FRIDAY 1ST MAY 2020

Chike-Obi: Nigeria Needs $20bn to Avert Economic Crisis IMF urges Nigeria to adopt new borrowing limits Supports CBN’s caution on monetary policy Obinna Chima, Eromosele Abiodun and Nume Ekeghe A former Managing Director of Asset Management Corporation of Nigeria

(AMCON), Mr. Mustapha Chike-Obi, has stated that Nigeria needs over $20 billion to avert economic instability. According to him, the $3.4 billion financial support the

International Monetary Fund (IMF) approved for Nigeria and the N850 billion approved by the National Assembly as domestic borrowing are not sufficient enough to address

Nigeria’s revenue shortfall. He spoke yesterday on the 'Morning Show,' of ARISE News Channel, the broadcast arm of THISDAY Newspapers, and noted that the banking

sector, which is pivotal to economic stability, should be properly managed and allowed to be more profitable with monetary instrument easing. The former AMCON boss

explained that banks would not accept another AMCON because they would pay the bulk of the current AMCON’s Continued on page 10

Oil Price Rises to $25 as US Inventories Drop... Page 5 Friday 1 May, 2020 Vol 25. No 9153. Price: N250

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COVID-19: With Rising Cases, FG Considers Home Treatment of Patients Intensifies talks with hoteliers on use of facilities to expand bed spaces Mulls use of military to secure isolation centres Says 113 health workers infected nationwide 204 new cases push tally to 1,932 with 319 discharged, 58 dead With 80 fresh incidences, Kano displaces FCT as second epicentre with 219 infected High hopes for vaccine developed by Oxford scientists Martins Ifijeh in Lagos, Olawale Ajimotokan and Onyebuchi Ezigbo in Abuja The federal government yesterday expressed concern about the rising cases of COVID-19, saying with the high prospect of patients outstripping the 3,500-bed spaces available in the country,

it might consider home care treatment. THISDAY had reported on Wednesday public health analysts’ advice to the federal government to prepare for a second lockdown on the projection that the pandemic incidence might climb to about Continued on page 9

Again, Buhari Tells Military to End Boko Haram’s Menace

Omololu Ogunmade in Abuja

President Muhammadu Buhari yesterday tasked members of the armed forces not to be caught in the web of complacency in the battle against Boko Haram, asking them to end the menace of the

terrorists in the North-east. Speaking while hosting Yobe State Governor, Alhaji Mai Mala Buni, in the State House, Abuja, Buhari warned the troops against complacency in the defence of the nation's Continued on page 9

REPORTING PROGRESS... Group Managing Director/CEO, Access Bank Plc, Dr. Herbert Wigwe (left); and the Chairman, Dr. Ajoritsedere Awosika, during the bank's 31st Annual General Meeting held in Lagos…yesterday sunday adigun

Dankaka’s Nomination Refreshes Storm over Abuse of Federal Character Principle... Page 8

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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

Oil Price Rises to $25 as US Inventories Drop Ejiofor Alike with agency reports Crude oil price is set to end the nightmare of producers as it rose for the second day yesterday by 13.8 per cent to $25.65 per barrel. The price got a lift from the decreasing United States’ inventories, coupled with expectations that the gradual relaxation of lockdowns by countries would improve demand. Reuters reported that with the price being lifted by signs that the United States crude glut is not growing as quickly as expected, it's clawing back the ground, at the end of a month of tumbles caused by COVID-19 pandemic that caused it to slump to a two-decade low. The global benchmark, Brent crude was up 13.8 per cent, or $3.11, at $25.65 per barrel in light trading. The front-month contract for June was set to expire yesterday, while the more actively traded July contract was up $2.51 or 10.4 per cent, at $26.74 a barrel. Also, the West Texas Intermediate (WTI) crude was up 16.5 per cent, or $2.48, to $17.54 per barrel. The US benchmark had surged 22 per cent on Wednesday. The increases are a modest but marked recovery from the nosedive of US crude futures for May as much as $40 into the negative on April 20 - an unprecedented plunge below zero that traders had not previously believed was possible. Brent futures also tanked

to below $20 a barrel. US crude inventories grew by nine million barrels last week to 527.6 million barrels, Energy Information Administration (EIA) data showed, below the 10.6 million barrel rise expected by analysts. US petrol stockpiles fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offsetting a rebound in refinery output. Yet indicating the depth of the crisis hitting the global industry, Royal Dutch Shell said yesterday it was cutting its dividend for the first time since World War II. Storage concerns continue to weigh with the International Energy Agency, saying global capacity could peak by midJune. US President Donald Trump said his administration would soon release a plan to help US oil companies, while Treasury Secretary, Mr. Steven Mnuchin, said it could include adding millions of barrels of oil to national reserves. Western Europe’s largest oil producer, Norway, said it would lower output from June to December, cutting production for the first time in 18 years as it joined other major producers in action aimed at supporting prices and curbing oversupply. OPEC and other oilproducing nations, a grouping known as OPEC+, agreed this month to cut output by a record amount, around 10 per cent of global supply, to support oil prices. The agreed cuts are due to take effect from today.

FG Asks Level 14 Officers to Resume Monday Offices to open thrice weekly Olawale Ajimotokan and Kingsley Nwezeh in Abuja The federal government yesterday issued guidelines on the resumption of federal civil servants in compliance with President Muhammadu Buhari's directive that workers on grade level 14 and above should resume by on Monday. Under the guidelines, the Head of Service (HOS) of the Federation, Dr. Folasade Yemi–Esan, directed that offices would open for only three times in a week. She also directed officers on Grade Level (GL) 14 and above, including those on essential services, to resume work with effect from Monday. The directive was contained in a circular issued yesterday by the Director of Information at the Office of the Head of Service of the Federation (HoS), Mrs. Olawunmi Ogunmosunle. The circular was also in furtherance to the president’s broadcast on a phased and gradual easing of the lockdown measures occasioned by COVID-19. According to Yemi-Esan, all offices are to open three times a week. The working days are Monday, Wednesday and

Friday while the closing time shall be 2 p.m. daily. She directed all the concerned officers to ensure full compliance with the directives and advice on the prevention of the COVID-19 pandemic by maintaining social distancing, washing and sanitising of hands regularly as well as wearing of face masks. The civil servants are also to limit the number of visitors they receive to the barest minimum, in addition to ensuring that the visitors comply with safety and health advisory. "Permanent secretaries and chief executive officers are also advised to ensure that handwashing and sanitation facilities are placed at entrances and strategic points in their MDAs. "Infrared thermometers are to be provided at the entrance of the MDAs for compulsory temperature checks while as much as practicable the entrance to the MDAs is limited to only one," the circular stated. Ahead of the resumption, the federal secretariat complexes have been decontaminated while efforts are ongoing to decontaminate other public offices.

Kuwait said it had begun reducing oil supply to the international market without waiting for the deal agreed to take off. In addition to the OPEC+ deal, other producers are also pledging reductions. With countries that have lockdown measures in place

accounting for more than 90 per cent of last year’s oil demand, there are hopes of demand recovery as these countries reportedly moved to ease lockdowns. Meanwhile, OPEC’s oil output has jumped in April to a 13-month high as Saudi Arabia and its Gulf allies

opened the taps following the initial collapse of an OPEC-led supply pact, offsetting further declines in Libya, Iran, and Venezuela. On average, the 13-member OPEC has pumped 30.25 million barrels per day (bpd) this month, according to the survey, up 1.61 million bpd

from March’s revised figure. An OPEC-led supply pact collapsed on March 6, temporarily ending three years of cooperation and starting a battle for market share. This free-for-all lasted until the producers, known as OPEC+, agreed on a new cutback from today.

TACKLING THE PANDEMIC... Edo State Commissioner for Health, Dr. Patrick Okundia (left), and Governor Godwin Obaseki, during a press brieďŹ ng on COVID-19 in Benin City... yesterday

FIRS Gives Deadline on Tax Interests, Penalties Waiver James Emejo in Abuja Federal Inland Revenue Service (FIRS) is to waive interests accruable to debts as well as the related penalties for defaulting taxpayers if they fully settle their indebtedness on or before May 31. FIRS Executive Chairman, Mr. Muhammad Nami, said in a statement yesterday that the concession was only valid for taxpayers who make full payments within the deadline. He had previously directed businesses to commence payment of their annual returns earlier than the due date, apart from their normal monthly obligations. The moves are part of the FIRS’ efforts to mobilise

resources for the federal government whose fiscal power has been badly impaired by the drastic fall in global oil prices occasioned by the outbreak and spread of the COVID-19 pandemic. Nami expressed FIRS' commitment to continue to provide support to all taxpayers as directed by President Muhammadu Buhari in his nationwide broadcast to the country. He had appealed to corporate bodies, especially telecommunications and financial services companies, manufacturers, e-commerce and supermarkets believed to be experiencing increased business activities despite the current lockdown to contain

the spread of the COVID-19 pandemic, to pay their taxes early. Earlier in March, he had reiterated the service's commitment to meeting the N8.5 trillion revenue target for the year, despite current economic challenges. Addressing members of staff at a retreat of Tax Operations Group, he urged them to take up the challenge and justify the confidence the country had reposed in the service particularly at this "critical time when virtually all the other sources of revenue for the government are being challenged, especially by the coronavirus pandemic, the downward slide in the price of oil at the international

market for as low as $30 per barrel against $57 benchmark used for the budget." Nami said measures had been taken since assuming office to boost the welfare of the staff as well as encourage them to give their best to improve its revenue profile. "We shall not relent in providing the right environment for you to succeed. "When the federal government set the N8.5 trillion target, it must have realised that we are equal to the task. As the hub of the operations of the service, you are therefore expected to deliver the bulk of the target while the other groups support you," he had added.

US Warns FG against Diversion of $308m Abacha Loot Ejiofor Alike with agency reports The United States yesterday warned the federal government to be prepared to “replace� the $308 million to be repatriated from funds looted by a former military ruler, the late General Sani Abacha, if it failed to expend the cash on public projects agreed upon. The United States and the British Dependency Island of Jersey had agreed with Nigeria in February to return $308 million that Abacha, who died in 1998, had stashed in their banks. The Attorney-General General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), had said the fresh $308 million forfeited assets would be received this month. Malami had signed a

tripartite agreement on behalf of the federal government with the US and the Island of Jersey in February to repatriate the funds. The money is expected to be used on three major projects: Lagos-Ibadan Expressway, the Abuja-Kano Expressway and the Second Niger Bridge. The Managing Director/ Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, had told ARISE News Channel, the broadcast arm of THISDAY Newspapers, that “the $308 million that was announced is to be channeled to the Lagos-Ibadan Expressway, the Abuja- Kano highway and the Second Niger Bridge. “And there are all sorts of scrutiny and supervision attached to this, given the external funding nature.� But a report yesterday by

Reuters said the United States Justice Department warned that Nigeria must spend the repatriated funds on agreed public projects or be forced to replace it. The US Justice Department outlined the so-called “clawback� provision in a response to a query from a powerful US senator questioning the prudence of returning the cash. “Should any of the parties — including the United States —conclude that any of the returned funds had been used for an ineligible expenditure, a 'clawback' provision would then obligate the FRN (First Republic of Nigeria) to replace fully any such improperly diverted monies,� the letter said. It did not specify how and to whom, the money would be replaced.

The provision is notable as Nigeria continues efforts to repatriate money allegedly stolen during Abacha’s tenure between 1993 and 1998 when he died. Corruption watchdog, Transparency International, allegedly estimated that he stole as much as $5 billion of public money during that time. Abacha was never charged with corruption during his lifetime and died in office. A spokesman of Malami said the President Muhammadu Buhari administration had a history of “prudent and transparent utilisation of recovered assets,� and that the money would be used as outlined in the agreement. “The federal government does not in any way contemplate of doing otherwise,� Malami’s spokesman, Dr. Umar Gwandu, said.

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Dankaka’s Nomination Refreshes Storm over Abuse of Federal Character Principle Ejiofor Alike The nomination of Dr. Muheeba Dankaka as chairman of the Federal Character Commission (FCC) by President Muhammadu Buhari has refreshed the controversy over the president’s perceived nonapplication of the principle of federal character in his key appointments. The President of the Senate, Dr. Ahmad Lawan, had on Tuesday read the president’s letter seeking Senate approval for the nomination of Dankaka and 37 others as chairman and members of the commission, instituted by Section 14(3) of the 1999 Constitution as amended, to ensure that no section of the country dominates appointments to the federal government and its agencies. Specifically, the section specifies: “The composition of the Government of the Federation or any of its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few states or from a few ethnic or other sectional groups in that government or in any of its agencies." FCC is saddled with the responsibility of enforcing this constitutional provision. Dankaka’s nomination is said to be in conflict with this provision of the constitution on the ground that she is from Kwara State, Northern Nigeria, she ought not to have been so nominated because the secretary of the commission, Mr. Muhammad Tukur, is from Taraba State also from the North. The critics’ argument is that this pattern of appointment negates the constitution, the enabling law and convention. They refer to Section 4 of

the enabling law, Federal Character Commission Act No 34 of 1996, to buttress their argument. It states: “Where the number of positions available cannot go round, the states of the federation or the Federal Capital, the distribution shall be on a zonal basis. But in the case where two positions are available, the positions shall be shared between the northern and southern zones.� For them, the two principal positions are the chairman and secretary of the commission and by the spirit and letters of the law, they ought to be distributed between the North and the South. They also summon convention as their witness, saying past administrations have maintained a balance in appointments between the two principal geo-political zones. According to them, a brief history of the leadership of the commission shows that from 1996 till date, there have been lopsided appointments of the executive chairmen of the commission. For instance, Alhaji Adamu Fika from Yobe in North-east; Alhaji Bello Kofabai from Katsina in the North-west and Professor Shuaibu Oba Abdul Raheem from Kwara in the North-central, have held the position since 1996. In acting capacity, the chairmanship of the commission has been held by Alhaji Muhammadu AriGwaska from North-central; Alhaji Ibrahim Funtua, from Katsina in the North-west; Alhaji Muhammad Alkali from Kebbi in North-west; Dr. Shettima Bukar Abba from Borno in the North-east; Mr. Abayomi Sheba from Ondo in the South-west, and Ambassador Shinkafi from Zamfara State, the current acting chairman whose tenure ended on April 20, 2020, after two terms in office is from the North-west. THISDAY gathered that during the period under review, the position of the substantive secretary was held

by southerners, including Mr. A. O. Effenga from Southsouth; Mr. O. P Emerhan from South-south; Prof. Francis Durosinmi-Etti from Southwest; and Mr. Rex-Ogbuku from South-south. In acting capacity, Mr. David O. Fakeye from South-west and Mr. Jonas C. Umeh from South-east have also held the position. The incumbent secretary is Tukur, who was appointed by Buhari in March 2017 for an initial tenure of four years, which would end in February 2021, is from Taraba State in the North-east. THISDAY gathered that according to the principle of federal character, as contained in the Act governing the commission, leadership positions ought to be equally distributed between zones. The implication, it was learnt, would be that the chairmanship position should, going by the principle of federal character and as stated in the constitution, automatically, go to the

southern part of the country. This North-South balance had been established by the presidency of Chief Olusegun Obasanjo, Alhaji Umaru Yar’Adua and Dr. Goodluck Jonathan who had appointed northerners as chairmen and southerners as secretaries. “When Mr. President appointed Mohammed Bello Tukur, the Legal Adviser of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) as the secretary of the Federal Character Commission, many thought it was to pave the way for the first Southern chairman of the commission. That was not to be,� said a displeased senator who preferred anonymity, adding: “Instead in a rather brazen act, the penultimate Ag. Chairman, Mallam Shettima, rather than handover to a southern commissioner handed over to the secretary of the commission.� The senator, who urged his colleagues not to confirm the nomination of the chairman of the commission, accused

the Buhari administration of consistently violating “one of the most ingenious and ambitious affirmative actions entrenched in our constitution to promote national unity uniquely named federal character." "This consistent negation of a critical national consensus should be resisted and rejected by all well-meaning Nigerians starting from the Senate. The seeds of national discord have been systematically sowed over the past five years and should be halted,� he alleged. The senator urged the Senate to defend the supremacy of the constitution and the need to build an inclusive state. Buhari, in a letter dated 18th March 2020 to the President of the Senate, nominated Dankaka, a businesswoman, who was also a former president of Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), as the chairperson of FCC and 37 others as members of the board.

The 37 members are Henry Ogbulogo, Salihu Bello, Obonganwan Ebong, Ibeabuchi Uche, Mohammed Tijjani, Tonye Okio, Silas Macikpah, Abba Monguno and Nsor Atamgba. Others are Alims Agoda, Tobias Chukwuemeka (deceased), Imuetinyan Festus, Sesan Fatoba, Ginika Florence Tor, Hamza Mohammed, Diogu Uche, Lawan Roni and Hadiza Muazu. Also appointed are Muhammad Na‘iya, Lawal Garba, Abubakar Bunu, Idris Bello, Daniel Kolo, Are Bolaji, Nasir Kwara, Maj. Gen. Suleiman Said (rtd) and Abiodun Akinlade. Buhari also appointed Olufemi Omosanya, Adeoye Olalekan, Adeniyi Olowofela, Stephen Jings, Wokocha Augustine, Abdullahi Tafida, Armaya’u Abubakar, Jibril Maigari, Sani Garba and Adamu Sidi-Ali. The appointment was contained in a letter, which was read out by Lawan, at plenary on Tuesday.

WORTHY CITIZEN... Man, who reported his son for outing lockdown regulation, Commander Femi Adeoye (left), and Ekiti State Governor, Dr. Kayode Fayemi, during his visit to the governor in Ado-Ekiti... yesterday

N’Assembly Awaits 2020 Budget Amendment Bill INEC to Meet over Edo, Ondo Guber Elections on May 7

Clarifies approval for N850bn loan Deji Elumoye in Abuja The Senate has said the Executive is yet to forward to it the 2020 budget amendment bill as well as the request for N500 billion COVID-19 Intervention Fund expected to serve as palliatives to the citizenry in the wake of the Coronavirus pandemic. The upper chamber also explained that the N850 billion loan approved for the Executive on Tuesday was not a fresh loan as it was already captured in the 2020 budget approved by the National Assembly last November. The new Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, told THISDAY yesterday evening that several weeks after the Executive hinted that it was going to present to the Assembly an

amendment Bill to the 2020 budget due to the dwindling oil revenue, the legislative body was yet to receive the bill. He stated that the proposed N500 billion COVID-19 Intervention Fund has also not been brought before the National Assembly for approval. His words: "In the course of the National Assembly break, we engaged officials of the Presidency including ministers who promised that due to the effect of the COVID-19 pandemic on the international price of oil, the government would review the budget and come up with a bill that would reduce the number of capital projects to be executed in 2020 by 20 per cent. As we speak, the proposed adjusted budget Bill is not yet before the Assembly. "Also recall that the N500

billion stimulus is still with the Executive arm. It has not been sent to the legislative arm. So, the report of the committee headed by the Vice President that recommended the stimulus as well as a formal request for approval is not yet before the National Assembly." The spokesman gave an assurance, saying "the National Assembly is expecting both the stimulus package and the amended budget from the Executive and I can assure you that once we get the bill and request they will be treated accordingly". Also yesterday, Basiru, in a statement, said no fresh N850 billion loan was approved by the Senate on Tuesday for the Executive. According to him, the resolution passed by the Senate was an amendment to the earlier resolution as

to the source of the initial N850 billion loan that had been approved to be part of what should be used to fund the 2020 Appropriation Act. He said: "You will recall that the Senate had actually approved the loan of N850 billion but to be sourced from external sources. "However, because of the COVID-19 pandemic and of the challenge in the international oil market with the attendant challenges of raising the approved loan externally, the President requested that the approved loan should rather be raised through the domestic capital market. "It was the above request on the sourcing of the earlier approved external borrowing of N850 billion from domestic capital market that was approved by the Senate," the spokesman stated.

Chuks Okocha in Abuja Independent National Electoral Commission (INEC) said it would on May 7 meet to discuss preparations for the conduct of Edo and Ondo governorship elections and upcoming bye elections in Bayelsa, Imo and Plateau states and plan for resumption of normal activities. The commission, in a statement issued yesterday by the National Commissioner in charge of Voter Education and Information, Mr. Festus Okoye, noted the advisory and protocols outlined by the Presidential Task Force (PTF) on combating COVID-19 on the gradual easing of lockdown from May 4, but said it would meet again on May 7 to review when it would resume work. According to the statement,

the commission said it would meet to review the situation in its offices across the country and adopt a clear roadmap and guidelines for resumption of activities in line with the announcement by PTF. Okoye said the exact date for the step-bystep resumption of normal activities in the headquarters, state and local government offices would be communicated to staff, its stakeholders and the public after the commission’s meeting. It also said members of staff earlier designated for the provision of essential services are to continue with their work, while all stakeholders are advised to wait for further communication from the commission on resumption of normal activities.

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PAGE NINE COVID-19: WITH RISING CASES, FG CONSIDERS HOME TREATMENT OF PATIENTS 280,000 with 8,400 deaths in three months. The analysts hinged their projections on the average infection rate of 14 per cent of tested persons, which stood at 1,532 of 10,918 as of Tuesday. They warned that with the Nigeria Centre for Disease Control’s (NCDC) target of two million people in three months, confirmed cases might be in the region of 280,000. Confirmed cases have been on the upward trend since the warning. Last night, NCDC put the daily rise at 204, bringing the tally to 1,932 with 319 discharged and 58 dead. It said the new 204 cases were reported from 18 statesKano 80, Lagos 45, Gombe 12, Sokoto nine, Bauchi nine, Edo seven, Borno seven, Rivers six, Ogun six, FCT four, Akwa Ibom four, Bayelsa four, Kaduna three, Oyo two, Delta two, Nasarawa two, Ondo one and Kebbi one. Acknowledging the gloomy immediate future, the federal government raised the alarm yesterday that rise in the incidences of the disease was threatening to overwhelm its facilities. It, therefore, said it was intensifying talks with hoteliers in the epicentres of COVID-19, the Federal Capital Territory (FCT), Lagos, Ogun and Kano, on the possibility of converting their facilities to isolation centres to complement the 3,500-bed spaces on the ground across the country. The federal government also expressed worry over the rising of patients trying to run away from isolation centres and said it was in talks with the military to provide security for the centres. Speaking at the daily press briefing by the Presidential Task Force on COVID-19 in Abuja, NCDC Director-General, Dr. Chikwe Ihekweazu, told reporters that the country only had about 3,500-bed spaces only for COVID-19 management, adding that in Lagos, the epicentre of the pandemic, its capacity was being stretched. He said the development might force the federal government to manage patients at homes by sending healthcare workers to treat them. He said: “There is no doubt about it. We are struggling in some places, especially Lagos and to an extent in Kano and Abuja too. But the biggest challenge right now is Lagos where bed spaces are really tight. “We are now trying to make more bed spaces available, but ultimately we might have to change our strategy and start considering homecare in certain circumstances

where patients are able to provide rooms for their own management. “Secondly, we will also have to support their care by enabling healthcare workers, who would go and treat them. Because of the realities we face, we might have to adjust our strategy in the next few days or weeks.� He said the federal government was aware of the pressure for the use of the rapid diagnostic test, but that the technology would not produce accurate results as against what obtains with molecular laboratory testing. “My responsibility is to make sure every result we get is accurate, and that is what we are doing at the moment,� he said. He explained that instead of waiting for people to call or come for tests, officials have been deployed to go to the neighbourhoods in Lagos, Ogun and Abuja to take samples from people with symptoms for testing. He also reacted to the issue of some states buying test kits themselves and using other faster devices for testing in their areas. Ihekweazu said NCDC would not stop any state from doing so, but that the centre would insist on working with the recommendations of the World Health Organisation (WHO) as far as the laboratory testing is concerned. He cautioned that any state using test kits not endorsed by WHO or NCDC may be doing so at the risk to the lives of their people.

