MONDAY 9TH AUGUST 2021 by THISDAY Newspapers Ltd

Ogala: Why APC Congresses Remain a Nullity in Eyes of Law Says all party structures hitherto dissolved must be re-instated from NEC to ward executives Explains PDP, Jegede didn’t challenge votes cast but nomination of APC candidate Former National Legal Adviser of the APC, Mr. Babatunde Ogala (SAN), has again advanced legal reasons why the All Progressives Congress (APC) congresses

remained a nullity in the eyes of the law and should be cancelled forthwith. This is the second time in a row that he was advancing his legal

views on the problems associated with the congresses of the party. In his first view, he recommended the reinstatement of the dissolved National Working Committee

(NWC) without the former National Chairman, Adams Oshiomhole, because his suspension followed due process. Ordinarily, he said the party’s

Board of Trustees (BOT) should have held sway, however,lamented that, as at press time, the ruling party had no BOT. Yet, in his second legal opinion,

he reiterated his conviction that the congresses of APC remained a nullity in the eyes of the law. Continued on page 55

How Billionaire Businessman, Capt Hosa, 63, Died of Pancreatic Cancer...Page 8 Monday 9 August, 2021 Vol 26. No 9618. Price: N250

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2023: Who Leads Nigeria? With 559 days to election, search for a new president begins ]Obinna Chima With exactly 559 days to the 2023 presidential election, the search for a new leader for Africa’s most populous country and largest economy – Nigeria – has begun. Continued on page 60 Yemi Osinbajo j

Kayode y Fayemi y

Godwin Emeﬁele

Okonjo-Iweala j

A Akinwumi Adesina

Amina Mohammed

B Bukola Saraki

Benedict Oramah

Aminu Tambuwal AminuTambuwal

Kingsley Moghalu

Nasir el-Rufai

RRajij Fashola

Godwin Obaseki

Charles Soludo

Peter Obi

Sanusi Lamido Sanusi

R Rotimi Amaechi

Atedo Peterside

Abdullahi Sule

Aliko Dangote g

g Herbert Wigwe

Abdulsamad Rabiu

g Agbaje g j Segun

Aigboje Aig-Imoukhuede

Leo L Stan

Timipre Sylva

Udoma Udo Udoma

Abubakar Bagudu

Ibikunle Amosun

Tony Elumelu

Seyi Makinde

PDP National Vice Chairmen, Others Ask Secondus to Resign... Page 10

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322

MINISTERIAL RETREAT... L-R: Permanent Secretary, Federal Ministry of Transportation (FMOT), Dr. Magdalene Ajani; Minister of Transportation, Rt. Hon. Chibuike Amaechi; Minister of State for Transportation, Senator Gbemisola Saraki; Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh; Acting Managing Director, Nigerian Ports Authority (NPA), Mohammed Koko Bello; and Executive Secretary, Nigeria Shippers Council (NSC), Emmanuel Jime, at the FMOT Ministerial Retreat (Second Phase) held at Oriental Hotel, Lekki, Lagos...recently

With Planned Dividend Payout, NNPC Prepares for Life Outside FG’s Control Corporation’s April expenditure rises by 17.2% to N492.05bn

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) is assiduously working towards the payment of dividends to its shareholders, notably the federal, state and local governments, to satisfy one of the conditions for listing on the Nigerian Exchange Limited (NGX), THISDAY learnt yesterday. Within the first six months of the operation of the new petroleum legislation, expected to be signed into law by President Muhammadu Buhari any time soon, the Minister of Petroleum Resources, being the president, is mandated under the Petroleum Industry Bill (PIB) to incorporate the NNPC as a limited liability company to be known as NNPC Limited, to fully commercialise

its operations. Nigerians were shocked recently to hear the Group Managing Director of the NNPC, Mr. Mele Kyari, declare in public on three separate occasions that the corporation which has consistently operated at a loss plans to pay dividends like the Nigerian Liquefied Natural Gas (NLNG) Limited. The first instance was during an interactive session with the National Association of Energy Correspondents (NAEC) in Abuja, last November; the second was when he appeared on ARISE News Channel to clarify issues around the Dangote Refinery, and the third was last week in Lagos, while delivering an address at an event organised by the Society of Petroleum Engineers (SPE). “Everything we are doing must align with the wider national interest.

And therefore, NNPC, being the representatives of all of us and, is, of course, a very potential global player, this is our ambition and we are getting there. “And I can tell you, within the next month or two maximum, we will publish our statement of accounts for 2020. And I can also confirm to you that for the first time in our history, we will declare profit to the Nigerian people,” he told his audience. Clause 53 of the legislation recently passed by the National Assembly, says the petroleum minister must consult with the minister of finance to determine the number and nominal value of the shares to be allotted, which would form the initial paid-up share capital of NNPC Limited. In addition, 53 (7,8) provides that NNPC Limited must operate as an, “efficient profit-making entity,”

declare dividends and also pay all fees, rents, royalties, profit oil share taxes and other requirements on any lease or licence. However, THISDAY learnt yesterday that to satisfy the standard for listing, which the NNPC would be mandated to do under the new law, Financial Standard ‘A’ requires that a company which wants to be listed on the main board of the exchange must provide three years financial statements, the most recent of which must not be more than nine months old at the time of application submission. In addition, the standard requires that company must provide financial statements with the date of the last audited accounts not being older than nine months. The Chief Executive of Financial Derivatives Company Limited (FDC),

Mr. Bismarck Rewane, who alluded to the process of listing in a note at the weekend, stressed that the planned action by the national oil company could be a precursor to its listing in 2022. Rewane, noted that listing of the NNPC like it’s Saudi Arabia counterpart, Aramco, could boost market capitalisation by as much as 65 per cent to hit N33 trillion when the deal is completed. “Only a discerning analyst would have raised his eyebrow when the NNPC announced its intention to pay its first dividend in September 2021. He would ask if this was a precursor for listing the oil behemoth on the Nigerian stock market just like Aramco did in Saudi Arabia. “Aramco IPO has been the world’s largest to date. To list any company on the exchange, the company must

FG Begins Implementation of CBN's N250bn Gas Expansion Fund Targets 3m jobs Absence of cars for conversion, high gas price hurting autogas initiative

Ndubuisi Francis in Abuja and Peter Uzoho in Lagos The federal government has commenced the implementation of the Central Bank of Nigeria's (CBN) N250 billion intervention fund for the National Gas Expansion Programme (NGEP), which is expected to create about three million direct and indirect jobs. However, findings by THISDAY has revealed that the federal government’s plan to enthrone an alternative energy regime in the country through its autogas policy may be heading for failure owing to apathy now observed among the petroleum products marketers towards the initiative. The intervention facility for the NGEP, which is targeted at stimulating finance to the critical sector and motivate investment in the gas value chain being funded by the apex bank, the Permanent Secretary, Ministry of Petroleum Resources, Mr. Bitrus Nabasu, disclosed at the weekend that the process of receiving applications from potential beneficiaries to access the facility had commenced. He stated that the fund was available to finance the establishment of

gas processing plants and small-scale petrochemical plants, gas cylinder manufacturing plants, Compressed Natural Gas (CNG) regasification modular systems, automatic conversion kits or components manufacturing plants, CNG primary and secondary compression stations, as well as micro distribution outlets and service centres of liquefied petroleum gas (LPG) sales. Nabasu, noted that the intervention fund was designed to meet certain objectives, including improved access to finance for private sector investments in the domestic gas value chain and stimulate investments in the development of infrastructure to optimise domestic gas resources for It also set out to fast-track the adoption of CNG as the fuel of choice for transportation and power generation, as well as LPG as the fuel of choice for domestic cooking, transportation and captive power. According to Nabasu, the fund would equally provide leverage for additional private sector investments in the domestic gas market, boost employment across the countrh and fast-track the development of gas-based industries, particularly petrochemical (fertiliser and methanol, among others).

This is with a view to supporting large industries such as agriculture, textile and related industries. The fund, he added, would service the development/enhancement of auto gas transportation systems, conversion and distribution infrastructure, enhancement of domestic cylinder production and distribution by cylinder manufacturing plants and LPG wholesale outlets, and any other mid to downstream gas value chain-related activity recommended by the Ministry of Petroleum Resources. The Permanent Secretary said: "It is expected that parties with the capacity to develop and operate any of the afore-listed projects would need to demonstrate project development experience. “In addition, interested parties will need to demonstrate technical and commercial capacity." Nabasu stressed that interested applicants were required to demonstrate evidences of experience and capabilities in their proposed businesses in order to access the fund. He urged interested applicants to provide at least general information about them, particularly experiences and evidence of technical competence

as well as organisationall structure. Giving further details, Brenda Ataga, who is the Senior Technical Assistant on Gas Development and Investment to the Minister of State, Petroleum Resources, Chief Timipre Sylva, said the fund was launched August 2020 by the CBN, adding that since then 27 applications had been recorded on the high capital expenditure portion which has an obligor limit of N10 billion, while 50 applications were received from the small and medium-scale enterprises (SMEs) side. The SMEs support portion, she disclosed, has a limit of N50 million, broken into start-ups and experienced applicants. She disclosed that evaluation of applicants would be based on seven fundamental areas. “In this regard, our evaluation covers seven fundamental areas which must be evidenced by applicants, and it is very important that this is stated to the applicants because people have sent us all sorts of applications that are not in line with the recommended framework for evaluation. "The essence is for us in the ministry to support the propagation of gas and also creation of jobs

through access to financing,’’ she said SMEs, she added, would also follow similar structure, noting that start-ups would enjoy some leniency in the financial model. Stating that SMEs will prove that they are registered in Nigeria, pay their taxes, prove affiliation to first-class companies which are already established businesses with good track records within the gas value chain, she pointed out that there was no deadline for filing of applications. According to her, some preferential treatment would be accorded indigenous companies as well as gender-based considerations for companies in the SMEs' category. Ataga noted that one of the positives to be derived from the fund is its potential to support government’s drive to reduce greenhouse gases by a minimum of 50 per cent.

Absence of Converted Cars, High Gas Price Hurting FG’s Autogas Initiative

Meanwhile, the federal govContinued on page 10

have paid dividends in the prior three years. This announcement was swiftly followed by the FEC approval of NNPC’s acquisition of a 20 per cent stake in the Dangote Refinery and Petrochemical project. “These decisions are not only huge but are potentially transformational for the petroleum sector in Nigeria, which had been hitherto in a moribund state. “The governance requirements of listed companies is likely to force the NNPC to become more transparent and accountable in its financial management,” Rewane said. Meanwhile, the NNPC in its April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), released yesterday, stated that its expenditure for the month under review increased by 17.24 per cent or N72.34 billion to N492.05 billion. The national oil company also announced a trading surplus of N43.57 billion in April 2021, representing a 23.64 per cent increase over the N35.24 billion surplus it recorded in the previous month of March 2021. It also clarified that its calculation of trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue for the period under review. According to the report, the NNPC's operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67 billion to stand at N535.61 billion. The NNPC attributed the rise in trading surplus to the activities of the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales. “The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO),” it stated. In the downstream, to ensure uninterrupted supply and effective distribution of fuel across the country, it stated that a total of 1.67 billion litres of Premium Motor Spirit (PMS) or petrol translating to 55.79 million litres/day were supplied in the month under review. The report also showed a 34.29 per cent reduction in the number of pipelines vandalised from 70 in March 2021, to 46 in April 2021. While Port Harcourt area accounted for 54 per

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MONDAY AUGUST 9, 2021 • T H I S D AY

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How Billionaire Businessman, Capt Hosa, 63, Died of Pancreatic Cancer Family: He led a good life, we take solace in the fact that he lived a good life Buhari, Obaseki, Oshiomhole, others condole with Edo people

Deji Elumoye in Abuja and Adibe Emenyonu in Benin City After months of a hard fought battle with pancreatic cancer at a London hospital, billionaire businessman and Chairman of Ocean Marine Solutions Limited, Captain Idahosa Okunbo,has passed on. He was aged 63. Although doctors, family sources hinted, had pegged March as his likely month of passing, Okunbo fought harder and stayed five months month, hoping the hour would pass him by. But his family, in an official announcement of his death, was proud that the late Okunbo lived a good life and would therefore not mourn like the hopeless. Also, President Muhammadu Buhari, Governor Godwin Obaseki and former governor Adams Oshiomhole, have commiserate with the family of Okunbo and the people of Edo over the passing of their son, saying his exit was both painful and untimely. A statement from the family, signed by Dr. Tinyan Okunbo, head of the Okunbo family, and made available by the deceased’s Media Consultant, Samuel Ajayi, however, thanked God for a life of service and dedication to humanity that the late businessman lived. The statement read in part: "We do not mourn like those that have no hope and we take solace in the fact that he lived a good life and he has gone to be with his Lord and Saviour Jesus Christ." While thanking everyone for their prayers and support all through this trying period, the family,

craved the understanding of all and sundry at this trying times and would want the immediate family be allowed family to "grief in privacy", even as it promised to communicate further announcement at a later date. President Buhari, in a release issued Sunday by his Media Adviser, Femi Adesina, commiserated with the family, friends and associates of Okunbo, noting that the late Okunbo, with investments spanning the petroleum, telecommunications, maritime, and power sectors, among others. The president also noted that Okunbo contributed immensely to the development of the Nigerian economy, providing sustenance to many families in the process. While praying for the repose of the soul of Okunbo, Buhari urged those who mourn him, particularly the people of Edo State to whom he devoted time and resources, to sustain his legacies of wellspiritedness and large heartedness. On his part, the Edo State Governor, Mr. Godwin Obaseki, said the state had lost a brother. In a statement yesterday, the governor said: "It is with a heavy heart that I mourn the passing of a great son of Edo State, a brother, a distinguished Nigerian, an illustrious businessman and an accomplished philanthropist, Captain Hosa Okunbo. "A man of unparalleled energy and accomplishments, Captain Okunbo saw opportunities in adversity and from an early age in life, carved a niche for himself to become one of Nigeria’s most outstanding businessmen.

"A trained pilot, he conquered the air at an early age and set for the waters and land, building enterprises that distinguished him in the business world and embodied the hard work, perseverance, dexterity and acumen that espoused his Edo heritage. "Okunbo was a philanthropist, who gave lavishly of himself and his resources; thousands of Edo sons and daughters benefited from his charitable works and benevolence. "As a mortal, Captain Okunbo was not a perfect person just as none of us can claim to be, but he will be remembered for his undying love for Edo people. "His desire for the development and progress of our dear state, the Niger Delta region and Nigeria as well as his invaluable contributions to building bridges of peace across the country will never be forgotten. "I commiserate with the Okunbo family, friends and associates of our departed brother and pray that God will grant all the fortitude to bear this irreparable loss." A former governor of Edo

State and erstwhile national chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole, described the death of Okunbo as an irreparable loss to humanity. Oshiomhole said, "I received Sunday morning, the unanticipated news that my friend, Capt Hosa Okunbo has passed on. “I am in disbelief, shock and deep pain, to say the least. It is just too hard to come to terms with the reality that Capi is no more and words alone cannot appropriately capture the dark mood cast upon our land this day." The former NLC President, noted that Hosa was not just a good friend, but a brother and an exceptionally dependable ally in all his efforts for a better Edo State and truly loved Edo State and wished only the best for his people. "His generosity and capacity for empathy knew no bounds. He was a man of peace with an unlimited ability to forgive those, who hurt him. He was a great source of inspiration for our youths,

with a unique flair to understand and intervene on their behalf. "He was sympathetic to all causes that sought to foster harmony, development and progress in society. He engendered an extensive support system that catered for all categories of the needy in all spheres of existence. His humanitarian investments in the health, education, economic and social lives of his people makes him perhaps the most celebrated philanthropist in Edo State until his death. "He made himself available to solve the problems of everyone and at all times. Even with his personal health challenges, he never ceased to respond to the cries of the needy. His demise is an irreplaceable loss to humanity. Edo people and indeed Nigerians of all political and religious persuasion will surely miss him. "At this moment of deep grief across the land, I send my sincere condolences to his wife Nosa, his children, extended family and to his Royal Majesty Oba Ewuare

II, to whom Capt Hosa was a very loyal subject and personal friend. I pray that God forgive his shortcomings and grant him eternal rest in paradise," Osbionhole declared. Also, doctors in the Commonwealth of Nations, Minister of State for Budget and National Planning, Clem Agba, mourned Okunbo. Agba, in a statement, said "His death has created a huge vacuum that will be difficult to fill. "Captain Hosa made a very huge difference to the lives of countless people by his philanthropy. Despite his wealth, his humility, selflessness, strength of spirit and deep sense of purpose made him a national icon, a revered symbol of humanity, and a source of inspiration to many people. "With his death, Edo people have lost one of its greatest sons. Our people have lost a colossus and a philanthropist par excellence. A guiding light has been extinguished; a philanthropic colossus no longer Continued on page 55

SERAP Urges Buhari to Probe Unappropriated Spending of N881bn by 367 MDAs

Udora Orizu in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice Mr. Abubakar Malami (SAN) and the appropriate anti-corruption agencies to investigate the reported spending of over N880 billion of public funds by 367 Ministries, Departments and Agencies (MDAs) in 2018, without appropriation. In the open letter dated August 7, 2021, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation which relied on the 2018 annual audited report by the Auditor-General of the Federation, said any of such investigation should establish whether public funds had been mismanaged, diverted or stolen. It stressed that anyone suspected to be responsible should face prosecution as appropriate. SERAP said if the federal government fails to take recommended measures within 14 days, it would take legal actions against the government in the interest of the public. The letter read in part: "According to Part 2 of the 2018 annual audited report by the AuditorGeneral of the Federation, N880,894,733,084,811 was

spent by 367 MDAs without appropriation. Fourteen MDAs reportedly spent N162, 924,630,539.20 without appropriation. Similarly, 100 MDAs spent N229, 136,261,325.73 on ‘social benefits’ without appropriation. “Furthermore, 151 MDAs exceeded their 2018 Overhead Appropriation by N476, 625,502,048.87 without any evidence of supplementary appropriation or approved virement to support the extra-budgetary spending.” It stated further: "102 MDAs also reportedly spent N12, 208,339,171.01 on subsidies without budgetary provisions. The Auditor-General is concerned that the money may have been misappropriated. “Identifying and naming and shaming those who spent public funds without appropriation would improve the chances of success of your government’s oft-repeated commitment to fight corruption and end the impunity of perpetrators. “It will also serve the public interest. These damning revelations suggest a grave violation of the public trust, the Nigerian Constitution of 1999 [as amended], and international human rights and anti-corruption standards. Spending of public funds without appropriation will create opportunities for corruption."

A FUTURE WITH HOPE"… L-R: The Celebrant and Inaugural lecturer; Prof. Oluseyi Oduyoye; Vice President Prof. Yemi Osinbajo; wife of the celebrant, Mrs. Adesumbo Bolatito Oduyoye; Ogun State Deputy Governor, Engr. Noimot Salako Oyedele and the Vice-Chancellor, Babcock University, Ilishan, Prof. Ademola Tayo at double celebration of his 65th birthday and the 33rd Inaugural lecture of the Babcock University titled " From the Small Business to Big Business: A Future with Little Hope" at Ilishan, Ogun State... yesterday

Weapons Sale Suspension: US Security Cooperation with Nigeria Not Affected, Says Consul General

Chiemelie Ezeobi

Security cooperation between the United States and Nigeria has neither been halted nor frozen by the recent suspension of weapons sale to Nigeria by the US Congress. US Consul General in Nigeria Claire Pierangelo disclosed this on-board the visiting United States Ship (USS) Hershel “Woody” Williams at the Nigerian Ports Authority (NPA) jetty, Apapa, in Lagos. USS Hershel “Woody” Williams, an Expeditionary Sea Base (ESB) 4 permanently deployed to Africa, is in Lagos for a three-day sea exercise with operatives of the Nigerian Navy and their Ghanaian counterparts. Pierangelo said sales and transfers of weapons to the Nigerian military by the US currently exceeded $559 million, emphasising the commitment of the American government to Nigeria's defence needs.

She declared, "Let me address first the questions of the role of the US Congress in terms of selling weapons. All foreign military sales, regardless of which country, need congressional notification threshold, must have completed the statutory congressional review process prior to the sale being completed and any equipment under that sale being delivered. "So there's a very robust process in the United States congressional notification. No military sale can go forward without that being done and no military sale will ever be delivered or scheduled whilst subject to any kind of congressional hold or any statutory restrictions. “The US is committed to supporting Nigeria's defence requirements while also ensuring that respect for democracy and human rights remain a key priority in the bilateral relationship. "We take seriously our

obligations to ensure that all arms sales and transfers are consistent with the law and with the President's commitment that US arms sales and transfers be consistent with our values, including promoting respect for human right in compliance with the laws of arms conflict. "So current security cooperation continues with Nigeria. It has not been halted or frozen. The current value of sales and transfers of capabilities to the Nigerian military exceed some $559 million. "We know the arrival of the first 12 A29 Super Tucano is part of that sale, we are working closely with the Nigerian Air Force to make the first six A29 operational and delivering the next six in the coming months. "In addition, we will be working with the Nigerian military to develop additional capabilities to reduce the risk of collateral damage and civilian casualties as our partnership

here includes an advisor in the law of arms." Asked if there were plans by the US to transfer naval assets to the Nigerian Navy under the Excess Defence Article programme, Pierangelo said talks were on. She added that the Nigerian Navy had indicated interest in a number of equipment, explaining that they are eligible to request. The consul general stated, "The Nigerian Navy has expressed great interest in receiving ships from the Excess Defence Article programme. They are, of course, eligible. Our partnership remains strong with Nigerian Navy. We are here to train and work with the Nigerian Navy. It is important we engage with Nigerian agencies." On the visit of the ship, Pierangelo said it was part of the US-Nigeria bilateral relationship, which she described as one of the most important in Africa.

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MONDAY, ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

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LCCI: Spending 98% of FG’s Revenue on Debt Service Worrisome Advises government to securitise assets to enhance revenue

Dike Onwuamaeze Worried that the federal government spent 98 per cent of its revenue to service debt between January to May 2021, the Lagos Chamber of Commerce and Industry (LCCI) yesterday advised government to evolve innovative ways of using its idle assets to boost public revenue and foreign exchange inflows. The LCCI gave the advice in a statement yesterday titled: “Practical Steps for Boosting Revenue and Foreign Exchange Inflows.” It noted that, “Nigeria’s fiscal and financial challenges have been of concern to several stakeholders as the government has increasingly resorted to debt to finance recurrent and capital obligations in the face of dwindling revenue.” The statement signed by the Director General of the LCCI, Dr. Chinyere Almona, added: “The country’s debt situation has become worrisome with debt servicing consuming a significant share of the revenue. The debt service to revenue ratio for the period of January to May 2021 stood at about 98 per cent up from 83 per cent recorded in 2020 according to the budget implementation report.” The chamber, however, clarified that its recommendations did not

connote the sale of national assets, “but a mechanism to generate more revenue from the assets without their outright sales. This is a more sustainable way of revenue generation and boosting foreign exchange inflows.” The LCCI, according to Almona, noted that Nigeria is an asset-rich nation as it owns hundreds of large state-owned companies, valuable parcels of land, and built structures in prime commercial locations that have been grossly under-utilised and contribute too little to the country’s fiscal and financial situation because their market values had not been ascertained. “There is, therefore, a need for government to take urgent steps to establish the market value of these assets, securitise the corporate assets and commercialise the real estate assets to raise revenue for the government and foreign exchange inflows for the country. “There is a need to replace existing debt stocks with asset-linked debt to ease the debt servicing burden; attract Greenfield Foreign Direct Investments (FDIs) into publiclylisted state-owned companies and generate new revenue streams from commercialised real estate portfolios,” the LCCI stated. The chamber proposed to the federal, state and local governments to identify their

corporate, physical, intangible and human assets in terms of location, purpose, and usage and record same in a national asset register. It said: “An asset register that provides detailed information about Nigeria’s assets at national, state, and local government levels must be created. “Corporate assets should be securitised via public share issuance to raise equities. A typical example is Saudi Aramco’s IPO of 2019 that realised $25.6 billion

after the oil firm sold a 1.5 per cent stake to private investors. “Physical assets such as idle or under-utilised properties could be repurposed and redeveloped for commercialisation to generate revenue. Typical examples are what the United Kingdom has done with its inner-city prisons as well as the United States’ conversion of military bases into great commercial places. “Intangible assets such as breaking government monopoly in the infrastructure sector

like railway, pipelines, power transmission should be liberalised for investors to commit equity funds into these sectors. “A typical example was the liberalisation of the telecoms sector that incentivised investors to purchase GSM licenses.” It further proposed massive investment in skill and talent development to increase the pool of the country’s human capital as, “the financialisation of Nigeria’s human assets will boost net foreign income and

remittance inflows into the economy. A typical example is how the Philippines is training its doctors, nurses, technicians, to enable them to export their services to foreign countries.” The LCCI observed that from a valuation standpoint, government assets could be broadly classified into financial and non-financial assets where the financial assets have established market values while non-financial assets would refer to those assets with unknown market values.

NNPC Set to Fill 19 Top Management Vacancies, May Reshuffle Existing Positions Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) may any time from now carry out a major exercise to fill about 19 existing vacant positions in the company, which may also see the redeployment of several top officials, following the planned shake-up. Quoting top government sources yesterday, an online medium, The Whistler, said that some of the 19 management positions that are yet to be occupied are due to statutory

retirements by some employees of the company, starting from December last year. It stated that for instance, the position of Chief Operating Officer ( Downstream) has been vacant since December 2020 when Mrs. Lawrencia Ndupu statutorily retired from that position. Ndupu, who represented the South-east region at the top management level of the NNPC had yet to be replaced since her retirement. The implication of this, according to the sources is that there is currently no representation from the South-

east at that level of management at the NNPC, adding that the Chief Operating Officer (COO) Ventures and Business Development has been seen several times in public events acting in that position lately. It was also gathered that replacements would be announced to fill the vacant positions left due to the retirement of the managing director of the Nigerian Gas Marketing Company(NGC) as well as the managing director of the Port Harcourt Refinery. Similarly, the Managing Director, Petroleum Products Marketing Company (PPMC), Mr. Musa Lawal and Group General Manager, Group Public Affairs Dr. Kennie Obateru, are said to be due for retirement in September this year. “There is going to be a massive shake-up at the NNPC following the 19 vacant positions that we now have in the corporation. You will recall that the COO Downstream, Mrs

Lauretta retired since December 2020 and she is representing South-east in the NNPC management level. “No one has replaced her yet and by implication, there is no representation from the South-east. Instead, Engineer Adeyemi Adetunji who is COO Ventures and Business Development has been seen severally in public events acting as COO Downstream. “The MD PPMC, Musa Lawal and GGM Group Public Affairs Dr Kennie Obateru are also due for retirement sometime in September this year. Don’t forget that the MD of Nigerian Gas Marketing Company, and MD of PH Refineries have all retired without replacement. “It is expected that someone from the SE will be promoted to COO to replace Mrs Ndupu. Some persons have been working in those positions in acting capacity,” the online medium quoted the NNPC source as saying.

FG BEGINS IMPLEMENTATION OF CBN'S N250BN GAS EXPANSION FUND

OBASEKI CELEBRATES URHOGHIDE AT 66… L-R: Senator representing Edo South Senatorial District, Senator Matthew Urhoghide; Deputy Senate President, Senator Ovie Omo-Agege, and Edo State Governor, Mr. Godwin Obaseki, during Senator Urhoghide’s 66th birthday thanksgiving service, in Benin City... yesterday

PDP National Vice Chairmen, Others Ask Secondus to Resign

Pressure seems to be mounting on the embattled National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, as four national vice-chairmen of the party joined others to further call for his resignation from office. In a resolution issued last night after a meeting held in Abuja, they stated that having reviewed the state of the party, they decided to pass the resolution asking the national chairman to resign in order to save the party from total disintegration. The resolution, which was exclusively obtained by THISDAY AND ARISE NEWS channel, was signed by National Vice Chairman, Southwest, Taofeek Arapaja; National Vice Chairman, Southeast, Chief Ali Odefa; National Chairman South-south, Chief Dan Orbih, and National Chairman North Central, Dakas

Shan. It read: "The meeting reviewed the recent resignation by elected national officers of the party blaming their decision on the inept leadership of the national chairman and the recent movement of our governors and members of the National Assembly to a failed ruling party. "The meeting also calls on all stakeholders to remain steadfast as our party remains the hope of Nigerians." Meanwhile, some other members of the PDP, under the umbrella of ‘PDP Frontliners’, have also asked Secondus to resign. The leader of the group, Alhaji Hussein Mohammed, while addressing a news conference yesterday in Kaduna, said with the gale of defection rocking the PDP, the most honourable

thing for Secondus to do was to resign so as to pave way for reconciliation and make the party more vibrant. According to him, “With the loss of both 2015 and 2019 national elections, fewer PDP members in the National Assembly than we had in 2015 as well as a hellacious gale of defections, it would be a most honourable sacrifice for Secondus to leave office now and help foster better reconciliation processes.” The PDP group said Secondus “has never proven to have any capacity for being a political war general…” While expressing appreciation to Secondus for his contributions to the party, the Frontliners stated however that in the face of current realities, “he needs to rethink his insistence on the continued leadership of the PDP.

“He should also consider public repudiation of alleged moves to lobby some party leaders for an extension of his tenure.” Mohammed said his group is “determined to see a vibrant, tactical and visionary leadership in the PDP towards putting an end to the pain, miseries and colossal disappointment that APC foisted on Nigeria in spite of massive propaganda and utopian promises made in 2015.” According to him “The Secondus leadership has not taken real advantage of the ruling APC’ s glaring errors and inadequacies towards enabling PDP to gain traction in the consciousness of the ordinary Nigerian citizens. “The man is evidently not a war-time general; his leadership is too cold and aloof to the prospects of vigorous politicking that we need for the 2023 elections.

ernment’s plan to enthrone an alternative energy regime in the country through its autogas policy may be heading for failure owing to apathy now observed among the petroleum products marketers towards the initiative. THISDAY gathered that the absence of sufficient number of cars converted from petrolpowered to either Compressed Natural Gas (CNG) or Liquefied Petroleum Gas (LPG)-powered in the country and the high cost of gas was dampening marketers’ interest in investing in the building and setting up of autogas filling stations. In addition, the seeming failure of the federal government to convert about one million vehicles between December 2020, when the NGEP and the autogas initiative were launched, to December 2021, has further contributed to the marketers’ disinterest to continue with their investment in the programme. The Minister of State for Petroleum Resources, Chief Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, had promised that the government was going to assist Nigerians to convert their cars free of charge. But Sylva’s Technical Adviser on Gas Business and Policy Implementation, Mr. Justice Derefaka, had said the conversion of cars, which he estimated was to cost between N200,000 and N250,000 for one car, was to be borne by

each vehicle owner. However, some of the marketers who spoke to THISDAY over the weekend on conditions of anonymity, said they would not take the risk of borrowing huge sums of money to invest in autogas stations when they were not sure of those to patronize them. They argued that contrary to what it said, the federal has not been able to convert the one million vehicles they boasted they were going to convert before December 2021, adding that no business man ventures into a business where there is no market for his goods or services. One of the marketers who belongs to the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) said though the CBN had given them a repayment term of 10 years for the loan, it was no enough to attract them to go and borrow and invest in autogas facilities. Sylva announced recently in Kano that the government had immediately reduced the domestic base price of natural gas to power plant producers from $2.50 cent to $2.18 cent per standard cubic feet (scf). However, efforts made by THISDAY to get either the Ministry of Petroleum or the NNPC to react to the issues, particularly the extent reached with the cars conversion, proved abortive as neither of them took their phone calls or replied texts sent them.

MONDAY AUGUST 9, 2021 •T H I S D AY

MONDAY AUGUST 9, 2021 • T H I S D AY

T H I S D AY • MONDAY, AUGUST 9, 2021

COMMENT

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

WHITHER NIGERIA’S MANIFEST DESTINY TO LEAD AFRICA? Nigeria risks losing her residual appeal as a well-run nation, argue Ejeviome Eloho Otobo and Oseloka H. Obaze

here was a time when Nigeria’s leadership role in African affairs was taken for granted. Nigeria was deemed Africa’s bellwether, a notion that gave credence to her “manifest destiny” – an inherent right to speak for and be listened to on African issues. Hence, a generation of Nigerian leaders and diplomats exuded extraordinary confidence in leading regional and international efforts to rid the continent of the vestiges of colonial rule and white minority regimes. Nigeria’s exertion of influence, well accepted by her cohorts, fostered seminal recent regional initiatives as the New Partnership for Africa’s Development, African Peer Review Mechanism, and the African Peace and Security Architecture. There is, however, a growing sense that Nigeria’s voice has become muted and her influence on the wane. Since our 10 July, 2019 Op-Ed titled, “Is Nigeria Still a Regional Hegemon?” wherein we pondered the incipient decline in Nigeria’s regional and global role; the country’s national context has further deteriorated. We introduce the concept of deficit of moral purpose to explain that decline. As a theoretical and practical construct, moral purpose belongs to the soft power category rather than hard power attributes of a country. As coined and defined by Joseph Nye, soft power is the ability “to obtain the outcomes one wants through attraction rather than using carrots and sticks of payment or coercion.” This implies leading by example and attracting others to follow. Nigeria’s moral purpose is codified in Section 14 (1) 2b of the 1999 Amended Constitution, which affirms that “the security and welfare of the people shall be the primary purpose of government.” The deficit in moral purpose is reflected in the chasm between this constitutional provision and actual practice, resulting from leadership hubris. Starting with the security context, kidnapping is rampant. Between January and July 2021, over 1,000 students in eight secondary schools were abducted. A Daily Trust analysis on 31 July, 2021, revealed that from 2018 to July 2021, ransom estimated at N13billion had been demanded by kidnappers, with a fraction paid. In the second quarter of 2021 alone, 3,133 civilians and 296 security personnel were killed in Nigeria, according to SB Morgen, a Lagos-based research and risk consultancy. Majority of the civilian deaths were attributed to the atrocities of Boko Haram, herdsmen and bandits. Nigeria’s sustained high ranking, as the third worst terrorist impacted country (after Afghanistan and Iraq) in the Global Terrorism Index, is attributable to killings by herdsmen and Boko Haram. Internally displaced persons are about 2.5 million. As the security situation has deteriorated, the military has launched six military operations covering 35 of the 36 states. These militarized policing operations are reflective of exacerbating insecurity. The welfare aspect of the constitutional provision is reflected in how the management of the economy redounds to the benefit of citizens. Nigeria’s economic performance which has been mediocre, missing all economic growth targets outlined in various plans over the years, has suffered further as a result of COVID-19, experiencing a contraction of about 2 percent in 2020. Meanwhile,

NIGERIA, ESPECIALLY HER RULING ELITE, HAS A CHOICE: IT CAN MAKE THE COUNTRY A LAND OF HOPE, OPPORTUNITY, INCLUSION, FAIRNESS AND JUSTICE OR ELECT TO GLIDE DOWN THE PATH OF PERPETUAL INTERNAL TENSIONS—NOT EXACTLY A GOOD PRESCRIPTION FOR REGIONAL LEADERSHIP

the number of persons living in poverty in Nigeria which overtook India, as the poverty capital of the world in 2018, reaching an estimated 99 million persons living below the acute poverty line of $1.90 per day, is likely to have increased, as African Development Bank has estimated that the pandemic will push 43 million African into poverty. Nigeria’s overall unemployment stands at 32.5 percent, with the youth component at 54 percent. The Global Hunger Index ranks Nigeria at 96 out 107 countries and The Hunger Hotspots, a joint report by the Food and Agricultural Organisation and the World Food Programme for 2021, lists Nigeria among the top three countries where hunger and food insecurity will worsen in a few months. The deterioration of food security situation closely tracks the pervasive insecurity around the country, which has made farming very difficult. In March, 2021 Nigeria’s debt stood at US$87.23billion, with an external debt component of $32.85billion, and debt service gulping 72 percent of government revenue. The influence and strength of nation is not assessed only by its economic, military and technological prowess. The degree to which a nation promotes national and social cohesion is also pertinent. Contextually, no recent public policy action illustrates the contempt that Nigeria’s political elite have for a sense of fairness and equity, than the newly passed petroleum industry bill (PIB). Initiated in 2007 in an effort to shift the existing terms of transactions in favour of the country, the final version further exacerbated the social inequity linked to oil exploration. Nigeria’s policy makers are fully aware of the scale and scope of environmental degradation wrought by oil exploration in the Niger Delta. The 2011 UNEP Environmental Assessment of Ogoniland provided estimates of the magnitude of financial resources needed to clean that area, which is a microcosm of Niger Delta. A prudential approach to the PIB would have consisted of using increased oil revenue to mitigate the environmental impact of oil exploration, allocating more resources to the host communities, and ensuring a significant outlay for diversification of the economy. Instead, the bill passed by the national assembly has sown more discord than apply a balm over the wounds created by oil exploration. Foreign policy begins at home, is a time-honoured diplomatic aphorism. As Nigeria’s economic, political, social and security challenges mount, she risks losing her residual appeal as a well-run nation. Nigeria’s decline is not inevitable. Neither is her claim to regional leadership pre-ordained. Nigeria, especially her ruling elite, has a choice: it can make the country a land of hope, opportunity, inclusion, fairness and justice or elect to glide down the path of perpetual internal tensions—not exactly a good prescription for regional leadership. Otobo is a Non-Resident Senior Fellow at the Global Governance Institute, Brussels, Belgium while Obaze is Managing Director and Chief Executive Ofﬁcer, Selonnes Consult in Awka

