WEDNESDAY 22TH JULY 2020

CBN: Economy Recorded $42.7bn Forex Inflow in First Quarter Obinna Chima The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter (Q1) 2020 was $42.71 billion, the Central Bank of Nigeria (CBN) has said.

CBN, in its economic

report for Q1 2020 obtained on its website yesterday, said the amount of forex inflow recorded in the period under review indicated an increase of one per cent and 13.8 per cent above the levels in the preceding quarter and the corresponding period of 2019,

respectively.

The development was attributed to an 11.2 per cent increase in inflow through the bank.

A breakdown of the sum showed that oil sector receipts, at $3.36 billion or 7.9 per cent of the total, declined by 7.6 per

cent and 21.1 per cent below the levels in the preceding quarter and the corresponding period of 2019, respectively.

However, it showed that non-oil public sector inflow, at $11.65 billion or 27.3 per cent of total in the review period, rose by 18.1 per cent above

the level in fourth quarter of 2019, but was a decline of 17.6 per cent below the level in the corresponding period of 2019.

Also, autonomous inflow, at $27.71 billion in first quarter of 2020, declined by 3.8 per cent, compared with the level in the preceding quarter.

But autonomous inflow rose by 44.7 per cent above the level in the corresponding period of 2019, while inflow from autonomous sources accounted for 64.9 per cent of the total, according to the report.

Continued on page 10

Name Legislators with NDDC Contracts, House Tells Akpabio... Page 8 Wednesday 22 July, 2020 Vol 25. No 9235. Price: N250

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Torrent of Tributes as Iconic Business Leader, Funtua, is Buried Lawan, Gbajabiamila, Govs, IPI, Tinubu, others mourn

Deji Elumoye, Chuks Okocha, Olawale Ajimotokan, Udora Orizu in Abuja, Segun James, Peter Uzoho in Lagos and Francis Sardauna in Katsina

The remains of a former

President of the Newspapers Proprietors’ Association of Nigeria (NPAN), Malam Ismaila Isa Funtua, were interred in Abuja yesterday amidst tributes from dignitaries, including the President of the Senate, Dr.

Ahmad Lawan; Speaker of the House of Representatives, Hon. Femi Gbajabiamila; National Leader of All Progressives Congress (APC), Senator Bola Tinubu, governors and chieftains of the International Press Institute (IPI).

Funtua, 78, a Second Republic minister, died of cardiac arrest on Monday night while keeping a doctor’s appointment, according to family sources.

The body of the elder statesman and former

Managing Director of the Democrat Newspapers was interred at the Gudu Muslim Cemetery in Abuja.

Funtua's remains were interred after the funeral prayers, held at the Shehu Shagari Central Mosque, Area

1, Garki, Abuja.

The Chief Imam of Area 1 Mosque, Sheikh Abdulahi Yau, led the session while the Chief Imam of the National Mosque, Abuja, Dr. Muhammad Kabir Continued on page 10

Presidency Adamant, Tells Senate Fate of Service Chiefs, President’s Prerogative Senators decry worsening security situation, demand Olonisakin, Buratai, others' resignations Omololu Ogunmade and Deji Elumoye in Abuja The presidency yesterday disagreed with the Senate over its call on the service chiefs to either step aside or be sacked over the worsening security situation in the country.

A statement by presidential spokesman, Mr. Femi Adesina, said going by the constitution, the appointment or removal of service chiefs, like other appointees is the prerogative of President Muhammadu Buhari and he would be guided by national interest on whether to fire or to continue to retain

them.

The statement was a riposte to an earlier resolution yesterday by the Senate asking the Chief of Defence Staff, Gen. Abayomi Olonisakin, and the three other service chiefs to resign forthwith over their inability to address the insecurity in the country.

The other service chiefs are Chief of Army Staff, Lt. Gen. Tukur Buratai; Chief of Air Staff, Air Marshal Sadique Abubakar; and Chief of Naval Staff, Vice Admiral Ibok- Ete Ibas.

Continued on page 10

HONOURING AN ICON...

L-R: Ace journalist, Malam Mamman Daura; former Ogun State governor, Senator Ibikunle Amosun; Publisher, THISDAY Newspapers, Prince Nduka Obaigbena; and Publisher, Vanguard Newspapers, Mr. Sam Amuka-Pemu, at the burial of Malam Isa Funtua in Abuja…yesterday godwin omoigui

Jonathan Lauds Buhari over Completion of Projects...Page 5

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

Jonathan Lauds Buhari over Completion of Projects Says relationship with president cordial, briefs on Malian Crisis

Omololu Ogunmade in Abuja Former President Goodluck Jonathan has lauded President Muhammadu Buhari for making the completion of projects initiated by the previous administrations a policy, saying it is the way to go.

The former president, who gave the commendation after meeting with the president in the State House in Abuja yesterday, also said his relationship with his successor had been cordial.

Buhari yesterday met with Jonathan to chart a course on possible ways of resolving the crisis rocking the Republic of Mali.

The president had named the largest station along the Warri-Itakpe railway route – the Agbor railway facility and station – after his predecessor.

According to him, what Buhari has done is the proper thing to do.

When asked about the naming of projects after him, he said: “Let me use this opportunity to commend Mr. President publicly. I’ve already sent a letter to appreciate it.

It’s a good gesture.

“And completing the railway programme is good.

It shows that the president is doing, is going on with the legacy projects of the previous administrations. That is the way to go.

“I sent a letter to him. I commended him verbally too but you are asking me now.

Let me also do it publicly. ‘’I appreciate it, I thank Mr. President, the Minister of Transportation and others that made it possible,” he said.

Asked about his relationship with Buhari, who defeated him in the 2015 presidential election, the former president stated “you’ve been seeing me coming and I have been having friendly conversations. So, our relationship is ok.”

Meanwhile, Buhari yesterday met with Jonathan in the State House to chart a course on possible ways of resolving the crisis rocking the Republic of Mali.

At the meeting where Jonathan, who is the ECOWAS' Special Envoy to Mali, briefed Buhari on the crisis, and the president promised to consult with key leaders of ECOWAS countries with a view to finding

a solution to the problem.

A statement by Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said the former president was accompanied to the State House by the President of ECOWAS Commission, Mr. Jean-Claude Kassi Brou.

Adesina said Buhari suggested the need to call for a briefing from the President of Niger Republic and Chairman of ECOWAS, Mahamadou Issoufor, on the way forward.

“We will ask the President of Niger, who is the Chairman of ECOWAS to brief us as a group, and we will then know the way forward,” Buhari said.

The statement said Buhari thanked Jonathan for his

comprehensive briefing on the situation in Mali, “which you had been abreast with since when you were the sitting Nigerian President.”

It also said the former president informed Buhari on his efforts, as the region's special envoy, to restore amity to Mali that is currently rocked by protests over President Ibrahim Boubacar Keita, who has only spent two out of the five years of his second term in office.

The statement explained that a resistance group in Mali, M5, had called for the dissolution of the country's Constitutional Court as well as the president's resignation, before peace can return to the country.

The statement further

explained that crisis broke out in the country after the court nullified results of 31 parliamentary seats in the recently held polls and gave victory to some other contenders, resulting in the allegation by the resistance group that the judgment was influenced by the president.

It added that during the riots of July 10 on the matter, some protesters were killed by security agents, resulting in escalation of the crisis, a situation it said now required ECOWAS' intervention.

“The statement quoted Jonathan as saying, "ECOWAS can’t preside over the removal of an elected President. Not even the African Union (AU),

or the United Nations (UN) can do it.

"Leaders must be elected and leave under constitutional processes, otherwise we would have Banana Republics all over the place."

According to Adesina, Jonathan thanked Buhari for providing a presidential jet for the mission, a gesture he said made "our trips convenient and comfortable."

Adesina also said Jonathan expressed his appreciation to his successor for naming the Itakpe-Warri railway complex in Agbor, Delta State after him last weekend.

“It was a big present for me. Thank you very much," Jonathan was quoted as saying.

Sirika Projects Resumption of International Flights before October Chinedu Eze The Minister of Aviation, Senator Hadi Sirika, has rejected the October 15 date fixed for the resumption of international flights by the Nigerian Civil Aviation Authority (NCAA), saying flights may resume before October.

In a Notice to Airmen (NOTAM) issued yesterday

by NCAA to international airlines, the agency fixed October 15 for the resumption of international flights.

But in his reaction to the NOTAM, the minister, in his verifiable twitter handle, @ hadisirika, said the federal government was yet to fix the date for resumption.

“International flight resumption date is not October. NAMA (Nigerian Airspace Management Agency) just issued a routine 90-day notice to airmen (NOTAM). In liaison with Health, Foreign Affairs and PTF COVID-19, we will announce the agreed date, regardless of the ban

by Europe, UAE etc. May be earlier than October.”

The minister also acknowledged that Europe, the United Arab Emirates (UAE) banned Nigerians from travelling to their destinations because of COVID-19 on the excuse that Nigeria is not conducting enough testing for the virus.

Earlier, NCAA had issued NOTAM that it is extending the closure of international air space until October 15.

The NOTAM was signed

by NCAA’s Director General, Captain Musa Nuhu.

According to the NOTAM, “The federal government of Nigeria has extended the closure of our airports to all international flights with the exception of aircraft in a state of emergency.

However, approval may be requested and granted to flight operations related to humanitarian aids, medical relief flights, alternative aerodrome in the flight plan and also those being used for extended diversion time operation, technical landing where passengers do not disembark and cargo flights and other safety related operations,” the NOTAM said.

NCAA also directed that requests should be addressed to Sirika.

NOTAM is international means of communication in aviation and information is issued through NAMA, which is in custody of the Aeronautical Information Service (AIS) through which all information in aviation is communicated all over the world.

All aviation agencies, airlines and other aviation organisations pass their message through NAMA.

THE OLD AND THE NEW...

Former president, Dr. Goodluck Jonathan (left), and President Muhammadu Buhari, during the visit of the former president to the Presidential Villa to brief the president on ECOWAS’ efforts to resolve the political crisis in Mali in Abuja…yesterday

Pension Assets Rise by N219bn to N10.796tn Dike Onwuamaeze The total value of pension fund assets in the country has increased by 2.07 per cent or N219 billion to N10.796 trillion in May, up from the N10.577 trillion recorded in April.

A report by the National Pension Commission (PENCOM), on summary of pension fund assets as of May 31, obtained on its website yesterday, showed that the Pension Fund Administrators’ (PFAs) investment in the FGN bonds, treasury bills, Agency bonds, Sukuk bonds and Green bonds in the month under review were N5.982 trillion, N1.113 trillion, N11.361 billion, N84.658 billion and N14.278 billion respectively.

The report also put the total value of assets held in corporate bonds, corporate infrastructure bonds and corporate green bonds in May by the entire PFAs at N707.475 billion, N22.241 billion and N29.114 billion

respectively. Bank placements and commercial papers by the firms were N1.389 trillion and N199.486 billion respectively.

The report showed that total assets value in Retirement Saving Account (RSA) increased by N189 billion during the month under review, to hit N8.353 trillion against N8.164 trillion it recorded in April.

A breakdown of the RSA showed that its component, which consists of the RSA Fund I, Fund II, Fund III, Fund IV and Fund V, stood at N25.504 billion, N4.673 trillion, N2.809 trillion, N845 billion and N24.8 billion respectively in May as against their performances in April, which were N24.938 billion, N4.578 trillion, N2.729 trillion, N831.627 billion and N9.98 billion respectively.

These showed that the total assets value of all the components of the RSA recorded growth and yielded returns during the month

under review when compared to the figures of the preceding month.

Similarly, the total assets value of the Approved Existing Schemes (AESs) and the Closed Pension Fund Administrators (CPFAs) were N1.131 trillion and N1.312 trillion in May respectively against their previous record in April, which were N1.124 trillion and N1.288 trillion respectively.

Pencom in the report stated that “these figures are based on unaudited valuation report as at May 31, 2020.”

The AESs, according to Pencom, are pension schemes that were existing prior to the introduction of the Contributory Pension Scheme (CPS) in June, 2004 and were approved to continue as AES. However, “membership of this fund is restricted to employees of that specific organisation,” the report stated.

It also explained that the CPFAs “are pension schemes in the private sector existing

prior to the introduction of CPS and were licensed to operate as Closed Pension Fund Administrators and membership of this fund is restricted to employees of that specific organisation.”

The RSA FUND I represented the active contributors to the pension scheme who are below 50 years of age and chooses for their contributions to be invested in this fund while the RSA FUND II consist of default fund for all active contributors who are below 50 years of age.

In addition, the RSA FUND III is made up of default fund for all active contributors who are 50 years and above while the RSA FUND IV are fund for retirees only.

Moreover, the RSA FUND V that consists of Micro Pension Fund “is for the informal sector and employees of organisations with less than three employees,” the PENCOM said.

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Name Legislators with NDDC Contracts, House Tells Akpabio Gives 48-hour ultimatum

Adedayo Akinwale and Udora Orizu in Abuja

The House of Representatives yesterday gave the Minister of Niger Delta Affairs, Senator Godswill Akpabio, a 48hour ultimatum to publish the names of National Assembly members who got contracts from the Niger Delta Development Commission (NDDC).

Speaker of the House, Hon. Femi Gbajabiamila, gave the deadline while ruling on a matter of privileges moved by the Minority Leader, Hon. Ndudi Elumelu, during plenary yesterday.

The minister, while appearing before the House Committee on NDDC

investigating financial malfeasance in the commission on Monday, had accused lawmakers of being major contractors of the NDDC, getting about 60 per cent of the contracts.

He had said: "I have records to show that most of the NDDC contracts were given out to the National Assembly members. The two chairmen of both committees can explain to you.''

However, following Elumelu's motion on the allegation, Gbajabiamila said the minister should not only publish names of the beneficiary lawmakers, but the companies and the contracts they had been executing. ''Akpabio owes it a duty to

himself, the House Committee on Niger Delta, the people of Niger Delta and Nigerians to publish the names of lawmakers who got contracts from the NDDC. “This is my fifth term here and I have never for once collected anything from the National Assembly and I know I speak for a great majority of members of this House, a great majority. And because of

that, I will take this allegation and accusation very seriously.

“And I will give the minister (Akpabio) 24 to 48 hours.

Clerk, I want you to back this up with a letter from this House. Give the minister 24 to 48 hours to publish the names, the contracts so given, the dates because obviously these things will be documented; unveil the companies of the 60 per cent

projects that were given to members of the National Assembly,” he added.

THISDAY had reported that in a self-indicting testimony yesterday, Akpabio, told the lawmakers that the agency under his watch gave out some contracts to members of the National Assembly, contrary to the provisions of the Code of Conduct for public officers.

Under the code enshrined in the 1999 Constitution, as amended, it is an offence for public officers to put themselves in a situation where they could have a conflict of interest.

In a swift response, however, the Senate had also challenged the minister to unveil the identities of the lawmakers who had been NDDC contractors.

FG to Close Third Mainland Bridge on Friday Emmanuel Addeh in Abuja The federal government will from midnight on Friday enforce a partial closure of the Third Mainland Bridge in Lagos State, for scheduled rehabilitation work to ensure that the major transportation facility does not collapse.

It was learnt that the replacement of damaged bars, hydro-demolition of all nonfirm parts and lifting of two of the bridge spans will take a large portion of the work, which is expected to last from July to January 2021.

Others are anti-rust treatment of exposed bars, replacement of 14 damaged expansion joints and other auxiliary works to make the bridge safer for commuters.

Though works on the bridge, considered the busiest in the country with a total traffic of 132,702 vehicles per day, is expected to impact movement around the city, the federal government has noted that road traffic managers will be deployed to minimise chaos.

Minister of Works and Housing , Mr Babatunde Fashola, while briefing journalists in Abuja on the proposed maintenance of the bridge, said rehabilitation work would be carried out on a length of 3.5 kilometres out of the 11.8 kilometre bridge.

According to him, the rehabilitation of the bridge became imperative due to failing and damaged portions, adding that the government cannot afford to rebuild the bridge if allowed to collapse.

Fashola explained that the bridge, which links the Lagos Island with Lagos Mainland, was among the facilities designated for maintenance after a comprehensive assessment of the 37 bridges across the country.

The minister, while acknowledging that the closure of the bridge will bring hardship on Nigerians, said there was no other way to carry out the maintenance work without closing it partially.

He said: “The construction of the bridge spanned three decades and we cannot afford to rebuild it if we allow it to totally collapse. Infrastructure must be maintained. After the work is done, we will have a better driving experience on the bridge.”

The minister added that N277 billion will be needed to rehabilitate all the 37 bridges nationwide.

In his remarks, the Director, Highway Bridges and Design, Mr Emmanuel Adeoye, said the maintenance work to be done on the bridge, aside the known ones, would be directed by engineers involved.

He said alternative routes had been provided to divert traffic from the bridge during the six-month maintenance period.

Corps Marshal, Federal Road Safety Corps (FRSC), Mr Boboye Oyeyemi, who also spoke during the event, said a total of 250 personnel would be deployed to ensure a free flow of traffic.

Earlier, the Lagos State Government had announced alternative roads that were fixed to ameliorate the hardship during the period.

Some of the routes include: Iddo inwards Carter Bridge, Market road inwards Herbert Macaulay road and Herbert Macaulay road by Abeokuta Street as well as Herbert Macaulay by Cemetery and Apapa road inwards Oyingbo.

The first phase of the rehabilitation, it said, would focus on Oworonshoki inwards Lagos Island in the morning with traffic diversion from midnight to 1p.m. and then Lagos Island inwards Oworonshoki where traffic would be diverted in the afternoon from 1p.m. to midnight.

It urged motorists who do not have urgent assignments on the island during the rehabilitation to avoid the area to discourage the influx of vehicular movements that may lead to more chaos on the roads.

SECURITY AND JOB FOR THE PEOPLE...

L-R: Chairman, Lagos State Security Trust Fund, Mr. Kehinde Durosinmi-Etti; Governor Babajide Sanwo-Olu, and Chairman, Lagos State Employment Trust Fund, Mrs. Bola Adegbola, during the inauguration of the two boards in Ikeja, Lagos...yesterday

Buhari Seeks National Assembly’s Approval for 2021-2023 MTEF/FSP Proposes N12.66tn budget for 2021 Deji Elumoye and Udora Orizu in Abuja President Muhammadu Buhari has sent the 2021-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate and the House of Representatives for approval.

The MTEF/FSP document included N12.66 trillion budget estimate for 2021 and an estimated N5.16 trillion budget deficit for the fiscal year.

The MTEF/FSP document was accompanied with a letter read at plenary yesterday by the President of the Senate, Dr. Ahmad Lawan.

The letter read in part: “It is with pleasure that I forward the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the kind consideration and approval of the Distinguished Senate.

“Let me seize this opportunity to express my deep gratitude for the cooperation, support and commitment of the leadership and distinguished members of the Senate in our collective efforts to sustain the restoration of the January-December financial year.

“In line with our commitment, we have worked very hard to achieve an earlier submission of the MTEF/

FSP. This is to allow the National Assembly enough time to perform its important constitutional duty of reviewing the framework.

“I herewith forward the 2021 – 2023 MTEF/FSP as the 2021 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2021 – 2023 MTEF/ FSP. I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”

The federal government proposed N12.66 trillion as aggregate expenditure for 2021 fiscal year with a deficit of N5.16 trillion to be financed by total loan package of N4.28 trillion.

The proposal targets N481.41 billion as statutory transfers, N5.75 trillion as recurrent expenditure, N3.33 trillion as capital expenditure and N3.12 trillion earmarked for debt servicing.

Critical parameters and assumptions upon which the budget proposal are based as contained in the documents acknowledged by Lawan are $40 as oil price benchmark, 1.86 million barrels as oil production per day , and N360 to $1 as exchange rate.

Also included in the proposals are N500 billion as intervention fund to curb

COVID-19 pandemic, N52 billion for Public Works Programme, N32.46 billion for Social Intervention Programme, N5 billion as bailout for the aviation sector and N60 billion for maintenance of roads through direct labour across the six geo- political zones etc.

Aside the N4.28 trillion, the federal government also targets N205.15 billion from privatisation proceeds to fund the budget.

Buhari, however, expressed concern over the effect of the pandemic on revenue target.

The document said the federal government was determined "to use innovative ways to raise revenues required for financing its expenditures and diversifying its revenue sources thereby increasing the revenue-to-GDP ratio. The medium term target for this remains 15 per cent."

It noted that "higher revenue collections will enable government to effectively deliver public services, enhance infrastructure investment and mitigate the health and economic effects of the COVID-19 pandemic."

The document added that the federal government has seized the initiative to confront the negative effect of parlous revenue generation on capital projects.