FG Woos Hoteliers for Bed Spaces in Lagos, Ogun, Abuja, Kano Meanwhile, the federal government has made overtures to owners of hotels and other recreational facilities for bed spaces, urging them to show solidarity with efforts at tackling the pandemic outbreak. It said the cooperation of the hotel owners are needed to allow government to make use of their facilities as isolation centres to manage the increasing cases of the virus. The Minister of Health, Dr. Osagie Ehanire, also said there was an immediate need for owners of hotels to make their facilities available for temporary use in emergency situations. "Active community transmission and scale-up of case finding are expressed in increasing numbers of confirmed persons. As stated yesterday, bed spaces and isolation centres at state level need to match the increase and necessitate an appeal to all citizens,

especially property and hotel owners, to recognise the imminent needs and the social responsibility of working with state governments to make facilities available for temporary use in emergency situations," he stated. According to him, everything should not be left to government alone as "we must all take collective ownership of the health and wellbeing of our citizens." On complaints that patients were being turned back by some hospitals for fear of being infected, Ehanire cautioned healthcare institutions and workers against such an act. He said they should not be dismissing patients that come for normal treatment rather their duty should be to apply necessary guidelines in handling their treatment.

Mulls Use of Military to Secure Isolation Centres Also speaking at the press briefing the Chairman of the Task Force and Secretary to the Government of the Federation, Mr. Boss Mustapha, said the federal government would engage the armed forces to provide surveillance and control of the isolation centres nationwide to prevent people with the virus from escaping from the centres. Mustapha raised the alarm that perimeter fencing of the isolation centres was not enough to deter people of positive status from trying to escape from the treatment centres and putting the society at risk. “Most of the facilities have perimeter fencing. And we have been in discussion with the security and armed forces about the need to provide surveillance and control over the isolation centres. I hope we will be able to perfect that in the days and weeks ahead. "But let me say that perimeter fencing will not deter people from wanting to escape. Let me say this. I saw a video clip of the Kenyan experience- a very high fence, but they were throwing their luggage across the fence and were jumping. And I understood from the news that that same evening, they were apprehended in a club where they had gone to socialise. "It is this that is informing my position that perimeter fencing will not stop anybody that wants to escape. It is just for our people to develop the culture and sensitivity that they are not just a risk to themselves but a risk to the larger community,� he said. Mustapha warned that the gradual easing of restrictions

on activities and movements should not be mistaken to mean life has returned to normalcy in the country.

113 not 300 Healthcare Workers Infected Ehanire, however, disagreed with the figures given by the Nigerian Medical Association (NMA) that about 300 of its members were infected with the virus, saying latest figures showed that about 113 doctors mainly in the private health organisations, have been infected. He said: “We have realised majority of these health workers are from private hospitals. That is why we have said health workers trying to treat COVID-19 patients in private hospitals must be trained for it. Health workers without training have no business treating people with coronavirus. Those in the frontline must adhere to advisories relating to the management of the disease.� He advised citizens to adhere to advisories by staying home and limiting travels. He said people should wear face masks when going outside, wash their hands regularly, practise respiratory hygiene and social distancing.

FG Suspends Admission of Inmates into Correctional Centres The Minister of Interior, Mr. Rauf Aregbesola, said the federal government had suspended further admission of inmates into any of the correctional facilities nationwide as a precaution to stem the spread of COVID-19 among the inmates and the workers. He added that the decision did not go down well with some state governors. Aregbesola thanked the Chief Justice of Nigeria, Justice Ibrahim Muhammad; the National Judicial Council (NJC), and the Attorney General and Minister of Justice, Mr. Abubakar Malami, for approaching the courts and helping to reduce pressure on custodial facilities to admit new inmates.

Obaseki Declares Nursing Mother Wanted Edo State Governor, Mr. Godwin Obaseki, has declared one Amara Okoro, a nursing mother, wanted after she tested positive and became unreachable. He said yesterday at a press briefing in Benin City, the state capital, that

Okoro’s baby had started coughing and urged those with useful information about her whereabouts to report to the relevant security and health agencies. The governor also extended the dusk-to-dawn curfew in the state by 14 days, effective from yesterday, as part of renewed measures to halt the spread of the virus. He added that the government had decided to commence another round of distribution of relief materials to most vulnerable persons to reduce the economic hardship. “I am extending the curfew in Edo State for another 14 days from 8pm to 6am. With the lessons which we have learnt from the first round of distribution, measures have been put in place to make sure that only the targeted persons receive these palliatives,� he said.

Dead Victims Are Not Infectious, FCDA Insists The Federal Capital Development Authority (FCDA) has said a cemetery at Kaura District in Phase II of the Federal Capital City (FCC) does not constitute a long-term health danger to residents of the estates. The clarification followed the complaint by the residents of Lokogoma Estates, who asked the FCT Administration to consider relocating the cemetery to another area on the fears that burying COVID-19 bodies at the cemetery threatened the neighbourhood through the contamination of boreholes. FCDA, in a statement yesterday by the Media Assistant to the Executive Secretary, Mr. Richard Nduul, stated that except in cases of hemorrhagic fevers (such as Lassa fever and Ebola) and Cholera, bodies are generally not infectious. “There is also little or no evidence of persons having become infected from exposure to bodies of persons who died from COVID-19. This is the position of the Nigeria Centre for Disease Control (NCDC) and further collaborated by the World Health Organisation (WHO),� the statement said.

Adesina also said Buhari added that such sustainable peace would enhance farming and other socioeconomic activities in the North-east. He further said the president tasked the governor to always mobilise community support for the military with a view to encouraging intelligence gathering. "He (Buhari) expressed the belief that the health and well-being of the nation depends largely on its ability

to feed itself, and agricultural production is key. "President Buhari, however, tasked Yobe State Governor to continuously mobilise community support for the military operations, saying intelligence sharing and the synergy between law enforcement agencies and the civil populace are critical towards achieving the objectives," Adesina said. He added that the president charged the troops to be vigilant and sustain ongoing counter-insurgency

operations on both the shores of Lake Chad as well as the entire North-east, and consequently, eliminate Boko Haram. According to Adesina, Buhari noted with satisfaction what he described as the giant strides of the armed forces in the fight against insurgency, urging them not to relent in the battle against the insurgents. He said the governor in his briefing expressed appreciation to the federal government "for the decisive

Kano Probe Team Submits Interim Report Ehanire also gave an update on developments in Kano State, saying the Ministerial Task Team sent on a factfinding mission to Kano has sent in an interim report. He said the report provided information on the needs, strengths and weaknesses of the Kano response system. "While I await a full report, this will guide the FMoH (Federal Ministry of Health) in supporting Kano State COVID-19 Taskforce with necessary material, training and human resources. They will include assembling and dispatching a technical team from Federal Ministry of Health and viral infectious disease specialists from Irrua Specialist Hospital to join a technical team from Lagos State Ministry of Health that is already on the ground in Kano at the request of the governor of Kano State," he said. According to him, the ministry is assembling a pool of experienced experts to support Kano State in the battling virus. Already, the minister said, an emergency medical team from the Federal Ministry of Health had left Abuja with ambulances, five of which were donated by the Federal Road Safety Commission (FRSC), for Kano to provide emergency response. Mustapha also confirmed that the federal government had released the equipment to Kano State. Mustapha said the equipment, which was to be transported immediately to the state, comprised two Oxygen Concentration, three Ventilators, 280 Personal Continued on page 10

Lagos Discharges 12 More Patients Lagos State continued to post good news on the management of COVID-19 cases as the Governor, Mr. Babajide Sanwo-Olu, said yesterday that 12 more COVID-19 patients from its isolation centres had been discharged. This brings to 199 the total number of successfully treated persons in the state.

AGAIN, BUHARI TELLS MILITARY TO END BOKO HARAM’S MENACE territory, saying they must ensure that terrorists no longer find any part of the region habitable. Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said the president gave the charge while receiving a briefing from the governor on the security situation in his state. According to him, the president observed that such resolve was necessary for sustainable peace and development in the region.

He said the discharged patients were nine males and three females. "One of the patients is Ukrainian. Six were discharged from the Infectious Disease Hospital in Yaba, five from Lagos University Teaching Hospital (LUTH) and one from Ibeju-Lekki. So far, 199 cases have been successfully managed," he stated.

and proactive measures being employed in the renewed onslaught against the Boko Haram terrorists." He also said Buni noted the significant achievements recorded by the military in its efforts to contain activities of the terrorists, whom he said had been in disarray since the recent operations by the Chadian military. "Governor Buni informed the president that if the tempo is maintained, Boko Haram will soon become history," Adesina added.

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NEWS CHIKE-OBI: NIGERIA NEEDS $20BN TO AVERT ECONOMIC CRISIS liabilities at the end of the day. He commended the Ministry of Finance, Budget and National Planning for securing the financial support from IMF for the country and urged judicious spending in order to facilitate more loans that would be needed. He said: “We need to compliment the Minister of Finance and her team for arranging this lifeline. It is a loan that is to be paid between three to five years and while it doesn’t come with strings, it does come with strong suggestions as to what should be done with the money and how the money should be spent. “$3.4 billion sounds like a large amount of money but it is roughly 1-2 per cent of our GDP. It is just a lifeline and it is not enough to solve our economic problems. So, depending on how we use the money and how we are transparent and forwardlooking. We are going to need much more money. We are going to need upward of $20 billion from various world agencies and they are watching what we do with this $3.4 billion. And I think that if this $3.4 billion is spent properly, we would be able to get more money down the road.� On the N850 billion approved by the Senate, he said: “I have always been against foreign borrowing and borrowing in dollars because everyone knows that every five years, FX revalues to about 30-50 per cent and borrowing in foreign currency ends up being more expensive than borrowing domestically. “So, if this was a loan that was approved previously and now they are changing it from dollars to naira, then I think it is a very smart thing to do and I welcome it. Even if it is an additional loan, I think this is the time the Nigerian government should be borrowing money. However, I think what you do with the money is what matters.� Chike-Obi, who specified some areas the federal government should not use the monies for, noted that on no account should the monies be used to support the nation's foreign exchange market. He said: “There are some things we should do with the N850 billion and the $3.4 billion. We should not use it to support our foreign exchange, let it go to a level that is sustainable on its own. We should not be sharing this money with the states as this is a federal government loan that has to be repaid in 3-5 years and it must be used for specific things that would solve our immediate problem and build for the future. The third thing it shouldn’t be used for is subsidies. As long as it is not being used for those three

things, we would do well in borrowing more money to be used for proper things.� He predicted that Nigeria would have to go back to IMF for a proper loan. “I think we are going to go to the World Bank for loans and other agencies in the world. Even under the IMF guidelines, if 20 per cent or more of your GDP is affected, there is a new facility you can access. “So, we would need upward of $20 billion and I think this is a test case and if the government manages this money very responsibly and transparently, I think it will open up the door for money down the road. But if we use this money the way we used money in the past in a way where in six months we can’t account for the money, we would find it very difficult to source the rest of the money we need in the future,� he added. Also, responding to a question on why AMCON is still in existence as against the initial plan, he said AMCON did not have an end date but an operational end date. The agency, he stated, was to last for 10 years but the plan was based on the fact that the banks which are going to pay the bulk of the AMCON liabilities would be growing at a rate of 10-15 per cent a year. He added that Nigerian banks would not accept another AMCON because they would pay the bulk of AMCON’s liabilities eventually. “What happened is that the Central Bank of Nigeria (CBN) took a very hard and restrictive monetary stance from 2012 upwards and banks started growing at less than the 10-15 per cent they had planned to under 5 per cent. And because of that loan growth in bank assets, the money they were to pay to AMCON has actually been extended to another five years. “So, there is a plan that would have AMCON totally liquidated in the next five years. I think that plan in the future would be taken up by CBN. So, AMCON has just extended its life by five years because of the slow growth of banks, but the plan at the time was sound and the plan remains sound. I do think that now, the situation if not properly managed, would be worse than the situation that brought AMCON in the first place. So, the monetary authorities and fiscal authorities have to be very careful to handle the banking situation very carefully,� he said. On the possibility of another banking sector crisis, ChikeObi said the situation would be more dangerous than the 2008/2009 era, if not properly managed. However, he stated that the banking sector is now better

managed than before. “I think there has to be some management and without that, there would be a disaster. In terms of a new AMCON, there is neither the political will nor the executive will to have another AMCON. AMCON has attracted lots of emotions and I don’t think the banks would sign up for another AMCON because the banks would pay the bulk of AMCON’s liabilities at the end of the day. So, I don’t think another AMCON is feasible and the best way to go is prevention. We need to sit down and put all our best minds together, deal honestly with the situation and find a way to avert the catastrophe because if we let it happen, it is probably two or three times larger than the 2008/2009 problem,� he added.

IMF Urges Nigeria to Adopt New Borrowing Limits Meanwhile, the International Monetary Fund (IMF) has advised the federal government to speedily adopt “new borrowing limits to allow additional bond issuance at still favourable rates.� IMF stated this in a report dated April 22, 2020, in which it reviewed and justified Nigeria’s request for $3.4 billion in emergency financial assistance under the fund’s Rapid Financing Instrument (RFI) that was approved on Tuesday. The Fiscal Responsibility Act prohibits fiscal deficit of more than five per cent of the country’s Gross Domestic Product (GDP). But the multilateral institution in the letter obtained yesterday said setting a new limit would enable the federal government to tap debt from the domestic market, especially from the Pension Fund Administrators that have “extra liquidity now that they can no longer use to purchase high-yielding CBN bills because of regulations introduced in October 2019. It explained that results of the last FGN bond auction showed strong demand, with an average cover ratio of 4.7 times and the 30-year bond receiving the strongest demand at seven times the offer at auction. According to IMF, Nigeria’s fiscal financing gap remains large at about $11 billion. “Together with a larger deficit, a downward revision in available financing— including less recourse to CBN overdrafts—leads to about $8 billion (2 per cent of GDP), even after accounting for RFI purchases. “Of that gap, 25 per cent will be covered by existing budget support commitments from multilateral institutions. The authorities plan to cover the

rest through a reprioritisation of existing project loans (including from the World Bank and AfDB) towards health spending, drawdown from existing deposits held in accounts of extra-budgetary funds and sovereign wealth funds, as well as domestic borrowing. “Staff is of the view that the latter option remains the most appropriate in view of the large stock of maturing open market operations (OMOs) of about N6 trillion domestic, which provides substantial space to issue domestic bonds—which are currently trading at very favourable yields— without crowding out the private sector,� it stated. The fund noted that before the onset of the COVID-19 pandemic, the generally well-capitalised Nigerian banking system had seen both its liquidity and solvency ratios rising, while non-performing loans (NPLs) in the industry had fallen. It added that accelerated loan write-offs and recent government arrears clearance to bank borrowers, as well as a pick-up in lending, had halved the NPL ratio to six per cent in 2019, adding that high risk-weighted assets and deferred International Financial Reporting Standards (IFRS)-9 related impairment charges had also reduced the overall solvency ratio by 0.7 percentage points to 14.6 per cent at end-2019 (the ratio would have been even higher were it not for three small insolvent banks). “Banks remain susceptible to deteriorating credit quality due to their exposure to ailing sectors, particularly oil and gas producers (26 per cent of total loans). “By end-March, foreign portfolio holdings decreased by 46 per cent since the beginning of the year and by almost 60 per cent since mid-2019. The official exchange rate has been adjusted by 17.5 per cent, bringing it much closer to other rates, and the various exchange rate windows have been broadly unified around the rate in the investors and exporters (I&E) window. “Spreads on credit default swaps and on 30-year Eurobond yields have widened by 700 and 600 basis points, respectively. On the other hand, domestic bond yields remain low, and for lower maturities, at rates much below inflation,� the Washingtonbased institution added. It noted that the challenges faced by the economy have also restrained capital inflows, including dwindling foreign interest in central bank bills. IMF, however, estimated that some of these pressures in the market were expected to ease in the second half of the year. “The overall general

government fiscal deficit for 2020 would widen to 6.8 per cent of GDP (from 4.6 percent expected prior to the Covid-19 outbreak),� it stated. IMF expressed support for the central bank’s caution in easing monetary policy, in view of potential inflationary pressures arising from the exchange rate and food supply shocks. It noted that given the uncertainties in the system, the situation needs to be monitored closely and adequate liquidity provided if necessary, adding that a sharp increase in outflows, potentially leading to an overshoot in the exchange rate, would pose a difficult dilemma. “While a tightening of monetary policy may still be the first-best policy response, it could further damage economic activity. In such a situation, all available policies should be considered. “With reserves falling, staff welcomes recent steps taken by CBN to allow greater flexibility in the Investors & Exporters (I&E) rate and narrow differences between various FX windows. “With the spread across the various exchange rate windows now very narrow, this is also a good moment to immediately move to full and formal unification—e.g., by converging all foreign exchange windows to the I&E window. “This critical step to ensuring a well-functioning market would be helped by the CBN’s calibration of its foreign exchange sales in the market at a level commensurate with protecting central bank reserves while taking into account low international oil prices and reduced FX demand. “A unified and more flexible exchange rate will be an important shock absorber, especially in turbulent times— with CBN FX interventions limited to smoothing large fluctuations in the exchange rate. “Rationing of foreign exchange—such as occurred in 2015, with damaging consequences—must be avoided as it would hamper trade and investor confidence, hence further delaying the economic recovery once the crisis passes,� it added. However, in a letter to IMF requesting for RFI, dated April 21, that was jointly signed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed and the CBN Governor, Mr. Godwin Emefiele, the federal government said it was also strengthening monetary and exchange rate policies with a view to moving towards full exchange rate unification and greater exchange rate flexibility. This, the federal government said, “would help preserve foreign exchange reserves and avoid economic dislocation.�

In the letter, made public yesterday, the duo said: “We are also advancing in our power sector reforms—with technical assistance and financial support from the World Bank—including through capping electricity tariff shortfalls this year to N380 billion and moving to full cost-reflective tariffs in 2021. “Our anti-corruption efforts will continue unabated. We will strengthen the role of the Federal Audit Board in combating corruption and are committed to strengthening the asset-declaration framework and fully implementing the risk-based approach to AML/CFT supervision while ensuring the transparency of beneficial ownership of legal persons. “We fully recognise the importance of ensuring that financial assistance received is used for intended purposes.� Owing to this, the government said it would create specific budget lines to facilitate the tracking and reporting of emergency response expenditures and report funds released and expenditures incurred monthly on the transparency portal; publish procurement plans, procurement notices for all the emergency response activities—including the name of awarded companies and of beneficial owners—on the Bureau of Public procurement website; and publish no later than three to six months after the end of the fiscal year the report of an independent audit into the emergency response expenditures and related procurement process, which would be conducted by the Auditor General of the Federation—who would be provided the resources necessary and would consult with external/third party auditors. “In line with IMF safeguards policy, we commit to undergoing a new safeguards assessment conducted by the Fund. “To this end, we have authorised IMF staff to hold discussions with external auditors and provide IMF staff access to the CBN’s most recently completed external audit reports. “We do not intend to introduce measures or policies that would exacerbate the current balance-of-payment difficulties. “We do not intend to impose new or intensify existing restrictions on the making of payments and transfers for current international transactions, trade restrictions for balance-of-payments purposes, or multiple currency practices, or to enter into bilateral payments agreements, which are inconsistent with Article VIII of the IMF’s Articles of Agreement.�

on Covid-19 at the Cochin Institute in Paris, agrees. “It’s true that it’s better than if the tests had been carried out on mice,� she told FRANCE 24. Bomsel considers the results encouraging, but warns against celebrating too soon, if only because details of the experiment conducted in Montana have not yet been published. “We don’t know yet, for example, what dose of the virus the macaques were exposed to, or how they were contaminated,� she said.

in Europe

COVID-19: WITH RISING CASES, FG CONSIDERS HOME TREATMENT OF PATIENTS Protective Equipment, 51 face shields, 538 examination gloves, 25 boot covers, medical masks, and surgical gloves and unspecified numbers of infrared thermometers.

High Hopes for COVID-19 Vaccine Developed by Oxford Scientists If tests of the Covid-19 vaccine are successful, Oxford scientists hope to be able to begin supplying millions of them by September, a report by France 24 said yesterday.

A vaccine against the virus developed in Britain, it says, has shown very encouraging results on rhesus macaque monkeys, among the animals closest to humans. The scientists working on the vaccine estimate that if they can prove its effectiveness, it could be ready as soon as September. Its name is a mouthful, but it’s the vaccine on everyone’s lips: The ChAdOx1 nCoV-19, currently being developed by Oxford University scientists, has in recent days shot ahead to become the most promising potential vaccine against the

novel coronavirus. On Thursday, the British drug maker AstraZeneca said it would help Oxford develop, produce and distribute the vaccine. “Our hope is that, by joining forces, we can accelerate the globalisation of a vaccine to combat the virus and protect people from the deadliest pandemic in a generation,� AstraZeneca Chief Executive Pascal Soriot said. The partnership hopes to produce 100 million doses by the end of the year and prioritise supply in the UK, Soriot told the Financial Times.