RESTRUCTURING: WHY OBASANJO MUST ACT NOW Babs Onabanjo writes that the former president should throw his weight behind the clamour for true federalism

hief Olusegun Obasanjo is one of the few Nigerians who will occupy a conspicuous place in the country’s history. His role in the Nigerian Civil War, as military head of state and two terms civilian president, would be well documented. He is well respected in the international community and I have the highest respect for him. However, he seems not to have the realistic intellectual or moral indignation to proffer feasible and effective solutions regarding restructuring Nigeria the right way. In 1998, he came to Atlanta in the United States, to declare his intention to contest for the position of President of the Federal Republic of Nigeria. During our interaction, I asked him three fundamental questions: The first and the second questions centered on the structure of the Nigerian state. I asked: “How would you restructure Nigeria – considering the lopsided allocation of funds to local governments in the North as compared to the South”. His response was: “There is nothing wrong with the Nigerian structure”. The former president blamed the people for the failure of the Nigerian state. He attributed the problem to corruption, not the structure. He further stated that he would rule Nigeria with an iron hand. Unfortunately, when he held sway as the president for eight years, the former president did not abolish corruption, and other known vices, and failed woefully to embrace restructuring which is the fundamental issue that addresses equity, peace, and justice. The former president will be remembered for

a stable government with progressive economic development in the area of telecommunication – mobile phones - which gave way to rapid economic expansion and economic diversification. He embarked on an ambitious electrification project which failed miserably. However, he promoted politically selected witch-hunting with the EFCC, in pursuit of his third term agenda. Chief Obasanjo put his personal interest above the collective interest of the Nigerian state. He claimed that he fought gallantly for the unity of Nigeria and that he would always remain a nationalist. The fact is that the former president’s position was wrong when he responded to my questions in Atlanta. His actions as president and out of office are wrong as well. It is still shocking to know that his position has not changed in spite of the mountainous evidence of a failed Nigerian state which are the resultant effects of the current lopsided inequitable, ineffective, and, Fulani influenced morally bankrupt structure. As president (1999 – 2003) Chief Obasanjo embraced the dangerous military unitary system for eight years which gave him the absolute power to run Nigeria with an iron hand – this was nothing but self-serving interest. His actions align perfectly with the response to my question as it pertains to how he would rule Nigeria: “I will rule Nigeria with an iron hand,” he said. Absurd! And it happened in a democratic dispensation. The third question was about the lack of gratitude to the international communities and the pro-democracy movements all over the world who advocated for his release from

Abacha jail. I was the President of the Nigerian Alliance for Democracy from 1992 – 1999. During those period, Professor Wole Soyinka, Chief Enahoro, Commodore Dan Suleman, C O. Adebayo, John Odigie-Oyegun, General Alani Akinrinade, Senator Bola Ahmed Tinubu and others played a pivotal role in the struggle to restore democracy in Nigeria and to peacefully or by all means necessary remove the brutal corrupt dictator General Abacha. Chief Obasanjo visited Atlanta at least three times and to my knowledge did not acknowledge those who played an important role towards releasing the prisoners of conscience like himself, General Diya and others. It seems we are experiencing a deja vu once again. Chief Obasanjo is still on the wrong side of history by inferring that restructuring is not the way forward but other inconsequential factors. I submit that when the foundation of our democracy such as a building is weak, it will eventually crumble. Nigeria is crumbling very fast. The center can no longer hold. What an irony of leadership in Nigeria - the doctors are on strike while the president of the country is in England receiving medical treatment and Nigerians are dying due to lack of medical infrastructure and good leadership. The Fulanization agenda is a serious threat to the peace, justice, and freedom of the Nigerian people. The arrest of Nnamdi Kanu and Sunday Adeyemo, the freedom fighters, and the conscience of the nation must be handled carefully. Chief Obasanjo should stand with the people of South West, South East, South South and

perhaps North Central to demand true federalism and regional autonomy. The 1999 Abacha and Abdulsalami military constitution should be abolished and replaced with the people’s 1963 constitution with amendments to reform it. I would like to touch on the complicity of the Nigerian government over the trending issues of killings, raping, gagging of the press (ban of Twitter and planned introduction of social media bill), state-sponsored terrorism (alleged killings of peaceful protesters in Lekki toll gate in Lagos during the #EndSARS protests, Sunday Adeyemo’s house raid-and killings, etc.), nepotism, arbitrary arrests, unprecedented corruption, lawlessness, (kidnapping of Nnamdi Kalu, the IPOB leader), lopsided constitution and Fulanization attempts of the Nigerian state. The African Renaissance of Advisers (ARA) – a newly formed pressure group I belong to hereby call on the international community, as a matter of urgency to do the following: one, impose a visa ban on top officials of the Nigerian government and their family members. Two, freeze the assets of the top officials of the Nigerian government. Three, fund NGOs and activists who are committed to free speech and non-violence in Nigeria. Four, grant asylum to activists who are being victimized by the Nigerian government. Five, monitor current and future sales of arms to Nigeria (stop further sales temporarily), and charge the government of Nigeria with human rights violations and crimes against humanity. Prof. Onabanjo is President, Nigerian Alliance for Democracy (1993-1999) and President, AD King Foundation, USA

T H I S D AY • MONDAY, AUGUST 9, 2021

EDITORIAL

CONTAINING THE LOOMING HUNGER Government must do more to ensure security across the country

ollowing the outbreak of Covid-19 pandemic, one of the major global concerns is its impact on food security. The United Nations World Food Programme (UNWFP) indeed warned that the number of people at the risk of hunger may double by the end of the year. That such deprivation is already a daily reality for many of our nationals is what should be of concern to critical stakeholders. All the recent reports from both local and international organisations point to the fact that millions of Nigerian families go to bed without certainty as to where their next meals would come from as prices of foodstuff skyrocket. According to a report released in June by the World Bank, rising food prices in the country pushed seven million Nigerians below the poverty line in 2020 alone. Titled, ‘Resilience through Reforms,’ the bank’s Nigeria Development Update (NDU), states that rising food prices are ‘severely impacting Nigerian households’ with dire consequences. INSECURITY IN MANY OF The report stated THE RURAL COMMUNITIES further that as of HAS MADE IT PRACTICALLY April 2021, food DIFFICULT FOR FARMERS prices accounted for TO CONTINUE TO ENGAGE over 60% of the total increase in inﬂation IN AGRICULTURAL PRODUCTION OPTIMALLY across the country. Other reports are no less grim. Using a ‘cost of food basics’ analysis that compares the monthly minimum recommended expenses on food per adult and average wage in 107 countries, a United Kingdom-based Institute of Development Studies, last week placed Nigeria as the second poorest country in the world in terms of food affordability. The other countries where basic food is least affordable include Syria, Ethiopia, Philippines, Sri Lanka, Ghana, Indonesia, Algeria, Iran and Uzbekistan. The minimum recommended amount of food by the World Health Organisation (WHO) for energy needs is based on 12-14 basic items that together would

Letters to the Editor

account for 2,100 calories per adult per day.

T H I S DAY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGED ENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

he irony of Nigeria is that some of the states where food prices have gone up beyond the reach of many are in major food-producing areas of the country. Sokoto is a major producer of beans, cowpea, groundnut, garlic, wheat, sugarcane, pepper, onions, and tomatoes. Groundnut, sorghum, sesame seed, maize, potatoes, tomatoes, onions, and pepper are produced extensively in Plateau State. Likewise, Gombe is well known for groundnut, ginger, cowpea, sesame seed, tomatoes, and pepper. Plantain, oil palm and cassava are largely produced in Edo State. Also, Kano has extensive production of rice, garlic, sorghum, cowpea, wheat, pepper, onions, and tomatoes. In all these states, hunger has become a common staple. The challenge is understandable. Insecurity in many of the rural communities has made it practically difficult for farmers to continue to engage in agricultural production optimally, thus affecting productivity and causing market disruptions with attendant food price shocks. A peaceful environment is a sine qua non for productive agricultural engagement which results in food security. Available reports indicate that food price inflation is not likely to improve anytime soon if the predicaments facing parts of the country remain unresolved. This is despite that Nigeria is endowed with good arable land, weather and water supply and has the potential to be self-sufficient in food production. Even though farmers are becoming increasingly aware that much more can be achieved in agriculture through technologies, most of them do not have access to them. Modern tools of technology must be massively introduced as hoes and cutlasses or depending on other nations cannot effectively feed the nation. There is an urgent need to adopt automated systems which the smallholder farmers can also use without breaking the bank. The good news is that many of our young people are already going in that direction. They only need to be encouraged and supported.

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.

AREGBESOLA, OYETOLA AND OSUN APC CRISIS

s a close watcher and active participant in the Osun State political arena, one can clearly state that the only visible and existing opposition to the reelection bid of Governor Adegboyega Oyetola can only be seen among a faction of the Osun PDP domiciled in Ede, and some aggrieved members of his party, APC, who are unsure of supporting his election, as reconciliatory efforts progress. But for the ordinary people of the state, particularly the civil servants, pensioners and the likes, who have always played strategic roles in Osun elections, Governor Oyetola’s popularity has been on the increase. Although present status of Osun APC suggests that the party has been divided into two factions; the incumbent governor’s Ileri-Oluwa and the recently formed The Osun Progressives is now a lingo in Osun political parlance to describe APC members who are against Oyetola re-election. Recently the TOP leader, Elder Lowo Adebiyi issued a press release- which is the main thrust of this riposte that the group has no faith in the forthcoming Congress in the state and that the idea of consensus candidate can’t have a place in Osun. Why? The group’s trust only rests on intervention from the National Caretaker and Extraordinary Convention Planning Committee which suggests that there are certain favourable arrangements somewhere. If not, why will a splinter group created? It is high time Ogbeni Rauf Aregbesola closed ranks with the governor to move the party and the state forward. For the avoidance of doubt, Aregbesola’s recent moves to mend fence with those he once

fought like Fatai Diekola, Alhaji Moshood Adeoti and some PDP leadership is suspicious and could be said to be part of his plan to float a third-force in Osun to wrestle power from the incumbent Oyetola in 2022. Or is that a strategic meeting to discuss how political thugs would unleash mayhem on the state? “History is philosophy drawn from examples,” said Dionysius of Halicar, a Greek historian. Aregbesola should not refresh the betrayal game of late Akintola who formed alliance with the northern fellows against the sage Obafemi Awolowo leaving the latter in the cold. He should rather be an emblem of redefined leadership. The hallmark of a true progressive should be reflected not only in words but in deeds and conduct. While it is understandable for ex-political office holders like Aregbesola to hold a ‘fear of the unknown’ in an uncertain political environment like ours, the past three years has, if anything, showed and portrayed Governor Oyetola to be a gentleman who had demonstrated the requisite capacity to clean up the unpalatable areas linked with the Aregbesola administration that nearly cost the progressives the last gubernatorial election. The few tweaks made in terms of policies of the previous administration was in response to the wishes of the people. The magnanimity and goodwill of the people of Osun which saw Oyetola elected as governor was not extended to the Akande government in 2003. Thus, at the minimum, Aregbesola should appreciate Allah (SWT) that he left behind a worthy successor in Osun. Some of his peers did not enjoy such good fortune and hence he should refrain from listening to detractors who are out to destroy him politically and do not wish

him well. He should entertain no fear from Oyetola, after all, they are brothers in Islam. Oyetola attended his inauguration as Minister of Interior, he reappointed some of Aregbesola’s loyalists to the cabinet. How else does he expect the governor to show his commitment to the unity and progress of the party? As a bridge builder, Oyetola has built bridges across the political divide in Osun, a strategy learnt from the feet of the master - Ahmed Bola Tinubu. What however disturbs this writer is how he’s trying to gain supporters for so-called ‘Osun West Agenda’ with a view to polarizing the party for his self-centered and ‘never thought-out well’ irritating action and turn Osun West (Iwo) to vortex of political controversy. For crying out loud, Aregbesola should desist from insulting the sensibilities of Iwo people who are hell bent to give their block votes to the re-election of Governor Oyetola by 2022. If at all there is any disagreement, all differences should be settled with a view to resolving them in the interest of the party. A true progressive should be consistent, not only when it suits him. Let no one take the goodwill of the Osun peoples’ love for the progressives for granted. Let us guard our victory with soberness and humility, and responding to the wishes of our people in serving them. The love the people have for Akande was extended to Aregbesola and that love was extended to Oyetola and this love has blossomed and thrived with the responsiveness of the Oyetola government over the last three years. The evidence is there for all to see. Sulayman O. Naﬁu, Osogbo

MONDAY AUGUST 9, 2021 •T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 9, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

Papering the Cracks of APC Ward Congresses Recently held ward congresses of the All Progressives Congress have deepened the crisis in the ruling party and pitched the leaders in diﬀerent camps, writes Adedayo Akinwale

Buni

Malami

Akeredolu

Akume

an ad-hoc caretaker committee controlled by the NEC of the APC. In spite of the fear of uncertainty hanging over the conduct of the congresses, the Caretaker Committee stood its ground and went ahead with the exercise, despite the fact that other party members called for the postponement of the exercise in order not to jeopardize the chances of the party in subsequent elections. Rather than heed the advice, the Buni-led CECPC of the APC on the eve of the exercise warned members against the conduct of parallel congress as the leadership of the party won’t tolerate it. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

QUICK FACT

Illustrations: Ezeibe Aguwa

f what is happening at the moment in the All Progressives Congress (APC) is anything to go by, the fallout of the ward congresses of the party held recently might be the beginning of another long drawn crisis, if not well managed. The ward congresses which were held on July 31, has further deepened the crisis, not only in the state chapters of the party, but also set the leaders against one another. Prior to the congresses, the party had warned members that any purported parallel congress, parallel party organ and/or parallel party office would not be tolerated by the national leadership ahead of ward congresses held on Saturday, July 31, before the Supreme Court judgement in the Ondo governorship election further exposed the inadequacies the conduct of the exercise. The Supreme Court judgement had held that the party would have lost Ondo State to the Peoples Democratic Party (PDP) had the main opposition party’s governorship candidate, Mr. Eyitayo Jegede (SAN), joined Buni in the suit. The technicality of the case had split the seven-man Supreme Court panel to a four-

three majority decision, with the minority judgement led by Justice Mary Odili, arguing that the apex court should have sacked Governor Rotimi Akeredolu since Buni acted on behalf of the party. But the majority judgement delivered by Justice Emmanuel Agim, contended that since all the issues revolved around Buni, he should have been joined for the argument to be valid. As expected, the crux of the debate followed the position held by some

members of the party that as governor of Yobe State, an executive position, Buni could not at the same time act as the APC chairman, another executive office. They alleged that Buni contravened both Section 183 of the 1999 Constitution and Article 17 (iv) of the APC constitution. But a counter position held by Mr. Abubakar Malami (SAN), the Minister of Justice and Attorney General of the Federation, insisted that Buni was not in an executive position, but only chairing

Evidently, the riotous outcome of the APC ward congresses in many states portend a tortuous road ahead for the APC. Some stakeholders have gone to court to challenge the congresses and Buni’s continuation as chairman of CECPC. The future doesn’t look auspicious for the party, even though it joyfully rejoices in its folly

**The All Progressives Congress held its ward congresses in many states across the country on Saturday, July 31. **The Caretaker/Extraordinary Convention Planning Committee had warned members that purported parallel congress, parallel party organ and/or parallel party office would not be tolerated. **The Supreme Court judgement in the Ondo governorship election has put the conduct of the ward congresses in jeopardy on account of Governor Mai Mala Buni serving as executive governor of a state, as well as the National Chairman of a political party. **Both Section 183 of the 1999 Constitution and Article 17 (iv) of the APC constitution forbid an executive governor from holding another executive position. **Malami held a counter position that Buni was not in an executive position, but only chairing an ad-hoc caretaker committee, supervised by the NEC of the APC. **Relying on assurances from Malami, the APC ward congresses were held amidst endless controversies. Across the six geo-political zones, the exercise was characterised by hijack of electoral materials, crisis, intimidation, threats of boycott, litigation, use of brute force, deaths and parallel congresses. ** The exercise did not hold in Anambra and Zamfara due to the leadership crises in those state chapters of the party. **The ward congresses recorded seamless and peaceful processes in states like Oyo, Edo, Kogi, Ondo, Borno, Yobe, Nasarawa and Bauchi among others, where a consensus option was adopted and implemented. **A chieftain of the party, Mr. Kalu Agu Kalu, had prayed an FCT High Court for an order of perpetual injunction restraining the APC from going ahead with its planned ward congress scheduled for Saturday July 31, as well as, subsequent local government, state, zonal congresses and the party’s national convention.

T H I S D AY ˾ MONDAY AUGUST 9, 2021

MONDAY DISCOURSE

Is It Uhuru Yet for PDP? Like a bad dream, seven members of the Peoples Democratic Party National Working Committee resigned their positions in one day, almost tearing the party to shreds. But a quick and eﬀective intervention by its Board of Trustees and other stakeholder saved the day. However, it is not yet uhuru, writes Chuks Okocha

Secondus

Tambuwal

Mark

Anyim

n the surface, the recent Board of Trustees (BoT) meeting of the Peoples Democratic Party (PDP) was to decide if the National Chairman of the party, Uche Secondus should continue in office or not, following the barrage of attacks and calls for his removal. It was a gathering of the party’s who-is-who. There were two opposing groups: those plotting the removal of the National Working Committee (NWC) led by Secondus and those who wanted him retained till the end of his tenure in December 2021. The agenda of the meeting was to discuss the expected implosion in the party, due to the intractable leadership crisis. There was palpable tension. In the end, it turned out to be an anti-climax. Not a few left in disappointment, as they could not achieve what they bargained for. Hitherto, the PDP was in serious crisis following the defection of three governors –

QUICK FACT **On Monday, August 2, Seven members of the National Working Committee of the Peoples Democratic Party resigned from their positions. Those who resigned are the Deputy National Financial Secretary, Gerald Irona; Deputy National Organising Secretary, Hassan Yakubu; Deputy National Legal Adviser, Ahmed Liman, and Deputy National Publicity Secretary, Diran Odeyemi. Others are the Deputy National Woman Leader, Hadizat Umoru; Deputy National Auditor and Divine Arong **The PDP had lost three governorsDavid Umahi of Ebonyi State; Ben Ayade of Cross River State and Bello Matawalle of Zamfara State; and members of the National Assembly who were elected on its platform to the All Progressives Congress **The mood dampening situation in the party was becoming worrisome as the PDP also lost 17 senators, while membership of the party in the House of Representatives was gradually diminishing **Some members believed that the best way to resolve the crisis was to sack the Secondus-led NWC. **Two opposing groups; those plotting the removal of the PDP National Working Committee led by Prince Uche Secondus and those who want him to be retained till the end of his tenure on December 9 **The Board of Trustees of the PDP with Senator Walid Jubrin convened a meeting to resolve the issues **The anti-Secondus elements are led by Governor Nyesom Wike of Rivers State. They, at least, want Secondus to publicly drop his ambition to seek a second tenure as National Chairman of the PDP **The BoT was able to buy some time for the Secondus-led NWC **The four-hour BoT meeting was attended by a good number of whois-who in the PDP

David Umahi of Ebonyi State; Ben Ayade of Cross River State and Bello Matawalle of Zamfara State – and members of the National Assembly, who were elected on its platform. They all defected to the All Progressives Congress (APC). The mood dampening situation in the party was becoming worrisome as the PDP had lost 17 senators. The membership of the party in the House of Representatives had also diminished. Thus, some members believed the best way to resolve the crisis was by sacking the Secondus-led NWC. The crisis demanded an urgent and careful consideration, when seven national deputies resigned in one

day. Those who resigned were the Deputy National Financial Secretary, Deputy National Organising Secretary, Deputy National Legal Adviser, Deputy National Publicity Secretary, Deputy Woman Leader and Deputy National Auditor. This had ruffled feathers of the National Working Committee (NWC). It was like a joke taken too far as it triggered several reactions from stakeholders. First, was the PDP governors’ forum through its chairman, Aminu Waziri Tambuwal, governor of Sokoto State, who summoned a meeting of his colleagues. The meeting is scheduled to hold today, Monday, August 9.

The perception in some quarters was that the new wave of crisis that has engulfed the PDP might not be unconnected to speculations that Secondus, might seek a second term at the national convention coming up in December. But some stakeholders, including the Rivers State Governor, Nyesom Wike – Secondus’ home state – were not comfortable with that

In line with series of meetings and a determination to resolve the crisis to save PDP, Chairman of the PDP Board of Trustees, Senator Walid Jubrin, summoned the board, its conscience. The perception in some quarters was that the new wave of crisis that has engulfed the PDP might not be unconnected to speculations that Secondus, might seek a second term at the national convention coming up in December. But some stakeholders, including the Rivers State Governor, Nyesom Wike – Secondus’ home state – were not comfortable with that. In the long run, Jubrin identified numerous problems in the PDP, which needed urgent attention. They included alleged lack of coercion within and among major stakeholders that needed the intervention of the BoT as the highest advisory body of the party. Jubrin urged his compatriots in the PDP to seize the moment, but this must begin with the PDP setting its house in order by starting the right preparation for the impending elective convention to elect PDP’s national leaders, that will lead the party in the 2023 general election. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY AUGUST 9, 2021

POLITICS

Who Are Nigeria’s Most Engaging Politicians on Social Media?

Nseobong Okon-Ekong presents a new media, baseline research by communication outﬁt, Grand Plan, which rates the engagement of 2023 presidential hopefuls on social media

buja-based new media communications outfit, Grand Plan may have set itself up for severe criticism with its recent report that projects President Muhammadu Buhari as the most engaging Nigerian leader on Facebook. This immediately sparked arguments. How can Buhari who is hardly visible be adjudged the most engaging Nigerian political personality on Facebook? The confirmation of the Buhari persona on Facebook is not necessarily about what the President can accomplish in person, rather it is about his office. The Office of the President of Nigeria is driven by multitalented resource persons paid to serve and make him look good in the eyes of right thinking members of the public. They go to any length to discharge their responsibility. Of course, one of the best known presidential staff with this brief is Ms. Lauretta Onochie, whose duty it is to mind Mr. President’s image on Social Media. Incidentally, she thrives on controversies, the latest of which was her nomination as National Commissioner of the Independent National Electoral Commission (INEC). This set off a protest that shook federal legislators to their bones. Eventually, her nomination was rejected. Onochie and her team, have been adjudged excellent. To their credit, they have been able to rake in 966k followers on Facebook for Mr. President. Former Vice President Atiku Abubakar has 856k followers. Governor Nasir el-Rufai of Kaduna State has 906k followers, while Gbenga Olawepo-Hashim, former presidential candidate of Peoples Trust in the 2019 presidential election has 187k followers. Since the race for who becomes Nigeria’s president in 2023 has begun in earnest, different stakeholders and individuals jostling for political advantage. Politicians across all divides and regions are engaging the populace on social media to sell their candidature. This is where Grand Plan has come in with a new monthly social media engagement report. It must be emphasized the Grand Plan assessment is purely based on social media engagement. The communications outfit did not deploy mixed methods of social media studies conducted with established methods such as interviews, surveys, focus groups, or content analysis. The research and new media communication outfit, which spoke through its Executive Director, Abdulrazaq Hamzat said that, the monthly social media engagement ratings will help keep tab on activities of political leaders in the country. It looks at what information must be considered and analyzed to establish a baseline or starting point, the benchmark against which future progress can be assessed or comparisons made; particularly on how the public engage the political leaders on issues raised by them on their Facebook Page. Grand Plan seeks to provide information base against which to monitor and assess these political leaders’ activities on Facebook; particularly their progress and effectiveness when a new topic of discourse (or post) is made and after a new activity (topic of discourse/post) is generated. Following ban on popular micro blogging platform, Twitter few months ago, Nigerian politicians have become more active on Facebook and most of them have made the platform their preferred medium of communication

with the people. Facebook is the most popular social media platform in the world, with over 2.8 billion users. It is also by far, the most popular social media platform in Nigeria with over 65 percent control. “While there are over 104 million internet users in Nigeria, only 33million of them are on social media with Facebook, having over 30 percent of the total internet users and more than 95 percent of social media users, with its over 31 million Facebook users in Nigeria, some of whom also use other social media platforms such as Instagram, Snapechat and Tiktok. As 2023 general election in Nigeria approaches and the search for President Muhammed Buhari’s succesor tickens, a former presidential candidate, Mr. Gbenga Olawepo Hashim has emerged most vocal and engaging political leader on cyberspace, discussing critical issues of statehood, economic development and national unity and proferring solutions on how to advance the country and keep it safe.

In the recent report released by Grand Plan, Olawepo-Hashim is only behind incumbent President, Muhammadu Buhari who is finishing his second term in office in 2023. The monthly social media rating of political engagements on Facebook platform showed that President Muhammadu Buhari and Mr. Gbenga Olawepo-Hashim are leading as the most engaging political leaders in the country. The latest data by Grand Plan showed that, Mr. Olawepo-Hashim was behind President Buhari and ahead of all other political figures, including former vice president, Alhaji Atiku Abubakar, Former Senate President, Bukola Saraki, Chairman of Nigeria’s Governor’s Forum, Kayode Fayemi and Governor of Kogi State, Yahaya Bello and others. According to statistics by Grand Plan, President Muhammed Buhari maintained the top position with over 296,000+ engagement, followed by Olawepo Hashim with 98,000+ engagement. Data released in the last week of July in Abuja by Grand Plan,

The latest data by Grand Plan showed that, Mr. Olawepo-Hashim was behind President Buhari and ahead of all other political figures, including former vice president, Alhaji Atiku Abubakar, Former Senate President, Bukola Saraki, Chairman of Nigeria’s Governor’s Forum, Kayode Fayemi and Governor of Kogi State, Yahaya Bello and others. According to statistics by Grand Plan, President Muhammed Buhari maintained the top position with over 296,000+ engagement, followed by Olawepo Hashim with 98,000+ engagement

shows that other political figures and presidential hopefuls such as Alhaji Atiku Abubakar recorded 53,000+ engagement, Dr. Bukola Saraki recorded 48,000+engagement. Governor Yahaya Bello of Kogi State, who has also indicated interest in the presidency recorded 37,000+ engagement and Ekiti State Governor and Chairman of Nigeria Governors Forum, Dr. Kayode Fayemi had only 6000+ engagement on the tech giant platform, Facebook. Grand Plan maintained that, the data on each of the candidates’ were realistic because “Facebook represents the broad spectrum of voters who will vote in 2023.” According to Hamzat, “increasing engagements imply voters’ growing interest in the candidates while a decreasing result reflects voters’ disenchantment. Additionally, contrary to popular belief which claimed that suspended microblogging platform, Twitter is the platform for youths in the country, available records show that, Facebook still remains the dominant social media platform for young adults, Hamzat said. According to him, “65 percent of Facebook users are under the age of 35, which means that they fall under the age demographic of millennials and Generation Z. “It is also important to note that, between 25 to 34 year olds accounted for 32.5 percent of Facebook users, whereas just 2.9 percent of users were aged between 55 and 64 years old.” Grand Plan noted that, OlawepoHashim’s growing engagement is a measure of voters’ interest in him ahead of 2023, as he discusses policy issues that many consider important. “At a time when the country is in need of real leaders, Olawepo-Hashim has stepped forward early enough, with clarity of thought and serious governance proposals, putting his ideas forward to the Nigerian people for scrutiny,” Hamzat said. The monthly social media rating of political figures by Grand Plan will be released last week of every month.

MONDAY AUGUST 9, 2021 •T H I S D AY

MONDAY AUGUST 9, 2021 • T H I S D AY

MONDAY AUGUST 9, 2021 •T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 9, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

OBB OVERNIGHT

8.50% 9.00%

A T

Group Business Editor Eromosele Abiodun

Email oriarehu.eromosele@thisdaylive.com

08056356325

A U G U S T

S & P INDEX

6 , 2 0 2 1

S & P INDEX

CALL 1-MONTH

4% 6%

INDEX LEVEL 1-DAY

538.76% 0.17%

3-MONTH

10%

MONTH-TO-DATE

0.28%

EXCHANGE RATE

1/4 TO DATE YEAR TO DATE

1.08% –19.62%

N411.34 / 1 US DOLLAR* *AS AT LAST FRIDAY

Anticipated $3.4bn SDRs from IMF, $6.2bn Eurobond Issuance Lift Naira at BDC, Parallel Markets

Source: CBN Eromosele Abiodun and Darasimi Adebisi Despite the suspension of supply of foreign exchange sales to Bureau De Change (BDCs) by the Central Bank of Nigeria (CBN, the naira strengthened against the dollar at the BDC and parallel markets by 0.98per cent and 1.35per cent last week to close at N505 and N510 respectively. However, the naira at the Investors & Exporters Foreign Exchange (I & E FX) window in its week-on-week (WoW) performance depreciated by 0.01 per cent to close at N411.5

against the dollar from N411.4 4 it opened for trading last week. Analysts believe the speedy appreciation of the local currency against the greenback– which earlier touched N525 against the dollar after the CBN’s announcement – may have been caused by the expectation of foreign currency inflows from Eurobond issuance of $6.2 billion and the anticipated $3.4 billion Special Drawing Rights (SDRs) from International Monetary Fund (IMF). Naira at the CBN window last week traded flat at N409.11 against the dollar at buying

rate and N410.11 against the dollar at Selling rate. On the flip side, the naira at the CBN window appreciated by 0.33 per cent to N569.52 against the pound sterling at buying rate in week-on-week (WoW) performance from N571.39 against the Pound sterling in prior week’s trading, and also gained 0.69 per cent to N483.04 against the euro at buying rate prior’s week exchange rate transaction. It was learnt that the CBN injected $210 million into the foreign exchange market with a breakdown of $100 million allocated to Wholesale

Secondary Market Intervention Sales (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles. Despite the CBN intervention, the foreign reserves increased to $33.57billion as at August 5, 2021 from $ 33.40billion it closed in June. Reacting, analysts at Cowry Assets Limited noted that, “In the new week, on the back of the anticipated dollar inflow and recent accretion to the external reserves – foreign exchange reserves rose w-o-w by 0.48per cent to close at $33.5 billion –, we expect Naira to

further strengthen against the greenback at most foreign reserves segments, especially at the parallel market.” Also, analysts at Cordros Research said, “We expect improved liquidity in the I& F FX window over the medium term, given our expectation of (1) increased oil inflows in line with the rise in crude oil prices, and (2) inflows from FCY borrowings ($6.20 billion) and IMF SDR ($3.40 billion). Accordingly, we expect the naira to remain relatively range-bound (N410.00 against the dollar – NGN415 against the dollar) at the I & E FX window.”

Meanwhile, the values of FGN Bonds increased last week as traders’ bids were filled at lower yields for most of the maturities tracked. Trading in the Treasury bonds secondary market sustained its bullish run as the average yield contracted by 13basis points to 11.9per cent. Specifically, yields fell further for the 5-year 13.53% FGN APR 2025, 10-year 13.98% FGN MAR 2028 and the 10-year 16.29% FGN MAR 2027 gained N0.26, N0.29 and N0.63 respectively; their corresponding yields fell to Continued on page 29

Insecurity: Ad Spending Drops as More Advertising, Experiential Practitioners Avoid Northern Markets Raheem Akingbolu More Advertising and Experiential companies, who are serving clients in the North Central, North East and North West, are currently at crossroads over their operations in those markets as a result of threatening insecurity challenges that have become complex with the activities of bandits and kidnappers, THISDAY check has revealed. While other sectoral bodies appear to be heaving a sigh of relief after the hardship experienced during the Covid-19 lockdown, when clients suspended most of

their projects, the activities of bandits and kidnappers have thrown another challenge on the laps of the outdoor and experiential practitioners, because of the nature of their businesses. According to industry sources, most of the out-of-home and experiential agencies that operated in the North East while the activities of the Boko Haram insurgents were at full gear are yet to come out of the psychological trauma and financial loss they experienced within those periods. President, Experiential Marketing Association of Nigeria (EXMAN), Tunji

Adeyinka, admitted in an interview with THISDAY that the problem of insecurity has indeed affected consumer spending and marketing activities adversely, especially in the northern part of the country. He said, “Specifically, in the area of experiential marketing, physical activations have been seriously hampered in the regions where banditry and crime have been high. There are regions where our members have not been working because of insecurity. It is sad that we are experiencing this at a time when we should be reaping the gains of our investment in technology to meet clients’

demand during the lockdown. “Remember, there was a drastic loss in consumer spending which affected the revenue of most of our clients. To survive, we needed to retool our thinking caps and we came up with ingenious ideas for consumers to still experience the brands irrespective of cultural nuances. By now, we should be reaping the reward but again, we are being cautious of movement in some parts of Nigeria.” Similarly, President of the Outdoor Advertising Association of Nigeria (OAAN), Mr. Emmanuel Ajufo expressed concern over the future of

the outdoor industry in the midst of various insecurity challenges hampering its growth in Nigeria. “It will seem as if there is no end to what our sector has to contend with. We are still battling with the various State Signage Agencies over their lack of understanding especially in the area of charging on vacant sites and also the debt issues from our clients and as if these are not enough, we now have this insecurity issue that has never been this bad before. “As you know our business is mostly outside and also in various towns and cities in the country. Before now, there was

very little challenge in moving from one town to another. This is now very difficult and our members in striving to satisfy our clients have to now hire more hands that are now resident in the towns where their hoardings are. So where one person could have conveniently covered five cities, you will now need five persons. This obviously adds to the cost of Operations, ”he stated. Speaking further, he pointed out that the timing of service delivery has been affected as the logistics companies that help in interstate haulage of their materials have had to also adjust Continued on page 29

M A R K E T D ATA A S AT F R I D AY, A U G U S T 6 , 2 0 2 1 FGN BONDS DESCRIPTION 11.668 FGNSB 15-AUG-2021 10.301 FGNSB 16-AUG-2021 11.150 FGNSB 11-SEP-2021 12.364 FGNSB 12-SEP-2021 12.175 FGNSB 10-OCT-2021

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.21

3.17

0.31

NTB 26-Aug-21

3.00

3.00 0.00

100.19

3.16

0.30

NTB 9-Sep-21

3.10

3.11 0.00

100.78

3.13

-0.03

NTB 16-Sep-21

3.15

3.16 0.00

100.92

3.12

-0.04

NTB 30-Sep-21

3.25

101.59

3.08

-0.41

NTB 14-Oct-21

3.35

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS AUG 25 2021 420.93

NGUS SEP 29 2021 422.38

NGUS OCT 27 2021 423.83

3.27 0.00

NGUS NOV 24 2021 425.28

3.37 0.00

NGUS DEC 29 2021 426.73

C Ps MATURITY

Discount Yield

Change (%)

MREP CP XXXI 13-AUG-21 UNCP CP III 27AUG-21 VAAG CP I 27AUG-21 TTNG CP II 31AUG-21 SIBP CP I 2-SEP21

9.01

9.03

0.34

4.26

4.27

0.15

10.19

10.25 0.15

4.59

4.60

0.10

4.13

4.14

0.09

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Toriola: The Pace, Scale and Growth of Nigeria’s Telecoms Industry Has Surpassed Expectations The Chief Executive Officer, MTN Nigeria, Mr. Karl Toriola, speaks on the 20 years transformational journey of telecoms revolution in Nigeria, its impact and challenges. He also provides firt-time insight on the evolution of MTN as Nigeria’s largest telecoms company. Emma Okonji presents the excerpts: Nigeria is celebrating 20 years of GSM revolution. How will you describe the journey so far in terms of coverage, service quality and customer satisfaction? think it’s been a process of constant evolution and constant learning for all of us, not just the industry, but for our customers and the government as well. Even the most optimistic market analysts did not anticipate the pace and scale of the growth in Nigeria’s telecoms industry when it was born in 2000. As an industry, we are delivering services to every local government area (LGA) in the country and every sector of the economy; and the depth and breadth of our service delivery are continuing to expand. Today, our network connects 65.12 per cent of Nigerians to 4G services, while 81.63 per cent have access to 3G connectivity and 89.24 per cent to 2G. That is an incredible journey in just 20 years, but we still have more to do. In the beginning, the social and economic transformation that the telecoms sector catalysed was driven by voice and Short Message Service (SMS). By the present ability to communicate with loved ones and teams at will, it is surprising to many of us that it was only 20 years ago when it was impossible to let someone know you would be late for an appointment. That first wave of transition is so deeply embedded in daily life now that it’s taken entirely for granted. But we mustn’t forget that despite the ongoing transition to data, millions of Nigerians still rely on voice and SMS services, especially the most vulnerable. That was so clear during the COVID lockdowns when we gave every customer free 300 SMS per month and saw more than 52 million customers send more than four billion messages in less than three months. We still have work to do here, with voice connections continuing to grow on the back of existing growth opportunities and a fast-growing population. We need to continue to expand into rural areas and serve the under-served, bridging the remaining connectivity divide. While we do this, the transition to data is happening very rapidly and has accelerated since the onset of COVID-19. With more and more businesses reliant on remote working and e-commerce, demand is growing, and it’s essential that we continue to enhance service quality and reliability while being cognisant that these services need to be affordable and accessible to as many people as possible. The data journey has really evolved over time. From the 2G connections that introduced broad access to mobile connectivity in 2001, through the 3G proposition that enabled more tasks to be delivered remotely, through to 4G, which is the backbone for video calling, and other data-heavy services, and that process never stops. We’re on the verge of introducing 5G services, which is another potential game-changer, really driving the adoption of the Internet of Things (IoTs). When an industry is growing this rapidly and dynamically, it’s inevitable that we will take a few wrong turns; I think that is a part of every organisation’s growth. The important thing is to ensure that you identify them, learn from them and correct them. Pursuing the ultimate customer proposition is at the heart of my focus as CEO. We know that millions of Nigerians rely on the services that we provide, and it is our responsibility to ensure they can. We’re getting better and better at it, but we will never stop trying to improve.

where others have not chosen to tread. We had strong local partners, who worked tirelessly to bring on board domestic investors and we believed in the market opportunity. Ironically, we believed in the opportunity based on considerably more conservative estimates than ultimately manifested. We entered the market thinking we could access maybe 10 million customers. Today we have over 70 million, and still counting. For anyone that looks at it today, it seems like it would have been a complete no-brainer to invest in 2001. It wasn’t, and that is why so many didn’t.