One of the measures in the

fiscal policy is to increase oil revenues, through upfront fiscal deductions by the Nigerian National Petroleum Corporation for federally funded projects.

"The NNPC is taking measures to further reduce the cost of crude oil production to $10 per barrel or below by 2021.

"This will be achieved by reducing key cost drivers, including logistics, security and transportation.

In addition, under-recovery costs by the NNPC in the course of importing petrol for the country has been eliminated with the recent elimination of subsidies in Premium Motor Spirit pricing. Other measures include accelerating licensing of marginal oilfields and renewals of existing licences as well as ramping up production from previously shutdown oil wells."

In a similar letter to the House of Representatives, Buhari sought approval for the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The Speaker of the House, Hon. Femi Gbajabiamila, read the president's letter at the opening of plenary yesterday.

In the letter, the president said the reason for the early submission was to enable the legislature perform its constitutional duties.

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PAGE TEN PRESIDENCY ADAMANT, TELLS SENATE FATE OF SERVICE CHIEFS, PRESIDENT’S PREROGATIVE The statement said the presidency had noted the resolution, but he would only do what he considered to be in the interest of the country.

It said: "The Senate Tuesday adopted a resolution calling on the service chiefs to resign or be sacked due to the multipronged security challenges in the country.

"The presidency notes the resolution and reiterates that appointment or sacking of service chiefs is a presidential prerogative and President Muhammadu Buhari, in his capacity as Commander-inChief of the Armed Forces will do what is in the best interest of the country at all times."

The call for the resignation of the service chiefs was a sequel to the adoption of a motion entitled: "Rising Number of Casualties Among the Nigerian Army and Other Security Agencies," moved by

the Chairman of the Senate Committee on Army, Senator Ali Ndume.

Ndume, who came via point of Order 43, had while explaining the dire situation in Borno and other states in the North said in the last few days, scores of soldiers had been killed, while others had been declared missing by army authorities.

He said: “The Senate notes with concern the number of casualties among the Nigerian Army and other security agencies. Just recently, 24 soldiers were ambushed and killed along Maiduguri-Damboa road in Borno State, 19 were wounded and nine were declared missing in action.

“In Katsina, soldiers were also ambushed and killed while several others were wounded and the number of casualties is not known.

“The Senate appreciates the

sacrifice of our armed forces in the fight against the insurgency and banditry and protection of territorial integrity and several other security assignments given to them.

“The Senate is concerned that if the trend continues, it would have serious implications on the fight against insurgency, banditry. It has been alleged that over 200 soldiers voluntarily resigned their engagement or appointment with the Nigerian Army.”

Contributing to the motion, Senator Ibrahim Gobir, identified lack of coordination among the military, as the major reason for the setback in the fight against banditry and insurgency.

According to him, lack of coordination and cooperation recently led to the sacking of 13 villages hitherto recovered by the military while a local government headquarters is also being occupied by bandits.

Leader of the Senate, Senator Yahaya Abdullahi, said while many security reports had been submitted to the executive, but no action had been taken.

He, therefore, called for a change of tactics by the military.

He said: "This Senate will not keep quiet to the importance of this issue. And whenever challenges of the nature that have occurred as narrated by Senator Ali Ndume, we should come out very clearly to show our disgust and at the same time commend those operating as security forces who lay their lives so that we can survive to be free.”

A former deputy president of the Senate, Senator Ike Ekweremadu, also said the frequent losses of lives and the apathy in the military were a dangerous sign.

He added that the primary responsibility of government is the protection of lives

and property and urged the government to take charge and safeguard the lives of Nigerians.

In a supplementary prayer, Senator Francis Fadahunsi moved for the sacking of the service chiefs, and in an overwhelming response, senators for the first time since the Ninth Assembly was inaugurated, adopted the prayer.

Fadahunsi had said: "Thank you Mr. President, distinguished colleagues. The additional prayer is that the present crop of service chiefs should step aside for the new ideas to come in so as not jeopardise security system."

The Senate, thereafter, constituted a joint committee to receive briefing on the state of affairs of the security services to determine the next line of action.

The joint committee, which has four weeks to report back to

plenary, is made up of Defence, Army, Air Force, Navy, National Security, Nigeria Police and Interior with the Defence committee leading the interface.

Commenting on the motion, President of the Senate, Dr. Ahmad Lawan said: "The spirit of this motion is that our armed forces are trying very hard just like the president said.

"The good is still not enough but we need to continue to encourage them, we need to continue to provide for them, they lay their lives on behalf of all of us and of course, it is very sad that some of them are alleged to have deserted the war front. We need to get to the bottom of this.

"This our joint committee should be able to find out the facts about this allegation of over 200 deserting the war front and of course those that are dead we will observe a minute silence."

foster national unity, promote free speech and engender a culture of high ethical standard in journalism.”

The Federal Executive Council (FEC) also extended condolences to Buhari and the people of Katsina State on the death of Funtua.

A letter of condolence signed by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, described Funtua as an exceptional statesman, accomplished businessman, prominent media patron and a distinguished administrator.

The statement said Funtua's legacy would be forever remembered.

The Governing Council of the Nigerian Institute of Journalism (NIJ) has also joined Nigerians to mourn its late chairman.

In a condolence message yesterday by the Provost of the institution, Mr. Gbemiga Ogunleye, NIJ commiserated with the family, friends and associates of its late chairman.

Ogunleye stated that Funtua was more than a strong pillar of support for the NIJ, and that he treated the institution as a major assignment Allah bestowed on him, which he devoted his time and resources to.

According to Ogunleye, the “chairman was a committed and passionate defender of freedom of speech, press freedom and democracy. In pursuant of this commitment, he established the Democrat Newspaper during the era of military dictatorship in Nigeria.”

The Peoples Democratic Party (PDP) also expressed sadness over the death of Funtua.

The party commiserated with the president over the death of his close confidant, a long-time friend and associate.

The PDP, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, noted that Funtua would be remembered for the roles he played towards the development of the nation, including his contributions as a minister, an outstanding publisher and life patron of IPI and the NPAN. Minister of Information and Culture, Alhaji Lai Mohammed, mourned Funtua and described his death as a rude shock and a severe blow to the media industry in the country.

The minister, in a statement, hailed Funtua's contribution to media development and his untiring defence of free speech and the freedom of the press, starting from his days as the founder of the Democrat Newspapers to his stint as the president of NPAN. He said Funtua's passion for the media industry saw him serving as the life patron of the NPAN and taking an active interest in matters concerning the industry until his death.

He extended his condolences to the president, family, and friends of the deceased as well as NPAN and the media industry.

TORRENT OF TRIBUTES AS ICONIC BUSINESS LEADER, FUNTUA, IS BURIED led the prayer session at the graveside.

Some of the dignitaries at the funeral included President Muhammadu Buhari’s nephew, Malam Mamman Daura; former governor of Ogun State, Senator Ibikunle Amosun; Minister of the Federal Capital Territory (FCT), Mr. Mohammed Bello; Senator Tunde Ogheha; Yobe State Governor, Mai Mala Buni; Chairman of THISDAY /ARISE News Channel, Prince Nduka Obaigbena; former governor of Zamfara State, Alhaji Mahmoud Shinkafi; and a former chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu.

Lawan, Gbajabiamila, Govs, Tinubu, IPI, Others Mourn Lawan, in his tribute, described the late veteran journalist and businessman as a man of many parts who brought to bear his great intelligence, energy and integrity on everything he did.

Lawan said Funtua was a pioneer and trailblazer who established an authoritative national newspaper and a giant construction company through both of which he left indelible footprints on the nation's landscape.

He described his death as a painful loss and expressed his heartfelt condolences to the family of the late business mogul, community leader, social and political activist and nationalist.

Gbajabiamila, in a condolence message by his Special Adviser

on Media and Publicity, Mr. Lanre Lasisi, said Funtua, who was a lifetime patron of NPAN and the IPI, lived a life full of service to humanity.

The speaker also condoled with Buhari over the death of Funtua, who was the president's long-time friend.

While praying Almighty Allah to give his family, the people and government of Katsina State the fortitude to bear the irreparable loss, the speaker prayed for Al-jannatul firdaus to be Funtua's final abode.

Katsina State Governor, Hon. Aminu Masari, who described Funtua as an iconic Nigerian, said his death was a monumental loss to the world.

In a statement by his Director-General, Media, Abdu Labaran Malumfashi, the governor described the deceased as a prince of the world who, as a successful businessman, politician and a top-notch member of the IPI, had traversed the globe promoting and advertising the very best of Nigeria.

Edo State Governor, Mr. Godwin Obaseki, expressed grief and shock over the passing of Funtua.

The governor, in a statement, described his death as a huge loss to the country and humanity, praying that God grants his family and associates the fortitude to bear the irreparable loss.

Obaseki's counterpart in Delta State, Dr. Ifeanyi Okowa, commiserated with Buhari on the passing of his friend and condoled with the family of the deceased, who he described as

a consummate leader, shrewd boardroom player and elder statesman.

Lagos State Governor, Mr. Babajide Sanwo-Olu, described the death of Funtua as a great loss to Nigeria, especially happening at a time when the country is desirous of more men of good conscience to offer wise counsel in the nation's drive towards socio-political and economic development.

In a message issued by his Media Office, Tinubu described the passing of the elder-statesman, nationalist newspaper publisher and prominent businessman, as a saddening national loss, describing Funtua as a rare individual of immense talents, abilities and generosity.

“We spoke about two days before, as we often do.

He spoke vibrantly, with his trademark logic and deep knowledge. We ended our conversation agreeing to resume soon again. There was no indication that this would be our last talk,” the former Lagos State governor said.

In its condolence message, the IPI said it received with shock and profound sadness, the news of the sudden death of the Nigerian statesman.

In a condolence statement signed by the Chairman, IPI Nigeria, Malam Kabiru Yusuf; member, IPI Executive Board, Mr. Wada Maida; and Secretary, IPI Nigeria, Mr. Raheem Adedoyin, the IPI noted that Funtua’s colossal influence and contributions to national development traversed the fields of public service, business, politics and

the media.

“A man of immense international stature, Mallam Isma'ila was a life patron of IPI- the global network of editors, senior journalists and media executives- with a lifetime devotion to a free press. Severally, he led the Nigerian delegation to IPI events outside Nigeria. He was an elected member of the IPI Executive Board and a major financier and sponsor of the Vienna- based global body.

“Mallam Isma'ila will be most remembered as the arrowhead of Nigeria's successful hosting of the historic 2018 IPI World Congress & General Assembly in Abuja,” IPI said.

The Nigerian Guild of Editors (NGE) has also commiserated with Funtua’s family over his death.

In a message signed by the President of NGE, Mr. Mustapha Isah, and the Publicity Secretary, Mr. Ken Ugbechie, the association said it was deeply saddened by his demise and prayed God to grant the family the fortitude to bear the loss of the “elder statesman, newspaper publisher, a brilliant administrator, a former minister and a feisty defender of a free press.”

According to NGE, “Funtua has, over the decades remained consistent like the North Star whose influence stretched beyond journalism to manufacturing and politics.

In him, the nation will miss a forthright and bold patriot who deployed his defunct newspaper, The Democrat, to

CBN: ECONOMY RECORDED $42.7BN FOREX INFLOW IN FIRST QUARTER The data showed that aggregate forex inflow into the CBN within the period under review, amounted to $15.01 billion, showing an increase of 11.2 per cent above the level in the fourth quarter of 2019, but a decrease of 18.4 per cent below the level in the corresponding period of 2019.

“The development, relative to the preceding quarter, reflected, mainly, the rise in non-oil receipts, driven by proceeds from Treasury Single Account (TSA) and third party receipts. Aggregate outflow from the CBN was $17.62 billion, indicating an increase of 9.4 per cent and 8.1 per cent above the levels in the preceding quarter and the corresponding period of 2019, respectively.

“The rise in outflow, relative

to the level in the preceding quarter, reflected, mainly, the increase in interbank utilisation, external debt service, national priority projects, foreign exchange special payment, bank and Special Drawing Rights (SDR) charges/Fees and funds returned to remitta.

“Overall, foreign exchange flows through the bank, in the review period, resulted in a net outflow of $2.61 billion, compared with the net outflow of $2.60 billion in the preceding quarter, but was a net inflow of $2.08 billion in the corresponding period of 2019,” it stated.

Also, the quarterly report indicated that at N2.527 trillion, federally-collected revenue, in the first quarter of 2020, was lower than the quarterly budget estimate of

N3.947 trillion by 36 per cent.

It also fell below the receipt in the preceding quarter by 4.8 per cent.

The decline in federallycollected revenue (gross), relative to the quarterly budget estimate, was attributed to shortfalls in receipt from both oil and non-oil revenue components during the review period.

Gross oil receipt, at N1.523 trillion or 60.3 per cent of the total revenue, was below the quarterly budget estimate and the receipt in the preceding quarter by 31.2 per cent and 2.6 per cent, respectively, according to the report.

The decline in oil revenue, relative to the quarterly budget estimate, was due to shortfall in receipt from petroleum profit tax (PPT) and royalties, while non-oil

revenue (gross), at N1.004 trillion or 39.7 per cent of total revenue, fell below the quarterly budget estimate of N1.733 trillion by 42.1 per cent.

“It also fell below the level in the preceding quarter by 8.0 per cent. The lower nonoil revenue, relative to the quarterly budget estimate, was due to the decline in receipt from VAT and corporate tax.

“Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.84 mbd or 167.44 mb in the review quarter. This represented a decrease of 1.1 per cent, compared with the 1.85 mbd or 170.20 mbd produced in the preceding quarter. Crude oil export was estimated at 1.39 mbd, representing a decrease of 0.7 per cent, compared with

the 1.40 mbd recorded in the preceding quarter.

“The estimated decrease in production was attributed to the aftermath of the December 2019 OPEC meeting, where members and their allies pledged a further production cut by 500,000 bpd begining in January 2020 to stabilise the global crude market.

“The allocation of crude oil for domestic consumption was 0.45 mbd or 41.4 million barrels. The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API), was US$52.51/barrel in the first quarter of 2020, representing decrease of 20.1 per cent and 18.9 per cent below the US$65.71/barrel and US$64.75/barrel recorded in the fourth quarter of 2019 and the corresponding period of 2019, respectively,” it added.

TOP GAINERS NGN NGN % LINKAGEASSURE 0.03 0.38 8.5 VITAFOAM 0.42 5.75 7.8 ROYALEXCHANGE 0.02 0.29 7.4 UNITYBANK 0.03 0.52 6.1 TRANCORP 0.03 0.65 4.8 TOP LOSERS NGN % ETERNA 0.20 1.80 10 PRESTIGE 0.05 0.49 9.2 INTERBREW 0.35 3.45 9.2 CORNERSTONE 0.05 0.50 9.0 CAP PLC 1.70 18.95 8.2 HPE Nestle Nig Plc ₦1,256.80 Volume: 304.185 million shares Value: N3.268 billion Deals: 3,500 As at yesterday 21/7/2020 See details on Page 27

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WEDNESDAY JULY 22, 2020 ˾ T H I S D AY

NEWSXTRA

Again, Gunmen Kill 10 Villagers in Kaduna Killings fuelled by politics, revenge, says presidency Omololu Ogunmade in Abuja and John Shiklam in Kaduna No fewer than 10 people were killed by suspected herdsmen in yet another attack on Monday in Gora Gan community, Zangon Kataf Local Government Area of Kaduna state.

This is coming as the presidency

has said that the increased killings in Kaduna are motivated by politics and revenge.

Seven people were said to have sustained injuries and were rushed to a hospital in Zonkwa, headquarters of Zangon Kataf LGA. The incident occurred less than 24 hours after gunmen

Nigeria’s COVID-19 Cases Rise By 576 to 37,801 Martins Ifijeh Nigeria has recorded 576 new cases of COVID-19, bringing to 37,801 the number of confirmed cases in the country.

It also said four persons have died from COVID-19-related complications in the last 24 hours, raising the death tally to 805.

Announcing this yesterday, the Nigeria Centre for Disease Control (NCDC) said Lagos recorded 88 new cases; Kwara,

87; Federal Capital Territory (FCT), 82; Plateau, 62; Ondo, 39; Enugu, 28; Oyo, 26; Taraba, 24; Kaduna and Ebonyi, 20 each; Edo,17; Cross River, 16; Kano, 14; Rivers, 11; Ogun, 10; Delta, nine; Nasarawa and Osun eight each; Katsina, three; Imo, two; while Kebbi and Borno recorded one each.

It said: “Nigeria has recorded 37,801 confirmed cases of COVID-19. 15,677 patients have been discharged, while 805 persons have died.”

suspected to be herdsmen on Sunday, invaded Kukum Daji community in Kaura Local Government Area of the state, killing over 20 people.

The attack took place despite the 24 -hour curfew imposed on Zangon Kataf and Kauru LGAs over a month ago by the state government, following tension over the killing of a farmer.

Twenty two people had earlier been killed on July 12, 2020, in similar attacks on Kigudu and Chibob villages, also in Zangon Kataf LGA. According to the President of the Southern Kaduna Peoples Union (SOKAPU), Mr. Jonathan Asake, the Gora Gan incident took place around 8p.m on Monday.

Asake said “In spite of the curfew imposed on Zangon Kataf LGA, the invaders freely went to Gora Gan on Monday night after the killing of over 20 people in Kukum Daji and launched another attack, which led to the killing of 10 people” “This morning, 10 people were confirmed dead. Seven are in a

hospital in Zonkwa .

“Some others are still missing and the youths are going into the bushes in search of them,” he said.

He urged the state government to assist the victims with relief materials to alleviate their sufferings.

He also appealed to groups and public-spirited individuals to help the victims.

Asake, while condemning the attacks, accused the state and the federal governments for failing to stop the incessant killings and destructions.

Spokesman of the Kaduna State Police Command, Mohammed Jalige, did not respond to telephone calls and a text message sent to his mobile phone for his reaction on the incident.

Meanwhile, the Presidency has said that the increased killings in Kaduna are motivated by politics and revenge.

In a statement issued yesterday, the Senior Special Assistant to the President, Mallam Garba Shehu, said the state has a comprehensive

security structure in place, but the complicated nature of the situation has made things difficult.

“The presidency wishes to state that the problem of insecurity in Southern Kaduna State is more complicated than many people are willing to admit,” the statement read.

“From available records, Southern Kaduna enjoys comprehensive security deployments, including the Army, Special Forces of both the Army and the Air Force, surveillance aircraft by the Air Force and mobile police units that are on the ground on a 24-hour basis to forestall criminality and keep the peace.

“But unlike other parts of the country, the problem of Southern Kaduna is more complicated than many critics are ready to acknowledge and understand.

“From available security records, the problem in Southern Kaduna is an evil combination of politicallymotivated banditry, revenge killings and mutual violence by criminal gangs acting on ethnic

and religious grounds.”

According to the presidential spokesman, the killings have been fuelled by the decision to seek revenge.

“It is a situation in which one criminal group will kill a member of another criminal group out of ethnic and religious motivations, which in turn lead to the eruption of revenge and counter-revenge, thereby making the job of the security personnel deployed to protect lives more difficult,” he said.

“We note that revenge and counter-revenge only creates a circle of violence, thereby making everyone else unsafe, especially innocent people.”

He advised the people against taking the law into their hands, and urged them to report threats to law enforcement agencies.

“What is required is for the local authorities to radically improve their intelligence capabilities so that security agencies will be alerted in a timely manner to enable them forestall any planned attack,” he added.

Atiku, Saraki, Dogara Mourn Isa Funtua Chuks Okocha in Abuja Former Vice President Atiku Abubakar; a former Senate President, Dr. Bukola Saraki; and a former Speaker of House of Representatives, Hon. Yakubu Dogara have joined millions of other Nigerians to mourn the elder statesman, Mallam Ismaila Isa Funtua.

Reacting to Funtua’s demise via his twitter page, Atiku sent his condolence message to Funtua’s family, praying for the soul of the deceased to find eternal rest.

He said, “On behalf of my family, I convey my deepest condolences to the Funtua family over the loss of its patriarch, Ismaila lsa Funtua. May Allah forgive his sins and grant him Aljannah Firdaus. I pray for the needed comfort and strength for his family, friends and associates to bear the loss. Ameen.”

Saraki, who described Funtua

as a valued associate of his late father in his tweet, condoled with President Buhari over Funtua’s death.

“I condole with His Excellency, President @MBuhari GCFR, on the death of Alhaji Ismaila Isa Funtua. As a valued associate of my late father, Alhaji Funtua always made himself available as a fountain of wisdom,” Saraki said.

Dogara in his condolence message via his twitter page, said Funtua was a distinguished elder statesman with numerous legacies.