The first good news came last week from a laboratory in the US state of Montana, where six rhesus macaques, who received a dose of the British vaccine a month ago, did not contract Covid-19 after being exposed to it. Other monkeys who had not been vaccinated caught the virus and fell ill. “The rhesus macaque is pretty much the closest thing we have to humans,� Vincent Munster, the scientist who conducted the experiment, told The New York Times. Morgane Bomsel, a molecular biologist working

First tests on humans

Work on the ChAdOx1 nCov19 vaccine is moving ahead quickly in Britain as well. On April 24, the Oxford vaccine was the first in Europe to enter the human trial stage, with 1,110 healthy volunteers recruited for the tests. “The goal is to ensure that the vaccine is not toxic for the human body,� Bomsel said. In other words, before checking whether the ChAdOx1 nCov19 protects from Covid-19, the researchers first need to guarantee that it is not dangerous.

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FRIDAY MAY 1, 2020 • T H I S D AY

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FRIDAY MAY 1, 2020 •T H I S D AY

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FRIDAY MAY 1, 2020 • T H I S D AY

Solidarity is the Word of the Moment

(A Message to Nigerian Workers by Comrade Adams Oshiomhole on the Occasion of May Day 2020) The historic events that May Day is set aside to commemorate were doubtless not happy ones. In the same vein, the mood of the present is a gloomy one in our country and indeed in the whole world. So why celebrate the 2020 May Day? 6LQFH 0D\ UDWKHU WKDQ ODPHQW ZRUNHUV KDYH FHOHEUDWHG LQWHUQDWLRQDOO\ E\ UHĂ€HFWLQJ on the events in Chicago, United States of America, in which workers were killed, jailed and brutalised for their beliefs in social justice and freedom. Workers have since won the battle for eight-hour work day and the right to organise among other victories. 6R LW LV QRW WKH WUDJHG\ WKDW LV EHLQJ FHOHEUDWHG 7KH GD\ EHFRPHV VLJQLÂżFDQW EHFDXVH LW SURYLGHV DQ RSSRUWXQLW\ WR UHĂ€HFW RQ WKH JDLQV RI WKH VWUXJJOH DV ZH ORRN LQWR WKH IXWXUH ZLWK KRSH In our context, therefore, today’s celebration should be about the awareness of the great opportunity inherent in the present socio-economic challenges triggered by a public health HPHUJHQF\ ,W LV DQ RFFDVLRQ IRU GHHSHU UHĂ€HFWLRQ DQG KRQHVW VHOI FULWLFLVPV E\ DOO WKH VRFLDO partners in the economic system. 5HĂ€HFWLRQ DV FHOHEUDWLRQ \RX PD\ VD\ :KDWÂśV PRUH WKH XVXDO ZRUNHUVÂś UDOOLHV ZRXOG QRW EH possible today as comrades are expected to maintain social distancing and avoid crowds among other precautions in the interest of their own health as well as the public health. That’s why today’s personal message to my dear comrades, the Nigerian workers, should not be read as that of a politician; but it should be taken as a humble statement from a proud product of the labour movement. Even in politics as state governor and now chairman of a national party, my background looms ODUJH DV , UHĂ€HFW RQ WKH VROXWLRQV WR WKH VRFLR HFRQRPLF DQG SROLWLFDO SUREOHPV IDFLQJ 1LJHULD This full disclosure is important to me and it should be noted by the public. One sobering lesson that should not be lost on anyone in the current crisis is that while on the global level coronavirus has bitterly reminded us of our common humanity, the virus has also underlined within our national borders why all stakeholders should work together in cooperation and utmost good faith. From Beijing to Washington, from London to Tokyo, the word solidarity has suddenly become the word of the moment. Conservative presidents and prime ministers and their social democratic opposite numbers are not only talking of solidarity rhetorically. Emergency stimulus packages are being put together by governments around the world to mitigate the social costs of the crisis on the most vulnerable members of the society. The doctrinaire postulations of neo-liberal ideologues are becoming tempered even in the KHDGTXDUWHUV RI JOREDO FDSLWDOLVP &RPSDQLHV DUH QRW MXVW IRFXVHG RQ SURÂżWV &(2V DUH talking about compassion and the social environment of the production of goods and services. Policymakers are probably being convinced now that the huge investments in the healthcare delivery system do not have to be subjected to the brutal logic of the market. Solidarity is no more read only as the battle cry of agitators in the labour movement. Workers should be proud that their proletarian language seems to be the universal tongue at present. As the world changes, Nigerian workers should get prepared to swim (and not sink) in the coming ocean of changes. Workers should be ready for the innovations that private and public sector employers might be compelled to introduce in order to boost production. Ultimately, the system would be able to recover from the crisis only when productive activities could be brought to the optimum. With the relaxation of the lockdowns imposed in the public interest, workers should gird their ORLQV WR EH PRUH HIÂżFLHQW DQG ZRUN WRZDUGV LQFUHDVHG SURGXFWLYLW\ DFFRUGLQJ WR WKH SHFXOLDULWLHV of different work places. Private sector workers should set themselves the targets of improved products and services. Public sector workers should rethink their culture of work in accordance with the global dynamic of things; they should be more creative in ensuring that policies of JRYHUQPHQWV DW DOO WLHUV DUH HIÂżFLHQWO\ DQG KRQHVWO\ LPSOHPHQWHG VR WKDW VRFLDO JRRGV DUH delivered in the public interest. It’s becoming clearer to everyone that the post-COVID-19 economy would be run on the basis of HIÂżFLHQW SURGXFWLRQ VR WKDW VXIÂżFLHQW LQFRPHV ZRXOG EH JHQHUDWHG IRU JRYHUQPHQW WR WD[ /DERXU education should, therefore, be imbued with a keen sense of productivity. Besides, comrade labour leaders should improve their knowledge about the workings of the Nigerian political economy. They should familiarise themselves with important data and information about the socio-economic space. They need vital information to work with in proposing workable DOWHUQDWLYHV WR ZKDW LV RIÂżFLDOO\ RQ GLVSOD\ It is no longer enough to tell the government or employer what is wrong; it is important to come up with the alternatives that could work. For instance, labour should not just denounce the social investments programme of the federal government. The Nigeria Labour Congress (NLC) could come up with practical suggestions to improve the implementation of the programmes in addition to their legitimate criticisms. Is there a way the structures of the unions in the local areas could be employed to police and facilitate the process? Labour activists should also be informed policy activists. As a I observed above, this is not the WLPH IRU PHUH GRFWULQDLUH DUJXPHQWV LQ VHHNLQJ WR LQĂ€XHQFH HFRQRPLF SROLF\ ,W LV DQ HPHUJHQF\ period requiring workable solutions. Labour should bring its ideas to the table to compete with those of other social partners. This is the logic of the new age that is replete with great uncertainties. My plea to the private sector employers of various scales is to act in this crisis as responsible social partners. This is a season to deepen the humane content of industrial relations. Even in the West, the origin of capitalism, thinkers are now calling on corporate bodies to embrace “stakeholder capitalism,â€? in which the private sector becomes more responsive to its social environment with a great sense of responsibility. Here we are talking of an idea that is more fundamental philosophically than what we know now as corporate social responsibility. In other words, corporate bodies are not just accountable to their shareholders, but also their

public on matters of environmental damage, insecurity and crippling inequality. It’s in the ultimate interest of the private sector giants especially to be socially concerned as they are not immune to the consequences of any damage done to the socio-economic space by natural disasters or policy missteps. As coronavirus has chillingly demonstrated, at the end of the day, we are all in the same boat. It is, therefore, better to take steps that would make us all to swim together to a future of social justice, prosperity and peace. This crisis will surely bring to the fore its burdens. Employers should be compassionate enough not WR VKLIW WKH EXUGHQV H[FOXVLYHO\ RQ WKH ZRUNHUV 'LVSHQVLQJ ZLWK ODERXU VKRXOG QRW EH WKH ÂżUVW RSWLRQ as organisations re-strategise their way out of the crisis As if anticipating this coming global change of monumental proportions, President Muhammadu Buhari has reset the button for multi-dimensional change in Nigeria. The federal and state governments deserve the support of workers and indeed all Nigerian people as they gear up to meet the challenges of the moment. Consistent with the progressive philosophy of our party, the All Progressives Congress (APC), the Buhari administration had made social protection a major policy thrust before the word palliative became a buzz word during this crisis. The emphasis of the Buhari administration on social policy as a concomitant to economic recovery programme is a proof of the social democratic content of the APC philosophy as a party. Thank God, as I observed in another occasion, President Buhari’s political personality is imbued with a sincere sense of compassion for the poor. His immense commitment to use policy instruments to lift millions of Nigeria out of poverty is real and total. The President once said that he wondered how any governor could sleep well when workers are not paid. It was in that spirit that a new minimum ZDJH ODZ KDV EHHQ SDVVHG 8QIRUWXQDWHO\ ZLWK WKH ORRPLQJ HFRQRPLF FULVLV LQĂ€DWLRQ ZRXOG VXUHO\ make nonsense of the N30, 000 stipulated in that law. While economic management is certainly a work in process, the Buhari administration has demonstrated that it is fully conscious of the vital link between social security and physical security. In this regard, I earnestly plead with state governments to take a cue from the federal government to improve the social content of their respective development agendas. In any case, the imperative of overall national planning for an inclusive and sustainable development makes this proposition an imperative. State governments should be sensitive to the poor condition of workers in determining trade-offs as policy options are considered in this crisis. For instance, cutting wages is most unhelpful in the circumstance. It’s like asking an anaemic patient to donate blood to save the lives of other patients in need of blood transfusion. A doctor who does that should have his licence withdrawn. So, a policy adviser who recommends wage cut is abysmally unconscious of the mood of the present which is that compassion and solidarity. State governments should not make workers bear a disproportionate part of the burden. When you cut a workers’ poor wage, you are further limiting his power to be an economic player. How can the worker make effective demand for the goods and services produced when you shrink his income? It can only bring about a vicious cycle of poverty. Rather than cut wages or retrench, state governments should do away with avoidable overheads to reduce the cost of governance. With the commendable provision of succour to the poor by corporate bodies, religious organisations, philanthropists, non-governmental organisations and public-spirited individuals, there is no doubt that the global spirit of solidarity resonates with Nigeria. All the generous donors during this crisis should be saluted! The spirit should be kept alive as we face the challenges of the future. This spirit demands cooperation among governments, private employers, labour, the informal sector, intellectuals, professionals, civil society, etc. regardless of their loci in the societal spectrum. Stakeholders should work in solidarity. Beyond palliatives, however, labour should nudge other social partners to embrace an agenda to fundamentally combat poverty and inequality, the plagues already troubling the land before coronavirus arrived to exacerbate the condition. The society is already paying a huge price for the inequality created by the socially unjust policies of the past decades. Just think of insecurity, crimes, threats of social convulsion, hatred, misery etc. pervading the land Therefore, policies of governments at all levels should henceforth be based on social justice in an atmosphere of genuine freedom. That would imply greater investments in the social sector for human development especially healthcare and education. For instance, the healthcare facilities being built during this emergency should be sustained and expanded with suitable equipment and training of personnel. This is the way to serve the common good. Today’s May Day is an occasion to amplify one of the key principles of the International Labour Organisation (ILO) declared in Philadelphia, U,S., in 1944: Poverty anywhere is a threat to prosperity everywhere. Workers should be prepared to play their own role in a post-COVID-19 future. To paraphrase the famous international working class song, from the disruptions and anguish caused by the coronavirus a new world of prosperity based on social justice, equity and solidarity can emerge because “the union makes us strong.â€?

Signed. Adams Aliyu Oshiomhole, mni National Chairman All Progressives Congress (APC) Abuja. May 1, 2020.

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COMMENT

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

NIGERIA’S ELECTRICITY PROVIDERS AND COVID UNCERTAINTIES Electricity woes will persist until predictability and equity can be built into the system, writes Ikenna Oguguo

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s citizens and customers, the public is the ultimate subject of the on-going debate between Nigeria’s power providers which continued Saturday April 25th, 2020. In an open letter, the transmission company of Nigeria (TCN) recommended the “capitalization of Distribution Companies� (DisCos). TCN’s suggestion to capitalize is among that of many others calling for the same, with the presumed expectation that infrastructural investments by DisCos would improve the low hours of electricity that customers experience. While the Abuja Electricity Distribution Company (AEDC) issued a response acknowledging the need for improvements, questions remain about whether capitalization should take priority over other possible steps. Therefore, deeper consideration of the ways our problems may be neutral to capitalization are warranted. While AEDC focused on the need to prioritize the improvement of TCN’s protection system, citizens’ imminent concerns relate to three other key issue areas. One, supply is unpredictable, people still have no advance awareness of when their locality will have power during normal conditions. Two, high levels of inequities exist, meaning some (typically affluent) localities enjoy considerably longer hours of electricity than others, and Three, there is weak accountability to customers, who are liable to pay their standby generators’ operating costs or stay in darkness, while also remaining unclear as to who in the value chain is responsible for improving year-on-year performance. The link between capitalization and predictability – or equity, or accountability – not only seems weak, but these three problems may become more salient if the sector continues investments without addressing such foundational elements. In other words, electricity woes will persist until predictability, equity and accountability can be built into the system we already have. What is apparent is how the poorest are going unheard during this COVID-19 experience, especially when it comes to public services like electricity for cooking, storing food, studying, being entertained or staying commercially productive. As it is, Nigerians get an average of 3.6 – 6.3 hours of electricity per day, but this average is made up of unannounced cuts that sometimes last days or weeks. Only 26% of Nigerian households have generators to mitigate this problem, and most of these are likely those who live in better-served areas or can afford the premium tariffs to get supply of up to 20 hours a day. Members of government and the electricity companies have shown a clear awareness of this challenge and have focused on complex solutions that citizens could benefit from. However, the populace also recognizes that help must be time-sensitive. The initiative for

PEOPLE WOULD LIKE TO KNOW – IN ADVANCE – WHEN THE PROVIDERS INTEND TO SUPPLY ELECTRICITY TO THEIR AREA AND FOR HOW LONG

free electricity for two-months as a palliative is failing to come true. Likewise, the way DisCos deal with reports of disruption on twitter may be inadvertently exclusive to those who have the knowledge and resources to be on twitter requesting service restoration. There is clearly a consensus on the need for bolder measures, and the centrality of the role of DisCos is evident. However, as stated by the AEDC management in their response on April 26th, it is important we are strategic and deliberate about what those actions are to ensure inclusivity during these times. To progress towards predictability, equity and accountability, it makes sense to work towards scheduling power availability for each locality, also known as a load shedding schedule. Simply, people would like to know – in advance – when the providers intend to supply electricity to their area and for how long. It is an idea our sector had previously seen as important, and some electricity companies published schedules in some form as recently as 2017, but have since ceased. In terms of predictability, citizens can plan their use of resources, and hence, their productivity. The transparency would help improve equity, so no localities are being left too far behind. And, year-on-year, the sector could set collective improvement targets that are understood and beneficial to all classes of citizens. Undoubtedly, there are challenges with such transparency. Zambia and South Africa both publish schedules for the benefit of their sectors, and their experiences may provide foresight that improves adaptation in Nigeria. As AEDC demonstrated in their enumerations of infrastructural faults of April 23rd, 2020, structural constraints will limit accuracy of a predictive schedule. To mitigate this, Zambia’s schedule includes a disclaimer indicating that uncertainties may lead to updates on short notice, and those are communicated by an SMS system. Over time, as the members of the sector work towards the common goal of a schedule that the public can heavily rely on, measurable progression should emerge. Of course, Nigerians are neither Zambians nor South Africans, therefore, contextual variations must also be considered. Thus, we must remain aware that the task of such an improvement is one that would call for unprecedented acclaim should our sector’s leaders deliver. Although DisCos could lead such an initiative, NERC should play a role as the independent regulator. Likewise, as 40%-owner of DisCos and full owner of TCN, the federal government could be the node that encourages cooperation and expedience. Oguguo, CEng MIET, MSc, is a chartered engineer and member of the institute of engineering and technology

AFRICANS’GUANGZHOU EXPERIENCE Olalekan A. Babatunde argues that Africa-China relations will survive the Covid-19 pandemic

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ever before in the history of China-African relations have African officials confronted China publicly and in private over the reports of alleged mistreatment of some African migrants in the Chinese city of Guangzhou. A couple of social media reports which first surfaced through some Nigerians in the city had shared scenes that depicted they were evicted from the hotels, denied access to their local restaurants and stated they were forcefully tested for the virus because, according to them, the Chinese authorities were enforcing the Coronavirus (COVID-19) measures to stem its spread. A few days later, other stories emerged that echoed the earlier images that other African nationals were involved in the prevention measures. A lot of Nigerians and their African counterparts were unhappy and felt their government should respond in kind. The African Union Commission Chairman Moussa Faki Mahamat, after expressing concern at the accusations, called for immediate remedial measures “in line with our excellent relations.� The continental body’s Chair, South Africa called for an investigation into the matter. In Nigeria, the Speaker of the House of Representatives Honourable Femi Gbajabiamila, was unhappy while showing a video of quarantine workers mistreating people to the Chinese Ambassador to Nigeria, Zhou Pingjian. He said, “We will not allow Nigerians to be maltreated in other countries.� Also the African ambassadors, after protest, have demanded better treatment for African nationals after the incident. Since the diplomatic conflict, China has vowed equal treatment for Africans and other foreigners. According to the Ministry of Foreign Affairs spokesman, Zhao Lijian buttressed the point saying, “We reject differential treatment, and have zero tolerance for discrimination.� At no time in the past has a matter of this scale brought up people and officials of the two parties-Africa and China, to simultaneously been engaging each other in this manner. But because of lack of access to primary data to draw competent conclusions and understanding

from the Guangzhou incident, it is worthwhile to advance reasons why both China and Africa should mitigate the threats of division and misunderstanding. The need to guard the good relationships, which have existed for a long time between Africa and China, is critical to douse tension and thwart some western media and organizations that have latched on the opportunity to express criticisms and condemn China for what had happened. Already, a top US diplomat to Africa, Tibor Nagy had described the Guangzhou report as “appalling� as one the State Department official said the episode was “a sad reminder of how hollow the PRC-Africa relationship really is.� Meanwhile, it is crucially important to have a sense of the enormity of the task the Chinese authorities must have been confronted with since the outbreak of the pandemic. From the time when Coronavirus started in Wuhan in December 2019 to mid-April 2020, a wide range of efforts were deployed at understanding the virus, preventing its spread both within and outside their country, treating the infected, protecting and caring for the rest populace. According to the Bloomberg News April 16, referring to the city Mayor, Wen Guohui, “Guangzhou has confirmed a total of 119 imported cases of Covid-19, with 25 being foreign nationals.� So the need to prevent the spread to and from China became an obligation. Too, this is a disease no one fully understands how it spreads and wreaks havoc. Therefore, as we have seen across the globe, countries are taken appropriate actions to curb its spread, and if not handled properly could trigger misunderstanding and conflict. Likewise, China has assured equal treatment for Africans in its territory and promised to establish communication mechanism with African nations’ consulates in Guangzhou. While the two parties’ diplomatic moves at achieving genuine resolution and reconciliation of the imbroglio are laudable, it is also worth remembering how the relations started and nurtured over the years and why it should be fostered for the good of both sides. Understanding this aspect of the relations will deter any contrary narratives targeted at the coronavirus dispute.

Africa and China have come a long way, and both attached strategic value to each other. As far back as the ancient times, Africa has had some interactions with China when the latter traded with the Horn of Africa in porcelain, silk, sliver and other wares. Explorers like Marco Polo and Ibn Battuta as well as the discovered routes and wrecked ships attested to the feat. But it was not until the post-Cold War that Africa politically connected with the People’s Republic of China. Aid, moral and material support was given to liberation movements in the Southern African countries of Mozambique, Angola and the Apartheid South Africa. The Bandung Afro-Asian Conference of April 1955 has also provided an opportunity for Africa and Asia, especially China and Africa to further strengthen direct relationship. During the conference, the then Chinese Premier Zhou Enlai and Vice Premier Chen Yi, who was also the foreign minister, had talks with the then Egyptian premier Nasser and representatives from Ghana, Nigeria, Libya, Sudan, Liberia and Ethiopia. This strategic engagement renewed the positive relationship between China and Africa. With that solid foundation of friendship, a new era was birthed for a flourishing relationships and partnership. For example, Africa supported China in its bid to become a permanent member of the United Nations Security Council. Several Chinese leaders like Chairman Mao, Premier Zhou Enlai and Mr. Deng Xiaoping and President Xi have visited Africa while African leaders have also gone to China to strengthen bilateral and multilateral cooperation. Since the Mao’s visit, successive Chinese leaders have been to Africa to foster closer diplomatic, economic and socio-cultural cooperation. Both have also shared similar socio-economic and political experience in contemporary history. China and Africa suffered from invasion, plunder and enslavement by colonialists. They gave sympathy and support to each other in their struggles against colonialism, liberation and national independence. It was the birth of new China in 1949 that opened up a new chapter in Sino-African relations. Between 1950 and 1970, a great number of newly inde-

pendent African countries established diplomatic relations with China, and Sino-African relationship thus ushered into a new era of all-round development. This strong beginning in relations should not be allowed to be shattered on the platter of a virus. Today, both Africa and China are benefitting from the rich cooperation. On multilateral basis, platforms such as the Forum of China-Africa Cooperation (FOCAC) and BRICS (Brazil, Russia, India, China and South Africa) that were launched in 2013 have been the visible channel China is engaging Africa. It is the launch of Belt and Road Initiative (BRI) in 2013 by President Xi Jinping that opened up another opportunity for Africa’s infrastructure development, investment, finance and trade. Given the Africa’s development challenges in which the western colonization and globalization as well as the treatment of Bretton Woods Institutions have contributed, it is China that is supporting the continent through the BRI to better the lot of the people. This is promoting the people-to-people integration that is one of the cardinal goals of BRI. In addition, the existing world order has been unfair to Africa and thereby created constraints for its growth and development. With the promises of extraordinary support in the last decades, the rich are getting richer and the poor are getting poorer in a syndrome of effects. Debt, unequal trade balance, poverty, illiteracy, unemployment, diseases and abuses are some of the effects of the unfulfilled promises. Africa’s relation with China is changing all that. Roads, bridges, dams, telecommunication outfits, farms, among others can be sighted in Nigeria, Ghana, Ethiopia, Zambia, Tanzania, Kenya, Djibouti and a host other African countries. Efficiency and effectiveness have improved tremendously the ways of life of the people and institutions in the continent. Facilitated transportation of goods, communication and job opportunities are some of the examples. Dr Babatunde is a historian, fellow, peacebuilding and evidence practitioner at the Nigeria’s Institute for Peace and Conict Resolution, Abuja

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T H I S D AY ˾ FRIDAY, MAY 1, 2020

EDITORIAL FOOD CONTAMINATION AND PUBLIC HEALTH Efforts should be made to ensure food is prepared in a hygienic environment

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lthough the authorities hardly pay attention, the number of death arising from suspected food poisoning in Nigeria is becoming rather alarming. Last September, a family of six—man, pregnant wife, his three children and a female relative—were found dead of suspected food poisoning in their apartment at Mafoloku area of Lagos State. That this has become a recurring tragedy in Nigeria explains why the recent claim by a Professor of Food Science and Technology, Alfred Ihenkuronye, that no fewer than 200,000 persons die annually of food poison in Nigeria, should compel attention. Indeed, hardly any day comes without reports of some families dying after eating food that may have been contaminated through improper processing, preservation and service. “There are many avenues through which foods can be contaminated. And when people eat these foods, they will have problems which may result in deaths,” Ihenkuronye said. However, since the causes of these deaths were never accurately SOME OF THE MEAT determined, it is beAND POULTRY SOLD IN coming increasingly THE OPEN MARKET ARE clear that some of REPORTEDLY PRESERVED them could have been caused by wilful WITH DANGEROUS contamination. For CHEMICALS instance, many of the products smuggled across the borders are harmful because of the manner in which they are preserved. Some of the meat and poultry sold in the open market are reportedly preserved with dangerous chemicals. Addressing the challenge, according to Ihenkuronye, requires continuous sensitisation and training of food handlers on how to operate in hygienic environment. “The way out is sensitisation and training. We sensitise people about the enormity of the problem and we train them on how to do things properly,’’ Ihenkuronye said. Two years ago, there were panics over beans, a popular staple food. The worry came as result of the

public health implications of misapplied chemicals on food consumers. A video had gone viral on how some retailers were using Sniper, a powerful insecticide, to preserve beans before bagging it for sale. The practice is reportedly common place, often used to eliminate or protect beans from weevils’ infection. It has also been established that other food items like banana, plantain, corn, sorghum, apples and vegetables are improperly preserved or hurriedly ripened with dangerous chemicals.