How has telecoms impacted the Nigerian economy in the last 20 years? I think it’s been transformational in so many ways, some that are clear to all and some that are perhaps less easy for the ordinary

Any regret 20 years after, for taking the decision to launch in Nigeria? None. Not one. Like any story, there are things we might have done differently on the journey since launch and important lessons we’ve learned that have helped us evolve and grow. But the decision to launch in Nigeria was the single best decision the business has ever made, and today we can confidently say that we are a wholly-Nigerian success story. What do I mean by that? First of all, MTN Nigeria is run and managed by homegrown talent, with Nigerians - representing all geopolitical zones, making up over 99 per cent of our 1,856 permanent workforce. It’s also worthy of note that many Nigerians hold leadership positions across the MTN Group. For instance, we have Uche Ofodile, the CEO of MTN Benin, Chika Ekeji, the MTN Group Executive for Strategy and Titilope Fakuade, the CIO for MTN Liberia, to name a few. Second, and most importantly, everything MTN Nigeria has achieved was enabled by the overwhelming support of our customers, the guidance and enabling environment created by our government and regulators, and the commitment of our partners. Together, since MTN Nigeria began operations, we have created over 2.5 million jobs, contributed over N2.3 trillion in taxes, levies and fees, and provided innovative services that impacted Nigeria’s socio-economic growth and development favourably.

Toriola

person to see. As I said earlier, I think many of the changes have become so embedded that it’s often difficult to relate to life without them. But let’s start with basic economics. In Q4 2020, the telecoms sector constituted 12.2 per cent of Nigeria’s Gross Domestic Product (GDP). That’s an industry that was virtually nascent in 2001, contributing N1.20k for every N10 the Nigerian economy generates. But that doesn’t tell the whole story. Apart from the huge revenues from the wider Information and Communications Technology (ICT) sector, the numbers don’t incorporate the catalytic growth that the telecoms industry enables in other sectors. Think about the operational efficiencies that connectivity has enabled over the last 20 years. If you are a taxi driver, you can find your customers much faster, increasing the number of journeys you do in a day. If you are a farmer, you can access your markets remotely, optimising pricing. If you are a bank customer, you can run almost all your transactions through mobile applications or the Unstructured Supplementary Service Data (USSD), and banks no longer have to invest substantially in bricks and mortar. If you are into Fast Moving Consumer Goods (FMCG), you can monitor your distribution network

and supply chain in real-time. These are just some of the examples where connectivity and innovation are enabling other sectors to achieve growth faster. In light of the enabling role of the sector, it will interest you to note that telecommunications is probably the only sector where consumer prices have dropped consistently year-on-year since 2001. The steady decline in tariffs has been driven by increasing demand for telecommunication services, stimulating increasing minutes of usage and activities on the networks by a growing number of people. So, I want to throw the question back at you. Can you give me a sector or individual in Nigeria or globally that the telecoms sector has not impacted substantively in the last 20 years? What would the world be like today without it? MTN is one of the ﬁrst GSM operators to launch in Nigeria, at a time when other foreign operators were afraid to venture into the Nigerian market, considering the perceived risk factors at that time. What actually encouraged MTN to enter the Nigerian market at that time? We’ve always been an ambitious brand, keen to pioneer the growth of telecoms across the continent, and often in markets

There is this controversy about which operator ﬁrst launched its GSM services in Nigeria. What do you have to say about this? All I can say is that we know exactly where and when we made our first call on the MTN network because it was made by our founding Chairman, Dr. Pascal Dozie, on 16th May, 2001. Following that, we began commercial operations on 8th August 2001, and that is why we will celebrate our 20th anniversary on 8th August. Looking back now, many have said that we took a massive risk launching such resourceintensive operations here at a time when few believed in the potential of Nigeria. I believe my predecessors saw a winning formula in the tenacity, industriousness and can-do spirit of Nigerians, but no one foresaw the scale and breadth of the growth that ultimately manifested. Subscribers’ expectations from MTN are high, being the largest telecoms network in Nigeria. What are the plans of MTN for subscribers as Nigeria celebrates GSM at 20 years? I can’t provide details of our plans for our numerous customers as we clock 20. Suffice it to say that we recognise the fact that without them, we won’t be where we are today. We have lined up celebratory campaigns with one theme running through all of them, and that is ‘together in progress. This is because for the past 20 years, MTN has been on a journey with Nigerians, and our success is also their success. In recognition of this, we plan to excite our customers with many offerings

T H I S D AY ˾ MONDAY AUGUST 9, 2021

BUSINESSWORLD

INTERVIEW

“I don’t think anyone achieves anything by complaining. We have to work together to try and overcome these challenges, in partnership with the government. We’ve been able to deliver our capital expenditure programmes throughout COVID, despite liquidity challenges with forex.” to show our gratitude to them. You became the second Nigerian CEO of MTN Nigeria at a time when customers’ expectations are high. What are your passion and your goal? What are you bringing to the table? I am obsessively focused on trying to ensure that we can bring the most accessible, most reliable service to all Nigerians. We are ultimately judged on our service quality and our relationship with our customers. So, that’s the lens I use for every decision I take. How can we serve them better? How can we deepen the value we provide? How can we help them to achieve their goals? I’m also incredibly passionate about the role that we can play in supporting national socio-economic development, and I have become even more so since COVID 19. The role that the private sector has to play in addressing complex, national challenges has always been important, but it’s become even more so since the onset of the pandemic. Whether it’s supporting our most vulnerable customers to stay connected when they need it most, working with the government to intervene and deliver innovative solutions to national priorities like education and healthcare, or helping Nigeria attract much needed Foreign Direct Investment (FDI) by showcasing our success story, there is so much we can, and will do. Finally, I am unashamedly Nigeria-centric. I believe MTN has an incredible heritage in Nigeria, but we can do more to deepen local ownership and value, and that is why you are seeing us focus on a public offer with maximum retail participation, and making a commitment to build a new headquarters. These are all foundations for the next 20 years, in which we build and maintain a deeper, stronger, mutually beneficial relationship with Nigeria. Before you resumed office as CEO in March this year, you were once the CTO of MTN Nigeria, driving infrastructure roll-out. How will you compare telecoms infrastructure roll-out during your time as CTO and now, given the fact that infrastructure roll-out has slowed down across networks. I think it’s important to understand that networks go through periods of evolution. In the early stages, it was about coverage, and so it was pretty intense. You are expanding geographically and keeping up with network improvements, while building out the kind of core infrastructure that enables future growth, like tower networks and fibre. But then you reach a point of maturity, expansion becomes more targeted and upgrades are done to existing infrastructure, which is less capital intensive than the initial build. This does not mean that our absolute spending on Capital Expenditure (CAPEX) has decreased over the last 10 years. We spent more in 2020 than we have since 2013 and we’ve committed to investing a further N640 billion over the next three years to further expand network infrastructure, effectively maintaining that level of spending. What changes, naturally, as you grow and networks mature, is your CAPEX intensity, which is the ratio between revenue and CAPEX, which tends to decline progressively as you grow.

Toriola

Telecoms operators have been at loggerheads with banks over the use of USSD services and at a time the banks disconnected MTN customers from accessing the USSD code on airtime vending. How was the issue resolved, and what is the current development? The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, the Executive Vice Chairman of the Nigeria Communications Commission (NCC), Prof. Umar Garba Danbatta and the Central Bank Governor, Mr. Godwin Emefiele, came together with representatives from the deposit money banks (DMBs) and the telecoms sector, to agree a structure that would be accepted by both parties. We will continue to engage with all the stakeholders to conclude the operational modalities for the new pricing framework that has been agreed upon for USSD services. The mechanism for and timing of the recovery of the industry-wide outstanding debts that exist for USSD services provided to the DMBs, form part of this process. Recently, delegates from MTN Group in South Africa visited MTN Nigeria and had a meeting with President Muhammadu Buhari. What was the outcome of their three days visit to the country and how would the N640 billion that was announced be spent on broadband expansion? Yes, the visit was a great opportunity for me to formally introduce myself, as the incoming MTN Nigeria MD/CEO and Ralph Mupita, as the new MTN Group CEO to His Excellency, the President, as well as other senior members of the government. We took the opportunity to update them on our investment plans, including the N640 billion we are committing to capital expenditure and network expansion and upgrades. For instance, in support of the National Broadband Plan in 2021, we plan to have additional 510 2G; 616 3G; 4,745 4G sites as well as 200 U900; 1,226 fibre to site and 232 E-Band connections. But we also talked them through our wider plans to deepen our support for Nigeria, as we transition through COVID and into an expanded digital economy. It’s important that we, as MTN, are supporting national priorities, not just areas where we have opportunities to grow as a business. My team has been working hard to define key areas of focus for expanded investments to support key social sectors like healthcare and education, above and beyond the existing commitments we have made through the MTN Foundation. We’ve also been identifying government programmes we can support, like the Road Infrastructure Tax Credit (RITC) scheme, which we have agreed to participate in, fronting the funding for one of the priority road projects in the country, in return for tax credits later on. Finally, I am pleased that we were able

to communicate an expanded partnership with the CACOVID Coalition, to continue to support their priorities for the next two years. The contribution of the telecoms industry to GDP dropped from 17 per cent in Q4, 2020 to 7 per cent in Q1, 2021, as released recently by the National Bureau of Statistics. What must have led to the drop, and how do you feel about the slide at a time when Nigerians are hoping that telecoms will drive the Nigerian economy? I am not sure these figures are correct. Our numbers suggest that in Q4 2020, the telecoms sector constituted 12.2 per cent of Nigeria’s GDP and declined slightly in Q1 2021 to 11.66 per cent. So, it’s certainly not a worrying decline, and I think if you tracked the contribution year-on-year, you would find it has been growing. I don’t think there is any doubt that the growth in Nigeria’s digital economy will continue. It’s a core focus of the government, from the president, through the minister and to the regulators, and we are working closely with them to try and optimise the growth trajectory. It’s also important to remember that growth in the core telecoms sector is only an indicator of how infrastructure usage is expanding, and this can be impacted by short term interventions like the NINSIM linkage programme, which actually have the potential to drive longer-term growth because they pull more people into the formal digital economy. You have to look at the wider GDP numbers as well. How much of the growth in other sectors was potentially powered by the transition to e-commerce, for example? Defining what constitutes the digital economy and how it is measured is an important area in which everyone needs to be aligned. MTN was part of the operators that enjoyed ﬁve years exclusivity period from the telecoms regulator at the beginning of GSM roll-out in Nigeria, where several rights were allowed and taxes waived. How did this impact on telecoms operations? It is very common for new industries to be offered investment incentives, especially if the government is looking to attract new investors, and that was the case at the beginning of the GSM roll-out. Don’t forget that the early stage estimates for potential subscriber numbers were very small. The MTN business model was built on a target customer base of a few millions. The rights and waivers gave us the confidence to invest more aggressively, and so played an important role in the subsequent rapid pace of growth. Today, the telecoms sector is the largest single contributor to GDP. That alone is enough testimony on how the enabling environment and the initial incentives have yielded fruits immensely.

Core Internet Service Providers are threatened that the tier one telecoms operators like MTN are offering internet services to their customers, thereby making incursions into an area of business that was speciﬁcally licensed for ISPs. What is your take on this? That is simply not true. Mobile Network Operators (MNOs) hold Unified Access Services licences, which enable us to provide a bouquet of services, including voice, data, multi-media, among others, to the consumer and corporate segments of the market. The tier two telecoms operators are complaining about the difﬁculties in accessing Forex to expand their business. Are tier one operators like MTN also complaining? I think you have to view the current situation as a national challenge, triggered by a global pandemic that was outside the control of policy makers. Of course, it is exacerbated by structural challenges in the Nigerian economy that the government is working hard to address, but I don’t think anyone achieves anything by complaining. We have to work together to try and overcome these challenges, in partnership with the government. We’ve been able to deliver our capital expenditure programmes throughout COVID, despite liquidity challenges with forex. So, we’ve been able to keep building and growing the network, ensuring that Nigerians can not only stay connected, but also access the faster, more reliable data services they need to manage remote working. Insecurity in the country is threatening network expansion in the telecoms industry. How is MTN coping with such challenges and what is the solution? First of all, insecurity is not a new challenge for us, not just in Nigeria but in other countries where we operate. So it’s factored into our operating model. We’ve been operating networks in remote locations that are heavily impacted by insurgency for decades. The idea that something has suddenly happened to threaten our network integrity in Nigeria is wrong, it hasn’t. We routinely have situations where it might be challenging to reach a particular site, or solve a particular problem, and so we alert our customers when that happens as we are obliged to, given how important uptime on our service is. I think the recent issues around this were blown significantly out of proportion by a sensationalist interpretation of standard customer communications. Besides, when our customers live in areas that are challenging to access, we do not cut them off. Instead, we work harder to meet an even greater responsibility, ensuring that they have reliable connections. It will interest you to note that we serve more than 20 million customers across Nigeria for whom MTN is the only available service provider. In 2020, we extended our rural connectivity programme to 583 live rural sites nationwide. We will continue to explore new locations to connect, and thus far, we have identified over 3,000 locations across the country for a phased roll-out in the next three years.

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

GEIL Renews Commitment to Host Communities Development Green Energy International Limited (GEIL), the Operator of the Otakikpo marginal field has reiterated its commitment to the development of its host community having successfully negotiated and signed a new ‘’Memorandum of Understanding’’ (MoU) with Ikuru Community, the operational base of the oil and gas firm in Rivers state. The MOU signing ceremony was witnessed and endorsed by the Rivers State Government’s representatives, from the Ministry of Chieftaincy Affairs and Community Development. The MoU encompass the establishment and funding of development projects through the Ikuru Town Community Development Trust Fund (ICTF), which will midwife projects and programs to empower the community, reduce youth restiveness and promote inclusion of women and vulnerable groups. In his message to the meeting, the Chief Executive of the company, Prof Anthony Adegbulugbe said the renewal of the MOU agreement underscores the commitment of the company to build on its earlier successful implementation of projects and economic empowerment of the indigenes, through educational and health intervention, employment of youths, Human capital development, patronage of indigenous contractors running in excess of N3 billion among other initiatives since it stated operation in 2015. He reiterated, “the MOU is a

significant milestone for GEIL and Ikuru Town community. It secures the necessary funding that is available to expand its social investment programmes to provide infrastructure, reduce unemployment, build capacity for women, access to community contractors and contracting, technical training and unlock further value at Otakikpo. We are pleased to be working with Ikuru Town Community and other stakeholders.” He said that the gas to power project for which the company has 6 MW capacity generators on site would be pursued vigorously, saying that Covid 19 pandemic coupled with the downturn in the oil and gas business in the last 24 months had slowed down the implementation of projects. “The newly signed 5-year MoU covers a comprehensive operational structure that identifies key stakeholders who will act as sustainability drivers that would support Ikuru Town community to plan and undertake implementation of projects based on their development priorities and agenda; an approach that is yielding noticeable improvement in our social performance interface, “he said. The Company confirmed its intention to conclude power project and the installation of the LPG extraction plant and power plants in the next few months in Otakikpo which is intended to open a whole new vista of interlinked, multi-level and multi-sectoral development investments, with potential

socio-economic and technological impacts, running from the local to global levels. He added, “For instance, the MoU has been structured by the JV and communities to

take advantage of this business development through the provision of 15 per cent of all LPG and Diesel produced by the JV from the LPG plant and the crude oil refinery and make available

to credible distributors from the host community. There is also provision of electricity to communities directly from the JV’s facility, subject however to existing regulatory framework for

power distribution mechanism by the legally approved government distribution agency. The company will also under the “MOU collaborate in providing water to the community.

SPECIAL RECOGNITION…

L-R: Aero Station Engineer, Abuja, Engr. Roland Ahmed; Head of MRO, James Ominyi; and Managing Director, Nigerian Airspace Management Agency (NAMA), Captain Fola Akinkuotu, at the National Association of Aircraft Pilots & Engineers (NAAPE) Awards where Aero won Best AMO (Maintenance, Repair and Overhaul) award, held in Abuja… recently

Decagon Raises $25m to Finance, Train Software Engineers Decagon Limited has announced its $1.5 million seed round and a student loan financing facility of $25 million from Sterling Bank. Decagon in a statement said over the past decade, Nigeria has seen several companies cater to the development and growth of software engineers and tech talent in general. “It’s a space many in the Nigerian ecosystem like to think is budding yet overcrowded.So when Chika Nwobi started Decagon in 2018, the perception was

generally, “here comes another tech talent accelerator, “it said. It added, “Two years on, the entrepreneur has significantly scaled the company to new heights, the report stated.As a serial founder, Nwobi ran a couple of tech businesses, most notably mobile internet company MTech in the early 2000s. “With Decagon, Nwobi is charting new territory in the fast-paced startup world after years of investing via his seed-stage firm called L5Lab.”

The company said Decagon aims to address the underrepresentation of black people in tech globally, starting with Nigeria. It said, “The dire need for tech talent in Nigeria has become more evident these days, where startups are raising venture capital at a ridiculous pace. Youth unemployment in the country is at a staggering 50 per cent, and while tech has presented an avenue to create jobs, supply isn’t catching up with demand.”

AACS Consulting out with Votenapp AACS Consulting, a management consulting company has launched the world’s first mobile voting app, Votenapp, in Lagos. The event, which held at the private cinema of The Lekki coliseum in Lekki, was witnessed by the cream of Nigeria’s business and entertainment communities. While speaking about the app, AACS Consulting Founder and Chairman, Dr Falil Ayo Abina, said the production of the app was in line with AACS Creed to “think out of the box for unusual ideas and construct the capabilities to bring them

to life. This will improve productivity and expand the Gross Domestic Product (GDP).” Abina added, “The app is useful for reality shows, events, alumni elections, club elections etc. It would drive inclusion as members of any club or group will be able to participate in the affairs of their club irrespective of where they may be at any point in time. This would drive revenue and social interaction. This is a multi vendor app and the first of its kind anywhere.” Abina further explained that while the app was owned

by Coliseum Digital, it was inspired by AACS Consulting. According to him, the app is available on Google Play Store and Apple Store. Commenting on the app, Mr Jimi Awosika, Vice Chairman, Troyka Group, praised the app and was confident of the opportunities it would bring. He also lauded AACS and Coliseum Digital for coming up with the app. Other participants at the event including Mr Lanre Keleko, Dr Dare Akande, Chairman, Bellagio Air and Kizz Daniel, also praised AACS and Coliseum Digital for the innovative app.

T H I S D AY ˾ MONDAY AUGUST 9, 2021

BUSINESSWORLD

NEWS

Emeﬁele: CBN Projection of Double-digit Economic Growth, Single-digit Inﬂation Before 2024 Possible Bassey Inyang in Calabar Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has stated that the CBN has set a target of achieving a double digit economic growth and a single digit inflation rate before or by the year 2024. Emefiele who stated this in Calabar at the weekend said the double digit growth and single digit inflation rate are parts of target of the 5-year Policy Thrust of the CBN, and its projections for Nigeria’s economy by the end of the year 2024. Speaking at a one-day Interactive and Enlightenment session with the Organized Labour and representatives of the Civil Society in the South-south zone

of Nigeria, the CBN Governor who was represented by the Acting Director, Corporate Communications Department, Mr. Osita Nwanisobi, stated that intervention programmes of the Bank were well conceived to help the grow of the nation’s economy and stabilise its financial system. The CBN Governor said though the projection of a double-digit economic growth and single digit inflation for the nation by 2024 appears to be a tall dream, considering the current economic realities, however the apex back remains determined to works assiduously in meeting the set target. He therefore demand support and participation of Nigerians

so the targets can be met. Quoting from verifiable economic data the CBN boss said, “As at last year; in the 2nd quarter the growth was -6.10 percent, 3rd quarter it was -3.4 percent but by the 4th quarter we returned to a positive territory, having a 0.1percent growth that was fragile still. “By the first quarter of 2021 we maintained a 0.5 percent growth which was still very fragile. But the vision is still evergreen. The vision is a people-centered CBN that will grow the economy through the people and with the people.” He stated that as the CBN targets the double digits economy growth, they were also aiming at

attaining a single digit inflation rate. “This is another tall dream because since the advent of the COVID-19 pandemic, inflation has not stopped. In February this year, inflation rate was about 17.8 percent, in March it was moved to 18.2 percent and in April, it started to decelerate. By May it was 17.9 percent and in June, it was further reduced to 17.7 percent, ”he said. The CBN governor appealed to Nigerians to participate in developing the nation’s economy by investing in agriculture, which he noted, as one of the means through which the nation’s mono-economic indices which is dependent on crude oil will be broken.

Also speaking, one of the resource persons at the event, Dr. Zef Chinedu disclosed that over 6,000 members of the nation’s organized labour have benefited from the CBN intervention programmes. “Over 6000 members of the NLC (Nigeria Labour Congress) and the TUC (Trade Union Congress) across the country have so far benefited from some of the CBN targeted intervention programmes,” Chinedu said. He said it was unfortunate that some Nigerians, especially from the South-east and the South-south geo-political regions often have apathy towards Federal Government Intervention programmes, stressing that such attitude was counter productive

to the imports of the intervention programmes. “There is no favouritism in any of the federal government’s intervention programmes through the CBN.Don’t think that you need to know anybody. Many households and Small and Medium Enterprises in Nigeria have gotten the COVID-19 Pandemic intervention funds, either the Grants or the Loans which is at interest rate that is as low as 5 per cent, ”he added. Chinedu said though not all who apply for economic interventions will get, it was better to apply than not to apply at all because it is only through applications that such intervention programmes can be accessed.

ANTICIPATED $3.4BN SDRS FROM IMF, $6.2BN EUROBOND ISSUANCE LIFT NAIRA AT BDC, PARALLEL MARKETS 11.30% (from 11.39%), 12.25% (from 12.32%) and 12.30% (from 12.50%) respectively. “Next week, we still expect lower average yields as investors continue to cherry-pick relatively attractive instruments. In the longer term, we also

maintain our view of tempered yields in the second half of the year, given our expectations of limited supply and deliberate efforts by the DMO to reduce borrowing costs for the government,” according to analysts at Cordros Research.

Meanwhile, given the small value of matured OMO bills worth N19.26 billion, NIBOR rose for all maturities tracked amid financial liquidity squeeze. Specifically, NIBOR for Overnight funding, 1 month,

3 months and 6 months rose to 18 per cent (from 8.67 per cent), 15.65 per cent (from 11.92 per cent), 16.93 per cent (from 13.50per cent), and 18.05 per cent (from 14.55per cent) respectively. In addition, overnight (OVN)

rate expanded by 12.75ppts w/w to 20.5per cent. Analysts at Cordros research noted that the rate remained in the single-digit territory through most part of the week following a higher net liquidity position (this week’s average:

N219.50 billion vs last week: N80.69 billion) supported by OMO maturities (N19.20 billion). However, the eventual expansion was driven by debits at the latter part of the week for CRR debits and CBN’s weekly FX auction.

INSECURITY: AD SPENDING DROPS AS MORE ADVERTISING, EXPERIENTIAL PRACTITIONERS AVOID NORTHERN MARKETS and are no longer sure when the materials agencies send through them will get to the destination. “In summary, the insecurity issues in most parts of the country have greatly affected our business as we are concerned about safety of our personnel,

extra cost of Operations and reduced delivery of Service to our clients,” the OAAN boss added. A senior fellow at the School of Media and Communication, Pan-Atlantic University, Lagos, Dr. Josef Bel-Molokwu, had

recently declared that despite the dwindling revenue and other socio-economic challenges faced by Outdoor advertising in Nigeria, the sector has done well in contributing to economic growth of the country and advertising at large. He spoke at

the 36th annual general meeting (AGM) of OAAN recently held in Abeokuta, Ogun State. “The Outdoor (Out-of-Home or Third Space) advertising business is today a major stakeholder and operator in the Nigerian economy. OOH

has indeed grown to become the second top advertising subsector by revenue, after television, ”he said. He posits that Outdoor has done well in Nigeria and that the industry hasn’t been left behind by other advertising subsectors.

“However, it still has challenges that relate to safety of sites; accurate measurement systems (metrics); expansion of business scope; investment in digital tools; R & D in execution apps; and exploration of format innovations, ”he stated.

T H I S D AY ˾ MONDAY AUGUST 9, 2021

BUSINESSWORLD

STATUS REPORT

Wema Bank Remain Impressive Amid Challenges

Darasimi Adebisi

from N360.1 billion reported in 2020 Full Year (FY) results as the bank continued to support its customers across multiple sectors of the economy. In addition to total assets is Deposits that inched up by 0.50 per cent to N808.9billion as at June 30, 2021 from N804.9billion reported in 2020 FY. Further analysis revealed that Wema Bank’s Retail deposits make up 32.6 per cent of the total whilst corporate deposits make up 67.4per cent. Also, Corporate and savings deposit both grew by 6.3per cent to N225.7 billion (N212.3 billion: 2020) and N127.7 billion (2020: N120.1 billion) respectively due to deliberate effort to improve deposit mix Term deposits declined by 7.8per cent to N396.3 billion (FY 2020: N429.8 billion) due to terming out of expensive deposit. Also, liquidity position of Wema bank was further sustained by expanding reach of its services on digital platform and increased agent banking/customer acquisition. The modest increase in loans and advances to customers position was Wema bank’s Loan-to-Deposit Ratio which declined to 44.73 per cent in H1 2021 from 49.65 per cent in H1 2020. However, Shareholders’ Funds of Wema bank rose significantly by 10.67 per cent to N61.2 billion from N55.3billion reported in 2020 FY.

ith several companies struggling to stay in business following economic headwinds induced by the Covid-19 pandemic, a few have managed to not only stay in business, but continue to post excellent results. Most results released to the Nigerian Exchange Limited (NGX) showed impressive performance fuelling speculations that the rest of the year will be better. Leading the pack is Wema Bank Plc. With growing gross earnings and net interest income, Wema Bank Plc maintained growth in key financial parameters in its half year (H1) ended June 30, 2021 result and accounts. The national bank in the period under review recorded growth in profit & loss figures and balance sheets to underline the prudential management of the board. One of the oldest bank in the Nigeria reported modest increase in loans & advances and deposits to drive total assets across the N1trillion mark. Wema bank grew key financial metrics despite the challenging macro-economic environment arising from the COVID-19 pandemic. Sectoral analysis revealed that Wema Bank is the only bank with double-digit increase in profits according to unaudited results released to the NGX by listed banks. The H1 2021 result and accounts is a continuation of the 2020 full year result of the bank which saw the bank paying dividend to its investors for the third time consecutively. The solid financial performance for the period affirms Wema Bank as one of the industry leadership position in ratios, and consistency in achieving its strategic objectives despite the challenging business environment.

KEY INDICATORS Extract from the Wema bank’s profit & loss figures showed 4.93 per cent increase in gross earnings to N39.82billion in H1 2021 from N37.95billion reported in H1 2020, reflecting the higher interest rate environment, notably in loans and advances. Given a low-yield environment, the bank also reported interest income that rose by 7.27 per cent to N32.18billion in H1 2021 from N30billion reported in H1 2020 as interest expenses dropped to N15.39billion in H1 2021 from N14.79illion reported in H1 2020. Wema bank benefitted from loan growth and higher yield environment as interest income on loans and advances to banks and customers hits N28.33 billion in H1 2021 from N25.65billion reported in H1 2020. Also, interest expenses on deposits from customers dropped by 37 per cent to N10.42billion in H1 2021 from N16.58billion reported in H1 2020. Consequently, Net-interest income rose by 55.17 per cent to N18.3billion in H1 2021 from N11.80 billion reported in H1 2020. Growth in Net-interest income also play critical role in Net interest margin that improved to six per cent in H1 2021 from 5.3per cent in H1 2020 on a faster reduction in cost of funds relative to reduction in asset yields. The bank, however, reported Non-interest income decline of 7.95 per cent to N7.64 billion in H1 2021 from N8.30billion reported in H1 2020

STRONGER ASSET QUALITY

MD/CEO Wema Bank, Ademola Adebise due to the 82.6 per cent decline in net trading income. Meanwhile, the bank in its H1 2021 reported Net impairment loss on financial assets at N861.6million in H1 2021 from N766.34million in H1 2020. The bank reported 72 per cent increase in Net fee and commission income to N5.4billion in period under review from N3.14billion reported in prior period Other income grew strongly, up 361 per cent to N1.42billion in H1 2021 from N307.65bmillion reported in H1 2020, supported by N1billion growth in foreign exchange revaluation. On expenses, Wema Bank’s Operating expenses increased by 18.1 to N20.79billion in H1 2021 from N17.6billion reported in H1 2020, driven largely by regulatory costs, and to a lesser extent, reflective of the high inflation environment and currency devaluation. AMCON levy rose 52.1per cent year-on-year to N2.6 billion, due to the growth in asset base and contingents while NDIC premium rose 95.2% to N1.9 billion, impacted by growth in deposits. Growth in repairs and maintenance (+20.9per cent) and others (+6.6per cent) primarily reflects the impact of the inflationary environmentIn addition, to operating expenses was 4.4per cent increase in wages and salaries was as a result of growth in personnel and

promotion. The bottom-line performance showed that, Profit before income tax rose by 148.6 per cent to N4.30billion in H1 2021 from N1.73billion reported in H1 2020. Despite 148.8 per cent increase in Income tax expense to N580.61million in H 2021 from 233.36million in H1 2020, Wema bank’s grew profit after tax by 148 per cent to N3.72billion in H1 2021 from N1.50 billion reported in H1 2020. In addition to profit & loss figures, the bank closed H1 2021 with Earnings Per Share of 19.20 kobo, about 146.2 per cent from N7.80 kobo reported in H1 2020. The bank offers its clients a wide range of corporate, investment, business and personal banking products and solutions. It is one of the biggest and most profitable banks in Nigeria.

STRONGER FINANCIAL POSITION The impressive performance of Wema bank profit & loss figures was impacted by stronger balance sheet in the period under review. Specifically, the bank crossed N1trillion mark in total assets to N1.02 trillion as at June 30, 2021, an increase of 4.81 per cent from N968.6billion reported in 2020 full year result and accounts. In the period, the lender reported N373.1billion loans and advances to customers, 3.61 per cent increase

The bank’s total nonperforming loans (NPL) declined on more efficient loan book in terms of repayment leading to a decline in the NPL ratio to 3.5 per cent from 5.58 per cent reported in H1 2020. Local and foreign currency NPLs declined by 30.2per cent and 74.8per cent respectively as NPL for the finance and insurance, and transportation and storage grew while other sectors declined. The bank’s Cost of risk increased to four per cent in H1 2021 from 3.6 per cent in H1 2020 predominantly due to the growth in loan book. Meanwhile, Capital adequacy ratio at 13.2per cent for H1 2021 is higher than the regulatory requirement (10 per cent). The bank’s management planed on boosting the capital base by N40 billion to grow risk assets underwriting. The Bank disclosed recently that “it is considering” the acquisition of a Fintech firm or a merger with another bank, as part of its growth plans. The bank’s Deputy Managing Director, Moruf Oseni, said a merger and acquisition (M&A) was part of its plan to ensure organic growth.

DIGITAL BANKING The bank had maintained that its digital channels remain a priority in meeting customer needs and closing the financial inclusion gap. Its mobile payment app, ALAT with Wema bank recorded N715.2 billion in transaction value in H1 2021 and 18.1 million in transaction count on ALAT with 402,965 new downloads in H1 2021 (+34.7per cent) relative to H1 2020. The bank also recorded about 2.1 million digital customers at H1 2021 The bank’s Unstructured Supplementary Service Data (USSD) recorded over 37.8 million in transaction count (+116.8per cent) and transaction value of N220 billion (+95.8per cent), reaffirming its focus on H1 2021 grow channel usage. In the same vein, agent banking base increased to >100k in H1 2021 (H1 2020: 63.5k).

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

BUSINESSWORLD

SMEs

NEXIM: Promoting Social Inclusion with WAYEF Abba Bello’s led management of Nigerian Export Import Bank has introduced specific policy intervention that is promoting economic and social inclusion of key segments of the population, in particular the women and youth, writes Ugo Aliogo

Unveiling of WAYEF in Kebbi State.

he United Nations Population projection for Nigeria in 2020 indicated that about 62 per cent of Nigerians were below 25 years; while over 50 per cent belong to the female gender. These segments of the population can, therefore, not be ignored by an interventionist agency like the Nigerian Export Import Bank (NEXIM) hence the bank’s decision to establish the Women and Youth Export Facility (WAYEF). “The WAYEF is a deliberate and targeted funding scheme to address the needs of these vulnerable groups,” These were the words of the Managing Director of the Bank, Mr. Abba Bello during the launch of WAYEF in Abuja and its recent engagement with women and youths in Kebbi State. Over the years, the bank has provided enormous support for many export-oriented industries that are high employers of women and youths such as cashew, shea, hibiscus, ginger among others, where a lot of women are involved in cleaning and packaging of products for export. NEXIM is an export credit agency and in living up to its mandate and statutory functions which include providing finance, risk bearing services as well as trade and market information and export advisory services to the Nigerian export community, it has steadfastly focused on the development and expansion of the non-oil sectors of the Nigerian economy, with a view to reducing the country’s over-reliance on oil exports. This is in tandem with the diversification agenda of President Muhammadu Buhari and the bank is recording milestones in this regard with the audacious platform of Women and Youth Export Facility, which is being championed by the management team that includes the Executive Director, Business Development, Honourable Stella Okotete and the Executive Director, Corporate Services, Dr. Bala Bello. Specifically, the Managing Director of the bank has been at the forefront of the diversification drive of the bank. Speaking at a forum recently, Bello said his tenure as the Chief Executive of the Bank has been focused on the diversification of the external sector of the Nigerian economy towards increased jobs creation and foreign exchange earnings from the non-oil export sector. He stated: “In line with our mandate, we have observed the unfolding dynamics of the Nigerian economic environment and the need for specific policy intervention to promote economic and social inclusion of key segments of our population, in particular the women and youth. Let me emphasize that over the years, NEXIM has intervened significantly in key non-oil sectors that are high employers of women and youth such as Shea, Cashew, Hibiscus and Ginger etc, where women and youth are involved in cleaning and packaging of products for export. “We have however observed that by provid-

ing access to finance and other capacity building initiatives, these groups of people can own their businesses and contribute more directly to jobs creation and economic diversification objectives of the federal government of Nigeria.”

EMPOWERING SMES To achieve this, the Bank mainstreamed the informal traders and SMEs and small traders to embraced the culture of operating formal trades, which is already providing many benefits, including access to concessionary funding and other government incentives that is helping them grow their businesses. At every opportunity, the bank often boasts of valued customers who share their success stories during such engagements to encourage potential young exporters and these success stories provide motivation for other women and SMEs players across the country. Known for its innovative approaches, Bello recently announced efforts to further support and mainstream informal businesses and SMEs with a plan to launch an Export Academy whose focus would be to build capacity and enhance the skills of small exporters, towards boosting the contribution of the non-oil sector to the country’s export revenues. This scheme, according to him, is akin to the USP programme offered by the EXIM Bank of India, which identifies companies with comparative advantage in the areas of technology, process and products and offers support to such businesses through a mix of technical assistance and funding

to help them realise their potentials. The NEXIM boss further stated, “It is our believe that the services offered by the Export Academy will complement the Joint Project Preparation Fund (JPPF), recently established in partnership with the African Export-Import Bank (Afreximbank), through which both NEXIM and Afreximbank have agreed to contribute an initial take off fund of $50million to support the pre-investment phase of a project preparation circle. “We are quite optimistic that such mix of intervention programmes will go a long way to address the dearth of bankable projects, which will increase the flow of funds to the SMEs and enhance their contributions to national development.” On her part, Stella Okotete at a different forum alludes to the fact that Nigerian’s population is predominantly youth dominated, and female population accounts for about half of the total population. So, she has often opined that improving the economic environment to enhance the effectiveness of women and youth participation in economic activities is empowering to these vulnerable segments of the population. She is an advocate of and holds tenaciously the view that equipping women and youth with the requisite knowledge and skills required for their survival through remarkable ingenuity would help them establish themselves as income earners and employers of labour in the country. During one of the events, Okotete said: “In line with the government policy of diversifying the economy, export plays a

Women Entrepreneurs in Kebbi with Oﬃcials of NEXIM

key role in income generation as well as job creation for our people. We shall keep informing Nigerians about the bank products like WAYEF and also engage them with advisory services to start thinking export because that is the new norm, that is the new normal, that is what will help Nigeria to overcome the challenges of current economic situation of being solely dependent on oil and being a very large import dependent nation , we said we need to drive non- oil sector by bringing on board more SMEs with a special focus on women and youth.” She stated that it is achievable because “we have the numbers we have the farmers, we have the funds from NEXIM, so the excuse of not having access to finance is in the past.”