“Malam Ismaila Isa Funtua was a distinguished elder statesman, media icon, construction magnate, industrialist and a patriot whose legacies are too numerous to list. My condolences to his family, friends, associates, the people and government of Katsina State. May his soul rest in peace,” Dogara said.

FG Evacuates 6,317 Stranded Nigerians in Four Months Adedayo Akinwale in Abuja The federal government has said it has evacuated 6,317 stranded Nigerians from various countries in four months since the COVID-19 that is ravaging the world started.

The Chairman of Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, disclosed this yesterday, while addressing a press conference ahead of the 2020 National Diaspora Day celebrations.

She said NIDCOM has made some commendable achievements in the past one year.

Dabiri-Erewa said that as COVID-19 is still on rampage, NIDCOM, the Ministry of Foreign Affairs and Nigerian Missions around the world have evacuated and would still evacuate stranded

Nigerians anywhere in the world.

Giving the breakdown of the evacuation so far, she said 806 stranded Nigerians were evacuated in three batches from the United States, 831 also in three batches from United Kingdom, 177 from Saudi Arabia, 372 from Egypt.

Dabiri-Erewa added that federal government also evacuated stranded Nigerians from France , 70; India -three batches ; 540, Dubai (five batches), 1,405; Turkey (two batches), 324; Sudan (three batches), 365; Uganda and Kenya - 172; Senegal, 17.

Also, others stranded Nigerians were evacuated from Pakistan, 56; Egypt 102; China, 268; Malaysia andThailand 247; Lebanon, 147; Canada, 51; South Africa, 324 and Ghana- 205.

INVESTIGATIVE HEARING ...

L-R: Members of House of Representatives’ Committee on Works, Hon. Sani Baki; Hon. Kabiru Alhassan Rurum; Edun Olanrewaju; and Chairman of the Committee, Hon. Kabir Abubakar, during the investigative hearing with the Bureau of Public Procurement on some contracts awarded at the National Assembly in Abuja ...yesterday

Italian Prosecutors Seek Jail for Eni, Shell Executives in Nigeria’s Case Ejiofor Alike with agency reports Italian prosecutors have asked for oil majors - Eni and Shell to be fined and some of their present and former executives, including Eni CEO, Mr. Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria.

Reuters reported that in one of the oil industry’s biggest alleged scandals, Italian prosecutors alleged

that Eni and Shell acquired Oil Prospecting Lease (OPL) 245, a Nigerian oilfield in 2011, knowing most of the $1.3 billion purchase price would go to politicians and middlemen in bribes.

In a Milan court, prosecutors yesterday asked for eight years in prison for Descalzi and seven years and four months for Shell’s former Head of Upstream, Mr. Malcolm Brinded.

The prosecutors also asked

for Eni and Shell to be fined 900,000 euros ($1.04 million) each and sought to confiscate a total of $1.092 billion from all the defendants in the case, the equivalent of the bribes alleged to have been paid.

All the defendants have denied any wrongdoing, saying the purchase price was paid into an official Nigerian government account with all subsequent transfers being beyond their control.

Eni said the prosecutors’ request was unfounded and it would show the company and managers had acted completely correctly.

“Eni is confident that the truth will ultimately be established” when the defence presents its arguments in September, it said in a statement.

Shell issued a statement, saying it did not believe there was a basis to convict the company or any of its former employees.

PDP Caucus Gives Buhari Four Weeks to Provide Security, Curb Corruption in NDDC, EFCC Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) caucus in the House of Representatives, has issued a four-week ultimatum to President Muhammadu Buhari to provide security to Nigerians and commence proper cleaning of the embarrassing corruption cases in the Economic and Financial Crimes Commission (EFCC) and the Niger Delta Development Commission

(NDDC) or it will revert to the relevant sections of the constitution and commence the process of his removal from office.

The Leader of the caucus in the House of Representatives, Hon. Kingsley Chinda, in a statement issued yesterday, said that there was a total collapse of all governance and structural systems in the country due to bad or near absence of governance.

He also said that the events of the

past few weeks have shown that there was a deliberate and calculated blackmail by the Executive to ridicule the National Assembly and bring the parliament into public disrepute.

Chinda added that the behaviours of appointees of the Executive arm are mere smokescreens to create a diversion from high level of corruption of the executive arm.

The caucus leader stressed that the three arms of government are

empowered to work in sync, within the bounds of the basic law, and deliver on the responsibilities and mandates assigned to them by the Constitution, adding that no one arm is superior to the other.

He said the Executive arm has gone about itself like the Leviathan, taking the legislature and judiciary prisoners, saying this should not be so in a constitutional democracy in which the Constitution is held out as inviolate and inviolable.

WEDNESDAY JULY 22, 2020 • T H I S D AY

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T H I S D AY ˾ WEDNESDAY JULY 22, 2020

12

MIDWEEKPOLITICS Enduring Drama at NDDC: Press Pause

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

Nseobong Okon-Ekong writes that federal lawmakers investigating financial infractions at the Niger Delta Development Commission may have established a prima facie case against the Minster of Niger Delta Affairs, Senator Godswill Akpabio and the NDDC Interim Management Committee Akwa lbom State Sector Commander, Federal Road Safety Corps (FRSC) Mr Oga Samuel Ochi (Left), presenting a road safety manual to Akwa Ibom State Deputy Governor, Mr Moses Ekpo during a recent courtesy visit at Government House in Uyo

Gbajabiamila and Akpabio

T

hree weeks of enduring action drama highlighting sordid happenings at the Niger Delta Development Commission (NDDC) has been put on hold as the leadership of the House of Representatives pressed ‘pause’, while the audience which had been following every move as federal lawmakers probe alleged financial infractions involving over N80 billion in the interventionist agency now have to wait with bated breath.

No one knows when the “indefinite suspension” on the probe will be lifted. It could be that the Speaker of the House, Hon. Femi Gbajabiamila will have a rethink if Minister of Niger Delta Affairs, Senator Godswill Akpabio acts fast on his demand to name within 48 hours federal lawmakers who got NDDC contracts. In desperation to save his reputation and moral character which have been torn to shreds by the incisive probe and damning evidence from the former Acting Managing Director of the NDDC, Ms Joi Nunieh, Akpabio made a last ditch attempt to turn the tide against the legislators. He fired a salvo that rattled his hunters.

According to him, ‘sixty percent of contracts at the NDDC were given to the legislators.” Sensing that Akpabio was primed to do maximum damage to them, the Chairman of the committee whose repeated banging of the gavel to halt the altercation between the Minister and a female legislator were ignored, shouted that Akpabio’s microphone be put on mute.

His action, however, was akin to shutting the barn when the horse had escaped. Akpabio had already fired his revenge and may have continued wrecking more destruction on his trail had he not been reined in.

The Akpabio salvo against the legislators nearly took attention away from the manifest weakness of the NDDC Acting Managing Director, Professor Kema Pondei.

Another glaring flaw became apparent. There is no First Aid facility at the National Assembly.

Whatever hit Pondei and caused him to lose composure temporarily remains in the realm of conjecture.

Some of the theories being bandied about include, but are not limited to, suspect physical fitness pronounced by unaddressed health challenges, a round of voodoo attack from Akpabio and plain acting.. Nigerian politicians and political office holders are known to go into spells of fainting in public, particularly when put under weight of interrogating authorities.

We have seen such drama play out with Senator Dina Melaye and the former National Publicity Secretary, Mr. Olisa Metuh; to mention a few.

Before the curtain was drawn temporarily on the continuing drama at the NDDC, it may be assumed and correctly so that the case of financial infractions which the lawmakers sought to establish have been made clear for all to see.

And that was the point at which Pondei fainted. The weight of evidence against his management team which he admitted was so much.

First he admitted that the amount they spent on themselves was N1.3 billion and not N1.5 billion, but no one cared to know the difference between six and half a dozen. He said they were making arrangements to pay students on NDDC scholarship. The question is, was it right to spend monies not appropriated, since the NDDC has no approved budget for 2020? Pondei could see where this was leading and the force of the coming judgement knocked him out.

But not Akpabio who was still grandstanding and was not at all remorseful, even though he admitted that he sometimes assumed the powers of the MD of the NDDC. So, in total disregard to all the laws governing procurement and public spending, the Minister went on a spending spree of NDDC monies.

Even if the probe ends now, the lawmakers have enough to prove that the Minister and the NDDC Interim Management Committee exercised financial discretion that completely trampled the laws of the land.

From left Acting Chief Medical Director, Ladoke Akintola University Teaching Hospital (LAUTECH), Professor Peter Olaitan, Regional Head, Southwest 2, Fidelity Bank Plc, Mr Wale Mesioye, representing the Managing Director of Fidelity Bank, Special Adviser to Osun Governor on Public Health, Dr. Siji Olamiju, representing the Governor during the presentation of Personal Protective Equipments against COVID 19 to Osun Government

by Fidelity Bank, at the State Secretariat, Abere, Osogbo on Tuesday

His Excellency, Senator Douye Diri of Bayelsa State (right) with His Excellency Senator Lawrence Ewhrudjakpo (left), during the thanksgiving church service at King of Glory Chapel, Government House, Yenagoa to celebrate their recent Supreme Court victory

L-R: DG NILDS, Prof Abubakar Suleiman, Minister of Finance, Zainab Ahmed, Speaker of the House of Representatives, Rep Femi Gbajabiamila,and Project Coordinator, Julius Berger Nigeria, Dickson Otitoju during an inspector tour of the NILDS permanent site, Airport road, Abuja

15

T H I S D AY ˾ WEDNESDAY, JULY 22, 2020

EDITORIAL BETWEEN NIGERIA AND GHANA Both countries should strive to iron out contending issues

T

here has always been subtle rivalry between Nigeria and Ghana. But relations between the peoples were always cordial. The growing indication that things are no longer what they used to be between the two countries is quite disturbing. Right now, no fewer than 36 Nigerians are currently in Ghana, according to the Concerned Citizens Rights group that has petitioned the federal government on the development. To worsen the situation, a building housing the Nigerian High Commission in Accra was recently demolished in circumstances that could only be described as hostile.

Whatever may have been the excuses, the demolition is in clear violation of the 1961 Vienna Convention on Diplomatic Relations (VCDR). Article 22 states: “The premises of a diplomatic mission, such as an embassy, are inviolable and must not be entered by the host country except by permission of the head of the mission. Furthermore, the host country must protect the mission from SINCE THE PRINCIPLE OF intrusion or damage.

RECIPROCITY DRIVES The host country DIPLOMACY, WE MUST must never search the INSIST THAT OTHER premises, nor seize COUNTRIES TREAT OUR its documents or CITIZENS THE SAME WAY property”.

But there is WE TREAT THEIRS a pattern to the hostility. Last year, some 723 Nigerians were deported from Ghana on alleged illegal stay and prostitution.

“Although, the GIS had linked prostitution and cybercrimes as some of the reasons for the deportation, it is improper to deport Nigerians for alleged illegal stay in Ghana. There are several Ghanaians living in Nigeria and the Nigeria Immigration Service has never deported any of them on ground of illegal stay, because of a sense of brotherliness between our countries,” the Nigerian High Commissioner to Ghana, Michael Abikoye said at the time.

What is particularly becoming clear is that the

Letters to the Editor

authorities in Ghana have shown neither the will nor capacity for dealing with this growing problem.

Now that Nigerian residents in Ghana feel sufficiently threatened enough to put alert on their fears, the federal government must make it clear to the Ghanaian authorities that they bear responsibility for the lives of Nigerians in their country. It is also in their interest to protect our citizens from what has become hate mongering.

W

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

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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.

NBA 2020 And The Challenges Ahead

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he Nigerian Bar Association (NBA) 2020 national elections inches closer as the epic battle for various seats in the association continues to gain momentum. A series of allegations and counter allegations have been trailing the candidacy of some aspirants. This trend is unsurprising because it has become the part and parcel of every electoral process in Nigeria.

As the contenders roll out their cardinal programmes, the regular unfulfilled promises by the successive administrations have taken the centre stage. Every previous and incumbent national officer of the NBA rode on the gesture of improving poor renumeration and maltreatment of the young cadres at the bar. A little or no effort has been made to enhance the longstanding degenerative welfare of young lawyers. The failure to formulate and implement adequate minimum wage and incentives signifies the NBA leadership deliberate invitation to exploitation in the legal profession.

Moreover, the contenders have highlighted the protection of every legal practitioner against brutality, harassment and intimidation as a core blueprint. This promise has been partially implemented by successive administrations. The NBA leadership often addresses the attacks on bigwigs in the legal profession. Many lawyers out of this circle have suffered from unlawful incarceration and molestation in the hands of “the powers that be”

hile we call on the authorities to liaise with Ghana to iron out contending issues, we also cannot discountenance the fact that some Nigerians are not good representatives of our country abroad. In the past decade or so, and up till this moment, some of our nationals abroad have become synonymous with all manner of crimes--ranging from internet scams, credit card fraud, forgeries of travel documents to drug trafficking. Although these crimes are committed by a handful, they are enough to damage the reputation of the entire country and other compatriots in such countries.

Therefore, it is important for the government to embark on enlightenment campaigns on the need for our nationals to know the dire implications of committing crimes abroad. Besides, the government should employ all diplomatic means to assist those who may have been wrongly convicted in some of these countries. Since the principle of reciprocity drives diplomacy, we must also insist that other countries treat our citizens the same way we treat theirs.

Notwithstanding the fact that President Nana Akufo-Ado has personally apologised to President Muhammadu Buhari over the attack on the embassy, that incident is a pointer to how much things have degenerated between the two countries. It also provides an entry point for the Ministry of Foreign Affairs to engage Ghana on Nigerians that are said to be illegally detained in their country with a view to securing their freedoms. And if they have committed any crimes, they should be charged to court.

without any responsive measure from the NBA officials.

The government officials rising acts of disobedience to court orders required urgent attention. The continuous affront to the judiciary is a debasement of the legal profession. The Bar unlike the Bench with limitations have the full-scale machinery to rise to the occasion. Unfortunately, the aspirants for NBA offices often scheme out the consolidation of the rule of law during electioneering campaigns. The successive administrations have failed to reflect lawyers as the custodians of law.

Gross indiscipline is currently rocking the legal profession. It seems the menace is being overlooked to avoid stepping on toes. It is high time to call a spade a spade.

The “charge and bail” practice where lawyers loiter the court premises and directly solicit for clients has grown disproportionally. This practice doesn’t only breach the rules of professional ethics for legal practitioners but also undermines the noble profession. The NBA leadership should therefore revive the moribund Legal Practitioners Disciplinary Committee (LPDC) by setting up adequate machinery to checkmate this act and discipline erring members. As the election tide swings in dimensions, may the contenders with the aspirations to protect the integrity, dignity, interest and future of the NBA and its members overcome the storm and scale to victory.

Binzak Azeez, Faculty of Law, Obafemi Awolowo University, Ile Ife

Flying Officer Arotile’s Death

I

t’s common in communities in the South to ascribe a person’s death to human machinations, as in “the enemy having done their worst”, without which this final end of the process of life would not occur.

The unfortunate death of Flying Officer Tolulope Arotile in a freak accident has provided Afenifere, the Yoruba World Council (YWC) and sundry Yoruba groups with another casus beli in their project of incitement against another Nigerian ethnic group.

Even the otherwise sober advocacy group, the Human Rights Writers Association of Nigeria (HURIWA) has found cause to call “on the international community to investigate the circumstances surrounding it.”

These expressions of suspicion by powerful groups and persons appear to have encouraged Flying Officer Arotile’s family to embrace the belief that her death is no accident but a planned thing.

A tragedy that will tug at the heart of any person who hears of it has however been weaponised by the Yoruba political establishment, with a Lagos politician calling her “a frontline Yoruba pilot” whose death “smelled.”

Evidence of this is in the vacuous but virulent statement issued by Apapo O’odua Koya (AOKOYA), the newest irredentist group which affirmed that Arotile’s death was a homicide committed by “the Fulani hegemony” who “hated bright officers of Southern origin.” AOKOYA then went on to outline “a history” of deliberate elimination of top Yoruba military personnel all the way to the death of then Chief of Air Staff Col Shittu Alao in 1969 - presumably because they were bright.

Those who appropriated this tragedy manufactured a fake furore which had the federal government scrambling to catch up, whereas NAF authorities are already competently and sympathetically handling it.

Flying Officer Tolulope Arotile was a combatant in the fight against banditry, most recently in Niger State. Though her death was not combat-related, it is right for the country to mourn her passing and honour her passion. As befits recent fallen officers and men in Damboa and Jibia and, indeed, the many who preceded them to eternity in the service of the Motherland.

Mohammed Tukur Usman, boumahmud@ yahoo.com

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WEDNESDAY JULY 22, 2020 •T H I S D AY

WEDNESDAY JULY 22, 2020 • T H I S D AY

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WEDNESDAY JULY 22, 2020 •T H I S D AY

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T H I S D AY ˞ ͰͰ˜ 2020

BUSINESSWORLD

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

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Quick Takes Access Bank Launches Digital Lending

BOFIA PUBLIC HEARING

Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, Umaru Ibrahim (left) in a chat with the CEO of Nigerian Security Printing and Minting, Abbas Masanawa during the public hearing on the amendment of Banks and Other Financial Institutions Act 2004(Repeal and Re-enactment Bill 2020)attheNationalAssembly,Abuja...recently

FMDQ Securities Records N117tn Turnover in Six Months Goddy Egene The FMDQ Securities Exchange recorded total turnover of N117.27 trillion in the Fixed Income and Currency (FIC) from January to June 2020.

The performance showed a decline of 1.64 per cent compared with a turnover of N119.22 trillion recorded in the corresponding period of 2019. An analysis of the performance showed that N16.47 trillion was recorded in June of 2020, up by 39.81 per cent from N11.78 trillion in May. A breakdown of the report indicated that open market operations (OMO) and money market transactions remained the highest contributors to the FIC markets in June, accounting for 55.44 per cent of the total market turnover.

The report stated that Foreign Exchange (FX) turnover during

ECONOMY the period stood at N3.34 trillion or 8.63 billion dollars, representing a month-on-month (MoM) increase of 13.25 per cent.

An analysis of FX market turnover indicated an increase in FX market activity by product type, with FX Derivatives accounting for 91.09 per cent ($0.92 billion) of the total increase in FX turnover in June.

In June, the naira depreciated against the United States dollar at the Investors’ and Exporters’ FX Window, losing $/N0.22 to close at an average of $/N386.39 in June 2020 from $/N386.17 recorded in May. Similarly, in the parallel market, the naira depreciated against the US dollar by N3.66 to close at an average of N452.38 during the period under review.

The average Central Bank of Nigeria Official Spot US$/N exchange rate remained flat at $/N361.00 in June 2020, similar to the average rate recorded in May 2020, while the naira depreciated against the dollar at the Investors and Exporters’ window, losing $/N0.22 to close at an average of $/N386.39 in June 2020, from $/ N386.17 recorded in May 2020.

The total value of T.bills outstanding remained flat at N2.76 trillion as at June 30, 2020 from May 29, 2020 representing a year-to-date (YTD) increase of 6.98 per cent. However, the value of Open market operation (OMO) bills outstanding as at June 30, 2020, a decreased to N9.15 trillion, representing YTD decrease of 29.67 per cent.

Further, total outstanding value of FGN Bonds as at June 30, 2020 increased marginally by 1.00 per cent to N10.13 trllion

from N10.03 trillion recorded as at May 29, 2020, which indicates a YTD increase of 7.42 per cent.

In the secondary market, turnover for T.bills increased by 446.67 per cent to N1.64 trillion, representing the highest turnover recorded in T.bills since November 2019,when bills (T.bills and OMO bills) were bifurcated due to the circulars issued by the CBN in October 2019.

Thus, trading intensity for T.bills increased to 0.59 in June 2020 from 0.11 in May 2020. Similarly, OMO bills and FGN Bonds turnover increased month-on-month by 39.33 per cent and 89.92 per cent to N4.18 trillion and N2.45 trillion respectively in June2020,resulting in the increase in their respective trading intensities to 0.45 and 0.24 in June 2020 from 0.30 and 0.13 in May 2020.

H. Pierson Report Outlines States’Commitment to Agric Sector H. Pierson Associates has unveiled a report which outlined the commitment of states in the country towards the agricultural sector.

The report titled: ‘Optimising States’ Agricultural Comparative Advantage,’ pointed out that at the Second Ordinary Assembly of the African Union in July 2003, in Maputo, African Heads of State and Government had endorsed the ‘Maputo Declaration on Agriculture and Food Security in Africa.’ The Declaration contained several important decisions regarding agriculture, but prominent among them was the, “commitment to the allocation of at least 10 per cent of national budgetary resources to agriculture and rural development policy implementation within five years.�

To this end, H. Pierson tracked the performance of Nigerian states with regards to their respective budgetary allocations towards agriculture to determine their

ECONOMY compliance with the declaration.