S 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

niper, a dichlorovinyl, available across the counter, is a dangerous chemical used for killing bugs and insects. Indeed, the Coordinating Director of the Nigeria Agricultural Quarantine Service, (NAQS) Dr Vincent Isegbe said sniper is injurious to health, if applied as a pesticide. “Sniper in beans is a material equivalent of death in pot,” he said. “So, it may not be an exaggeration to say that sniper in beans is a weapon of mass destruction.” Calcium Carbide, another dangerous substance used by welders, is also often used by many retailers in the ripening of banana and plantain and other produce for quick money. There is therefore the crying need to find an enduring solution to ensure that the food we put on the table meet some minimum standards. The National Orientation Agency (NOA) and other regulatory agencies must ensure proper public awareness on the right use of chemicals. The National Agency for Food and Drug Administration and Control (NAFDAC) must be well positioned to live up to its responsibilities. The Agriculture Ministry itself could do a lot better by ensuring that useful and relevant information - from planting to harvesting and preservation- is passed on to farmers and retailers many of whom are unaware of the risks. As we have reiterated several times on this page, given the alarming rate at which people, including sometimes a whole family, die after meals, there is an urgent need for public enlightenment on the danger associated with some of the food items we consume in Nigeria.

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Letters to the Editor

TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

On Kano’s Covid-19 Palliative Committee

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y phone call to the newly formed Kano public complaint and anti-corruption commission’s taskforce committee chairman, set up to handle complaints that may arise from the activities of the Kano Convid-19 palliative committee headed by Prof. Yahuza Bello, the Vice-Chancellor of Bayero University, was born out of our collective resolutions aimed at calling the attention of the commission to some observed shortcomings that may challenge the aims and objectives of both the Kano Covid-19 palliative committee activities and that of the Kano public complaints and anti-corruption taskforce committee. Whilst various complaints have already been recorded, especially on the palliative committee, narrowed act of distributing the generated contributions made by various concerned individuals to only political party members who are believed to be loyal to the ruling party in the state, the influence of the daughter of the state governor Amina Ganduje on the other hand who is a member of the committee, have equally raised serious concerns even from the Kano Covid-19 palliative committee members. The palliative committee has already drawn up a plan to distribute these funds and food items to four houses in each ward within the state which had not gone down well with many of the indigenes of the state because of the perception that the activities of the committee are being politicized, aimed at rewarding members of the ruling party in the state. Many have observed and believed that the Kano Covid-19 committee chairman’s announcement on the radio to take that direction is not proper and might have been influenced by the state governor through his daughter who is a member of the said committee. After various concerns were raised by the indigenes especially on the Kano public complaints and anti-corruption commission’s rebuttal of the said complaints without proper investigation have only cemented people’s belief that

justice to the distribution of these palliatives may not be forthcoming and may end up being stolen and mismanaged. Whilst on the phone with the newly set Kano public complaint and anticorruption committee taskforce chairman, Mr Mahmoud Balarabe who happens to be a director, anti-corruption in the commission, I raised various objections that centered on the commission’s efforts to hold brief and protect the Kano Covid-19 palliative committee interest it is meant to investigate on issues that may arise from the palliative committee activities. It is out of this concern that Kungiyar Matasan Kano on behalf of Kano youths summons the courage to call the attention of both the state governor and the Kano public complaint and anti-corruption taskforce committee to the need to be transparent in both the palliative committee’s activities and that of the state government. It will remain unacceptable to the people of Kano especially we the youths if such initiative is dented with a political coloration, misgivings and misdemeanor that are detrimental to the required transparency expected from both the two committee’s activities and the state government. Of equal importance is to call the attention of the state governor to as a matter of fairness to remove his daughter as a member of the said palliative committee which have already generated serious brouhaha from the citizens of the state. It is also expected that the Kano public complaint and anti-corruption Commission headed by Muhiyi Magaji Rimin Gado will abandon its support for the said palliative committee because what is expected of the taskforce under the commission is the total monitoring of the palliative committee activities and rigorous investigation of any complaint that may arise from shadowy activities of the palliative committee. Comrade Alhassan Haruna Dambatta, Chairman Board of Trustees, Kungiyar Matasan kano Advocacy organisation

Close All Schools

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read in a local newspaper (Victoria, Australia) that 97% of students were learning at home. This should have realistically read 97% of students were at home. They were not all learning or even studying. I doubt that any teacher, even in the best of classes, could claim that only one in 30 students wasn’t learning or even paying attention. I wouldn’t make that claim myself as a retired teacher. Perhaps the best answer is to close all schools and only have home schooling as the parents know everything about teaching and are so good at it. Dennis Fitzgerald, Melbourne, Australia

T H I S D AY ˾ FRIDAY MAY 1, 2020

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POLITICS

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

The March to a New Beginning at the NDDC Nkese Okon narrates the impressive steps being taken at the Niger Delta Development Commission to achieve set goals

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y June of this year, the Niger Delta Development Commission (NDDC) would mark 20 solid years of its corporate existence having been established by the President Olusegun Obasanjo administration in 2000. But, how well the foremost interventionist agency has fared in its mission of fast tracking the sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative and politically peaceful, remains a matter of conjecture. Has the commission, for instance, achieved the mandate of conception, planning and implementation of projects and programs for sustainable development of the Niger Delta area in the field of transportation including roads, jetties and waterways, health, employment, industrialization, agriculture and fisheries, housing and urban development, water supply, electricity and telecommunications? The insinuation of corrupt practices at the commission is a familiar tune on the lips of stakeholders and various interest groups in the region. Lately, the Niger Delta Development Commission (NDDC) has come under strong criticism for a glaring failure to achieve the mandate for which it was established, despite the huge funds made available to the agency to enable it function optimally. The seemingly injudicious application of funds from the federal government and other sources, expectedly necessitated a presidential intervention last October, when President Muhammadu Buhari ordered for the forensic audit of the operations of the commission from inception to date, with a view to sanitizing and repositioning the commission for greater efficiency. In January 2020, the President in another bold step officially informed the Senate of the decision to vet the books of the NDDC. Although a governing board had been approved by the Senate at the time, President Buhari needed to make the senators understand the need for an Interim Management Committee to work with the auditors to clean the Augean stable, so as to avail a substantive board a clean slate to kick-start their tenure. To ensure a seamless operation, the president on 19 February, 2020 approved the enlargement of the Interim Management Committee consisting of Prof. Kemebradikumo Daniel Pondei as acting Managing Director, Ibanga Bassey Etang as acting Executive Director, Finance and Administration and Dr. Cairo Ojougboh, acting Executive Director, Projects with Caroline Nagbo and Cecilia Bukola Akintomide as members. Additionally, President Buhari on March 10, inaugurated the Advisory committee of the NDDC, made up of the nine governors of the Niger Delta states. Two additional members, the Minister of the Niger Delta Affairs and the Minister of the Environment Ministry were added with a charge by the presidency for them to bring responsible leadership to bear on the affairs of the commission. The Minister of Niger Delta Affair, Senator Godswill Obot Akpabio, who is also the supervising minister for the Niger Delta Development Commission during the inauguration formalities had tasked the enlarged Interim Management Committee to cooperate with forensic auditors to audit the operations of the commission as directed by President Muhammadu Buhari. Heeding the call of duty and in consonance with the huge confidence reposed in the Interim Management Committee by the presidency and other critical stakeholders, the Pondei-led crack team had hit

the ground running in the onerous task of sanitizing the operations of the agency. On Tuesday, 21st April, a new angle was introduced into the probe of the commission with the invitation of the

Economic and Financial Crimes Commission (EFCC) to be part of the forensic audit being undertaken by the Interim Management Committee. It is believed that the injection of fresh blood and new

The Politics of Reforming the Social Intervention Programme Mon-Charles Egbo, PrintMediaAide toSenate President, Dr. Ahmad Lawandrawsattentiontothe role playedbyfederallawmakers to ensure the SocialInterventionProgramme deliversonitsmandate

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t is lamentable that at a critical time like this when our common humanity is facing threat of extermination, some public officials find it expedient to play politics with the overall containment strategies. It is expected that those in authority should at least through empathy and strategic thinking key into the global efforts at curbing the ravaging Coronavirus pandemic. This is the reason Nigerians should dispassionately interrogate the propriety or otherwise, of the proposal to reform the National Social Intervention Programme especially in relation to the COVID-19 pandemic. Firstly, attempts should be made to review the unfortunate altercations between the National Assembly leadership and the Presidential Aide on Social Investments, Maryam Uwais. In line with sustained interventions towards managing the calamitous situation, the legislators had at a meeting with the Minister of Humanitarian Affairs and dtisaster Management, Hajia Sadiya Farouq, sought some clarifications on the disbursement of cash to “the poor and most vulnerable” as palliatives to the hardship occasioned by the lockdown order of the President. Ideally, the legislature was acting on incessant public outcry over the manner of implementation. Also, there was a suggestion for appropriate legislations to strengthen the operations of the SIP. The Senate President was emphatic that “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. 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. We need to be better in terms of strategy for delivery and definitely, what we have been doing in the past cannot deliver exactly what will solve the challenges of the most ordinary and most vulnerable Nigerians. So we need to put on our thinking cap and work out some strategies on how to identify the poorest persons in Nigeria. I think we have not been able to reach far out there to get them properly captured”. This sincere proposal for optimal performance of the scheme was welcomed by all at the meeting. But strangely a few hours later, an unpleasant public reaction emanated from someone who was neither present nor officially represented at the meeting. Apparently defending those identified shortcomings of the SIP, Uwais stated that her response was aimed at “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.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

ideas into the operations of the commission is already beginning to yield tangible benefits aimed at refocusing the Niger Delta Development Commission on the path of progress for a better overall service delivery. “We have reports of projects awarded and paid for but not executed. There is a need for us to work on these cases” Prof. Pondei told the EFCC helmsman, while on a visit to the premises of the agency in the Rivers state capital, Port Harcourt. The unfolding scenario would see the EFCC availing the commission of its status reports on all its investigation reports on cases involving the intervention agency. This is a courageous step in the probe process, which could send jitters into the spines of the defaulting contractors and the cartel that had routinely preyed on the fortunes of the Niger Delta Development Commission. According to the NDDC acting Chief Executive, “it was imperative to call in the EFCC operatives in order to help the NDDC in establishing why those who were given the contracts and paid abandoned the jobs and went away with the cash”. Apart from inspiring hope in the heart of stakeholders, the move is also sending a strong warning signal to the errant contractors and those who were opposed to the forensic audit that it may not be business as usual, anymore. It would appear the time to give account has come, perhaps, sooner than expected. The story of the NDDC in the last 19 years, according to its supervising minister, Senator Godswill Akpabio, has not been rosy. ”The NDDC, we believe could have achieved more”, he had lamented to stakeholders at an event in Abuja. “You have a stunted child who could have been a six-footer. We want to know the reason why the child could not grow. Is it that the child was not given enough nourishment? He had wondered rhetorically. Curiously, the Niger Delta Development Commission had been haemorrhagging for quite a while. The head office building started over two decades ago could not be completed till date. Since inception the commission has been operating from a rented corporate headquarters where it pays a whooping N300 million naira annually as rent. Senator Akpabio once expressed shock when on a visit to the commissions’ headquarters, he discovered that the commission was not even connected to the national grid. Under his watch, however, the commission’s purpose-built headquarters is already said to be at about 98% completion and scheduled for commissioning when normalcy returns. If the traducers were ever in doubt about the determination of the Interim Management Committee to change the narrative of the long-suffering commission, the recent events in and around the agency would have put paid to such misgivings. The reinvigorated Niger Delta Development Commission is poised to realize the mandate of pulling the Niger Delta region out of the socio-economic, environmental and political problems that have plagued the region. The hope of Senator Akpabio to see the intervention agency build hospitals, provide light to communities in darkness, support industrialization and food sufficiency in the Niger Delta region could well be realized. The march to a new dawn also offers a glimmer of hope to the governments of the oil-producing member states of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers to drive development in the region. These are the new realities at the Niger Delta Development Commission.

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T H I S D AY Ëž ÍŻ, 2020

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 20.33 % 21.08 %

CALL 1-MONTH 3-MONTH

20 % 20 % 20 %

A P R I L S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875

2 4 , 2 0 2 0 488.04 % 0.04 % 4.80 %

S & P INDEX 1/4 TO DATE 4.80 % YEAR TO DATE 1.43 %

EXCHANGE RATE N361/1US DOLLAR* ĚŠ

Quick Takes IATA’s AGM Holds Nov. 23rd

INVESTMENT SUMMIT

L-R: Senior Special Assistant to Anambra Governor on Economic Planning, Budget and Development, Mr. Obiora Obiabunmo; Senior program oďŹƒcer, Ford Foundation, Mr. Paul Nwulu; Managing Director, Anambra Broadcasting Service(ABS), Uche Nworah; MD/CEO, TBWA/Concept Unit, Mr. Kelechi Nwosu, and Deputy Governor, Anambra State, Dr. Nkem Okeke, during Nnewi Investment Summit 2020 held in Anambra State ‌recently

FG May Declare Aviation Agencies’ Staff Redundant Chinedu Eze The federal government may be forced to declare some personnel in the aviation agencies redundant if the lockdown in air transport continues beyond May. This was disclosed by the President of the Air Transport Service Senior Staff Association of Nigeria (ATSSSAN), Ahmadu Illitrus, in a chat with THISDAY. While some airlines have sacked majority of their workforce, others sent theirs on leave without pay and some others have drastically cut down salaries of their workers. Also, some others have decided to pay zero salary in April and May. But Illitrus said this would not be the fate of aviation agencies

AVIATION personnel unless the lockdown persists for a longer time. Aviation agencies include the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN), the Nigerian Airspace Management Agency (NAMA), the Accident Investigation Bureau (AIB), the Nigerian Meteorological Agency (NIMET) and the Nigerian College of Aviation Technology (NCAT), Zaria. The President of ATSSSAN said many of the agencies pay salaries from revenues generated internally and as they have not worked for over a month now, going to two months, govern-

ment may be forced to give the agencies subvention. He, however, expressed hope that flight operations would resume in May, with new safety protocol against coronavirus, which may include the airlines providing face masks and sanitizers to passengers, strict temperature checks and disclosed that there is contemplation that airlines may stop serving food onboard for domestic flight operation, as most flights in Nigeria is about one hour. Illitrus also disclosed that cabin crew post COVID-19 would be expected to wear masks and expressed optimism that when flight operations resume, the agencies would

start earning revenue. “It will be difficult for government to sack workers in the aviation agencies. I doubt if government can direct the agencies to lay off workers. We have agreed to live with COVID-19 but we need to adopt proactive measures so that flight operations can resume because we cannot continue to lockdown the economy. “It was aviation that spread coronavirus in the world. If the world had suspended air travel earlier that it did, the virus would not have spread everywhere as it has done. “But I do not expect that government would sack workers Continued on page 22

FG Urged to Stimulate Export to Avoid FX Scarcity Eromosele Abiodun The Nigerian Shippers Council (NSC) and members of the organised private sector have called on the federal government to immediately put plans in place to drive export to avoid foreign exchange scarcity and economic depression as it begins to ease the lockdown in key states in the country to halt the spread of COVID-19. They stated this in Lagos, when the NSC hosted members of the organised private sector, which included: the Nigerian Association of Chamber of Commerce Industry Mines And Agriculture (NACCIMA), Lagos Chamber of Commerce & Industry (LCCI), Manufacturers

MARITIME Association of Nigeria (MAN) and Shippers Association of Lagos. Speaking at the meeting, the Executive Secretary and CEO of the NSC, Mr. Hassan Bello, stressed that the Nigerian economy has to be export-driven, adding that how quickly the pandemic is put under control and the policy choices that the government has to include the impute of the private sector at this critical time. “We need to export; we have to look for a way to streamline our dependence on imports a country. To achieve this, our ports must be reformed, all

processes must be automated, all terminals must have electronic transaction and the same applies to shippers and freight forwarders, the banks and the Nigeria Customs Service (NCS),� he said. He also called for intermodal transportation to ensure swift evacuation of cargo from the port stressing that effective use of trains and barging for cargo evacuation will reduce the cost of transporting goods from the port. The Director General of LCCI, Muda Yusuf, said the impact of the pandemic on the economy would be felt after the country gets out of the lockdown, warning that the manifestation of the consequence of what has

happened will hit Nigeria. He warned that the country cannot look up to the oil sector between now and the end of the year for anything in terms of revenue and foreign exchange. “The salvation of the economy now lies with the non-oil sector or non-oil economy. There is no way we can drive that sector if we don’t have the right kind of logistics and the port logistics and related things are very critical to this. This is why it is important that as organised private sector, we rally round to support the NSC initiatives. “I have had discussions with people in the presidency and sometimes they tell you they Continued on page 22

TheInternationalAirTransportAssociation(IATA)hasannouncedthatits rescheduled76thAnnualGeneralMeeting(AGM)andWorldAirTransport SummitwilltakeplaceinAmsterdambetweenNovember23rdand24th November,2020.IATA’s76thAGMandWorldAirTransportSummitwould behostedbyKLMRoyalDutchAirlinesattheRAIConventionCentre. Thedateswereselectedinanticipationthatgovernments’restrictions on travel would have been lifted and that the public health authorities intheNetherlandswouldpermitlargegatheringsatthattime.IATAwill work with public health authorities to ensure that all precautions are takenforthemeetingtobeheldsafely. “ThefightagainstCOVID-19istheworld’stoppriority.Theeconomicand socialcostofbeatingtheviruswillbehigh.Theextremefinancialdifficulty oftheairlineindustryisaprimeexampleofthat.Inthepost-pandemic world,aviableairtransportindustrywillbecritical. “Itwillbealeaderintheeconomicrecoverybyperformingitstraditional role of linking people, goods and businesses globally. But we will be a changedindustry. “Inanticipationthattheworldwillhavereturnedtosufficientnormality byNovember,wewillgathertheworld’sairlinestolookaheadtogether as we address the biggest challenges we have ever faced. Aviation is thebusinessoffreedom.Weareresilient.AndthisAGMwillhelpusto build an even stronger future,� said IATA’s Director General and CEO, Alexandre de Juniac. Meanwhile, the global body has called on regulators to take urgent action to help civil aviation operate seamlessly and safely between states during the COVID-19 pandemic, as well as to help facilitate the restart when the virus is contained.

Airbus Releases Q1 2020 Results

Europeanaircraftmanufacturer,AirbusSEhasreportedconsolidated financialresultsforitsfirstquarter(Q1)ended31March,2020. “Wesawasolidstarttotheyearbothcommerciallyandindustriallybutwe arequicklyseeingtheimpactoftheCOVID-19pandemiccomingthrough inthenumbers,â€?saidAirbusChiefExecutiveOfficerGuillaumeFaury. “We are now in the midst of the gravest crisis the aerospace industry haseverknown.We’reimplementinganumberofmeasurestoensure thefutureofAirbus.Wekickedoffearlybybolsteringavailableliquidity tosupportfinancialflexibility. “We’readaptingcommercialaircraftproductionratesinlinewithcustomer demandandconcentratingoncashcontainmentandourlonger-term cost structure to ensure we can return to normal operations once the situationimproves. “Atalltimes,thehealthandsafetyofAirbus’employeesisourtoppriority. Nowweneedtoworkasanindustrytorestorepassengerconfidence inairtravelaswelearntocoexistwiththispandemic.We’refocusedon theresilienceofourcompanytoensurebusinesscontinuity,â€?hesaid. Net commercial aircraft orders totalled 290 (Q1 2019: -58 aircraft) with the order backlog comprising 7,650 commercial aircraft as of 31 March2020.AirbusHelicoptersbooked54netorders(Q12019:66units), including21H145s,15UH-72LakotasfortheUSArmyand2SuperPumas. AirbusDefenceandSpace’sorderintakeofâ‚Ź1.7billionincludedmilitary aircraft-relatedservices,newcontractwinsintelecommunicationsand inconnectedintelligence.

Boeing to Reduce Sta by 15%

Boeinghasannouncedthatitisslashingitscommercialaircraftworkforce by more than 15 per cent and cutting production rates in response to thecoronaviruspandemicandensuingcashcrunch.AccordingtoFlight Global,theairframerannouncedthecutsasitreportedlossesof$641 millioninthefirstquarterof2020. “Thesenewreductionsinourproductionratesandthecontinuedimpactof Covid-19onourbusinesswillforceustoreducethesizeofourworkforce. I’msorrythatIhavetodeliverthisnews,�Boeingchiefexecutive,David Calhoun,saidinalettertostaff. Chicago-headquarteredBoeingwouldcuttotalemploymentbyabout10 percentthroughlayoffs,voluntarydeparturesandnormalstaffturnover, thelettersays.Boeinghassome160,000staff;meaningabout16,000 jobswillbecut. “We’ll have to make even deeper reductions in areas that are most exposed to the condition of our commercial customers – more than 15percentacrossourcommercialairplanesandservicesbusinesses, aswellasourcorporatefunctions,�saidCalhoun.