ZERO OIL PLAN As Nigeria deals with the aftermath of the recent episode of Covid 19 pandemic, which has caused severe economic challenges in the country, such challenges could easily have been avoided with less dependence on crude oil, which is the major reason why the federal government has launched the Zero Oil Plan. NEXIM has also established the State Export Development Fund, which is targeted at assisting every state of the federation towards promoting at least one exportable commodity that can form part of national export basket. In the weeks and months ahead, young Nigerians look forward to more engagement opportunities with the bank in some selected states to give youths and women especially a platform to listen to risk takers who have successfully tapped into the NEXIM products and are doing well in their different businesses.

MONDAY AUGUST 9, 2021 •T H I S D AY

MONDAY AUGUST 9, 2021 • T H I S D AY

MONDAY AUGUST 9, 2021 •T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 9, 2021

HOMES&DESIGN

AZURI TOWERS SHOW HOUSES, OFFICES READY AT EKO ATLANTIC CITY

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

HOMES&DESIGN

INSIDE A GLITZY GLIMPSE OF AZURI TOWERS Bennett Oghifo

et in the pristine landmass of Lagos Island, lounging close to an exquisite marina, the towering and shimmering towers kiss the blue-white skies amidst a ray of sunshine. The lush greenery and the quietude combine for a therapeutic experience. Imbued with the naturalness of paradise and the modernity of a megacity, the towers reflect the luxury and limitlessness of the imagination. Climatefriendly with wow-effects, the towers signpost the merger of man and nature, the beauty of luxury, and the rapture of comfort. With spectacular panoramic views, elegant decor, an architectural masterpiece, the towers boast state-of-the-art amenities, including fibre-optic data connections. It was an exciting time at the Azuri Towers in Lagos at the weekend when the show houses were open to a select audience for viewing. Eko Development Company Ltd, the real estate firm behind Eko Atlantic City, is the brains behind the tallest residential building in Nigeria and West Africa. Three towers make up the Azuri Towers – Azuri 1 and 2 and the Azuri Offices’ Tower. They will be ready in October and occupied in December, according to the Chief Executive Officer of Eko Development Company, Olawale Opayinka. He discussed the futuristic live-in and work-in environment of the property with THISDAY at the viewing. The shortest tower is 29 floors, and the tallest is 33 floors. Opayinka said, “There is a recreational area on the fifth floor, where there is a swimming pool, squash court, spars, saloons, private clubs for residents, conference room, underneath both residential towers, about 8,000sqms of recreational area.” The two other towers would be complete in June 2022. The three towers remain under construction, and Eko Development understands the need for perfection and high standards. “You’re putting three superstructures on one foundation, so there is natural time that you require for concrete to cure from one layer to another and for a stress test,” said Opayinka. “It is a safe development. So, it takes time. There is no race on time.” The project is considered on course and within the projected timeframe despite the uncertainties and disruptions wrought by the COVID-19 pandemic. With its new variants (particularly the Delta variant), the virus has continued to wreak havoc on real estate and many other sectors.

“We are on schedule. We did plan to open all the towers at the end of this year,” the Eko Development CEO stated. “But we all know what happened with COVID-19 and what is now known as the third wave.” Regardless, the company is meeting its commitments and will deliver the office tower before the end of this year. Within six months, it pledged to deliver the two residential buildings. A select group of investors and consultants, taken on a tour of the towers, explored the Azuri Towers’ three- and four-bedroom apartments, fitted with ultra-modern facilities with energy-saving systems or sensors and other facilities that qualify the towers as “green.” According to Opayinka, prospective investors have 12 months to pay. When payment is completed, the firm will hand over the apartments to them. A state-of-the-art three-bedroom apartment at Azuri Towers can cost as much as $1 million, and a four-bedroom apartment can go for $1.2 million. The three-bedroom is on 185sqm and has one service quarter. The four-bedroom is on about 225sqm with one service quarters and two parking spaces by each apartment. That is not all. Large portions of the Azuri office tower have already been sold. “We have a lot of corporate clients. We have 27 office floors, and we have eight office floors left,” said Opayinka. The Azuri Towers have a beautiful view of the Atlantic City Marina built on 300,000sqm of prime land. Residents can enjoy a panoramic view of the marina. The vast “300,000sqms body of water, including the land surrounding it, can easily take a few thousands of people walking around it daily. “It is built to scale in a city of around 10 million sqm,” explained the Azuri Towers honcho, “twice the size of Victoria Island.” Opayinka is an actuary characteristically at home analysing financial costs of risk and uncertainty, using mathematics, statistics, and financial theory to assess the risk of potential events. His goal is to help businesses and clients develop policies that minimise the cost of that risk. His wealth of experience and expertise is invaluable on a project like the Azuri Towers currently turning heads. “In terms of being an actuary, I’m a

principal in financial services and anything that concerns large financial undertakings,” Opayinka admitted. “coming into a project like this with my technical skills and knowledge of finance and also how to link finance with clients.” The Azuri towers boss does more than that. He has mastered how to understand people. All of that made up for our ending up as the managing director and chief executive officer of Eko Development, he pointed out. Most of his work has been on the creative side “of helping developers or people working on confidential projects like “large bridge development work, to do the technical work of understanding the cost, the revenue, and how that is to be financed. “That is the kind of work he has been doing on a “consulting basis.” “This is the first time a client has said having done the consulting work, come and finish off and do the delivery or come and prove that what you wrote down can work,” disclosed Opayinka about the Azuri Towers project. “So, that is what we’re doing: proving that it can work. We have 12 months to show that it can work, working with very many important people.“ The Eko Atlantic City has common areas like the Marina, the eight and a half kilometre sea wall. Two and a half kilometres of that are ready. “People walk on it every day. There is sea breeze from the Atlantic Ocean, a lot of good and healthy living,” noted Opayinka. “You don’t have any tankers, no fumes from vehicles or generators.” He described the Azuri Towers as a leading world-class development and “part of a long-term programme to create outstanding offices with a dedicated high-tech office tower. Her idyllic position on the Marina District combines the tranquillity of the three water bodies alongside a sophisticated pedestrian-friendly urban centre to ensure that her inhabitants enjoy a lifestyle befitting for Kings and Queens and a wealth of amenities in a secure environment, the Marina District will be a privileged place to invest, work, play and live.” So, why invest in Azuri Towers? The prime location of the Azuri Towers makes it a choice real estate asset/investment to have in a portfolio. It is designed to have store in value. The developer says, “With an inflation

rate of 12.5% in Nigeria and savings interest rate less than 3% per annum, real estate investment provides the best store of value in the Nigerian economy. “An investment in the Azuri Towers’ apartments for which projects a rental yield of 6% per annum with full occupancy represents an ideal option to preserve the value of hard- earned savings.” On capital growth, he said, “With a starting price of $950,000, the Azuri Towers apartments offer the potential for significant growth in asset value. Upon completion, the current offer price is expected to be higher. “The capital invested in the Azuri Towers’ apartments should hold its value with likelihood for an upside in the short term. According to Nigerian Property Centre in 2018 for instance, Ikoyi, which is a prime location in Lagos, Nigeria, recorded a 20% Year-on-Year price appreciation.” The rental yield is equally great, according to Opayinka. “The minimum annual rental income for similar apartments within Eko Atlantic City is N24 million to N36 million per annum based on average referenced rental data sourced from www.nigerianproperttycentre. com. The daily rate for serviced apartments is starting at N100,000 per night. “If the rental income for the base apartment is priced at N24 million, the yield will be at 6% per annum. which is above average yield for investment properties trending at 3%-5% per annum in the Nigerian real estate sector.” The Eko Atlantic City is a dynamic new city emerging from the Atlantic Ocean, adjacent to Victoria Island in Lagos, Nigeria, the biggest and fastest growing city in West Africa. This new City arose from land eroded from the Bar Beach shoreline, which existed over a hundred years ago. Standing on 10 million square meters of land reclaimed from the ocean and protected by an 8.5 kilometer long sea wall, Eko Atlantic will be the size of Manhattan’s skyscraper district. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power generation, clean water, advanced telecommunications, spacious roads, and tree-lined streets. Eko Atlantic city is privately developed by South Energy Nigeria Limited – the developers and city planners Eko Atlantic city is privately developed by South Energy Nigeria Limited – the developers and city planners.

T H I S D AY ˾ MONDAY AUGUST 9, 2021

SPECIAL BUSINESS

NIGERIA’S UNENDING DEBT APPETITE

Obinna Chima writes that with it seeming endless appetite for borrowing, Nigeria may be approaching a debt trap

ixed reactions have trailed the federal government’s last week announcement of its preparedness to issue N2.343 trillion ($6.2 billion) Eurobonds in the International Capital Market (ICM) to partly finance its N5.2 trillion 2021 budget deficit. While some have argued that the move will be positive for the country as it would among others help improve the country’s foreign exchange position as well strengthen the external reserves, others believe that that it would further worsen the country’s debt position as well as further into a debt trap. A debt trap is a situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal. Nigeria, less than two decades ago had secured far-reaching debt forgiveness. In preparation to the Eurobond issuance, the federal government last week appointed eight international and domestic transaction advisers. The Eurobonds to be issued are for the purpose of raising funds for its New External Borrowing of N2.343 trillion (about $6.2 billion) provided for in the 2021 Appropriation Act to part-finance the budget deficit. The eight transaction advisers included international bookrunners/joint lead managers– JP Morgan, Citigroup Global Markets Limited, Standard Chartered Bank and Goldman Sachs. The Nigerian bookrunners to the proposed issuance is Chapel Hill Denham Advisory Services Ltd and FSDH Merchant Ltd who will act as financial adviser. White & Case LLP would act as the international Legal Adviser while the firm of Banwo & Ighodalo are the Nigerian Legal Advisers. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had said the nation’s debt profile was expected to increase to rise

to N38.68 trillion by December 31, 2021. According to the DMO, Nigeria’s total debt was N12.12 trillion as of June 30, 2015, when President Muhammadu Buhari took over. It however stood at N33.10 trillion as of March this year. Another disturbing development is the fact that the federal government spent 98 per cent of its revenue to service debt between January and May 2021, up from the 83 per cent recorded in 2020. The government had projected to spend N17.8 trillion on servicing debt between 2021 and 2024. This is contained in the 2022-2024 medium-term expenditure framework and fiscal strategy paper (MTEF & FSP) released by the budget office of the federation. It represents 47.6 percent of N37.42 trillion expected revenue within the four-year period. This means that for every N100 earned, the federal government would spend about N48 to repay debt. According to the document, N3.12 trillion would be provided for servicing debts in 2021 based on the budget passed by the national assembly with an oil benchmark price of $40 per barrel. In 2022, the federal government projects that N3.61 trillion would be spent on debt servicing. The figure is expected to rise to N4.93 trillion by 2023, while N6.17 trillion will be used to service part of Nigeria’s debt in 2024. NIGERIA’S PARIS CLUB STORY Six years into the administration of former president Olusegun Obasanjo, the government then was able to get the Paris Club to write off the country’s debt. According to Obasanjo, the move then represented, for the first time, a total exit and freedom from Paris Club debt. The package in final terms then yielded

debt relief of about 60 per cent on Paris Club debt and Nigeria was made to pay off the 40 per cent balance through a buy back operation. The total write off then was close to $20 billion which compared very favourably with the $40 billion write off of debts for the 18 highly indebted and poor countries of the world by the developed nations during that period. The former president had stated then that, “This, debt relief offered to us, I am pleased and proud to say is the direct product of our relentless and persistent endeavour over the past six years. “Fellow Nigerians, how did we get to the point where our debt burden became a challenge to peace, stability, growth and development? “Without belabouring the point we can identify political rascality, bad governance, abuse of office and power, criminal corruption, mismanagement and waste, misplaced priorities, fiscal indiscipline, weak control, monitoring and evaluation mechanisms, and a community that was openly tolerant of corruption and other underhand and extra legal methods of primitive accumulation.” He then urged Nigerians to learn from the past, saying Nigerians; especially policymakers must all show collective responsibility to prevent a return to the past. NIGERIA’S RISING DEBT PROFILE To the Managing Director, Coronation Merchant Bank, Mr. Banjo Adegbohungbe, while debt in itself is not bad, the issue is what its proceeds are invested in. According to Adegbohungbe, “historically as a country, the challenge we have had is not the fact that we borrow, but the economic benefits that we derive from the debts we raised. So, it is not the fact

that we borrowed, but what we did with the money. “If we can be consistent about ensuring that the money is invested in infrastructure or in sectors that would ensure that there are derivable and tangible benefits in terms of economic growth, job creation and others, that in itself is not a bad thing. “That is because when the economy grows, and those jobs are created and productivity improves, the government gets additional revenue in terms of taxes and so on and that improves its capacity to repay.” The Coronation Merchant Bank boss noted that while people always look at the fact that the government is borrowing money, “they should also be talking about the things that we can use that money for.” “Infrastructure is a very big example because of our high infrastructure deficit. So, suppose you are to invest in a lot of these critical infrastructures, the evidence is there that it will stimulate economic growth if we invest in things such as power, transport infrastructure, and others. “The economy should be experiencing double-digit growth if those enablers were there. So, I think the argument has been largely one-sided when people talk about debt,” he added. Also, a Senior Lecturer at the Pan-Atlantic University, Dr. Bongo Adi, pointed out the challenge facing the country remains that of low revenue profile. He, however, did not foresee the country plunging into a debt trap. According to him, “investment in infrastructure is very important. This is one thing that has continued to affect productivity in the country. An economy of almost 200 million citizens, should be doing a lot more than we are doing presently. “We all can see that with the infrastructure that we have, it is not possible for us to achieve higher level of growth and quickly

T H I S D AY ˾ MONDAY AUGUST 9, 2021

SPECIAL BUSINESS

ANALYSIS “You and I know that you do not use GDP to repay your debt. You use government revenue receipts to service your debts. In 2014, before the current APCled administration came to power, the erstwhile President Goodluck Jonathan administration paid N500 billion for debt servicing.”

too. If we have the critical infrastructure enablers, I can tell you that this economy will be registering about seven per cent growth. And we need this in order to escape the population trap that we have got ourselves into and we need it to create job. “The problem with our borrowing is that it is still the bureaucracy and same people who have been inefficient over the years that would be the ones to husband this process. So, we do not have confidence in them.” But, he argued that the burden of creating infrastructure should be shifted to the private sector, while the government creates the enabling environment for them to thrive. This, he said should be done through Public-Private Partnership. According to the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, the country’s debt situation is worrisome. Almona noted that Nigeria is an asset-rich nation owning hundreds of large state-owned companies, valuable parcels of land, and built structures in prime commercial locations that have been grossly under-utilised and contribute too little to the country’s fiscal and financial situation because their market values had not been ascertained. “There is, therefore, a need for government to take urgent steps to establish the market value of these assets, securitise the corporate assets and commercialise the real estate assets to raise revenue for the government and foreign exchange inflows for the country. “There is a need to replace existing debt stocks with asset-linked debt to ease the debt servicing burden; attract Greenfield Foreign Direct Investments (FDIs) into publicly-listed state-owned companies and generate new revenue streams from commercialised real estate portfolios,” she added. To a former bank CEO and presently Managing Director of KSBC Advisory Partners Limited, Mr. Chika Mbonu, one of the key ways to get an economy out of recession or to reflate an economy struggling for growth is to spend your way out. These spending, according to him, should help create the highest growth impact and stimulate economic activities, thereby leading to expansion in the GDP and increase government revenue. Mbonu said the anticipated increase in revenue would in turn lead to new capital

investments in the economy and would then enable the government pay back the principal and interest on these borrowed funds . On her part, the Executive Vice Chairman, H. Pierson Associates Limited, Eileen Shaiyen, warned that Nigeria’s debt level has become a major course for all stakeholders. According to her, while the country’s debt to GDP ratio has trended up from levels in 2016 at 23.41 per cent, 2017 at 25.34 per cent, 2018 at 27.26 per cent and 2019 and 2020 estimates put at 29.78 per cent and 31.35 per cent, respectively against an international threshold of 30 per cent. Also, the country’s debt service to revenue ratio has trended upwards from 2011 levels of 21.2 per cent, to 2015 at 51.9 per cent, 2016 at 86.6 per cent, 2017 at 78.6 per cent, 2018 at 67.7 per cent and first quarter (Q1) 2020 at 99 per cent. These, she pointed out was against the international threshold of 20 per cent to 25 per cent. “This trend is very worrisome when considering the future of the country’s very youthful population in need of a major boost in economic growth through major fiscal interventions to stimulate education, health, infrastructure, etc., as against putting such expenditure into the service of debt that is perceived to be largely mis-applied,” she emphasised in a presentation. Similarly, in terms of debt to revenue, she noted that the major index also showed major deterioration from estimates of 348 per cent in 2019 to 538 per cent estimated for 2020. “These come with numerous other socio-economic consequences impacting on some of the key Sustainable Development Goals of poverty, hunger, health, education, as well as issues of social unrest, crime. “Having wasted numerous opportunities to proactively and decisively confront the issues responsible for this poor state of financial affairs, there is now an urgent call to leadership at the Federal and State levels to embark on fundamental and structural changes to address this debt crisis,” she said. According to her, in addressing the situation, the first good move would be to plug all major revenue leakages

and therefore reduce the government’s dependence on debt financing. She also stressed the need for increased investments, especially in critical sectors such as power. “The long-term impact for the power sector is the increased availability of power and the huge multiplier effect of that on the productive sector and overall GDP,” she added. Commenting further on revenues, the H. Pierson boss further noted that ramping up revenues through initiatives that would attract private capital into optimising the natural resources in each of the 36 states was fundamental, while the government mainly takes a regulatory role. According to Shaiyen, each of the 36 states has massive natural resources that remain relatively docile, stressing that the government must fast-track initiatives that would unlock the private-sector-driven potentials in this sector, provide enhanced tax revenues to government and drive up overall GDP. The CGF Advisory, a research and investment firm, on its part, stressed the need for the federal government to determine its financing needs, set its borrowing limit and then comply with Fiscal Responsibility Act As part of its recommendations to reset the Nigerian economy, the firm stated that a major policy overhaul to reduce revenue vulnerabilities and budget deficits that jeopardise the economy, was needed. It pointed out that key policy reforms would be imperative to support and sustain macroeconomic stability. These, it listed to include, among others, a foreign exchange management framework that reflects the market fundamentals, the acceleration of the country’s economic diversification agenda, and the oil and gas sector reform, among others. In addition, it advised the federal government to cut overhead and recurrent expenditure, while increasing capital expenditure to total budget ratio. “There is an urgent need to reduce debt service to revenue ratio and also urgently raise non-oil revenue through programs such as initiatives to drive more people into the tax net and increase tax to GDP ratio,” it added.

To an economist and former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, Nigeria risks sliding into the realm of debt-distressed nations its increasing ratio of revenue to debt service. He pointed out that in a situation of debt distress, all resources would be used to service debt rather than building economic, social and strategic infrastructure that could guarantee citizens a better life. He expressed concern that a situation where debt-servicing obligations outstrip capital expenditures or capital expenditure would be a rather worrisome one. Mailafia observed that the change in percentage of revenue to debt servicing, “is likely to rise very substantially in the coming year as Fitch predicted in its March 2021 ratings” The implication of the trend for the future of the country, which according to him, suggested that all resources would be devoted to meet the country’s debt repayment obligations or schedule. “We live in hard times. Inflation and unemployment are spiraling out of control, in the context of slow growth, geopolitical tensions and widespread insecurity,” he added. “You and I know that you do not use GDP to repay your debt. You use government revenue receipts to service your debts. In 2014, before the current APC-led administration came to power, the erstwhile President Goodluck Jonathan administration paid N500 billion for debt servicing. “This amounted to a mere 10 per cent of total government revenue. We were in a relatively comfortable position. “In the following year of 2015, coinciding with a global recession and precipitating fall in world oil prices, the debt repayment bill tripled to the figure of N1.5 trillion, amounting to 30 per cent of public revenue earnings,” he explained. But by 2017 the figure rose to N3 trillion, which amounted to 61.6 per cent of government revenue. In 2020, the federal government made a total of N3.25 trillion in revenue while spending N2.34 trillion in debt-servicing. This amounted to 72 per cent of revenue going into servicing our loans for that year. It is instructive that during the same year the government spent only N1.7 trillion on capital expenditure,” Mailafia added. In order to address the situation, he urged the government “to cut back drastically on certain worthless expenditures while keeping a leash on the cost of governance.” He also advised the federal government to engage with its creditors with a view to restructuring the country’s loans. “There should be a more rigorous system of accountability for the continuing revenuegenerating agencies of government – Customs, FIRS, NNPC and others,” he added. From the foregoing, there is need for the federal government to address issues around domestic fiscal imbalances and leakages, low investment and divestment, ending of fuel subsidies, in order to reposition the economy as well as enhance its revenue profile. This is to enable the government meet its debt obligations. Additionally, the government must tackle the rising trend of terrorism and insurgency, exchange rate risk and create the right environment for investments.

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

SPECIAL INTERVIEW ADEGBOHUNGBE: INCREASED INVESTMENTS REQUIRED TO BOOST ECONOMIC GROWTH The Managing Director, Coronation Merchant Bank, Banjo Adegbohungbe, in this interview stresses the need for to address certain bottlenecks that have continued to hinder economic growth in the country and also calls for increased private sector investment in the economy. Obinna Chima brings the excerpts:

The Central Bank of Nigeria recently ended its weekly foreign exchange sales to Bureau De Change (BDC) operators and since then we have seen the naira appreciate against the dollar on the parallel market. What is your take on the central bank’s action? t is a welcome development. As you know, there had been a clamour for reforms in the foreign exchange market, and also the country is facing a challenge at the moment. So, when you situate those two factors, it was the right time for the central bank to do this. What they have simply done is to say that for demand for foreign exchange at the retail end, things like Personal Travel Allowance (PTA), school fees, medical payments, among others, that such demands should migrate to the banks. Mind you, people used to be allowed to the banks already. That was already there for those transactions. But essentially, if the CBN does not supply the BDCs, we expect that demand with the BDCs to migrate to the banks in addition to the demand that the banks are already managing. What is the reason for that? The CBN Governor was quite explicit during his media briefing on the matter, so I won’t talk much on that. But I would say that the banks have already expressed publicly our commitment to support this initiative and ensure that this demand is adequately met and that customers are well served. At the end of the day, we expect that ultimately, it should bode well for price moderation in the parallel market.

So, what is your outlook for the naira? I think you have seen devaluation in the past 15 to 18 months, given that we had some challenges last year with COVID-19

and declining oil prices. Even though we have seen a measure of recovery, FX liquidity remains a challenge. On the supply side, we still have challenges and it will take ke some time before that is completely etely y addressed. So, the anticipation is that hat we could still see some slight devaluation, on, but they are doing it in an orderly fashion. ion. So, instead of having a big step devaluation, luation, we are having small step devaluations uations over time. We have had about two or three of such. From N360 to a dollar, ollar, to N390 to a dollar and N410 to a dollar. llar. So, you are going to be seeing these types ypes of yp creeping devaluation. As you are aware, the federal government is working ing g on issuing a Eurobond. This will p provide additional support to the reserves, es, and I think it would further slow down th the pace of the devaluation. If the Eurobond is successful and the government raises as much money as they are projecting, that combined with the proceeds of crude oil sales would ensure that we are not too far off from where we are in terms of the official exchange rate. But what is the role of the ﬁscal authority in ensuring stability in the foreign exchange market? On the fiscal policy side, those principles are in place, but you know the execution is not entirely with the government alone. There has to be concise joint participation both on the side of the fiscal and monetary authorities on one hand and the private sector on the other hand. Let me give you an example: People don’t talk too much about exports, but non-oil exports have provided some support for foreign

Adegbohungbe exchange supply in a little over a year now. But everybody focuses on proceeds from crude oil sales. Imagine if our export of things like cocoa, sesame seeds, oil palm, etc increased. Today, if you breakdown our foreign exchange receipts as a country, non-oil exports account for less than 10 per cent. But when you look at the arable land we have in Nigeria, you hear people say we have not even cultivated up to 20 per cent of the arable land for many of these commodities. So, you ask yourself, what would our foreign exchange situation look like as a country if we are producing in line with our potential and we are exporting, not just the raw products, but by adding value and manufacturing some of these

things here and exporting them. So, the picture will look very different, and we won’t be dependent on oil, and we won’t be exposed when there is any crisis that affects crude oil price. These are some of the factors we are looking at in stabilising the currency. Imagine if the investment in agriculture were to match the potential we see and the impact it would have on our reserves. This is just one example and there’s so many more things we can consider across various sectors of the economy. The fact that we import refined petroleum products is another example. When the Dangote Refinery comes on stream and also the public refineries that the government is talking about refurbishing and we start refining crude in Nigeria, then we would have no business importing refined petroleum products in

T H I S D AY ˾ MONDAY AUGUST 9, 2021

SPECIAL BUSINESS

INTERVIEW

We are Going to See Stronger Growth in 2021 Than in 2020

the country. A big chunk of our foreign exchange receipts are spent on importing refined petroleum products. So, there are some structural things that need to be addressed and you need involvement not just from the government but also from the private sector. The federal government is planning to issue Eurobond, do you think the environment is ripe given the current situation in the global economy? First of all, we have a very strong track record of meeting our obligations as a country. Yes, we had challenges in the past, but remember that several years ago we negotiated and successful exited the Paris Club debt challenge. But we have had a clean slate when you look at Eurobonds. We have been meeting our obligations. I agree with you that the risk is such that the pricing might be a bit higher than what should have been obtained if there was no COVID-19 pandemic. But given that the credibility of the federal government as a borrower in the Eurobond market is still relatively intact and also I should point out to you that we have seen quite a number of banks that have issued Eurobonds in the last six months. We saw issues by Ecobank, FirstBank and so on. Also, in sub-Saharan Africa, recently we have seen issues by Ghana and one or two other West African countries that were relatively successful and the pricing wasn’t that bad and the demand was still there. Don’t forget that in the western world, yields that are available to investors are really quite low and have been low for several years. So, there are a number of factors that if you put together would make you project that the demand is there and we should be successful in raising the targeted amount. Now, in terms of the benefits, the biggest benefit is addressing the issue of foreign exchange liquidity. Whatever is raised would really boost the central bank’s capacity to support the currency and improve the supply situation which has remained a challenge for some time. Last year, we got $3.4 billion from the International Monetary Fund (IMF), but negotiations with the World Bank and all the conditions that they gave us meant that we didn’t get anything else significant apart from what we got from the IMF. We only got some form of infrastructure support from the World Bank. Apart from that, we didn’t issue Eurobond last year. So, I think that whatever we can get from the Eurobond would provide some relief in the short to medium term for the supply side and improve liquidity in the foreign exchange market, which in turn has its other benefits. Again, improving foreign

exchange supply, even if it is marginally, would help improve a lot of economic activities that are import-dependent. But don’t you think the concerns about Nigeria going into a debt trap are genuine? You know when people talk about debt, economists would tell you that debt in itself is not bad, but that the issue is what you invest the proceeds of the debt in. The federal government has responded severally to tell people that it is focused on investing the majority of this debt on infrastructure, and if you look around, there has been a lot of infrastructure-related debts that the government has raised over the last few years. So, historically as a country, the challenge we have had is not the fact that we borrow but the economic benefits that we derive from the debts we raised. So, it is not the fact that we borrowed, but what we did with the money. If we can be consistent about ensuring that the money is invested in infrastructure or in sectors that would ensure that there are derivable and tangible benefits in terms of economic growth, job creation and others, that in itself is not a bad thing. That is because when the economy grows, and those jobs are created and productivity improves, the government gets additional revenue in terms of taxes and so on and that improves its capacity to repay. So, while people always look at the fact that the government is borrowing money, they should also be talking about the things that we can use that money for. Infrastructure is a very big example because of our high infrastructure deficit. So, suppose you are to invest in a lot of these critical infrastructures,the evidence is there that it will stimulate economic growth if we invest in things such as power, transport infrastructure, and others. The economy should be experiencing doubledigit growth if those enablers were there. So, I think the argument has been largely one-sided when people talk about debt. So with inﬂation still around 17 per cent, what instruments will you advise a discerning investor to stake his funds on in order to beat the high inﬂation rate? The range of instruments are out there; the challenge is that sometimes people focus a lot on the short end of the curve. But, if you have a much-broader view, there are opportunities. There are

good opportunities in equities and there are still some relatively good picks in certain sectors that are doing well. Even in the current economic crisis, there are some sectors that are still benefitting significantly. An example is the FMCG space. Beyond equities, if you look at the fixed income market, yields have improved considerably in the last few months. So, in the fixed income space the bonds have significantly better yields, but not beating inflation yet. And I think one of the things that is also important and which we are also doing, is to ensure that as a bank, we are channeling clients to instruments where they can get the best returns and that there is sufficient awareness of our customers and clients on the sectors that are opening up, such as fixed income, the debt capital market and even equities. And quite a lot is going on in that space where you can get significant returns. I think that on the whole, there isn’t as much awareness on some of these sectors as people have for short-end money market investments. Your ﬁrm recently organised a knowledge-sharing forum to promote inclusion of private companies in the capital market. Can you shed more light on this signiﬁcance of that event? There were a number things that we set out to do. One was to bring the investors, issuers and the operators together in one forum to discuss opportunities in one sector of the capital market, which is the private market and to generate awareness about the market. We thought that the private market represents one of the opportunities for investment. In the debt capital market, the private market represents a growing space and we thought that issuers in particular needed to understand from the experts, the opportunities in that market to raise debt and raise equity better than what obtained in the past. So, these were some of the reasons why we did that and I think the response was quite encouraging from the issuers and participants at the forum; not just that we generated that awareness, but we think it is an ongoing conversation and over time you are going to see more growth in activities in the private market segment. People focus a lot on the public segment of the capital market; but we think there should be more emphasis

and focus on the private market. We see a lot of growth opportunities in that segment and we wanted to promote that. What is your projection for the capital market and the economy for the remaining part of the year and what do you think can be done to stimulate economic growth? We have already talked about exchange rate. I think in terms of economic growth, we are going to see stronger growth in 2021 than in 2020, for a number of factors. So far we have not really had a lockdown and economic activities have really picked up. We have already seen marginal growth in the first quarter and we think that trajectory is going to improve in subsequent quarters as the economy continues to open up both globally and in Nigeria. Also, in terms of economic growth we have seen several positive forecasts, but definitely you know last year was a contraction, but this year I think we would return to growth. It won’t be strong, but certainly anything between two per cent and 2.5 per cent growth is positive. That should have its own effect on things like unemployment and others. Some sectors would do better than others. You must be aware that some sectors such as telecommunications, despite the pandemic have done quite well. Also, some segments of the manufacturing sector, particularly the FMCG space have recovered quite strongly. Real estate has recovered and oil and gas is beginning to recover, with improvement in oil prices. Mind you, there are still clouds on the horizon, especially with the threat from the Delta variant of COVID-19 and we don’t know if there are other variants and whether this could impact on economic activities. We still see clouds on the horizon. But for now, I think things are going in the right direction. With regards to government policies, we need to encourage investments in certain key sectors of the economy to promote economic growth. We also need a strong collaboration of fiscal and monetary policies to do this. I think on the monetary policy side we have seen quite a lot of interventions from the central bank such as the Anchor Borrowers’ Programme, among others. On the fiscal front there have been some incentives largely in response to the COVID-19 situation. But I think that we still have some way to go. Overall, we expect 2021 to be much better than 2020. The real question will be how do we move things forward from there? Are we going to execute some of the reforms that are required in critical sectors to ensure that the trajectory continues.

MONDAY AUGUST 9, 2021 • T H I S D AY

MONDAY AUGUST 9, 2021 ˾ T H I S D AY

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TRUTH T BEHIND THE H HEADLINES, CONSPIRA CONSPIRACIES, CIES, COVERC COVER-UPS, UPS, TRIA U TRIALS AND TRIUMPHS

Rich and Fit… Mike Adenuga Redeﬁnes Billionaire Elegance with Sexy, Trim Looks At 68, Globacom boss affirms that you can be rich and fit

f style truly subsists in man, then Dr. Mike Ishola Adenuga, GCON, CSG, CLH, has rewritten the stylebook. As the frills of the royal cashmere gratify the eyes and the warmth of princely flesh, so did the Globacom chairman manifest as a sight for sore eyes at his recent appearance in the French city of Versailles, Paris. The billionaire magnate elicited gasps of wonder and admiration over his dashing new looks at the Choose France Summit, which was held on June 28. Spotting a greying but well-trimmed beard, he cut a portrait of suavity, sexiness, good health, and fitness thus belying the perception that abundant wealth often fattens a man. By his new looks, the Globacom chairman effectively put a lie to such perception thus affirming a contrary truism that being rich is neither an excuse for gluttony nor careless living. At the summit, which was hosted by France’s youthful leader, President Emmanuel Macron, Adenuga effortlessly passed off the impression of a man burnished by higher learning; his frequent jousts with the odds and a myriad of unforeseen contingencies characteristic of the business world definitely nursed out his innate elan. Adenuga’s new voguish appearance was clearly noticeable at his meeting with Macron in June. And people have not stopped talking about it. The Globacom chairman certainly put in a lot of work to achieve his new looks. So smitten is the high society with his fresh aspects that his fellow billionaires have privately employed personal trainers to help them achieve looks like Adenuga’s. Many of them have

EXPENSIVE E LOVE! LOVE! PRESIDENT BUHARI’S SON, YUSUF ‘S VULGAR GIFT TO ZARAH NASIR ADO BAYERO Nigeria’s first son spoils Emir’s daughter with outrageous wedding presents

of the Emir of Kano and older brother of Yusuf’s father-in-law to-be, Dr. Aminu Ado Bayero. Kebbi State governor, Senator Abubakar Atiku Bagudu, led a high-powered delegation to Kano State, where they sought the hands of Zarah Nasir Ado Bayero in marriage for Yusuf Buhari. After observing all Islamic and cultural rites, the Emir of Kano, Dr. Aminu Ado Bayero, conveyed his approval of the union. Other personalities who graced the occasion included Governor Badaru Abubakar of Jigawa state; Attorney-General of the Federation and Minister of Justice, Abubakar Chika Malami (SAN); Borno State governor, Professor Babagana Zulum; deputy governor of Kano State, Alhaji Nasiru Yusuf Gawuna, and a former governor of Zamfara State, Abdulaziz Yari.

WHODUNIT? MURDER OF ABUJA-BASED CELEBRITY CHEF, LAGOS-BASED RCCG PASTOR UNSETTLES HIGH SOCIETY How both men were cut down in their prime by unknown assailants Zarah The dark flame of President Muhammadu Buhari’s son, Yusuf ‘s male pride burns brilliantly across the social space even as you read. The heir of Buhari’s dynasty desperately seeks to own the heart, body and soul of the daughter of the Emir of Bichi in Kano State, Zarah Nasir Ado Bayero. In a move reflective of immense vanity and raging inferno of his desire and male pride, Yusuf and his family recently presented customized 60 designer boxes of clothes and diamond to Zarah. According to insiders, the boxes are called Laife, and in northern tradition, the groom’s family buys them for the bride. The box is usually filled up with diamond and gold jewelry, designer shoes, bags, super wax, laces, perfumes, designer underwear, cosmetics and more. In a country people are living below one dollar, the wedding of Mr President was said to have broken all tenets of modesty and brought superfluity to walk on all four. The engagement ceremony took place at the Palace

It’s often said, other deaths only speak but murder shrieks out. Yet each man kills the thing he loves. Some do it with a bitter look, some with a flattering word. The coward does it with a kiss, the brave man with a sword; Pastor’s murderers did it with a blazing gun. Yes, every crime destroys someone’s Eden. While both the victims and the bereaved may wallow in pain and regret, heaven takes care that no culprit secures happiness by getting away with the crime. This timeless realism perhaps may dull the blows of the untimely deaths of Abuja celebrity chef and Director of Helenes Food Company, Emeka Eloagu, and Lagos-based Pastor of the King of King parish, Redeemed Christian Church of God (RCCG), Bolanle Ibrahim, on their loved ones. Their deaths, while being unsettling, are markedly indicative of the proverbial ghoulish whodunit. About five persons have been arrested in connection with celebrity chef, Eloagu’s murder. Findings revealed that the suspects have been transferred to the Homicide Unit of the State Criminal Investigation Department. The deceased was reportedly found dead in his

become fitness enthusiasts overnight and they have turned to Adenuga as their reference point. So much has been said about Adenuga, but nothing quite captures his timeless sophistication; few writers and profilers have managed to encapsulate his personification of panache and rhythm, grace and rhyme, harmony and passion in his spirited manhood. Even in this age of ubiquitous mediocrity and hyperbolic flair, it can safely be said that Adenuga is one of the most impressive personas you’ll ever see in global high society. Knowing Adenuga, experiencing his ebullience and dazzle up close, is even more delightful than admiring him from a distance. His wit would be intimidating if not for his natural and infectious charm. Somehow, he is as generous, collaborative, and lovable as he is innovative and brilliant. By his new looks, Adenuga has certainly re-conceived and rewritten the rules of billionaire elegance. And he stars in this breakthrough masterpiece of wellness, social grace and allure, thus cementing his place as one of the most trendy and delectable billionaire magnates of our time. At 68, the Globacom chairman is a powerful reminder that with more money arises the need for greater selfdiscipline. There is no recipe for stylistic genius but one can see the disparate elements that Adenuga has miraculously seized and synthesized, embraced and celebrated, to create something profoundly moving and wholly original. He has redefined the modish and made us see afresh the re-imagining of the remarkable experiment driven by fashion licence.

apartment in Katampe Extension, Abuja. One of his friends, Ken, said on Tuesday, that the killers must have been close to the chef. Ken argued that it was impossible for the assailants to gain access to Eloagu’s apartment without being cleared by security men, dismissing reports that the assailants were masked, adding that the security men would not have allowed them in. “He (Eloagu) just returned to Nigeria from Dubai two weeks ago. We spoke extensively and he told me about some of his plans. It is so sad that this happened to him. “He was gruesomely murdered on Sunday evening at his house in Katampe extension. His wife had gone for a church programme. Two men visited him in his apartment. I want to believe that he knew them. “Also, you can’t just gain access to his apartment if the security men did not clear you. The security men must have called to inform him of the men’s presence and a pass would have been given to them. They did what they came to do and left. “By the time his wife returned, she saw him lying on the floor. He was first rushed to hospital, where the medical personnel did all they could to bring him back to life, but he did not make it,” said Ken. When contacted, the FCT Police Public Relations Officer, Mariam Yusuff, said investigations were ongoing. Pastor Ibrahim, on the other hand, was killed on the pulpit, while ministering at his church in the Mile 12 area of Lagos. State police said they have a clue to the killing of the pastor at his church altar on Sunday.