The key performance indicators (KPIs) that were used in evaluating the performance of the states were based on budgetary allocation to agriculture in the last four years in line with the Maputo declaration; food crop production comparative advantage of states; quantity (Tons) of crops produced per year by states, and the number of agricultural processing centers.

The report identified about 15 major crops produced in Nigeria, in which the country has comparative advantage. It listed them to include rice, maize, millet, sorghum, yam, cassava, cowpea, tomato, cotton, ginger, sesame, soybeans, and vegetable, among others.

The findings showed that based on budgetary allocation, Kebbi had the highest allocation

for agriculture in 2017, followed

by Katsina, Plateau, Cross River and Akwa Ibom. Only Kebbi met the 10 per cent threshold of the Maputo declaration and others were able to allocate at least five per cent of their total budget to the agricultural sector.

Also, the H. Pierson report showed that Kwara, Lagos and Edo had the least percentage allocation for agriculture in 2017 with less than one per cent allocated to the sector.

Similarly, Kebbi had the highest allocation for agriculture in 2018, followed by Katsina, Jigawa, Ogun, Benue, Plateau and Gombe, with only Kebbi also meeting the 10 per cent threshold of the Maputo declaration.

In the same vein, Lagos and Ondo had the least allocation for agriculture in 2018, with less than one per cent allocated to this sector. “Kebbi had the highest allocation for agriculture in 2019

followed by Gombe, Ekiti and Ogun. Although all four did not meet the Maputo threshold, they were able to allocate at least five per cent of their total budget to the agricultural sector. Kaduna, Kwara and Lagos had the least allocation for agriculture in 2019 with less than one per cent allocated to this sector. “From the trend analysis, Kebbi was the only state able to meet and also surpass the Maputo threshold of 10 per cent allocation of the state’s budget to agriculture as seen in 2017 and 2018 by allocating 10.05 per cent and 11.39 per cent of its budget to agriculture. “Kebbi also ranked highest in the budgetary allocation to agriculture for the four consecutive years (2017, 2018, 2019 and 2020). Lagos State was the only state that allocated less than one per cent of its budget to agriculture continuously from 2017-2020. “Although Kebbi was a top level Continued on page 21

AccessBankPlchaslaunchedadigitallendingportal,‘CashowLoans

by Access,’ which is a solution for business owners to access loans easily from the comfort of their homes via an online platform while staying safe. The new service, is accessible to all SME customers who have established suďŹƒcient cashow records with the Bank.

Speakingatthelaunchofthedigitallendingportalrecently,Executive Director,RetailBanking,AccessBankPlc,VictorEtuokwu,reiterated the bank’s commitment to impact SMEs positively. “In a period like this, when we need to be more present and relevant in the lives of our customers than ever, we have risen to the challenge to ensure business owners have easy access to funds to sustain and expand their businesses while keeping safe. “We are committed to not only providing uninterrupted service but superior service to meet the needs of all our customer segments. “To deliver on our promise to continually give our customers ‘MORE’, we have developed this eďŹƒcient digital lending platform which will make loan application more convenient with exible collateral, favourable interest rates, application tracking, robust customer service and much more. “We have been focused on providing solutions targeted at boosting theeconomybecausewebelieveitisourresponsibilitytocontribute to the stimulation of economic growth.With the launch of Cashow Loans by Access, we are renewing our committment to providing the much needed ďŹ nancial support to SMEsâ€? Victor concluded.

PILA Partners Lagos State

Women in insurance, under the umbrella body of Professional Insurance Ladies Association (PILA), recently collaborated with the Lagos State Ministry ofWomen Aairs and Poverty Alleviation to bolster ďŹ ght against rape, which has become increasingly a concern in the society.

PILA, said it believes that as professionals in insurance, they could support government in creating awareness that protects the rights of women, as well as helping the vulnerable amongst them speak up when abused.

The new president of PILA, Joyce Ojemudia, who led a delegation of the association’s Executive to the oďŹƒce of the Commissioner, Mrs. Cecilia Bolaji Dada, said she was motivated to partner with the state in protecting the rights of women in Lagos State and Nigeria as a whole.

Ojemudia, said with the support of the Commissioner, PILA intends to deepen the advocacy on protection of women against rape and domestic violence.

According to her, PILA, would be hosting a Webinar with the commissioner and some other speakers, second week in August, to create awareness about protection of women, while urging for the support and collaboration of the ministry.

BWL Agency Wins Award

BWL Agency has bagged its third SABRE award for Superior Achievement in Brand Building. The Strategic Communications Agency which was founded by Ronke Bamisedun, took home the goldawardcategoryforitsworkwithUniversalMusicGroupNigeria.

Winning the award for the third consecutive year makes the ďŹ rm the only agency within the market to achieve the feat.The achievement is believed to have further re-established its position as an industry leader in the communications industry.

In addition to this, the agency received a CertiďŹ cate of Excellence for its “More than Afrobeats!â€? campaign with Universal Music Group Nigeria and was shortlisted for the The Diamond SABRE Award for Superior Achievement in Brand-Building amongst global giants like Volvo and Kaespersky.

In2019,BWLwontheGoldSABREAwardforthebestPublicRelations campaign inWestern Africa, in the “Media, Arts and Entertainment� category for its work on Homecoming, a four-day cultural exchange founded by Grace Ladoja MBE, Skepta and BBK Africa.

In 2018, the communications agency secured the Gold SABRE Award for PR Campaign in Western Africa for its Jameson Irish Whiskey campaign, as well as two Excellence CertiďŹ cates for their work with Martell Cognac.

“We have agreed that in the next 18 months or maximum of 22 months, we would bring Mr. President here and walk him around the new refurbished National Theatre and all its adjoining wings�

Lagos State Governor,

Babajide Sanwo-Olu

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Enhancing Confidence in Banking Sector Obinna Chima highlights issues that should be considered by members of the National Assembly as they work on the Banks and Other Financial Institutions Act 2004 (Repeal and re-enactment bill 2020) as well as the Electronic Transaction Bill 2020

T

he Senate Committee on Banking, Insurance and Other Financial Institutions, last week organised a public hearing on the Banks and Other Financial Institutions Act (BOFIA) 2004 (Repeal and re-enactment bill 2020) as well as the Electronic Transaction Bill 2020.

Both bills were sponsored by Senator Betty Apiafi and Senator Ibikunle Amosun respectively.

Speaking during the introductory session, the Senate President, Dr. Ahmad Lawan, stressed the importance of banks and other financial institutions to the development of the economy of any nation.

According to Senator Lawan, who was represented by the Deputy Senate Majority Leader, Ajayi Boroffice, banking is significant in the facilitation of trade and investment as well as the sustenance of economic activities. “We cannot therefore undermine the banking and finance sector, which is why the regulatory framework is once more coming under legislative scrutiny,� he said, even as he expressed optimism that re-enacting the BOFIA would also strengthen banking sector regulation and improve confidence.

On his part, the Chairman of the Committee, Senator Uba Sani, said the BOFIA amendment would strengthen financial stability and regulation in the country as well as reposition Nigeria’s economy.

According to him, a strengthened legal framework was very critical and strategic to maintaining the health of the banking sector.

The senator representing Kaduna Central further noted that a, “stable and strengthened banking sector will refocus its activities and concentrate on providing credit access to micro, small and medium sized enterprises (MSMEs) to help grow the economy.�

He added that a properly regulated electronic transaction system would enhance operational efficiency and boost confidence in the banking sector.

Uba maintained that the BOFIA was long overdue for review and amendment, saying its amendment would reposition the economy.

He said a strengthened legal framework is very critical and strategic to maintaining the health of the banking sector. “A sanctions regime that is effectively implemented will help check sharp practices in the banking sector and prevent future distress,� he said.

CBN’s Position The CBN thanked the Senate Committee and other lawmakers the foresight in initiating the modernisation of the Nigerian banking legislation and pledged its continued support and collaboration as the National Assembly continues its constitutional responsibility of law-making.

In its presentation, the Central Bank of Nigeria (CBN) recognised that whilst the extant BOFI Act 1991 (and amended in 1997, 1999 and 2002) provided appropriate foundation for the growth and development witnessed in Nigerian banking sector over the last three decades, significant financial, socio-economic and technological transformations that are being witnessed necessitates review of the legal framework to ensure that it remains fit-for-purpose.

The banking sector regulator alluded to widespread innovation in channels for delivering financial services, emergence of new types of

regulated institutions, advancements in supervisory techniques and methodologies as some of the contemporary developments that necessitate the need to upscale the legal framework for banking regulation and supervision in Nigeria.

Represented by its Director of Legal Services, Mr. Kofo Alade-Salami, the CBN commended the Senate Committee for the amendments already incorporated into the Bill to address some of the challenges.

It however, recommended additional areas for the Committee’s consideration, based on what it described as practical experiences garnered over time in the course of regulating and supervising banks, specialised banks and other financial institutions in Nigeria.

Some of the areas highlighted by Alade-Salami included the review of framework for managing failing institutions in line with international standards to properly delineate roles for the agency tasked with managing failing banks and other financial institutions and those with responsibility for resolving banks and other financial institutions whose license have been revoked. “In other words, the CBN does the former as provided in the BOFIA while NDIC is saddled with the latter under the NDIC Act. “The global best practice is to have the banking legislation empower the financial services industry regulator to regulate banks, promote their soundness and stability; superintend issuance and revocation of operating licence without recourse to any other institution; while the deposit insurer is in charge of bank resolution activities after the revocation of operating licence,� he explained.

In addition, he said there was need to restrict remedy for successful action against revocation of license in line with international standards as well as the enhancement of failing bank recovery and resolution tool kit to give more options for managing failing institutions and systemic crisis without recourse to public treasury.

Furthermore, the CBN called for the creation of a credit tribunal to strengthen credit recovery processes and enforcement of collateral rights; strengthening the framework for reporting for insider transactions as part of measures to boost credit administration processes in banks; and enhancement to regulatory measures for single obligor limits, transfer of significant holdings, among others.

The apex bank also urged the lawmaker to

ensure the strengthening of the sanctions regime to make it more deterrent; a review of provisions to recognize the unique business models of new entrants into the financial services sector (e.g. non-interest banks and payment system service providers). “Effective management of dormant accounts to ensure efficient administration for ultimate benefit of the owners of the funds and/or their beneficiaries “There is need for enhanced requirements for payments, settlement and clearing activities to address unfolding developments “Standards for regulations and supervision of Systemically Important Banks given the risk that their activities pose to the financial system,�

Alade-Salami added.

NDIC’s Position The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, in his presentation, proposed that directors of banks should be held personally liable without any limitation for the causes of the failure of their banks where they have been found to be negligent in managing the institutions.

He said the imposition of penalties and prosecution of various offences would serve as a deterrent to officers and directors of banks as well as ensure that the banking industry ensures compliance with available laws and regulation in order to avoid paying stiff penalties.

He further asked the Senate to make provision for an express prohibit and criminalise insider loans by making it an offence punishable with imprisonment and fine for directors of licensed banks to obtain credit facilities from their own banks, whether such credit facilities are secured or not.

Ibrahim also canvassed the need to clarify overlapping mandates between the NDIC and the Central Bank of Nigeria (CBN) in order to avoid any ambiguity in the laws governing their operations.

He said, the clear delineation of roles between the NDIC and CBN would strengthen the legal framework and contribute towards effective and efficient collaboration in the supervision and regulation of the banking sector.

Other Stakeholders’ Position Also at the public hearing, presentations were made by other stakeholders such as Body of Banks

CEOs/Chartered Institute of Bankers of Nigeria (CIBN), the Nigerian Communications Commission (NCC), Securities and Exchange Commission (SEC). Some others were the Industrial Global Union, the National Union of Banks, Insurance and Financial Institutions (NUBIFE), the Finance Correspondents Association of Nigeria (FICAN), and Institute of Chartered Accountants of Nigeria (ICAN).

The Registrar, CIBN, Mr. Seye Awojobi noted that Section 18(1b) of the BOFIA Bill allows banks to grant credit facilities in accordance with rules and regulations of the Bank. “This rule also governs security for such facilities. We therefore do not see the need for a sweeping provision of Section 20 (1c) which requires that prior approval of CBN to all secured facilities of N3 million and above. This is a risk management issue. “Section 38 on crisis management. The Body of Bank CEO does not believe in the inclusion of the Chairman of the Economic and Financial Crimes Commission in the Committee as created. “Rather, the entire industry believes that professionalism and ethics should also be part of this crisis management. So, we are proposing the inclusion of the CIBN in the committee as an independent professional body,� he explained, Similarly, FICAN in its presentation on the BOFIA bill called for the provision of special courts for financial system related disputes. The body of financial journalists noted that with the complex nature of some of the banking transactions and considering the length of time it takes to resolve cases at regular courts, “it is important that a dedicated court is established to expeditiously handle banking related disputes.� “We support this provision as it will no doubt ensure speedy dispensation of these cases and ultimately engender confidence and stability of the banking system,� the association added.

Furthermore, FICAN noted that Section 12 (4) of the bill requires the CBN to settle all uninsured portion of private deposits of a bank which has its licence revoked. “We believe that the NDIC is already conferred with that responsibility and does not need duplication. As such, in order to avoid overlapping responsibilities in the payment of insured deposits, it is recommended that this provision be reviewed to recognise the NDIC as the proper body to carry out this function,�

FICAN added in a presentation by its National Chairman, Obinna Chima.

Also, the association of financial journalist noted that the CBN requires all powers necessary to be able to able to regulate unregulated banking related activities as well as to respond swiftly to disputes in the financial system. “We are in the field and in contact with members of the public. Suffice it to say that the issue of dormant accounts remains thorny, especially with the advent of the Bank Verification Number (BVN). “The handling of bank accounts designated as dormant accounts and those without BVN has resulted in much money lying idle there. “As such, definite provision should be made to accommodate such as ‘abandoned funds’ and further recommend that the bill should make provision for the treatment of dormant accounts,�

FICAN added.

Therefore, it is expected that the lawmakers would consider the respective views by the stakeholders in amending the BOFIA in order to strengthen confidence in the banking industry.

H. PIERSON REPORT OUTLINES STATES’ COMMITMENT TO AGRIC SECTOR performer in moving towards the 10 per cent threshold, the annual growth rate is still lower than six per cent. No state achieved an annual growth rate of six per cent.

Generally the Northern regions of the country performed better than the Southern regions in terms of budgetary allocations to agriculture within the years of consideration. The north-east came top followed by the northwest, north-central, south-east,

south-west and the south-south regions. However, all regions did not meet up with the Maputo Declaration,� it revealed.

H. Pierson in the report stated that the size of arable land with favourable weather condition needed for agriculture to thrive in Nigeria has never been in short supply, adding that agriculture was Nigeria’s major foreign exchange earner prior to the advent of oil as every region

had its comparative advantage in agriculture. It pointed out that in that period, the northern region had groundnut that it produced better than other regions, while the eastern and western regions were dominant in palm oil and cocoa respectively.

What has been plaguing the country since after the discovery oil in 1956 in Oloibiri in the Niger Delta by Shell-BP is total lack of focus on the sector by successive

governments and over reliance on revenue from oil, it stressed.

According to the report, the discovery of oil became somewhat of a curse than a blessing. “With the volatility in oil prices which poses a major challenge for states in Nigeria, coupled with other alternatives to crude oil such as shale oil and other sources of energy, it has become very clear that the over-reliance on oil as the major revenue earner is no

longer sustainable. This is more so, as it is evident that global and local economies will never be the same post COVID-19. This then creates an urgent imperative for the states to start to think about life outside revenue from the Federal Accounts Allocation Committee (FAAC). “The contribution of Nigeria’s agricultural sector (which comprises crop production, forestry, animal husbandry and fishing) to the Gross Domestic

Product (GDP) in the first quarter of 2020 accounts for 21.96 per cent of the nation’s GDP. “This was the sector’s highest first quarter contribution in the last two years when compared to 21.89 per cent in 2019 and 21.66 per cent in 2018. Nigeria’s GDP stood at N16.7 trillion in Q1 2020, in actual terms, agriculture contributed about N3.7 trillion to the nation’s GDP in Q1 2020,� it added.

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Omo: COVID-19 Will Increase Patronage of Life Insurance The Managing Director, African Alliance Insurance Plc, Funmilayo Omo, in this interview speaks about developments in the industry. Ebere Nwoji brings the excerpts What do you think insurance operators need to do to ensure optimum performance of the sector?

In terms of performance, there is still work to be done; we need to be more innovative and creative.

These two elements are essential to insurance taking its rightful place in the economy. Huge creativity, innovation are needed and the delivery method of insurance needs to be improved upon. When these are structured in, it will increase the level of penetration in Nigeria. It will bring a lot of investment in the retail sector of the economy because that is where we have most of the population; the bottom of the pyramid.

obligations effectively.

Compulsory insurances and their enforcement is one thing that should have aided the growth of the industry, but after its launch, not much has been realised what is actually wrong?

Regarding compulsory insurance, the government has tried by instituting it but they have also aided in ensuring it is not adhered to because they are not setting good examples for others to emulate by not paying their own part of compulsory insurance premiums. The government has a vital role to play in ensuring that they live up to the commitment they have made, thereby encouraging both the informal and private sectors to also obey the law.

If the government obeys its laws, then the private and informal sectors would have no choice but to follow their lead. The only way we can ultimately have people obtain compulsory insurances is to have sanctions and this will happen when there are adequate management mechanisms put in place by the authorities.

What has your ďŹ rm done beat the recapitalisation hurdle?

I wish I could specifically list our step-by-step plans towards recapitalisation but as you know, this is a very sensitive topic and I cannot say much. However, I can assure you that we have the support of the shareholders on our plans and we are already in the middle of execution of the plans we have towards recapitalisation and we are sure we will be long done before the deadline.

We are confident that with the kind of support we have received from shareholders and the plans we have in place; we will meet the deadline.

Your ďŹ rm is one of the oldest in the country still vibrant whereas many others have died mainly due to inability to cope with competition or recapitalisation, what has been your driving force?

Being in existence for 60 years means there must be something we are doing right. The major thing that has kept us in business is the customer and the customer experience and that is what we keep improving on and this is how we keep raising the bar. So, every activity here is channeled towards improving customer experience and this is what has distinguished us from others as an organisation and sustained the brand. Again, relationships go a long way in sustaining businesses and this has been my value proposition for three decades now.

Keeping relationships is where my interest and passion comes from so, the ability to manage customers overtime, retain them, keeping them satisfied continuously has kept us in business.

Hence, infrastructure, processes and the personnel all focus on our customers. We have a team of professionals that manage the business and we constantly improve on our processes in the business.

We just recently got our ISO Certification and this is part of business advancement because we have a business continuity plan in place which supports that. Lastly, we have strength in the familial leaning of the company. We are one big family. This culture has been with us since inception and I am the latest in line of home-grown CEOs the company has seen, albeit the first female CEO. What is your reaction to a recent report on your late ďŹ ling of your company’s reports and alleged sanctions?

For the records, although African Alliance did miss the deadline for filing its returns to the Nigerian Stock Exchange (NSE) but we have since requested and received approval for the extension of the deadline for the submission of the reports.

This much and the reason for our inability to file were communicated in a notice published by two national dailies and on our website on Friday, 5 June, 2020.

For emphasis, we also wish to bring to your notice that our 2019 AFS and first quarter UFS have been submitted to our primary regulator (NAICOM) for approval, hence, the delay.

Omo

What are some of the challenges your ďŹ rm has faced in the past 60 years of its existence?

The challenges we have had over the years have been competition, the business environment. As you can see, the investment climate has been very volatile and interest rate fluctuation is sometime else. Another challenge is the global economy generally because the world has become a global village and whatever happens in business on the global scene has a way of impacting businesses locally. A typical example is this current pandemic, the COVID-19 the world is battling with. With this pandemic now, we still need to manage the recapitalisation exercise and still run our business.

The major lesson these challenges have taught us, especially COVID-19, is that you must always factor into your business the fact that things can change at any time and this is why business continuity is very crucial; because it is the continuity of the business that will make you meet targets and also deliver value to all stakeholders.

What Impact do you think the COVID-19 has or will have on your business?

The impact of the pandemic on the company’s profitability means more income for the company because life insurance is likely to sell more this period.

As people who ordinarily do not give attention to the importance of life insurance which we have been preaching, will do so now. On the flipside, there would be more claims as many affected by the pandemic would need to dip hands into their investments to get by. This was the reason they bought the policies in the first place. So, for any insurer to turn profits from the increased income, they have to ensure their actuarial valuations are top notch so the expected increase in income is not wiped off by excessive claims.

