MONDAY 1ST JANUARY 2024

NUPRC Unveils 2024 Oil Sector Growth Plan, Set to Conclude Deep Offshore Licensing Bid Round To drive down average oil output cost in all terrains to below $20/barrel Targets oil production growth of between 1.8m bpd to 2.6m bpd Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum

Regulatory Commission (NUPRC) has released its 2024 and near-term oil and gas sector regulatory action plan,

targeting key deliverables, including the conclusion of the deep offshore oil blocks licensing bid round this year.

A public notice signed by the Chief Executive of the NUPRC, Mr Gbenga Komolafe, obtained by

THISDAY yesterday, indicated that the regulatory agency also intends to drive down the average cost per

unit of oil production per barrel to Continued on page 5

Adeduntan: FirstBank is Future-proof and Remains Committed to the Gold Standard of Excellence in Banking...

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Monday, January 1, 2024 Vol 28. No 10491. Price: N250

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In New Year Broadcast, Tinubu Offers Hope Despite Difficult Choices in National Interest Admits harsh economic realities taking toll on people Leaders set new targets, send wishes

Our Correspondents

In his first new year broadcast, President Bola Tinubu, this morning

offered Nigerians hope of a new dawn, stating that all the difficult decisions he had taken since assuming office were in the overall interest of the country.

The president, who promised all Nigerians equal opportunities, also admitted that the harsh economic realities in the country were already

taking toll on the Nigerian people.

At the same time, prominent Nigerian leaders, have also begun to set new targets, while sending in

their New Year wishes to the Nigerian hands to Almighty God, in gratitude, for His grace and benevolence to the people.

Welcoming Nigerians to 2024, Continued on page 37 Tinubu urged the people to lift up their

24 People That Will Likely Shape 2024 ȱ ¢ȱ ȱ ȱť

Tinubu

Shettima

Akpabio and Abbas

Cardoso

Edun

Bala-Usman

Edu

Adelabu

Tunji-ojo

Sanwo-Olu

Keyamo

Wike and Fubara

Uzoka-Anite

Dangote

Otedola

Wigwe

Onyeagwu

Davido

Rivers Crisis Takes New Twist, Edison Quits as Speaker, Lawmaker...

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Abbas: Nigeria Ready For Profound Change in Budget Implementation Pays homage to Tinubu in Lagos

Deji Elumoye in Abuja Speaker of the House of Representatives, Hon Abbas Tajudeen, has said Nigerians should expect a notable difference in budget implementation, once President Bola Ahmed Tinubu signs the 2024 appropriation bill into law.

Speaking to newsmen on Sunday after a Christmas

homage to President Tinubu at his Bourdillon, Ikoyi residence in Lagos, the Speaker said the N28.78 trillion harmonised budget passed by the National Assembly on Saturday will define Tinubu’s administration as people-centric.

According to him: "After we received the budget proposal, we worked extra hours, no weekends, no breaks, even

during Christmas we had to work to ensure that we're able to deliver on our promise to Mr. President that the budget will be passed before the end of the year. ''It's a lot of sacrifice put into this work but to God be the glory, we're able to deliver and we delivered well".

On the adjustments made in the budget from N27.50

trillion presented by the President to N28.78 trillion passed by the House and the Senate, the speaker noted that the lawmakers diligently scrutinized every aspect of the budget.

'He said: "We expect the budget to deliver because there’s no sector that we did not cross check, scrutinize and make enquiries as to what is

required to make the desired impact to the economy and to the people. ''I assure you that by the time the 2024 appropriation is signed into law, and we start implementing it, Nigerians will see the difference. ''This is a budget that is going to define the Tinubu administration's commitment to the people of this country". Abbas

NUPRC UNVEILS 2024 OIL SECTOR GROWTH PLAN, SET TO CONCLUDE DEEP OFFSHORE LICENSING BID ROUND

$20 in all terrains from the current $25 to $40 per barrel.

In the lengthy action plan which mostly covers 2024 and some parts of 2025 and 2026, it further showed that the organisation has ambitious plans to raise oil production during the period to between 1.8 million bpd and 2.6m bpd.

For over three years, Nigeria has been unable to meet its Organisation of Petroleum Exporting Countries (OPEC) quota. Its production for November

2023 was 1.25 million bpd, excluding condensates.

Nigeria’s current crude oil as well as condensate and gas reserves stand at 36.96 billion barrels and 208.83 TCF respectively, corresponding to a reserve life index of about 70 years and 94 years respectively.

However, the realities of global energy dynamics clearly indicate that resource potential may mean little in the foreseeable future as countries face the serious challenge of a decline

in investments and the exigencies of completing the NetZero race.

According to the document, a study the NUPRC carried out on investment trends in the Nigerian upstream oil and gas industry in the past 10 to 15 years indicated a declining appetite for investment in the sector by the five leading international oil and gas companies operating in Nigeria.

This, it said is further worsened by the increasing competition from regional peers, with Nigeria attracting

a decreasing proportion of the overall upstream investment in sub-Saharan Africa (SSA) down from 44 per cent of SSA’s total in 2014 to 30 per cent in 2022.

Despite an expected global uptick in upstream capital investment, CAPEX in Nigeria, the NUPRC said, is forecasted to grow to only $8.7 billion in 2025 over the next six years, from 2023 to 2028, even as 14 countries in SSA are forecast to attract more CAPEX relative to their resource potential

24 PEOPLE THAT WILL LIKELY SHAPE 2024 Our correspondents Each year comes with its prospects and challenges. And individuals, corporates, and institutions come into the new year with hope and expectation, as well as pain. Some overcome their pain and past, make a fresh start, and succeed in achieving their goals.

Those who overcome and succeed shape the future. In their respective fields, they play roles that define major moments of the year. Others trail.

The individuals and institutions that overcome their challenges are, ultimately, the drivers of the year. Their strong showing can be a carryover from the previous year. But the new year can also produce a completely new set of individuals and corporates on whose shoulders leadership and responsibility would be placed.

Nonetheless, looking back at the year just ended, there are persons and groups whose roles can be said to be defined and their places established in the new year.

THISDAY presents below some of the individuals and institutions that may shape 2024.

LEADERSHIP AND GOVERNANCE Bola Tinubu The Jagaban of Borgu is a juggernaut and political staple first across Nigeria.

But his road to power and assumption of office as president of the most populous black nation has been defined by the "Emi lokan" slogan and "Fuel subsidy is gone!"

The latter has plunged Nigeria further into the abyss of hopelessness as millions of hapless Nigerians struggle endlessly to make ends meet.

Tinubu's economic reforms have wreaked havoc on many homes and businesses, causing inflation hypergalloping following the removal of fuel subsidy. Yet, the World Bank, economic experts, and the U.S. government have lauded his so-called bold reforms with their attendant hardships.

The president has remained bullish about Nigeria being a dream destination for domestic and foreign investors, touting the possibilities that abound for investors to stake their funds, echoing the country's potential in France, the US (at UNGA) and the G20 Summit in India.

By the end of the eight years of his predecessor, Muhammadu Buhari, the masses had become forlorn, and Tinubu appropriately set an eight-point agenda termed 'Renewed Hope'. Will the Nigerian president deliver the

goods in 2024 in food security, poverty eradication, growth, job creation, access to capital, inclusion, rule of law and fighting corruption?

Kashim Shettima Vice-President Kashim Shettima has displayed verve and vigour in the last seven months, picking up from where former Vice-President Yemi Osinbajo left off. He is nearomnipresent, popping up at tragic scenes. He was recently in Kaduna to commiserate with grieving families, whose loved ones were "mistakenly" decimated by bombs dropped by the Nigerian Army.

Shettima was also in Jos to commiserate with the Plateau people who recently witnessed the massacre of about 200 people by herdsmen. The vice-president often strikes the right chord and makes the right connection but the insufferable situation of these people and their ilk will require more than soothing words and comforting assurances.

While Shettima continues to represent the president, re-echoing the 'Renewed Hope' agenda, how he plays his vice-presidential role in 2024 will have a bearing on the Presidency and the Nigerian masses. Given his position and political currency, Shettima will be among the few individuals in the country, who will likely determine what shape 2024 will take.

Olawale Edun Olawale Edun is the Minister of Finance and the Coordinating Minister of the Economy. At the recent Africa Financial Industry Summit in Togo, Edun, an astute economist, investment banker, and politician, admitted that macroeconomic reform in Nigeria was "not always a straight line." The success or failure of Tinubu's reforms rests on his shoulders With Nigeria facing a fiscal crisis and "a situation where an unsustainable, unaffordable, very ill-conceived and poorly implemented fuel subsidy was costing two per cent of gross domestic product (GDP), and basically taking the country down the drain financially," the minister believes that "having set the direction of travel, there may be times to pause for breath, and then go again."

He stressed the importance of getting the message "over as to what the intention is, where we are, and where we are going." Edun will be watched on how to achieve macroeconomic stability, stabilise the exchange rate, bring down inflation, and eventually bring down interest rates so that borrowing for investment is affordable. Against this backdrop, if Edun and his office sneeze, millions

of Nigerians will catch a cold in 2024.

Yemi Cardoso Yemi Cardoso was confirmed by the Nigerian Senate on September 26, 2023, as the 12th governor of the Central Bank of Nigeria and began his tenure on October 5. Before joining CBN, he spent over 29 years in commercial banking, culminating in his tenure as chairman of Citibank Nigeria Ltd, a subsidiary of the world’s leading global bank and the oldest international bank in Nigeria, from 2010 to 2022.

Superintending over the naira, adjudged one of the worst-performing currencies in the world, Cardoso must roll his sleeves to perform wonder.

His role is critical to the survival and revival of the naira. In October, the World Bank reported that the naira is among the worst-performing currencies in Africa.

A few days ago, Bloomberg reported that the naira would further depreciate in 2024 after plunging 55% last week to N1,043 to $1 officially (N1210 in the black market), making it the world’s worst performer after the Lebanese pound and the Argentine peso among 151 currencies.

Cardoso has outlined the policy direction of the CBN for 2024, with a pledge to prioritise price and exchange rate stability to promote sustainable economic growth, safeguarding the livelihoods of Nigerians. His success or failure will either brighten or dampen 2024 for the country.

Bashir Adewale Adeniyi Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, is responsible for the overall management and direction of the agency and its accounting officer. Adeniyi is targeting N5.79 trillion as revenue in 2024. The House of Representatives is pushing the customs to raise the bar to N6 trillion. With each increased target, the cost of import will likely rise, and the burden will shift to the final consumers.

Adeniyi will hold sway over a swathe of economic fields that can impact Nigerians positively or negatively in 2024.

Babajide Sanwo-Olu Governor Babajide Sanwo-Olu of Lagos came. He saw. He is conquering.

Largely unassuming, the governor of the commercial nerve of Nigeria often beams with passion and positivity. Big on infrastructure, Sanwo-Olu's rail revolution is reverberating in Lagos.

His blue line rail project stands out, with the red line rail project set to be unveiled in 2024.

The first phase of the blue rail line, 13km long, links the mainland with

the Island and runs from Marina to Mile 2. It will service five stations, including Marina, National Theatre, Iganmu, Alaba and Mile 2, and when completed, will extend operations to Okokomaiko on the outskirts.

Powered by electricity and fitted with automated standard cars, the train runs 80km per hour, forecasted to move 250,000 passengers daily.

Festus Keyamo The Minister of Aviation and Aerospace Development, Festus Keyamo, oversees a critical sector that can catalyse the nation's economic development. His action or inaction will determine the sector's contribution to the nation’s GDP. Just six months in the saddle, Keyamo seems to have mastered the complexity of different aspects of the industry and has also carved out a plan to move it forward in 2024.

Critical to his plan is creating a conducive environment to attract foreign investors, who would boost the aviation business, bring foreign exchange into the country, and create jobs. For this to happen, Keyamo has mapped out a plan to improve airport infrastructure and upgrade the Instrument Landing System (ILS) at major airports in the country to Category 3 for easy landing and take-off aircraft even at zero visibility.

The aviation minister has flagged off the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja, to eliminate VIP movement, which contributes significantly to flight delays and in 2024, the minister will kick off the airport improvement programme through the concession of airport facilities to attract private sector funds in the development of airport infrastructure.

Keyamo has expressed the willingness of the government to partner companies to turn Nigeria’s airport into a metropolis, which will attract non-aeronautical revenues by establishing businesses around the airport. The minister has already started talking with lessors and aircraft manufacturers with a plan for them to invest in Nigerian airlines by providing modern aircraft to the operators while the government guarantees the lessors’ interests.

Hadiza Bala-Usman Bala-Usman, a brilliant technocrat , is the Special Adviser on Policy Coordination to the president.

Incidentally, she was among the few persons mentioned by the president recently who should have unfettered access to his office when it concerns state matters. Perhaps, that underscores Continued on page 38

than Nigeria.

Stressing that the Regulatory Action Plan (RAP) articulated by the commission is aimed to address this need, the NUPRC noted that although young in the eyes of the law, it is ready to take the bulls by the horns and successfully navigate the challenges.