Eloagu

Ibrahim was reportedly praying during a child dedication service when assailants invaded the church and shot him dead. Reacting to the incident, Muyiwa Adejobi, the police spokesperson, said the police have a clue to the death of the clergyman. “The assailants went for him in the church. We are investigating the case because we have a clue into the killing,” he said. Adejobi, a chief superintendent of police, said the Commissioner of Police in the state has directed the tactical units to handle the matter. “We will unravel the case. The Commissioner of Police has taken steps to subdue cult-related activities in Mile 12 and Ketu areas,” he said.

THE GATHERING STORM… SHIPPERS ACCUSE NNPC OF FAVOURING UNIBROS OVER LOCAL PLAYERS How Greek Firm Profited Off Oil Sector For Over Two Decades We want level playing field - SOAN If the rumours are true, then the Nigerian

government may have assumed the role of the proverbial heedless mother who kills her legitimate children for a fee, in order to suckle the spawn of an alien predator. This darksome imagery denotes the bleakness suggestive of claims by the Shipowners’

Ibrahim

T H I S D AY ˾ MONDAY AUGUST 9, 2021

FACT FILE

The Fall of the Billionaire Gucci Master: Will Hushpuppi Movie Rights Have Negative Impact on Nigeria?

he study of history is the playground of patriotism. Thus the forever patriot and the soldier of fortune will, in Nigeria’s present crisis, soar or shrink. But whoever rises through the torment to write our chaos into bliss deserves the love and gratitude of every Nigerian. If the producers knew this, they would be less excited and more wary about having acquired movie rights - in partnership with US film company, Will Packer Productions (WPP) - to make a movie based on Evan Ratliff’s Bloomberg article: “The Fall of the Billionaire Gucci Master,” about Dubai-based Nigerian fraudster, Ramon Abbas aka Hushpuppi. Earlier this week, on Thursday, Mo Abudu announced that her film production company, EbonyLife Studios, had acquired the rights to produce an action thriller with WPP on the stable of Universal Pictures. Published just over a month ago, Ratliff’s article tracks Abbas’ life, from his beginnings in Nigeria up until the alleged multi-million dollar scams he initiated and took part in. While it isn’t a full-length biography, the article is quite thorough and detailed enough for Abudu to make it into a film. “When the Hushpuppi story made headlines last year, I pitched the story idea to @willpowerpacker and James Lopez,” she enthused in the Instagram post announcing the project. “They bought the idea and as headlined in this press release, together we won the rights to the Bloomberg article by Evan Ratliff mentioned above.” While she is still sourcing for script writers, reception to the movie idea has been ambivalent, with concerns that it might end up being an endearing representation of an alleged fraudster or damning commentary on the character of Nigerians and the country in general.

These are the times that try Nigerians’ souls and unclothe both men and women from their smiles to their undergarment of miseries and endurance; insecurity, economic depression and political instability, among others, afflict the country, shaking it from the basement to the rafters. And pundits strongly believe that this neither the hour nor the time to feed uncomplimentary notions about the country being a nation of fraudsters - something the movie project might end up doing. While it is arguable that poor leadership has created a large chunk of the country’s problem, the emergence of characters like Hushpuppi may also be attributed to the fact that our societal values are not what they used to be and the moral compass of the country is faulty. We face the same issues that has plagued Colombia. People like Pablo Escobar cemented the nation’s reputation as a drug state and the civil war and insurgency by the FARC painted the country as very unstable. Similarly, for Nigeria, Hushpuppi is our Escobar and Boko Haram our FARC with the same negative effects. Declassified documents show that the American CIA worked closely with Hollywood to sell a positive image of America from the 1940s and especially the 1950s and 1960s as part of her soft strategy against the soviets during the Cold War. While Nigeria had never enjoyed the benefit of such initiatives, we owe it to ourselves to write and produce complimentary narratives about the country. Hushpuppi was arrested in June 2020, in a special operation dubbed ‘Fox Hunt 2’, alongside 11 of his associates over allegations bordering on hacking, impersonation, scamming, banking fraud, and identity theft. Packer and James Lopez will produce through their Will Packer Productions, with Abudu using her own EbonyLife TV.

Onyung

Kyari

Association of Nigeria (SOAN) about underhand dealings between the Nigerian National Petroleum Corporation (NNPC) and the Greek firm, Unibros. Recently, in mid-May to be precise, SOAN, chaired by MkGeorge Onyung, wrote to NNPC’s Group Managing Director (GMD), Mele Kyari, to complain that a large contract for coastal shipping in Nigerian waters should have gone to a local company rather than Unibros. The shippers group sent a copy of the letter to the local press. While Unibros has a history of doing a lot of business in Nigeria, local shippers alleged that the subsidiary of Unibros Shipping Corp, founded in 1991 and managed by three brothers: Nikolaos Makrygeorgos, Kosmas Makrygeorgos and Alexandros Makrygeorgos, won its recent contract from the NNPC in circumstances unfairly tipped against local players. It would be recalled that Unibros has won numerous trading and offshore service contracts from the NNPC as far back as the early 2000s. The company has, however, responded to media inquiry stating through one of its directors that it had responded properly to NNPC’s call for tenders and the selection process was carried out without favouritism and in complete transparency. Nonetheless several members of SOAN have complained that the NNPC has a long history of unfairly favouring Unibros to the detriment of Nigerian shippers. Even as the debate persists, Unibros does not have the intention to quit the scene soon; its directors, the Makrygeorgos brothers have set up a raft of maritime transport companies in Lagos state since the start of the millennium. These include: Africulti (2001), Orion Marine (2003), Phoenix Navigation (2013), Dorado Navigation (2013) and Venti Navigation (2019). Recall that in 2014, a former director of the Nigerian Maritime Administration and Safety

Agency (NIMASA) accused Unibros and Africulti of operating under a foreign flag, in violation of the 2003 Cabotage Act; their company owns a fleet of 14 vessels (13 under the Liberian flag and one under the Nigerian flag). The law, however, promotes the use of Nigerian vessels (i.e those owned, operated and sailed by Nigerians) for the trade in goods and services on the coast of the country.

PARTY TO THE GRAVE! HOW LAGOS SOCIALITES RECKLESSLY COMPROMISED NIGERIANS’ HEALTH WITH HIGH-OCTANE PARTIES For the love of booze, aso ebi, UK-based Nigerians storm Lagos

Nature puts upon no man an unbearable burden; if her limits be exceeded, man responds by suicide. Thus the most perceptive of humankind had always respected suicide as a regulator of nature. They know that human beings kill themselves without any apparent reason for doing so; the frivolous kill themselves in the very lap of happiness. This perhaps explains why Nigerians have literally cast caution to the winds and recklessly flout safety measures recommended for public engagement and interaction at the backdrop of the third wave of the COVID-19 virus. Penultimate Friday, a lot of Nigerians trooped into the country from the United Kingdom (UK) purportedly to party with a socialite named Saidat. The latter was allegedly their reason for storming Lagos from their London base; findings revealed that she was celebrating her 50th birthday and the UK party crowd couldn’t bear missing out on the much-hyped event which took place in Ikeja, Lagos. This and some many other parties reportedly posed serious danger to public health as the frolickers openly flouted anti-COVID-19 health

Hushpuppi

precautions; the celebrants and their party crowd recklessly broke all tenets of modesty not minding that it was such heedless acts of misdemeanour like theirs that led to the overpopulation in the COVID-19 isolation centres with patients afflicted with the deadly coronavirus. The dire situation of Africa’s populous megacity became manifest in the wake of Governor Babajide Sanwoolu’s warning that Lagos State faces a potential third wave of coronavirus infections at the heel of the Delta variant of the disease. Soon after he made the disclosure, the situation became even more precarious in Lagos; for instance, Sanwo-Olu recently revealed that an average of six deaths were recorded daily in the last one week, making a total of 42 casualties in Lagos. Sanwo-Olu disclosed this while briefing State House correspondents at Lagos House, Alausa, Ikeja, on the situation report and update on the management of the COVID-19 pandemic in the state. He warned of fines or even imprisonment for those who break rules to contain the virus and said Lagos state would step up its vaccination campaign, following the detection of the highly infectious Delta variant in an incoming traveller. Nigeria, Africa’s most populous nation, has not been as hard hit by the COVID-19 pandemic as other parts of the continent, with just over 168,000 cases and 2,124 deaths confirmed since the outbreak began. Since the National Centre for Disease Control (NCDC) officials confirmed that they had detected the Delta variant, Lagos and Nigeria, in general, have been on nationwide alert. “From the beginning of July, we started to experience a steep increase in the number of daily confirmed cases, with the test positivity rate going from 1.1% at the end of June 2021 to its current rate of 6.6% as of 8th of July 2021,” Sanwo-Olu said in a statement. “The rapid increase within a week gives great cause for concern.” Lagos State, home to the commercial capital, has been the epicentre of Nigeria’s COVID-19 pandemic. It has confirmed 60,366 cases since the outbreak began - nearly 36% of the country’s total. It is against the backdrop of such ugliness that the socialite called Saidat and her party rockers stormed Lagos from the UK, widely known as a hotbed of the disease, to party and compromise Nigerians’ health status. Let’s hope the government will do the needful and prevent future occurrence of similar recklessness.

BEAR YOUR CROSS! FRIENDS, FAMILY DESERT EX-BANK PHB BOSS, FRANCIS ATUCHE AS HE SERVES TIME

For Francis Atuche, the next 6 years would unfurl as a serial nightmare. He would spend all of his time in fulfillment of a penal settlement, and join hordes of incarcerated felons at casting long wistful glances at the tent of blue that prisoners call freedom, and that the free casually take for granted as the sky.

Atuche As Atuche dragged his fit, like heavy logs of wood, in an uncertain march into prison, pundits wondered what damning thoughts plagued his mind. His wife, Elizabeth agonised over the long spell of cold nights and unrequited yearnings she would have to endure; more importantly, she rued that particular moment for the haunting imagery it bequeathed to her. Watching her husband being led from the dock into confinement devastated her. She probably wondered, “How will I survive his long absence?” Atuche probably walked wary of what imperilment lay ahead, knowing that Nigerian prisons are hardly correctional centres but labyrinths designed to break inmates and convert convicted felons into specimens in a zoo—obedient to their keepers, but dangerous to each other. Until her husband’s predicament, Elizabeth kept the boisterous life of a social butterfly, garnishing high society with bouquets of elan and her ravishing presence. Elizabeth was courted and feted as one of high society’s uppercrust but unknown to her, karma lurked somewhere between darkness and dawn in their gated paradise. After a lifetime of affluence, fate played a cruel joke on the Atuches as Francis got sentenced to 12 years in prison, after he was found guilty of defrauding defunct Bank PHB Plc of N25.7 billion during his tenure as Managing Director (MD) of the bank. Justice Lateefa Okunnu delivered his sentence at an Ikeja High Court, in Lagos. As it was delivered, Elizabeth turned pale, despite her dashing beauty. She recalled the horror of her descent from grace immediately her husband lost his privileged position at the bank, in the wake of an anti-graft investigation launched by the Economic and Financial Crimes Commission (EFCC) in 2011. Atuche was one of the bank chief executives who allegedly fleeced customers and shareholders of their hard-earned moneys. Since 2011, he had been answering court cases bordering on corrupt enrichment and other unethical practices, which allegedly caused Bank PHB to go down and had to be mopped up by AMCON.

T H I S D AY ˾ ͷ, 2021

CITYSTRINGS

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

Premier Academy: Keren Could Have Been Alive If Left in School The death of 14-year-old Keren-Happuch Aondodoo Akpagher of Premier Academy has continued to raise dust, even as interested parties continue to trade blames. In response to THISDAY's recent feature on the hullabaloo, the school's acting principal Chris Akinsowon said Keren's death could be linked to how her doctor managed ill health in this interview with Emameh Gabriel.

Late Keren

re you aware of a medical report that explained what led to Keren's death? I am not aware of any medical report. The only medical report was the report from Queens Hospital, which we were confronted with when invited to the police command. In that report, certain areas were underlined, and they were saying they found a condom — decayed condom —and live spermatozoa. They said the doctor of the clinic refused to release the report. When we went for the autopsy, we were told that the chief pathologist was asking for the medical report from Queens clinic, at least for us to know what killed the girl. Left for me, I wanted that autopsy to be carried out that day. Because sometimes, they pick a corpse from the road, and they take the corpse for autopsy. You can still carry out an autopsy without a medical report. I think the pathologist that the police picked was the one who insisted that he could not do it without a medical report. Did you take any step further to dig more about this report? We made some moves. The first day the news of her death was announced, we went there. The school was shut down. We had an emergency assembly, and our flag was flying at half-mast. We were all there — about 18 of our staff. The next day we went there, and we dropped a

letter of condolence. But you've been accused of showing no empathy? It is all lies. We dropped a letter of condolence with the two sons. We were told the mother was not at home, so we left. The next day again, we were there. But members of the school were turned back from the gate. I don't know why. Even the school matron was there with them, and they said they didn't want to see anybody. It was that same day a letter came from the police command inviting us to the command. The first day we couldn't talk. The second day was when we were able to ask some questions. Can we meet with doctors? Can we conduct an autopsy? We don't

want the body buried. We want the case investigated. Every other avenue were blocked. Even the PTA, about five or six of them went there that same evening but were not allowed to go in. Did you contact the police for any reason? Who took us to the police? We know the police from nowhere. We went there for justice; her mother gave a statement against us. We explained our own side of the story, and we were asked to put it in writing. Then we wrote our statement. The truth will always be constant. It was after we had written the statement that the deputy commissioner now said the investigation would not be limited to Premier Academy. We

We don't know of condom. If we know of condom, we would have removed it. The girl left the school and she was fine. She never complained of high body temperature for the school to know that she was high level infection. Infection will not just start today and kill her in less than 24hours without any symptoms. All I know is that I still blame whatever happened on her diabetic condition and possibly her inability to take her insulin as scheduled

will go to their house, the neighbourhood, everywhere and then take this thing up. Why would the police attempt to halt a planned protest by a rights group? I don't know anything about that area. I will only talk about what I know. How can we, the suspects, now be telling the police to do this or that? It won't be fair. We have nothing to hide. We are more interested in getting to the root of this matter. If the case is not investigated and we are not getting to its root, is it to our own advantage? No. Our children are at home now. Over 400 of them, and the next thing we heard was that these children were made to take an oath of secrecy. Who does that? Little children, for God's sake. Have you contacted Keren's mother to help her pull through this grieving moment? We are also mourning Keren. The mother is a very nice woman. I don't have any problem with her. For the little time I have interacted with her before this incident, it is clear she is nice a woman. She has referred several parents to this school. We had no issue. So if this thing happened this way, I should also be asking her questions. What has led to this? Why are we at this point? Who is doing something in the background? Who is telling her something? I don't know. In all of this, all I know is that she is grieving, and we are grieving too. We

T H I S D AY ˾ ͷ, 2021

CRIME&SECURITY

...Queens Hospital Mismanaged Keren's Health What makes you think she would have been alive? Because she was well-managed here, the matron and the nurses followed on her per minute, per second. Keren was a friend to the staff in the clinic. The doctors knew her very well. In the kitchen, they knew her very well. They monitored the food she ate. She didn't take the ordinary biscuits. She had special biscuits. The house mother was aware of this. When they saw her taking what she was not supposed to take, they took it from her. We didn't take the health of our students with levity. If you go to the clinic, we have everything there. We have oxygen. We have a doctor, and we have the national hospital as our referral clinic.

had expected that the mother joined hands with the school because we don't know where this is coming from. We should have joined our heads together and get to the root rather than fighting each other. We are not fighting her, but she seems not to be comfortable with anything about Premier Academy now. How many of her children were here before the incident? Before now, they were three. One graduated. Two were here before now. The elder brother of the girl is in SS3. He is supposed to be writing WAEC now, but we have not seen him. Did you know the boy is ing his SSCE examination? I am not aware. You have not contacted the examination body on why they allowed him to sit his examination outside the school? No. We wrote a mail to the mother that we have not seen this boy and that she should please try and get back to us. Why are people like this? The examination body never told us. She (the mother) never told us. We were not informed. He was enrolled here. The examination body is supposed to get back to us if the mother is not the one doing that. You have about 54 CCTC cameras installed on the school premises. Have you taken your time to go through them? Very well. Have the police been allowed access to them? Yes. What exactly did they ﬁnd? I can't explain. Maybe when you go down after the interview, we will open it for you to watch. Keren called her mother on a particular date that she was sick. You and the matron told her she was ﬁne. Was she really sick before she left the school, and what happened after that call? It was alleged that she was supported. But I saw her (CCTV evidence) going to the school, walking by herself and coming back. On the 19th, the day she left the school, she was also okay. She walked out of the school by herself. That was the day the mother came to pick her. Keren came here as a diabetic patient. She was twice daily on insulin injection. She was insulin-dependent. She had type 1 (diabetes). When she came, the mother told us that she used to take her injection herself, but we discovered that she was getting tired of the injection along the line. What we normally did was, because she played a prank on a nurse one day, we used to stand and watch her take it. We don't know of the condom. If we knew of a condom, we would have removed it. The girl left the school, and she was fine. She never complained of high temperature for the school to know that she had an infection. An infection will not just start today and kill her in less than 24 hours without any symptoms. All I know is that I still blame whatever happened on her diabetic condition and possibly her inability to take her insulin as scheduled. She was at the clinic to report that she has started developing redness in one of her eyes. She used to have eye issues like that. If it was there before, I am sure she would have complained to the clinic when she took the test and her insulin injection. So, eyedrop was applied to her eyes. By the school's policy, it is after 24 hours — if you are handling a child and when there is no sign of improvement that you will inform the parents. Because no matter the drugs you are using, it won't work immediately. You have to give it time. The mother called on Friday morning and told the matron that her daughter called her to complain about her eyes, and she was told that was right. Keren was taken to an eye clinic by the school as approved by her mother. In

Acting Principal, Premier Academy, Mr Chris Akinsowon

the clinic, she identified her mother, and the school nurse handed her to her mother, and she took her to see an ophthalmologist. They gave her some eye drops. After that, the mother handed her back to the nurse, and they came back to school in a stable condition. That same Saturday, when the matron was leaving the school, Keren ran to her and asked if her mother was still coming to pick her. She was asked why was she insisted on going and Keren said she just wanted to go home for the weekend. She was fine till she left school. I guessed when she ran back to the hostel, she called her mother. The mother later put a call across to the matron that she still wanted to come and pick Keren, stating that she had been disturbing her since she got back from the hospital. Immediately, an exeat was prepared for her. It was on Monday morning that she called the matron that Keren had became delirious. She told her the only reason that could make her delirious is that her sugar level was up. Immediately, she started asking her questions as to what did she eat during the weekend because it had never happened to her in school. Then, she told the matron that her sugar level had shot up to 400. This is a child we had managed properly. Later on, she called the matron again, asking her to come with me to the hospital, saying that her child was traumatised in the school. I was out monitoring exams and directed one of the management staff to follow her to the hospital, Queen's Clinic in Zone 6.

When they got there, the girl was in a coma. They asked why the girl was in a coma. She said she was sedated because she was struggling. They could see she was struggling because her hands and legs were tied to the bed. My medical staff were not comfortable with that, and the matron asked her how well she knew the hospital. She said she knew them very. They asked if she thought they should move her out of the hospital. She said no, that she was okay with the hospital. That was when she told the matron that they found a decayed condom in her. According to the doctor, the decayed condom cost infection in her blood that triggered her hyperglycemia and that when they took the urine sample, they equally saw dead spermatozoa in her. The matron was surprised and requested that she wanted to see that doctor because the condom is latex and can't get decayed. If it was decayed, it could have taken months or years, and there would not have been any spermatozoa samples there again. So, she couldn't marry the two. But they told her that the doctor had closed. She didn't see the items, and she couldn't see the doctor to ask questions. She wanted to see the doctor because, at this time, she said Keren was not breathing properly to the extent that she was looking for oxygen in the wall. But she could not raise her voice because it was not our facility. If she had remained here, if she never went home on that Saturday 19th, possibly she would have been alive by now.

Yes, we suspended, and in some cases, later on, we dismissed. We don't need to wait. We monitor; we monitor ourselves. As we are checking the students, we are also checking the adults. When we observe that there is certain communication that we consider unprofessional between a student and a teacher, we do the needful

Are you alleging the clinic mismanaged her condition? Of course. As the matron said, the mother said she was delirious. When she got to the hospital to see her, the girl was in a coma. She asked why was she in a coma, and Keren's mother told her she was sedated because the girl was struggling. Medically, I wasn't comfortable with that. Then secondly, she said they saw a decayed condom and samples of spermatozoa in her urine. I don't think a medical doctor should use a decayed condom when we know latex cannot decay. I don't know what he saw for him to have made that statement. A doctor who was nursing a teenager in a comatose state should be available to monitor the child's progress. At that point, since she was a teenager, she should have been handled by a paediatric endocrinologist, of which I don't think the doctor is. So that is why we feel she would have been moved to another facility. This was suggested to the mother right in the hospital, but she said it was fine because she had been using the place. The allegation now is that Keren was raped on the school's premises. Has anything like this happened in the school before? This is the first time such an allegation was levelled against the school. No child has been raped here. No child has been molested here. You never had any of your staff suspended on any issue related to this? Yes, we suspended, and in some cases, later on, we dismissed. We don't need to wait. We monitor; we monitor ourselves. As we are checking the students, we are also checking the adults. When we observe that there is certain communication that we consider unprofessional between a student and a teacher, we do the needful when a discussion is becoming not normal. It was just a talk, careless talk. When we took the decision, we were not under pressure. We were not under duress. It was in line with our school policy. Before we took the decision, the staff in question was asked to embark on indefinite suspension pending the time we would resolve the subject. He faced a disciplinary committee, and he was let go. Has this incident in any way affected the school's image? No. Our students know the truth. They got home to tell their parents the truth. Even when the police came, we left them with the police after taking permission from their parents. They were free. They took their statements and did everything. They were the ones who told us that on the 10th of April there was a birthday party organised for her somewhere and on the 14th, she was picked by her uncle and didn't return to school until the 25th. She died a month later. Our story here is that she was not raped in the school. If rape had occurred here, the brother, who is a senior student, would know. When the matron visited the mother after Keren died, she told her that when she came home that she was fine, but she was a little bit withdrawn. That she slept for a long time because she liked sleeping that was she didn't bother to disturb her. She said nothing was wrong with her until 4:00 a.m. on Monday morning.

ADVERTORIAL

MONDAY AUGUST 9, 2021 •T H I S D AY

MONDAY AUGUST 9, 2021 • T H I S D AY

T H I S D AY ˾ ͷ˜ 2021

BUSINESS/MONEYGUIDE

Women in Agriculture to Benefit from AfDB’s $150m Fund Gilbert Ekugbe The African Development Bank (AfDB) has stated that by the end of 2021, the bank is expected to have provided close to $500 out of which $150 million that would be channeled to women in agriculture in Africa. The multilateral institution in statement stated that the fund would help women in agriculture partner public and private sector to develop alternative financial models to increase the ability of women farmers to access the financing and skills they need to grow sustainably. According to the bank, “Indeed, in sub-Saharan Africa, the financing gap for African women in agricultural value chains is estimated at $15.6 billion where women play a pivotal role in agriculture and agribusiness, and require more robust and responsive regulatory and policy frameworks for countries to benefit from their contributions. “Providing access to finance for women-owned small and medium enterprises in Africa is an important component of

the Bank’s strategy to establish a conducive business environment for women entrepreneurs to thrive.” The Bank, through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, has committed up to $5 billion to finance women’s businesses on the continent by 2026. “This is already proving successful. For example, in Ghana a $20 million AFAWA Financing Climate-Resilient Agricultural Practices project is expected to benefit 400 women-led micro, small and medium enterprises through a line of credit from Ecobank Ghana. This support comes with technical assistance, and training in climate-resilient agricultural practices, “it stated. Speaking in Rome during the pre-summit to the 2021 United Nations Food Systems Summit, the bank’s Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, stressed that closing the gender gap in economic opportunities on the continent was critical for its future. “Closing gaps in economic

opportunities is not only essential for women’s empowerment but for African economies, particularly for GDP growth, poverty reduction, and structural transformation for sustainable development,” Dunford said. Dunford participated in a panel session on Gender Equality and Women’s Empowerment in Food Systems. She was joined by Sabrina Dhowre Elba, International Fund for Agricultural Development Goodwill Ambassador and Dr. Kawinzi Muiu, Director of Gender, World Food Program. Representatives of more than 100 countries attended the summit, held to discuss the latest evidence-based and scientific approaches to food systems. Dunford reaffirmed the bank’s commitment to women’s empowerment in every sector, through its policies, such as the new Gender Strategy 2021-2025, and the Feed Africa Strategy, which prioritizes gender equality and sustainable outcomes to support all investment and sector dialogue actions.

Unity Bank Unveils Platform to Combat E-Banking Fraud In a bid to safeguard its e-banking platforms with enhanced safety and security features, Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud. The bank said the new code allows customers to block access to their bank accounts, hence without recourse to it. A customer, according to a statement from the bank, is able to prevent and protect his bank account from unauthorised access using any mobile device if fraud is suspected. “As part of the robust feature of the bank’s USSD platform, bank customers can directly initiate the new Code and successfully block the account from a third-party mobile device. To unblock the bank account, customers can walk into any branch of Unity Bank closest to them and request reactivation. “As a result, customers are thus able to exercise unlimited control with the new code as the

Account Blockade can be initiated from any phone to prevent any unauthorised transaction or access to the bank account. The blockade can also be initiated to stem risks arising from the loss of debit card or incidences of unauthorized transactions, “the bank said. It added, “This feature now offers full control to Unity Bank customers to protect themselves from scams, secure all banking transactions, and puts the customers well ahead in control of their banking transactions. “The new anti-fraud code enhances the Bank’s robust security system to safeguard customers’ bank accounts against any form of cyber threat or incurring financial losses from fraud attempts. “According to the latest banking industry fraud report by Nigeria Inter-Bank Settlement System, cyber fraud rose by 534% as Nigerian banks lost a total of N3.5 billion in the past year alone. The unveiling of the new USSD code is, therefore, part of Unity Bank’s strategic move to protect their customers by reducing

to zero, losses from electronic banking frauds.” Speaking on the new anti-fraud code, the Directorate Head, EBusiness, Retail & SME Banking, Mr. Funwa Akinmade said that leveraging necessary technology to protect the bank’s assets including customer’s Bank account remains a top priority for the Bank in the face of rising cyber-security threats. He said: “With fraud concerns on major payment channels across Nigeria, every player in the financial services industry in Nigeria must think of a way to stay ahead of its game. “With the added USSD feature that allows customers to block their accounts using the code, even from a third party device, we have given greater empowerment to customers to transact freely on our USSD platform. With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank can effectively use the new anti-fraud code.

GCR Assigns Investment Grade Ratings to Greenwich Merchant Bank Greenwich Merchant Bank Limited has been rated BBB- (NG) Long Term, and A3 (NG) Short Term with a stable outlook by global credit rating agency, GCR Ratings. The assigned rating is premised on Greenwich Merchant Bank’s strong capitalisation, robust liquidity, and sound risk position as noted in the accompanying statement from GCR. This stable outlook rating reflects GCR’s expectation that Greenwich Merchant Bank would successfully implement its outlined strategic initiatives, expand operational scale over the short to medium term, and sustain capitalisation metrics at strong levels. Commenting on the rating, GCR asserts that, “Asset

quality metrics are expected to remain sound over the rating horizon on the back of the bank’s cautious lending approach and stringent credit approval process. Liquidity is expected to remain at robust levels, despite the loan book growth’ adding that ‘Greenwich Merchant Bank’s funding and liquidity is robust and considered appropriate for its current operational scale.” In his reaction, the MD/CEO of Greenwich Merchant Bank, Bayo Rotimi noted that the rating is indicative of the bank’s resilient business model, driven by global best practise and anchored on a dedicated work force that seeks to create value for internal and external stakeholders. “It is to be noted that

Greenwich commenced merchant banking operations in October 2020. The Bank, while operating as Greenwich Trust Limited during its first 26 years of operations carved a niche for itself as a market leader in the Investment Banking, Financial Advisory, Asset Management and Securities Trading space. “Greenwich Merchant Bank Limited is a foremost financial services provider that offfers high-end financial products and services to select clientele in targeted sectors of the economy and with operations covering Corporate Banking, Private Banking, Investment Banking, Asset & Wealth Management, Treasury & Global Markets and Securities Trading, “he said.

AfDB President, Akinwumi Adesina

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

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

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE ˜ ͯͳ ͰͮͰͯ

The price of OPEC basket of thirteen crudes stood at $73.15 a barrel on Thursday, compared with $75.29 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (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).

T H I S D AY ˾ ͷ˜ 2021

Nigeria’s Benchmark Index Appreciates by 0.68% Week-on-Week Darasimi Adebisi The Nigerian equities market was positive last week with the benchmark index closing in the green on four of the five trading sessions. The Nigerian Exchange Limited All-Share Index (NGX ASI) appreciated by by 263.67 basis points or 0.68 per cent week-on-week (W-o-W) to close at 38,810.75 basis points as market capitalisation

increased by N137 billion to N20.221 trillion as at August 6, 2021. As a result, the stock market Month-Till-Date (MTD) gain increased to +0.7 per cent, while the Year-Till-Date (YTD) loss moderated to -3.6per cent. In line with capital market analysts’ expectations, positive sentiments returned to the stock market last week as the gradual release of corporate earnings bolstered buying interests in

P R I C E S MAIN BOARD

F O R DEALS

dividend-paying stocks. However, sectorial performance did not reflect the overall positive market performance as most sub-sector indices closed southwards; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil & Gas and the NSE Industrial indices declined by 0.58 per cent, 1.53 per cent, 0.48 per cent, 0.61 per cent and 0.22 per cent respectively to close at 379.15 points, 194.74 points,

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

594.79 points, 374.64 points and 1,971.04 points respectively. Market breadth for the week was negative as 23 equities appreciated in price, 36 equities depreciated in price, while 97 equities remained unchanged. Cutix Plc led the gainers table by 17.95 per cent to close at N5.65, per share. Regency Assurance followed with a gain of 14.29 per cent to close at 48 kobo, while Conoil went up by 10 per cent

T R A D E D MAIN BOARD

A S

to close to N20.35, per share. On the flip side, Neimeth International Pharmaceuticals led the decliners table by 14.29 per cent to close at N1.50, per share. AIICO Insurance followed with a loss of 12.04 per cent to close at 95 kobo and Eterna Plc declined by 10.56 per cent to close at N6.35, per share. Overall, a total turnover of 989.593 million shares worth N8.183 billion in 19,617 deals were traded last week

O F

by investors on the floor of the Exchange, in contrast to a total of 1.374 billion shares valued at N11.823 billion that exchanged hands last week in 22,982 deals. The Financial Services Industry (measured by volume) led the activity chart with 603.656 million shares valued at N3.864 billion traded in 9,337 deals; contributing 61.00 per cent and 47.22 per cent to the total equity turnover volume and value respectively.

0 4 / 0 8 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAY AUGUST 9, 2021 • T H I S DAY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 05Aug-2021, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 156.75 158.30 -3.11% Afrinvest Plutus Fund 100.00 100.00 4.67% Nigeria International Debt Fund 311.86 311.86 -22.70% Afrinvest Dollar Fund 111.16 111.16 -0.83% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.82% AIICO Balanced Fund 3.15 3.20 -8.79% info@anchoriaam.com 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 100.00 100.00 7.87% Anchoria Equity Fund 135.17 136.73 1.63% Anchoria Fixed Income Fund 1.10 1.10 -17.17% 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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.54 105.54 3.77% AVA GAM Fixed Income Naira Fund 1,014.84 1,014.84 1.48% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 134.98 135.93 6.98% AXA Mansard Money Market Fund 1.00 1.00 9.86% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.00 2.00 -11.92% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.11 2.15 -9.14% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 2.18% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.98% Paramount Equity Fund 16.50 16.83 3.25% Women's Investment Fund 136.73 138.32 2.75% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 7.38% Cordros Milestone Fund 2023 118.79 119.55 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.50 107.50 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 7.15% Coronation Balanced Fund 1.19 1.21 -0.57% Coronation Fixed Income Fund 1.36 1.36 -14.02% 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 8.61% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.21% EDC Nigeria Fixed Income Fund 1,139.83 1,154.95 -1.05% 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 1,398.10 1,398.10 11.36% FBN Balanced Fund 191.75 193.13 2.17% FBN Halal Fund 111.64 111.64 7.78% FBN Money Market Fund 100.00 100.00 9.60% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

126.48 158.16

126.48 2.34% 160.38 4.62% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.99 1.59 1.18

Offer Price Yield / T-Rtn 1.00 5.42% 3.99 3.10% 1.62 4.17% 1.18 4.06% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

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 7.79% Vantage Balanced Fund 2.79 2.86 -2.19% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 151.98 152.26 -2.26% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.63% Vantage Dollar Fund (VDF) - June Year End 1.10 1.10 1.02% 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 1.42 1.44 4.17% Lotus Halal Fixed Income Fund 1,139.95 1,139.95 5.02% 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 11.47 11.53 0.00% Meristem Money Market Fund 10.00 10.00 7.96% 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 1.66 1.69 7.17% PACAM Fixed Income Fund 11.49 11.54 -5.27% PACAM Money Market Fund 10.00 10.00 5.53% PACAM Equity Fund 1.65 1.67 4.61% PACAM EuroBond Fund 112.63 114.41 2.50% 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 134.57 137.17 10.02% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 10.06% 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 3,274.65 3,309.67 1.96% Stanbic IBTC Bond Fund 231.93 231.93 3.15% Stanbic IBTC Ethical Fund 1.22 1.24 4.24% Stanbic IBTC Guaranteed Investment Fund 305.43 305.43 3.66% Stanbic IBTC Iman Fund 224.70 228.02 2.95% Stanbic IBTC Money Market Fund 100.00 100.00 8.00% Stanbic IBTC Nigerian Equity Fund 10,364.87 10,514.71 -1.22% Stanbic IBTC Dollar Fund (USD) 1.27 1.27 3.25% Stanbic IBTC Shariah Fixed Income Fund 115.07 115.07 3.59% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 102.78 102.78 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.30 1.31 1.36% United Capital Bond Fund 1.90 1.90 3.94% United Capital Equity Fund 0.87 0.89 9.38% United Capital Money Market Fund 1.00 1.00 9.25% United Capital Eurobond Fund 119.44 119.44 4.36% United Capital Wealth for Women Fund 1.06 1.07 3.64% United capital Sukuk Fund 1.06 1.06 5.84% 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 12.94 13.05 9.01% Zenith Ethical Fund 14.27 14.40 16.83% Zenith Income Fund 24.25 24.25 1.13% Zenith Money Market Fund 1.00 1.00 6.59%

REITS NAV Per Share

Yield / T-Rtn

124.98 51.79

10.62% 2.65%

Bid Price

Offer Price

Yield / T-Rtn

13.44

13.54

1.64%

126.68 100.32 17.89 18.16

129.73 102.45 17.99 18.26

5.31% 1.08%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

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

3.91 5.91 17.57 1.00 19.61 151.82

3.95 5.99 17.67 1.00 19.81 153.82

3.64% 3.80% 8.22% 6.33% -4.42% -30.71%

NAV Per Share

Yield / T-Rtn

107.40

13.11%

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.