How has the COVID-19 affected your business?

Like every other company, COVID-19 has altered operations as digitalisation is the new order. Our digitalisation process has been accelerated. Now

most of our products are completely available for sales online without need for any physical contact with a salesperson. Before now, we had gone paperless meaning we do minimal paper processing in-house, up to 98 percent of in-house processes are paperless. The way forward is what we call the new normal. Working from home will become a norm and already, our human capital department is reworking its policies to ensure performance management is less dependent on presenteeism and about outcomes and results not just outputs.

What role do you think government should play to ameliorate these challenges?

Essentially, the government needs to provide an enabling environment for businesses to thrive. The interest rate needs to be stabilised by the government.

The government also needs to ensure that each sector needs to operate optimally. For instance, with respect to life insurance, up till now, the government that is the highest spender is yet to pay premium.

In fact, throughout last year till now, it is yet to pay group life premium. What this means is that any employee of the federal government who died in service, will not get any death-in-service benefit.

What are your post recapitalisation expectations for the industry?

Post recapitalisation there will be more confidence on the part of the insuring public and financial strength on the part of operators. Recapitalisation aside bringing financial stability is equally part of confidence building aimed at ensuring that the insuring public are happy, comfortable and confident that their risks are being managed effectively. Therefore, since the exercise is to guarantee sufficient capital to match the risks that are being managed by insurers, I believe to a large extent that it will further instill and sustain the confidence the insuring public has on insurance and likewise change the negative perception of the industry since companies will have adequate capital to fully carry out their

African Alliance Insurance is celebrating its 60th year anniversary this year, what has been the journey so far?

African Alliance is a foremost life insurance company, incorporated on May 6, 1960, and founded by the inimitable duo, of Chief S.L Edu and Mr. Talabi Braithwaite, who were widely regarded as the first chartered insurance practitioners in Nigeria. Munich Re was a co-owner and technical partner. Their vision was simple: to be the most preferred life insurance company of choice. To achieve this, the firm set out to make the customers its primary focus, which would create a lasting legacy for themselves in the lives of Nigerians.

Building a lasting legacy means having a string of innovations under your belt. African Alliance is notably famous amongst others for being the first life insurance firm to introduce Takaful; an Islamic compliant insurance scheme in Nigeria.

This feat was achieved under the leadership of the then CEO, Mr. Ope Oredugba in 2002, who had, in the wake of the introduction of the Sharia law in parts of the north, felt there was a niche in that line of insurance that could appeal to the region. The impact of Takaful in Nigeria was so great that less than six months after its formal launch, the company was being inundated with request from within and outside the African continent by those seeking to benefit from the products. Today, Takaful has grown into one of the most viable business lines in AAI so much that it has easily warmed its way into the hearts of non-Muslims alike.

As the incumbent CEO, what is your prime target?

My immediate priority is to drive premium income along all the product lines and business units. Already, we have targets set for this purpose.

My second priority is organisational development; to develop our people in the organisation because we can only be as strong as the quality of people in the organisation. The third one is to ensure that we sustain and possibly improve on visibility because driving visibility will also help the brand and dovetail into the bottom-line. So, for us here at African Alliance, those are the key priorities for this year and I believe we have put structures and mechanisms in place to enable us achieve these objectives and we are driving it aggressively. Another target is to improve our visibility, I mean we want to be in the mind, face and in the heart of every Nigerian. We just don’t want to be a household name but a household thought. We want to be the

LCCI Seeks Measures to Boost FG’s Agricultural Programme Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has advised the federal government to put in place measures to strengthen the federal government’s agricultural programme that targets the cultivation of 20,000 to 200,000 hectares of land and create five million jobs.

The LCCI said such measures would address concerns on marketing, post-harvest losses as well as government buy-back of produce from the mass production to prevent glut of agricultural products, which could lead to depressed prices and disincentive to farmers.

The advice was given by the President of LCCI, Mrs. Toki

Mabogunje, during a recent quarterly press conference on the state of the economy.

Mobogunje said: “It is important that strong emphasis be laid in ensuring market outlets before engaging in production activities.�

She also enjoined the government to pursue the implementation of the Economic

Sustainability Plan (ESP), which is meant to ensure that the economy recovered quickly from the harsh effect of the COVID-19 pandemic disease and continued on the path of growth, with utmost commitment and strong political will that is devoid of sentiments or political affiliations.

The chamber said these would ensure that the proposed initia-

tives in the plan could produce the desired outcomes. “As a concerned stakeholder in the Nigerian economy, we call on the federal and state government to engage with the organised private sector where and when necessary, to ensure the ESP achieved the desired outcomes that would ultimately translate to improved

living standards for the Nigerian citizenry,� LCCI said.

The chamber, however, expressed concern that members of the Organised Private Sector (OPS) were largely excluded from the committee that is saddled with the implementation of the ESP in the same way the OPS were not actively represented in drawing the plan.

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Key Notes in Outcomes Based Governance Prof. Fabian Ajogwu, in his new book ‘Outcomes Based Governance: Modern Perspectives to Corporate Governance’ which he co-authored with Prof. Mervyn King, opens up the minds of business owners and runners to see the intended benefits of the principles of moving their businesses forward The business world has always been plagued with the blessing and problem of investment returns. This means that corners could be cut, best practices of corporate governance ignored if it would result in profitability and stockholder return. An outcomes-centric approach to governance has the ability to change this business logic as it ties corporate governance principles and practices to translated benefits which are also many times stockholder and wider stakeholder returns in the same breath. This is what the book seeks to do - open up the minds of business owners and runners to see the intended benefits of slated principles. We have particularly targeted developing economies as we understand that their success is crucial and there are only many crises that economies can take before crumbling.

Ranking of competing interests in corporate decisions remains an unresolved subject, with some school of thought giving primacy to shareholders’ interest in maximising their returns and another school contending that shareholders’ other interests in corporate strategy, executive compensation, and environmental policies, for example; and the interests of other parties must be respected as well. This debate is highlighted by Harvard Professors Lynn Paine and Suraj Srinivasan in their 2019 article ‘A Guide to the Big Ideas and Debate in Corporate Governance’. I will proceed to highlight key governance trends that have been crucial in our world and become more crucial in the times we find ourselves.

The first is corporate culture; there is only so much a board can do. The board requires capable hands to carry its vision and this is where corporate culture comes in. The governance culture must be engrained into every fragment of an organization for success to be ensured. For this reason, there cannot be a misalignment between the values a company seeks to embody and the behaviours it demonstrates at every level. This ties into human

capital and intangible asset development; which must be ensured on a continued basis.

Professor King has already shared some key points on the inclusive capitalism debate. Permit to add my own few words here. The role that businesses play the society and the expectations about the role it should play, has shifted dramatically in recent years. Businesses are called to “a higher purpose� or sensing that externalities can only be ignored at their peril; many businesses are increasingly open to the notion that that they have a responsibility for creating a more inclusive economy.

I want us to bear in mind that shareholders are one part of the economy but stakeholders are the economy. This means that a business has a range of purposes beyond delivering returns to providers of capital. Off course, there is a lively debate about whether advancing the interests of customers, employees, creditors, etc. will naturally increase the share price or value of the enterprise or firm.

We must remember that business is about human purpose. Every attitude which tries to suggest that business is somehow separate from the human activity in the whole of society is perverse and it is perverse because it would lead to bad financial outcomes.

Let alone it is perverse because it leads to bad social outcomes.

Businesses must consider “higher purposes� by advancing human prosperity within the boundaries set by nature. Inclusive capitalism is closely tied with other notions such as corporate citizenship and sustainability.

Inclusive capitalism is a potentially powerful idea and crucial to its success is ensuring the development of mechanisms for its workings. They do not comprise a business-to-consumer movement, but a business-to-business movement, in which organisations seek to influence business directly. Many organisations pursue a ‘top-down’ approach to change through which they seek to

influence individual business leaders or networks of leaders in order to catalyse change in organisations. Definitions of inclusivity abound, and organisations also turn to a wide range of other terms to describe the aims of their work.

Now to Risk governance especially in the wake of Covid19; competing against risk is a challenge plagued on every business.

I would like to read a quote from the National Association of Corporate Directors: “There is clearly an intense focus on risk today. While risk management has been on the radar if not a priority for most companies and boards over the past several years, many are asking whether our current system of corporate governance and strategic decision-making ensures adequate risk assessment and management�.

This quote was written in 2009! But still echoes a familiar refrain today but back then the world was much simpler. For instance, the concept of terrorism involved airline hijackings and shoe bombers, instead of today’s “lone wolf� attackers and ISIS cells, use of cloud services to cause terror i.e. “cyber-terrorism in the cloud.� We need to look at risk in a new way, given the challenges of the 21st century environment. We need to put risks and their management front and center as part of our day-to-day operations.

We should always be on the look-out to not only to mitigate to also find opportunities to the extent that we are better able to manage and absorb them than others. Remember that risk and reward are two sides of the same coin. If we can do this, we have a better chance of ensuring our company’s short-term profitability and long-term sustainability.

I will move on to what I will like to call the “cool kids approach�. Remember that corporate governance is an everchanging concept, influenced by cultural, political, educational, and societal occurrences as well as development and innovation; once of which is the introduction of blockchain technology to facilitate the relationship between corporate actors.

For instance, the AGM of Shareholders is the age long tool that provides the shareholders with a monitoring capacity, however, most shareholders especially institutional and short-term investors have become uninterested in the platform. If a private blockchain, managed by the company and only accessible to shareholders is made available, the company can use such a platform to present information to shareholders who may then exercise their voting rights through the same platform.

The OECD Directorate for Financial Enterprise Affairs Corporate Governance Committee has identified that an AGM under a blockchain design will have several material benefits such as easier voting (not mere electronic but digital voting), certainty in tabulation of votes and making it harder to manipulate board elections and can eradicate all intermediaries in the relationship between shareholder and company, thereby fostering allegiance and accountability and reducing costs.

For the fear of not wanting to turn this into a lecture (as if find that I always tend to do given my love for the classroom) and to allow you continue on with your lovely afternoon, I’ll stop here with my final remarks.

The challenge is that for many corporate actors, corporate governance begins to sounds like a broken record and the hype around is often taken for granted. It is our hope that with the book Outcomes Based Governance: A Modern Approach to Corporate Governance we have been able to rejuvenate the principles underlying corporate governance and importantly how its benefits can be achieved through decision making and structural implementations. We hope that the book will help corporate actors walk the talk.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Alleviating Plight of the Poor in Critical Times David-Chyddy Eleke reports that given the critical economic condition caused by the COVID-19 pandemic, few individuals in Anambra are championing the cause to help the poor

M

r Ambrose Egwuonwu is a businessman who deals in electronics and power generating sets in Calabar, Cross River State. Even though he is a politician who has vied for a seat in the House of Representatives to represent his people, Orumba North and South Federal Constituency and failed, he has no political aspiration immediately, as he said, but recently, he thought it wise to support the people of Orumba North and South Local Government Areas with food stuff, and other equipment.

Hon Obinna Emeneka on the other hand is the lawmaker representing Anambra East constituency in the state House of Assembly and recognises the need to be good to the people, so they can always spare him their votes during elections, but on the occasion of his provision of palliatives to women of his area, he stated that he was not considering their votes in providing for them, but was considering their welfare first, as they must be alive and in good health- body and mind- to see the next election season to consider who to vote for.

The coming of the COVID-19 disease which forced countries to lock down their borders, markets and offices, resulting in harsh economic condition has made it necessary for people, especially those who have, to think of a way of helping those who do not. This is because with the shutting of markets and various businesses, many low income earners and petty traders who survive through the transactions they carry out daily have had their income cut, resulting to sufferings.

Egwuonwu who saw the need to help his people, during a distribution exercise in Awa, Orumba North LGA said, "I am here to give a token as a blessing to people because of the blessings God has given me. I am not here to give people what they do not have but to give them what they had but could no longer afford because of the pandemic. I want to give them hope and help keep people alive.�

Egwuonwu who is also a Senior Special Assistant to the governor of Anambra State on Community Liaison, during the exercise donated 1,000 bags of rice, 1,000 pieces of facemasks, 500 hand sanitizers, bags of garri seven pieces of motorcycles, sewing machines, dryers and grinding machines to women and men in his community, as a way to cushion the hardship among the people.

He said, "I live in Calabar, Cross River State, where I do my business, but I thought it wise to come back home at a time like this to take care of my people. I am not doing this because I have enough. I think every person who can should look around and find someone they are better than, and help them. It is better for me to give these out than have my family waste food at home because they feel we have too much.

"People may be wondering why I added motorcycles, sewing machines, dryers and other non edible items to the gifts I presented to people, but let me tell you why. The motorcycles are for my classmates, who schooled with me here in this very compound during our primary school days. I looked at the plight of those of them who are still in the village and their mobility, and decided that if the motorcycles are the least I can do, then, I should help them. As for the sewing machines, dryers, grinders and others, I am donating them to the wife of the governor of Anambra State, Mrs Ebelechukwu Obiano who has dedicated her life to providing such things for indigent people. The food items are for women of Orumba North and Orumba South local government areas," he said.

Similarly, Emeneka, an influential member of the Anambra State House of Assembly, recently assembled women from his area to hand out food items as support, to help them cushion the effect of hard condition in the country.

He reminded them that times are critical for both the rich and the poor alike, and that this was the only period where the rich also cried. "If the rich can cry amidst the COVID-19 pandemic, what happens to the downtrodden?

That is why I am here to give the little I can to

Mr Ambrose Egwuonwu, a businessman, making remarks while donating food items and materials to indigenes of Orumba North and Orumba South LGAs in Awa community, recently

Hon Obinna Emeneka (in fez cap), a member of Anambra House of Assembly handing over food items to a widow in Awka to cushion the eect of COVID-19, while aides and friends look on you people because if I can feel the impact of the harsh economy this way, how much more will the downtrodden feel it?"

Emeneka said he was using the occasion to celebrate his 42nd birthday. He said at a time when the entire world is experiencing hardship, it would be unreasonable for him to think of throwing a party in celebration of his birthday, rather he choose to celebrate with widows, sickle cell patients and other vulnerable members of the community. Beyond this, the pharmacist turned politician added that he had also signed a N20million deal with a pharmaceutical company for the supply of drugs to his constituents to ensure their good health and wellbeing was not compromised by the economic condition in the country.

The lawmaker who said he had previously conducted free medical services for his constituency and beyond, said he understands the plight of the vulnerable groups but emphasised that

he would not renege on his works of mercy because the poor and downtrodden deserve the very best of care and social welfare scheme. Over 500 widows were empowered by the lawmaker at the event, including sickle cell patients and other group of needy people.

Egwuonwu and Emeneka who held their well attended events separately were well appreciated by dignitaries who expressed joy over their gestured to the people.

Mrs Obiano who was represented at Awa for the event by Asha Nnabuife, an SSA to Governor Obiano said, "Thank you for the gesture to Awa community today and to the entire Orumba North and South. You were not only thinking of your community people, but the people of your local government and the federal constituency. It is difficult to find people like you. You are a government official in this administration, but what you have done today you did not do as a government official, you

did at a private businessman. We urge others to emulate you.�

Speaker of the state assembly Rt.Hon. Uche Okafor who was at Emeneka's distribution exercise said, "What Emeneka just did is outstanding.

Vulnerable groups are special class of people with special needs, and helping to ameliorate their situation is worthwhile."

The Speaker noted that the state assembly stands against any form of ill-treatment against women especially widows. He said, "We have a law in the Anambra State House of Assembly that every woman has right to life as enshrined in the constitution of the Federal Republic of Nigeria. That a woman is a widow does not make her less a citizen of the Federal Republic of Nigeria or make her less a citizen of Anambra state. No woman should be subjected to any cultural or traditional malpractices because she lost her husband. There is also no justification for rape because rape is evil."

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EDUCATION Modernising Al-majiri System of Education in Katsina Francis Sardauna reports that the modernisation of the Al-majiri system of education by the Katsina State Governor, Aminu Bello Masari is aimed at eradicating the distorted practice of turning children meant to acquire Islamic knowledge to beggars

T

he Northern Governors’ Forum, under the leadership of Plateau State Governor, Simon Lalong, had returned almost all Al-majirai to their states of origin across the region over the ravaging COVID-19 pandemic.

The decision of the governors generated controversy as to the legality and constitutionality of their action; whether it is permissible in the 1999 Constitution of the Federal Republic of Nigeria to repatriate citizens in their country as a measure to tame the spread of the infectious disease.

For instance, Section 41 of the 1999 Constitution provides that “Every citizen of Nigeria is entitled to move freely throughout Nigeria and to reside in any part thereof, and no citizen of Nigeria shall be expelled from Nigeria or refused entry thereby or exit therefrom.�

In view of the above constitutional provision, it is therefore clear that the repatriation of the Al-majirai by some northern governors is illegal and unconstitutional.

This, perhaps was why Masari, despite receiving over 1,800 repatriated Al-majirai from Kano, Kaduna, Gombe and Nasarawa States declined deporting the ones in his state.

Instead, the governor is making pragmatic efforts to reform the entire Al-majiri system of education in the state to enable the pupils acquire both Islamic and western education.

Masari is working hard to come up with a reform that would integrate the Al-majiri system of education in a more acceptable and sustainable way that would avert all the misconceptions about the system.

Therefore, the administration is planning to establish an agency that would directly and squarely tackle the old methods of acquiring Qur’anic education to ensure that it is in conformity with the basic minimum education required for any child.

No wonder, Masari in an interactive session with journalists, said the Al-majirai are Nigerians and deserve to be accorded all rights by giving them the protection that is necessary within the capacity of the state government. “The Al-majirai are Nigerians; they have rights so we are going to treat them as human beings by giving them all the protection that is necessary within the capacity of the government. We are not going to criminalize the Al-majiri system of education, we are only criminalizing who is a criminal. “We are planning to have a board similar to that of the State Universal Basic Education that would directly and squarely address the methods of Qur’anic education, because Qur’anic education is a must for us. “But the methods and procedures is what we are going to correct to ensure that it is in conformity with the basic minimum education required for any child, because it is the right of any child to aquire education.�

To actualise this dream, the governor has set up a committee comprising religious and traditional leaders, government official and security agencies that would take census of all Al-majirai to enable government integrate them into normal school system without abandoning their Qur’anic education.

The 17-man committee under the Chairmanship of Husseini Adamu Karaduwa, has renowned Islamic scholars like Sheikh Ishak Nuhu Batagarawa, Sheikh Munir Ja’afar, Sheikh Muktar Liman Lawal, Kauran Katsina, Nuhu Abdulkadir, Mohammed Lawal Matazu, the Special Adviser to State Government on Higher Education, Mr. Bashir Usman Ruwangodiya and Abdullatif Yusuf, the state Vice Chairman of Nigeria Union of Journalists (NUJ), among other members.

The historic committee is expected to carefully study the Al-majiri system of education in the state and ascertain the state of origin and the total number of Al-majiri schools across the state through a community by community based approach.

Masari Interestingly, this committee would assist the state government to have an insight on the demographic distribution of the Al-majiri population and the census will justify the system reformation agenda of the state government.

The committee which has commenced work, is working with Islamic teachers, scholars and other relevant stakeholders to capture the bio-data and all necessary information of each Al-majiri across the 34 local government areas of the state.

Addressing journalists during the committee’s assessment tour in Baure Local Government Area, Karaduwa said the sole aim of the committee was to give the oldest Al-majiri system of education that has been abandoned without desirable attention, a critical look with a view to placing it on a sound footing.

He said the terms of reference of the committee was to collect data of the Al-majiri schools, comprising the names of the schools, tutors, propriators, pupils, the location of the schools, the pupils’ background, place of origin and where they are studying.

According to him, “government deemed it necessary to come up with this committee of highly reputable people in the society to address the Al-majiri system of education in the state which has been neglected for so many years. “Most of the members of the committee are products of the same system of education, therefore they are in a better position to come up with solutions of the identified problems or ills associated with the system with the sole intention of making it more sound and acceptable for the society�.

He added: “Repatriation is not the single

aim of this committee. The aim of the committee is to give the oldest system of education that has been left without desirable care a critical look with a view to bringing it on a soundfooting. “The terms of reference of the committee is to collect data of all the Al-majiri schools in the state. The data comprises of names of the schools, their locations, names of the tutors, propriators, the pupils, their backgrounds, place of origin and where they are currently studying.�

He affirmed that the committee after the collation of data across the state, would sample opinions of critical education stakeholders on how best to revamp the Al-majiri system of education in conformity with the basic education required for any child in the society.

The chairman of the committee explained that the committee members would also liase with the state Ministry of Education and State Universal Basic Education Board (SUBEB) to proffer recommendations that will enable government to bring up a standard curriculum that can address both Islamic and western basic educational needs of the Al-majirai.