Going forward, every licensing round, it said, shall have a defined objective which may include opening of new or virgin areas for exploration and development (frontier licensing), to raise immediate financing to address other national needs and to attract fresh investments in exploration and development In addition, it stated that it may be focused to meet exploration or production targets, increase reserves, advance bilateral relationships, promote indigenous participation and domestic wealth and to monetise Nigeria’s gas resources for enhanced domestic supply or to expand global market share.

“To that end, the commission is committed to successfully concluding the ongoing deep offshore blocks licensing mini-bid round in 2024,” the NUPRC document added.

According to the notice: “The commission would, in 2024 and the near term, pursue strategies aimed at optimising the unit cost of production for oil and gas by driving the reduction of the current average unit cost of production in all terrains to below $20 per barrel, in the near term from current sub-optimal levels of $25-$40 per barrel.”

In 2024, the commission pointed out that it will optimise the functionality of automation systems by enhancing efficiency of existing optimising tools and the streamlined deployment of new ones.

“The NUPRC will ensure 100 per cent use of the National Production Monitoring System (NPMS), the Annual Work Programme Portal, the Dynamic Acreage Management System (DAMS), the HOSTCOMPLY, and the Oil and Gas Industry Service Permit (OGISP) automation tools by the commission and the industry,” it noted.

The NUPRC said it had been paying close attention to the impact of high asset acquisition fees to the investment attractiveness of the upstream sector.

Quoting Welligence Energy Analytics (WEA), the commission explained that a careful review of regional signature bonuses across the globe showed that sub-Saharan Africa’s charges were much higher than what obtains in other parts of the world.

“Recognising that the era of frontloaded huge signature bonuses is over, the NUPRC, in the ongoing deep offshore licensing round, has become a lot more pragmatic in ensuring that entry fees do not become a barrier to entry for investment in exploration blocks offered.

“As a responsible regulator, the commission will continue to review the prevailing global investment climate to ensure that the entry fees associated with all future licensing rounds are competitive in the context of global realities and energy transition imperatives and advise government accordingly,” it said.

Komolafe stated that the commission was working out suitable models that support investments and guarantee value for stakeholders in

accordance with the government aspirations based on optimisation of government revenues in a sustainable manner.

Besides, he said that competitive entry fees that are responsive to prevailing realities as against the traditional front-loaded fees and consideration for the commerciality of projects benchmarked against similar terrains in comparable petroleum provinces will be the norm henceforth.

“Consideration for the commerciality of projects will be considered on a case-by-case basis for the determination of appropriate entry fees.

“Where necessary and appropriate, structured payments for signature bonuses, or other entry fees will be included. (We will) emplace a deferred payment structure for signature bonus through bonuses or other alternative mechanisms,” Komolafe noted.

Furthermore, the chief executive stated that the NUPRC will deepen transparency, accountability and elimination of discriminatory regulatory practices.

The commission also said it was committed to the implementation of a carbon credit earnings framework for upstream operations.

“There is no gainsaying that petroleum accounts for a significant proportion of federation revenues and thus requires focused attention for economic stability and sustainability.

“However, the decline in production in recent years has been considerable with production hovering around 1.4–1.6 mmbopd, due to security challenges, reduced investments, and energy transition-induced defunding of fossil fuels.

“Be that as it may, the commission, in collaboration with relevant government entities, is pursuing measures to complement the kinetic efforts of security forces, to grow oil production progressively to 1.8 mmbopd – 2.6 mmbopd and gas to about 10 BSCFD within the period,” the NUPRC stated.

Among other initiatives, the commission said it shall, in 2024 implement the 100 per cent hydrocarbon accounting project aimed at ensuring that all hydrocarbon produced and exported in Nigeria are efficiently and properly accounted for through reliable and efficient metering systems.

“Nigeria despite being a major oil exporter, has faced the paradox of importing refined products, leading to increased costs and vulnerabilities in the face of global oil price fluctuations.

“The commission has fully operationalised the implementation of the Domestic Crude Oil Supply Obligation (DCOS) since the regulation was gazetted a few months ago,” it added.

But the NUPRC also listed potential gaps that may hinder the achievement of DCSO as inadequate refinery capacity, operational inefficiency, funding, policy inconsistency, among others.

“It is believed that the implementation of the DCSO shall bolster socio-economic growth for Nigeria including energy security and reduced import dependency of refined products.

“An effective feedback mechanism shall be adopted to manage stakeholder expectations during the implementation of DCSO,” the commission said.

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NEWS

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

INAUGURATION OF SMEDAN CORPORATE HEADQUARTERS ...

L-R: Minister of Trade and Investment, Doris Nkiruka Uzoka Anite; Vice President of Nigeria, Senator Kashim Shettima; Director General/CEO, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, during the inauguration ceremony of SMEDAN corporate headquarters in Abuja ...recently KINGSLEY ADEBOYE

Sterling Bank Announces Full Deployment of Solar Energy in 17-floor Headquarters Emmanuel Addeh in Abuja Sterling Bank yesterday announced what it described as a landmark achievement that puts Nigeria at the forefront of the global sustainability movement, saying it’s the first organisation headquarters across Africa to be fully powered by solar energy.

The iconic Sterling Towers, located in the bustling centre of Lagos, it said, now boasts

an operation on an advanced solar energy system.

The decisive switch, the bank explained, underscores sterling bank's dedication to reducing its ecological footprint and spearheading the adoption of renewable energy within the continent.

The Group Chief Marketing Officer at Sterling, Ibidapo Martins: “Our transition to solar energy reflects our deep-seated commitment to responsible

Joint Account: Four Kano LGs Opt Out of Litigation Against State Govt Ahmad Sorondinki in Kano Four local government councils in Kano state have rejected any form of litigations against the state government over a move to jointly finance a N27 billion interchange project in the metropolis.

In a press conference at the weekend in Kano, the acting Chairman of Gwale Local Government, Bashiru Dandago said that his council members were not part of the decision to drag the Kano state government to court over the joint account issue.

According to him, the suspended LG chairman, Khalid Diso who appeared in the litigation against the state government was still under suspension by the State House of Assembly.

"On behalf of myself and members of the Gwale Local Government Council, we wish to announce to you that we dissociate ourselves from the said litigation against the state government on the use of money from a joint account to fund the construction of interchanges at Tal'udu junction and Kofar Dan Agundi.

"We are not part of that litigation and are not also aware of it as it also amounts to

impersonation for the former local government chairman to enter into the litigation on behalf of Gwale Local Government Council. " The man parading himself is still under suspension, in addition to a court order to restrain him from parading himself as Gwale Local government Chairman" he stated.

The chairman therefore announced that they were going to take steps towards ensuring that their position is respected by the court while reiterating support for the construction of the two interchanges in the Kano metropolis by the governor.

He further said that though he would not pre-empt them, other local government leaders are also in support of their stance.

The 44 local government councils in Kano State had dragged the state government before a Federal High Court in Abuja to stop financing the N27 billion interchange project in the state capital.

Recently, the Kano state government embarked on the construction of the two interchanges at Tal'udu junction and Kofar Dan Agundi in the metropolis, worth the amounts sourced from the state and local government joint account.

corporate behaviour.

“It is a major stride in our quest to exemplify sustainable development in Africa and we are thrilled to be at the vanguard of the renewable energy revolution, hopefully setting a trend for others to emulate.”

Sterling’s initiative, the bank stressed, is a response to the accumulating proof worldwide that eco-friendly buildings deliver comprehensive advantages.

Martins highlighted: "This flagship project is not just about setting a record; it's about showcasing the enormous potential Nigeria holds in transforming Africa's energy narrative."

He further elaborated on the scale of the project: "We

have installed over 3,250 highefficiency crystalline silicon photovoltaic glass panels, spanning 6,500 square meters on our 17-story building.

“This is the largest solar integration in Africa to date, and it is expected to generate 10,500 MWh over the next quarter-century while providing 995 kWp to power our headquarters."

The transition to solar, Sterling said, is anticipated to deliver not only environmental advantages but also substantial economic savings in energy costs, which will be reinvested into customercentric innovations and services.

In this bold endeavour, Sterling Bank said it is in league with international corporate giants like Apple, IKEA, and Google, who have already

demonstrated the economic practicality and environmental benefits of solar energy.

By taking this step, Sterling Bank noted that it asserts itself as a progressive leader in the financial sector, dedicated to sustainable operations.

“The exclusive use of solar power at Sterling Towers is a game-changer for African corporations in the sustainability domain. It stands as an influential illustration for other companies, proving that economic progress and ecological conservation are compatible pursuits.

“This monumental achievement is a tribute to the ingenuity and leadership potential of African enterprises in green energy adoption, paving the way for a more

sustainable global future.

“The completion of this project is a testament to Sterling’s dedication to its HEART strategy, emphasising impactful investment in the sectors of Health, Education, Agriculture, Renewable Energy, and Transportation,” the bank noted.

In recognition of its innovative approach, Sterling Bank said it had been named the Most Innovative Bank of The Year and featured in the Financial Times' list of top 100 fastest-growing companies in Africa in 2023.

“The bank's headquarters now stands as a beacon of commercial-scale renewable energy solutions in Nigeria, heralding a new era in the country’s energy landscape,” it added.

OML 11: Stakeholders List Conditions for Resumption of Oil Production in Ogoni Land Blessing Ibunge in Port Harcourt Stakeholders in Ogoniland, Rivers State have declared that for crude oil and gas production to resume in the area, the federal government and operating companies must ensure equity participation for host communities in the area.

The declaration was made yesterday in a meeting held at Birabi Memorial Grammar School, Bori, headquarters of Gokana local government area of the State.

During the meeting convened by various groups, including spiritual leaders, traditional rulers, professionals, women and youth groups, they told the federal government and its regulatory agencies in the petroleum industry that the

Ogoni people were willing to embrace dialogue for the recommencement of oil production in their land.

The recent declaration comes 30 years after oil wells were shut down in Ogoni land following a non-violent struggle that ended up in massacres and bloodshed in area.

THISDAY recalls that at the height of the Ogoni struggle in the 1990s, angry communities shut down oil wells in 1993 as a result of perceived economic exploitation and the repression Ogoni people suffered in the hands of the military government at the time.

Over the years, the closure of Oil Mining Lease (OML) 11 in Ogoniland which is one of Nigeria’s most lucrative oil wells has led to daily loss of billions of naira.

Considering that it has been a lose-lose situation for both the federal government and Ogoni people, some leaders in the area decided to sensitise the people to consider the recommencement of crude oil and gas production in the area In his address, convener of the meeting, Mr Olu Wai-Ogosu said: “We are here to re-sensitise our people to be able to see the enormous wealth and potential in their domain and see how we can use them to improve the quality of life in Ogoniland“.

On his part, Present of the Movement for the Survival of Ogoni People (MOSOP), Prince Biira observed that the Ogoni people were willing to have oil and gas production resume with adequate recognition of their right to equity participation in OML 11.

“The message here today is that Ogoni people are ready to partner with the federal government and investors and not to be mere onlookers so that we can develop our communities at our own pace,” he said.

President of the National Youths Council of Ogoni People, Mr Barinuazor Emmanuel who also addressed stakeholders at the Bori meeting said: “We have resolved that Ogoni people should participate meaningfully in OML 11 as we have professionals that can drill oil here.

"Those who started the struggle did not say oil should not be drilled in Ogoniland; they only insisted that we should benefit from the immense wealth generated in our land. And that is where we stand".

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NEWS

SHALLIPOPI’S HOMECOMING CONCERT IN BENIN...

Parents to fast-rising Edo-born musician, Crown Uzama; Edo State First Lady, Mrs. Betsy Obaseki; Governor Godwin Obaseki; Edo State Commissioner for Arts, Culture and Diaspora Affairs, Hon. Uyi Malaka Oduwa; Commissioner for Communication and Orientation, Hon. Chris Nehikhare at Shallipopi’s homecoming concert, at the Victor Uwaifo Creative Hub, in Benin City.

$2.25bn Loan: Analysts Laud Afrexim Bank, UBA, NNPC's Drive to Ameliorate Liquidity Constraints James Emejo in Abuja Analysts yesterday hailed the African Export–Import Bank (Afreximbank)'s release of $2.25 billion out of the $3.3 billion foreign exchange (FX) support facility to the federal government in order to ameliorate the acute liquidity shortage in the country which had negatively impacted investors' confidence.

Afrexim acting as the Mandated Lead Arranger along with United Bank for Africa (UBA) as Local Arranger, closed on a $3.3 billion liquidity support for Nigeria through a structured financing arrangement with NNPC Limited.

THISDAY further gathered that the transaction which released

$2.25bn as the first tranche into the nation's coffers is expected to ease the FX illiquidity in the country, while the balance is expected to come in January.

UBA is also acting as the Onshore Depository Bank for the transaction.

Other participants in the deal includes Gunvor, Sahara Energy and other Major Oil traders that are to join the parties.

The transaction which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s commitment to stabilize the FX market and ease inflationary trends that has beleaguered the Nigerian economy since the administration took over.

Other developments that will liquefy the FX market are also in

the works as leading domestic and African focused entities develop solutions towards resolving economic issues in the country.

Analysts who spoke to THISDAY on the development welcomed the initiative but the banks to support the economy in times of need.

The Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the intervention will as help to fund the budget deficit as well as assuage FX concerns.

He said," We have a budget

deficit, which can only be funded by borrowing or selling government assets or both.

"The other fundamentals that could increase our revenue base have been stretched ambitiously.

"This gives the government no other option but to continue to borrow."

Ekechukwu, however, noted that, "Although the $2.25 billion loan will bring FX respite in the short run, it is not likely to sustain the fx market for more than one month.

"So, we expect the exchange rate to drop marginally with such

injections, speculations, and other uses will, however, quickly drain the market of the available FX." Also, Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Abuja Branch, Prof. Uche Uwaleke, said given the severe liquidity challenge currently experienced in the Nigerian Autonomous Foreign Exchange Market (NAFEM) any forex inflow is welcomed.

He said, "It's a case of half bread is better than none."

On his part, Managing Director/ Chief Executive, SD&D Capital

Management Limited, Mr. Idakolo Gbolade, said the Afrexim bank loan would ease the pressure on the Naira in the interim whilst other robust measures to be taken to increase FX revenue in the coming months will further help the resolve the FX change the country is facing.

He said, "The Dangote and Port Harcourt refineries coming on stream in January will help retain the much needed FX in the system while others government initiatives to bring in foreign investors will start yielding fruits from Q1, 2024."

Pope Francis Prays for Victims of Obaseki Felicitates Edo People, Christmas Eve Attack in Plateau Nigerians in New Year Address Onyebuchi Ezigbo in Abuja

The Edo State Governor, Mr. Godwin Obaseki has felicitated with Edo people and Nigerians on the celebration of the New Year, 2024.

The governor, in his New Year Day broadcast, condemned cult-related killings in the State, saying that security agencies have commenced investigation of the criminal activities of cult groups.

He said, “My dear good people of Edo State, as we celebrate the gift of a new year, I felicitate with everyone, both at home and in the diaspora. We cannot thank God Almighty enough for his grace to have withstood the uncertainties and challenges of the last 12 months.

The governor noted, “The presidential elections tested the foundations of our democracy, while the very difficult and precarious economic situation tested our resilience as a people. In all of these challenges, which we have had to endure, we are glad that Edo state continues to make progress in our journey towards a better society.

Obaseki noted achievements of his administration in the past year 2023, “As a government, we have not been oblivious of the difficulties and sufferings faced by many of our citizens. We have within the limits of our resources provided palliatives to cushion the effects of these hardships.

“These include provision of food items to the most disadvantaged citizens in our social register; providing free public bus services within Benin City and between major cities in the state; payment of 13-month salary to workers and

pensioners and the provision of free Wi-Fi in public spaces among other measures.”

He continued, “The state health insurance scheme reached almost 200,000 enrollees, thus further strengthening our healthcare system.

As a result of the financing and quality control provided by the Health Insurance Scheme, we continue to improve the quality of our primary health care footprints and work is also progressing on our secondary health care facilities in Benin City and Auchi while work will commence in Uromi in the year 2024.”

“We opened up more job centers to train and assist young people to obtain jobs while we sustained the enabling environment for private businesses to grow. By issuing C of Os and land titles expeditiously, many more citizens were able to have collaterals with which to obtain credit.”

Governor Obaseki condemned renewed killings by rival cult groups, noting, “For most of 2023, Edo state remained relatively safe.

However, in the last few days we have witnessed cult related killings. The Government of Edo state will not tolerate any acts that can breach the security which the state currently enjoys.

He said the State Government is working with security agencies to curb the killings, noting, “Working with the office of the Inspector General of Police, we have commenced investigation, arrest and prosecution of sponsors and those who mastermind cult-related killings.”

Pope Francis has reached out with love and prayers to families in about 21 villages, largely Christian, who lost their loved ones following the dastardly attack and killings of over 200 persons on the eve of Christmas by suspected terrorists.

A statement by the Padre Michael Nsikak Umoh, from the Catholic Secretariat of Nigeria (CSN) said the Pope prayed that God may free Nigeria from the atrocities.

"The Pope’s condolence and prayers came immediately after his regular angelus message given on 31 December, the feast of the Holy Family of Jesus, Mary and Joseph, where he had addressed the world on the beauty of family life.

“Unfortunately, the celebration of Christmas in Nigeria was marked by serious violence in the State of Plateau, with many victims. I am praying for them and their families.

"May God free Nigeria from these atrocities!” According to the International Christian Concern," he was quoted as saying.

In the statement, Umoh said that suspected Nigerian militias attacked 21 Christian villages in Bokkos, Barkin Ladi, and Mangu counties of Plateau State on Christmas Eve, killing nearly 200 villagers according to government officials and humanitarian groups.

He said that the number of dead is expected to rise as families continue to search for missing loved ones.

In the same vein, the Holy Father remembered those who lost their lives in the explosion of the tanker truck in Liberia, victims of war in Ukraine, Palestine, Israel, Sudan and many other countries.

He remarked: “At the end of a year, let us have the courage to ask ourselves: How many human lives have been broken by armed conflict?

How many dead? And how much destruction, suffering, poverty? May

those who have interests in these conflicts listen to the voice of their conscience. And let us not forget the suffering Rohingya.”

Umoh said that before his condolences and prayers for the families and victims of the various atrocities, the Holy Father had used his traditional angelus platform to address the world on the beauty of family life, learning from the examples of the Holy Family of Jesus, Mary and Joseph.

He emphasised on how the humility of heart and the simplicity of gift of their gifts were testimonies to their poverty and suffering and a great surprise for such a special family.

“They arrived in poverty, and set out again loaded with suffering.

This is surprising – but how is it that, the Family of Jesus, the only family in history who could boast of having God present in flesh and blood among them, instead of being rich, was poor! Instead of having things easy, it seems this family

meets obstacles!

"Instead of being free from hardship, this family is immersed in tremendous sorrows!”

Pope Francis exhorted that the poverty, suffering and inadequacies of the Holy family should be a source of consolation to all human families, especially those experiencing one form of difficulty or the other.

“What does this tell our families, the way the Holy Family lived their life, poor, facing obstacles, with such sorrow? It tells us something very beautiful: God, whom we often imagine to be beyond problems, came to live our life with its problems. He saved us in this way.

"He did not come already an adult, but really little. As the son of a mother and father, he lived in a family where he spent most of his time growing, learning, an everyday life, in hiddenness and silence. And he did not avoid difficulties. Rather, in choosing a family, a family that was “expert in suffering”.

NMA Lauds Bello's Investments in Health Sector in Kogi Ibrahim Oyewale in Lokoja The Nigerian Medical Association (NMA), Kogi State chapter, has lauded Governor Yahaya Bello for his investments in Kogi health sector, declaring that the governor's giant strides in the sector are unmatched in the country.

The medical doctors said under the administration of Bello, the health sector received the greatest attention and commitment in terms of standard health care delivery for the people of the state in the last

eight years.

Kogi NMA, in a goodwill message written to the governor and signed by its Chairman, Dr. Baoku Olusola and Secretary, Dr. Jonah Kelvin, heaped praises on Bello for prioritising the health sector and funding it.

The doctors maintained that the infrastructure and plethora of other healthcare facilities built by the current administration had made Kogi a model to copy by other states.

They appreciated Bello for approving the Consolidated Medical

Salary Structure (CONMESS) and the hazard allowance of doctors in Kogi State, even when 26 other states of the federation had yet to implement them.

"We appreciate the prompt payment of salaries of members, the current payment of 50 per cent hazard allowance and the cash donation to all the widows of our late colleague. “ We also appreciate the grand reception of our members in government house during our courtesy visit, the cash donation

to all the medical students of Federal University Lokoja, the security of lives and properties enjoyed by doctors in Kogi State and the enabling environment your administration has provided for all our members to be able to discharge their duties effectively in the state.

"We are confident and can boldly say that the health sector received the greatest of your attention and commitment under your administration and this has never been witnessed before in the state,” the NMA said.

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OBI VISITS BANDITS-RAVAGED COMMUNITIES IN BOKKOS AND BARKIN-LADI IN PLATEAU...

Presidential Candidate of the Labour Party in the last presidential election, Peter Obi, during his visits to two Internally Displaced People's Camps (IDPs) in Bokkos and Barkin-Ladi Local Government Areas where 200 people were killed in Plateau State...recently

Rivers State Crisis Takes New Twist, Edison Quits as Speaker, Lawmaker Blessing Ibunge in Port Harcourt The former leader of the Rivers State House of Assembly and recently recognised Speaker of the House by a the state High court, Hon Edison Ehie has resigned as the speaker and

member of the 10th Assembly.

In a notice of resignation personally signed and addressed to the National Chairman of the Independent National Electoral Commission (NEC) in Abuja, yesterday, Ehie who represents Ahoada East Constituency II in the Assembly said it was a

voluntary resignation.

He further appreciated his colleagues and his constituents for availing him the opportunity to serve them.

Parts of the letter reads: "This is to formally notify you of my voluntary resignation as speaker and member of the 10

Rivers State House of Assembly representing Ahoada – East Constituency lI with effect from the date of this letter.

"I wish to deeply appreciate my colleagues and the people of my Constituency for the rare opportunity to serve and hope to continue to give my utmost

best in service to Rivers State subsequently."

A High Court sitting in Port Harcourt, had recently recognised Ehie as the Speaker and restrained Martin Amaewhule and Dumle Maol from parading as the Speaker and Deputy Speaker of the State House of Assembly.

The court presided by Justice M.W Danagogo also restrained the respondents in the matter from interfering with the activities of Edison Ehie as

the new Speaker.

In the motion of experte filed

by Edison Ehie and registered in suit number PHC/3030/ CS/2023, the court also warned against the use of thugs and police officers to forcefully gain access into the premises of the Assembly Complex.

The judge further warned that if the application turned out to be frivolous, the claimant (Ehie) would be made to pay the sum of N50 million as damages to the court.

Commonwealth Urges Nigerians to Take Advantage of 21% Lower Trading Costs 562 Suspected Criminals Arrested Dike Onwuamaeze The Chief Executive Officer of Commonwealth Enterprise and Investment Council (CWEIC), Ms. Rosie Glazebrook, has urged Nigerian businesses to embrace the organisation’s advantage of 21 per cent lower bilateral trading costs by forging business partnerships with member countries.

Glazebrook stated that the Commonwealth remains

home to some of the world’s fastest-growing economies, and a market made up of more than 2.5 billion people and a combined economy of more than $13.5 trillion.

She said: “As the world wakes up to Nigeria’s immense potential, it is more important than ever for Nigerian businesses to forge new international partnerships. And with more than 2.5 billion people and a combined economy of more

than $13.5 trillion, where better to start looking than the Commonwealth?

“Commonwealth member states benefit from 21 per cent lower bilateral trading costs, a factor known as the ‘Commonwealth Advantage.’”

The chief executive explained that CWEIC is the Commonwealth’s business organisation, with a mandate to work across the 56 member states to drive trade and

investment, which it does by mobilising partners in both the public and private sectors.

The CWEIC, she said, also convenes, supports and advises businesses interested in working within and across the Commonwealth.

She stated that Nigeria currently boasts more than 20 strategic partners, which is the largest group of CWEIC’s strategic partners outside of the United Kingdom.

Guterres: UN Will Keep Rallying World for Peace, Sustainable Development Michael Olugbode in Abuja The United Nations SecretaryGeneral, António Guterres has said the UN will keep rallying the world for peace, sustainable development and human rights in 2024.

He therefore called on everyone to make the new year, “a year of building trust and hope in all that we can accomplish together.”

Guterres, in a video message released on the eve of 2024, reflected on the tumultuous events of the past year while urgently calling

for unity and concerted efforts to overcome the pressing challenges that lie ahead.

He noted that the year 2023 was marked by unprecedented suffering, escalating violence, and climate-related crises, and left humanity in a state of profound distress.

He said: “2023 has been a year of enormous suffering, violence, and climate chaos.

Humanity is in pain. Our planet is in peril.

“2023 is the hottest year on record. People are getting crushed by growing poverty

and hunger. Wars are growing in number and ferocity. And trust is in short supply. But pointing fingers and pointing guns lead nowhere.”

But he added that: “Humanity is strongest when we stand together,” insisting that “2024 must be a year for rebuilding trust and restoring hope.”

He urged the world to come together across divides for shared solutions, for climate action and for economic opportunity as well as a fairer global financial system that delivers for all.

“Together, we must stand up against the discrimination and hatred that are poisoning relations between countries and communities.

“And we must make sure new technologies such as artificial intelligence are a force for good.

“The United Nations will keep rallying the world for peace, sustainable development and human rights. Let’s resolve to make 2024 a year of building trust and hope in all that we can accomplish together,” he noted.

by Police in Q4 in A'Ibom

Okon Bassey in Uyo Suspected criminals numbering 562 were apprehended for various offences, including murder, kidnapping, armed robbery, rape and stealing in the last quarter of 2023, the police in Akwa Ibom have disclosed.

The Commissioner of Police, in the state, Olatoye Durosinmi, disclosed this at the weekend while briefing journalists at the command headquarters, Ikot Akpanbia in Uyo. According to him, some of the suspects had been charged to court, others granted bail, while some were still undergoing investigation.