T H I S D AY ˾ ͷ, 2021

FEATURES

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

Hushpuppi, Abba Kyari and the '40 Thieves' FBI's arrest of a top gun in transnational cybercrime, Ramon Olorunwa Abbas, better known as Hushpuppi, and its indictment of Nigeria's top cop, Abba Kyari, a deputy commissioner of police, resulting in his suspension pending the result of an independent investigation, have become a media sensation. Chiemelie Ezeobi and Sunday Ehigiator examine the details of the case, including a possible extradition request for Kyari

Hushpuppi and DCP Kyari

n the Nigeria Police Force, one name that often comes to mind to crack high profile crimes is Abba Kyari, a deputy commissioner of police. Known as the Supercop, the accolades garnered over the years resulted from his crime-busting skills. From his days at the helm of the notorious Special Anti-Robbery Squad (SARS) in Ikeja, his records of crime-fighting were more than impressive. Soon, he headed the inspector general of the police's Intelligence Response Team (IRT). Among his exploits were the arrest of Nigeria's Chukwudumeme Onwuamadike aka 'Evans' and gang members; arrest of the killers of former Chief of Defence Staff, Air Marshal Alex Badeh (retd); arrest of the most wanted Boko Haram commander Umar Abdulmalik and eight other terrorists; and arrest of 22 Boko Haram terrorists responsible for the kidnap of the Chibok schoolgirls in 2014. He was also credited to have captured a notorious kidnapper Henry Chibueze aka Vampire, and his gang in Owerri and the arrest of the suspected Offa bank robbers. Hushpuppi, Raid and Arrest Ramon Olorunwa Abbas, commonly known as Hushpuppi, is a Nigerian Instagram celebrity now jailed in the U.S. Internet frauds, including business email compromise that defrauded a U.S. law firm of about $40 million, illegally transferred $14.7 million from a foreign financial institution and targeting to steal $124 million from an English football club. Known for his decadent lifestyle, he splurged money on expensive cars, jewellery, designer clothes, and real estate. He made no bones about flaunting it on social media to his 2.5 million followers on Instagram. For Abbas, his reign came to a screeching halt on June 2020 when his apartment at

the Palazzo Versace was raided in operation code-named Fox Hunt 2. He was arrested alongside 11 others in six simultaneous raids. During the raid, detectives seized about $40 million (the Dirham equivalent) in cash, 13 luxury cars worth Dh 25 million ($7 million), 21 laptops, 47 smartphones, 15 memory storage devices, five external hard drives, and 800,000 emails of potential victims alongside suitcases full of cash. The arrest was part of an FBI investigation that indicted him of being a 'key player' in a transnational cybercrime network that provided "safe havens for stolen money around the world." Fraud Allegations Upon his arrival in the United States on July 3, 2020, he was accused of conspiring to launder hundreds of millions of dollars. According to an FBI affidavit, Abbas and others had committed a BEC scheme that defrauded a New York-based law firm client out of approximately $922,857 in October 2019. Abbas and co-conspirators also allegedly tricked one of the law firm's paralegals into wiring money intended

for the client's real estate refinancing to a bank account that Abbas and the coconspirators controlled. They succeeded in laundering $396,050 while one of them was in Los Angeles, California. The affidavit also accused Abbas and a co-conspirator of conspiring to launder funds intended to be stolen through fraudulent wire transfers from a 'foreign financial institution' in which fraudulent wire transfers, totalling approximately US$14.7 million, which were sent to bank accounts around the world in February 2019. Though the affidavit did not name any bank, according to the Forbes account, the date of the attack and amount mentioned in the affidavit matched the attack on Malta's Bank of Valletta in February 2019. According to Wikipedia, in February 2019, $14.7 million was transferred out of the bank through false international transactions to accounts in the United States, the United Kingdom, Czech Republic, and Hong Kong. Wikipedia further reported that the attack was of such seriousness in Malta that then-Prime Minister Joseph Muscat

Nigeria has signed a lot of treaties with international communities. So if it requires appearing, yes, they will turn him over. If he is part of a transborder crime against the U.S., yes, he would be turned in. But Kyari needs to come out clean for the good of the police image

was forced to address parliament. Multiple sources in Malta, including Times of Malta and Malta Today, also repeated Forbes' claims that Hushpuppi could have been behind the attack. According to the affidavit, Abbas had provided a co-conspirator with two bank accounts in Europe, anticipating receiving $5.6 million each of the fraudulently obtained funds. U.S. authorities also accused him of aiding North Korean hackers in money laundering. The affidavit further revealed other communications between Abbas and one of his co-conspirators had conspired to launder tens, and at times hundreds, of millions of dollars that were proceeds of other fraudulent schemes and computer intrusions, including a fraudulent scheme to steal £100 million ($124 million) from an English Premier League football club. Trial In July 2020, Abbas, alongside Olalekan Ponle, popularly known as Woodberry, was extradited to Chicago, where he was first arraigned. However, because the U.S. court in Illinois did not have jurisdiction over the case, he was transferred to Los Angeles, California. At the pretrial services, he pleaded not guilty to the four counts of conspiracy to commit wire fraud, money laundering conspiracies, international money laundering and engaging in monetary transactions in property derived from specified unlawful activity. During the trial, new details emerged after the Department of Justice shed more light on one of those scams, given that Abbas worked with North Korean hackers to launder funds stolen from a Maltese bank. In July, Abbas was charged by the U.S. Attorney’s Office in Los Angeles with conspiring to launder hundreds of millions of dollars from business email

T H I S D AY ˾ ͷ, 2021

FEATURES

compromise (BEC) frauds and other scams. The court heard how Abbas conspired with five others to defraud the businessperson by claiming to be consultants and bankers who could facilitate a loan to finance the construction of a school in Qatar. The five include 28-year-old Abdulrahman Juma from Kenya, 40-year-old Chibuzo Vincent from Nigeria, 26-year-old Yusuf Anifowoshe, 28-year-old Rukayat Fashola, and 34-year-old Bolatito Agbabiaka. He pleaded guilty as part of a plea bargain and was sentenced to 20 years' imprisonment for “conspiracy to engage in money laundering.” Alleged Link to DCP Kyari Unlike Abbas' trial and conviction, nothing prepared for further revelations of his criminal activities. Just last week, the United States Attorney’s Office, Central District of California, issued an arrest warrant for Kyari. In an affidavit first released by Peoples Gazette, Kyari was brought in by Abbas to deal with a gang member, Kelly Chibuzo Vincent, who turned rogue in Nigeria. According to the document, Abbas arranged for Vincent to be arrested and jailed. Following that, Kyari sent Abbas photographs of Vincent after his arrest. Kyari also allegedly sent Abbas bank account details for an account into which Abbas could deposit payment for Vincent’s arrest and imprisonment. Arrest Warrant In the document, the FBI issued a warrant of arrest for DCP Kyari. Otis Wright of the United States District Court for the Central District of California ordered the FBI to track down Kyari and produce him in the United States for alleged his role in a multi-million dollar fraud perpetrated by Abbas. The FBI further alleged that Abbas and Kyari had been friends and were both involved in a conspiracy to launder money. They also alleged that Kyari was also indicted for receiving bribes from Abbas to arrest a syndicate member in Nigeria. The American prosecutors first sought a court warrant to arrest Kyari on February 12, 2021, and when that did not pan out, they requested another warrant on April 29, 2021, unsealed only recently. Kyari's Defence In his defence posted on his Facebook page, Kyari denied allegations of conspiracy with Hushpuppi, saying he only met him two years ago and did not benefit financially from the fraudster. He claimed that two years ago, Abbas called his office that somebody (believed to be Vincent) in Nigeria threatened to kill his family. “We traced and arrested the suspect," said the police officer on the Facebook post. "After investigations, we discovered there wasn’t an actual threat to anyone’s life, and they are long-time friends who have money issues between them. Hence, we released the suspect on bail to go, and he was not

with you. You have committed a crime that won’t be forgiven, that is punishable, and you shall receive die (sic) punishment in due time. I swear with my life, you will regret messing with me. You will even wish you died before my hands will touch you." Another part of the document revealed that on May 20, 2020, Abbas allegedly sent Kyari transaction receipts from accounts at Nigerian banks (GTBank and Zenith Bank) of a person Abbas knew in the UAE — a person also arrested with Abbas in Abbas’ apartment by Dubai Police on June 9, 2020 — to the Nigerian bank accounts of another person in Nigeria. “The amounts on the transaction receipts totalled 8 million Nigerian naira, which was approximately $20,600 based on publicly available exchange rate information," the documents stated.

Hushpuppi ﬂaunting his cars before his arrest taken to any jail. Nobody demanded a kobo from Abbas Hushpuppi. Our focus was to save people’s lives that were purported to have been threatened.” Kyari said later, after this incident, Abbas saw some of his collections of native clothes and caps on his social media page, and he said he likes them. This then prompted him to connect Abbas to the person selling the clothes. He said Abbas sent about N300,000 directly to the clothes seller’s account. “The native clothes and caps (5 sets) were brought to our office and he sent somebody to collect them in our office. Nobody demanded any money from Abbas Hushpuppi and nobody collected any money from him. We responded to a distress call he made on threat to his family and released the suspect when we discovered there was no life threat from the suspect. This is the true story. Vincent is alive, he can be contacted,"

said Kyari. FBI's Published Extract After he posted his defence, an avalanche of documents was released detailing the exact relationship he had with Abbas. In the FBI's published extract of Kyari's conversation with Hushpuppi, on January 15, 2020, Hushpuppi sent an audio recording to Kyari via WhatsApp, stating that he wanted to remind Kyari about what they discussed earlier. On January 16, 2020, Hushpuppi sent the following threats to Chibuzor: "I dey always tell people to think well before they offend me and make them make sure they fit stand the consequences when the time comes. I won’t say more than that but very soon, very, very soon, the wrath of my hands shall find you and when it does, it will damage you forever. "At this point, I no get discussion

The police further explained that the suspension "is to undertake a detailed review of all the allegations against DCP Abba Kyari by the U.S. government as contained in relevant documents that have been availed the NPF" by the FBI

Reactions As expected, the whole saga set tongues wagging with those for and against the deputy police commissioner. Leading the charge, the Peoples Democratic Party (PDP) demanded a forensic investigation into the reports from the FBI. In a statement signed by its spokesman Kola Ologbondiyan, the party described the alleged involvement of Kyari in the international fraud as worrisome, disturbing, and a stain on the integrity of Nigeria "It is indeed disquieting that the integrity of our nation has fallen so abysmally low under the corrupt and fraud-patronising President Muhammadu Buhari-led All Progressives Congress (APC) administration, to the extent that the head of its police intelligence unit is being charged in connection with international fraud. Moreover, if this Abba Kyari matter is not well handled, it will be a permanent stain on the reputation of our police, security system, and our nation at large," said the PDP. In his reaction, the Executive Director of Rule of Law and Accountability Advocacy Centre (RULAAC), Okechukwu Nwangwuma, described the report on Kyari as nothing new to Nigerian human rights groups. "One of Amnesty International's reports also documented incidents of conversion of money and property of crime suspects arrested by IRT under Abba Kyari by the operatives of the rogue unit," said Nwangwuma. “It was the persistent petitions against the rogue activities of Abba Kyari's IRT that forced the hands of the former IGP to shut down the IGP IRT/STS across Nigeria, but they restricted them to Abuja. Why do we wait for foreigners to tell us what we already know and have facts on before our sense of indignation and outrage is aroused?” Nwangwuma further alleged that should an investigation be carried out into all cases of arrest by IRT of suspected kidnappers and Continued on page 54

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FEATURES

Hushpuppi, Abba Kyari and the '40 Thieves'

Hushpuppi when he was living the life robbers, including the case of Evans handled by Kyari, “scandalous cases of conversion of huge sums of money and property belonging to the suspects would be uncovered. Some of them were killed after they were dispossessed of their money and property believed to be proceeds of crime.” On solutions, Nwangwuma said the entire IRT should be disbanded and the activities of its operatives investigated, adding that “IRT, like the disbanded SARS, is a rogue entity that cannot be reformed." He added, "The problem is not IRT or SARS or STS. The problem is the Nigerian police. IRT, STS, SARS are all symptoms of a deeper problem. The problem is a criminal force that is crying for reform.” He called for a reformed police system driven by merit and respect for human rights. The activist also demanded adequate resources for the police and “providing it with modern crime-fighting equipment. He also stated that the government should prioritise the police's welfare. Nwangwuma also stated the importance of entrenching integrity, building strong internal control systems and external accountability mechanisms, building public trust and partnership between the police and the citizens. Also speaking scandal, the founder of the Social Intervention Advocacy Foundation, Segun Awosanya, said, “This must not be swept under the proverbial carpet. We have been pointing this out for years now. The petitions are there. Sanitise the Nigeria Police Force (NPF), and let’s be true to the reforms. A system purge is necessary. Scrap the unit headed by Kyari and reform the entire system, end impunity." In addition, the National Coordinator of the Network on Police Reform in Nigeria (NOPRIN), Ikule Emmanuel, said Kyari’s indictment was a pointer that there has always been corruption in the police system. For each dissenting voice, there arose a support system for Kyari. Former aviation minister Femi Fani-Kayode, defended Kyari stating: “A super cop that has risked his life protecting us from kidnappers, murderers, and terrorists all these years and that has arrested more criminals than any other is accused

of taking bribes from a Yahoo boy and scammer all the way from America and we are expected to believe it? Not me." Arguing further, he noted, “Allegations are a dime, a dozen, and an indictment does not amount to a conviction: show me the evidence or keep your mouth shut forever. I urge Abba to continue the good work he has been doing and not allow himself to be distracted by his numerous detractors. This is a deep conspiracy to destroy his career, and it will not work." Review of Allegations Meanwhile, hours after the news broke, the Inspector General of Police, Usman Alkali Baba, immediately ordered an internal review of the allegations. In a statement by the Force Headquarters spokesman, Frank Mba, the police reaffirmed its commitment to the pursuit of justice and "the strengthening of its professional relationship with the FBI and other international partners." IG Recommends Kyari's Suspension Contrary to the opinion that the case would fizzle out, the Baba recommended the immediate suspension of Kyari pending the outcome of an internal investigation. He also instituted a four-man special investigation panel headed by DIG Joseph Egbunike, the Deputy Inspector General of Police in charge of the Force Criminal Investigations Department (FCID). According to Mba, the suspension is in line with the internal disciplinary processes of the police, expected to create

an enabling environment for the panel to carry out its investigations without interference. The police further explained that the suspension "is to undertake a detailed review of all the allegations against DCP Abba Kyari by the U.S. government as contained in relevant documents that have been availed the NPF" by the FBI." PSC Signs off Suspension Following the inspector general's recommendation, the Police Service Commission signed off on the suspension excusing him from the exercise of the powers and functions of his office. According to PSC's spokesman, Ikechukwu Ani, Kyari's suspension took effect from July 31. It will subsist pending the outcome of the investigation regarding his indictment by the FBI, adding that the commission also directed the inspector general to furnish it with information on further development on the matter for necessary action. The commission's decision was signed by Clara Bata Ogunbiyi, a retired justice of the Supreme Court and commissioner in the PSC. With this, many Nigerians believe the inspector general of police has reaffirmed the force's commitment to the rule of law as the police assured the public of the sanctity of the probe and the absolute respect for the rights and privileges of Kyari during the probe. Extradition Request Following the indictment of the embattled Kyari, the Attorney General of the

While the nation waits with bated breath pending the outcome of the police panel's investigation, the jury is still out on Kyari and his well-reported illustrious career, given that he is innocent until proved guilty by a court of competent jurisdiction

Federation, Abubakar Malami, said the law would be followed to the latter on the cop's possible extradition. In an interview with Voice of America, Malami said though there was a bilateral agreement between Nigeria and the U.S., guidelines must be followed. He said: "We have a bilateral agreement between Nigeria and the US on extraditing anyone who commits any offence in any of the countries, be it Nigeria or the United States, but there are guidelines. The guidelines are when the country writes a letter to the foreign affairs ministry, and the foreign affairs will send to the minister of justice, so the court will give permission for the extradition of anyone to go and answer some questions in the United States based on the allegations. I am not saying Abba Kyari will be extradited, but the law will be followed judiciously before taking any action.” Also, prominent lawyer Mike Ozekhome urged the government to follow due process in extraditing Kyari, urging it to follow the extradition law of 2005. Ikule, who spoke on whether Nigeria would cooperate with the U.S., said, “Nigeria has signed a lot of treaties with international communities. So if it requires appearing, yes, they will turn him over. If he is part of a transborder crime against the U.S., yes, he would be turned in. But Kyari needs to come out clean for the good of the police image.” Femi Falana, on the other hand, challenged Kyari to submit himself to the U.S. if he is not guilty of the allegations against him. "The United States and Nigeria have an extradition treaty which covers the offences allegedly committed by DCP Abba Kyari. If the police officer insists on his innocence, he may want to submit himself to the jurisdiction of the district court in the United States," stated Falana. "Once the request is received by the federal government, the attorney general will commence extradition proceedings in the federal high court." While the nation waits with bated breath pending the outcome of the police panel's investigation, the jury is still out on DCP Kyari and his well-reported illustrious career, given that he is innocent until proved guilty by a court of competent jurisdiction.

MONDAY, ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

FIFTY-FIVE

Weapons Sale Suspension: US Security Cooperation with Nigeria Not Affected, Says Consul General Chiemelie Ezeobi

Scurity cooperation between the United States and Nigeria has neither been halted nor frozen by the recent suspension of weapons sale to Nigeria by the US Congress. US Consul General in Nigeria Claire Pierangelo disclosed this on-board the visiting United States Ship (USS) Hershel “Woody” Williams at the Nigerian Ports Authority (NPA) jetty, Apapa, in Lagos. USS Hershel “Woody” Williams, an Expeditionary Sea Base (ESB) 4 permanently deployed to Africa, is in Lagos for a three-day sea exercise with operatives of the Nigerian Navy and their Ghanaian counterparts. Pierangelo said sales and transfers of weapons to the Nigerian military by the US currently exceeded $559 million, emphasising the commitment of the American government to Nigeria's defence needs. She declared, "Let me address first the questions of the role of the US Congress in terms of selling weapons. All foreign military sales, regardless of which country, need congressional notification threshold, must have completed the statutory congressional review process prior to the sale being completed and any equipment

under that sale being delivered. "So there's a very robust process in the United States congressional notification. No military sale can go forward without that being done and no military sale will ever be delivered or scheduled whilst subject to any kind of congressional hold or any statutory restrictions. “The US is committed to supporting Nigeria's defence requirements while also ensuring that respect for democracy and human rights remain a key priority in the bilateral relationship. "We take seriously our obligations to ensure that all arms sales and transfers are consistent with the law and with the President's commitment that US arms sales and transfers be consistent with our values, including promoting respect for human right in compliance with the laws of arms conflict. "So current security cooperation continues with Nigeria. It has not been halted or frozen. The current value of sales and transfers of capabilities to the Nigerian military exceed some $559 million. "We know the arrival of the first 12 A29 Super Tucano is part of that sale, we are working closely with the Nigerian Air Force to make the first six A29 operational and delivering the next six in the

coming months. "In addition, we will be working with the Nigerian military to develop additional capabilities to reduce the risk of collateral damage and civilian casualties as our partnership here includes an advisor in the law of arms." Asked if there were plans by the US to transfer naval assets to the Nigerian Navy under the Excess Defence Article programme, Pierangelo said talks were on. She added that the Nigerian Navy had indicated interest in a number of equipment, explaining that they are eligible to request. The consul general stated, "The Nigerian Navy has expressed great interest in receiving ships from the Excess Defence Article programme. They are, of course, eligible. Our partnership remains strong with Nigerian Navy. We are here to train and work with the Nigerian Navy. It is important we engage with Nigerian agencies." On the visit of the ship, Pierangelo said it was part of the US-Nigeria bilateral relationship, which she described as one of the most important in Africa. The ESB ship class is a highly flexible platform that may be used across a broad range of military operations. Acting as a mobile sea base, they are part of the critical access infrastructure

that supports the deployment of forces and supplies to support missions assigned. Pierangelo said, "We work closely with the Nigerian Navy, and with all of Nigeria’s military services, to counter threats to Nigerian and African security. "All have a common interest in a peaceful, well-policed Gulf of Guinea, and support from the United States and its like-minded

partners significantly increases Nigeria’s ability to reach this shared goal. "Illicit maritime activities, such as illegal, unreported, and unregulated fishing; the trafficking of weapons, narcotics, and people; as well as the on-going threat of piracy and oil infrastructure insecurity, undermine the rule of law, food security, and economic development in Nigeria and the

greater Gulf of Guinea. "Ship visits, like this one, clearly demonstrate the United States’ continued dedication to our partners in the Gulf of Guinea as they strive for security of their resources, their economy, and their people. We are delighted that Nigeria is hosting this engagement, as we firmly believe that maritime security in Nigeria will lead to greater regional prosperity.

HOW BILLIONAIRE BUSINESSMAN, CAPT HOSA, 63, DIED OF PANCREATIC CANCER bestrides our world; but his legacy will live forever." Similarly, President, Commonwealth Medical Association (CMA), Dr Osahon Enabulele, described Okunbo’s death as a tragic development. "While I share the pains of his beloved family and loved ones over his earthly transition, his death has revealed once again that this terrestrial plane is a truly transient place for God's creatures. Indeed, we are undeniably passengers on this terrestrial plane and only our almighty creator can tell the precise time of our departure and the departure of our loved ones. "But there again, life is not how long one lives but how well and strong one finishes the race of life, for we will be pre-eminently

remembered for our deeds on this terrestrial plane. "This explains why the death of our loved ones, as painful as it is, provides yet another opportunity for one to consciously reflect, refocus, and rededicate ourselves to cherished cardinal and theological virtues, and the upliftment of our common humanity." "As you may already know, our combined efforts across Nigeria are focused on increasing cooperation on maritime and border security, law of armed conflict and military justice, counterterrorism efforts against Boko Haram and ISIS-West Africa, defence trade, and strengthening governance and transparency of the security sector." In his remarks, Commanding

Officer of USS Hershel “Woody” Williams, Captain Chad Graham, who was received by the Operations Officer, Nigerian Navy's Western Naval Command, Commodore Daupreye Matthew, stated that piracy within the Gulf of Guinea was on the decline this year, compared to 2020. Graham acknowledged that previous collaborations and skills transfer to the Nigerian Navy by the US had yielded positive outcomes, saying the latter has also trained other regional navies. He said, “Maritime engagements that include many navies working together really improve our interoperability and collective capability, which are absolutely necessary for a busy area, such as the Gulf of Guinea.

to correct all mistakes by going back to that dissolution of its NWC and all democratically built structures and re-instate the democratically elected NWC members, and other structures of the party. "I implore us to adopt the admonition of the Attorney General of the Federation, Abubakar Malami, SAN to Oyo State Governor on the dissolution of democratically elected structures of the Local Governments in the state in contravention of Section 7 of the Constitution and which said admonition was given an imprimatur by the Supreme Court in dealing with our own current challenge. "Sections 7 and 223 of the Constitution are almost on all fours that only democratically elected leadership shall be vested with responsibilities for the management of affairs of Local Governments and Political Parties." Ogala claimed that the Supreme Court spoke on Section 7 and validated the warnings of the Attorney General to the Oyo State Government, adding, "The same warning by one of our own is also available to us in APC. Let us take heed and do the needful and respect the country's Constitution." Furthermore, the learned silk maintained that, all other structures of the party hitherto dissolved must be re-instated from NEC to Ward Executives. This, he said, "is absolutely necessary, because the question of whether APC can still be referred to as a political party in its current state in view of its lack of vital organs as required by law is of a very poignant concern. "Without a doubt, many may feel they maintain an advantage today, because of their access and control of levers of the APC. Yet, they must be reminded that 100% of zero is still zero. Also, admittedly, the CECPC has done some work since coming on board. However, all that now stand voidable. It is my view that we save all that and more by taking the bold step now. “Finally, we must recall that our electoral laws are rapidly progressive. Until recently, political parties were held to be the ones who owned votes cast at an election so it did not matter if there was a candidate or not.” Citing legal authorities to substantiate his position, he urged those advocating different

legal opinions to see AMAECHI v. INEC & ORS (2008) LPELR-446(SC) and argued that all that changed in Zamfara State, where in APC V MARAFA (2020) 6 NWLR (1742), the apex Court held that APC votes were wasted for not having duly nominated candidates. Also, he said the Court never used to intervene in party congresses but in APC v. UMAR & ORS (2019) LPELR-47296(SC), the Court intervened and by so doing, APC lost out even before the election in Rivers State was conducted. "The Courts did not also use to intervene in leadership crisis of political parties since the days of Onuoha V. Okafor (1983) 2 SCNLR 24 but that changed in PDP V SENATOR ALI MODU SHERRIF & ORS. (2017) LPELR-42736(SC) and was recently reaffirmed in ADAMS ALIYU OSHIOMHOLE V COMRADE MUSTAPHA SALIHU & ORS (2021) 8 NWLR (PART1778).” He, therefore, said the trajectory of the Courts in respect of political matters was fairly apparent and predictable, when examined without bias and vested interest. Ogala concluded by urging the APC to make haste when the sun was still shining, saying, "I urge our leaders to take heed while the party still can". In the PDP, an NWC member, who didn’t want to be quoted, said the constitution of the PDP did not recognise any caretaker committee, explaining that the APC was enjoying a caretaker committeeship, because of the respect INEC gave to the ruling party and President Muhammadu Buhari. The NWC member, therefore, called for a law by the National Assembly to make INEC and all the political parties in Nigeria as it is in the United States of America and Ghana to be insulated from manipulations of government officials like the president, governors and hijack by money men and women. He said though the leadership crisis might have been contained, the truth was that none of the members of the NWC was desperate to retain his or her office. "Though the crisis has been sorted out, but there is the need to say clearly that the members of the NWC are not desperate to stay in office beyond December

9, 2021, constitutionallyrecognised four years in office. The PDP constitution clearly stated that the tenure of all NWC members are four years guaranteed. "Members of the NWC can recontest, if they desire to do so. This is the constitutional right, which no one can deny them. It is left for the delegates to elect them or say so. "This constitution since it was amended is deposited with INEC and further to that the Electoral act as amended insisted that all tenures of the NWC of any political party, including the PDP must be tenure guaranteed "Apart from that, all NWC of any political party must be elective and therefore, there is no provisions or provision that guaranteed the establishment of caretaker committee. What is happening in the APC is because of the fact that it is the ruling party and the respect or privilege INEC has for President Muhammadu Buhari. It’s a constitutional aberration," the source said. The source said what was needed now is a law that would guarantee the independence of INEC and insulate the political parties from manipulations as the case in the United States of America and Ghana, “then our democracy would have been said to be established”, adding, "This is a challenge that we are throwing to the National Assembly and when this is done, we can say that we are truly an amazing democratic nation." On the main reason for the crisis in the PDP, the source said, "It is all about the struggle for the 2023 general election. See, we were elected in 2017. 2018 gone, no crisis and after the elections of 2019 and basically in 2020, there was covid-19 lockdown. In 2021, there is the power struggle for the repositioning of interest and some money bags; they believe that this is the time to hijack the party, so as to actualise their political ambitions. "If the political parties, including the PDP is insulated from the influence of money bags and governors, the parties would be protected. That is to say, if they are insulated from government officials and the governors, the democratic system would have been better off for it," the source said.

OGALA: WHY APC CONGRESSES REMAIN A NULLITY IN EYES OF LAW He also contended that the reason the APC was deliberately looking away from the facts, was because the opposition Peoples Democratic Party (PDP) and its candidate, Eyitayo Jegeda, did not challenge the votes cast in that election but rather zeroed in on the nomination of the APC candidate and the nomination process, adding that in response to that the apex court submission that, “Governor Buni ought to have been joined, does this not say it all?” Meanwhile, ahead of the PDP governors’ meeting today, where a position is expected to be taken before their meeting with the special committee of the party's Board of Trustees (BoT), one of the top members of the National Working Committee (NWC) has said the current leadership of the party was not desperate to remain in office beyond December 9 this year. Addressing the state of the party, Ogala said, "I hold the view that it is incorrect (factually and contextually) to state that the Supreme Court upheld the decision of the Tribunal regarding the impact of Section 183 of the 1999 Constitution (as Amended) and Article 17(iv) of the APC Constitution. If this was the case, the Court would not require that Governor Mai Mala Buni ought to have been joined as the Court would have already determined the question in his absence. “The purport of the advice of the learned Attorney General of the Federation (with respect) is akin to asking a Pastor or an Imam who is watching on his CCTV camera in his house as 3 (Three) strange men armed with guns and cutlasses scale over his fence, heading for his back door, not to alert the Police but to instead allow them enter his sitting room so he can confirm if they came to rob him or they came to seek deliverance at 2 am in the night. "That opinion most respectfully stands logic on its head, and it is therefore misleading in my opinion. Also, it is not correct to insist that the opinion of the minority in this case is meaningless taking into account the fact that the majority rested its decision on a technical point. "The technical point, which is non-joinder is one that can be cured in any subsequent suit and that is why the failure of the majority decision to directly disagree with the substance of the minority decision

presents an existential threat to the All Progressives Congress. As I noted in my earlier opinion, the Court gave a hint by the silence of the majority and a wink by the decision of the minority. "Therefore, the purport of the advice of the learned Attorney General of the Federation (with respect) is akin to asking a Pastor or an Imam who is watching on his CCTV camera in his house as 3 (Three) strange men armed with guns and cutlasses scale over his fence, heading for his back door, not to alert the Police but to instead allow them enter his sitting room so he can confirm if they came to rob him or they came to seek deliverance at 2 am in the night. I would have thought that the smart money would be to call the police so that they can seek deliverance in the presence of the Police. "It is my view that it is wrong and unfair on APC and all those who seek office through its platform to be asked to face the risk faced by our Governor, Arakurin Akeredolu. This can be avoided by doing the right thing. "In another breath, those who compare APC to a club, or an association of elected officers miss the point completely. Besides being a constitutional entity provided for in Sections 221, 222 and 223 of the 1999 Constitution (as Amended), APC has presence of party leadership through its Polling Unit Committee in over 170,000 Polling Units in Nigeria. “The Chairman of the NWC and his team are responsible for the day-to-day running of this huge statutory entity and that is the role being played by Governor Buni and his team today. How can this not be an executive position as contemplated by Section 183 of the 1999 Constitution?” He said the apex Court has not left anyone in doubt except those who choose to ignore them, adding, "In the light of the foregoing, how do we proceed as a political party? I hold the view that the untenable position of Governor Mai Mala Buni as de facto APC National Chairman is the smallest of APC’s problem. "The bigger issue is the fact that the entire Caretaker Committee structure is unconstitutional as it runs counter to the spirit of Section 223 of the 1999 Constitution, which mandates political parties to have only democratically elected leadership.

“It states inter alia in Section. 223. (1) that: (a) The constitution and rules of a political party shall provide for the periodical election on a democratic basis of the principal officers and members of the executive committee or other governing body of the political party and (b) ensure that the members of the executive committee or other governing body of the political party reflect the federal character of Nigeria. “(2) For the purposes of this section – (a) the election of the officers or members of the executive committee of a political party shall be deemed to be periodical only if it is made at regular intervals not exceeding four years.” Ogala explained that the provision was very similar to that contained in Section 7 of the 1999 Constitution (as Amended), which states that, “The system of local government by democratically elected local government councils is under this Constitution guaranteed; and accordingly, the Government of every State shall, subject to Section 8 of this Constitution, ensure their existence under a law, which provides for the establishment, structure, composition, finance and functions of such councils.” To this end, Ogala said, "This mandatory provision for democratically elected leadership was held by the Supreme Court not to admit of replacement by Caretaker Committees. This was the decision in Governor Ekiti State & Ors V Prince Sanmi Olubunmi & Ors (2016) 3 Nwlr (Part 1551). "To clear any further doubt on this point, the apex Court stated this position in respect of the case brought by ALGON against Oyo State Government. It is instructive that this case arose after the Oyo State Government disregarded the advice of the Attorney General of the Federation stating that Caretaker Committees could not replace democratically elected officers as contemplated by Section 7 of the 1999 Constitution." The former national legal advisee of APC stressed further that the Supreme Court agreed with the Attorney General of the Federation then and nothing has changed in respect of that position of the law in relation to APC leadership, which the same Constitution mandated to be a product of democratic elections. "Therefore, without a doubt, APC must use this opportunity

MONDAY AUGUST 9, 2021 • T H I S D AY

NEWS

Fraudsters Jailed Six Years over $1m Scam of KLM, British, Turkish Airways Kingsley Nwezeh in Abuja Two Nigerian fraudsters, Tobilola Ibrahim Bakare and Alimi Seun Sikiru have bagged six years imprisonment over alleged $1 million scam of three major airlines: British Airways, KLM and Turkish Airlines. The duo, who also forfeited mega properties in upscale areas of Lagos and vehicles worth N260 million and N200 million in bank accounts to the federal government, were, however, given the options of fine of N3 million and N1 million respectively. This followed their arrest and successful prosecution by the

Economic and Financial Crimes Commission (EFCC). THISDAY gathered that the forfeited assets include: the sums of N196, 741, 216.82 and N7, 054, 852.01 in bank accounts, two vehicles, Mercedes Benz E500, Toyota Hilux 2020 and five bedroom duplex situated at Ibrahim Eleto Street, Osopa London, Lekki, Lagos; four bedroom semi-detached duplex situated at Ologolo, Jakande, Lekki, Lagos and another four bedroom semi-detached duplex in Southern View Estate, Mayor Court, Chevron Alternative Road, Lekki, Lagos. The two vehicles were

NBA Official Demands Sanctions against Judges, Lawyers for Violating Territorial Jurisdiction A national officer of the Nigerian Bar Association (NBA), Mr. Monday Ubani, has backed the call by Justice Chioma NwosuIheme of the Court of Appeal in Awka for disciplinary actions against the two State High Court Judges in Jigawa and Imo for allowing lawyers to use their courts for what is known in legal circles as forum shopping. Ubani, who is the Chairman of the NBA Section of Public Interest and Development Law (SPIDEL), stated this yesterday in a statement issued in Lagos by Mr. Joseph Igwe of Ubani and Co. Ubani said he shared Justice Nwosu-Iheme’s view that both Justice Musa Ubale of the Jigawa State High Court at Birnin kudu and Justice B.C. Iheka of the Imo State High Court in Owerri should be brought before the National Judicial Council (NJC) to show cause why they should not be disciplined for professional misconduct over their involvement in the

Anambra State governorship dispute as regards the leadership of the All Progressives Grand Alliance (APGA), the ruling party in Anambra State . APGA had on June 23 nominated Professor Charles Soludo as its candidate in the November 6 gubernatorial election in the state. Ubani insisted that the legal practitioners, especially the Senior Advocates of Nigeria (SAN), who brought the cases before these judges should also be sanctioned for professional misconduct. The Anambra State High Court in Awka had issued orders to the National Electoral Commission (INEC) to recognise Soludo as the APGA candidate based on his winning almost 94 per cent of the votes at the party’s congress of June 23, but the State High Court at Birnin Kudu, Jigawa State, a court of equal jurisdiction, on June 30 gave a declaratory judgment directing the electoral commission to accept Chukwuma Umeoji, as the candidate of the party.

FG Postpones Second Batch of COVID-19 Vaccination The Presidential Steering Committee on COVID-19 (PSC), has announced the postponement of the second batch of COVID-19 Moderna vaccines doses donated by the American government to intensify battle against the virus. The Director Press, PSC, on COVID-19 Mr. Willie Bassey, made this known in a statement issued yesterday in Abuja. The News Agency of Nigeria (NAN) reported that the exercise was earlier scheduled to commence tomorrow August 10, 2021 at the Federal Medical Centre, Jabi, Abuja. The PSC announced the second phase of vaccination against the virus having received four million doses of moderna vaccines donated by the United States government through COVAX. The United States President, Joe Biden, had in May pledged to share 80 million vaccines with countries around the world to protect the most vulnerable. Of

this number, Africa is expected to receive 25 million. The first shipments to Burkina Faso, Djibouti, Ethiopia and now Nigeria have been delivered. According to Bassey, the exercise was postponed due to some unforeseen circumstances. The statement reads in part; “This is to announce the postponement of the national flag-off of phase 11 vaccination programme earlier scheduled for Tuesday this week due to unforeseen circumstances. “A new date will be communicated,” it said. Following the increasing COVID-19 cases linked to the highly transmissible Delta variants, the government confirmed the third wave of the pandemic in the country. As of August 7, the country had recorded 177,615 coronavirus cases and 2,185 fatalities, data from the Nigeria Centre for Disease Control (NCDC) showed.

valued at N30million while the three duplexes are valued at N230million. The fraudsters gave up the assets as they could not give satisfactory explanation of the

funds and properties linked to them. They confessed to involvement in cybercrime. Bakare, 27, an indigene of Ijebu Ode, Ogun State, admitted

involvement in Business Email Compromise (BEC) and admitted hacking into different companies outside the shores of Nigeria. The scammers had been

successful in their ignoble trade, earning a cumulative sum of $1million from victims including three foreign airlines through Business Email Compromise fraud.

NICE TO SEE YOU…

L-R: Ekiti State Head of Service (HOS), Mrs. Peju Babafemi; Ekiti State Governor, Dr. Kayode Fayemi; and Ondo State HOS, Pastor John Adeniran, during Adeniran’s working visit to Ado-Ekiti...recently

NDLEA Recovers 8,268kg of Cocaine, Heroin, Skunk in Seven States Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) in coordinated raids of seven states have seized a total of 8,268.2 kilogrammes of assorted illicit drugs. The states raided in a weeklong exercise include Ondo, Akwa Ibom, Adamawa, Enugu, Bauchi, Edo and Anambra, where drugs including cocaine, heroin, tramadol, methamphetamine and skunk among others were seized.

