27 appearances across all competitions for the Turkish side.
Mikel is undecided yet about accepting Botafogo offer
EPL Clubs to Get Early Payments to Ease Cash-flow Problems Premier League clubs will “facility fees” relate to how many coronavirus. receive millions of pounds in advanced payments related to league positioning and television fees in an effort to ease their cash-flow problems. The 20 clubs agreed to the funding to cope with the lack of income because of the coronavirus crisis, with payments expected to be in the region of £20million. The partial release of “merit payments” is prize money that clubs would have received, while
matches each club had shown on live TV matches. Clubs will also receive part of their funding for next season in the summer months. The arrangement for this season’s advanced payments, which was first reported by UK’s The Times, was decided by the clubs at last week’s shareholder meeting. Premier League football has been postponed indefinitely because of the spread of the
There will need to be adjustments made to these payments at the end of the season based on what the final table looks like. BBC Sport has been told the amount of money being released has been carefully decided, based on balancing the cash-flow problems clubs are experiencing with the worst-case scenario of broadcasters demanding money back if the remaining fixtures are not played.
Sports streaming provider DAZN has told the Premier League it will be deferring its most recent payments for overseas rights until it receives clarity on when or if the season will resume. DAZN has the rights to show Premier League action in Japan, Canada, Spain and Brazil. The Premier League is understood to be facing potential financial losses of £762m in broadcast revenue if the season cannot resume.
Friday April 10, 2020
TR
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& RE A SO
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Price: N250
MISSILE
N’Assembly to Presidency “Public officeholders should be receptive to constructive ideas and suggestions expressed to enhance service delivery and to improve the performances of public projects and institutions” – The leadership of the National Assembly taking exception to the innuendo by the presidency over the alleged N2tn allocated to the NSIP.
AKINOSUNTOKUN DIALOGUE WITH NIGERIA
F
akin.osuntokun@thisdaylive.com
Life after Oil
irst, my sympathies to the peoples of the Niger Delta.They are, in a manner of speaking, a tragic micro victim of a macro Nigeria victim. Alongside lumbering Nigeria, they must be contemplating life after oil - with the terminal lifespan of the oil industry in active and acute contemplation. After enduring a lifelong gratification of the insatiable lust of Nigeria, the Niger Delta is about to be dumped by fate and the abuser. Afterall, is this imagery not consistent with Nigeria’s foundational amorality (formulated and executed by Lord Lugard for Nigeria) as the consummation of a “marriage between the rich wife of substance and means and the poor husband-which would then lead to a happy life for both”? However, if the imposed wedlock was ever a happy union, it had since degenerated to a sad catholic marriage - sustained by the Republican party creed of legitimate rape. In the course of time, the creed was boosted by a potent doctrinal intervention namely the doctrine of the ancestral ownership entitlement of our forebears up North. The doctrine is as significant as the identity of the personality who propounded it, the late Dr. Bala Usman. In a landmark research publication, he unearthed the hidden knowledge that the crude oil deposit in the Niger Delta creeks is ultimately traceable to the faecal waste of our primeval era ancestors dwelling in the Savannah plains across the Niger. Really? Here is Usman’s thesis- “The geological process of the formation of the Niger Delta and of the crude oil and natural gas formed in some of its sedimentary formations, actually goes much further back than ten thousand years” contends the historian. Now in full flight, he soldiered on, “But the reality, which those who are using the issue of the federal control of the petroleum resources found in all parts of Nigeria, including in the Niger Delta, to attack the basis of the cooperate existence of Nigeria, do not want to accept, is that these sediments with which, and in which, this petroleum deposits are found, did not drop from the sky”. And concludes with this earth shattering revelation, “These sediments are made up of soil containing vegetable, and other organic materials, including human, and animal, faeces and remains, which were washed away from farmland, pasture and forests all over Nigeria and outside and carried by the Niger to form its delta and all the minerals in it”. Beyond this peculiar history, the creeks have provided me with one of the most depressing spectacles I have ever encountered. I came face to face with the real time spectre of swamp (creek) dwellers scooping water to drink while washing their bodies and defecating into the same muddy cesspool all at the same time in a habitat bordering the edges of River Nun. My friend piled on me and requested I take a look at the skies, it stared back blankly and mournfully. All living things, who like you and I, survive on a steady supply of oxygen have been deprived of this vital life source by the likes of Shell exploration. This was about ten years ago- sufficient time to make a difference in the hideous living conditions, hopefullybecause it is about to get worse. No thanks to Elon Musk, Russia, the new American kid on the block unleashed by Trump, the Shale
Buhari oil and gas syndicate and the big elephant in the room, Nigeria. That bright guy, Fareed Zakaria, has a thing for Nigeria. Left to him and his meritocracy mindedness, Nigeria should be on the cusp of colonising America. He, apparently, sleeps and dreams Nigeria but this time, the dream is a nightmare- if the following content is any guide. “With oil prices crashing even before Covid-19 hit, countries like Libya, Nigeria, Iran, Iraq, and Venezuela could see economic catastrophes resulting in “political turmoil, refugees, even revolutions, on a scale we have not seen for decades.” I reject this prophecy in Jesus name! As with the case of coronavirus, how come our mighty men of faith failed to apprehend this impending calamity- rather than the delinquent preoccupation with 5G? Unlike these non performing evangelical giants and pending the fulfillment of my long coming pastoral ambition, I can prophesy that in the fullness of the oil apocalypse, it would be well nigh difficult for Nigeria to get a sympathetic shoulder on which to shed crocodile tears. As the cookie crumbles, I can well anticipate the stone hearted rhyme and rhythm of the beginning paragraphs of the post mortem analysis on Nigeria by the likes of the Financial Times, the London Economist, Wall Street Journal,