“Why we are not rushing to open airports is because of the nature of the industry, it is such a place with high system of safety, so every standard must be followed carefully� Minister of Environment,

Mahmood Abubakar

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FRIDAY MAY 1, 2020 • T H I S D AY

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BUSINESSWORLD FG MAY DECLARE AVIATION AGENCIES’ STAFF REDUNDANT in the agencies. What happened in the airlines was expected; they are private concerns. We cannot stop what is happening in the airlines, but I must say that employers regard their workers as expendables who can be sacked at any time, but what may happen if lockdown goes beyond May is that government might give subvention to the agencies to pay salaries of workers. “After that; government might declare redundancy, but for government to do that, it must have money ready to pay those that are sent home. Maybe, those who are close to their retirement,� Illitrus said. The Director of Consumer Protection, NCAA, Adamu Abdullahi confirmed the introduction of use of mask and said airlines should be encouraged to maintain social distancing by asking passengers to check in online, saying NCAA would emphasise airworthiness, fumigation, sanitisation of aircraft as well as airports. He said FAAN has already restructured facilities at the airports to protect users and installed automatic sanitizer dispensers at strategic places. Meanwhile, the spokesman of Dana Air, Kingsley Ezenwa said the airlines may not be willing to add the cost of face mask and sanitizers to air fares because that might discourage passengers from flying.

FG URGED TO STIMULATE EXPORT TO AVOID FX SCARCITY don’t even have the facts; they don’t know what is happening. Again, on the side of the private sector we don’t have that effective voice, which should bring about the reforms that will turn around the economy. “It is important that the message is very clear that if you don’t resolve all the bottlenecks to logistics especially in the ports, this economy may crumble because the non-oil economy is now the livewire of this economy, given what is happening and is likely to remain so throughout the rest of the year,� he warned. He added that liquidity in the foreign exchange market was key, adding that when people starts to demand for foreign exchange after the lockdown, there will be a major crisis around foreign exchange.

NEWS

Port Concessionaires Donate N700m to Support FG’s COVID-19 Fight Stories by Eromosele Abiodun Port concessionaires under the aegis of the Seaport Terminal Operators Association of Nigeria (STOAN) have collectively donated the sum of N700million to the federal government to support the country’s effort to curtail the spread of the coronavirus disease (COVID-19). STOAN Chairman, Vicky Haastrup, who disclosed this in Lagos, said no effort should be spared towards curtailing the pandemic. According to her, “The world is facing its worst public health crisis in more than 100 years. This fight is not for the Federal or State Governments alone. The virus is an enemy that all of us must join hands together to fight. “I wish to commend government and the Nigerian Ports Authority for rising up to the challenges posed by the pandemic and I pray that very soon, we will all sing songs of victory. Nigeria will triumph; humanity will triumph against this virus.� Haastrup said APM Terminals Apapa Limited, ENL Consortium Limited and Apapa Bulk Terminal Limited (ABTL), all operating at the Lagos Port Complex, Apapa, donated N150 million; N70 million and N10 million respectively to the COVID-19 Relief Fund Account at the Central Bank of Nigeria (CBN). Port and Terminal Multiservices Limited (PTML) and Tin Can Island Container Terminal (TICT) both at the

Tin Can Island Port Complex donated N100million each while Port & Cargo Handling Services; Five Star Logistics, and Josepdam Port Services, who are also operators at the Tin Can Island Port Complex, donated N75million; N75million and N60million respectively. The STOAN chairman also said that West Africa Container Terminal (WACT), Onne Port donated N50million, while ECM Terminal, Calabar Port

donated N10million. She revealed that terminal operators also made donations of various personal protective items such as face masks, hand gloves, coveralls, hand sanitizers and infrared thermometers to the Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS) and other government agencies at the various port locations across the country. “I wish to thank my colleagues for their support and generosity. The times

are hard; shipping and port operations are badly affected by the pandemic but we cannot close our eyes to the needs of the society, hence we tasked ourselves and made this sacrifice. “I also wish to thank the Managing Director of Nigerian Ports Authority, Ms. Hadiza Bala Usman, and all other relevant stakeholders for sustaining port operations during this crisis. Operations at the port are crucial to ensuring

uninterrupted supply of food, medicine and other essentials to Nigerians,� she said. “We must also reiterate the need to stay safe. We must all take responsibility by following the guidelines and safety measures issued by the Nigeria Centre for Disease Control (NCDC) by maintaining social distancing, washing our hands regularly or using alcohol-based sanitizers and avoid large gatherings,� she added.

GLAD TO MEET YOU

United Kingdom’s Secretary of State for International Trade, Liz Truss (left) and Director General, World Trade Organisation (WTO), Roberto Azevêdo, during a meeting at the WTO headquarters in Geneva‌recently

‌Mixta Africa Supports Lagos Community As part of its corporate social responsibility (CSR) initiative, Mixta Africa has distributed essential household items and food materials to over 1,000 residents of the Lakowe Community in Ibeju-Lekki Area of Lagos State. The company in a statement said significant numbers of its projects are being executed within the community, which has also provided labour and general construction support for its site activities prior to the nation-wide lockdown. The initiative, it stated, was

borne out of the need to ameliorate the sufferings of the residents of the community brought on by the restriction of movement imposed by the federal government to curb the spread of the COVID-19 virus. “These restrictions while laudable and necessary have directly affected the income and ability of majority of the residents to fend for themselves especially those who otherwise depend on daily income working as construction and site workers on our projects.

“Mixta Africa partnered with its vendors, clients, friends as well as some residents of Lakowe Lakes Golf and Country Estate to roll out this initiative. “We are delighted to be able to support our host community with essential household and food items critical to them at this time, through the massive support of our partners, we have been able to achieve much more than we originally planned for,� Mixta Nigeria’s Managing Director, Mr. Kola Ashiru-Balogun said.

Mixta Africa, he added, is a leading and active player in the fast-growing African Real Estate sector specialising in property development projects. “The company was established with the objective of responding to the existing housing deficit in the African continent and has a longterm vision of becoming the foremost real estate developer in Africa. “With offices in Nigeria, Morocco, Senegal, Tunisia, CĂ´te d’Ivoire, and Mauritania, as well as projects in

Algeria and Egypt, Mixta Africa has a mission to create value for its clients by delivering innovative solutions. “The company has a 20-year track record of successful real estate and infrastructure development and a strong management team with over 280 years of combined experience. “As of July 2019, Mixta held around 15 million sqm of landbank across all territories and has successfully completed more than 11,000 units,� he added.

Chi Limited Donates Food Items to FG, States Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Ogene

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor (Energy) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (ICT)

In line with its commitment to support the federal and state governments’ response to the COVID-19 pandemic in Nigeria, Chi Limited has announced the donation of some of its products to the COVID-19 Presidential Taskforce and to several isolation and treatment centers across the states of the federation. The donation, which included 15,000 packs of Hollandia Evap Milk, would provide significant and much needed support in the fight against the virus. A statement explained

that Hollandia Evap Milk provides the nourishment the body needs and is an essential requirement for both healthcare workers who are at the frontline tackling the pandemic, and patients undergoing treatment at this time. “Chi Limited expressed appreciation to healthcare professionals and other frontline workers for their tireless and unrelenting efforts in the fight against the COVID-19 pandemic. As a responsible corporate citizen, the company is committed to providing healthy

nourishment for frontline medical personnel as they work to make a difference in the lives of the Nigerian population. “Hollandia Evap Milk is fortified with nutrients such as Calcium and Vitamins D, B1, B6, and B12 which can help to boost the body’s immune system. Also contained in the product are body building Proteins, Fats, and Carbohydrates. “As medical experts have confirmed, having a healthy immune system is especially important to defend the body against

viruses, bacteria and other illnesses,� the statement added. Managing Director of Chi Limited, Mr. Deepanjan Roy, commended the governments, health professionals, and other key stakeholders who have been at the forefront of combating the COVID-19 pandemic. He noted that, “In the midst of this crisis, our frontline healthcare workers are being tasked like never before. We commend and thank them for their dedication, commitment and relentless efforts at

this trying time. “We understand the challenges that COVID-19 currently poses to our communities. We are grateful to be able to give back by supporting our healthcare workers and those affected by the COVID-19 disease who are currently in isolation and treatment centers across the country. “With our nourishing Hollandia Evap Milk, we can provide them with the required nutrition they need at this time. We believe that together, we can beat this,� Roy added.

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BUSINESSWORLD

NEWS

‘Recovered Funds Should Be Invested in Aviation Sector’ Chinedu Eze Industry stakeholder and Managing Director/Chief Executive Officer of ABX World Nigeria, Captain John Okakpu, has advised the federal government to give amnesty to treasury looters with a proviso that they must repatriate the funds lodged in several banks overseas and invest them in aviation and other sectors of the economy. Okakpu, said as the coronavirus pandemic takes its toll on the economy, thereby threatening Nigeria’s 2020 economic outlook, the federal government should urgently consider this option to recoup funds to shore-up dwindling revenues He stressed the need to diversify the nation’s economy and invest in other sectors, which would provide value and more disposable revenues to the underemployed and the vulnerable like agriculture, technology and others. He wondered why government had not taken action on this before now even when the Economic and Financial Crimes

Commission (EFCC) and other related agencies had identified where the funds are. He said looking at the COVID-19 pandemic and the fact that the 2020 budget was designed to be funded, largely, by foreign borrowing especially for the capital projects, such resources (looted funds) are now important and critical to the efforts of President Muhammadu Buhari’s administration in developing the country. “Plummeting demand for oil during the coronavirus pandemic has left traders like our dear country scrambling for ships and other alternative facilities – nobody is willing to buy presently. “The nightmare of the crude oil and the fact that you now need to pay buyers to patronise you, tells us that oil boom is gone. Oil is trading in Canada at negative; where do we run to? “So, if you consider different reports indicating that billions of dollars in looted funds are warehoused in foreign accounts, then, we need to find means to bring these funds back; keep them in our local banks

and give them out as loans to airlines, farmers, SMEs/ start-ups, manufacturers and others on a single-digit interest loan. This way, our economy will survive. “In the face of the global slump in the price of crude oil in the international market, many economies are constantly looking for ways to diversify rather than depend on crude oil. “For Nigeria, its economy in the past years has rather been one dimension, thus earning the sobriquet mono-economy. While many Nigerians have diversified into real sector, the agro-allied sector is however the new cash cow. At least, from every indication we have to go back to the era of agriculture in a large scale to feed and export to earn forex�, he said. Supporting the need for an agro-based economy, Okakpu, said the federal government, as a matter of urgency should initiate policies that would stimulate the export of agricultural produce. He said the agro sector has the potential to generate billions of dollar annually if properly harnessed.

Kwara Reverses Aviation College Staff Leave-without-pay Directive Hammed Shittu in Ilorin The Kwara State government said it has not approved any staff of the college to go on compulsory leave without pay or in any of tertiary institutions in the state. The clarification might have been prompted by reports that a meeting was recently held by the board of the governing council of the College where a decision was taken that majority of the state of the aviation school would go on leave without pay. Reports had also indicated that after the alleged decision was taken, it was sent to the state governor, Alhaji Abdulrahman Abdulrasaq for approval and implementation, but the governor was said to have rejected the decisions of the board of governing council of the institution and directed that the status quo should be maintained. This was confirmed by a statement issued in Ilorin by the state Commissioner for

Tertiary Education, Science and Technology, Alhaja Sa’adatu Kawu Modibo, which stated that there was no any such approvals for that decisions by the state governor, as being raised in certain quarters in the state. According to the statement, “In March 2020, in the interest of public safety as a result of the COVID-19 pandemic, the government directed all its employees to work from home until further notice. “That subsisting directive covered all employees in Kwara State establishments, including the Aviation College and there was no decision for anyone to go on leave without pay.� The Commissioner also said, “I will like to place on record that this administration has on several occasions approved special intervention funds for the International Aviation College. “In January, 2020, for instance, N19.460 million was approved and released to the college to pay the salaries of its staff; its

aviation insurance fees; and other items needed for smooth flight operations. “The students of the college are presently on standard pilot course 16, and flight dispatch course 6 — thanks to the administration. “It is also important to state that the college is presently enjoying virtual learning access, the first of such since the College was established�. Modibo said the present administration would continue to prioritise the welfare of staff and students, while ensuring accessible and qualitative learning in all our institutions. “We recognise that the world is facing serious economic crisis at this time and Kwara is not immune. Even then, the Ministry of Tertiary Institution, Science and Technology has not approved any pay cut or leave without pay for any category of workers at this time. To this extent, the decision for pay cut or leave without pay is hereby reversed with immediate effect�, he said.

African Airlines Traffic Falls by 43% The International Air Transport Association (IATA) has said that African airlines’ traffic fell by 42.8 per cent in March, which was a huge decline from 1.1 per cent recorded in February. IATA said capacity dropped 32.9 per cent, and load factor contracted 10.5 percentage points to 60.8 per cent. IATA announced global passenger traffic results of March 2020, showing that demand (measured in total revenue passenger kilometers or RPKs) dived 52.9 per cent compared to the year-ago period. IATA said this was the largest decline in recent

history, reflecting the impact of government actions to slow the spread of COVID-19. In seasonally adjusted terms, global passenger volumes returned to levels last seen in 2006. March capacity (available seat kilometers or ASKs) fell by 36.2 per cent and load factor plummeted 21.4 percentage points to 60.6 per cent. “March was a disastrous month for aviation. Airlines progressively felt the growing impact of the COVID-19 related border closings and restrictions on mobility, including in domestic markets. “Demand was at the same

level it was in 2006 but we have the fleets and employees for double that. Worse, we know that the situation deteriorated even more in April and most signs point to a slow recovery,� said IATA’s Director General and CEO, Alexandre de Juniac. March international passenger demand shrank 55.8 per cent compared to March 2019. That is much worse than the10.3 per cent year-to-year decline in February. All regions recorded double-digit percentage traffic declines. Capacity tumbled 42.8 per cent, and load factor plunged 18.4 percentage points to 62.5 per cent.

Assessing High Labour Mobility in Aviation Sector Chinedu Eze Aviation is said to be international because it follows uniform standard regulation, principles and documentations globally. So a pilot of Boeing B737 can work for any airline in the world and fly the same aircraft type. It is also the same with an engineer or cabin crew rated in the same aircraft type. Many Nigerians who trained at the Nigerian College of Aviation Technology (NCAT), Zaria as pilots fly for airlines in different parts of the world. In fact, recently the Rector of the College, Captain Abdulsalam Mohammed, told THISDAY in Addis Ababa that whenever he travelled to different countries he often meets aviators who graduated from NCAT. He said he was welcomed to Addis Ababa during a recently held aviation conference there by some Nigerian pilots working for Ethiopian Airlines who graduated from the College, noting that he even trained two of them as co-pilots when he was at the defunct Virgin Nigeria Airways. So, as the world marks Labour Day today amid the coronavirus lockdown, THISDAY spoke to a Nigerian, Magdalene Odigie who works with Emirates as a cabin crew. Odigie has been working with Emirates for over a year now. She told THISDAY that she always aspired to become a cabin crew ever since she met an Emirates cabin crew on a flight. According to her, working with Emirates has instilled in her skill sets both professionally and personally and she attributed it to her training and working in a diverse environment. “I left Nigeria when I was 15 years old. I got the job while I was in the UK. I do come back to visit. I have two sisters in Nigeria. One lives in Lagos and the other in Abuja. So, I always come back to see my family. “Being a cabin crew is something I have always dreamt of, especially when I first moved to the UK and I travelled on an airplane for the first time and I just looked at these people and I was wowed by just imagining what they did for a living. I also thought of the places they will have visited. So, when that opportunity came and I applied, I had to be patient and I am glad it was the best decision I ever made,� Odigie said. Combining work with marriage and raising kids seem to be a challenge to aviators like female pilots and cabin crew. Some female pilots stay off work for relatively longer time to have kids. But when asked if she intended to

Being a cabin crew is something I have always dreamt of, especially when I first moved to the UK and I travelled on an airplane for the first time

Cabin crew

continue with her job when she got married, considering the demand of the job, Odigie said, “We still have a lot of crew who are married and they still fly. There is no interference in their personal life, in terms of difficulty, keeping a balance in the home. “So, I have a lot of friends who are married to crew and some who are not married to crew and they have a lot of opportunities because your spouse can get the chance to travel all around the world with you and if you work together, it is even better because both of you can get to travel together most of the time. It is so exciting.� She said Emirates as an airline is cosmopolitan, employing personnel from many countries and putting them to work together in “a mini world.� “I think the unique selling point of Emirates is that it is such a cosmopolitan airline. Every day I work with someone from a different culture and it gives me the opportunity to learn about where they are from. For instance, today I might work with someone from Brazil and whenever I go to Brazil, I don’t feel strange because I have gotten to meet people from that culture. It is such a multi-national company,� she said. THISDAY learnt that it is not easy for Nigerians and other Africans to secure jobs with international airlines and even a mega carrier such as Emirates, but Odigie said when she applied for the job, she never felt she would not get it because she was a Nigerian. “I didn’t feel that way because I knew what I had to offer with the company, being a Nigerian as well as having that awareness because I felt when I was in the UK, I may probably be the only Nigerian applying for the job. For me, that was my selling point. To be honest, when I joined Emirates, I didn’t know how big of a multi-national company it was, so I was just going with the idea to try this out. “To my surprise, they took me and I probably had all they were looking for. You have to be very patient with the whole interview process with Emirates. You have to also know that it is not just an opportunity for them to hire you but it is also you knowing what you can offer the company, just like any other job,� Odigie said.

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Boosting Port EfďŹ ciency Eromosele Abiodun posits that the investment of $80 million in equipment upgrade by APM Terminals will boost service delivery, trade facilitation at the Apapa Port, Lagos

T

rade between nations has always made a significant contribution in terms of increasing wealth among the world population. Today, over 80 per cent of all trade is seaborne. Globalisation of complex industrial production processes has increased the importance of seaports in the global supply chain. Port activity is no longer limited to just cargo handling; logistics service provision in an international context has become a core part of the business. In a world of just-in-time production processes, it is not only the time and cost of delivery of shipments that matters, but also its reliability and predictability. Meanwhile, many countries are planning to build up regional hub ports, following successful cases such as Singapore, in Shenzhen, Hong Kong, Dubai, to name a few and expecting additional growth of their economies forms of new service markets. Nigeria also has this ambition and this has been aided by the port concessioning policy that has attracted huge investment to the seaports. Before the port concessioning policy of the federal government in 2006, Nigerian ports were a mess with almost everything going very bad. In a bid to arrest the situation, the federal government came up with the idea of concessioning the ports to qualified private operators. Prior to the concessioning of ports to private operators in 2006, doing business in the nation’s ports was a hellish experience laced with a myriad of problems. Some of which were, turnaround time for ships, leading to ports users waiting endless before their cargo could be loaded or discharged. However, as the years went by, the need for new investment in port equipment to boost efficiency became obvious. This is because ports provide variety of service activities for vessels, cargo and inland transport. The degree of satisfaction obtained by the shippers will indicate the level of port performance achieved. Therefore, the ports have to offer very satisfactory services to vessel operators and at the same time managed to provide optimal infrastructure based on the expected vessel type and cargo to be handled. The port performance thus requires a set of measures related to vessels stay at port, rate of loading/unloading the cargo and quality storage/inland transport. There exists a strong interrelationship between these sets of measures and various port performance indicators. Also, as global trade has increased, vessel sizes and cargo volumes have surged upwards, placing additional pressure on ship berths and yards. Ports are therefore becoming increasingly interested in smart solutions that will help optimise operations, promote efficiency and reduce logistics costs. APMT Takes Initiative In recognition of this and in order to maintain its position as first choice terminal for importers, exporters and shippers in Nigeria and West Africa as a whole, APM Terminals Limited, has outlined plans to invest $80 million equipment upgrade to enhance port efficiency. As part of the plan, the company last week in Lagos inaugurated new multi-million dollars state-of-the-art Mobile Harbour Cranes (MHCs). The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala-Usman, led a team of NPA management to assess the equipment acquired by APM Terminals, to boost service delivery at the Apapa Port, Lagos. The new cranes were acquired as part of APM Terminals’ additional investment of $80 million (N33.6billion) for the year 2020-2021, bringing the total investment by the company in Apapa since 2006 to $438million (about N184billion), which is the highest by any private terminal operator in Nigeria. APM Terminals, which is located in the nation’s premiere seaport at the heart of Nigeria’s commercial hub, Lagos, is the biggest container terminal in West Africa and the best-equipped port terminal in Nigeria. While commending the management of APM Terminals for acquiring the new cranes, Bala-Usman said the ports were concessioned by the federal government to improve port efficiency and free government resources for other developmental purposes. She said cargo volumes at the port have witnessed a steady rise due to favourable government policies.