A statement on Sunday by the spokesman of the NDLEA, Mr. Femi Babafemi, said not less than 15 drug dealers including a woman on wheelchair were arrested during the ‘offensive action’ operations, which began on Sunday, August 1, and lasted till Saturday, August 7, 2021 in the seven states. He said the raids were aimed at mopping up illicit drugs in the affected states followed intelligence and as part of the ongoing offensive action ordered against all drug cartels across

the country by the Chairman/ Chief Executive of the NDLEA, Brig. Gen. Buba Marwa (Retd). Babafemi disclosed that the bulk of the seized drugs were recovered from Ondo and Edo States. He said in Akure, the Ondo State capital, a 27-year-old Omokayode Adedayo was on Friday, August 6, arrested along Oda Road, Akure South Local Government Area with a cocktail of illicit substances including cannabis sativa, cocaine, methamphetamine,

tramadol, swinol, and designer drug. He also said that on August 5 men of the Nigerian Army had intercepted 1,025 kilogrammes of cannabis in Toyota Sequoia numbered FST 169 BW and a Toyota Sienna with APP 918 FA as registration number, at a checkpoint in Isua Akoko, where two fake police officers; Stephen Sunday and Eze Ezenwa were also arrested with 575kg of cannabis being conveyed in a Sienna bus with a fake police registration number NPF 1651D.

APC Leader Blames Buni, Osinbajo, Tinubu for Kwara Party Crisis Hammed Shittu inIlorin A chieftain of All Progressives Congress(APC) in Kwara State and the Originator of “O To Ge” movement, Mr. L .A .K Jimoh, at the weekend said that, he has no regret for being the exponent of the struggle despite the current protracted crisis that had rocked the ruling APC in the state. He, however, blamed the national leadership of the party led by the Governor of Yobe State, Mr.

Mai Bala Buni, the Vice President, Professor Yemi Osinbajo, and the APC’s National Leader, Senator Bola Tinubu for their alleged failure to save the state chapter of the APC from the protracted crisis, which has tore the party apart. Speaking with journalists on the state of the nation in Ilorin, Jimoh described the crisis in the party as unnecessary distraction to governance and avoidable. The elder statesman traced the initial efforts to find lasting

solutions to the crisis to 2018 when a team was raised to visit Tinubu in Lagos and Professor Osinbajo in Abuja, said that, all the peace move were proved abortive. Asked why he had been silent since the crisis started, Jimoh said he decided to offer advice and suggestions from behind the scene as an elder statesman in the midst of young politicians in the political space. Jimoh noted that he is a fulfilled Kwaran because the people

through the Otoge’ mantra, are now conscious that no one can take Kwara for a ride anymore. He stated that “we have sensitised them to the extent that if, you take them for granted, you will regret it. “That is enough, even if that is the only thing we have achieved. You can no longer put a rope round the neck of Kwarans and begin to drag them and they will follow you, we have passed that stage.

Insubordination: Nasarawa Lands Commissioner Appears Before Investigative Committee The Nasarawa State Commissioner for Lands and Survey, Dr. Salihu Alizaga, has appeared before an investigative committee set up by the All Progressives Congress (APC) in Nassarawa Eggon Local Government Area to probe his alleged insubordination to the party leadership.

Alizaga, while answering questions before the committee and petitioners in Nassarawa Eggon on Sunday, admitted that he called for meeting without the consent of the party on July 18, due to his desire for the growth of the party. “The governor gave me directive to coordinate party

activities in Nassarawa Egggon local government area. “As the representative of the governor in the local government area, I called for the meeting of July 18th, 2021, due to my desire to have all inclusive, more electorally valuable stakeholders in order to take the party forward,” he said.

According to him, the purpose of the meeting he called had nothing to do with the office of the chairmanship candidate of the party. The commissioner also denied any meeting invitation extended to him by the Nassarawa Eggon/ Alizaga ward which had led to this alleged suspension .

Niger PDP Gets New Chairman Laleye Dipo in Minna There was wild jubilation at the People’s Democratic Party (PDP) Secretariat in Minna, Niger State, following the election of Mr. Tanko Beji, as the party’s state chairman on Saturday. The Chairman of the State Congress Committee and Deputy Governor of Benue

State, Mr. Benson Abuonu, made the announcement late Saturday throwing the party faithful into wild jubilation. Abuonu had announced that Beji, who would begin a second term as chairman polled 2,095 votes out of the total 2,305 delegates accredited for the contest while Mr. Mukhtar Ahmed recorded

only eight votes. The party supporters went into unchecked jubilation shouting the PDP slogan, hugging each other and praising members of the organising committee for a job well done immediately the result was announced. The drumming and singing took the jubilating supporters through the streets of Minna in

the thick of the night though the police were on hand to ensure there action did not degenerate. Abuonu expressed gratitude to God for successfully conducting a hitch free congress after two previous exercises had been botched leading to the emergence of two factions in the party.

MONDAY AUGUST 9, 2021 • T H I S D AY

NEWSEXTRA

‘50% Pension Slash of Lagos Ex-govs Deceitful’ Sunday Ehigiator A Civil Society Organisation (CSO) called Human and Environmental Development Agenda (HEDA), has described as deceitful a recent bill by the Lagos State Assembly, targeted at reducing pension of ex-Governors of the state by 50 per cent. In a signed statement yesterday, by the Chairman of HEDA, Mr. Olanrewaju Suraju, said the organization it was ridiculous of the elected officials to be thinking of a special economic protection for former governors, while the country was facing a declining economic glory.

He said the attitude of the lawmakers was like pouring water in an ocean, adding that the ex-governors were already more than comfortable and do not need pampering at public expense. “We are shocked by the hypocritical and selfish decision of the State House of Assembly to reduce the package for the former State Governors rather than approving the proposal as sent by the state’s executive. “The truth of the matter is that, having served the state for between four to eight years, with their salaries and emoluments paid apart from a string of perks and privileges including unquestionable security votes,

it is ridiculous that the public will continue to shoulder their personal needs after they have left the office. “Part of the pension benefits include but are not restricted to cash in millions of Naira, a fleet of cars to be changed in every three years and houses to be built for them all at public expense. “Under the new package the ex-governors would now receive three new cars to be changed every four years and huge financial support. There were speculations that the office of Speaker of the Assembly was also smuggled into the list of beneficiaries of the largesse,” Suraju said.

Ex-DSS Director Urges Govt to Stop Ransom Payment Chinedu Eze The Former Director of the Department of State Service (DSS), Mr. Dennis Amachree, has called on the federal government to do everything possible to stop ransom payment to kidnappers, saying the decision would be the solution to the nefarious activities of making money through kidnapping by bandits and others. Amachree, who made the call during ARISE News Channel Morning Show programme

yesterday, said that bandits and others have found kidnapping very lucrative because they are paid ransom, but this would stop if the federal government discouraged ransom payment and stopped negotiating with bandits when they kidnap persons. He said that many bandits and terrorist had engaged in the illicit business because firm actions had not been taken to stop kidnapping, adding that when decisive actions are taken by stopping ransom payment, kidnapping would

come to an end in Nigeria. He said that bandits and others who engage in kidnapping are largely located in the North-west and Northcentral, but insurgents like Boko Haram, who also engaged in kidnaping stay in the Northeast, noting that those are guided by different ideologies, including the condemnation of education. “Stopping the payment of ransom will end kidnapping by bandits. The federal government is taking that stand now.”

MONDAY AUGUST 9, 2021 • T H I S D AY

NEWSEXTRA

Gunmen Release Abducted Club Owner, Detain Wife, 74-year-old In-law Olusegun Samuel in Yenagoa Kidnappers at the weekend freed a popular night owner, Tari Ajanami, but abducted his wife and his 74-year-old father in-law, who had gone to drop the ransom they had demanded. The kidnappers were said to have detained his wife, Christiana, 38, and the man over claims that the N15million ransom paid was a far cry from the N200million

ransom demanded. Ajanami, 43, was abducted a fortnight ago at his building site in Otiotio area of Yenagoa, the Bayelsa State capital, but was released at an exchange point in Ahaoda in Ahaoda local Government Area of Rivers State. The ransom exchange, it was gathered, occurred at about 11.45p.m. and was kept secret from the Bayelsa State Police Command and friends of the victim. However, things took a dramatic turn when

the kidnappers insisted on the completion of the demanded N200million ransom, hence held unto the victim’s wife

and her father, who were the ‘couriers’. A close family source, who spoke on the condition of

anonymity, expressed concern over the new development, revealing that the abducted wife of the club owner is

known to have High Blood Pressure (HBP), and was not with her drugs at the point of abduction.

Nigeria Can Achieve a Lot with Healthy People, Says Gambari The Chief of Staff to the President, Professor Ibrahim Gambari, has said that there is no limit to what the nation could achieve and attain with healthy people, adding that unhealthy living conditions have led to the explosion of various diseases, such as obesity, diabetes, heart attacks, stroke and hypertension affecting people. Gambari, who said it is important to focus on health as much as there is focus on work as both are mutually reinforcing, said with the demand for more working hours, people stay awake late into the night and indulge in easy packaged junk food than home cooked food. He made this known at the weekend in Abuja during a book launch titled: “Your Microbiome is a Wonder of Nature: Activate and Actualise,” and with the theme: “Living to Healthy Longevity.” While noting that the book highlights the fact that to live well

means eating natural whole foods with fibre and fermented foods, shows how doing so would prevent unhealthy conditions and diseases. “With healthy people, there is no limit to what our nation can achieve and attain. We, as a people must encourage the follow-up initiatives after the launching to create massive awareness to enhance wellness and quality of life of our fellow citizens. “We owe it as duty to create an enabling environment to stay mentally and physically fit for our nation and ourselves,” he said. Speaking, Author, Host and Co-ordinator, Ambassador Ositadinma Anaedu, said, writing the book came from his personal experience, when he had high blood pressure and high cholesterol due to a change in food that made him weak.

CONGRATULATIONS…

L-R: Keynote Speaker/Managing Director, AIICO Insurance Plc, Mr. Babatunde Fajemirokun; Lead Pastor, CrossPoint Church, Pastor Ladi Soyombo; representative of overall winner/Head of Operation, Emergency Station, Joyce Lewis; and panelist, Mr. Olumide Soyombo, during the maiden edition of CrossPoint Innovate Pitch and Grant Conference in Lagos...yesterday SUNDAY ADIGUN

Ugwuanyi Lauds Women’s Contributions to Nation Building Governor Ifeanyi Ugwuanyi of Enugu State has commended women of the state for the noble roles they play in the development of the state in particular and the nation in general. Speaking during the flag-off of this year’s August Meeting for women with the theme: “Women and children must be protected as a bedrock of our community”, Ugwuanyi stressed that women, worldwide, have contributed immensely in the development of the society. He added that his administration

at its inception recognised the pivotal roles played by women in the initiation and effective implementation of government policies and programmes. Represented by the Secretary to the State Government, Prof. Simon Uchenna Ortuanya, Ugwuanyi pointed out that it was in recognition of the above that Enugu State has the first female Deputy Governor as well as the first female Chief Judge of the State, in the persons of Hon. Mrs. Cecilia Ezeilo and Hon. Justice Priscilla Ngozi Emehelu, respectively.

The governor disclosed that four women were elected as members of the State House of Assembly with three serving as Principal Officers of the House, adding that his administration appointed women as Commissioners for Gender Affairs and Social Development, Finance, and Special Duties. Stressing his commitment to women’s participation in governance, Ugwuanyi revealed that a woman was elected as Chairman of a local government area under his administration,

for the first time in the history of Enugu State. He therefore, reiterated the state government’s commitment to continue to partner women in all sectors of development for the common good of the people of the state. The governor commended his wife, Mrs. Monica Ugwuanyi, for the laudable roles she is playing through her pet project, Ugo’s Touch of Life Foundation (U-TOLF) and other children/women intervention and emancipation programmes.

The Minister of Defence, Major Gen. Bashir Magashi (rtd), at the weekend charged the National Centre of the Control of Arms and Light Weapons (NCCSALW) to rid Nigeria of illicit weapons. According to report, over 6.5million small arms and light weapons are circulating

shown that of the 6.5 million arms, only 586,000 are in the hands of law enforcement agencies.The rest are in the hands of non-state actors. The minister, who spoke while receiving the management team of the weapons centre led by Major Gen. Muhammed Dikko (rtd)

security landscape. He urged the centre to rid the country of illicit arms by “checkmating illegal movements, manipulations and management of small arms and light weapons in the country in compliance with its mandate and international conventions.”

establishment of the centre and the appointment of Dikko as the national coordinator, the minister “pledged the support of the ministry to synergise efforts in stopping the effrontery and parity in weapons handling between the state actors and non-state actors.”

PDP Govs Reconcile Anambra Aspirants, Appoint Ekwunife Rid Nigeria of Illicit Arms, Defence Minister Charges Weapons Centre in Nigeria. in his office, charged the While appreciating President Kingsley Nwezeh in Abuja Campaign Chairman Research findings have agency to sanitise the national Muhammadu Buhari for the Chuks Okocha in Abuja

Following the resolution of the Peoples Democratic Party (PDP) governors, the Governor of Adamawa State, Hon. Ahmad Fintiri, has reconciled all the aspirants in the forthcoming Anambra State governorship election and also appointed Senator Uche Ekwunife as the campaign director of the November 6 election. Ekwunife came third at the June governorship primary election, while Valentine Ozigbo emerged the winner and Obiora Okonkwo came second. Speaking with journalists after the reconciliation, the

Adamawa State governor said they have carried out the reconciliation of all aspirants. According to Fintiri, “We carried out the directives of our governors and reconciled all the aggrieved aspirants, and it was unanimously agreed that Senator Uche Ekwunife be appointed the campaign director, and she is so appointed. “With her appointment, the campaigns for PDP recapturing Anambra State will soon kick off. All aspirants have been reconciled. “Anambra State belongs to the PDP, and this will be confirmed at the November 6 governorship election.”

Osun APC Urges Elected Ward Executives to Work for Party’s Success Yinka Kolawole inOsogbo The Chairman of The Osun Progressives (TOP), Reverend Adelowo Adebiyi, has urged the new elected ward executive members of the All Progressives Congress (APC) in Osun State to hit the ground running by re-working the party for future success. Speaking at the weekly meeting of the caucus in Osogbo yesterday, Adebiyi said the new ward officers of the party have to justify their elections by quickly steering the ship of the APC to safety from its close reach to precipice where it was taken to by the outgoing

executives. The former chairman of the APC, who noted that the ineptitude of the outgoing executives affected the party negatively, said the new executives have no choice than to work assiduously in restoring life back into the APC at the grassroots where they will operate. According to Adebiyi, as the new men at the helm of affairs of APC, it is the duties of the elected ward executive to reconcile all the differences amongst all members and interests in their spheres of operations so as to have a united front and give all a sense of belonging in party affairs.

Four Notorious Bandits Neutralised by Security Forces in Kaduna John Shiklam in Kaduna Four notorious bandits have been killed by security forces in the ongoing operations against bandits in Kaduna State. The state Commissioner for Internal Security and Home Affairs, Samuel Aruwan, disclosed this in a statement issued yesterday in Kaduna.

Aruwan said the bandits were killed in a valley popularly known as ‘Maikwandaraso’ in Igabi Local Government Area of the state. The statement said: “Following the ongoing military operations against bandits, and painstaking human intelligence checks, it has been

confirmed that four notorious bandits were neutralised in a valley popularly known as ‘Maikwandaraso’.” The commissioner said the four identified bandits were neutralised via air interdictions when the military engaged the bandits at the location, as part of combined ground and air assaults on identified bandit

enclaves. According to him, the bandits neutralised were identified as Alili Bandiro, Dayyabu Bala, Bala Nagwarjo and Sulele Bala. The statement added that several other bandits were eliminated in the same cycle of air interdictions and ground assaults.

Firm Petitions Lagos AG, AIG Zone 2 over Activities of Land Grabbers Wale Igbintade A real estate firm, Win Homes Global Services Limited, has petitioned the Attorney General and Commissioner for Justice, Lagos State, Mr. Moyosore Onigbanjo, (SAN) over the activities of land grabbers on its land located at Okun Ajah village in Eti-Osa Local Government Area of the state. In a petition signed by the company’s lawyer, Mr. Bolanle

Olugbani, the firm alleged that Mr. Charles Oghor and Mr. Andrew Archer were using one Mr. Saheed Olukosi (a.k.a Akogun) to cause a breach of public peace and breakdown of law and order. A similar petition was sent to the Assistant Inspector General of Police, Zone 2, Zonal Command, Onikan, Lagos. The firm claimed that it bought 17 hectares of land at Okun Ajah from the principal

members of the Odewale Agbationika family of Okun Ajah and another 10 hectares of land from the Etisalat multipurpose co-operative society both covered by a Certificate of Occupancy No-69/69/200AC and governor’s consent dated May 10, 2014, respectively. According to Olugbani, his clients were in peaceful possession of the land until a few months ago when hoodlums allegedly stormed the property

and forcefully took over the land. He stated that late Efunroye Tinubu and the family trustee have no court judgment in their favour and no valid or legal allocation of land from the Lagos State Government. The petitioner stated that “the activity of Saheed Olukosi and his cohorts is capable of destroying investor confidence in Lagos State and may lead to a breach of the public peace at Okun Ajah if not checked.’’

MONDAY AUGUST 9, 2021 • T H I S D AY

NEWSEXTRA

Buhari Has Failed on Security, PDP Tells Masari Chuks Okocha in Abuja The Peoples Democratic Party (PDP) Sunday charged the Governor of Katsina State, Aminu Bello Masari, to stop lamenting over the persistent banditry in hi state, but be on the side of the people by boldly telling President Muhammadu Buhari and his All Progressives Congress (APC) federal government that they have failed in the area of security. The PDP, which asked Buhari to either shape up or ship out,

asserted that Governor Masariwas doing a great disservice to his people, who have fallen victims to persistent banditry, owing to President Buhari’s incompetence and inability to secure the nation, by not shading his parochial politics to join other patriotic Nigerians in voicing out to President Buhari, the truth of his failures. In a statement by the National Publicity Secretary of the PDP, Kola Ologbondiyan, the PDP said it was indeed a distressing

and colossal mark of failure that President Buhari’s home state, Katsina, was being taken over by bandits, who were overrunning local governments, killing, raping, maiming and pillaging innocent citizens, while the President, who promised to lead the fight against insurgency from the front, continued to recede deeper into the safety and comfort of Aso Rock Presidential Villa, Abuja. According to the PDP, “It

is totally upsetting that while Mr. President is busy with his unnecessary rhetoric in Abuja, bandits, according to Governor Masari, are having a field day in persistent attacks on 10 local government areas, killing and robbing innocent citizens on daily basis. “While it is common knowledge that President Buhari has failed and especially, in his three-pronged focus of security,

economy and anti-corruption, it is however regrettable that his administration could be so aloof, cold and unperturbed as bandits ravage our citizens in most states and particularly in Mr. President’s home state. What a failure! “President Buhari and Governor Masari must know that there is no way history will be kind to them and their party, the APC, for their

incompetence, insensitivity and failure in governance, which have brought so much devastation to our dear nation,” the PDP said. The party, for the umpteenth time, called on President Buhari to wake up to the responsibilities of his office, pick himself up and lead from the front in the fight against insurgents, in line with his campaign promise, saying, “He should either shape up or ship out.”

Ngige, Ehanire are Ineffective as Ministers, Says PGF DG Adedayo Akinwale in Abuja The Director General of Progressive Governors Forum (PGF), Dr. Salihu Lukman, has described both the Minister of Labour, Dr. Chris Ngige and the Minister of Health, Dr. Osagie Ehanire as ineffective at their duty posts for being unable to proactively pre-empt strikes of health workers in the country. He said as loyal members of the All Progressives Congress (APC), Ngige and Ehanire should wake up to their responsibility and end the political embarrassment coming with huge cost to lives to citizens. Lukman, in a statement issued Sunday and titled: ‘Labour Issues and Need for Reorientation in Nigeria’, said the ministers and all stakeholders must as a matter of urgency lock themselves in the most qualitative form of negotiations with all workers in the health sector to restore some minimum standards in

the sector. “It is possible that the Ministry has had some consultations and initiated processes of dispute settlement that are not reported. Be that as it may, to the extent that they were unable to pre-empt the strikes, they were ineffective. Being ineffective also made it possible for leaders of unions and workers’ organisations to concentrate more in terms of power struggles between them and the government than engage in collective bargaining negotiations. “It is quite frustrating, when political appointees, such as Ministers of Labour and Health are unable to proactively preempt strikes of health workers in the country. As loyal members of APC, being the governing party, we must appeal to our Ministers of Labour and Health to wake up to their responsibility and end this political embarrassment coming with a huge cost to lives of citizens,” he said.

Osinbajo at Forbes Awards, Says Nigeria Attracts $10bn Investment Adefarasin, Ekeh, Ahmadu win Forbes’ awards Dike Onwuamaeze

The Vice President, Prof. Yemi Osinbajo at the weekend disclosed that Nigeria attracted $10 billion investment during the first half of the year. Although investment announcements are not actual investments, they indicate investors’ interest in Nigeria. Osinbajo made the disclosure in an address he delivered during the Forbes Best of Africa award ceremony organised virtually by the Foreign Investment Network (FIN) in collaboration with Forbes, where three Nigerians were among recipients of the award. The event was captioned, ‘FIN Leadership and Philanthropy Roundtable Discussion and Forbes Best of Africa Award.’ The vice president said: “Nigeria is open for business and its investment climate is improving. Nigeria recorded an investment announcement in the first half of 2021 of $10.1 billion, an increase of 100 per

cent compared with the year 2020. “Investors in China, Morocco and the UK are making strong commitment and this administration is working tirelessly to ensure that these commitments turn into projects to positively affect our nations.” Osinbajo, who was represented at the event by the Minister of Industries, Trade and Investment, Mr. Niyi Adebanjo, expressed delight to have identified with the award ceremony, saying it was an opportunity to celebrate the best of Africa’s exemplary leaders in commerce and industry. The Nigerian recipients of the award were the Pastor of the Church on the Rock, Rev. Paul Adefarasin; Group Executive Chairman of Mahtari Group and Founder of Zinox Technologies, Mr. Leo Stan Ekeh, and the Founder and Executive Chairman of OIS, also known as Online Integrated Solutions Limited, Mr. Mahmood Ahmadu.

HAPPY RETIREMENT…

L-R: Head, Marketing, Consultancy, Research and Publications , Nigerian Capital Market Institute (NCMI), Mrs. Sadaatu Farouk; Professor of Capital Market, Nasarawa State University, Prof. Uche Uwaleke; Managing Director, NCMI, Mr. Mohammed Ville, and Executive Commissioner, Corporate Services, Securities and Exchange Commission (SEC), Mr. Ibrahim Boyi, during the valedictory service in honour of the Ville on his retirement, in Abuja…recently

NANS Wants Bandits Listed as Terrorists Victor Ogunje in Ado Ekiti The National Association of Nigerian Students (NANS), has appealed to President Muhammadu Buhari to declare bandits kidnapping students in the Northern part of the country as terrorists. NANS insisted that anyone with propensity to kidnap and kill the students in large number should be declared as terrosrsits to any nation. The students body had also

resolved its factional crisis, which sprang up recently with the emergence of one Comrade Abdumajid Oyeniyi splinter group, that challenged the leadership of the National President, Comrade Sunday Asefon. With this development, Oyeniyi said he has reunited with the main body and affirmed his loyalty to the Asefon-led national body in the interest of the over 41 million Nigeria students.

Speaking with journalists in Ado Ekiti, on Sunday, Asefon, rued the lingering closure of schools in some parts of the North, espeially, in Kaduna State, due to increasing wave of students’ abduction. Asefon said the NANS had met with a frontline Islamic Cleric, Sheikh Ahmed Gumi on the worrisome situation, adding that the Islamic scholar had been mandated to tell the bandits,when opportunity avails to stay off public

schools populated by children of the poor. “The Government should beef up security in schools. It is our belief that students should be going to schools with the assurance that they will be secured. “I have called the federal government that they should declare these bandits abducting students in the Northwest and North Central as terrorists, but the reverse has been the case.

Nigerians Want Justice, Not Breakup, Says Group NIPR, NBA, others want strict adherence to federal character Emmanuel Addeh in Abuja A coalition of 40 groups, comprising civil society, labour unions, socio-cultural and professional bodies in Nigeria, led by the Nigerian Institute of Public Relations (NIPR) has disclosed that from its recent engagements around the country, Nigerians do not want separation, but justice and fairness.

The Chairman, NIPR Citizens’ Summit for National Integration, Peace and Security, Dr. Ike Neliaku, while speaking during a media briefing in Abuja, explained that since the inauguration of the National Planning Committee (NPC), the group had in the last three weeks travelled around some parts of the country, to consult with various sections on the heated issue of nationhood.

The committee said the outcome of its consultations and deliberations clearly showed that a greater percentage of Nigerians believe in preserving the corporate integrity of the Federal Republic of Nigeria (FGN), rather than secede. Neliaku, stated that from the observation of the coalition, there has been lack of proper engagement and communication, noting that if certain issues that

formed the fundamentals of agitations across the country are resolved, Nigerians would prefer to live together. “If matters that have caused certain misconceptions, misunderstanding and distrust, are taken care of by leadership across board, Nigerians will prefer the option of staying together and building a strong, viral and formidable nation in Africa,” the group stated.

Igboho’s Associates Fail to Meet Bail Conditions The 12 detained associates of Yoruba nation agitator, Sunday Adeyemo ( Igboho), also knonw as Sunday Igboho, spent last weekend in the cells of the Department of State Services (DSS) despite the bail granted them last Wednesday by a Federal High Court, Abuja. According to their lawyer, Pelumi Olajengbesi, the conditions attached to the bail

could not be immediately met, explaining that efforts were being made to perfect the bail by today. “We had thought that, by the judge’s pronouncement in the open court, we were required to produce only four sureties. But when we sought clarification later, we were told we need to produce two sureties for each of them,” Olajengbesi said in

Abuja. He added:”So, we are working to get 24 people in all. We do not intend to return to the court to ask for a variation. There are many people who are willing to support and who believe in the cause they are fighting. So, we are working to ensure they are out by Monday(today).” The 12 were arrested during

the DSS’ raid on Igboho’s residence in Ibadan, Oyo State on July 1. Justice Eguatu on Wednesday granted bail to eight of them, whose bail application was not challenged by the DSS, at N5million each. The judge then granted bail at N10million each, for the other four, whose application was challenged by the DSS.

MONDAY, ΁˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS 2023: WHO LEADS NIGERIA? The Independent National Electoral Commission (INEC) had early in the year announced Saturday, February 18, as the date for the 2023 general election. Former Military President, General Ibrahim Badamasi Babangida (IBB), had curiously opened up a new angle to the 2023 debate, when in an interview on the Arise News Channel, last week, hinted at the qualities a majority of Nigerians should consider in their choice ofthe next occupant of Aso Rock, the Presidential Villa. IBB as Babangida is fondly called, had suggested that individuals in their 60s should be the focus of Nigerians as potential presidential or vice presidential candidates in 2023. Further, IBB said such persons should have deep knowledge of the economy, must have contacts across the nation and must have been traversing the geo-political zones, marketing their acceptability and capacity. “If you get a good leadership that links with the people and tries to talk with the people; not talking on top of the people, then we would be okay. I have started visualising a good Nigerian leader. That is, a person, who travels across the country and has a friend virtually everywhere he travels to and he knows at least one person that he can communicate with. “That is a person, who is very vast in the economy and is also a good politician, who should be able to talk to Nigerians and so on. I have seen one, or two or three of such persons already in his sixties,” the Minna-born former military leader said. With this submission, the former military president, was believed to have ruled out a former vice president, Alhaji Atiku Abubakar and a former governor of Lagos State, Asiwaju Bola Tinubu, from the 2023 presidential run, because they would be in their 70s by the next election. Owing to the mood of the nation, the expectation is largely that the person should be from the southern part of the country. But that is not a given, especially, when the opposition Peoples Democratic Party (PDP) argues otherwise in its search for a suitable presidential material. However, given this situation, political pundits have identified a number of Nigerians, who would be under 70 years by 2023 and have the capability to add value to the society, judging from their contributions in either the public or private sectors. Any of the identified individuals, experts believe, has the skills and competence to steer the country towards realising its much-talked about potential as well as address the socio-economic challenges that have over the years plagued the country. Here are some eminent Nigerians who may very well fit the bill of IBB’s description of the person to be next President or Vice President in first name alphabetical order.

Abdul Samad Rabiu

Abdul Samad Rabiu was born on August 4, 1960 in Kano State. He is a billionaire businessman and philanthropist. He is the founder and Chairman of the BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture. He attended Capital University in Columbus, Ohio and returned to Nigeria

at the age of 24 to oversee his father’s business. Due to his business interest, Rabiu has establishments across the country. In June this year, the French President, Emmanuel Macron inaugurated the France-Nigeria Business Council – a private sector initiative to enhance business relations between the two countries and announced Rabiu as the inaugural president of the council. But Rabiu is one of the politically green individuals on the list. With near zero political credentials, it does appear tough for Rabiu to sit in this category, but not impossible.

Abdullahi Sule

Born in December 1959, Abdullahi Sule, is a Nigerian entrepreneur, businessman and politician, who is the current Governor of Nasarawa State. He was elected governor in 2019. He attended Roman Catholic Mission (RMC) Primary School, Gudi Station in 1968; Zang Secondary School in 1974, and later Government Technical College, Bukuru in 1977. He left Nigeria on a scholarship to study at Indiana University, Terre Haute, Indiana, where he obtained a Bachelor of Science in Mechanical Technology and a master's degree in Industrial Technology. As a governor and businessman in his early sixties, he appears to fit the bill, especially, coming from a liberal northern region – North Central – and having managed Dangote Sugar at some point. But with the clamour for a southern president, it may be a tough call for him. Besides, will gamble his near certain re-election for the uncertain presidency?

Abubakar Bagudu

Senator Abubakar Atiku Bagudu is the eighth Governor of Kebbi State, who assumed office on May 29, 2015. The Governor has a lifelong commitment to public service and the proven leadership skills to make government work for the people of his state. Prior to his election in May 2015, he represented Kebbi Central at the Senate. Under his leadership, the state entered into a partnership with the Lagos State government on the establishment of a commodity value chain that will give a quantum leap to food processing, production and distribution. This partnership, which is the first of its kind in the history of the Nigerian agricultural sector, is aimed at bringing about national food sufficiency and food security. He had his tertiary education at the Usman Dan Fodio University, Sokoto State, where he obtained his B.Sc in Economics. He proceeded to the University of Jos, Plateau State, where he had his Master of Science in Economics and thereafter, went to Columbia University,where he obtained his M.A in International Affairs. However, coming from a core northern state – North West – it is almost a difficult gamble at a time southern presidency is the issue.

Aigboje AigImoukhuede

Aigboje Aig-Imoukhuede was born in September 1966. He is a Nigerian banker, investor and philanthropist. He is the former Group Managing Director of Access Bank Plc as well as the founder and Chairman

of Coronation Capital Limited, its affiliates, Coronation Asset Management Limited and Trium Limited. He founded Africa Initiative for Governance (AIG) in 2014, and he is the Co-Chairman of the United Kingdom-Nigeria Capital Market Task Force and a board member of TCX Investment Management Company Netherlands. He hails from Edo State and studied law at the University of Benin, where he graduated with LLB degree in 1986. He holds an MBA awarded jointly by the London School of Economics, New York University, and HEC Paris. Although boasts sound economic background, his politics is however nil. It may be another hard nut to crack, albeit not impossible.

Akinwunmi Adesina

Akinwunmi Adesina was born on February 6, 1960. An economist, who is currently serving his second term as the President of the African Development Bank (AfDB), had previously served as Minister of Agriculture and Rural Development. Until his appointment as Minister in 2010, he was Vice President of Policy and Partnerships for the Alliance for a Green Revolution in Africa (AGRA). He is the first Nigeria to be elected AfDB President and hails from Ogun State in South-west Nigeria. Clearly, Adesina has distinguished himself in the business world with sound economic literature, nothing however shows he is able to manage the political side of governance. He also stands a good chance, coming from the Southwest.

Aliko Dangote

Aliko Dangote was born on April 10, 1957. He is the President of the Dangote Group,which has wide interest in the manufacturing sector. He is Africa’s richest man with an estimated net worth of $11.1 billion as of May 2021. Dangote hails from Kano State and obtained his bachelor's degree in business studies and administration from Al-Azhar University, Cairo. Many Nigerians believe that if given the opportunity, he could reflect the successes recorded in his companies, which he established as a small trading firm in 1977, and presently have grown into multi-trillion-naira conglomerate with many of its operations in Benin, Ghana, Nigeria, Zambia and Togo, among others. The Dangote Group also dominates the sugar market in Nigeria and is a major supplier to the country's soft drink companies, breweries, and confectioners. The Dangote Group is on the verge of completing its refinery. But, apart from being from the north, Dangote is believed not to have the temperament for politics, although he has friends across all interests. He is currently building one of the largest refinery and petrol chemical plant in the world in Lagos.

Amina Mohammed

Ms. Amina Mohammed was born in 1961 in Kaduna State. She is presently the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group. Prior to her appointment, she served

as Minister of Environment in Nigeria, where she steered the country’s efforts on climate action and efforts to protect the natural environment. Mohammed first joined the United Nations in 2012 as Special Adviser to former Secretary-General Ban Ki-moon with the responsibility for post2015 development planning. She led the process that resulted in global agreement around the 2030 Agenda for Sustainable Development and the creation of the Sustainable Development Goals. She began her career working on the design of schools and clinics in Nigeria. She served as an advocate focused on increasing access to education and other social services, before moving into the public sector, where she rose to the position of adviser to four successive Presidents on poverty, public sector reform, and sustainable development. There’s no gainsaying that this is coming at a time the call to give women a chance has attracted a global attention. Whilst working at the UN might give her some political leverage, being from the north is a major mark down.

Aminu Tambuwal

Aminu Tambuwal was born in January 1966m and he is the current Governor of Sokoto State. He served as the 10th Speaker of the House of Representatives of Nigeria. He attended Usman Dan Fodio University, Sokoto, where he studied Law, graduating with an LLB (Hons) degree in 1991. He completed his one-year compulsory legal studies at the Nigerian Law School, Lagos, obtained his BL and was called to the Bar in 1992. Tambuwal is a leader who understands how to manage the country’s diversity and he has friends across the country. As a former Speaker of the Federal House of Representatives, he is well position to manage diversity

Atedo Peterside

Atedo Peterside, born in July 1955, is an entrepreneur, investment banker, and economist. He is the founder of Stanbic IBTC Bank Plc, Anap Business Jets Limited (Anap Jets), and Anap Foundation. He holds a Bachelor of Science Degree in Economics from the City University, London. He went on to obtain an M.Sc. in Economics from the London School of Economics and Political Science in 1977. Peterside founded the Investment Banking & Trust Company Limited (IBTC) in February 1989 at 33 and served as the bank's CEO until 2007. In 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited to form Stanbic IBTC Bank Plc, and he was elected Chairman of Stanbic IBTC Bank in October 2007, and he resigned in 2017. Although he has always held strong political views, it doesn’t make him politically inclined, much as he is from the southern part of the country, which seeks to produce the next president.

Babatunde Fashola

Babatunde Raji Fashola was born in June 1963 and presently the Minister of Works and Housing. He served two terms as Governor of Lagos State from May 29, 2007 to May 29, 2015. In 2015, he was appointed by President Muhammadu Buhari as the Minister of Power, Works and Housing.

He studied law at the University of Benin, from where he graduated with a Bachelor of Laws, LL.B.(Hon), degree in 1987. Fashola, a Notary Public of the Supreme Court of Nigeria, was the second law graduate from the University of Benin and the first member of the Nigerian Law School graduating class of 1988 to be conferred with the professional rank of Senior Advocate of Nigeria (SAN). With his stellar performance as governor of Lagos State, which put the state on the world map, Fashola is easily one of the few generally adjudged as fit to run Nigeria, almost effortlessly. Apart from boasting capacity and competence, he is also a southerner from the Southwest to be precise. He is loved and respected by his friends for his discipline and political maturity. He is an exceptionally brilliant mind and aptly fits the bill.

Benedict Oramah

Dr. Benedict Okey Oramah has been the President and Chairman of the Board of Directors of the African Export– Import Bank (Afreximbank) since September 2015. Under his leadership, the pan-African institution has been playing a leading role in supporting businesses and countries on the continent. Oramah was the Executive Vice President in charge of Business Development and Corporate Banking from October 2008. In that position, he supervised the business development departments and units of the Bank, namely, Trade Finance and Branches; Project and Export Development Finance; Syndications and Specialised Finance; and Corporate Finance and Advisory Services. He joined Afreximbank as Chief Analyst in 1994 and was promoted to the position of Senior Director, Planning and Business Development in 2007. Prior to joining Afreximbank, he was an Assistant Research Manager at the Nigerian Export Import Bank from 1992. He holds M.Sc. and Ph.D. degrees in agricultural economics, obtained in 1987 and 1991 respectively, from the Obafemi Awolowo University, Ile-Ife. He bagged, also, a B.Sc. degree in agricultural economics, from the University of Ibadan in 1983. There’s no doubting the fact that he has sufficient private sector experience, but same cannot be said for politics.