The state police boss listed some of the offences as: Vandalism and economic sabotage by one Godwin Effiong, male from Eket Local Government Area, who allegedly conspired with four others to vandalise pipeline belonging to Frontier Oil and stole 18 jerry cans of 25 litres of crude oil on November 18.

The CP added that during the period under review, one Francis Eze and Johnson Amadu, armed with locally made gun robbed a Point of Sales (POS) operator, Glory Akpan and went away with her

POS machine, android phone and N300,000 cash.

"For the yuletide, I deployed 1, 758 officers and men to effectively provide security during the Christmas and am happy that we had a peaceful celebration.

"I must say that our security strategies and our collaboration with sister security agencies has led to a more peaceful Akwa Ibom.

"During the last quarter of the year a total of 562 suspects were arrested for various offences, ranging from murder, kidnapping, armed robbery, rape and stealing," Durosinmi said.

Durosinmi also stated that on November 21, Samuel Jackson and Favour Friday all male from Oruk Anam were arrested for stealing a three-year-old child of one Effiong Akpan.

He said the suspects had confessed to have stolen the child and sold to her to a certain woman at Abia through a third party, stressing that efforts were in progress to arrest other suspects and rescue the child.

He warned criminals operating in the state to have a change of heart or relocate out of the state as Akwa Ibom is no longer safe for criminals.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E 2023: N’Assembly in Retrospect The first half of 2023 was the concluding part of the Ninth National Assembly while the second half marked the beginning of the four-year tenure of the 10th Assembly. Sunday Aborisade in this report, chronicles the major developments that characterised the year in the two legislative chambers.

Akpabio

T

he National Assembly resumed legislative activities on January 17, 2023 after a three-week break to observe the Christmas and New Year holidays. Members had just six months to end their four years tenure.

Nigerians did not expect much from the federal lawmakers who secured their political parties’ tickets to contest the 2023 National Assembly elections because they would definitely spend more time in their constituencies to round off their campaigns towards the poll slated for February.

Lawmakers who were not returning, initiated bills that they knew would not probably see the light of day. They used such legislative exercises to keep themselves busy while their colleagues were on the field, selling their ambition to their constituents.

The Senate and the House of Representatives had in the previous year, perfected the fifth alteration to the 1999 Constitution. They had also approved a report that proposed 68 amendments to the Constitution and voted on them electronically.

Some of the proposed amendments voted upon include abrogating state and local governments’ joint accounts, financial autonomy for state assemblies and judiciary, legislative summons, life pension for the presiding officers of the National Assembly, virtual court proceedings, Diaspora voting and extra seats for women in the parliament.

Others were the independent candidacy, mayor for Abuja, power of the parliament to summon the president and governor, immunity for the presiding officers of the legislature, timeframe for appointing ministers and commissioners, and expanding the scope of citizenship by registration.

The amendments also included separating the office of the Attorney General from the Minister of Justice and moving Value Added Tax to the exclusive legislative list.

The states threatened to take no action on the bills unless four more constitutional amendment bills were considered and passed by the National Assembly.

The bills are – the one to establish state police, establish states’ judicial council, streamline the procedure for removing presiding officers of state houses of assembly and to institutionalise legislative bureaucracy in the Constitution.

The Ninth National Assembly before end of its tenure, approved the N23.7 trillion already spent by the Federal Government.

Then President Muhammadu Buhari said the money was borrowed from the Central Bank of Nigeria over a period of 10 years and asked that the lawmakers approve a repayment plan.

Another major event that shaped the 9th Assembly was the revelations by some lawmakers during their valedictory sessions at both chambers.

Abass The Ninth Senate held its valedictory session on June 10, 2023, One of them, Senator Orji Kalu, shed tears and lamented that Nigeria was not fair to him, because he was arrested and sent to jail despite his contributions to Nigeria and democracy.

Another shocker was the revelation by Senator Adamu Bulkachuwa, (Bauchi North), who said that through his wife, Justice Zainab Bulkachuwa, a former President of the Court of Appeal, he influenced court judgements in favour of some of his colleagues.

He was immediately interrupted by the then Senate President, Senator Ahmad Lawan, knowing the implications of further revelations from him.

On his part, Senator Rochas Okorocha, (Imo West), threw a bombshell at Senator Ahmad Lawan asking him to explain how he manipulated his return to the upper legislative chamber, describing it as a mystery.

He said Lawan should teach him how he returned to the senate after losing the presidential ticket of the All Progressives Congress (APC).

Lawan and Okorocha contested the primary election of the APC but lost to President Bola Tinubu.

His participation in the primary meant that Lawan would not be able to contest the Yobe North senatorial ticket of the APC. Bashir Machina was elected as the candidate for the senatorial zone at the time.

Lawan, however, said his constituents facilitated his return.

The official dissolution of the Ninth National Assembly paved the way for the race for the position of the

Barau

Kalu

presiding officers of both chambers of the 10th Assembly.

In the Red Chamber, heavy weights like Senators Godswill Akpabio; Jibrin Barau; Abdulazeez Yari; Ali Ndume; Orji Uzor Kalu; Sani Musa; and Osita Izunaso, were all in the race for the office of the third citizen who will also be the chairman of the National Assembly, the legislative arm of government.

Members of the House of Representatives from the six geopolitical zones also threw their hats into the ring to contest the Speakership position.

These lawmakers included South West: Olajide Akinremi (Oyo), South East: Benjamin Kalu (Abia), and Miriam Onuoha (Imo).

Others were North Central: Ahmed Idris Wase; then Deputy Speaker (Plateau), Yusuf Gagdi (Plateau) and Abdulraheem Olawuyi (Kwara). North East: Muktar Aliyu Betara (Borno). North West: Makki Yalleman (Jigawa), Sada Soli (Katsina), Alhassan Ado Doguwa (Kano) Aminu Jaji (Zamfara) and Tajudeen Abass (Kaduna).

There was however, a major twist to the game when the governing All Progressives Congress (APC), on May 8, 2023, eventually announced its power-sharing arrangement and choice of candidates ahead of the inauguration of the Tenth National Assembly and election of its presiding officers.

In a release by the party’s National Working Committee (NWC), it announced the duo of Senator Godswill Akpabio (Akwa Ibom) and Hon. Tajudeen Abass (Kaduna) as its preference for the seat of the President of the Senate and Speaker of the House of Representatives in the Tenth National Assembly.

Chairman of the Senate Committee on Appropriation in the Ninth Senate, Senator Jibrin Barau and the Spokesperson of the House of Representatives, Rep. Benjamin Kalu, were adopted as the choice for the seats of the

Deputy President of the Senate and Deputy Speaker of the House of Representatives respectfully.

After series of alignment and realignment of forces, four aspirants made up their minds to contest the senate president seat.

They were all ranking lawmakers and members of the ruling APC. They are Godswill Akpabio, a former minority leader of the senate, minister and former governor of Akwa Ibom; Abdulaziz Yari, a former member of the House of Representatives and former governor of Zamfara State; Orji Kalu, former chief whip of the ninth senate, former member of Third Republic House of Representatives and former governor of Abia State; and a former member of the House of Representatives and senator-elect for Imo West, Osita Izubaso.

Kano North senator-elect and former Senate Appropriation Committee chairman, Barau Jibrin, and the senator-elect for Niger East, Sani Musa were candidates for the seat of deputy senate president.

Messrs Kalu and Izunaso, however, stepped down for Akpabio while Musa quit the race to back Jibrin.

In the House, the candidates were Idris Wase, deputy speaker of the ninth House from Plateau State; a former chairman of Land Transport Committee of the House, Tajudeen Abbas from Kaduna State; former Appropriation Committee chair, Muktar Betara from Borno State and former chairman of committee on Navy, Yusuf Gagdi, also from Plateau State.

Also in the race were former chairman of the House Committee on National Security and Intelligence, Aminu Jaji from Zamfara State; ex-Water Resource Committee Chairman, Sada Soli from Katsina State, and Miriam Onuoha, the only female aspirant, from Imo State.

Former House Leader, Alhassan Doguwa, Makki Yalleman and Abdulraheem Olawuyi, who are all APC lawmakers, had since dropped out of the race to back Abbas, Ditto Messrs Betara and Gagdi.

However, Kalu, the APC anointed candidate, remained in the race on the day of inauguration.

The time of inauguration on June 13, was changed from 10 am and the election started before 9 a.m.

After the Clerk of the National Assembly called for nominations, the senator-elect for Borno South, Ali Ndume, nominated Godswill Akpabio, as President of the Senate.

Akpabio accepted the nomination; while Elisha Abbo, then senator-elect for Adamawa North, nominated Abdulaziz Yari, senatorelect for Zamfara West.

The 10th National Assembly in 2023 was able to avert an industrial action by the Nigeria Labour Congress and the Trade Union Congress following the sudden removal of the fuel subsidy by President Bola Tinubu The nation’s apex legislative institution also prevented a 40 per cent increment in the electricity tariff. Apart from this, the 10th Assembly through the Senate in 2023 apart from screening and confirming the appointment of ministerial and other board nominees of President Bola Tinubu also dropped some of them with controversial credentials.

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

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EDITORIAL

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

IMPERATIVE OF MORAL RENAISSANCE The times call for a national re-birth

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24

MONDAY JANUARY 1, 2024 • T H I S D AY

T H I S D AY ˾ MONDAY, JANUARY 1, 2024

25

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

2 9 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

FX Unification: Investors in Airtel, Dangote Cement, 10 Others Gain N9.12trn

Kayode Tokede Investors in Airtel Africa Plc, Dangote Cement Plc and 10 other leading companies on the Nigerian Exchange Limited (NGX) gained N9.12trillion in value of their investment, about 70.12 per cent of the N13trillion overall market capitalisation gain in 2023.

The other companies are: MTN Nigeria Communication Plc, BUA Foods Plc, Seplat Petroleum Plc, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), Geregu Power Plc, Stanbic IBTC Holdings Plc, FBN Holdings Plc, United Bank for Africa Plc (UBA) and BUA Cement Plc. The stock market by value

closed 2023 at N40.917 trillion from N27.915trillion it opened for trading in 2023, indicating an increase of N13 trillion.

Also, the NGX All-Share Index or ASI reached an all-time high of 74,773.77basis points with average return of 45.90 per cent amid post-inauguration rally after Nigeria’s President, Bola Tinubu was sworn in May 29, 2023.

President Tinubu’s foreign exchange and subsidy removal policy impacted the stock market positively as most fundamentals stock hits 52-week high on the back of demand.

According to THISDAY investigation, BUA Cement was the only company that recorded

decline in stock price as its value dropped by N25.4billion in 2023, while investors in BUA Cement reap N2.3trilliiion return following 197.54 per cent increase in its stock price to N193.40 per share from N65.00 per share it opened for trading in 2023.

Amid declaring impressive Quarter-on-Quarter (QoQ) results, the stock price of BUA Cement dipped by -0.77 per cent to N97.00 per share from N97.75 per share it closed for trading in 2022.

The Chief Operating Officer, InvestData Ltd, Mr Ambrose Omordion told THISDAY that the stock price of BUA Cement is overpriced on the Exchange, stressing that investors traded the

cement manufacturing company with caution amid its nine months result and accounts.

Further investigation revealed that investors return in Dangote Cement and MTN Nigeria soar by 22.57 per cent and 22.79 per cent respectively amid reporting significant increase in foreign exchange losses in nine months ended September 30, 2023 results.

In the period under review, investors who invested in Dangote Cement stocks gained N1trilliion in market value, while investors return in MTN Nigeria stood at N1.03trillion in 2023.

In 2023, Airtel Africa was the most capitalised company on the exchange, crossing the N7trillion

in market value.

The stock price of Airtel Africa gained 15.41 per cent or N252.00 to close December 29, 2023 at N1,887 per share from N1,635.00 it opened for trading in 2023.

According to THISDAY findings, investors in Airtel Africa gained N947.05billion in market value as its market capitalisation closed 2023 at N7.09trillion.

Other notable companies with attractive returns include: Seplat Petroleum with N712.02billion returns, GTCO, N515.05billion, Zenith Bank, N459.96billion, Geregu Power, N625.04billion, Stanbic IIBTC Holding, N469.08billion, FBN Holdings Plc, N454.08billon and UBA, N617.3billion.

Capital market analysts expressed that retail/ institutional investors positioned themselves in fundamental stocks expected to declare dividend for 2022 financial year, stressing that these companies have maintained improve corporate earnings over the years.

In a chat with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori said the improved liquidity in the system is responsible for the positive performance of Airtel Africa, MTN Nigeria, Dangote Cement among other most valued stocks on the NGX. The story continues online on www.thisdaylive.com

11 Companies With Combine N515.15bn Capitalisation Delist from NGX in One Year Kayode Tokede Despite the need to expand business frontier with ease of access to capital through the capital market, a total of 11 companies worth N515.15billiion in market capitalisation delisted from the Nigerian Exchange Limited (NGX) in 2023.

However, a total of N150.91billion worth of new listings were listed on the Exchange in the year under review.