Bala-Usman said NPA has continued to engage with private terminal operators at the port to rise up to the challenge of the increased cargo traffic. The engagement with the operators, according to her, is yielding tangible results as evidenced by the commissioning of the two new MHCs, among others. She said as the ports become more efficient, efforts must be made to enhance cargo delivery processes and free the ports of longstanding cargo. “We are engaging with the Nigeria Customs Service (NCS) to remove overtime containers from the port to free vital space for incoming cargo. “We are also working with terminal operators to increase the barging of containers to take pressure off the roads. We have noted a significant growth in barging capacity and operations with more containers moved daily by barges from the port,� she said. Speaking earlier, the Head of Terminals, Africa and Middle East region of APM Terminals, Mr. David Skov, said before now, the company had invested $358million (N150.36 billion) in port infrastructure development, information technology upgrades and modern cargo handling equipment to improve both quayside and landside operations. He said: “The additional investment we are making is to handle the increased trade volumes into Nigeria. Trade in Nigeria is growing due to the many favorable efforts and policies of the Federal government of Nigeria including but not limited to the policy on ease of doing business; stabilization of foreign exchange; closure of the land borders which has increased the use of our sea ports; and diversification of the economy. “The additional investments will create capacity to handle the growth in the economy to support the Federal government’s efforts on trade growth and improve service delivery across the logistic chain in Nigeria.� He said with the acquisition of the new cranes, the terminal now operates with a total of 10 MHCs: 23 Rubber-Tyred Gantry Cranes; six Empty Handlers; 48 specialised Truck Terminals, six Reach Stackers and 11 Forklifts. Before now, the company had invested heavily on infrastructure, container handling equipment, yard expansion, modernisation of the terminals’ IT hardware and software systems, and development of additional capacity. The huge investment has resulted in significant improvements in productivity, reduction in vessel waiting time and a doubling of container volumes at the port. Sharing Experience Nigeria has also benefitted from the company’s experience from its operations around the world. For those who don’t know, APM Terminals’ team of 22,000 industry professionals operates a network of 78 terminals globally. This equates to handling around 250 vessel calls per day and 40 million TEUs per year. Part of A.P.Moller-Maersk, APM Terminals leverage more than a century of industry experience to design and build high-quality

container terminals and provide port and inland services for cargo handling and transportation between port facilities and inland locations. APM Terminals Apapa was awarded the concession in 2006 to manage, operate and develop the Apapa container terminal at Lagos Port Complex after the federal government concessioned Nigerian ports in a bid to improve port services through private investment and expertise. The 55-hectare facility concessioned to APM Terminals has 1005m quay length, 13.5m draft alongside with an annual handling capacity of 1.2million TEU. APM Terminals Apapa has, since the commencement of operation, contributed positively to the growth of the Nigerian economy through the generation of economic activity and channeled almost half of its turnover back to its host societies. An analysis of APM Terminals Apapa financials from 2013–2016 shows that 50 per cent of its turnover was funneled back to the Nigerian economy through employees, suppliers, financiers, and tax payments.This means that APM Terminals has created a significant impact on trade, jobs, and GDP in Nigeria, due to its contribution in improving Nigeria’s connectivity to global trade. So far, APM Terminals Apapa has invested $500 million in infrastructure, information technology upgrades and modern handling equipment to improve both quayside and landside operations. APM Terminals has also transformed the Apapa container terminal into a modern and efficient terminal, resulting in more capacity for trade and higher vessel productivity. Shipping lines get consistent quayside productivity along with guaranteed timely operations through berthing window schemes. This has made shipping lines deploy bigger vessels (e.g. WAFMAX vessels) and increase service frequency to Apapa, seizing opportunities from international trade. The economy of scale enabled shipping lines offer Nigeria’s trade competitive rates, thereby increasing Nigeria’s foreign trade, both in terms of volume and value, helping to boost Nigeria’s GDP and employment. Fighting COVID-19 It is not just through investment in equipment that APMT is showing its commitment to Nigeria. The company, despite scarce resource, has invested millions of naira in the fight against COVID-19. APM Terminals and the West Africa Container Terminal (WACT) in Onne, recently announced that they have jointly committed more than N300 million to the battle against the spread of COVID-19 in the country. APM Terminals said it has contributed N150 million into the federal government’s COVID-19 Relief Fund Account created by the Central Bank of Nigeria (CBN), while WACT gave N50 million. APM Terminals also donated 1,000 units of nose masks; 500 disposable protective coveralls; 400 litres of hand sanitisers; protective goggles and hand gloves to Lagos Port Complex of the Nigerian Ports Authority (NPA) towards curtailing the pandemic.

The donations came barely two weeks after the company donated $200,000 (over N75 million) into the United Nations Basket Fund for the fight against COVID-19 in Nigeria and committed another N25 million to community awareness through radio, social media as well as fliers to sensitise the Apapa community on how to curb the spread of the pandemic. Speaking on the donations, the Managing Director of APM Terminals Apapa, Mr. Martin Jacob, said: “This is one battle we must join hands together to fight and with the strong leadership being provided by the federal government, Nigeria will overcome these difficult times.� Jacob said the items donated were aimed at preventing the spread of the virus at the port, since “there is currently no vaccine to prevent it. The only option available to us all at this trying time is prevention. The responsibility lies on all of us to protect ourselves and render all possible assistance within available resources. The basic precautionary measures to take such as not touching our eyes, nose, or mouth; regular washing of hands with soap and water or alcohol-based sanitiser; maintaining social distancing and avoiding large gatherings must be respected by all, including ports, where we provide essential services,� Jacob said. The General Manager, External Relations of APM Terminals Apapa, Mr. Daniel Odibe, who handed over the nose masks and other items to the Port Manager of Lagos Port Complex Apapa, Mrs. Funmilayo Olotu, called for cooperation to curtail the spread of the virus.“As a responsible corporate citizen of Nigeria, APM Terminals has complied with the directive of the federal government and the NPA to maintain continuity in port operation. “In line with the directive, our terminal is in full operation. We have also adopted stringent safety measures in line with the guidelines of the World Health Organisation (WHO), the Nigeria Centre for Disease Control (NCDC) and the Port Health Services to ensure that the supply chain remains uninterrupted and availability of essential supplies is maintained in the face of the pandemic,� he said. Commitment to Nigeria To further demonstrate its commitment to Nigeria, APMT recently paid for a chartered flight to deliver vital health supplies acquired under the auspices of the United Nations to support the fight against the COVID-19 pandemic in Nigeria. The Managing Director of APM Terminals Nigeria, Mohammed Ahmed, who confirmed this development, said the chartered flight has delivered the essential items to Nigeria. “It is very important to keep the flow of especially food supplies, medicine and PPE running to best navigate through the Covid-19 breakout and its consequences. We see that clearly all over the world, not least in the countries which already are exposed. We are therefore happy to support UNICEF in flying vital equipment to families in Nigeria,� Ahmed said. He said the gesture was in addition to the contribution of $200,000 (over N75million) to the United Nations in Nigeria Basket Fund to boost the efforts of the federal government in addressing the COVID-19 pandemic; and the contribution of another N200million directly into the Federal Government’s COVID-19 Relief Fund Account at the Central Bank of Nigeria (CBN). He also said that the company spent N25 million on creating community awareness through the media as well as fliers to sensitize Nigerians about the pandemic. The chartered flight brought in various health items made up of 10,000 test kits, 15 oxygen concentrators, and various personal protective equipment (PPE), vaccines, IEHK/ PEP kits, and other vital health supplies acquired by the UN. The supplies will support the Federal Government, through the Nigeria Center for Disease Control (NCDC), to prevent and respond to the COVID-19 pandemic in affected states across the country. “We are happy to lend a helping hand at this critical time. COVID-19 is no respecter of persons, boundaries or territories. All hands must therefore be on deck to curtail its spread across the world. Our various contributions, which collectively amounts to more than N400 million so far, show our high esteem for the country and for our people. We believe that when we work together, we will overcome this pandemic soon, �Ahmed said.

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FRIDAY MAY 1, 2020 • T H I S D AY

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T H I S D AY Ëž Ëœ ÍŻËœ 2020

BUSINESS/MONEYGUIDE

CBN Extends Deadline for Microfinance Banks’Recapitalisation Obinna Chima In consideration of the impact of the COVID-19 pandemic on economic activities in the country, the Central Bank of Nigeria (CBN) has revised the deadline for compliance with the minimum capital requirement for microfinance banks. Owing to the development, the CBN extended the deadline for compliance with the revised minimum capital requirements for all categories of microfinance

banks by one year. The central bank stated this in a circular dated April 29, signed by its Director, Financial Policy and Regulation Department, Kevin Amugo, a copy of which was posted on its website. It explained that for microfinance banks operating in rural, unbanked and underbanked areas (tier 2), they are now expected to meet the N35 million capital threshold by April 2021 and N50 million by April 2022. Also, for microfinance banks operating in

urban and high density banked areas (tier 1), with the new arrangement, they are expected to meet the N100 million capital threshold by April 2021 and N200 million by April 2022, while state microfinance banks shall increase their capital to N500 million by April 2021 and N1 billion by April 2022. Similarly, National microfinance banks are expected to meet minimum capital of N3.5 billion by April 2021 and N5 billion by April 2022.

Moghalu Warns against Sovereign Debt Crisis A former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has advised the federal government to be mindful of the implication of several loans the country was seeking. Moghalu, in a statement yesterday, pointed out that borrowing so much without a real source of revenue to repay would likely result in a sovereign debt crisis. According to the former presidential candidate, while the popular opinion was that the country’s ratio of debt to GDP was moderate at 21 per cent, “the more relevant ratio is that of revenue to debt servicing which in the region of 60 per cent or more.� This, he said meant that nearly two-thirds of the country’s revenue go to debt servicing, even as he warned that Nigeria was entering, “a

dangerously vicious cycle.� “We need to re-incentivise the economy to be productive. The surest way to do so is wean ourselves of oil dependence through constitutional restructuring that devolves far more powers to regions (not states, many of which are not viable on their own) so they can make use of the economies of scale to create viable regional economies. “This is why political economy is more important than abstract economics for developing countries,� Moghalu said. “The federal government borrowing $3.4 billion from the International Monetary Fund and seeking another $3.5 from the World Bank and the African Development Bank without structural economic and constitutional reforms, in an age of declining oil revenues, is to

postpone the evil day. Our country’s moment of reckoning has arrived. “The fundamental problem is: our extreme reliance on oil for revenues, no fiscal savings, and unwillingness to cut the bloated costs of governance and restructure Nigeria constitutionally to make its economy more productive, cannot be solved by borrowing for balance of payments. “We need more than $7 billion to solve the balance of payments challenge, but that is not the point,� he said. According to him, with the anticipated loans, the country’s reserves position may improve temporarily and may see the central bank to continue its intervention in the forex market, which he kicked against.

Access Bank Cautions Customers against Fraud Access Bank Plc has implored its customers to be vigilant due to the rising incidence of fraud. The bank gave the advice in a statement yesterday, noting that since the lockdown it has observed a worrying increase in reports of fraudsters targeting unsuspecting customers. This development, it said was even more worrisome, especially as people not only disguise themselves as bank representatives, but also use the palliatives from

the government as bait to collect customers BVNs and other key banking details. According to the Executive Director, Retail Banking, Access Bank Plc., Victor Etuokwu, “Access Bank is imploring its customers to be wary of any message, demanding their personal or bank details. Customers must remember that the Bank will never ask for their BVN, full card PAN, PIN, mobile app activation code, OTP or password as it is

readily available to the Bank via its database. Any call, email and text message, claiming to be from Access Bank demanding for any of these details is certainly a scam. “Access Bank has always maintained a strong anti-fraud awareness as part of its responsibility to protect the interest of its customers. The bank has dedicated pages on its official website that constantly updates customers on all the ways in which fraudsters can swindle them.

9.5m Nigerians Use Our USSD Banking Service, Says FirstBank First Bank of Nigeria Limited has announced that its Unstructured Supplementary Service Data (USSD), Quick Banking service has hit over 9.5 million customers. The bank revealed this in a statement yesterday, saying the development was a demonstration of its leadership in electronic banking. “The bank’s USSD banking service, launched in January 2015, is an easy to use, convenient, fast, user-friendly mobile banking channel through which various banking activities are carried out on a mobile phone – across the four major GSM network operators in the

country – without the use of the internet. “Customers are able to enjoy a wide range of banking services using the Bank’s *894# USSD banking. These services include; Data and Airtime top-up for self and third-party individuals, Quick Balance Enquiry, Fund Transfers, BVN Enquiry, BVN Linkage, Mini-statement, Account Number Enquiry, Account Opening, Merchant Payment and FirstAdvance loan service. The FirstAdvance loan service enables salary earners take a loan up to 50 per cent of their monthly salary,� it added. FirstBank’s Group Executive, e-Business &

Retail Products, Chuma Ezirim, was also quoted to have said: ““At FirstBank, we are excited about the impact our innovative solutions are making in the Nigerian payment landscape. Our *894# USSD banking has been a viable platform through which we take our banking services to the doorstep of our customers, right on the palm of their hands, without the limitation of an internet connection. We remain committed to creating various avenues to enable Nigerians carry out various financial activities conveniently, safely and securely anytime, anywhere in Nigeria.�

Coronation Merchant Bank Honours Health Workers As the world marks the International Workers’ Day today, Coronation Merchant Bank Limited is celebrating health workers across the country for the contribution towards the fight against the COVID-19 pandemic. The bank disclosed this in a note yesterday. It specially commended all

health care workers that are on call today, working long hours and tirelessly trying to flatten the curve of the COVID-19 pandemic. Without them, the country would be overwhelmed by the Coronavirus pandemic but they are risking everything to make sure we conquer the virus, it stated.

“Aside from being a day to celebrate workers, “May Day� is also a distress call. Hence, we are calling on all Nigerians to mask up and stay home as much as they can so that the efforts of our health care workers will not be in vain. “Happy Workers’ Day from all of us at Coronation Merchant Bank,� the bank added.

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

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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

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OPEC DAILY BASKET PRICE AS AT TUESDAY, 28 APRIL 2020

The price of OPEC basket of thirteen crudes stood at $12.41 a barrel on Tuesday, compared with $13.30 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

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T H I S D AY Ëž Ëœ ÍŻËœ 2020

MARKET NEWS

Shareholders Commend Access Bank on Performance, Dividend Payout Goddy Egene Shareholders of Access Bank yesterday commended the board of directors, management and staff for recording an impressive results and paying increased dividend for the year ended December 31, 2019. The shareholders gave the commendation at the 31st Annual General Meeting (AGM) of Access Bank Plc was held in Lagos by proxy due to the COVID-19 pandemic.

Access Bank Plc ended the year with a profit before tax (PBT) of N115.378 billion, a profit after tax of N97.5 billion and paid a final dividend of 40 kobo per share to bring the total dividend for the year to 65 kobo. The three leaders of various shareholders’ associations including Mr. Sunny Nwosu, Mr. Owolabi Peters and Mrs. Bisi Bakare, who represented other shareholders, hailed the results and efforts the bank is

P R I C E S MAIN BOARD

F O R DEALS

making to support the federal government in the fight against COVID-19 pandemic. Nwosu, said Access Bank Plc said the merger of Access Bank with Diamond Bank last year, which had added significant value to the bank, showed that board and management had a good foresight. “The professional and seamless manner with which the integration was done should be commended and shareholders appreciate the

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board and management. The future remains very bright for the all shareholders, considering the synergy the merger has brought to the bank and the expertise the management and staff continued to deploy to ensure Access Bank maintain a leading role in the retail banking space,� he said. Speaking in the same vein, Bakare said unlike some of its competitors, Access Bank has recorded increased profits in the past three years, noting that

T R A D E D MAIN BOARD

A S

shareholders have confidence in the board and management to continue to deliver improved performance, going forward. Addressing the shareholders, Group Managing Director/ CEO, Access Bank Plc, Dr. Herbert Wigwe, the strength of the performance reflects a growing franchise supported by digital capabilities and improving customer service touchpoints. “The retail business gained momentum, leveraging

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opportunities in key sectors to consolidate market share dominance through our digital loans. The wholesale business also continued to soar in the year, following intense marketing drive and continued investment in the sector to deliver stronger synergies,� he said. Wigwe said Access Bank Plc has a robust business continuation plan in that would ensure the COVID-19 impact has is minimal impact on its operations.

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FRIDAY MAY 1, 2020 •T H I S D AY

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FRIDAY, MAY 1, 2020 ˾ T H I S D AY

MARKET NEWS

Union Bank Posts Double-digit Growth in Q1 Earnings, Profit before Tax Goddy Egene Union Bank of Nigeria Plc has announced increased in gross earnings and profit before tax (PBT) for the first quarter ended March 31, 2020. The unaudited results showed that gross earnings rose 18 per cent from

N36.1 billion to N42.6 billion. PBT grew by 19 per cent to N6.2 billion, from N5.2 billion. Gross loans improved to N661.1 billion, while customers’ deposits stood at N897 billion. Commenting on the results, Chief Executive Officer, Union Bank, Mr. Emeka Emuwa, said: “Coming off a

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

strong 2019, we maintained focus on executing our strategic priorities in Q1 2020, delivering double-digit growth across all our major income lines. The current COVID-19 pandemic presents daunting challenges for the global economy and consequently Nigeria and our business. Our focus in the short

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 29Apr-2020, unless otherwise stated.

term is on ensuring business continuity through our strong operational risk framework; ensuring the health and well-being of our employees by adopting stringent health and safety protocols at our operating branches and offices; and supporting our customers through the crisis.”

Also speaking on the Q1 numbers, Chief Financial Officer, Joe Mbulu said the 18 per cent growth in non-interest income was driven by stronger trading income of N5 billion compared to N2.2 billion in Q1 2019, e-business income of N2.1 billion compared to N1.2 billion in Q1 2019 and revaluation

gains of N2.7 billion compared to N0.1 billion in the same period last year. According to him, the bank’s operational efficiency also improved with cost-income ratio declining to 74.3 per cent from 76.9 per cent in Q1 2019 as its cost optimisation programme continues to yield results.

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 6.79% AIICO Balanced Fund 2.57 2.62 4.25% 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 N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 13.38 13.78 -12.64% ARM Discovery Fund 320.63 330.30 -7.18% ARM Ethical Fund 27.03 27.85 -7.05% ARM Money Market Fund 1.00 1.00 5.89% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A 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 N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A 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 5.76% Cordros Milestone Fund 2023 95.93 96.28 Cordros Milestone Fund 2028 103.60 103.99 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 1.00 1.00 4.50% Coronation Balanced Fund 0.86 0.87 -6.89% Coronation Fixed Income Fund 1.42 1.42 6.56% 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 1,341.03 1,343.97 3.87% FBN Balanced Fund N/A N/A N/A FBN Money Market Fund 100.00 100.00 5.59% FBN Nigeria Eurobond (USD) Fund - Institutional 108.32 109.34 -9.16% FBN Nigeria Eurobond (USD) Fund - Retail 108.86 109.87 -9.15% FBN Nigeria Smart Beta Equity Fund 108.81 110.10 -16.38% 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 6.47% Legacy Debt Fund 3.74 3.74 2.34% Legacy Equity Fund 0.99 1.01 -12.20% Legacy USD Bond Fund 1.10 1.10 1.53% 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 2,914.36 2,947.52 -2.27% Coral Income Fund 3,153.87 3,153.87 15.05% FSDH Treasury Bills Fund 100.00 100.00 6.18% 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 5.19% Nigeria Entertainment Fund 117.93 118.39 8.38%

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 5.04% Vantage Balanced Fund 2.11 2.14 -3.82% Vantage Guaranteed Income Fund 1.00 1.00 10.90% Kedari Investment Fund (KIF) 141.30 141.82 -1.48% 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 1.17 1.19 0.28% Lotus Halal Fixed Income Fund 1,118.09 1,118.09 3.74% 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 7.36 7.42 -24.96% Meristem Money Market Fund 10.00 10.00 4.71% 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 1.40 1.42 14.27% PACAM Fixed Income Fund 11.91 11.95 5.67% PACAM Money Market Fund 10.00 10.00 3.79% PACAM Equity Fund 0.98 0.99 PACAM EuroBond Fund 104.05 106.15 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 101.07 102.97 -7.83% 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 1.01 1.01 3.53% 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 -1.55% Stanbic IBTC Bond Fund 210.33 210.33 2.43% Stanbic IBTC Ethical Fund 0.88 0.89 -9.55% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 2.68% Stanbic IBTC Iman Fund 154.92 156.64 -6.95% Stanbic IBTC Money Market Fund 100.00 100.00 5.39% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 -9.55% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 1.88% 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 1.08 1.10 -10.04% United Capital Bond Fund 1.79 1.79 3.37% United Capital Equity Fund 0.59 0.61 -15.71% United Capital Money Market Fund 1.00 1.00 7.28% United Capital Eurobond Fund 114.34 114.34 2.23% United Capital Wealth for Women Fund 1.04 1.04 -4.83% 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 9.68 9.80 -5.81% Zenith Ethical Fund 11.31 11.43 -2.60% Zenith Income Fund 23.38 23.38 5.13% Zenith Money Market Fund 1.00 1.00 4.44%

REITS NAV Per Share

Yield / T-Rtn

3.40 114.36 52.75

-64.85% 2.15% 1.34%

Bid Price

Offer Price

Yield / T-Rtn

7.63 80.35 61.38

7.73 82.02 62.50

-12.25% -13.13% -16.76%

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

2.71 3.68 10.50 10.07 178.52

2.75 3.76 10.60 10.27 180.52

-23.65% -37.48% -13.08% -3.02% -4.93%

NAV Per Share

Yield / T-Rtn

108.29

16.90%

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.

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NEWS

Ngige: FG to Prioritise Job Creation Atiku, Lawan, Gbajabiamila, APC, PDP hail workers on May Day

Deji Elumoye, Chuks Okocha, Onyebuchi Ezigbo, Adedayo Akinwale and Udora Orizu in Abuja The Minister of Labour and Employment, Senator Chris Ngige, has assured Nigerian workers of the federal government’s resolve to give priority attention to job creation and workers welfare in its strategy to contain the spread of COVID-19 pandemic. This is coming as former Vice President Atiku Abubakar; Senate President, Dr. Ahmad Lawan; Speaker of the House of Representatives, Hon. Femi Gbajabiamila; All Progressives Congress (APC) and the Peoples Democratic Party (PDP) have hailed the workers on the occasion of today’s May Day. Ngige, in a solidarity message sent to workers to mark this year’s May Day celebration, said the federal

government is considering four - pronged policy responses to COVID-19 crisis as laid out by the International Labour Organisation (ILO). He disclosed that talks are currently ongoing between the Presidential Economic Sustainability Council (PESC) and employers of workers on the need for job protection during this period and in the post COVID-19 crisis. “In this regard, the government and social partners would have a look at the four - pillar plan of policy responses to COVID-19 crisis as laid out by the ILO, which are intended to be human-centered and built on global solidarity. This would be in addition to the federal government’s evolving plan of action to sustain the economy in the context of current global crisis,” he said The minister noted that all relevant factors to the nation’s

workforce would be identified, “analysed, and solidified to ensure job retention and the continued realisation of the decent work agenda. “In doing this, we will be guided by the labour standards as benchmarks for social and employment protection at this time of vulnerabilities. “Along this line, talks are currently ongoing between the PESC and employers on job protection, and even job creation, at this time and progressively to post COVID-19 crisis. “I wish to state that employers will not be encouraged to disengage staff without prerequisite social dialogue

and clearance from the Federal Ministry of Labour and Employment,” he said. Ngige also used the opportunity to praise the patriotic efforts of the country’s health workers, especially those in the front line of the campaign against COVID-19 outbreak. On his part, Gbajabiamila, in a statement signed by his Special Adviser on Media and Publicity, Mr. Lanre Lasisi, commended Nigerian workers for their commitment and dedication to work over the years, noting that whatever achievements that were recorded in the past must be sustained and improved upon.