Bukola Saraki

Dr. Bukola Saraki, a former President of the Senate, was Governor of Kwara State from 2003 to 2011; and was elected to the Senate in 2011. Saraki was born in December 1962, in London. He attended Cheltenham College, a public boarding school in the United Kingdom from 1979 to 1981. He then proceeded to London Hospital Medical College of the University of London from 1982 to 1987, where he received a Bachelor of Medicine, Bachelor of Surgery. Saraki worked as a medical officer at Rush Green Hospital, Essex and had been a Director of Société Générale Bank (Nigeria) Limited. In 2000, President Olusegun Obasanjo appointed Saraki as his Special Assistant on Budget. In addition, Saraki had since the passing of his father, Dr. Olusola Saraki, taken over the political machine of the man

mimicked the strongman of Kwara politics and has continued to manage it. It is evident that Saraki has grown not only to understand the nuances of both the private and public sector, but also has a good hand of the game of politics. Indeed, many people believed IBB had Saraki in mind, when he gave his description of those eligible to lead Nigeria in 2023. Nothing, however, affirms Saraki’s capacity to effectively lead Nigeria than his four years as Senate President. Although from the North Central region, Saraki is one presidential hopeful believed to stand astride between the South and the north and suitable for the job, if and when a northern joker is to be thrown up in 2023.

Chukwuma Soludo

Chukwuma Soludo was born in July 1960. An economics professor and former Central Bank of Nigeria Governor, he is presently the factional gubernatorial candidate of the All Progressives Grand Alliance. He is also a member of the British Department for International Development Advisory Group. Soludo has been a visiting scholar at the International Monetary Fund, the University of Cambridge, the Brookings Institution, the University of Warwick, and the University of Oxford as well as a visiting professor at Swarthmore College (USA). He has also worked as a consultant for a number of international organisations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme. A southerner from the East and combining both the private and public sector experience, Soludo is currently obsessed with his governorship ambition in Anambra State and may not have considered the presidency as an option. However, he also fits the bill.

Godwin Emeﬁele

The current Central Bank of Nigeria Governor, Godwin Emefiele was born in August, 1961. He holds a B.Sc. in Finance (1984) and an MBA in Finance (1986), both from the University of Nigeria, Nsukka. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton School of Business (2005). Having run Nigeria’s leading bank, Zenith Bank Plc., for eight years and the Central Bank for six years, he knows exactly what is wrong with the economy. His Anchor borrowers programme has greatly helped poor farmers all over the country, particularly in the North where is well liked. He is also well regarded in the Southwest where he was born and known as Omoluabi. Emefiele speaks Yoruba fluently. And he is Igbo speaking from the South-South. Fitting perfectly to the clamour for an Igbo speaking president. Emefiele would be a good fit for president.

Godwin Obaseki

Godwin Obaseki was born in July 1957 and is currently the Governor of Edo State. Before becoming governor, he had served as the chairman of the Edo State Economic and Strategy Team inaugurated by former Governor Adams Oshiomole in March 2009. He holds post graduate Continued on page 61

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NEWS 2023: WHO LEADS NIGERIA? degrees in both Finance and International Business and is a Fellow of the Chartered Institute of Stock Brokers. Obaseki served as an executive board member of several private companies including Afrinvest. As governor and businessman, he clearly has both the private and public sector experience. Perhaps, he needs to do more in terms of disposition and capacity to manage tendence. But, he is pretty much close to the rudimentary requisite.

Herbert Wigwe

Herbert Wigwe was born in August 1966. He is the Group Managing Director/ Chief Executive Officer of Access Bank Plc, one of Africa’s fastest growing financial institutions. Wigwe has a degree in accountancy from the University of Nigeria, an MA in Banking and Finance from the University College of North Wales (now Bangor), an MSc in Financial Economics from the University of London, and is an Alumnus of the Harvard Business School Executive Management Programme. However, apart from his relationship with politicians, his political credential is nothing close to the requirement of the office of the president except he learns on the job. His current job also gives him contacts across the divides and interests.

Ibikunle Amosun

Ibikunle Amosun, a former governor of Ogun State and two-term senator, was born in January 1958. Amosun attended Ogun State Polytechnic, graduating with a Higher National Diploma (HND) in 1983. He became an Associate member of the Institute of Chartered Accountants of Nigeria (ICAN) in 1990 and went on to become a fellow of the Institute in 1996. He also became an Associate member of the Chartered Institute of Taxation of Nigeria (1998). Today, in Ogun State, Amosun is the single most important issue in the body polity. With a closeness to President Muhammadu Buhari that is beyond human comprehension and a relationship with others across the bridges of the nation, Amosun is largely considered the president’s number one preference from the Southwest if he were given the privilege. Aside being in a vantage position with the part of the country he hails from, Amosun also boasts both the private and the public sectors experience, leaving him with considerable advantage for the job.

Kayode Fayemi

Dr. Kayode Fayemi, born in February 1965, is currently serving as the Governor of Ekiti State. He previously served as governor between 2010 and 2014 and was also the Minister of Solid Minerals Development in President Muhammadu Buhari's cabinet from 11 November 2015 to 30 May 2018, when he resigned to contest for a second time as governor. He obtained degrees in History, Politics and International Relations from the University of Lagos and University of Ife (now Obafemi Awolowo University). From 1989 to 1992, he earned a Doctorate in War Studies from King's College London, specialising in civil-military relations. Put on a scale, Fayemi is believed to be about the

most advantageous from the Southwest, being a Christian with high political leverage. His chairmanship of the Nigeria Governors’ Forum (NGF) confers an unequalled advantage on him, making him have the ears of his colleagues. And with the ongoing extrapolation of a majority of the northern governors, who are largely Muslims, paring with a Christian southern governor is the only gamble they want to take, more so after they had allegedly resolved to ensure that both the offices of the president and the vice president were occupied by governors – former or current. Fayemi fits the bill.

Kingsley Moghalu

Professor Kingsley Moghalu is already a 2023 presidential aspirant. A lawyer, author and former deputy governor of the Central Bank of Nigeria, he taught at Tufts University as Professor of Practice in International Business and Public Policy at The Fletcher School of Law and Diplomacy from 2015 to 2017. He was the presidential candidate of the Young Progressives Party (YPP) in the February 2019, general election. He is the founder of Sogato Strategies LLC, a global investment advisory firm, and the president of the Institute for Governance and Economic Transformation (IGET), a public policy think tank. He is a potential candidate for the office of the president – skilled largely in private sector experience. He once took his chances in an election, even though he was barely noticed from the votes tabulation.

Leo Stan Ekeh

Leonard Stanley Ekeh was born in February 1956. He has strong knowledge of the economy, especially, how to use technology in transforming an economy. He is the founder and chairman of Zinox Group and also the chairman of Konga. com, a leading e-Commerce company. During his early years, he wanted to own the biggest transport company in Nigeria. He later went to India for his university education, where he received a Bachelor of Science degree in economics from Punjab University. Ekeh believes that studying in India was a great turning point in his career, because he found the economy of India to be realistic. He also earned an MSc in Risk Management from the University of Nottingham. He too has a strong network of friends across the country and affiliations with some of the global tech companies. But like some of his contemporaries in the business world, his connection to the political class is limited and indeed, defined. With many of the factors in his favour, his poor understanding of politics is a minus that counts. But whether or not Nigeria wants him that way is a different kettle of fish for as long as votes count.

Nasir El-Rufai

The Governor of Kaduna State, Nasir El-Rufai, was born in February 1960. He was aMinister of the Federal Capital Territory from 2003 to 2007; and the director of the Bureau of Public Enterprises. El-Rufai attended Ahmadu Bello University in Zaria, where he received a bachelor's degree in quantity surveying with first class honours.

In 1984, he received a Master of Business Administration from the Ahmadu Bello University. He has since attended several professional and post-graduate programmes, including the Georgetown School of Foreign Service of Georgetown University in Washington, D.C and programmes on privatisation and leadership. El-Rufai, no doubt has always had his eyes on the presidency, even though he too believes a younger person is better off on the nation’s number one seat. Interestingly, he has been an advocate for power to return to the south almost since the beginning of this dispensation. Whether or not he would accept to deputise anyone is another ball game altogether.

Ngozi OkonjoIweala

Dr. Ngozi Okonjo-Iweala was born in June 1954. She is an economist and the serving Director-General of the World Trade Organisation. She is the first woman and first African to lead global trade body. A two-term former Minister in Nigeria, she sits on boards of Danone, Standard Chartered Bank, Twitter, Mandela Institute for Development Studies, Carnegie Endowment for International Peace, Georgetown Institute for Women, Peace and Security, One Campaign, GAVI: Global Alliance for Vaccines and Immunisation, Rockefeller Foundation, among several global institutions. She is another woman, aside Amina, that many people feel deserve a chance to lead the country from the doldrums. Okon-Iweala has no doubt distinguished herself in service to fatherland and indeed, the world. However, she may suffer a different fate as Amina. While she is from the south and might benefit from the agitation for zoning, the question of whether or not Nigeria is ready for a female president never goes away.

Peter Obi

Peter Obi was born in July 1961. He is a politician and businessman, who was the vice presidential candidate during the 2019 general election. A former governor of Anambra State, Obi obtained his first degree at the University of Nigeria, Nsukka, graduating with a B.A (Hons) in philosophy in 1984. He attended Lagos business school, where he did his Chief executive programme; Harvard business school, Boston, USA, where he did two programmes; London School of Economics, Columbia southwest school, New York, USA, Institute for management development, Switzerland, where he also got two certificates in Senior Executive Programme and Chief Executive Officers programme. He also attended Kellogg graduate school of Management, USA, Oxford University: Said business school and Cambridge University’s George business school. A Christian from the Southeast zone of the country, Obi has everything going for him, including the understanding of the issues as well as the capacity to sell them. Whether or not the Southeast could get it, is a question the whole of the South would have to answer as the battle for zoning to the region rages. But, yes, he fits the bill.

Rotimi Amaechi

Rotimi Amaechi, born in May 1965, is the current Minister of Transportation. He served as Governor of Rivers State from 2007 to 2015 and Speaker of the State House of Assembly from 1999 to 2007 – back to back. Amaechi received a Bachelor of Arts degree (Honours) in English Studies and Literature from the University of Port Harcourt in 1987. He is currently studying law at a university in Nigeria. Of all the ministers in President Muhammadu Buhari’s cabinet, Amaechi is one of the few, who have distinguished themselves in terms of performance, and curiously, has become the face of the administration as its poster child. But, again, apart from fitting the bill of the president Nigeria needs, Amaechi is one of the few actors, who have not hidden their desire to be president. Not only is he working to achieve this goal, he is also building bridges to that effect. With stellar record of performance as minister and a network of friends across the country, a situation made easy by his position as Buhari’s campaign DG for the two times, Amaechi is also believed to have the capacity to muster the needed war chest to prosecute a presidential electoral battle. Besides, he is also a Christian of the Catholic denomination, whom many of the Northern Muslim governors might want to deputise for a balanced presidential ticket.

Seyi Makinde

Sanusi Lamido Sanusi

Timipre Sylva

Sanusi was born in July 1961. He is a former Emir of Kano. He is a former Governor of the Central Bank of Nigeria as well as a former Chief Executive Officer of First Bank. Sanusi is a prominent traditional and religious figure as the leader of the Tijaniyyah Sufi order in Nigeria, the second largest Sufi order after the Qadiriyya Sufi order. He received a bachelor's degree in Economics from the Ahmadu Bello University in 1981 and a Master degree in Economics. Sanusi has both private and public sector experience and he has a rich network of friends across the country. He understands the workings of the economy.

Segun Agbaje

Segun Agbaje, born in 1964, is the Chief Executive Officer of Guaranty Trust Holding Company. He is also a Director of PepsiCo and member of the Mastercard Advisory Board, Middle East and Africa. Agbaje attended the University of San Francisco, California, where he earned Bachelor of Accounting and Master of Business Administration degrees. He started his career working for Ernst & Young in San Francisco and left in 1991 to join GTBank. He rose through the ranks to become an Executive Director in January 2000, and Deputy Managing Director in August 2002. Agbaja has always played in the private sector with no profile on the political turf and thus, combining both might be quite difficult, since his only option, which is to learn on the job, might be too costly for the patience of the Nigerian people. A Christian, Agbaje is however within the age range of those being sourced, including coming from a privileged zone – Southwest.

Seyi Makinde, Governor of Oyo State, was born in December, 1967. A businessman, politician and philanthropist, he is an engineer and until his election, he was the GMD of Makon Group Limited, an indigenous oil and gas company. He established his first oil and gas private business called Makon Engineering and Technical Services, (METS) at the age of 29, in 1997, after earning years of work experience with international oil and gas companies. He obtained his first degree in Electrical Engineering at the University of Lagos. In 2000, he had training in automation. In 2002, he studied Fundamentals of Crude Sampling at Jiskoot Auto Control Training Centre, Kent, England. Also, in 2005, he studied Understanding and Solving Complex Business Problems at Massachusetts Institute of Technology (MIT), USA. Armed with both the private and public sector experience, Makinde, ticks practically all the boxes of qualification for the job, to which a competent hand is being sought. But like some of his colleagues on the list, will he be willing to leave his near-certain re-election for the uncertain presidency. Importantly, being in the opposition PDP might serve as a disadvantage for him in case his party throws the ticket open and not directly zones it to the South and Southwest to be precise.

Timipre Sylva was born in July 1964 and is presently the Minister of State for Petroleum Resources. He had a stint as governor of oil-rich Bayelsa State. Sylva graduated from the University of Port Harcourt with distinction in English (Linguistics) in 1986. At the time, he was the best graduating student from his department and departmental valedictorian. He was subsequently awarded a Doctor in International Relations (Honoris causa) by the UBIS University in 2011. Sylva was awarded his second Doctorate (Honoris Causa) in Public Administration on the 2nd of December 2020 by AiPA (African Institute of Public Administration, Leading Edge Foundation and LBBS. Over the years, he has developed a network of friends across the country and as a former governor currently holding a political office, there’s no debating the fact that he understands both the business and politics of governance. Interestingly, those said to be looking in the way of Sylva were believed to be considering him as an option to neutralise the influence and weight of Amaechi in the Niger Delta. Although Sylva and Amaechi were believed to have closed ranks sometime back, it is not certain they would not resume another round of hostility as 2023 inches close. That said, Sylva comes close in the category of potential presidential material.

Tony Elumelu

Tony Elumelu was born in March, 1963. He is an economist, entrepreneur, and philanthropist. He is also the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation. Elumelu was named among Time Magazine's 100 Most Influential People of 2020.

He hails from Delta State and has two degrees in economics from Nigerian universities: a bachelor's degree from Ambrose Alli University and Master of Science degree from the University of Lagos. A shrewd private sector actor, Elumelu’s political inclination appears not sufficient except he learns on the job too. Although he also carries with him some street smartness, which could provide some leverage, how much of contacts he has is definitely not in doubt. With age, knowledge, experience, money and influence, he may not be a bad choice after all.

Udoma Udo Udoma

Udoma Udo Udoma is a former Minister of Budget and National Planning. He is the founding partner of Udo Udoma & Belo Osagie – one of Nigeria's oldest and largest commercial law firms. He attended St. Catherine's College, Oxford, England, where he obtained a B.A. (Law) degree in 1976 and a B.C.L. degree in jurisprudence in 1977. He was called to the Nigerian Bar Association in 1978, after obtaining a B.L. degree at the Nigerian Law School. Evidently in his sixties and with experience in both the private and the public sectors, Udoma has a lot to offer, especially, with his disciplined disposition. A Christian too, he might have to battle internal party antics to get any close. But, without a doubt, he has distinguished himself as worthy.

Yemi Osinbajo

Professor Yemi Osinbajo was born in March 1957 and is currently the vice president. A professor of law, he had his undergraduate degree at the University of Lagos, where he obtained a Second Class Honours (Upper Division) Degree in Law. In 1979, he completed the mandatory one-year professional training at the Nigerian Law School, whereon he was admitted to practice as a Barrister and Solicitor of Nigeria's Supreme Court. In 1980, he attended the London School of Economics, where he obtained a Master of Laws degree. Given a different field of play, Osinbajo should have been the most eligible to take over from Buhari in 2023. First, he is a Christian of the Pentecostal denomination. Two, he is from the Southwest. Three, he is in his sixties. Four, he can combine both politics and the economy for a smooth run governance. Although he is believed to have zero political base, which is understandable, it is also arguable that he might have learnt on the job, whilst his understanding of the nation’s economy is by every inch not in doubt. Above all, having walked with Buhari for eight years, no one can sell the programmes of the administration better or able to sustain the programmes of the regime, whose CHANGE mantra is predicated on the tripod of economy, corruption and security – the three major monsters still confronting the nation till date, than Osinbajo. Unfortunately, Osinbajo is believed to have had it pretty much rough with some of those believed to be controlling other levers of power – a friction that has created an irredeemable level of mistrust. That, of course, appears his only but major undoing as he continues to stealthily eye the presidency.

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MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Paris 2024 Comes Knocking as ‘Pandemic’ Tokyo 2020 Games End As Tokyo 2020 closed in a sea of colour amid tribute videos, fireworks, a light show and performances featuring traditional and modern elements, the empty stands at the Tokyo Olympic Stadium yesterday best symbolised the first Olympics to feature social distancing. As the baton was passed to Paris 2024, and International Olympic Committee president Thomas Bach handed the Olympic flag to Paris Mayor Ana Maria Hidalgo, it was also a reminder that sport can still unite the world, and an example of how such a global spectacle can co-exist with the coronavirus pandemic. “For the first time since the pandemic began, the entire world came together. Sport returned to centre stage,” said Bach before he declared the Games of the 32nd Olympiad, which had been delayed by a year, closed. “Billions of people around the globe were united by emotion, sharing moments of joy and inspiration. This gives us hope. This gives us faith in the future. Tokyo 2020 are the Olympics Games of hope, solidarity and peace.”

He also thanked the Japanese government and people for staging the Games despite the immense challenges posed by the pandemic. Over 17 days, billions worldwide watched as athletes from 206 territories slugged it out across 339 events in 33 sports. In total, 26 world records were broken, and many more fairy tales written as the Philippines, Bermuda and Qatar each won their first Olympic gold medal. Alessandra Perilli’s bronze medal in women’s trap shooting made San Marino the smallest country (population 33,500) to ever win a medal at the Games. There were podium finishes for 93 different teams, which is the Olympics’ biggest list of medal-winning sides, eventually topped by the United States with 39 golds. China was one gold behind in second place, with host Japan third with 27 golds, its best haul ever. However, Singapore, represented by divers Jonathan Chan and Freida Lim at the closing ceremony

march-in, will return without a medal for the first time in four Games, though it had 23 athletes across a record 12 sports. There were many other breakthroughs. The five new sports – skateboarding, karate, surfing, baseball and softball and sports climbing – captured the imagination with local flavour and urban cool, and these Games were the most gender-balanced edition with 48.8 per cent women’s participation.

New Zealand weightlifter Laurel Hubbard became the first transgender athlete to compete at the Olympics. American skateboarder Alana Smith was also the Games’ first openly non-binary athlete. Mental health became a hot topic after American gymnast Simone Biles withdrew from five out of six events, as was physical health. Despite Tokyo being in a state of emergency, and polls depicting a lack of public support for the hosting of

the Games, thousands of curious and enthusiastic locals still thronged the streets for outdoor events such as the cycling road race, triathlon and marathon. However, it was mostly empty in indoor arenas as no fans, local or foreign, were allowed in the stands. It was a tough but perhaps necessary decision – helping to prevent Tokyo 2020 from becoming a virus super-spreading event. With 430 positive Covid-19 cases out of over 20,000 participants since the start

of July, the organisers and local authorities can consider it a job well done when there were so much adjustments and adaptations. But with future organisers already talking about a “spectacular” Paris 2024, where delegations may stream down the River Seine in boats past the Eiffel Tower, Notre Dame Cathedral, and the Louvre – with coronavirus contingencies in place, of course – the sporting world will surely be one in hoping for another big change.

Bayelsa Utd Shock Nasarawa to Win Aiteo Cup Duro Ikhazuagbe Bayelsa United yesterday shocked Nigeria’s topflight team, Nasarawa United to win the Aiteo Cup for the first time in Benin City. The team from Yenagoa defeated Nasarawa 4-3 in penalty shootout after regulation scored deadlocked 2-2 at the Samuel Ogbemudia Stadium. However, Bayelsa’s victory has thrown up issues not

envisaged by Nigeria Football Federation officials. As champions of the Aiteo Cup, Bayelsa are entitled to represent Nigeria in CAF’s Confederation Cup. But as a second tier club in the lower rung of the country’s league, Bayelsa were not registered to play in the continent. Inikurogha Okardi gave Baylesa United the lead in the 19th minute. Chinedu Ohanachom however equalised for

Nasarawa United within seconds. Emo James scored the second goal for Bayelsa United, while Aliyu Abdullahi netted Nasarawa United’s second of the evening. Both teams failed to register a goal after the break. Bayelsa United are now the second team from the second tier to win the FA Cup after defunct

Dolphins Football Club of Port Harcourt claimed the title in 2011. However, there were speculations in football circles last night that Bayelsa United may not be able to participate in the Confederation Cup as they were not registered for continental campaign. Bayelsa players were not registered for continental because no one saw them winning the Aiteo Cup.

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SPORTS

ATHLETICS: THE STORIES AND THE FADING GLORY

hen the dust settles on Tokyo 2020, Nigerians will have to do a serious self-appraisal on the level of development they have carried in sports. On the evidence of results alone, the 2020 Olympics is Nigeria’s best outing in 20 years. But is that any consolation for a sportscrazy nation with 200 million fans? Probably not. A solitary silver and bronze medals will no doubt generate the debate on what we must do now to improve our performance in the Games and we probably will go back to our proverbial ‘drawing board’ to continue our everlasting plans we never implement. While wrestling joined the elite club of sports that have provided a medal for Nigeria at the Olympiad, making the membership of that small cult to be six, the king of Olympic sports in Nigeria, athletics saved its face with a bronze medal but that should not get us blinded to the fact that most of what athletics brought us from Japan

Ese Brume (right) shortly after receiving the $7500 bonus for the bronze medal from Sports Minister Sunday Dare...at the Games were embarrassing stories in quick succession. Even before the Games started, we were given doses of unpalatable stories of the team failing in its bid to qualify for one relay after another. There was the rejection

of the women’s 4 x400m team by World Athletics’ AIU (Athletics Integrity Unit) due to technical errors in the qualifying. There was also the failed attempt to make the 4 x 100m team qualify for the Games despite making over three attempts

in a spate of five days. All these efforts were due to the inability of the Nigerian Team to attend the World Relays competition a few weeks earlier due to administrative bickering. As a matter of fact, the major players in our dismal outing was from the administrators of athletics. Hardly had the team arrived in Tokyo when they were told that almost half of the athletics team would be barred from competing due to ‘administrative failures’ of not completing required Out-of -Competition tests. Together with news of the team’s sponsorship brouhaha with German Kit company PUMA, these issues dominated the news all through the week the athletics competition was going on. The stories were everywhere. Even the big bombshell that our poster girl for three Olympiads, Blessing Okagbare had failed a dope test did not even make much of the headlines for more than 24 hours. The press was not lacking in stories of controversy from athletics. “10 Nigerian athletes barred from Olympics”, “Nigerian Officials seize Samsung Phones

Team USA Tops Tokyo 2020 The United States track and field team can no longer rely on sheer strength in depth after a "dramatic underperformance" at the Tokyo Olympics said athletics great Michael Johnson. The United States won seven athletics gold medals, more than

any other nation but almost half the 13 they picked up five years ago in Rio. Disregarding the Moscow 1980 Games which was boycotted by American athletes, Tokyo is the first time its men have failed to win an individual track title in

FINAL MEDALS TABLE Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 76

Country United States China Japan Great Britain ROC Australia Netherlands France Germany Italy Canada Brazil New Zealand Cuba Hungary South Korea Poland Czech Republic Kenya Norway Jamaica Spain Sweden Switzerland Denmark Croatia Iran Serbia Belgium Bulgaria Slovenia Uzbekistan Georgia Chinese Taipei Turkey Greece Uganda Ecuador Ireland Israel Qatar Bahamas Kosovo Ukraine Belarus Nigeria

Gold 39 38 27 22 20 17 10 10 10 10 7 7 7 7 6 6 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 1 1 0

Silver 41 32 14 21 28 7 12 12 11 10 6 6 6 3 7 4 5 4 4 2 1 8 6 4 4 3 2 1 1 1 1 0 5 4 2 1 1 1 0 0 0 0 0 6 3 1

Bronze 33 18 17 22 23 22 14 11 16 20 11 8 7 5 7 10 5 3 2 2 4 6 0 6 4 2 2 5 3 2 1 2 1 6 9 1 1 0 2 2 1 0 0 12 3 1

Total 113 88 58 65 71 46 36 33 37 40 24 21 20 15 20 20 14 11 10 8 9 17 9 13 11 8 7 9 7 6 5 5 8 12 13 4 4 3 4 4 3 2 2 19 7 2

Olympic history. "If you took at the way we approached the national teams and you put that in any other country that didn't have the sort of depth that we have, this would have been a failure a long time ago," four-time Olympic champion Johnson told BBC Sport. The United States athletes must win a place at their national trials, with previous major Championship performances, times and injuries disregarded. Donavan Brazier, who won the world 800m title in Doha less than two years ago, was left out of the Olympic team after finishing outside the top three places. "The system is set up in a way where the team selects itself - you have the trials and the first three across the line in every event those are your three," explained Johnson. "A long time ago that worked because we had so much depth. I don't think we will be able to get away with that any more." Brazier was not the only American world champion to fail to follow up success in Doha with victory in Tokyo. Hot favourite Grant Holloway stumbled to silver in the 110m hurdles, Noah Lyles won bronze in the 200m, world leader Trayvon Bromell failed to reach the 100m final, while 100m specialist Christian Coleman is banned for whereabouts failures with doping officers.

FOR THE RECORD r %01& Three athletes were suspended during the course of Tokyo 2020 for failing dope tests. They include: 1. #MFTTJOH 0LBHCBSF -Nigeria 2. .BSL 0UJFOP 0EIJBNCP -Kenya 3. "MTBEJL .JLIPV Bahrain r '*345 (0-% 1. *OEJB T /FFSBK $IPQSB won the country’s first athletics gold in the men’s javelin event

While the emergence of young stars, such as 800m champion Athing Mu, have provided some highlights, Johnson says athletics in the United States is coming under pressure with declining public profile and pressure on the collegiate system that produces most of its talent.

given to athletes”,”Okagbare fails Dope test”, “Nigerian athletes lead protest in Games Village”, “Nigerian athlete washes his ONLY kit for finals”, “PUMA terminates $2.7 million Nigerian kitting deal”. Each day that passed brought a new headline for the press to highlight. Back home, the press continued to fuel these stories and the previous minister, one a lot of people would describe as a disaster when in charge of Nigeria’s sports and was the root cause of all these problems, went on air as often as he was invited to uncharacteristically put the blames directly on his successor in office. This is very unusual for a minister serving the same government and from the same political party. However, Nigerians now know that with Solomon Dalung, nothing is usual. It was sad that the heroic efforts of Ese Brume did not get a lot of headlines. It probably would later as we take stock of our participation in Tokyo. Her effort now makes the female long Jump the most successful event for Nigeria following the heroics of Chioma Ajunwa a quarter of a century ago and Blessing Okagbare’s silver in 2008. The event now has the complete set of medals at the Olympics, one gold, one silver and a bronze medal. The male football team has also completed the circle of a gold, a silver and bronze medals. The men’s 4 x 400m

with a Gold medal and 2 bronze medals is the next best events in our Olympic history. The women’s long jump is also one of only four individual events in which Nigeria still holds an African record. The others are 100m hurdles women (Gloria Alozie), Shot Put women, (Vivian Chukwuemeka) and the hammer throw women (Annette Echikunwoke). Even in the team events Nigeria once boasted of holding all four African records. But the records in the men 4x 100m has been lost to Ghana and now the 4 x400m record has been lost to Botswana. This just shows us that it is not the world leaving us in sports performance, African countries too are getting the better of us. And that is a bitter pill to swallow. Within the last five years, Nigeria has lost African records in 100m men and women, 200m women, 400m men and women, 4x100 men and 4 x400m men. And we have gained only one record (The hammer women). The administrators have their work cut out. They have to put Nigeria back on the rise. The efforts of the athletes are being thwarted by inadequate and unqualified administrators as was very obvious in Tokyo. But in wreckage of all the bloopers, the athletes still are heroes as Ese brume has shown. And she was not alone. Tobi Amusan and Chukwuebuka Enekwechi gave us some things to cheer also.

Monday August 9, 2021

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MISSILE Senate to State Agitators “Far from recommending creation of any state, the Senate Committee, while acknowledging receipts of several bills proposing creation of new states, decided that it is not in a position to recommend or proposed the creation of any state unless there is compliance with the provisions of section 8 of the 1999 Constitution ––The Senate denying reports that it proposed the creation of 20 more states

OKEYIKECHUKWU EDIFYING ELUCIDATIONS

okey.ikechukwu@thisdaylive.com

As ‘Big Brother’ Settles in

he sixth season of the Big Brother show started last month. The winner of this ‘Shine Ya Eye’ edition is expected to go home with a grand prize of N90 million. A handsome fee for doing nothing meaningful, alongside others of no particular definition, while the rest of the world stares at you; isn’t it? Many are glued to their television sets as I write. They want to know the latest antics of specific Housemates, or all of them together. BBNaija is the discussion among substantial populations of church congregations. Families and homesteads are caught up in it. “Freedom” is the word. It is a brave new humanity that has done away with shyness, the “fear” of nakedness, the ridiculous sense of propriety of the Old School Generation and their promoters. “Enough of such things,” some would say, as they proudly announce that we are now in a “cool” world that emphasizes freedom, independence and the exercise of unrestrained imagination. Thus, parents sit with the children they spent years teaching the difference between right and wrong to watch. Religious leaders, leaders of women associations and organizations have their members and their children on the BBNaija show, do they not? I once wrote about the negative impact of this Reality Show under the title “As Big Brother Comes to Town”. That was in The Guardian Newspaper, in January 2006, during the run-up to that year’s edition of the Show. But matters have gone much further downhill since then, have they not? Open nudity, live sex on set and “every other thing,” which were not part of the original menu are now allowed. The Muslim Rights Concern (MURIC), among other organisations and individuals, have issued statements about the negative impact of BBNaija. MURIC specifically called on the federal government to ban the Show. The Director, Prof. Ishaq Akintola, said, Last week: “BBNaija is an exhibition of licentiousness … we are encouraging it so badly that we allow it to be displayed openly on television … it is an invitation to chaos… an exhibition of nudity … we now idolize idleness and immorality … pick thugs as heroes and ritualists as our models.” Then he asked: “What do we gain from open vulgarity, open nudity, the spread of shamelessness? For him, BBNaija is “an abomination.” Not quite done, Akinola urged pastors and imams to speak against the show, pointing out that the Qur’an and the Bible clearly teach against everything that is “… being openly demonstrated in the Big Brother Naija house.” He added: “It is misleading the youths, … awarding millions of naira to young guys, awarding free cars and making young ones to salivate back home, wishing they had something like that sudden wealth.” Then he called on the federal government to “…wake up because no state government can ban it. …Twitter was banned. … BBNaija should be banned for promoting immorality, indecency and corruption. We are fighting corruption; it will be part of our fight against corruption to ban BBNaija; it is national disgrace. In my earlier-mentioned article, I described

Minister of Sports and Youth Development, Sunday Dare

the new reality show as “…the younger sibling of an earlier, and probably no less disreputable, one tagged “Big Brother Africa”. The comments about the run-up to the selection process for that one went thus: “Desperate young men and women are sending in their entries by the thousands. The advertisement is fairly specific in matters of height, age, hip size and other physiological and anatomical details. Successful candidates will take part in the soon-to-be-aired Big Brother Nigeria. A cash prize of 100 thousand dollars is up for grabs and the excitement is palpable. The girls are falling over one another. A few con artistes have also sprung up here and there, claiming to be capable of improving the chances of the aspiring emergency millionaires. So, the whirlwind is afoot. A Tsunami of sorts. If you don’t get out of the way, the tide may dispatch you to your ancestors before your time. This new craze is really like a revised standard version of the US visa lottery to some people. The difference here is that you will only have a few months of your life broadcast on global media. You are to live with total strangers and make the best of it. While it lasts, no worthwhile minute of your 24-hour day will escape the television camera.” There are deeper economic and other implications to which we are not paying much attention. Records indicate that the total number of votes cast during the 2018 edition of “Big Brother Nigeria” was over 150million. If each vote cost the voter N30 per SMS message, and you multiply one figure by the other, what does that give you in billions of naira? Now, ask yourself what that Show contributed to the nation, apart from the fact that the organisers made a couple of billions of naira. Some of the partakers in the Show also walked off with some cash and prizes. It took the three years

efforts of the US and Britain, combined, in organising America/Britain Got Talent, for them to catch up with the takings from our own Show. Meanwhile, the former were Talent Shows designed to identify, procure, promote and deploy hidden talent. Most of the votes cast in these other Shows were done at no cost to the voters; as they could vote either through the respective websites, or on the Apps. Meanwhile, ours is not a Talent Show. It does not promote real development in any sense of the word. It is just a Show in which some adults are gathered in an enclosed place and allowed to do whatever entered their heads. Fine, there are many other bad things going on everywhere, including kidnapping banditry and the impunity of a thoroughly corrupt political elite across all party lines. But destruction/ distortion of values is one of the most vital of steps towards all these other societal vices. The Guardian Newspaper article under reference said, concerning the Show, at that time: “One has heard quite a few otherwise sensible persons praising the idea and chalking it up as a clear sign that we are making progress. I also gather that those who are not so very excited about this Big Brother Nigeria should mind what they say in public, lest they be counted among those who do not want to help move the nation forward. I go back a few years to the first MNET Face of Africa competition, which saw Oluchi, a Nigerian, emerging as winner. Before we get to the overdramatised fact that Oluchi now has a career as a model and that she earns a lot of money for perambulating the lit stage, let us make some preliminary observations.” Taking the comments on the Face of Africa initiative further, the article said: “MNET came here in search of the Face of Africa and walked away with something for which we are yet to find a name. All the contestants looked frightfully malnourished. Every step they took during some of the trials and ceremonies left many observers with the distinct suspicion that the girls were probably all sick. As they clattered down the MNET isle, all impressive

BBNaija has settled in. In what direction is it leading us? As I said, 15 years ago,“Looking at us and, especially, at the leaders of tomorrow, I think tomorrow is in deep trouble already. The crows are gathering for the carrion.”My question today is “Where are our custodians, if any?”

specimens for lessons in mammalian skeleton, they wobbled as if they did not have enough strength to make it to the end of the walkway. One particular contestant looked like a straight piece of rugged bone. The conspicuous clavicles, the unsteady gait, the sunken eyes, the offensive lifelessness and the inexplicable flatness of the posterior and anterior extremities confounded a few observers. MNET said it was parading young African women but presented, instead, a curious looking group that would be laughed out of any women’s meeting in most African villages and cities. Some of us discountenanced the uncharitable view that the bony rattles paraded by MNET were AIDS patients, because we know the organization’s reputation as a responsible corporate citizen. But we could understand the perplexity of those who entertained such ideas. Matters were not helped when the contestants were constrained to dress in African native attire. It was a pathetic sight! How can you tie a full-length African wrapper around a piece of plywood and expect it to do justice to the vigour and vitality of an African woman? The unfortunate girls actually pranced unto the stage with their eccentric anatomy and even threatened to walk like women. Absurd! Of course, the wrapper was perpetually on the verge of disengaging itself from their maltreated body. Yet this assembly of persons with questionable ontological credentials was the best from Africa, according to MNET. One must concede that the bodies are the type used for modelling western fashion. As for the faces, well they are black alright. But it is open to argument whether they are “African.” Carry that permanent frown and haunting look to a decent gathering and see what the elders will tell you! But we are digressing too much from our business today, which is Big Brother Nigeria. … The vogue is reality shows. Debauchery is on the ascendant everywhere. A barbarian whose only distinction is that he took part in a reality show will step forward as role model for our children … Come, let us sit. Let us watch and let us laugh, while our children have the custodians of the ghetto and hippy cultures as their moral exemplars. Yes, we are part of a global village alright. …But a global village, like any village worth its name, is made up of distinct homesteads, clans, etc. Each clan has its peculiarities and defining “brand” traits. But we appear too eager to endorse the erasure of everything that puts us in danger of having a stamp of authenticity. To what purpose? Progress? May be, but we all know that decay progresses from one stage to another. A man who should be climbing a hill, but who loses his grip will tumble downhill. We can measure the rate of his progress downhill, but we should be alert enough to remind ourselves that this progress in the wrong direction.” BBNaija has settled in. In what direction is it leading us? As I said, 15 years ago, “Looking at us and, especially, at the leaders of tomorrow, I think tomorrow is in deep trouble already. The crows are gathering for the carrion.” My question today is “Where are our custodians, if any?”

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