Meanwhile, the modernisation of the Al-majiri system of education in the state would eradicate the distorted practice of turning children who were meant to acquire Islamic knowledge into beggars, thereby leading to the demonisation of the entire system.

The Masari-led administration is also making adequate workable measures while modernising the system so that children, especially from the vulnerable background, do not have to go to streets for begging in the name of acquiring Islamic education.

Accordingly, the governor has banned street begging in the state and urged parents not to send their children outside the state for Islamic education, but to enrol them in Islamiya schools within their domains to enhance their safety and socio-economic well-being.

The idea behind the Al-majiri system of education may be worth preserving, but the schools ought to be properly integrated into the education sector and their curriculum upgraded and revised in such a way that allows the children to get both Qur’anic and secular education.

UNIPORT Acting VC Decries 59 Court Cases, Sets up Conflict Resolution Committees Ernest Chinwo in Port Harcourt The acting Vice-Chancellor of the University of Port Harcourt (UNIPORT), Professor Stephen Okodudu, has expressed dissatisfaction that the institution has 59 cases in various courts within and outside Rivers State as at June 12, 2020.

He pledged to ensure speedy resolution of the conflicts and said he would immediately set up two critical multi-stakeholders committees to resolve all contentious issues in the institution.

In his inaugural address titled ‘In the Best Interest of the University of Port Harcourt’ delivered at the university campus, Choba Port Harcourt, Okodudu named the committees as the one on subsisting legal issues in the university, and the other on resolving staff and students’ grievances.

He expressed regret that for the first time, the university has been thrown into crisis to the extent that it could not have a

substantive vice-chancellor. He pledged to reverse the trend in his tenure as acting vice- chancellor and return the university to its standards.

He said while the conflict has created a negative image for the university, he would endeavour to change the narrative because that was not what the institution was noted for in the past.

Okodudu however said he was happy that all the stakeholders, including past vice-chancellors have expressed their cooperation to assist in returning sanity to the university, adding, “their readiness to partner with me always in this task is deeply appreciated. “What I can promise is a transparent and collective style in the application of the rules of engagement. Under my leadership, I shall rely on the committee system to guide with decisions and policies. “The directive principle of this administration, that I am privileged to lead, shall be that

all policies and actions of the management of the University of Port Harcourt will be taken only when we are convinced that it is in the best interest of the university,� he said.

He also expressed his readiness to be open to different viewpoints since the university is a public arena where sound reasoning and ideas should contend, but added that he “will maintain zero tolerance against negative tendencies that are deliberately intended to threaten the peace, safety of lives and properties and the stability of the university.�

He said he would not take his assignment lightly because in addition to his job description as a staff of the university, he is also an alumnus of the institution, adding, “the challenges we face as a university are not only real, but are heavy as well. This is because, while other universities in the country have achieved a change of leadership without incidence; while they are deepening intellectual pursuits

with practical results to show; while they are working hard to perfect safety against the COVID-19 pandemic, here in the University of Port Harcourt, we face the additional challenge of not having the critical policy making organ of leadership in place.�

He added: “The dilemma we shall face if we do not make haste to redress the issues that led to this unfortunate situation will be too embarrassing to contemplate.�

He assured the university community that he would strengthen measures to domesticate the Nigeria Centre for Disease Control’s (NCDC) COVID-19 procedures and protocols in the university. “My mandate is to specifically seek peace and reconciliation in the university based on the principle of justice and fairness.

I believe that as a community of intellectuals, this should not be difficult for us if we apply our philosophical disposition to it,� Okodudu said.

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Private School Proprietors Protest Guidelines for Reopening Schools in A’Ibom Okon Bassey in Uyo Proprietors of private schools in Akwa Ibom State have kicked against the guidelines given by the state government for reopening of schools in the state over COVID-19.

The Chairman, National Association of Proprietors of Private Schools (NAPPS), Akwa Ibom State Chapter, Mr. Udofia Davies said the conditions set by the state government were tough and difficult to comply with.

According to him, schools in the state were expected to provide temperature testing machines, preparation of isolation centres, fumigation of school premises, provision of hand sanitizers among others conditions before opening.

He argued that schools in the state were closed in the month of March on the eve of the outbreak of coronavirus pandemic and wondered who contaminated the school compounds before it could be fumigated for reopening. “We have been at home for four months now unlike the public schools that whether you go to work or not the government pays them. “We have not gotten money for four months now and it becomes very difficult for most of the teachers. And we are not afraid to say that by the time

we resume we must have lost some of our best hands in private schools,� he lamented.

Udofia expressed fear that most of the private schools cannot reopen their schools as the conditions require money to put certain things in place as demanded by the government. “With what is happening now, we are afraid whether it would be possible for most private schools to reopen. This is because we need to put a lot of things in place. “When we were in a stakeholders meeting with the commissioner for education, we were asked to do so many things. One of those was to get temperature testing machines at the entrance of the schools before resumption.

Where do we have money to buy these things? “Again we were asked to fumigate our schools, where is the money? Remember we have closed for four months now.�

He condemned government’s attitude over taxation of private schools and called on Governor Udom Emmanuel to extend the COVID-19 tax holiday to private schools in the state. “Right now private schools are multiply taxed. We pay for renewal of operational licences yearly, private polytechnics and universities don’t renew their license annually.�

RETECM Gears Up to Tackle COVID-19, Set to Reopen Mary Nnah Following the federal government’s laid down guidelines towards reopening of schools across the country, the management the Redeemer’s College of Technology and Management (RECTEM) has announced that it has put everything in place for the reopening of the tertiary institution as it awaits the reopening date for schools by the ministry of education.

The General Overseer of the Redeemed Christian Church of God (RCCG) Pastor Enoch Adeboye, who recently inaugurated the Integrated Hand Dispensing Machine fabricated

by RECTEM, said it was part

of the prerequisites put in place by institution to curb the spread of COVID-19 as it prepares to reopen.

The cleric also encouraged institutions of learning to cooperate with the government and make adequate provision for preventive measures against COVID-19, this he said would create safe and conducive environment for students.

The Rector, RECTEM, Dr. Stella Mofunnaya explained that the Integrated Hand Dispensing Machine, which is leg paddled, was fabricated as measure to check the spread of COVID-19, adding that the machine has other specific features that would prevent the spread of the virus,

which include the fact that it is designed to dispense soap, water and hand sanitizer on its own; has a water storage tank and tissue paper holding devices.

Mofunanya added that the machine would be deployed to all entrances to students’ hall of residence, lecture halls, laboratories and workshops among others, to ensure adequate preparation for resumption.

She revealed further that the school has also produced nose masks, face shields and alcohol- based hand sanitisers, which would be distributed to the students and staff.

Also in preparation for the school’s reopening, Mofunanya said the college will be fumigating

the halls of residence, classrooms, laboratories and offices before reopening, while also revealing that the school, which had embarked on e-learning following the closure of schools occasioned by the spread of the pandemic, is currently admitting students for the 2020/2021 academic session and calling on all applicants to apply to its various programmes at the National Diploma level.

The Director of Entrepreneur Centre, RECTEM, Dr. Onjewu Sulaman said: “For us as a school of technology, we have to live up to standard and that is why we went ahead to fabricate a hand sanitizer machine unlike other places where just water and soap are used.�

UNILAG Alumni Set to Construct Cricket Pitch

R-L: Pastor Enoch Adeboye, Pastor Foluke Adeboye, Pastor S.B Olaniyan and Rector, RECTEM, Mrs. Stella Mofunanya (behind) at the inauguration of the Integrated Hand Dispensing Machine fabricated by RECTEM... recently

Funmi Ogundare

Sofunix School Commends Ex- Head Boy for Bagging First Class

The University of Lagos Cricket Alumni Association has expressed its readiness to redevelop the institution’s cricket pitch to international standard with the aim of projecting it as a sports of first choice.

Speaking at the turning of sod ceremony recently at the institution’s Sports Centre, for the redevelopment of the cricket pitch, in honour of a retired Professor of Comparative Literature, Adebola Kukoyi, who turned 80 recently, the former President, Nigerian Cricket Federation and UNILAG Cricket Alumni, Mr. Kwesi Sagoe said the essence is to give back to cricket and ensure that in UNILAG, cricket never disappears from its extracurricular activities.

He said the association reached out to all alumni who had played cricket for the institution under Professor Kukoyi’s watch between 1978 and 2018 to renew the facility and seek the consent of UNILAG authorities to name it in his honour. “As at today, we have about 102 members and we are still reaching out, but the important thing about this is that all the members were happy that we got together to deliberate on how to celebrate Professor Kukoyi for his 80th birthday and we are glad that it went successful. “Beyond his birthday, we felt that we had to give back to cricket in UNILAG and when we thought deeply about that, we thought about the facilities

here that it will be good to renew it and seek the consent of UNILAG authorities to name it in his honour, we are very excited about the reception we got from the VC and DVCs, after a Zoom meeting that we had and inspection of the site before today.�

He said the English Football Federation has a high performance centre at Loughborough University, UK, adding that UNILAG should also have the same kind of relationship with the Nigeria Cricket Federation such that would bring about a high performance centre for Nigerian cricket as a whole.

The Vice-President Nigerian Cricket Association and a member of the alumni, Mr. Uyi Akpata, said at least N75 million would be needed to put in place a cricket pitch of international standard in the university, adding that it has to be completed within the next two months.

He said the association is looking at positioning the institution as one of the best in Africa, considering its recent ranking by Forbes as the third productive university in Africa, adding it would take advantage of the rainy season to hasten up the completion of the pitch. “To do the pitch itself with the underground watering system, irrigation, turf wickets and others, we are looking at a range of N50 to N70 milion, but it could be less if we would be assisted with equipment by other public spirited individuals,� Akpata who is also the Edo State Cricket Association said.

Uchechukwu Nnaike The management of Ogun State based Sofunix International College, has lauded the feat of its ex-Head Boy, Mr. Adeshina Badejo, who recently graduated with a first class in Petroleum and Gas Engineering from the University of Lagos, with a Cumulative Grade Point Average (CGPA) of 4.58.

Badejo emerged the overall best student in the 2013/2014 West African Senior School Certificate Examination (WASSCE) at the college and was the school’s head boy for that academic year.

Reacting to Badejo’s achievement, the Proprietor of the school, Mr. Sola Oni said he was not surprised, describing it as a continuation of his academic records at the college.

“We adhere to ensuring development of the three domains of education: affective, cognitive and psychomotor. We place premium on the development of well-rounded students because they are the future of the country. We partner with our parents in monitoring the students to ensure that they pursue careers where they have comparative advantage,�

Oni said.

Responding, Badejo said: “My excellent result in the university was not surprising because it was a logical follow-up to my performance at Sofunix International College. The school laid the solid foundation by ensuring that students understand the fundamentals of achieving greater heights by dint of hard work and being independent.

The school employs qualified

and experienced teachers.

Its enabling environment is reinforced with well-equipped library and laboratories. “Students are at the core of all activities as the school and are trained to be globally competitive. They are taught to uphold tenets of discipline with a view to shining like a star everywhere. There is zero tolerance for laziness. Within one decade of the school’s existence, some of the former students had graduated in many professional courses, including Medicine, Engineering, Accounting. Economics Computer Science, Education and Mass Communication with excellent results. The school’s motto is ‘Endurance and Self-reliance’.

This has been one of my guiding principles,� he said.

Badejo, whose parents took a

loan for his university education, had some initial challenges in securing admission, but attributed his stellar performance to divine intervention. “I had difficulty in securing admission into the university.

My UTME score didn’t qualify me for my choice of course, but I was eligible for admission into the polytechnic. After a long deliberation with my parents, I accepted to go to the Polytechnic Ibadan and re-take the UTME. But few weeks later, I got to know about the UNILAG Foundation Programme and purchased the form. Although it was expensive, my parents summoned the courage to take a loan, because they saw it as a lifeline to study Petroleum and Gas Engineering like I had wanted without wasting an academic year.�

DOAM Foundation Donates Hand Washing Kits to Asejere Market Funmi Ogundare The Daniel Ogechi Akujobi Memorial (DOAM) Foundation, dedicated to the enhancement of the education and healthcare of the less-privileged, has donated hand washing facilities equipped with hygiene kits, including sanitizers and liquid soap to Better Life/Asejere Market, Yaba, as part of its hygiene campaign.

The hand-washing kits are to be stationed at the major entrances to the market.

Speaking at the brief

ceremony in Lagos, the foundation’s Team Lead, Adaeze Anyanna said the move was aimed at promoting good hygiene practice, as well as social distancing to prevent and manage the outbreak of many deadly infectious diseases including cholera, diarrhea, Ebola as well as Coronavirus.

According to her, “the foundation executed this project in a bid to assist the government in the fight against person to person spread of the Coronavirus, especially within public places such as the markets.

“Research has shown that about 60 million people in Nigeria lack access to clean water supply and 150 million people lack basic hand washing facilities with soap and water, despite proven evidence of the effectiveness of good hygiene practice as one of the best defense against infectious diseases.�

She described proper hand washing habit as a ‘do-ityourself’ vaccine, involving only five simple effective steps: wet, lather, scrub, rinse and dry, to enhance good hygiene practice

in combating infectious diseases.

One of the foundation’s Programme Officer, Omoyemi Olumodile, noted that the demonstration of a proper hand wash exercise was part of the programme to further enlighten and create awareness on routine and proper hand wash “if we are to win in the fight against the COVID-19.�

The foundation also donated palliatives to the Association of Working Children and Youths (AWCAY) in a bid to address welfare challenges during this difficult period.

26

T H I S D AY ˞ ͰͰ˜ 2020

BUSINESS/MONEYGUIDE

LIRS Announces Additional Reliefs for Taxpayers Segun James The Lagos State Internal Revenue Service (LIRS) has commenced the implementation of additional reliefs and measures to further ease the impact of the pandemic on taxpayers in Lagos state.

The measures, according to a statement became effective on July 16, 2020.

It stated that the additional measures and incentives were sequel to the agency’s initial 3-month extension of the deadline for filing of annual returns, from March 31 to June 30, 2020.

According to the Executive Chairman, LIRS, Mr. Ayodele Subair, “the following measures are to be implemented to further

ease the impact of the pandemic on our esteemed taxpayers in Lagos state: LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers. “Taxpayers are to enjoy a waiver of penalty for late payment of liabilities under PAYE (Pay As You Earn) that was due during the period of March-May, 2020 when the State was under COVID-19 lockdown.�

In addition, he pointed out that a waiver of penalties due on late filing of 2020 annual tax returns known as ‘Form A’ would be granted, adding that remarkable waiver of interest

and penalty on liabilities arising from 2009 to 2015 tax audit for taxpayers who can pay up on or before December 31, 2020 would be implemented.

In appreciation of taxpayers that have supported the state government in the fight against the pandemic, the LIRS stated that it would be granting tax credit of 20 per cent of all cash and kind donations made towards Covid-19 by individuals resident in the state for the 2021 Year of Assessment (subject to a cap of 35% of tax due).

He further announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all.

Notore Hits HSE Milestone, Records 10m Man Hours without Lost Time Notore Chemical Industries Plc, has recorded 10 million man hours without Lost Time Injury (LTI).

The company, in a statement, said the feat has been validated by the Department of Occupational Safety and Health, Federal Ministry of Labour and Employment, which acknowledged that the company’s plant has had ten million (10 million) man-hours of lost time injury (LTI) free safe work after three years of consistency at work.

Assistant Chief Inspector of Factories at the Ministry, Ononyaba Simon, in his inspection report, said: “I noted that Notore Chemical Industries Plc has achieved a milestone in

maintaining absolute safety culture. “The organisation has achieved ten million (10 million) man-hours lost time injury (LTI) free safe work after three years of consistency at work. “Our previous inspections and audit furthermore attest to this. I urge you to continue relentlessly to ensure that this record is not downgraded, putting in mind that production without life of the producer is useless.�

Simon congratulated Notore for recording the milestone, noting that they have become a reference point for Quality, Health, Safety and Environment (QHSE) in Nigeria’s industrial sector.

Reacting to the development, the Group Managing Director/GCEO of Notore, Onajite Okoloko, said the count towards the feat commenced after the last LTI that was reported to the Factory Inspectorate of the Federal Ministry of Labour and Employment, adding, “This is an HSE milestone hardly recorded in any large manufacturing industry such as ours, where there are obvious risks ranging from minor tolerable to medium to high in all operations.�

He acknowledged the commitment of its members of staff, visitors, contractors and other stakeholders who have contributed to the attainment of the sterling record.

Airtel, WorldRemit Partner on Money Transfer Services Goddy Egene Airtel Africa, one of the leading providers of telecommunications and mobile money services in 14 countries across sub-Saharan Africa, is scaling up its operations with WorldRemit, the global digital money transfer service that operates in over 50 send countries to over 150 receive countries.

Building on the successful connection to Airtel Money services in DRC, Uganda, Zambia, Tanzania, Malawi and Niger, customers can now also send to Airtel Money in Rwanda via WorldRemit.

The company said WorldRemit would enable customers from across the globe to receive money

into Airtel Money wallets. The Diaspora living in more than 50 countries around the world can quickly and easily send money transfers at any time via WorldRemit to Airtel Money customers back home.

Commenting, Managing Director for Middle East & Africa, WorldRemit, Andrew Stewart, said: “The connection to more Mobile Money accounts through Airtel Africa allows us to expand our payout network and options available to customers across the continent. “It is really exciting and important to us that we continue to increase financial inclusion for our customers in Africa whilst delivering a fast, affordable and secure service.�

Chief Executive Officer, Airtel

Africa, Raghunath Mandava, said: “We are committed to enhancing financial inclusion in the countries where we operate through building a huge infrastructure of cashing in and cashing out locations in the markets and increasing our distribution. This means that our customers can now receive fast digital payments via WorldRemit from around the world directly to their mobile phones, as well as access their funds at our exclusive kiosks and branches at their convenience.�

Airtel Money enables mobile money users to send local and international money transfers, make utility payments, pay merchants, save money in their mobile wallets, purchase airtime and access a range of mobile financial products.

The Men’s Club Premieres on REDTV Despite the disruptions and prolonged lockdown occasioned by the global coronavirus pandemic, The Men’s Club season three (TMC3) series is set premiere today with a promise to excite its teeming audience with the adventures of four Nigerian men and how they navigate their mainly drama-filled tumultuous love lives.

Commenting on the TMC season three, a statement quoted the Executive Director, REDTV and Group Director, Corporate

Communication at UBA Plc, Bola Atta, to have expressed delight in being able to, “wear several hats� in her role at UBA, one of them being an Executive Producer for REDTV; emphasising TV production as her passion.

Shedding light on the latest season, the corporate Amazon said: “The Men’s Club is a series about four young men; Aminu, Tayo, Lanre and Louis, who are navigating life, winding through several relationships, breaking hearts and getting hearts broken.

“Now in its third season, completing filming which began pre -pandemic, was a learning process itself. Cast and crew were tested for Covid-19 and when thankfully they all tested negative, were placed in residence (of maximum 20 persons). “Disinfecting every day; following strict protocols for sanitisation and distancing on set. It wasn’t easy, but we got it done! Here is a trailer of TMC3 which will be out on REDTV on July 22, 2020,� she said.

Sanwo-Olu

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

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

11,007,422.79

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

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE ˜ Ͱ͎ Ͱ͎Ͱ͎

The price of OPEC basket of thirteen crudes stood at $43.03 a barrel on Monday, compared with $43.22 the previous Friday, 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

27

T H I S D AY ˞ ͰͰ˜ Ͱ͎Ͱ͎

NSE All-Share Index Declines Further on Continuing Bearish Trading Goddy Egene Losses suffered by Dangote Cement Pc, Zenith Bank Plc and International Breweries led to a decline of 0.39 per cent in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to 24,174.45.

Also, the market capitalisation shed N49.6 billion to close at N12.611 trillion.

Although there were more price gainers as 14 stocks appreciated

and 10 depreciated, the decline in bellwethers such as Dangote Cement Plc and Zenith Bank Plc led to negative close.

However, Eterna Plc led the price losers with 10 per cent, trailed by Prestige Assurance Plc and International Breweries Plc shed 9.2 per cent apiece.

Cornerstone Insurance Plc went down by 9.0 per cent, just as CAP Plc and Cutix Plc fell by 8.2 per cent and 6.1 per cent in that

P R I C E S MAIN BOARD

F O R DEALS

order. Dangote Cement Plc shed 3.1 per cent, just as Honeywell Flour Mills Plc declined by 1.0 per cent, while Zenith Bank Plc closed 0.6 per cent lower.