Lawan also felicitated with Nigerian workers as they join their counterparts all over the world to mark the workers’ day. He congratulated Nigerian workers for sustaining the heroic struggle for the liberation of the country from poverty and underdevelopment even in the face of the daunting challenges at their various work places. The main opposition party, the PDP has also saluted Nigerian workers, describing them as the life force of the nation. The party commended Nigerian workers for their sacrifices towards the wellbeing of the nation, particularly at

this critical time, when many of them are on the front line against the spread of the COVID-19 pandemic in the country. According to a statement issued by the National Publicity Secretary of PDP, Mr. Kola Ologbondiyan, the party commended the resilience of workers in the health and other essential services, who have continued to exhibit unequalled patriotism despite the daunting challenges in the efforts to mitigate the health, economic and social impacts of the pandemic, adding that these citizens were indeed the country’s national heroes.

Police Investigate Mysterious Death of Five Family Members in Enugu Christopher Isiguzo and Gideon Arinze in Enugu The Police Command in Enugu State has commenced full investigation into the sudden death of five members of a family in the outskirt of Enugu metropolis. The Command’s Public Relations Officer, Mr. Daniel Ndukwe, said this in a statement made available to the News Agency of Nigeria (NAN) yesterday in Enugu. Ndukwe said that the unfortunate incident took place at City Estate Layout, Amokpo-Nike near Enugu on Wednesday, April 29, probably in the morning hours. “The command’s knowledge of the unfortunate development

followed a complaint received on April 29 at about 1400hrs at Unity Police Station of an alleged sudden and unnatural death of a family of six at City Estate Layout, Amokpo-Nike, Enugu. “The operatives of the station, led by its Divisional Police Officer, SP Siga Malgwi, immediately moved to the location where they sighted the bodies lying lifeless in a room. “The building was cordoned off, while Enugu East Local Government Health Authorities were contacted for examination and evacuation of the bodies. “However, in the course of disinfecting the building before the evacuation, the suspected only son of the family, Arinze Onyekwe, was found to be in coma.

ASSESSING LEVEL OF COMPLIANCE…

Rivers State Governor, Mr. Nyesom Wike (left) monitoring the level of compliance with the lockdown of parts of Port Harcourt and Obio/ Akpor Local Government Areas of Rivers...recently

Abia Govt Accuses Aba NBA of Misinformation Peter Uzoho The Abia State Government has accused the Nigerian Bar Association (NBA) of misinformation on the trial of a lawyer, Mr. Emperor Ogbonna, over his issue with the state government, saying the NBA was misinformed by the branch of the association. The Chief of Staff to Abia

governor, Dr. ACB Agbazuere, in a counter statement issued yesterday, said Ogbonna was being prosecuted in court for cybercrime and not terrorism as allegedly claimed by the NBA. Agbazuere stated that the facts put forward by NBA, Aba branch, which the national body relied on were “copiously false, erroneous and misleading”. “The facts put forward by

NBA, Aba branch which NBA National relied on are copiously false, erroneous and misleading. “Paragraphs 1, 2 and 3 of the NBA press statement clearly confirm that at least Mr. Ogbonna has accepted that he re-shared a post in his Facebook page that Governor Ikpeazu went to India and took an oath before a Hindu god to mortgage Abia State. He also made other posts on this. Governor

Ikpeazu has never visited India all his life and as a law-abiding citizen, he took recourse to the law instead of self-help. “The governor reported this case of cybercrime to the police and the police arrested Ogbonna and charged him before the Federal High Court in Umuahia for cybercrime and not terrorism as the misinformation from NBA Aba opines.”

I don’t want anyone to die. Addressing the health officials directly, Mohammed said, “I have given you the directive that you must use something that I have used to get well, just as you have used for all other cases that got well. “Rather than saying that something is harmful, we should not follow what the

white people are saying by not taking anything and die. “We are used to taking chloroquine in Nigeria. We are going to use them. We have taken responsibility and I have taken responsibility. “Zithromax and chloroquine are not harmful to our body, our physiological system has adapted to it. If you are having a fever

I will Not Succumb to Blackmail, Intimidation, Bauchi Gov Approves Use of Chloroquine for Treatment Otti Tells Ikpeazu Emma Okonji A former gubernatorial candidate of the All Progressives Grand Alliance (APGA) in Abia State, Dr. Alex Otti has accused the Governor of Abia State, Dr. Okezie Ikpeazu of high handedness in governing the people of the state, insisting that he will never succumb to his blackmail and intimidation. Otti who was reacting to a protest letter allegedly written by the state governor to the Chairman of the Police Service Commission (PSC), agitating against the transfer of the Abia State Commissioner of Police, Mr. Eneh Okon, said the letter made weighty allegations against him, including intimidation and blackmail. He said the letter accused him of sponsoring Indigenous People of Biafra (IPOB) and for masterminding the removal of the state Commissioner of Police and the attack at Ohafia, a community in the state, which led to the killing of a youth and reprisal attack on police station. In a statement signed by Otti and made available to THISDAY,

he accused the governor of conniving with the former Police Commissioner to intimidate innocent citizens of the state and assured the governor that he would not be moved by his blackmail. Otti said: “I am sorry to disappoint him as no amount of blackmail, intimidation, petitions or falsehood will make me change. If there’s any one that has to change, it is him. I make bold to challenge Ikpeazu to come up with proofs to show that I am the sponsor of IPOB or forever hide his head in shame. I consider this as a cheap attempt to pitch me against the authorities, which will fail.” According to the statement:” I was miffed at the level of mediocrity in the state where none of these people knew that this letter which shouldn’t have been written in the first place should have gone to the Inspector General of Police (IG) and not the Police Service Commission as the latter is the board that approves or declines appointments recommended by the IG among other functions.

of COVID- 19 Patients Bauchi State Governor, Senator Bala Mohammed has stated that he has authorized the use of Chloroquine for the treatment of COVID-19 patients. Mohammed, who was the COVID-19 index case in the state, said he was treated with “chloroquine and Zithromax.” The governor, who disclosed this while providing an update on COVID-19 in the state, at the

Government House, Bauchi, said he would take responsibility for any consequences of approving such drugs. “Our medical team is using their own ingenuity to use chloroquine and Zithromax to treat the patients, even though in some places, they said it is against the protocol,” he said. “As the governor, I’m taking responsibility for that because

Osinbajo’s Committee Meets Buhari’s Economic Advisory Council The Economic Sustainability Committee (ESC), headed by Vice-President Yemi Osinbajo, yesterday met with members of the Presidential Economic Advisory Council (PEAC) over a sustainability plan by the committee. The committee was inaugurated on April 2 to tackle the economic challenges and fallouts of the COVID-19 pandemic.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, in a series of tweets, stated that the committee would submit its report to the President. Akande said, “As part of the work of the Economic Sustainability Committee chaired by VP Osinbajo, members of Economic Advisory Council were invited to a meeting today for their

inputs into the committee’s forthcoming report to the President. “The goals of the report – the Sustainability Plan – include to stimulate significant local production, save jobs, create new ones and also protect the most vulnerable and the working poor. “It’s about turning the current challenges into great opportunities for Nigerians and Nigeria in line

with Mr. President’s vision.” The Vice President’s spokesman added that members of the ESC and PEAC, and several ministers were also part of the videoconference anchored from the Presidential Villa. “ESC’s engagement with the PEAC creates synergy and effective coordination as Nigeria confronts what is clearly a serious economic situation,” he said.

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COVID -19 UPDATE...

COVID -19 UPDATE...

FG: Aviation Workforce Reduction, Wage Cut Regrettable Kasim Sumaina in Abuja The federal government yesterday said it was regrettable to record the ongoing staff reduction and wage cut in the country’s aviation sector. Minister of Aviation, Senator Hadi Sirika, disclosed this in his message to employees in the aviation industry as they join their peers in celebrating Workers’ Day. In a statement issued by the

Director, Public Affairs, Federal Ministry of Aviation, Mr. James Oduadu, the minister stated that the “ugly situation” was caused by the COVID-19 pandemic. The statement read in part, “According to the minister, it is highly regrettable that airlines and other service providers were being forced to cope with the option of either sending their staff on compulsory leaves or reduction of their wages as occasioned by the redundancy

caused by COVID-19 scourge.” Sirika said the Federal Government was aware of the dire situation in the aviation sector and would do whatever was practically possible to mitigate the consequences of the total lockdown in the industry.

He said the government would create an environment that would support businesses to bounce back in the sector. Sirika appealed to both private and public workers in the sector to keep hope alive. Nigeria’s major carrier, Arik Air had recently ordered 90 per

cent of its staff to proceed on leave without pay till further notice. It had also implemented 80 per cent salary cut for its personnel for the month of April. This was contained in the mail the Chief Executive Officer of the airline, Captain

Roy Ilegbolu sent to the staff, where he promised that the suspension would be subject to monthly review. Ilegbolu noted the global economic crisis triggered by COVID-19 pandemic and how it has affected the world, creating uncertainty.

Zamfara Cautions Osun against Planned Deportation of Northern Youths The Zamfara State Government has warned its Osun State counterpart against deporting Northern youths who allegedly sneaked into the state. Zamfara made its position known yesterday in a statement by the Special Adviser to the Governor on Public Enlightenment, Media and Communications, Zailani Bappa. Osun State had on Wednesday raised the alarm over the large influx of northern youths, especially Zamfara State indigenes, into the state. The Deputy Chief of Staff to the Governor of Osun State, Prince Adeyanju Biniyo, accused the northerners of “sneaking” into the state. But reacting to the

development, Bappa faulted Binuyo, claiming that the Zamfara’s youths are Nigeria citizens who can reside in any state. The statement read in part, “The attention of Zamfara State Government was drawn to a story credited to the Deputy Chief of Staff to the Governor of Osun State, Prince Adeyanju Abdullahi Biniyo, where he alleged “an influx of Zamfara indigenes” into the state and described it as “dangerous”. “As if the entrants brought in war, he also called on the Osun indigenes ‘not to panic’ as the state has instructed Amotekun to fish them out and ensure that anyone escorting trucks that offload goods is turned back and escorted out of the state.

Local Producers Seek CBN’s Intervention as Oil Price Plunges Fred Ojeh The recent fall in oil prices has increased concerns among indigenous oil and gas producers over the need to involve the Central Bank of Nigeria (CBN), as Indigenous Oil Companies (IOCs) may not be able to meet their debt to commercial banks at the current oil prices. Speaking in Lagos on the issue, a former President of the Nigerian Association of Petroleum Explorationists (NAPE), Mr. Abiodun Adesanya, disclosed that the collapse in global oil prices having been triggered by the COVID-19 pandemic accounts for the current liquidity of the indigenous players, making the repayment of loan obligations

which were secured before the current turmoil in the market near impossible. Adesanya stressed that the oil and gas industry would need to be rescued from this current situation by the direct intervention by the federal government through the CBN. Given that this exposure represents approximately 25 percent of Nigerian banks’ overall bad loan portfolio, Adesanya warned that without direct CBN intervention, this could lead to structural shocks within the Nigerian banking system affecting depositors’ money and restricting banks’ ability to support vital economic sectors as Nigeria prepares to emerge from the economic crisis.

Atiku Seeks Full Diversification of Economy Chuks Okocha in Abuja Former Vice President Atiku Abubakar, has called for the commencement of full diversification of the Nigeria’s economy, stating that the crash of crude oil price in the international market was an indication that the era of crude has gone. Atiku also condemned the various loans taken by the All Progressives Congress (APC) led federal government and called for the cancelation of the planned renovation of the National Assembly with $100 million. He said: “As at today, May 1, 2020, Nigeria is pricing its

very low sulphur sweet crude at $10 per barrel, yet buyers are balking. Our sweet crude is becoming a little bitter. “As I write this, there are hundreds of crude oil laden ships, all filled up, with nowhere to berth and accruing daily charges of an average of $30,000.” He said that on Monday, April 27, 2020, the British oil and gas giant, BP, became the latest in a growing number of energy firms to declare a massive quarterly loss in the region of $4.4 billion. “Bear in mind that this was a conglomerate that posted a $2.6 billion profit in the corresponding quarter of 2019.

DISTRIBUTION OF PALLIATIVES...

L-R: Commissioner for Agriculture, Oyo State, Mr. Ojemuyiwa Ojekunle; Permanent Secretary, Ministry of Agriculture, Mrs. Bola Oloko; and Managing Director of DC Engineering Limited, Mr. Adedeji Adegoke, during the donation of food items by the company to Oyo State Government, in Ibadan...recently

We Are Also Victim of Pandemic, Says China

Adedayo Akinwale in Abuja

Following media reports that a coalition of Nigerian legal practitioners has filed a class action against the People’s Republic of China over the effects of the COVID-19 pandemic on Nigerians, the Asian country has responded that it is also a victim of the pandemic and not a perpetrator or accomplice. The Embassy of China in a

statement issued yesterday said in the face of a major public health crises and infectious diseases, the international community should stand in solidarity and work together, not resort to mutual accusation or demand retribution and accountability. The Chinese Government noted that since the outbreak of the COVID-19, it has taken the most comprehensive, rigorous and thorough measures to

contain its spread and conduct international cooperation in an open, transparent and responsible spirit. China added that in the process, it has made tremendous sacrifices, accumulated valuable experience, and made significant contributions to the global response, adding that the international community bears witness to and applauds China’s efforts and progress. It stated: “On April 27, 2020,

some Nigerian media reported that a coalition of Nigerian legal practitioners has filed a class action against the People’s Republic of China over the effects of the coronavirus pandemic on Nigerians. “The virus is a common enemy to all mankind and may strike anytime and anywhere. Like other countries, China is also a victim, not a perpetrator, and even less an accomplice of COVID-19.

Ganduje Seeks Relaxation of Presidential Lockdown in Kano Ibrahim Shuaibu in Kano Kano State Governor, Dr. Abdullahi Umar Ganduje last night called for the relaxation of the 14-day total lockdown imposed by the federal government on the state. Ganduje insisted that unlocking the lockdown became pertinent to ease the economic hardship especially in the Holy Month

of Ramadan. “We would engage the Presidential Task Force on COVID-19 to seek permission to relax the total lockdown imposed on Kano. We are making this appeal on behalf of our people who are presently running out of food items. “We will like the federal government to relax the lockdown for period of time to enable people stock their

homes, especially now that majority of us are fasting. It will also ease the economic hardship in the state”. Ganduje spoke at Government House when he inaugurated seven- member experts to support the state task force’s technical committee. He stressed that government is extending facilities to accommodate increasing number of suspected cases.

The committee led by the President of National Postgraduate Medical College of Nigeria, Professor Musa Borodo was saddled with the responsibility of developing strategy to support the state taskforce on COVID-19 to end the virus. Meanwhile, the state Coordinator on COVID-19, Dr. Tijani Hussain said death toll of COVID-19 in Kano now stands at five.

Wike Decries FG’s Neglect of Rivers in Fight against Pandemic Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, has decried the alleged neglect of the state by the federal government in the fight against the spread of COVID-19. He opined that there must be collaboration between different tiers of government for the fight against the spread of coronavirus to be successful. The governor stated this yesterday when he received the

new Rivers State Commissioner of Police, Mr. Joseph Mukan, at the Government House in Port Harcourt. He said Nigeria does not need the nature of politics being played by the federal government and its agencies at this time when coronavirus is ravaging the world. According to Wike, “There must be a collaboration to fight the coronavirus pandemic. The Nigerian Centre fo Diseas Control

(NCDC) is building laboratories in Lagos, Ogun and Kano States, but not in Rivers State. “This is a state that is exposed to several foreign and local visitors with no single federal intervention. “Whenever oil companies write to change crew, we would insist on knowing their coronavirus status. If they continue to politicise COVID-19, Nigeria will suffer it.” He reminded the country that

when he demanded the support from the federal government, several people called for his head. “But the Northern governors and the Kano State Government have demanded assistance. Initially, the Kano State governor criticised the federal government over lack of support. When the support came, he said the federal government is doing well. If they also support Rivers State, we will also commend the federal government,” he said.

Glo Extols Virtues of Nigerian Workers Nigeria’s telecommunications service provider, Globacom, has extolled the doggedness and perseverance of Nigerian workers in the face of the daunting and harsh global economic realities confronting them in the battle to defeat the COVID-19. In a goodwill message issued to commemorate the 2020 May Day, Globacom urged Nigerian workers to see this year’s celebration as a time to

reaffirm their faith in the Creator to see them through the trying period. It asked them to remain committed to the task of nation building and maintain a positive attitude as the true heroic men and women they are at all times. “As you join your counterparts across the world to celebrate yet another Workers’ Day, Globacom wishes to congratulate you for being undeterred by the challenges workers face all

over the world. We salute your courage, resilience, and can-do attitude, and urge you to use the occasion to rededicate yourselves to the social and economic development of our dear nation”, the statement added. The company said it had no doubt that the current pandemic would impose harsh economic challenges on everyone and urged them to remain positive, adding that this is the time they

would need their inherent patience and perseverance, which they have demonstrated over the years. Globacom expressed optimism that “as our Muslim brothers and sisters use the ongoing Ramadan to pray for global peace and an end to the pandemic along with the prayers of other religious groups, this difficult season will soon pass and life will return to normal”.

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FRIDAY, ͚˜ ͺ͸ͺ͸ Ëž THISDAY

NEWS

Our Father, Ten Years In Heaven

Tayo Aluko

On May 1, 2010, Timothy Mofolorunso Aluko went to join the ancestors, and/or as he himself believed, to take his seat at the feet of Jesus. Anybody who knew him will know that he certainly earned that place. Writing this in Liverpool during lockdown, I am mindful of the fact that when he was born in June 1918 in a little village near Ilesha, World War I was still raging, and the Spanish Flu pandemic was six months old. It apparently infected about a third of the world’s population over a two-year period, with approximately a tenth of the infected dying. We therefore know that Covid-19 will pass, and that given the right combination of luck, hard work and opportunity, even Nigerian children born today of rural parents with little or no Western education, have every chance of becoming internationally respected engineers, civil servants and writers. It was as the last of these that Daddy was best known – as author of the novels One Man, One Wife; One Man, One Matchet; Kinsman and Foreman, Chief The Honourable Minister, A State of Our Own, and Conduct Unbecoming. Daddy told us the story (and wrote in his memoirs My Years of Service and The Story of My Life) that he would probably never have gone to school had he not accompanied his mother to Ilesha to sell yams and corn one particular day. On this day, he saw a group of school children marching to the palace grounds in their pristine blue uniforms. The date was May 24, 1926, the occasion was Empire Day. The rest,

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as they say, is history. The British Empire, impressive as it appeared to our forebears, was milking us dry as brazenly as it could get away with, despite the horrors Britain and her cohorts had perpetrated during the Slave Trade. T.M.’s novels were satirical takes on various aspects of Nigerian life during the pre- and post-independence eras, as informed by his identity as a Yoruba, an engineer, a loyal and honest civil servant, a Christian, a man with one wife - our mother Janet Adebisi Fajemisin to whom he was absolutely devoted - and an observer of politics. Having left home in my teens and long before my interest in African History really developed, I deeply regret having missed the opportunity to discuss many topics in depth with our father. I remember him talking of attending a conference of West African Chief Engineers hosted in Ibadan in the early 1960s. Many of the visiting delegates were from former French colonies. For one session, the interpreter was absent, but the proceedings carried on in Yoruba! I was unable then to link that to the Partition of Africa in 1884/5, and to the related question of Pan-Africanism, a cause most prominently championed by the likes of W E B Du Bois and Kwame Nkrumah. Another incident he recalled occured when he was a participant on a foreign student summer project at the M I T in Massachusetts, USA in 1952. On a trip down to one of the southern

states, as the only Black participant he was told that he couldn’t join his colleagues at an evening dinner, and would have to eat in a separate room. He quietly declined the meal, and went to sit on the bus, alone. After a while one of his colleagues came to guide him back to the high table with the hosts. By the time Barak Obama was in the White House, Daddy had sadly succumbed to Althzheimer’s disease, so we couldn’t talk about the progress made in the half century since that summer in the South. At that time of course, the racism that we now see Africans being subjected to in China was still a long way off. T.M. had suffered a severe stroke in1987, which left him paralised down his right side for the rest of his life. It is well known that after rehabilitation, he would go on to start writing again, with his left hand, in practically the exact same style as he had previously with his right hand! It was with that left hand that he wrote the manuscripts of My Years of Service and his final novel, Our Born Again President, launched on his 90th birthday. It was also with that same left hand that during rehab, he did a lovely watercolour painting, even though he had never painted before, to my knowledge. I like the idea of using T.M’s brain as a metaphor for our country, and indeed our Continent: something that demonstrated immense talent and great achievement but suffered a serious trauma, from which it would recover and flourish again. As we watch China join the countries lining up to take more from Africa than they give, the Continent as a whole needs some

serious therapy, and it is clear that this must include the kind of unity that was demonstrated when a common language shared across artificial borders was used to get around the interpreter problem at the Ibadan engineers’ conference. Last year, the Ghanaians, with their “Year of Return,� welcomed our cousins from the Americas back home to celebrate and be inspired by our resilience as a people. Kwame Nkrumah and W E B Du Bois would have been proud. I recall being at a conference myself in Liverpool in 2000: The African Intellectual in the New Milennium, at which I provided some entertainment as a singer. A renowned Pan-Africanist American scholar turned to me and asked, “Say, Tayo, are you related to one T. M. Aluko?� “Yes,� I said, “he’s my father.� “No sh*t!� he exclaimed, “Hey, Dee, come here, this guy is T.M. Aluko’s son! T.M. Aluko was one of the African writers that inspired us during the civil rights movement!� Along with my siblings and our children, I am rightly proud to be one of T.M. Aluko’s scions. I for one hope that in taking inspiration from him and those who went before, and by embracing today’s Pan Africanist project, all Africans will come together to rescue our Continent, and in doing so, make our own descendants proud – including any born to humble parents during this time of Covid-19.

security. In this regard, I earnestly plead with state governments to take a cue from the federal government to improve the social content of their respective development agendas. In any case, the imperative of overall national planning for an inclusive and sustainable development makes this proposition an imperative. State governments should be sensitive to the poor condition of workers in determining trade-offs as policy options are considered in this crisis. For instance, cutting wages is most unhelpful in the circumstance. It’s like asking an anaemic patient to donate blood to save the lives of other patients in need of blood transfusion. A doctor who does that should have his licence withdrawn. So, a policy adviser who recommends wage cut is abysmally unconscious of the mood of the present which is that compassion and solidarity. State governments should not make workers bear a disproportionate part of the burden. When you cut a workers’ poor wage, you are further limiting his power to be an economic player. How can the worker make effective demand for the goods and services produced when you shrink his income? It can only bring about a vicious cycle of poverty. Rather than cut wages or retrench, state governments should do away with avoidable overheads to reduce the cost of governance. With the commendable provision of succour to the poor by corporate bodies, religious organisations, philanthropists, non-governmental organisations, public-spirited individuals etc. there is no doubt that the global spirit of solidarity resonates with Nigeria. All the generous donors during this crisis should be saluted! The spirit should be kept alive as we face the challenges of the future. This spirit demands cooperation among governments,

private employers, labour, the informal sector, intellectuals, professionals, civil society, etc. regardless of their loci in the societal spectrum. Stakeholders should work in solidarity. Beyond palliatives, however, labour should nudge other social partners to embrace an agenda to fundamentally combat poverty and inequality, the plagues already troubling the land before coronavirus arrived to exacerbate the condition. The society is already paying a huge price for the inequality created by the socially unjust policies of the past decades. Just think of insecurity, crimes, threats of social convulsion, hatred, misery etc. bedeviling the land Therefore, policies of governments at all levels should henceforth be based on social justice in an atmosphere of genuine freedom. That would imply greater investments in the social sector for human development especially healthcare and education. For instance, the healthcare facilities being built during this emergency should be sustained and expanded with suitable equipment and training of personnel. This is the way to serve the common good. Today’s May Day is an occasion to amplify one of the key principles of the International Labour Organisation (ILO) declared in Philadelphia, U,S., in 1944: Poverty anywhere is a threat to prosperity everywhere. Workers should be prepared to play their own part in a post-COVID-19 future. To paraphrase the famous international working class song; from the grief, disruptions and anguish caused by the coronavirus a new world of prosperity based on social justice, equity and solidarity can emerge “for the union makes us strong.�

and adversarial unhelpful relations. Governor Wike should also immediately lift the illegal siege on the NLC secretariat in Portharcourt and initiate social dialogue for resolution of all outstanding labour issues especially on the new minimum wage. We salute the prompt action of the Inspector-General of Police, Mohammed Adamu, in removing former rivers CP, Dandaura Mustapha, and replacing him with Gobum Mukan. The former CP played unacceptable anti-labour role in illegally arresting 22 members of the union from ExxonMobil on essential duty. The federal and state governments had listed categories of persons exempted from the total lockdown directives to include senior staff in the oil and gas industry which PENGASSAN represents. COVID-19 already made work precarious. No employer including state Governor should further violate the rights of workers through intimidation and harassment. More than ever before, solidarity is needed to prevent the pandemic and protect jobs. We salute the solidarity of National Union of Electricity workers (NUE) ,PENGASSAN and NUPENG in freeing the two Caverton Helicopters pilots and their ten passengers were arrested, charged to court, and remanded in Port Harcourt prison for allegedly violating the lockdown order in Rivers State. An injury

to one is an injury to all. It was reassuring that President Muhammadu Buhari said the Federal government would “not tolerate any human rights abuse by our security agencies� regretting few reported incidences of violations. The point cannot be overstated that Security workers are also frontline workforce who must be motivated, trained and retrained for effective service delivery. Indeed all citizens have legitimate claim to national government interventions in protecting lives and livelihood through unconditional cash benefits and palliatives. Lastly Nigeria and Africa should not waste the lessons of the current lock down. It’s time to heed the advise of Godwin Emefiele, Governor of CBN and turn COVID-19 TRAGEDY COVID-19 into an OPPORTUNITY FOR A NEW NIGERIA. We must urgently diversify the economy, benefiate and add value and create millions of new Decent jobs. Produce what we consume starting with face masks, sanitizers and ventilators and items in health value chains. Post Corona Virus, Nigeria should be less dependent on imports, grants and aids and feverish loans but on savings and local investment.