Capital market analysts expressed disappointment with management of these companies’ decision to delist,

blaming some for failing to comply with the post-listing requirement of bourse.

As gathered by THISDAY, the likes of Consolidated Hallmark Insurance Plc with about N11.82billion in market capitalisation, Union Bank of Nigeria Plc worth N193.65billion and Ardova valued at N21.82billion in market capitalisation delisted from the Exchange in 2023.

Union Bank of Nigeria’s delisting after 52 years on the NGX unfolded following Titan Trust Bank’s (TTB) acquisition.

TTB, securing an 89.4 per cent

stake in 2021, swiftly increased ownership to 93.4 per cent by 2022, signalling a drive toward complete control. In May 2023, TTB’s bid for all remaining Union Bank shares at N7.00 per share each finalized total ownership.

Union Bank initially set the payout for minority shareholders at N7 per share but later increased it to N7.70 per share.

In November, one of the oldest bank in Nigeria announced that it was at the final phase of the delisting process.

Capital Hotels Plc, N9.55billion,

and Global Spectrum Energy Services Plc, N400 million, Rak Unity Petroleum worth N16.99million also delisted from the Exchange.

The first Nigerian indigenous company to be listed on the NGX concluded its liquidation process in November 2023.

Acting as the Liquidator, Mrs. Chinwe Chiwete in a notice to the Exchange notified market community of the company’s conclusion to voluntary winding up it operations.

Before embarking on the liquidation process, RAK Unity

Petroleum Company had initiated a strategic five-year business plan in January 2016.

However, before liquidating, the company sold its physical assets to Asharami Synergy Limited.

The legacy governance challenges triggered the proposed delisting of Oando Plc’s N146.07biillion worth in market capitalisation.

Elsewhere, companies like PZ Cussons worth N91.32billion, GSK N19.91billion, and Coronation Insurance, N19.19blliion announced their intension to exit the capital market on a combination of liquidity

issues and macroeconomic challenges such as difficulty accessing foreign exchange.

Commenting, the Vice President, Highcap Securities, Mr. David Adnori said: “The stock exchange requires companies trading their stocks on its platform to regularly file their financial statements to enable shareholders and the investing public to have information that would enable them to make investment decisions.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 2 9 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 230,00 December 101.49 12.15 29, 2023 MAR-2025 ^12.50 22December 98.58 13.30 0,00 JAN-2026 29, 2023 ^16.2884 17December 108.25 13.04 0,00 MAR-2027 29, 2023 ^13.98 23December 100.50 13.80 0,00 FEB-2028 29, 2023 ^14.55 26December 100.10 14.51 0,00 APR-2029 29, 2023

BILLS MATURITY

Discount Yield

NTB 8-Feb24 NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24

2.14

2.14

0.00 December 29, 2023

2.91

2.93

0.00 December 29, 2023

3.88

3.92

0.00 December 29, 2023

4.66

4.73

-0.01 December 29, 2023

5.56

0.00 December 29, 2023

5.43

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY CRSL CP II 18-FEB-24

Discount Yield 9.95

10.09

FLOURMILLS CP III 29-FEB-24

11.49

11.71

UACN CP VI 19-MAR-24

9.21

9.41

9.52

9.87

10.50

11.05

MTNN CP VII 14-MAY-24 UNCP CP VI 20-JUN-24

Change (%)

Updated Time

1,00 December 29, 2023 1,00 December 29, 2023 2,00 December 29, 2023 -2,00 December 29, 2023 -2,00 December 29, 2023

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS JAN 13 – 29 2025 NGUS FEB 14 – 26 2025 NGUS MAR 15 – 26 2025 NGUS APR 16 – 30 2025 NGUS MAY 17 – 28 2025

Updated Time

December 29, 2023 December 29, 2023 December 29, 2023 December 29, 2023 December 29, 2023

26

MONDAY, JANUARY 1, 2024 ˾ T H I S D AY

BUSINESSWORLD

NEWS

AG Mortgage Completes First Tranche of N1bn Tier 2 Capital Issuance Kayode Tokede AG Mortgage Bank Plc has announced the successful completion of the first tranche of N1 billion of its N2billion Tier 2 Capital issuance through a Special Purpose Vehicle -AG Funding SPV Limited.

AG Mortgage Bank provides mortgage lending and real estate construction financing services to Nigerians. WealthBridge Capital Partners Limited acted as the Arranger of the transaction.

AG Mortgage Bank Plc through Wealthbridge issued the Notes to raise funding to shore the Bank’s tier 2 capital needs and ensure it can sustainably create value for its clients.

According to the Managing Director, AG Mortgage Bank , Mr. Ngozi Anyogu, “This capital raise has heightened our capacity as a Primary Mortgage Institution. It will also go a long way to ensure that the Bank can run its operations of providing mortgage loans and financing for developers undertaking a myriad of real estate projects.”

The Group Managing Director/ Chief Executive Officer at WealthBridge Group, Mr. Ahmed Lawal stated, “WealthBridge is pleased to support AG Mortgage Bank PLC in its quest to provide superior services and create assets for its clients in innovative ways.

We have served the Bank in an Arranger’s capacity previously on

a Note Issuance of N1.5billion to fund the construction of 108 housing units in Enugu in partnership with Enugu State Housing Development Corporation, and AG Mortgage Bank Plc successfully redeemed the Notes with all investors fully repaid.

“We are positive that this Note issuance will enhance the current base of AG Mortgage Bank’s business lines and assist in absorbing any economic shocks or business uncertainties.

There are several noteworthy and innovative developments in the Mortgage banking/real estate industry in Nigeria, and we see great potential. In light of these opportunities, WealthBridge is committed to the growth of the industry”

TGI Affirms Commitment to Industrial Food Fortification Oluchi Chibuzor

Tropical General Investments (TGI) Group, a leading contributor to the Nigerian economy, demonstrated a solid commitment to advancing industrial food fortification and workforce nutrition at the recently held CEO Roundtable organized by the Nigerian Economic Summit Group (NESG).

Themed, “Profitable Protections: The Business Advantage of Industrial Food Fortification Compliance and Workforce Nutrition,” the event provided a strategic platform for industry leaders to discuss and share insights on the economic benefits of fortifying food products and promoting employee well-being.

Head of Corporate Communications at TGI, Rafiat

Gawat delivered a compelling presentation, shining a spotlight on WACOT Rice’s pioneering role in rice fortification in Nigeria. She proudly announced a significant milestone, with TGI’s WACOT Rice producing approximately 500kg of fortified rice last month, underscoring the company’s vital role in fortifying staple foods.

Gawat emphasized the necessity of broadening investment in food fortification beyond advocacy efforts, extending the focus to urban communities. This approach ensures that the benefits of fortified food reach all segments of the population, contributing to the prevention of malnutrition in the country.

He said, “Beyond product innovation, our commitment to food fortification extends to work inclusion in the entire process,”

stated Gawat. “TGI Group believes in the transformative power of fortified food, not only for consumers but also for our workforce. This commitment aligns with our vision of creating sustainable impact across the entire value chain and prioritizing the general wellbeing of our workforce.”

Head of Quality Control at TGI Group, Mustapha Mohammed, shared valuable insights during the program, shedding light on critical aspects of food fortification. “Our rice mill in Kebbi has been selected as one of the best for the fortification of rice. To ensure the success of fortified food products, customers must perceive value. This can be achieved through customer education programs emphasizing the benefits of fortified food,” noted Mohammed.

FintechNGR Moves to Safeguard Nigeria’s Digital Financial Landscape Emma Okonji Recognising the escalating threat of fraud within Nigeria’s electronic payments ecosystem, FintechNGR CEO’s Committee has unveiled strategic initiative that will help preserve the integrity of the nation’s acclaimed digital infrastructure, built over the past two decades.

The initiative is aimed at combating fraud while respecting the privacy and regulatory concerns surrounding data centralisation and reporting.

In a statement released by FintechNGR CEO’s Committee at the weekend and signed by its

Chairman, Mr. Uzoma Dozie, the committee highlighted the gravity of the situation, emphasising that failure to address the challenges could jeopardise the entire digital ecosystem that has garnered international recognition.

“We understand the delicate balance between safeguarding against fraudulent activities and respecting the privacy and regulatory frameworks that govern our industry. It’s not a trivial challenge, and the implications of missteps are significant.

“Following extensive consultations, the committee is delighted to announce the identification of a robust framework for fraud reporting and risk mitigation. This innovative approach addresses

the foundational issue of thwarting malicious actors without compromising privacy and regulatory compliance,” Dozie said.

FintechNGR plans to release the comprehensive framework along with its technical standards

by January 2024. The initiative has garnered strong support from numerous financial institutions and Fintech companies, and other related parties demonstrating a collective commitment to fortifying the security of the entire banking and Fintech communities.

The establishment of the Fraud Prevention and Risk Management sub-association marks a significant milestone in the ongoing efforts to uphold the trust and security of Nigeria’s digital financial landscape, Dozie further said.

Sule Signs Two Executive Orders to Boost Investment in Nasararwa Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Peter Uzoho (Energy) Ugo Aliogo (Development)

Igbawase Ukumba in Lafia The Governor of Nasarawa State, Abdullahi Sule, Friday at an emergency state executive council meeting signed two Executive Orders to boost investment in the state.

The Executive Orders are for the adoption of the Framework for Responsible Investment in Land Intensive Agriculture (FRILIA) and the implementation of the Nasarawa Governance Result and Efficiency Mechanism (NGREM).

The regulation is for the strengthening of the Nasarawa State Investment and Development Agency (NASIDA) Law 2020) and to Improve the Framework for Public-Private Partnership (PPP) in the State.

Sule said that the Executive orders and regulations are anchored on improving governance and delivering

results for the economic development of the state.

“The adoption of FRILIA is to ensure that land acquisition and resettlement for large-scale agribusiness investments are undertaken in line with established international good practices, to ensure long-term economic, social, and environmental benefits, and to guarantee shared benefits between private investors and surrounding communities, “he said.

On his part, the Managing Director of NASIDA, Ibrahim Abdullahi noted that the Regulation of the NASIDA 2020 Law will improve the framework to encourage collaboration between the public and private sectors. The Regulation seeks to stimulate economic growth, create job opportunities, and enhance the infrastructural development of the State.

CPS: The Safety of Pension Funds Prior to the Pension Reform of 2004, which established the Contributory Pension Scheme (CPS), Pension Administration in Nigeria was fraught with multifarious challenges and inefficiencies.

The resultant effect of these inefficiencies was a lack of accountability and transparency amidst weak administrative structures. However, 19 years since the advent of the CPS, the new system has succeeded, when viewed within the context of the pitfalls that characterised the pension schemes that preceded the CPS. With apprehension about the safety of pension funds at inception of the CPS, pundits are PENCOM DG, Aisha Dahir-Umar pleasantly surprised at the relative stability attained as funds under capital inadequacy for instance, the pension management continue to soar. Here are the funds will simply be transferred to another key safeguards of the CPS that have ensured solvent operator, under the direction of PenCom. transparency and the safety of pension funds. This segregation of pension funds has further assured the transparency of the CPS.

RING-FENCING OF PENSION ASSETS THROUGH THE SEPARATION OF CUSTODY AND MANAGEMENT FUNCTIONS

The Pension Fund Administrator (PFA) manages the pension funds without having direct access to the funds, as custody is vested in a separate entity, the Pension Fund Custodian (PFC). In effect, while the PFA makes day-to-day investment decisions in line with the Investment Regulations issued by the National Pension Commission (PenCom), it is the responsibility of the PFC to effect payments for the investment and receive any dividends or profits therefrom, on behalf of the PFA. PenCom ensures that both parties adhere strictly to regulations governing the pension funds. Indeed, the cardinal principle of separation of custody from management and supervision has resulted in a pension scheme with a sound internal mechanism for transparency and accountability. The ring-fencing of pension fund assets has resulted in the consistent growth in pension assets.

DAILY MONITORING OF PENSION FUND INVESTMENTS

PenCom requires all PFAs to submit daily valuation reports on the pension fund investments. These reports provide the details and value of all investments made with the pension funds as at the end of each trading day. The implication is that PenCom is able to ensure that investments are in accordance with the Investment Regulations and could identify any infractions immediately for corrective action.

In effect, therefore, the safety of the pension funds is monitored by PenCom at all times.

SEGREGATION OF PENSION FUNDS FROM THE ASSETS OF PENSION OPERATORS

There is a complete separation between the pension funds and the assets of pension operators. This means that an operator is not allowed to combine its own company funds with the pension funds, which are held in exclusive accounts kept in safe custody by the PFC. Therefore, a pension operator’s insolvency will not negatively impact the pension funds.

Indeed, where an operator is incapacitated by

STRICT REGULATION ON INVESTMENT OF PENSION FUNDS

The investment of pension funds by PFAs is strictly regulated in accordance with the Investment Regulation issued by PenCom. The regulation prescribes allowable investment outlets and sets limits on the percentage of funds that can be invested. This ensures that risks are properly managed in order to ensure the safety of the funds. The PFA’s exclusive responsibility for investment decisions is only limited by compliance with the provisions of the Regulation.