On the positive side, Linkage Assurance Plc led the price gainers with 8.5 per cent, trailed by Vitafoam Nigeria Plc with 7.8 per cent. Royal Exchange Plc chalked up 7.4 per cent, just as Unity Bank Plc appreciated by 6.1 per cent.

Transcorp Plc garnered 4.8 per

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

cent, just as African Prudential Plc and Neimeth International Pharmaceuticals Plc 4.2 per cent and 3.7 per cent respectively.

Access Bank Plc, which announced the completion of the acquisition of Transnational Bank Plc, of Kenya (TNB), was also among the price gainers.

The bank had on Monday disclosed that it was pleased to inform the investing public and the NSEhange of the Bank’s

T R A D E D MAIN BOARD

A S

successful completion of the acquisition of Transnational Bank (Kenya) Plc. According to the bank, it followed the receipt of full regulatory approvals and fulfillment of all conditions precedent to completion. Commenting on the acquisition, the Group Managing Director, Access Bank Plc, Herbert Wigwe, said: “We are excited to make an entry into the vibrant Kenyan market. We

O F

pledge to put our customers at the forefront of everything we do.

Through the creation of a world class payment system, we will build and support our wholesale and retail customers using our strong customer insights to deliver beyond their expectations.�

Meanwhile, activity level was mixed as volume traded fell 0.3 per cent to 304.2 million shares while value traded rose 55.6 per cent to N3.3 billion.

2 1 / 0 7 / 2 0 2 0 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

WEDNESDAY JULY 22, 2020 • T H I S D AY

29

28

WEDNESDAY, JULY 22, 2020 ˾ T H I S D AY

MARKET NEWS

Stockbrokers’ Institute, IT Firm Sign Pact on Automation Goddy Egene The Chartered Institute of Stockbrokers (CIS) has signed a Memorandum of Understating (MoU) with a leading

technology and consulting company, Cavidel Limited, to automate its business processes in line with the global best practices.

By the MoU, Cavidel’s activities

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

will cover all aspects of the Institute’s operations. Speaking on the development, the President and Chairman of Governing Council, CIS, Mr. Olatunde Amolegbe, who expressed

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 20Jul-2020, unless otherwise stated.

delight that the MOU had become a necessary step towards efficiency and effectiveness of the Organisation, explained that it would enable Cavidel to showcase its strength in the area of

automation.

“We at the Institute hope that Cavidel shall deploy its wealth of experience to do a thorough job that would align the Institute’s work with

the global best practices. The MoU would enable Cavidel to showcase its competence in automation, add value and create a positive impact on the Institute’s business,” Amolegbe said.

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 0.92 0.93 1.73% ACAP Income Funds 0.78 0.78 9.75% 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 6.41% AIICO Balanced Fund 2.89 2.95 17.33% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com 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 13.95 14.37 -8.96% ARM Discovery Fund 331.92 341.93 -3.91% ARM Ethical Fund 30.12 31.03 3.58% ARM Money Market Fund 1.00 1.00 4.66% 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 91.91 92.55 -4.34% AXA Mansard Money Market Fund 1.00 1.00 4.88% 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 2.18 2.18 23.30% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 1.80 1.83 -8.45% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.06 0.04 5.74% Paramount Equity Fund 10.78 10.99 -13.82% Women's Investment Fund 107.25 108.13 -2.89% 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 4.90% Cordros Milestone Fund 2023 100.25 100.47 Cordros Milestone Fund 2028 100.57 100.80 Cordros Dollar Fund ($) 100.93 100.93 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 3.73% Coronation Balanced Fund 0.91 0.92 -1.62% Coronation Fixed Income Fund 1.54 1.54 16.16% 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 100.00 100.00 4.23% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 4.67% EDC Nigeria Fixed Income Fund 1,177.95 1,189.08 6.15% 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 1,366.72 1,367.99 12.13% FBN Balanced Fund 146.56 147.57 -0.18% FBN Halal Fund 107.38 107.40 7.38% FBN Money Market Fund 100.00 100.00 0.00% FBN Nigeria Eurobond (USD) Fund - Retail 117.66 118.34 1.38% FBN Nigeria Smart Beta Equity Fund 111.66 113.42 -14.19% 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 N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A 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 3,063.26 3,094.34 0.70% Coral Income Fund 3,201.46 3,201.46 4.09% FSDH Treasury Bills Fund 100.00 100.00 4.43% 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 N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A

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 3.96% Vantage Balanced Fund 2.26 2.30 3.35% Vantage Guaranteed Income Fund 1.00 1.00 8.51% Kedari Investment Fund (KIF) 146.80 147.35 2.36% 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 1.23 1.25 5.38% Lotus Halal Fixed Income Fund 1,120.75 1,120.75 5.93% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.35 1.37 10.45% PACAM Fixed Income Fund 12.02 12.08 6.59% PACAM Money Market Fund 10.00 10.00 3.60% PACAM Equity Fund 0.99 1.00 PACAM EuroBond Fund 107.12 109.52 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 118.50 121.32 -7.87% 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 1.00 1.00 5.50% 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 -0.74% Stanbic IBTC Bond Fund 210.33 210.33 0.37% Stanbic IBTC Ethical Fund 0.88 0.89 -0.57% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 0.45% Stanbic IBTC Iman Fund 154.92 156.64 0.55% Stanbic IBTC Money Market Fund 100.00 100.00 4.42% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 -1.97% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 0.28% 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 1.12 1.14 -5.51% United Capital Bond Fund 1.83 1.83 5.79% United Capital Equity Fund 0.63 0.64 -10.66% United Capital Money Market Fund 1.00 1.00 5.28% United Capital Eurobond Fund 113.38 113.38 3.79% United Capital Wealth for Women Fund 1.02 1.03 -2.53% 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 10.00 10.10 -2.78% Zenith Ethical Fund 11.39 11.46 -2.14% Zenith Income Fund 24.44 24.44 9.77% Zenith Money Market Fund 1.00 1.00 4.93%

REITS NAV Per Share

Fund Name SFS Skye Shelter Fund

Yield / T-Rtn

116.39

3.85%

53.25

2.31%

Bid Price

Offer Price

Yield / T-Rtn

8.93 81.35 64.70

9.03 83.07 65.86

2.58% -4.28% -1.98%

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 Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A

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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WEDNESDAY JULY 22, 2020 ˾ T H I S D AY

NEWSXTRA

NDE Should Coordinate Recruitment of 774,000 Workers, Senate Insists Deji Elumoye in Abuja The Senate yesterday insisted that the National Directorate of Employment (NDE) is the only recognised statutory body for the recruitment of 774,000 workers for the public works scheme of the federal government.

Rising from a closed-door session that lasted over an hour, the Senate adopted a motion insisting

that only the NDE had powers to preside over the employment programme.

In the motion sponsored by Senator Opeyemi Bamidele, the Senate said it recognised that only the NDE had the statutory powers to coordinate employment programmes in Nigeria.

Sources told THISDAY that the anger of the Senate arose from the failure of the President to remove

the Minister of state for Labour and Employment, Mr. Festus Keyamo or remove the programme from his control.

The senators, who had earlier ordered the minister to halt the

commencement of the programme, went into a closed-door session to discuss further actions to be taken on the programme.

Shedding more light on the upper chamber’s resolution on

the 774,000 jobs, Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, told reporters after plenary that the Senate resolution was based on point of law.

“If you look at the resolution that we passed today, that was the first part, the second and the third leg of our resolution is on the point of law is not the question of somebody going out of his way

UK Visa Application Centres to Open on July 28 The British High Commission in Nigeria yesterday said visa applications centres in the country would open from July 28 for Nigerians willing to travel to the United Kingdom to process their papers.

The commission noted that Nigerians hoping to visit the UK could do so once international flights resume.

The federal government had in March shut the country’s airspace to domestic and international flights as part of measures to curb the spread of the coronavirus pandemic.

However, with the resumption of domestic flights two weeks ago, Nigerians are in high spirits, expecting the government to okay the restart of international flights.

The British High Commission in

Abuja had in a statement said visa application centres which were initially suspended due to the pandemic would reopen “when it is safe to do”.

“We know there are many Nigerian nationals hoping to travel to the UK when flights resume, both for employment and to see family members.

“UKVI are working closely with TSL contact, our commercial partner, to reopen visa application centres that were suspended due to COVID-19,” it had said.

But while giving an update on Monday, the Commission wrote via Twitter, “Update on visas. Thank you to everyone for your questions and patience. But remember application centres open from 28 July.”

Gunmen Attack Hospital in Plateau, Kill One Person Seriki Adinoyi in Jos Gunmen on Monday night attacked General Hospital, Barkin Ladi in Barking Ladi Local Government Area of Plateau State, killing one person identified as a security guard on duty.

It was learnt that a policeman on guard duty at the health facility was also injured during the attack by the gunmen who made away with his riffle.

The Chairman of Berom Youth Movement (BYM), Heipang district in the Local Government Area, Mr. Rwang Tengwong, confirmed the attack yesterday.

He said, “At about 10pm

on Monday, some armed men attacked the General Hospital in Barkin Ladi. The security guard there was killed. A police officer on duty at the hospital was macheted .Although he did not die, his riffle was taken away by the gunmen.”

He said it was strange to attack hospital, and called on security agents to investigate the incident.

When contacted, the Police Public Relations Officer in the state, Mr. Uba Ogaba said he was yet to get details of the attack on the hospital.

He said, “I will call the Divisional Police Officer in charge of the local government Area and when I get the details, I will let you know.”

CORPORATE SOCIAL RESPONSIBILITY...

L - R: Head of Human Resources and Corporate Social Responsibility, Samsung, Mr. Winston Nkanor; Minister for Health, Dr. Osagie Ehanire; Head of Mobile, Samsung, Mr. Adetunji Taiwo; and Senior Manager, Public Affairs, MTN Nigeria, Mr. Anas Galadima, during the handover of 500 smartphones with SIM and data for six months to Case Managers in Isolation Centres across Nigeria, in Abuja ... yesterday

Ngige: NSITF Awarded N4.4bn Contracts in One Day Threatens legal action against Faleke over comments Udora Orizu in Abuja The Minister for Labour and Employment, Senator Chris Ngige yesterday accused the suspended management of the Nigeria Social Insurance Trust Fund (NSITF) of awarding about 332 different contracts worth about N4.448 billion in one day, just two days after he left office as

minister in 2019.

Ngige has threatened legal action against a member of the House of Representatives, Hon. James Faleke.

The minister, who made a presentation before the House of Representatives adhoc Committee investigating alleged breach of presidential directive, said the suspended management

committed about 74 different infractions for which they were suspended.

He listed some of the infractions committed by the management include extra-budgetary spending, making payment for unapproved expenditure, over-spending on administrative issues, irregular direct payment from the Employees Compensation Act,

irregularities in staff group assurance policy and making payment for Assurance policy without a policy cover.

Ngige was alleged to have suspended top management and executive committee members of the NSITF, although the presidential directive bars ministers from sacking heads of agencies.

NBET, House Committee Disagree over Alleged N1.2bn Fraud IyobosaUwugiareninAbuja The Nigerian Bulk Electricity Trading Plc (NBET) has disagreed with the House of Representatives’ Committee on Power over its query to the Managing Director/ CEO of NBET, Dr. Marily Amobi, to explain accumulated alleged unapproved expenditure of over N1.2billion.

In a letter dated July 3, 2020 signed by the Chairman, House

of Representatives’ Committee on Power, Hon. Magaji Da’u Aliyu, and addressed to the MD/CEO of NBET, the committee claimed that during its spot assessment of the company it observed alleged procurement breaches and misconduct by Amobi, and asked her to respond to the alleged infraction.

The issues raised by the House Committee range from procurement of return flight ticket for Amobi to attend official assignment

in Washington D.C; monthly payment allowances to four officials of Department of State Security (DSS) and nine Nigeria Police Force (NPF) officers; engagement of various legal consultants; procurement of vehicles; procurement of vendors for information technologyrelated items and other issues running into over N1.2 billion.

However, responding to the query in a letter with reference number:

NBET/CEO/NASS/2020/322 and addressed to the Chairman, House Committee on Power, the NBET CEO vehemently disagreed with many of the issues raised.

For instance, on the issue of return ticket, Amobi said that the trip to Washington D.C was at the instance of the Senate President, who directed her to accompany the Senate Committee Chairman for the meeting based on professional advice.

Okunbo Gives Edo Govt Three Days’ Ultimatum to Ize-Iyamu Asks Obaseki to Retract Publications With Apology Prepare Handover Notes He also demanded that the state and interests” as a result of the state government.

Peter Uzoho Iyobosa Uwugiaren in Abuja The candidate of the All Progressives Congress (APC) in the September 19 Edo State governorship election, Pastor Osagie Ize-Iyamu, has advised Governor Godwin Obaseki to stop campaigning, and instead focus on writing his handover notes, saying never again will Edo people elevate a man like Obaseki with all his irremediable flaws to the exalted office of Governor of Edo State.

In a statement by the Media Unit of Pastor Osagie Ize-Iyamu Campaign Council yesterday, the APC candidate accused his major opponent of bereft of any other fresh campaign lines, wondering why Obaseki has, through his ‘’overwhelmed

media aide’’, Mr. Crusoe Osagie, continued to sing the tired lines that his disagreement with Adams Oshiomhole is because he refused to be a ‘’godson’’ to a godfather.

The statement stated, ‘’Unfortunately, Governor Obaseki never tells anyone when this realisation dawned on him. Is it when he went all out to support the election of Comrade Adams Oshiomhole as Chairman of the APC in the hotly contested National Convention of June 2018, which saw the emergence of Oshiomhole as APC National Chairman. Or when Oshiomhole refused to use the office to willy nilly impose Obaseki on the APC in Edo State as the candidate of the party in the 2020 governorship election without a contest?’’

Chairman of Ocean Marine Solution (OMS), Captain Idahosa Wells Okunbo (Capt, Hosa), has served notice on the Edo State Government of his intention to proceed against it in court for libelous and defamatory publications against him by the

In a letter by his counsel, Dr. Oladapo Olanipekun (SAN), dated July 20, 2020 and referenced EM/OAG/02/2020, addressed to the state Attorney General and Commissioner for Justice, Professor Yinka Omorogbe, Capt.

Hosa demanded a retraction of the said publications.

government or its representatives should cease and desist from making any further libelous and defamatory publications against him.

Not done, the billionaire businessman demanded the sum of N2 billion for the “embarrassment, inconvenience, losses and damages done to his person, character

“mischievous, malicious and misleading publications.”

In the four-page letter, Olanipekun said that “On Monday, July 20, 2020, publications captioned “Okunbo, Oshiomhole making plans to disrupt Edo governorship elections”, appeared on pages 26 of The Punch and 53 of THISDAY.

2,111 Delegates to Elect Ondo PDP Guber Candidate Chuks Okocha in Abuja As the Peoples Democratic Party (PDP) conducts their primary election in Ondo State today, a total of 2,111 delegates are expected to elect the party’s governorship candidate for the October 10 governorship election.

The delegates, according to the

National Publicity Secretary of party, Mr. Kola Ologbondiyan, were drawn from the 18 local government areas of the state and 203 wards. The election is expected to hold today with eight governorship aspirants contesting.

Also, the National Working Committee (NWC) of the party has approved the nomination of

the Enugu State Governor, Hon. Ifeanyi Ugwuanyi, as Chairman of the Governorship Election Committee.

Governor Ahmadu Umaru Fintiri of Adamawa State; Mrs. Chidi Onyemelukwe and Mr. Emeka Etiaba (SAN) will serve as members, while Alhaji Mohammed Imam will serve as Secretary of the committee

for the delegate election.

According to a statement by the National Organising Secretary of PDP, Col. Austin Akobundu (rtd), the party said that the committee is “mandated to conduct the primary election that will elect our party’s flagbearer in Ondo State, for the upcoming 2020 governoship election in the state.”

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NEWSXTRA

WTO: Kenyan Law School Director Backs Okonjo- Iweala AU searches for consensus candidate Dike Onwuamaeze The Director of the Kenya’s Law School and former Director of the Kenya Anti-Corruption Commission (KACC), Professor Patrick Lumumba, has urged African countries to throw their support behind Nigeria’s former Minister of Finance, Dr. Ngozi

Okonjo-Iweala’s bid for the position of the Director General of the World Trade Organisation (WTO).

Lumumba declared that “Okonjo-Iweala is the candidate we (Africa) should back, given her credentials,” insisting that she is the most qualified African for the WTO’s top job, in spite of the

fact that his country woman, Ms. Amina Mohamed, is also gunning for the job.

His declaration came as the African Union (AU) made frantic efforts to produce a consensus African candidate for the WTO top job.

A recent memo of the AU that was addressed to its member states said: “The commission, under the guidance of the Ministerial Committee has made concerted efforts toward the endorsement of one single African candidate for this post.

The meeting of the committee at ministerial level was planned for three separate dates in order to deliberate on it, namely on July 2, 10 and 15, 2020.

However, due to circumstance beyond the control of the committee, the meeting has

not materialised to date.”

The memo stated that “as of present, therefore, there is no AU’s endorsed candidate for the job.”

Three out of the eight candidates running for the WTO’s job are from Africa.

COVID-19: Govs to Review Synergy between FG, States Chuks Okocha in Abuja The 36 state governors will meet today (Wednesday) to review the synergy between the federal and state governments on the management of COVID-19 pandemic in the country.

The Nigeria Governors’ Forum (NGF) in a statement issued yesterday by its Secretariat’s Head of Media and Public Affairs, Mr. Abdulrazaque Bello-Barkindo, said that the 13th teleconference meeting would commence by 2pm.

The statement added that National Coordinator of the Presidential Task Force (PTF) on COVID-19, Dr. Sani Aliyu, would be joining the governors

in the virtual meeting expected to last for five hours.

It stated that the Head of NGF Subcommittee on the Presidential Task Force on COVID-19, Governor Ifeanyi Okowa of Delta State, would brief the governors on the progress being made by the Task Force.

It added that Okowa would brief the governors on whether or not the much required synergy between the federal and subnational governments was yielding any fruits “Other issues surrounding the COVID-19 pandemic which will be put on the table for the governors to debate include the federal government’s support to states.”

FCT Police Arrest Three Suspects over Murder of Pharmacist Kingsley Nwezeh in Abuja The Federal Capital Territory (FCT) Police Command, yesterday, arrested three suspects linked to the gruesome murder of late Mr. Sunday Chukwujekwu Ike, owner of the Suncell Pharmacy Gwarinpa and Publicity Secretary of Association of Community Pharmacists of Nigeria (ACPN).

Ike was killed in his shop on June 19, 2020.

The command also recovered the deceased’s Huawei phone and his sky blue Toyota Camry car, which was snatched by his assailants.

It said the three suspects were arrested on July 12, 2020, in Lafia, Nasarawa State and Jos,

Plateau State, after painstaking investigation by operatives of the command’s Special Anti-Robbery Squad (SARS).

A statement by the command said that one Mr. Danbala Buba, 42 and Mr. Isah Rilwanu, 24, both males, were arrested at Lafia in possession of the deceased’s Toyota Camry car while Abdulhamid Nasir, 35, was arrested in possession of the deceased’s Huawei phone at his hideout in Jos, Plateau State.

“Efforts are being intensified to arrest the leader of the gang who is at large,” said the statement that was signed by the Police Public Relations Officer and Deputy Superintendent of Police, Mr. Anjuguri Manzah.

Nigeria Receives $890m from Global Fund to Tackle HIV, Malaria Onyebuchi Ezigbo in Abuja The federal government has received $890 million as grants from the Global Fund to fight HIV/AIDS, tuberculosis and malaria.

The Minister of Health, Dr. Osagie Ehanire, said yesterday that the fund would be used to implement programmes aimed at eradicating the diseases over a three year period, from 2021 to 2023.

Ehanire said that the Global Fund also approved a grant of US$21.9 million to support Nigeria’s COVID-19 response.

He said: “The purpose of this press briefing today is to announce the receipt of a grant, made to the Federal

Republic of Nigeria by The Global Fund to fight HIV/ AIDS, tuberculosis and malaria, amounting to $890 million, over an implementation period of three years, beginning from 2021 to 2023.”

The minister noted that the grant, which is the largest given to any country in this funding cycle, is sequel to a successful funding request made by the Nigeria Country Coordination Mechanism (CCM).

The Global Fund for the fight against HIV/AIDS, Tuberculosis and Malaria (GF) is an innovative international financing mechanism that was established by the United Nations in 2002, with its headquarters in Geneva, Switzerland.

FIFTY-EIGHT HEARTY CHEERS...