Bloomberg, Der Spiegel and others. Potentially captioned ‘the chicken comes home to roost for fantastically corrupt Nigeria’- it will go somewhat like this. ‘Any unfounded optimism on the prospects of the oil rich and most populated African nation, Nigeria, as an emergent stable economy, has largely unravelled and come unstuck. Initially cast in the role of propelling sub sahara Africa into reckoning, Nigeria has paradoxically become a metaphor for the miserable existence in which the unfortunate continent is mired- barring a few bright spots like Ghana, Rwanda and Botswana. At par with Malaysia and Brazil on vital economic indicators half a century ago, the promise of the so called African giant has disappeared into the thin air of despair and destitution dragging the destiny of tens of millions of its citizens into a blindspot. As the much maligned Bill Gates, (who has spent a fortune supporting Nigeria’s health sector) once rebuked-in the prospects of Nigeria, the fate of Africa hangs in the balance. The country is a mishmash comingle of the Alibaba type nouveau rich and the globally highest proportion of the dirt poor. Of the numerous false starts of the country, none has been beguiling and disappointing as the advent of the current President, Muhammadu Buhari.The hope (with his election as president) kindled by his reputation for fighting corruption has been wilfully extinguished. He came with the apt rhetoric that if Nigeria doesn’t kill corruption, corruption will kill Nigeria. On this score, he has turned out a cure worse than the disease. On top of all this is the virtual abdication of his responsibilities to a shadowy group of aides whom Nigerians call the cabal. This dereliction is to a degree attributable to his failing health which required extended hospitalisation for half a year in London a few years ago….and so forth.” The leaders of the Niger Delta should extricate the region from this fate and never tire of making its plight globally newsworthy. Nostalgia becomes erstwhile and fading heromilitants in the tribe of Ken Saro Wiwa, Oronto Douglas, Jaja of Opobo, Tony Uranta, Ledum Mitte, Government Tompolo, Ateke Tom, Godini Darah, Ken Saro Wiwa junior, James Ibori, Faafa Princewill, Adaka Boro and all others of vintage memory. Those who believe, for whatever reasons, in the unity of Nigeria, owe a gratitude to the location of the crude oil largesee in the Niger Delta. Were any of the Wazobia
In the penchant of Nigeria to transmute blessings into disappointment, the oil resource curse thesis has been an exemplar. It started, in earnest, with former military head of state, General Yakubu Gowon’s infantile speculation that the problem of Nigeria is not money but how to spend it. And this self-fulfilling prophecy has only waxed stronger
triumvirate to be in their shoes, they would only minimally deal, if at all they bother, with the rest of Nigeria.This is the applicability of the balance of terror power politics of Nigeria that gathered apace since 1966. After making due allowance for his personal failings, if President Goodluck Jonathan, were to be Yoruba, Northern Muslim or Igbo, he would have served out his entitled two terms tenure. Contrarily, were Chief Moshood Abiola, to have originated from amongst the Nigerian minorities, barring the Muslim North, the Nigerian state would have gotten away with the annulment of the outcome of the 1993 presidential election. I have not been a fan of Professor Itse Sagay since 2015 but I share his Niger Delta realpolitik chauvinism when he canvassed the following memorandum “This is a wake-up call on the people of the oil-bearing region. For instance, this is the time to come together and fight intellectually for the anomaly in the uneven allocation of oil blocks in the country. You will observe that because of the long stay of the north in power at the centre, they manipulated the process and cornered these blocks to the disadvantage of the south; today, you have all juicy oil blocks in the hands of the north. Now that Jonathan is there, I would not want to sound being immodest by calling for a revocation of the blocks allocated to the northern businessmen, but from the look of things, they have decided to take the entire south for a ride, so Jonathan should ensure that he corrects this imbalance by allocating more oil blocs to people in the south to make up for the inequity in the sector.” In the penchant of Nigeria to transmute blessings into disappointment, the oil resource curse thesis has been an exemplar. It started, in earnest, with former military head of state, General Yakubu Gowon’s infantile speculation that the problem of Nigeria is not money but how to spend it. And this self-fulfilling prophecy has only waxed stronger.This is why the idle cash thereby generated keeps finding sanctuary in the expansive folds of Ganduje-like babanrigas. How would anyone who knows what to do with money account for the degradation of the state house clinic in Abuja to the status of the Agbonna Hill Medical Centre at Okemesi - after expending millions of dollars on the exotic ailment of the president and budgeted billions of naira down the drain? More than ever before, it is beyond obvious that Nigeria needs the equivalence of massive electromagnetic shock to slip out of its psychotic stupor. It is what we called shock therapy and beyond a bloody revolutionary upheaval I see none outside of restructuring. It is the potential mechanism for the regeneration of the ethic and culture of positive correlation between productivity and and reward. It is a constant in the history of mankind that the development of any society is founded on the extent to which the two variables of hard work and reward are wedded in a direct proportional relationship. And since this is a rational concept, it follows that the ethic abides as the organising principle of rationally designed societies. Nigeria has chosen to be an exception to this rationality - with dire consequences. Like Nero before him, President Buhari can continue picking his teeth while the treasury house burns-a revealing counterpoise to the impending economic collapse of Nigeria.
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