PROHIBITION OF APPLYING PENSION FUNDS AS LOANS OR AS COLLATERAL FOR LOANS

Pension funds are secured for the sole purpose of providing retirement and terminal benefits for the RSA holders. Consequently, pension funds are prohibited from being given out as loans or applied as collateral for loans.

This has prevented the depletion of funds and ensured their availability for payment at retirement.

STRICT LICENSING REQUIREMENTS

The Pension Reform Act 2014 prescribes a strict licensing regime for operating as a PFA or PFC. This includes possessing the professional capacity to manage pension funds and an undertaking not to engage in any other business except that of management of pension funds.

In addition, such applicants must satisfy the condition that they have never mismanaged any fund prior to the application.

EFFECTIVENESS OF THE CPS SAFEGUARDS

While the foregoing safeguards are not exhaustive, their effectiveness is best represented by the consistent accumulation of pension fund assets, which stood at N17.6 trillion as at October 2023. Furthermore, 10.1 million RSA holders have been registered under the CPS since inception. However, it should be noted that these safeguards have been largely effective due to the strong regulatory and supervisory oversight by PenCom.

T H I S D AY ˾ MONDAY, JANUARY 1, 2024

27

BUSINESSWORLD

INTERVIEW

Raffy: Our Choice of Materials Take into Account Preferences Worldwide In this interview, the Vice President- House of BOVET 1822, Audrey Raffy, speaks on the collaboration between Polo Limited and the House of Bovet, what distinguishes Bovet from other luxury brands, how it has practiced sustainability in the last 20 years and other industry issues. Excerpts

Raffy Kindly Introduce yourself y name is Audrey Raffy. I am the Vice President of Bovet 1822, the Bovet Independent Watch manufacture in Switzerland. The house is owned and operated by the Raffy family. My father, Mr. Pascal Raffy is the owner; the sole owner of the house. So, it’s a completely family-owned house. We are also one of the brands that manufactures about 95 per cent of the watch components in-house in Switzerland.

Our facilities are divided into two; We have the manufacturer located in a Swiss village with more than 50 artisans & watchmakers, and we have the Castle at Motier; the castle that used to belong to the original founders of Bovet 1822 that my father acquired about 20 years ago.

W

What distinguishes Bovet 1822 from other luxury brands in terms of craftsmanship and design?

First and foremost, we are a family-owned and operated business when it comes to craftsmanship.

My father owns 100 per cent of the brand as the sole proprietor. In addition, we manufacture 95 per cent of our watch components in-house. The only things we do not manufacture in-house are the straps, sapphire crystals, gem-setting parts, and the mainsprings. These are the only items that are not manufactured in-house, which is very unique as only very few brands do this. Apart from this, my father with our team of designers, is the sole and only designer of the timepieces.

He has in his 20 years of ownership of the house, completely revamped the collections. We have now over 20 patents which are his own creations and innovations. We also have trademarks under various names and designs. In these ways, Bovet 1822 is very different from other brands.

Are there any special features that are particular to your latest collections?

We are a brand with a 200-year-old history. It is very important to us in whatever we do that our latest collections, like our previous collections, preserve the essence of Bovet 1822 DNA in our designs. We have very distinguishing design elements such as the crown at 12 for our Fleurier collection or the writing slope desk case for our Demier collection that are continuously incorporated in the designs year after year.

However, we also look to the future and look to innovate. For example, in this year’s collections, we have played with colours, played with different materials, played with rubber straps, played with sun blasted titanium cases, and so much more. We are incorporating both the future and innovative design techniques, while keeping the traditional identity of Bovet at the forefront.

Are there any specific models or limited

“So, sustainability for us, has the one side where it’s something that’s always been present and it’s always been needed with the side of the manufactures in Switzerland. On the other side, which is, having to start to incorporate different materials and different things, taking into account the preferences of different parts of the world and the way it’s advancing.” editions that tend to be most sought-after by collectors? Are there any specific models?

Yes, of course. You know, we are a house that is widely known for the arts, the craftsmanship, and the bespoke, and our collectors worldwide recognize that.

I’m very happy to say that our most soughtafter timepieces are the very limited ones, the very complicated ones. The ones that truly, truly master and incorporate all the arts, such as the engraving, the gem setting, and the incorporation of the different patents. From a technical side, the long power reserves. So you’ll see, for instance, at a recently held private event in Lagos, we showcased a very special timepiece which is the Amadeo Amadeo Tourbillon watch. The Amadeo is a timepiece fully engraved by hand, and a skeleton movement that has our Amadeo system incorporated. The Amadeo system allows you to wear your timepiece on both sides.

You can switch the watch, and then you can also wear it as a pocket watch because the straps can be removed at will, and replaced with the pocket watch chain that comes along with it. So, you know, it also comes with a 10-day power reserve. In the industry, we’re also very well known for very long watch power reserves that last 10 days, 22 days, sometimes on a single barrel. So definitely, the House of Bovet 1822 is widely known for highly, highly complicated watches, which are highly focused on the arts in the industry.

Can you share some insights into the history and philosophy behind the Bovet timepieces?

Yes, of course. There is a history and philosophy behind our timepieces. You know, when the house was founded in 1822, it was founded by the Bovet brothers, and because they loved to travel, they were very focused on incorporating the elements of travel in their watches. And this is where the idea for long power reserves came from, you know, to be able to have your timepiece read the correct time, even when you’re travelling long distances, or travel to different time zones.

This innovation is something that we still incorporate into our designs nowadays, with our triple time zone timepieces, and with our long power reserves.

And so, you know, the elements of travel are something that we keep constantly in every collection. This year, for instance, we launched the Orbis Mundi, which is a universal timer, and was named one of the best universal timers by Robb Report this year. It has the 24-hour time zones of the world, and it is set with just one button on the top of the crown.

For somebody new to collecting long-range timepieces, what advice would you offer when considering a Bovet 1822 timepiece?

Honestly, the best advice I can give, even if you are new, not just to Bovet, but to timepieces in general, take your time, sit down, look at the timepiece, touch the timepiece, put it on your wrist, you know, look at yourself with it on, and that’s all you’ll need.

So, what has built and strengthened the collaboration between Polo Limited and the House of Bovet 1822 relationship?

Honestly, the collaboration with Polo is so special to my father and me, because just like John and Jennifer, you know, we are a fatherdaughter duo as well, working in the business.

We share this very strong link, I think, of the family business, and it makes it so much more pleasant to do business together and to meet.

And, you know, Polo Luxury, just like the House of Bovet, is focused on tradition, high luxury, attention to detail, and attention to the collectors. So, it’s really, really a collaboration made in heaven.

Sustainability is a big issue in today’s world. It’s an issue of concern in contemporary times. How is Bovet 1822 doing on this?

So, you know, when it comes to sustainability, in Switzerland, there are very strict laws regarding sustainability, regarding the way you recycle the

materials that you use, regarding the processes that you use in your factories and your manufacturers.

And so, this is something that, to us, isn’t new. This is something that, to us, we’ve been doing for the past 20 years. For instance, in our manufacture, we have very strict processes as to how we recycle the materials, how we dispose of the used materials and all of these things.

Apart from that, something that has been a little bit newer lately, has been the different materials when it comes to the straps, for instance. We used to use mostly leather and crocodile skins, and now, we’ve evolved towards the use of rubber or vegan leathers or, you know, different types of materials that don’t include animal skins. So, sustainability for us, has the one side where it’s something that’s always been present and it’s always been needed with the side of the manufactures in Switzerland.

On the other side, which is, having to start to incorporate different materials and different things, taking into account the preferences of different parts of the world and the way it’s advancing.

Where do you see the future between Polo and Bovet 1822?

I hold a relationship with Polo so close to my heart, and I really, really want this relationship to have no limits. You know, I love Nigeria, and I love the Nigerian people, and I have Nigerian friends myself that I have met in the U.S. since I studied many years in the U.S. And I think Nigerians are people that truly appreciate luxury, and truly appreciate style. And so I would love, for some day to have an even more important presence in Nigeria with Polo, to be able to host more events every year, not just once a year, but more often and host more collectors from Nigeria at the castle in Switzerland at the facilities.

In my mind, I would love for our collaboration to just get tighter and tighter and just keep doing more and more and more together. Because I know the potential that there is in this market.

Finally, what are your expectations from this upcoming collector’s event?

I travel a lot, I meet people a lot around the world, a lot of collectors and partners. And I’m so excited for tonight’s event because I know how Nigerians are. I know how open-minded, fun, and easygoing, but yet refined and elegant they are.

I’m looking forward to having an amazing time. All I want really is for everyone to have a good time, enjoy the event, have a nice dinner, and be able to talk a little bit about the brand.

Maybe have some one-on-one time with different collectors if they have some questions or doubts.

And for them also to be able to see the watches close up. Maybe they haven’t visited the store in a while, so it will be nice to have that connection and that interaction at the event.

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MONDAY, JANUARY 1, 2024 T H I S D AY

BUSINESS/MONEYGUIDE

NIPCO Restates Commitment to Availability of CNG asVehicular Fuel Ejiofor Alike In line with President Bola Tinubu-led administration’s strategic plan to make Compressed Natural Gas (CNG) readily available across Nigeria to diversify the nation’s energy mix, NIPCO Gas Limited has restated its commitment to make the product accessible to motorists as vehicular fuel so as to reduce dependence on conventional fuels.

Speaking at the inauguration of another auto CNG station in Kubwa area of Abuja, the Managing Director of NIPCO Gas Limited, Mr. Nagendra Verma, pledged that his company will continue to support and implement measures to ensure the availability of economical, sustainable and environmentally friendly fuel for transportation in Nigeria.

According to him, the

inauguration of the station. which commenced operations over over the weekend was an affirmation of the company’s determination to ensure widespread availability of auto CNG across the country.

He noted that as Nigeria grapples with the challenges of huge expenditure on fuel and seeks cleaner energy alternatives, his company would remain at the forefront of driving positive change in the country’s energy landscape.

Verma added that the new station is a testament of the company’s mission to drive positive change in the country’s transportation sector.

“It is the company’s belief that the path to a sustainable future starts with transformative initiatives, and the launch of the Kubwa AutoCNG

Station exemplifies our commitment in action,” Verma said.

He further declared that CNG, known for its costeffectiveness and significantly lower carbon emissions compared to traditional fuels, is positioned as a beacon of environmentally responsible transportation.

Verma expressed the company’s steadfast dedication to enhancing CNG accessibility throughout Nigeria.

He highlighted the company’s investments in cutting-edge technologies and infrastructure to ensure the widespread availability of CNG across the country.

Verma expressed optimism about the positive impact that increased CNG adoption would have on both the environment and the Nigerian economy.

L-R: Head, Sustainability and Corporate Brand, Lafarge Africa Plc, Titilope Oguntuga; Head, Corporate Communications, Ginika Frank-Durugbor; Olu of Olapeleke Community,i Odekunle Adebari; Olu of Wasimi Alaafia Community, Abayomi Elkanah Adesanya; and Baale of Alaguntan Community, Chief Musiliu Oyebola, during the commissioning ceremony of a culvert at Wasinmi Alafia, as part of the projects commemorating the 2023 Lafarge Africa Community Day Celebration in Ewekoro, Ogun State ….recently SUNDAY ADIGUN

MARKET INDICATORS

TGI Forges Partnership with Niger State to Boost Agriculture In a remarkable move to fortify food security and stimulate economic growth, the Executive Governor of Niger State, Mohammed Umaru Bago, has sealed a Framework Agreement for Commodities Off-take between the state’s premier limited liability company, Niger Food Security & Logistics Company, Tropical General Investments (TGI) Group.

Under the terms of this agreement, Niger State Government will spearhead the cultivation, harvesting, aggregation, and sales of vital crops such as paddy, soya beans, maize, and sesame seeds. Acting as the Off-taker, TGI Group will assume responsibility for the seamless purchase and transportation of the

farm produce.

Governor Mohammed Umaru Bago expressed his enthusiasm for the partnership, stating, “This is history made, not in the making. Just today we have concluded on various pieces of land we have in Niger State. The Traditional Institutions and the Local Government System have also been mandated for advocacy. I can assure you that in less than 3 months, we can deliver you from aggregation, even before cropping, in any quantity of whatever you want from Niger State. We are going to be partners, and we will promote agriculture not just in Niger State but across Nigeria. This opportunity will create the value chain from production and cropping to processing

and other endeavors.”

Vice Chairman, TGI Group, Africa, Mr. Farouk Gumel added, “This agreement will ensure that WACOT is fed with the immediate needs to meet our global orders. We have WACOT Rice Limited - the biggest, single Rice Mill in SubSaharan Africa; to produce our premium quality rice, we need paddy, and Niger State will supply us paddy.

We have one of the largest poultry businesses on the continent, and Niger State is stepping up to ensure that we get the maize we need to feed the poultry for the product that we produce. Therefore, this is a partnership that will not only change our group but will definitely change Nigeria.”

Winners Emerge in PalmPay Purple Christmas Campaign Emma Okonji Lucky winners have begun to emerge in the ongoing PalmPay Purple Christmas campaign featuring Nigerian singer/songwriter and pop star, Teni.