L-R: Synod Secretary, Diocese of Lagos, Methodist Church of Nigeria, Very Rev. John Olarewaju Solubi; Archbishop of Lagos and Bishop, Diocese of Lagos, Methodist Church of Nigeria, Most Rev. Dr. Isaac Ayobami Olawuyi; and the Lay President, Diocese of Lagos, Methodist Church of Nigeria, Sir Olugbolahan Olayomi, during the 58 th Annual Synod, Diocese of Lagos, Methodist Church of Nigeria, at the Wesley Chapel, Lekki, Lagos ...recently

Block Makers Urge Members to Participate in Dangote Cement Promo Block makers and artisans who are major users of cement have endorsed the ongoing Dangote Cement bag of goodies season 2 promo.

The building sector professionals drawn from different parts of Nigeria agreed that the promo, which is expected to produce 1000 millionaires is a welcome palliative in the period of COVID-19 scourge.

President of Block Makers Association of Nigeria, Chief

Rashidi Adebowale, said his association is looking forward to benefiting from the ongoing Dangote Cement Season 2 Consumer Promo.

Speaking in Lagos, Adebowale disclosed that the association will be sending out circulars to members of the association to notify them of the promo and the need to check every cement bag they purchase during the promo period.

According to him, many

members of the association benefited from the Season One promo, but lamented that it was more beneficial to the artisans employed by the block makers to work for them.

“This time around, we are going to ensure close monitoring of every Dangote Cement bag that we will purchase during this promo period. This will enable our members to feel the impact of the promo”, he said.

He commended the Dangote

Cement’s management for investing on its consumers through consumer promotion. He said that the company has proved to be truly Nigerian company for always having the interest of the block makers at heart.

Akim Akpan who operates a block making factory in Eket, Akwa Ibom State, lauded Dangote Cement for coming out with the promo after the success of season one.

EFCC Files Charges against Lawyers over 2018 NBA Elections The Economic and Financial Crimes Commission (EFCC) has filed cyber fraud charges against two lawyers who allegedly rigged the August 2018 Nigerian Bar Association (NBA) national elections.

The anti-graft agency accused Sarah Omeigha Ajibola, and John Ozovehe Demide of manipulating the election in favour of incumbent NBA President, Mr. Paul Usoro

(SAN).

It alleged that they altered 1004 eligible voters’ personal details and cast votes for Usoro by impersonating voters.

The agency filed a 14-count charge against the duo last May 5, at the Federal High Court, Lagos.

The suit, marked FHC/ L/118c/2020, was signed by EFCC counsel, Mr. Rotimi Oyedepo Iseoluwa. It is yet to be assigned

to a judge.

According to the charge, the duo conspired and knowingly altered “the e-mail and phone numbers of about 1004 eligible voters of the NBA 2018 elections with the intention that such inauthentic data will be acted upon as genuine during the said election.”

This year’s election will hold on July 24 and 25.

Counts three and four of the

charge are as follows: “That you, Sarah Omeigha Ajibola and John Ozovehe Demide sometime in August 2018, knowingly altered the email addresses and phone numbers of about 1,004 eligible voters of the NBA 2018 National elections and… thereby committed an offence contrary to and punishable under Section 13 of the Cybercrime (Prohibition, Prevention etc) Act, 2015.

Fayose, Olujimi in War of Words over Alleged Oath-taking Victor Ogunje in Ado Ekiti The internal imbroglio brewing in the Ekiti State Chapter of the Peoples Democratic Party (PDP) has assumed a disturbing dimension as two leading party figures in the state, ex-Governor Ayodele Fayose and the former Senate Minority Leader, Senator

Biodun Olujimi, have renewed hostilities over an alleged secret oath administered on party members.

The renewed verbal war between the party leaders was over a five-minute and two seconds video footage that went viral on Monday, which showed some PDP members loyal

to Fayose purportedly swearing to an oath.

In the footage, the party’s executives in the Ijero council area led by the former PDP Chairman in the State, Mr. Bola Olu-Ojo, took turns to make a vow to be loyal to Fayose and laid curses on themselves that sudden

death be visited on them should they betray him.

Olujimi, who perceived the alleged development as fetish, berated Fayose for allegedly coercing the party executives with financial inducement to swear to a ‘fetish oath’ in order to sustain their loyalty.

COVID-19: Police Affairs Minister Goes into Isolation The Minister of Police Affairs, Mr. Muhammad Dingyadi, has gone into self-isolation following his meeting with the Foreign Affairs Minister, Mr. Geoffrey Onyeama, who tested positive for COVID-19.

Dingyadi and a former Sokoto

State governor, Senator Aliyu Wammako, met with Onyeama last Thursday.

The spokesman, police affairs ministry, Mr. Seyi Odutayo, said, “I can confirm that the minister met with his foreign affairs

counterpart last Thursday and following the announcement that Mr Geoffrey Onyeama tested positive for the virus, the minister of police affairs has also decided to go into isolation in compliance with the NCDC

guidelines.”

Onyeama, the first federal cabinet member to test positive announced his status on his Twitter handle on Sunday after his fourth test returned positive for the virus.

WEDNESDAY JULY 22, 2020 • T H I S D AY

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Ëœ ÍşÍşËœ ͺ͸ͺ͸ Ëž T H I S D AY

WEDNESDAYSPORTS

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

Osimhen’s Former Agent Reveals Why Lille’s President Prefers Napoli Victor Osimhen’s former agent, Franco Iovino of Star Factory, has suggested that Lille did not want to do transfer business with other clubs interested in signing the Nigeria international except Napoli.

The 2015 U17 World

Cup-winning striker was linked with a plethora of Premier League clubs, including Tottenham Hotspur and Liverpool, following a breakout season that saw him bag 18 goals in all competitions.

Iovino has pointed

Victor Osimhen

NFF Congratulates Egbo on Historic Feat with European Club Olawale Ajimotokan in Abuja The Nigeria Football Federation (NFF) has sent congratulatory messages to former Nigeria international, Emmanuel Ndubuisi Egbo, who has become the first Nigerian and African to lead a European club to a top tier domestic title.

With three matches left in the Albanian top flight, KF Tirana coached by former Nigeria goalkeeper Egbo has an unassailable lead and thus guaranteed the diadem. In the event, he has also led the team to the UEFA Champions League.

On Monday, President of the Nigeria Football Federation, Mr. Amaju Melvin Pinnick sent a message to Egbo: “I congratulate you and wish you only the best. This is also to say that we are very proud of your wonderful achievements.�

In his response, the former goalkeeper wrote: “Thank you Sir, I appreciate it so much. We thank God for his Grace and goodness.

It is not my achievements; it’s our achievements as Nigerians, Africans and the Black race. Glory be to God Almighty. Na God win Sir. Thank you again for the best wishes.�

In a letter dated 20th July 2020, NFF General Secretary, Dr. Mohammed Sanusi praised Egbo for the feat and expressed the view that the coach has laid down a marker for fellow Nigerian coaches to go out and accomplish brilliantly. “It was with a huge

sense of pride that the NFF and the entire Nigerian Football family learnt of your exemplary achievement as the firstever Nigerian, Black and African Coach to win a major European League, as you have steered KF Tirana to the Albanian top tier championship with few matches left in the on-going season.

In the process, you also became the first African to qualify a team for the UEFA Champions League competition. “The fact that KF Tirana was unable to win any silverware since the year 2018 until your arrival in December 2019 puts your accomplishment in proper perspective. “Certainly, your rare character traits of sobriety, quiet confidence, seamless application and effortless brilliance, so evident in your days with the Senior National Football Team, Super Eagles, steered you and your team to glory. This achievement is no doubt a marker for other Nigerian Coaches, including your fellow ex-internationals, that by working assiduously and diligently in a noble way, they can indeed go out there and break the proverbial glass ceiling. “On our part, we wish you and KF Tirana an enriching and fulfilling experience in the UEFA Champions League, where you are bound to come across much tougher encounters, but you have already demonstrated that you have the capacity to be unflappable when the going gets tough.�

an accusing finger at Lille for complicating negotiations with Napoli after pressurizing Osimhen to change agents, and claimed that the Super Eagle was heading to Italy only because of the relationship between the presidents of the Serie A and Ligue 1 clubs. “It was not clear what happened.

Perhaps something fishy went down, probably between the Presidents of Lille and Napoli,� Iovino told Radio Punto Nuovo, according to Football Italia. “The negotiations didn’t slow down because of Star Factory but because the player kept hesitating.

William D’Avila is a home agent in Lille. The club will surely have advised Osimhen to leave us and go with him. “They will certainly have promised him money. Lille for some reason wanted to only sell to Napoli, because there’s an excellent relationship between the Presidents. “At the moment, my company doesn’t need to look itself in the mirror, the two clubs do.�

Ebere Eze...wanted by West Ham

SUMMER TRANSFER

West Ham Fans Want Ebere Eze, Ask Club to Pay QPR’s £20m Fee English Premier League team, West Ham, have come under increasing pressure from their fans to cough up the £20million asking price Queens Park Rangers (QPR) is asking for Nigerian midfielder, Ebere Eze, who is considered one of the most creative talents in England.

Ebere, 22, born of Nigerian parents in London, is eligible to feature for both Nigeria and England and of late both nations have been battling to secure his services.

England have already capped him at youth level, while the Nigerian Football Federation (NFF) President Amaju Pinnick, has held talks with the midfielder in a bid

to get him to feature for the Super Eagles.

Considered the most creative player Nigeria has produced since Austin Jay Jay Okocha, Ebere currently plies his trade with London Championship side QPR. About to finish the season in mid table, QPR are not in the running for the play-off promotion places, so it is highly unlikely that Ebere will spend another season with the club.

According to ayoakinfe.com, several clubs are said to be eyeing Eze, with the likes of Tottenham Hotspurs, Crystal Palace and newly-promoted Leeds United said to have already enquired about him.

So far, however, West Ham are the only ones believed to have put in a firm bid, getting a response from QPR that they can have the midfielder for ÂŁ20m.

This asking price was said to have put off West Ham but when news of this leaked, it sent their fans mad, with many of them taking to social media top condemn the stingy and miserly stance of the club’s management. Mist West Ham fans consider Ebere a bargain at £20m, especially when compared with the average players currently at the club who cost more than him.

On Saturday, West Ham manager David Moyes and his

assistant Alan Irvine watched QPR’s game against Millwall as part of their interest in Ebere.

In that game which QPR won 4-3, Ebere found the back of the net once, scoring his 13th goal of the season.

When the transfer window reopens, it is expected that there will be a large number of clubs enquiring about Ebere, who has established himself as one of the most exciting players outside the Premier League. His current deal is due to expire next year but QPR hold an option to extend it by 12 months, meaning Ebere is effectively under contract until 2022.

Lifting Premier League Trophy Today Will be Special, Says Klopp Liverpool manager Jurgen Klopp says finally being able to lift the Premier League trophy will be “like Christmas�.

The Reds will be presented with the long-awaited silverware following their league match with Chelsea at Anfield today. “It’s been a really long run-up to this. We have been champions for a month now,� said Klopp. “It’s a bit like Christmas - you know you’re getting a specific present but you are still excited.�

The German manager, who has guided the club to their first league title in 30 years, added: “It will be special.

I’m absolutely delighted the boys have this moment. “They deserve it more

than anyone because there’s so many setbacks they have dealt with.�

Klopp, however, is keen for his squad to focus on hosting Chelsea in their penultimate game of the disrupted season - and not the celebrations after it. “We have to put the blinkers on,� the 53-year-old said. “It is not the easiest game I ever prepared with a team because there are two things tomorrow (Wednesday) night. “Usually I don’t have to think about anything else other than the football game and I can be focused. “But in the end we can only win if we are 100% so we have to go for something as well, it is not as if we are there waiting for the party

to start.�

Klopp admits that it will be “one of the greatest days� of his life to watch injured captain Jordan Hendersonlift the trophy the club has waited so long for - and to get his hands on it himself.

Merseyside Police Chief Constable Andy Cooke has warned fans not to visit in large numbers and congregate outside the groundon Wednesday evening because of coronavirus regulations.

A parade is expected to take place later in the year, but only when large public gatherings are permitted again by the government. “I’m a Liverpool supporter but my first responsibility is to the city and wider Merseyside area,� he said.

“We have a full policing operation at the ground on Wednesday and we will take action. Now is not the time for celebration.�

Jurgen Klopp

WEDNESDAY JULY 22, 2020 • T H I S D AY

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Wednesday July 22, 2020

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& RE A SO

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Price: N250

MISSILE

Gbajabiamila to Akpabio

“This is my fifth term here and I have never for once collected anything from the National Assembly and I know I speak for a great majority of members of this House, a great majority. And because of that, I will take this allegation and accusation very seriously” – Speaker of the House of Representatives, Femi Gbajabiamila, giving the Minister of Niger Delta Affairs, Godswill Akpabio, a 48-hour ultimatum to publish the names of lawmakers who got contracts from NDDC.

KAYODEKOMOLAFE THE HORIZON

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Plotting the Way out of Crisis The vision and promise of the United Nations is that food, healthcare, water and sanitation, education, decent work and social security are not commodities for sale to those who can afford them, but basic human rights to which we are all entitled - Antonio Guterres

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ecretary-General of the United Nations Antonio Guterres said last Saturday that “inequality defines our time.”

He gave the 2020 edition of the yearly lecture to mark the 92nd birthday of the authentic African hero, Nelson Mandela.

The occasion was organised by the Nelson Mandela Foundation in South Africa. It was incidentally the first virtual edition of the lecture.

According to Guterres, mankind faces the deepest global recession since the end of World War II in 1945. In his estimation, what has happened could be described as the broadest collapse in incomes in the last 150 years.

As a result, there is the risk that a hundred million more people could be pushed into extreme poverty and nations could witness famines of historic proportions.

Maybe, some members of his audience might say that, for a diplomat, Guterres’ tone was rather polemical as he spoke on “Tackling the Inequality Pandemic: A New Contract for a New Era.” It’s a welcome polemic.

You would be right to say that was probably because we live in unusual times and the crisis at hand requires critical thinking in order to come up with efficacious solutions.

In any case, Guterres defined the moment correctly.

It is, therefore, suggested that those who lead the process of plotting Nigeria’s path out of the crisis and making projections for the post-COVID-19 economy, society and even polity should pay adequate attention to the currents of ideas for solutions around the globe.

It is another indication that this is no time to rely exclusively on the neo-liberal recipes in putting together economic recovery packages. For decades now, policymakers have been going to the same shelf to pick solutions approved by exogenous powers even when the people find the formulas bitter.

This crisis should compel a radical rethink of policy options.

The nation’s economic managers should go beyond the routine of always talking about oil price, privatisation, GDP, growth rates, Fitch rating, exchange rates etc. in planning critically for the future of tens of millions of Nigerian youths. These young citizens constitute the majority of the population.

Making a global survey of poverty and precarity, Guterres declared: COVID-19 has been likened to an X-ray, revealing fractures in the fragile skeleton of the societies we have built.

It is exposing fallacies and falsehoods everywhere; The lie that free markets can deliver healthcare for all;

President Muhammadu Buhari The fiction that unpaid care work is not work; The delusion that we live in a post-racist world; The myth that we are all in the same boat.

Because while we are all floating on the same sea, it’s clear that some of us are in superyachts while others are clinging to the floating debris.

The import of the honest liberal challenge that Guterres has thrown to leaders of nations is that in designing solutions to the socio-economic problems triggered by the novel coronavirus, it would be pretentious to claim ideological neutrality in making policy choices.

The historical truth is that some policies can put the rich at a greater advantage while some other alternative policies could have the effect of lifting millions out of poverty.

The urgent call to make here is for the governments at all levels to deliberately embark on pro-poor policies. This is important in order to sincerely tackle poverty and inequality.

So, the ideas informing the policy choices matter a great deal.

And talking about ideas, it is not only anti-capitalist radicals who are opposed to the plagues of poverty and inequality.

There are those who genuinely want to fix capitalism, but who are perceptive enough to see that the system is doomed if nothing urgent is done about the rising tide of human misery. They are convinced that the present socio-economic order in which the affluent 1% is pitched against the rest of humanity is simply unsustainable.

Some scholars have pushed the discussion to a more theoretical level. These thinkers actually want to save capitalism from itself.

One of them is the celebrated French economist Thomas Piketty. He argues against inequality eloquently in his latest book released in March, Capital and Ideology, which he calls a “sequel” to his earlier well-received Capital in the Twenty-First Century. Five years ago, Piketty said in a newspaper interview that: “I believe in capitalism, private property and the market.”

However, Piketty now argues more vigorously in his new book that extreme inequality plaguing the socio-economic landscape could not be justified. He traces the origins of ideologies that have justified

inequality for centuries. His approach is not just that of technical economics. He amply draws from history, sociology, literature, philosophy and political science to make the point that ideas dominating policies are not natural. He demonstrates that they are all human constructs that can change because of the problems at hand. He cites examples from different countries to make the point about the danger of global inequality. By the way, the examples cited from Nigeria by Piketty in his 1,093-page volume are from the stories in the novels of Chimamanda Adichie on issues of immigration.

Piketty makes a number of suggestions that policymakers could try in tackling inequality.

For instance, he proposes redistribution of wealth using the instrumentality of a more effective taxation of the rich and the reconstruction of political power. He puts it like this: “The study of history has convinced me that it is possible to transcend today’s capitalist system and to outline the contours of a new participatory socialism for the twenty-first century – a new universalist egalitarian perspective based on social ownership, education and shared power…”

A systemic view of the crisis is important.

To a large extent, the problems of insecurity, corruption, poor productivity, governance incompetence, ethnic tension, religious crisis etc. are symptoms of and responses to a system in decay. To combat these manifestations of the systemic breakdown, the socio-economic questions must be answered on the side of justice.

Beyond the symptoms are the structural roots of a system based on socio- economic injustice. Corruption, for instance, is second nature to capitalism. The logic of the system legitimises many vices bedevilling the society.

After all, what passes for economic management is a little more than merely making a sense out the misery of the people.

The global harvest of ideas for the resolution of the crisis and advancement of human progress should be instructive to those responsible for managing the economy.

The National Economic Council, the constitutional body created to co-ordinate national economic affairs, should be energised to perform this role at this critical period.

The council, chaired by Vice President Yemi Osinbajo with all the governors and key national economic appointees as members, clearly has its job cut out for it. But the task may not be as gargantuan as it may seem if the government engages the different interest groups and classes productively.

To evolve a coherent national response to the crisis, the role of the council is more fundamental than those of the fire-fighting committees that the government may set up on different aspects of the crisis.

In this respect, the government should be receptive to the ideas from different forces.

One of such groups that the government should consider its proposals is that of the Alliance on Surviving COVID-19 and Beyond (ASCAB). The alliance has not only

made a radical critique of the Economic Sustainability Plan of the government, it has also suggested policy alternatives.

Incidentally, the Vice President is also the chair of the ad hoc committee that put together the plan.

The plan could be called Nigeria’s own “stimulus package” in the pattern of different plans by countries around the world. Apart from the usual fiscal and monetary tinkering and budgetary adjustments, the plan is focussing on “projects and policies” in the real sector with the prospective benefits of job creation among others. Areas of emphasis include mass agricultural projects, public works, mass housing, digital technology and building safety nets.

For instance, embodied in the plan is the proposed cultivation of between 20,000 and 100, 000 hectares of land in each state with the expected job creation prospects. About 300, 000 new homes are proposed to be built under the plan while the materials would be sourced locally for constructions given the problems of importation amidst the crisis.

The implementation plan is also well articulated in the government’s plan.

The ASCAB’s response is that as beautiful as the government’s plan appears on the surface, it has failed to fundamentally address the scandalous inequality in the Nigerian system which coronavirus has exposed. ASCAB says the government’s plan is essentially the usual neo-liberal package for the International Monetary Fund (IMF) and the World Bank to approve.

The criticisms of the alliance are valid and the alternatives proposed are worth pondering by policymakers.

As an alternative, for instance, ASCAB is calling for increased funding of healthcare delivery as well as public education. The alliance is calling for huge investments in the provision of water and sanitation. It also wants the social register to be made more comprehensive in the programme of building social safety nets.

How can the government’s plan be sustainable when there are no visible efforts to invest in basic needs of the poor who are the worst victims of the crisis? You cannot be slashing health and education budgets and expect to achieve a sustainable plan. The capacity of the existing health facilities should be enhanced while new ones should be built.

Research and innovation should be well funded and encouraged if the slogan of sustainability is to be taken seriously.

The fundamental challenge here is that policymakers do not seem to accept the reality that in economic management coronavirus has compelled what Thomas Kuhn in his Structure of Scientific Revolutions calls “paradigm shift.”

The basic fact that with the existing paradigm, poverty has not been tackled fundamentally for decades should make those in charge of policy to pause and be more critical.

The moral of it all is that to exit the crisis and achieve sustainable development, policies should be better humanised.

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