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SOLIDARITY IS THE WORD OF THE MOMENT The Nigeria Labour Congress (NLC) could come up with practical suggestions to improve the implementation of the programmes in addition to their legitimate criticisms. Is there a way the structures of the unions in the local areas could be employed to police and facilitate the process? Labour activists should also be informed policy activists. As a I observed above, this is not the time for mere doctrinaire arguments in seeking to influence economic policy. It is an emergency period requiring workable solutions. Labour should bring its ideas to the table to compete with those of other social partners. This is the logic of the new age that is replete with great uncertainties. My plea to the private sector employers of various scales is to act in this crisis as responsible social partners. This is a season to deepen the humane content of industrial relations. Even in the West, the origin of capitalism, thinkers are now calling on corporate bodies to embrace “stakeholder capitalism,� in which the private sector becomes more responsive to its social environment with a great sense of responsibility. Here we are talking of an idea that is more fundamental philosophically than what we know now as corporate social responsibility. In other words, corporate bodies are not just accountable to their shareholders, but also their public on matters of environmental damage, insecurity and crippling inequality. It’s in the ultimate interest of the private sector giants especially to be socially concerned as they are not immune to the consequences of any damage done to the socio-economic space by natural disasters or policy missteps. As coronavirus has chillingly demonstrated, at the end of the day, we are all in the same boat. It is, therefore, better to take steps that would

make us all to swim together to a future of social justice, prosperity and peace. This crisis will surely bring to the fore its burdens. Employers should be compassionate enough not to shift the burdens exclusively on the workers. Dispensing with labour should not be the first option as organisations re-strategise their way out of the crisis As if anticipating this coming global change of monumental proportions, President Muhammadu Buhari has reset the button for multi-dimensional change in Nigeria. The federal and state governments deserve the support of workers and indeed all Nigerian people as they gear up to meet the challenges of the moment. Consistent with the progressive philosophy of our party, the All Progressives Congress (APC), the Buhari administration had made social protection a major policy thrust before the word palliative became a buzz word during this crisis. The emphasis of the Buhari administration on social policy as a concomitant to economic recovery programme is a proof of the social democratic content of the APC philosophy as a party. Thank God, as I observed in another occasion, President Buhari’s political personality is imbued with a sincere sense of compassion for the poor. His immense commitment to use policy instruments to lift millions of Nigeria out of poverty is real and total. The President once said that he wondered how any governor could sleep well when workers are not paid. It was in that spirit that a new minimum wage law has been passed. Unfortunately, with the looming economic crisis, inflation would surely make nonsense of the N30, 000 stipulated in that law. While economic management is certainly a work in process, the Buhari administration has demonstrated that it is fully conscious of the vital link between social security and physical

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COVID: 19: AND VIRTUAL MAY DAY The premium in the sum of N112,500,000 is however still token given the risks to irreplaceable lives. There must be social protection through comprehensive health insurance for all workers and citizens as a matter of right. And it should start now. COVID-19 pandemic no doubt raises the noise level of lives and livelihoods. But Malaria kills 100,000 annually in Nigeria. More than Corona Virus! And Malaria has cure which many poor people can hardly afford because thanks public health has collapsed. Job related deaths must be of concern to all. ILO statistics indicate that one worker dies every 15 seconds worldwidwe, 6300 workers die everyday and an average of two million three hundred thousand workers die annually as a result of work related accidents and diseases. In fact, more people die at work than at wars. Secondly there is an urgent need to protect and advance livelihoods. Organized  labour under the most difficult conditions had commendably risen to defend the right to pay, wages and jobs under the lock down. IndustriALL Secretariat in Geneva salutarily coordinates the efforts of affiliates in mitigating the impact of COVID 19 on sectors and regions, sharing the best responses. I salute the leadership of NLC and TUC for ensuring that

President Buhari’s directive that all workers should be paid as at when due during the lock down is respected by all employers in both public and private sectors..The NLC/TUC/ CIVIL SOCIETY labour situation room is novel and timely to promote the use the existing collective bargaining and social dialogue in ensuring employers and government do not shift the burden of the pandemic on workers. It is also significant and commendable that the National Salaries, Incomes and Wages Commission (NSIWC), under the acting Executive Chairman, Nta Ekpeyong, had proactively initiated improved COVID-19 allowances for medical doctors and other health workers allowances, particularly for those in the frontline of the fight against COVID-19, starting from March 2020. The Minister of Labour and Employment, Chris Ngige, led the government team with doctors and other health workers to effect payment from March 2020. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) commendably recently resisted the attempt by Governor Nyesom  Wike of Rivers State to harass members of the union on essential duty by security operatives. It’s time new relationships between all Stakeholders for Partnership against pandemic and new post COVID 19 economy not the old war of attrition

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39

FRIDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

2019/2020 FOOTBALL SEASON

CAF’s May 5 Deadline Leaves Nigerian Officials with Four Options Angola, Liberia, Kenya, Guinea end season

Duro Ikhazuagbe With most leagues around the world plotting how to either end their 2019/2020 football season abruptly or play the rest matches behind closed doors due to the Covid-19 pandemic, the Confederation of African Football (CAF) has entered into dialogues with its affiliate members on the matter. According to the letter dated April 26, and signed by CAF’s interim Secretary General, Abdelmounaïm Bah, the football governing body in the continent gave up to next week Tuesday, May 05, 2020, as deadline for all its national federation affiliate members to present their plans of finalizing the current 2019/2020 season to its secretariat in Cairo, Egypt. CAF insisted that this action plan will enable it come out with an organization plan for the inter clubs competitions for next season. Already, Angola, Liberia, Kenya and Guinea have cancelled their 2019/20 football seasons. THISDAY checks with Nigerian football authorities however revealed that they are waiting for further directives from the government before

taking a definitive decision on the 2019/2020 Football season and the 2020 AITEO Cup competitions. President of the Nigeria Football Federation (NFF), Amaju Pinnick said on his Instagram page yesterday that resuming playing football is not as important as life and public health. “So we will be having consultations with the health ministry and FIFA, and more importantly, wait for the go ahead from the Federal Ministry of Youth and Sports Development before any sort of football will be played,� concludes the NFF Chief. Already, several meetings have already held in-house between the Nigeria Football Federation (NFF) and the Sports Minister, Mr. Sunday Dare while the League Management Company (LMC) and NPFL clubs have had teleconference meeting on the way forward from the current lockdown precipitated by the Covid-19 pandemic. Last week, the NFF executive committee also had a teleconference meeting on how to handle pressing matters concerning the country’s football. One of the major decision taken

was how to prune Nigeria’s 11 national teams from all FIFA competitions in the face of dwindling resources. A board member of the NFF told THISDAY that the board have an idea of how to end the 2019/2020 season and even the AITEO Cup that is yet to kick off in the states before the lockdown. “We have a fair idea of our options and possible and probable directions and we will communicate same to CAF before the May 5, 2020 deadline,� observed the influential board members on telephone yesterday. Another NPFL club Chairman who participated in the LMC teleconference but would not want his name in print hinted that they all agreed on the four-option proposal by the LMC leadership. “It is the wish of every body to complete the 2019/2020 NPFL season once the pandemic subsides but as things stand now, if that becomes impossible there are other options that we have all agreed to us to decide the season,� without elaborating on what are those options open to the League body. According to the latest directive from the federal

PAN Nigeria Receives Argungu Motor Race 2020 Trophy Olawale Ajimotokan in Abuja

Nigeria’s top auto assembly plant, PAN Nigeria Limited has received the winning trophy of the recently concluded Argungu Motor Race. The trophy was presented in Kaduna to the Managing Director, Mr. Ibrahim Tanko Mohammed by the driver of Peugeot 508 GT, the car that won the motor race, Mr. Shima Shimbe. Peugeot brand defeated all its competitors-Honda, Nissan, Hyundai, Changan (from the stable of Stallion Motors), GAC, JAC (Elizade Motors), Yutong and JMC-to win the trophy. The car was adjudged the overall best winner because it met all the criteria stipulated by the organizers of the rally.

At the trophy presentation ceremony, which was decidedly low-key due to the current global pandemic, Mr. Mohammed said that, “PAN Nigeria participated in the 2020 edition of the motor race in order to support the National Automotive Design and Development Council (NADDC), the federal government agency that drives the modernisation, development and growth of the automobile industry in the country. Mohammed identified performance, comfort, fuel economy, adaptability and safety as the unique selling points of the winning brand, adding the attributes enabled the car to win the keenly contested race. The Argungu Motor Rally is Nigeria’s premium and first motorsport. It started in the

early 1970s as part of the Argungu Fishing Festival, and has overtime developed into a growing and internationally recognised brand. The rally was however suspended in the 1980s and was revived in 2004 and it went extinct again in 2009. In 2020, the event made a major comeback as it teamed up with NADDC. The three days race covered seven states: FCT, Nasarawa, Kaduna, Kano, Katsina, Sokoto and Kebbi. From the flag-off point at the Eagle Square in Abuja, FCT, to the flag-down centre in Argungu, Kebbi State, the drivers, traversed 13 major cities and towns: Abuja, Keffi, Kachia, Kaduna, Funtua, Gusau, Sokoto, Shagari, Dogondaji, Tambuwal, Jega, Birnin Kebbi and Argungu.

Mr Shima Shimbe (left) the driver of the winning car, Peugeot 508 GT, oďŹƒcially presenting the trophy to Mr Ibrahim Tanko Mohammed, Managing Director/CEO of the company, at the company’s headquarters in Kaduna...recently

government, a gradual easing of the lockdown in Lagos, FCT and Ogun is scheduled to begin on Monday but with laid down health directives still in force like wearing of mask, social distancing, no handshakes and no inter-State movements. The Angolan Football Federation yesterday set the pace by declaring its 2019/20 Girabola Zap Season “null and void� due to the Covid-19 outbreak. It further ruled that there is “No league winners, No

relegation and no promotion.� Angola football authorities also ruled that a new football league season will begin as soon as situation returns to normalcy with the pandemic. It also applies the same decision to the lower tiers of their leagues. In Monrovia, the Liberian Football Association has proposed making the national leagues null and void as there is seemingly no date that football can recommence.

And in response, clubs in the country have asked that the cash prize for the winner be shared equally. Similarly, Gor Mahia have been declared 2019-20 Kenya Premier League Champions. Gor Mahia were on top of the log table with 54 points and with just five matches to the end of the season. The 2019/20 Ligue GuinĂŠenne de Football Professional has also been cancelled due to the Covid-19 pandemic

Athletes Get COVID-19 Relief Payments Some Nigerian athletes have received payment from the Athletes Relief Fund set up to mitigate the effect of not competing due to the effect of Covid-19 pandemic. The Minister of Youth and Sports Development, Mr. Sunday Dare, directed the payment of funds to the Nigerian athletes to provide some relief due to the COVID-19 pandemic. The payments which commenced Wednesday, is being drawn from the Athletes Relief Fund established about two weeks

Minister had floated a relief fund ago by the Minister. A few sports philanthropists like for the athletes whose source of Remo Stars Chairman, Honourable earnings had ceased as a result Kunle Soname and and others had of the COVID-19 pandemic lend support to the ARF with following the suspension of all donations of N11million for the major sporting events in the take-off of the athletes relief fund. world. The sum of N50,000 is being paid into the accounts of the CHANGE OF athletes from the Central Bank I, formerly known and addressed of Nigeria (CBN) account of the as 2\RYZH 2ODĂ€PLKDQ , now Ministry of Youth and Sports wish to be known and addressed Development. Over 200 athletes as 2\RYZH $NSRLJEH. All forare expected to benefit from the mer documents remain valid.The fund. general public should take note. It would be recalled that the

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Amnesty International to FG “Across Nigeria, health workers are facing extremely difficult and unsafe conditions of work, such as shortages of personal protective equipment, dilapidated and overstretched health facilities, unfair remuneration and harassment by security forces” – Amnesty International appealing to the federal government to protect health workers in the frontline of tackling the deadly COVID-19.

ADAMSOSHIOMHOLE GUEST COLUMNIST

Solidarity is the Word of the Moment (A Message to Nigerian Workers on the Occasion of May Day 2020)

T

he historic events that May Day is set aside to commemorate were doubtless not happy ones. In the same vein, the mood of the present is a gloomy one in our country and indeed in the whole world. So why celebrate the 2020 May Day? Since May 1, 1886, rather than lament workers have celebrated internationally by reflecting on the events in Chicago, United States of America, in which workers were killed, jailed and brutalised for their beliefs in social justice and freedom. Workers have since won the battle for eight-hour work day and the right to organise among other victories. So, it is not the tragedy that is being celebrated. The day becomes significant because it provides an opportunity to reflect on the gains of the struggle as we look into the future with hope. In our context, therefore, today’s celebration should be about the awareness of the great opportunity inherent in the present socioeconomic challenges triggered by a public health emergency. It is an occasion for deeper reflection and honest self-criticisms by all the social partners in the economic system. Reflection as celebration, you may say. What’s more, the usual workers’ rallies would not be possible today as comrades are expected to maintain social distancing and avoid crowds among other precautions in the interest of their own health as well as the public health. That’s why today’s personal message to my

NLC President, Ayuba Wabba dear comrades, the Nigerian workers, should not be read as that of a politician; but it should be taken as a humble statement from a proud product of the labour movement. Even in politics as state governor and now chairman of a national party, my background looms large as I reflect on the solutions to the socio-economic and political problems facing Nigeria. This full disclosure is important to me and it should be noted by the public. One sobering lesson that should not be lost on anyone in the current crisis is that while on the global level coronavirus has bitterly reminded us of our common humanity, the virus

has also underlined within our national borders why all stakeholders should work together in cooperation and utmost good faith. From Beijing to Washington, from London to Tokyo, “solidarity” has suddenly become the word of the moment. Conservative presidents and prime ministers and their social democratic opposite numbers are not only talking of solidarity rhetorically. Emergency stimulus packages are being put together by governments around the world to mitigate the social costs of the crisis on the most vulnerable members of the society. The doctrinaire postulations of neo-liberal ideologues are becoming tempered even in the headquarters of global capitalism. Companies are not just focused on profits; CEOs are talking about compassion and the social environment of the production of goods and services. Policymakers are probably being convinced now that the huge investments in the healthcare delivery system do not have to be subjected to the brutal logic of the market. Solidarity is no more read only as the battle cry of agitators in the labour movement. Workers should be proud that their proletarian language seems to be the universal tongue at present. As the world changes, Nigerian workers should get prepared to swim (and not sink) in the coming ocean of changes. Workers should be ready for the innovations that private and public sector employers might be compelled to introduce in order to boost production. Ultimately, the system would be able to recover from the crisis only when productive activities could be

brought to the optimum. With the relaxation of the lockdowns imposed in the public interest, workers should gird their loins to be smarter and more efficient and work towards increased productivity according to the peculiarities of different work places. Private sector workers should set themselves the targets of improved products and services. Public sector workers should rethink their culture of work in accordance with the global dynamic of things; they should be more creative in ensuring that policies of governments at all tiers are efficiently and honestly implemented so that social goods are delivered in the public interest. It’s becoming clearer to everyone that the post-COVID-19 economy would be run on the basis of efficient production so that sufficient incomes would be generated for government to tax. Labour education should, therefore, be imbued with a keen sense of productivity. Besides, comrade labour leaders should improve their knowledge about the workings of the Nigerian political economy. They should familiarise themselves with important data and information about the socio-economic space. They need vital information to work with in proposing workable alternatives to what is officially on display. It is no longer enough to tell the government or employer what is wrong; it is important to come up with the alternatives that could work. For instance, labour should not just denounce the social investments programme of the federal government. Continued on page 38

ISSAAREMU GUEST COLUMNIST

COVID: 19: and Virtual May Day

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oday I join all workers of the world on the occasion of 2020 May Day. As the Vice President representing our beautiful continent, Africa, on the Executive Committee of Industriall Global Union founded in Copenhagen, Denmark on 19 June 2012, I bear witness that this is the first time of virtual May Day in 8 years. May Day used to hold on the streets through solidarity matches and protests. In 130 years of May Day celebration, this year’s is the most precarious, in a global lock down! In 1980, PRP state governments in Kaduna and Kano under Governors Balarabe Musa and late Alhaji Abubakar Rimi respectively progressively declared May Day a public holiday. In 1981 following the agitation of NLC led by its pioneer President, Hassan Sunmonu, President Shehu Shagari declared first of May, public holiday to celebrate dignity of labour. In the past 40 years (and during my 35 years of trade unionism), this is the first May Day without open manifestations by workers world wide. No thanks to COVID: 19 pandemic! Globally, 3,147,626 Coronavirus Cases had been reported, with 218,187 deaths. In America

alone, coronavirus cases passed the 1 million mark and deaths almost doubled Africa’s at 58,220, (more than lives lost in the Vietnam War!) according to Johns Hopkins University. In Africa, there have been 34,924 Confirmed coronavirus cases, Confirmed 1,529 coronavirus deaths and 11,336 recoveries. In Nigeria, as at Wednesday, there were 1532 confirmed cases, 255 recoveries and 44 deaths. Kano, an industrial city raises a specter of pandemic within a pandemic. This is NOT the time for blame game. Needed is solidarity to safe lives and livelihoods. All Nigerians must rise in solidarity with Kano people and government to stop the scourge of mass deaths. We commend the interventions of the Federal government in Kano. The dead and recoveries are not just numbers but fathers and mothers, sisters and brothers , health and medical, media workers, factory and service workers, statesmen, government officials, sportsmen and women, musicians with shortened aspirations. Collapse of livelihoods stares the living through closures of factories, loss of jobs and incomes deepening poverty. Is virtual May Day a passing fad or a new

normal? Physical distancing affects mass rallies as much as it affects any mass gatherings of workforce. The world of work can hardly be the same again. Smart work or hardworking? Home working or industrial work? Formal or informal work? We live to work or work to live? . ILO centenary last year agonized about all the above questions but it takes an ubiquitous Virus to compel urgent answers today. I salute all comrades and affiliates in all sectors of our continent in the struggle and resistance against this ubiquitous deadly opportunistic disease negatively impacting lives, jobs and well being. Happily our global union gives the tools of the struggle against endemic exploitation in the world of work no less than a deadly COVID :19, (even though nobody imagined the scale of this Virus menace). Immediate task is defense of workers’ rights. First thing first: the right to life! Before the vaccine is obtained, it’s time for personal and industrial hygiene. Physical distancing without stigmatization! Obedience of advice by public health authorities. Then mass education of workers that COVID :19 is real not a joke but life and death as President Muhammadu Buhari

had repeated in his three national broadcasts. Governments and employers have the singular responsibility to ensure the safety of all but importantly essential workforce under the lock downs, especially the doctors, nurses, pharmacists and medical workers, media and information as well as security workers in general through the provisions of quality Personal Protective Equipment (PPE). The pandemic shows that Labour not only creates wealth but saves and nurtures lives. Post COVID: 19 Governments and businesses must stop underrating workers but see them as partners in development. Minister of Health, Osagie Ehanire, reported that not less than 40 health workers in Nigeria tested positive for COVID-19. Some have actually died in both public and private hospitals. Better late than never: Presidential Taskforce on COVID-19 (PTF) had initiated the Life Insurance cover to the frontline workers on COVID-19 for a maximum of 5000 health workers who are employed to fight against the COVID-19 pandemic. Continued on page 38

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