Excited by the Christmas Campaign, Mary Gbemisola, one of the lucky winners of a hamper and other Christmas gifts delivered to her house

by Teni, said she was happy to receive a Christmas gift from Teni, adding, “Now my Christmas is made and I have my rice and other gifts that Teni gave me.”

Continuing, Gbemisola said, “I have been using PalmPay for close to two years now and it has been a wonderful experience. I love PalmPay because

the company is always in the habit of gifting their customers, and so my advice for those not already using PalmPay is to download the app and begin transacting with it.”

Presenting the Christmas gift to Gbemisola at her residence in Lagos State, the PalmPay Purple Santa, Teni, on behalf of the Fintech platform and herself, wished the winner and fan “a happy Christmas and New Year celebration.”

The PalmPay Purple Christmas aims to add extra colour to the Christmas celebration by serenading and rewarding Nigerians who are PalmPay users with free cash and hampers.

To participate in the ongoing PalmPay Purple Christmas, Nigerians are to download

the PalmPay app, sign up, verify their BVN and NIN and perform transactions on the app to stand a chance to win free cash and hampers.

Speaking on the Christmas campaign, Senior Marketing Manager, PalmPay, Kevin Olumese, said: “The PalmPay Purple Christmas is in continuation of our tradition of adding colour to the lives of Nigerians. We aim to make this holiday season memorable for PalmPay users, their families and Nigerians.

“During the PalmPay Purple Christmas, we will be giving free cash and Christmas hampers to the top five users of PalmPay that make the highest transactions while using our app to purchase airtime, shop, and pay bills.”

Samsung Unveils Budget-friendly Galaxy A05 Smartphone Emma Okonji Samsung Nigeria has officially launched its ‘Assurance’ Galaxy A05 smartphone that is budget-friendly, thus setting a new standard for mid-range smartphones.

Packed with cutting-edge features and a sleek design, the Samsung Galaxy A05 aims to redefine user expectations in its class.

Speaking at the launch of the device, the Head of Retail for Mobile Division, Samsung Nigeria, Olaoluwa Olayers, said: “We are thrilled to introduce the Galaxy A05 to our fans in Nigeria. This is a device that embodies our commitment to delivering innovative technology to a wider audience. With its impressive display, powerful performance, and clear camera

system, the Galaxy A05 sets a new benchmark for what users can expect from a mid-range smartphone.”

Speaking about device specifications, its Product Manager, Stephen Okwara, said: “Galaxy A05 with its amazing camera, colourful display, enhanced durability and facial recognition, among other features, is certainly a device Android fans will love.”

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 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), Basrah Medium (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 ˾ DAY, JANUARY 1, 2024

29

MARKET NEWS

Vitafoam Grows Revenue, Proposes N1. 9 Billion Dividend Kayode Tokede Vitafoam Nigeria Plc has announced a revenue of N52.9 billon for the year ended December 31, 2023, an increase of 14 per cent over N46. 3 billion earned in 2022.

This is despite the economic headwinds that characterized the operating environment.

In line with the company’s

policy of shareholder value, its board has proposed a dividend of N1.9 which translates to N1.56 kobo per Ordinary Share of 50 kobo each for the shareholders’ approval at the Annual General Meeting (AGM), scheduled for 2024 in Lagos.

The Company’s total assets in the review period also rose to N49.6 billion from N39.4 billion in 2022.

P R I C E S MAIN BOARD

F O R DEALS

Market watchers commended the Company’s performance against the backdrop of the tough operating environment.

“When it is weighed against the headwinds militating against the operations of manufacturers in Nigeria, Vitafoam’s performance shows corporate resilience.

Manufacturers in Nigeria contend with a sharp decline

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

QUANTITY TRADED

in the Naira exchange rate relative to other major currencies, paucity of foreign exchange to import some raw materials, high cost of energy, weak purchasing power and low disposable income of consumers, rising inflation and devaluation of the Naira among others have always made the operating environment tough , “said an observer.

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

Determined to sustain its high performance, Vitafoam recently installed a multimillion machine in its subsidiary- Vitablom in Jos to boost turnover , profitability and increase market share.

The Group Managing Director, Mr Taiwo Adeniyi has alway emphasized that Vitafoam placed premium on research and develop-

ment. According to him, the topnotch products of the company are designed to address specific needs of its diverse customers.

“As a good corporate citizen , Vitafoam invests heavily in the Education and healthcare sectors to give back to the society through its strong corporate social responsibility (CSR) policy, “he said.

D E C E M B E R / 2 8 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

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INTER VIEW

Adeduntan: FirstBank is Future-proof and Remains Committed to the Gold Standard of Excellence in Banking At the dawn of the new year, it is natural for the Nigerian banking sector operators to anticipate dynamic shifts in regulations, increased digital innovations, and a focused approach toward sustainable growth and financial inclusion, while both the government and private sector eagerly anticipate the banking industry’s pivotal role in driving economic resilience, fostering innovation, ensuring regulatory compliance, and spearheading inclusive financial initiatives to bolster national development.

As a mark of readiness for the 2024 journey, the Group Managing Director of FirstBank of Nigeria Limited, the premier bank in Africa, Dr. Sola Adeduntan, in this interview with Festus Akanbi speaks on wide-ranging issues including how to insulate the Nigerian economy from the fallouts of the current hostilities at the international scene, the prevailing operating environment in Nigeria and the First Bank’s blueprint for optimum performance in 2024

The global community is yet to recover from the hostilities in Eastern Europe and the Middle East and the wars do not look as if they will end soon. How can Nigeria, a leading producer of oil, take advantage of the attendant disruptions to world order to reposition its economy instead of continuing to count the losses of the wars?

Since the emergence of the COVID-19 pandemic, global uncertainties have been on the rise; manifesting either as geo-political trade tensions or full-blown wars such as the ongoing Russia-Ukraine war and more recently, the Israeli-Hamas hostilities in Gaza. Despite concerted global efforts to resolve the conflict, the Russia-Ukraine war seems on track to mark its second anniversary in a few weeks from now. This has also led to significant disruptions to the global supply chain, especially in the commodities and energy space.

As a leading oil producer, one way Nigeria can take advantage of the disruptions caused by the wars is by positioning herself to fill the vacuums created by the breakdown in relationships among established trading partners and regions, e.g. the Russia – Europe gas supply deals. However, to do this, the right infrastructural enablers must be in place as well as a significant rise in volumes of daily crude oil outputs beyond current levels. Nigeria must position itself as a more reliable source of gas supply to Europe in the short to medium term.

On the flip side, Nigeria can take additional steps to further insulate her economy from external shocks by strengthening local manufacturing capabilities and improving agricultural production to reduce the Nation’s import dependency.

However, due to growing global interconnectedness, it is becoming more difficult for any nation to fully protect its economy from volatility on the global scene.

Nonetheless, this period calls for a heightened sense of awareness among Nigerian policymakers to ensure minimal distortions to the Nation’s economic conditions.

Nigeria’s crude oil production benchmark in the 2024 budget has been pegged at 1.78 million bpd, whereas OPEC is proposing a cut that will leave Nigeria with 1.5 million bpd. How can Nigeria remedy this in a way that will not significantly jeopardise the implementation of the 2024 budget?

Traditionally, Nigeria has struggled to meet its OPEC output quota over the last couple of years. Although the Nation is currently recording some improvements in daily output volumes (largely due to the improving security situations), the country’s production volumes as of November 2023 stood at 1.25mbpd (excluding condensates), according to available official figures.

This represents about 3 million barrels cumulative monthly reduction when compared with the average daily production output of 1.35mbpd recorded in October 2023.

In preparing the 2024 budget, the government has made some key assumptions around crude oil production outputs and price, that is, 1.78mbpd and $77.96/barrel respectively. Given the expectation that security around crude exploration will keep improving and crude oil theft will progressively reduce, these assumptions do not seem overly aggressive. Also, the Minister of State for Petroleum Resources recently expressed strong optimism about the country’s ability to achieve its crude oil production budget benchmark.

However, recent moves by OPEC to cut crude oil export to buoy global crude oil prices should not immediately be a challenge for the Nation seeing that our national daily crude production levels are still a bit far off from OPEC’s quota. Rather, we should focus on entrenching the improvements in crude oil production levels to make them sustainable. Where OPEC’s production cuts become inimical to economic growth, it is also possible to engage OPEC for exemptions from the production cuts given our current difficult economic situation. Nevertheless, the Nation also stands to benefit from the upsides of a higher crude oil price if OPEC’s production cuts are effective. This should offset the envisaged reduction in production volumes.

I would also like to note that the Nigerian authorities

Adeduntan should enhance the ability of the non-oil sector of the economy to generate sizeable revenues to support the government’s expenditure. This will help to reduce the perennial over-reliance on crude oil revenues.

The Federal Government borrowing in the 2024 budget is to increase from N6.3 trillion in 2023 to N7.8 trillion in 2024, with much of it coming from Nigerian banks. How will you allay the fear of a possible crowding out of the private sector from banks in the coming year?

Given the government’s current preference for local borrowings, I can understand where the fear of a possible crowding out of the private sector is emanating from. However, this does not necessarily have to be the case.

Over the years, Nigerian banks have sufficiently demonstrated their commitment to supporting the real sector of the economy. For example, as of H1 2023, the value of loans disbursed to customers by just seven Nigerian banks stood at almost NGN23 trillion. As of September 2023, FirstBank alone has grown its loan book to customers by over N1 trillion over the December 2022 closing position. This is a clear testament to FirstBank’s ongoing commitment to the growth of the Nigerian economy.

As bankers, we fully understand and have embraced our catalytic role as agents of economic transformation. In addition, banks deliberately pursue a diversified earning asset portfolio strategy.

As such, lending to the real sector will continue to offer much-needed diversification for banks’ overall portfolio health.

In summary, I do not think the private sector has any need to worry as we will continue to support all sectors of the economy (including government) to realize their objectives.

With the inflation rate trending at 26.72%,

and its attendant strain on the economy, how realistic is the dream of the private sector for an affordable lending rate in 2024?

Interest rate remains inextricably linked to the inflation rate. To narrow the margin of negative returns (which usually happens when the inflation rate far exceeds the interest rate in an economy), monetary authorities like the Central Bank of Nigeria (CBN) move to restore the attractiveness of investments by raising interest rates to tame inflationary pressures.

The rise in interest rate also affects customers differently depending on which side of the divide they fall. For depositors, a rise in interest rate means they will earn more returns on their savings or investments, while borrowing customers may have to take on a higher lending rate as banks also try to adjust for the higher funding costs.

Nevertheless, it has also been proven that an unusually high-interest rate burden exerts considerable pressure on borrowers’ ability to repay their loans.

Therefore, it is in the best interest of both the banks and their customers to collaborate in arriving at a lending rate that works for both parties. I do not believe that any bank will unreasonably raise its lending rate above its justifiable cost profile, given the elevated competition that exists in Nigeria’s financial services industry.

The current administration plans to grow the GDP to $1 trillion in 2026. Although the Central Bank Governor has directed banks to gear up for recapitalisation to enable them to adequately lend to the economy, do you believe the nation’s capital market, largely dominated by local investors, is liquid enough to generate the needed capital for banks?

The Government’s aspiration for a $1 trillion economy in the next 8 years from 2023 seems wellanchored given the significant fiscal changes that have been implemented since the new administration came on board. If successfully implemented, these

actions hold immense potential to unlock new growth opportunities within the economy.

As of 18th December 2023, the Nigerian Exchange All Share Index (NGX ASI) has grown by almost 45% from its closing position in December 2022. This suggests significant activity in the capital market within that period. Also, as the inflation rate tapers in advanced economies, we will begin to see normalization of interest rates in these jurisdictions. Given this trend, we expect to see a growing volume of Foreign Portfolio Investments (FPIs) into the Nation’s capital market as investors seek high-return jurisdictions and portfolios.

Therefore, given these tailwinds and other factors, I remain confident that the Nation’s capital market will be sufficiently liquid to support the potential recapitalisation of banks.

The Bank recently took its culture of impressive performance higher with a 79 per cent increase in its gross earnings on a year-on-year basis as it declared N922.2 billion in its nine-month result for 2023. In terms of profitability, what should the Bank’s shareholders be expecting at the end of the 2023 financial year?

At FirstBank, we understand our responsibilities to all our various stakeholders, including customers, regulators, employees, and shareholders, and we remain fully aligned on discharging our obligations to all categories of stakeholders.

The Bank’s Q3 2023 financial performance underscores how dearly we strive to uphold our obligations to all our stakeholders: we supported our customers with additional loans by growing the loan book by 34% to N4.6 trillion; we guaranteed our staff’s employment by remaining profitable in the face of the harsh operating environment; the Bank maximized its shareholders’ wealth with a commendable growth in profitability.

Our stakeholders should expect to see a Bank that is future-proof and ready to provide best-in-class products and services that will meet and surpass their needs across all our channels and jurisdictions of operations.

FirstBank remains dependably dynamic and will ensure that the needs of all stakeholders are met: •to the customers, we will provide the best products and deliver exceptional customer experience, •to the shareholders, maximization of ‘Total Shareholders Return’ •to employees, competitive emolument, and exciting career experience •to regulators, voluntary compliance with all rules and regulations •to communities, we will be good corporate citizens and give back to the society where we operate.

What is the current NPL ratio of FirstBank?

What strategies have you adopted to significantly bring it to its current level?

As of Q3 2023, the Bank’s NPL ratio remains within the Central Bank of Nigeria’s regulatory threshold of 5%. It is also our expectation that the ratio will be maintained within the regulatory threshold by the end of FY2023.

FirstBank has built an enduring risk culture and governance system, strengthened the risk infrastructure through specialized training, digitization of credit processes, and imbibed a disciplined and pro-active portfolio management approach thereby ensuring strict regulatory compliance as well as maintaining the NPL ratio with the acceptable threshold.

In what ways will the planned recapitalisation of banks affect the economy given our experience of 2005?

The planned recapitalization of Nigerian banks should have several positive effects on the economy given the intermediation role that banks play. Some of them include: § Investment Stimulation: since banks may leverage the capital market to raise additional capital, the investing public will have more outlets for profitable Continued on page 35

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T H I S D AY • MONDAY, JANUARY 1, 2024

INTERVIEW

With over 4.6 trillion naira loans to customers in Q3 2023, FirstBank is committed to economic growth and transformation investments. Given the relatively profitable nature of most banks, I expect that the appetite for the banking sector stocks will remain impressive, and this should significantly drive volumes on the Nigerian Exchange § Enhanced Underwriting Capacity: For banks, additional capital will mean improved capacity to underwrite bigger transaction tickets that can further unlock economic growth and support the Nation’s aspirations for the real sector.

Higher Employment Rate: As banks become better capitalized and able to support the real sector on a bigger scale, this should translate to more employment opportunities as companies employ more people to support their expansion programmes. A higher employment rate will also result in a lower poverty rate for the country.

How true is the fear that the current state of the economy may not guarantee the raising of the needed funds from the capital market at the same time, unlike what was obtained in the last banking sector recapitalisation? What are the options available to banks seeking to shore up their capital?

As I mentioned earlier, though we are in a high inflation era and investible funds for households and corporates might be repressed, given the anticipated tailwinds from interest rate normalization in advanced economies, I am of the view that the capital market will be adequately liquid to support the recapitalization exercise.

I would like to note that, investors will always seek decent returns even in a repressed economy.

Nigerian banks have remained quite profitable, and most investors would like to invest in profitable entities. Similarly, equities of Nigerian banks might offer some good growth prospects in the near to medium term, thus offering significant capital appreciation opportunities for discerning investors.

Nevertheless, where there is a need for some augmentation, there are several other capital-raising options available to banks. For example, banks can issue subordinated debt instruments or other forms of convertible bonds either locally or offshore.

Overall, depending on the eventual level of recapitalization mandated by the CBN, banks will pursue any or a combination of several options to meet the required capital base.

With the headline inflation rate at 26.72 per cent in September and the interest rate at 18.75 %, and with the removal of subsidy and the attendant high cost of living, running businesses in Nigeria is becoming a big risk. How will Nigerian banks assist operators of small and medium-scale enterprises which form the bulk of businesses in Nigeria?

SMEs remain the bedrock of any economy as they account for about 80% of employment on the continent. As such, it is extremely important to put measures in place to keep them thriving. In my view, the measures to make SMEs thrive in Nigeria can be broadly classified into two categories. These are fiscal and financing measures.

The fiscal measures relate to issues around ease of doing business, improving security for lives and property, tax efficiency, adequate power generation, and enforcement of law and order, amongst other things. I am sure you will agree with me that these matters largely fall on the part of the government across all levels.

On the financing part, although there is still a lot more room for improvement, banks have done quite well. For example, at FirstBank, through our SMEConnect hub, we offer much more than just financing to our SME clients. Through the platform, the Bank offers specialized business training to raise the skills level of our SME business owners, thereby equipping them to make better business decisions that will guarantee the success of their businesses.

The platform also offers crucial networking and marketing opportunities for all our SME clients to exchange business ideas and contacts.

FirstBank also offers several lending products dedicated to SME clients operating in diverse economic sectors such as FirstEdu loan for those in the educational sector, First Traders Solution for those engaged in fast-moving consumer goods, Health Finance Facility for those operating in the health sector, and many more. The Bank also continually reviews the terms and conditions of these facilities to ensure that they remain market-relevant and reflect the current realities of SME clients.

FirstBank’s SME clients can continue to count on us to listen to them through this rough economic patch and offer necessary cushions that are within our control as a Bank. As a Bank that is woven into the fabric of society, we have no other option than this.

Given the naira devaluation this year, what is the fate of the largely US dollar-denominated nature of FirstBank’s lending to the oil and gas sectors?

As the foremost financial institution in Nigeria, FirstBank’s support for the Oil and gas sector is in tandem with our long-term views for the Nigerian

export requirements and capabilities trainings for our customers to distill the significant export opportunities around the AfCFTA and help them identify suitable markets for their produce. These training programs will remain a recurring feature in the short to medium term.

Secondly, we have created and positioned a strong payments/remittance proposition (known as First Global Transfer) to support and facilitate payments for intra-African trade among both existing and prospective customers, while keeping in close step with developments around AfCFTA’s Pan-African Payment and Settlement System (PAPSS) for seamless integration.

Finally, in line with our vision, the Bank will ensure a strategic presence in critical trading corridors on the African continent to support the trade facilitation and other requirements of our clients, thereby giving them an unparalleled competitive advantage.

Adeduntan market and our commitments to our clients.

Also, learning from previous experience, the current client composition of our Oil & Gas portfolio is quite healthy which is why there has been no material adverse effect on our operations as reflected in our most recent financial performance, despite the significant naira devaluations. In addition, some of these clients also have receivables in United States dollars which easily offsets their foreign currency-denominated obligations.

As a Bank, we remain committed to the highest standards of risk asset quality, and we will continue to work with our clients to ensure this is always achieved.

FirstBank was recently adjudged as the Best Corporate Bank in Nigeria by Euromoney. With the concentration of your bank’s lending activities in the energy and mining sectors. How do you measure the gains from the bank’s exposure to oil and gas which is put at 31% of net loans in 2022?

FirstBank’s emergence as the Best Corporate Bank in Nigeria by Euromoney represents a very significant external validation of the strides the Bank has made on the Nigerian corporate banking landscape. The goal for our Corporate Banking business has always been to be a “Trusted Advisor” to our clients and we are quite pleased that the market is beginning to acknowledge our impact in this area.

Also, beyond Oil and gas, the Bank is very supportive of other sectors of the Nigerian economy (such as Manufacturing, Services, Telecommunications, Construction, etc), and FirstBank’s emergence as the Best Corporate Bank in Nigeria by Euromoney represents a very significant external validation of the strides the Bank has made on the Nigerian corporate banking landscape. The goal for our Corporate Banking business has always been to be a “Trusted Advisor” to our clients and we are quite pleased that the market is beginning to acknowledge our impact in this area.

Also, beyond Oil and gas, the Bank is very supportive of other sectors of the Nigerian economy (such as Manufacturing, Services, Telecommunications, Construction, etc) and is also actively deploying its balance sheet to facilitate growth and development across these sectors.

As I mentioned earlier, our exposure to the Oil and gas sector reflects our strong commitment to building local content and capabilities required for sustainable national progress. In addition, the portfolio remains healthy with decent returns, and we expect this to continue.

As the foremost Bank in Nigeria, to what extent has FirstBank taken advantage of the gains of the African Continental Free Trade Area (AfCFTA) agreement, which is designed to create the largest free trade area in the world measured by the number of countries participating?

According to the World Bank, the African Continental Free Trade Agreement (AfCFTA) has the potential to boost Africa’s income by $450 billion by 2035 and lift 30 million people out of extreme poverty. As a pan-African bank with a vision to be “Africa’s Bank of First Choice”, AfCFTA presents a very important vehicle for us to serve the broader African market.

Therefore, the Bank has taken several measures to optimally exploit opportunities around AfCFTA. First, as a Bank, we have engaged in extensive

What are your plans to sustain the bank’s robust customer service network and digital banking architecture in 2024?

At FirstBank, our “You First” brand promise to our customers is not just a cliché. It encapsulates our firm commitment to making banking seamless, more accessible, and rewarding for our teeming customers. As an institution, we will continue to leverage both physical and digital channels to serve our customers effectively.

With almost 700 operational business locations, no other bank comes close in the branch network.

This has enabled FirstBank to deliver banking services within proximity to our customers’ homes and offices. We have also supported our extensive branch network with a best-in-class agent banking network with over 220,000 FirstMonie Agents strategically located across the length and breadth of the country. These agents, in no small measure, have been critical to extending financial inclusion levels in their immediate localities.

With over 3,000 Automated Teller Machines (ATMs), FirstBank has one of the highest ATM spreads in the Nigerian financial services space which enables us to serve our customers round-the-clock.

Also, the Bank’s digital and mobile channels (*894#, FirstMobile, FirstOnline & Lit App) have been very successful with our clients, enabling them to conclude both banking and non-banking transactions from the comfort of their homes and offices.

To cater to the needs of our wholesale clients, the Bank has positioned a robust transaction banking platform (FirstDirect) that enables us to service the transaction banking needs of our customers.

In a bid to improve overall customer experience, the Bank has also ensured that its service delivery channels have in-built complaint-handling and issue resolution mechanisms to give customers extra confidence to transact on any of these channels. This is in addition to our always-on, 24/7 interactive, and intelligent contact center, known as FirstContact.

At FirstBank, we remain committed to seeking innovative ways to serve our clients and we will leave no stone unturned to continue to deliver a wholesome customer experience.

As the first Nigerian bank to surpass 200,000 agent banking locations as an exceptional financial inclusion pioneer, what are the plans being put in place to maintain your dominance of agent banking in the coming year?

FirstBank’s feat in the Nation’s agent banking landscape is in tandem with our established pioneering status in Nigeria and the sense of partnership with which the bank operates towards achieving critical national developmental objectives.

With over 220,000 agents on our FirstMonie Agent Network, FirstBank is a major partner in pushing the Central Bank of Nigeria’s (CBN) financial inclusion agenda.

The Bank’s FirstMonie Agent Network has processed over 1.4 billion unique transactions worth well over NGN32 trillion and has empowered numerous localities around the Nation’s 774 Local Government Areas (LGAs) with basic financial services that facilitate economic activities in these communities. This is in addition to the millions of direct and indirect employment opportunities that our agent banking network has created for local communities.

The Bank is constantly strengthening its value propositions to the FirstMonie agents in several ways. For example, through our Agent Credit product, the Bank supports agents to bridge intra-day liquidity shortfalls, thus enabling them to better serve their clients. Also, beyond basic offerings (such as cash-in-cash-out, transfers, and bill payments), the bank has empowered its agents to render more financial services such as account opening for customers. We are also continuously fine-tuning our agents’ support structure to ensure our agents obtain prompt resolution for any service hitch experienced.

As a Bank, we view our FirstMonie Agents as partners and we remain committed to making the necessary investments to make the partnership a win-win for all parties involved.

Another game-changer in the story of the transformation of FirstBank was the conscious attempt of the board and management to make the bank a transaction-led institution. How does the bank intend to continue from this threshold as a way of drawing from the gains of its investment in Technology Academy in Nigeria?

One of the Bank’s strategic priorities in the current strategic cycle is to build a world-class (customer-first) service organization. As such, as an institution, we no longer view Technology as a business enabler but as a business.

Also, when you consider that over 90% of the Bank’s customer-induced transactions now happen on digital platforms, it becomes clearer why we have made (and will continue to make) sizeable investments to overhaul our Information Technology (IT) architecture and infrastructures to guarantee IT platform availability and security to support the overall business aspirations.

The FirstBank Technology Academy is one of the Bank’s creative solutions to addressing the emerging shortage of skilled IT talents in the country in the wake of the increasing migration rate (commonly known as Japa). It is a one-of-a-kind intervention where the Bank engages available graduates with a STEM background and offers them bespoke IT training in line with our business needs. This is FirstBank’s way of growing its IT talents and boosting the national supply of critical IT talents as we cannot afford to use a shortage of talents as an excuse for not meeting up to the high standards to which our customers hold us. The program has also proven to be highly successful, and we will intensify our efforts in this regard.

As a foremost financial institution in Nigeria and on the continent, we are keenly aware of the role technology will continue to play in our ability to serve our clients, and we are poised to make necessary investments at the right scale and on an ongoing basis to guarantee the security, availability, and relevance of our digital assets.

Is acquisition one of the plans being put in place

by FirstBank in preparation for the new threshold of capital base to be announced soon by the Central Bank of Nigeria? We note that the bank already has a capital base of N1.287 trillion As you also noted, FirstBank has been very intentional in ensuring that it maintains a strong capital base given the scope of the Bank’s operations and in line with regulatory requirements. This has informed the deliberate measures the Bank has taken to shore up its capital base over the past few years.

Depending on where the pendulum finally settles when the CBN unveils the new minimum capital requirements for banks, as a compliant and socially responsible institution, we will explore all options available to us to ensure full compliance and maintain our competitive advantage over other players in our industry.

At FirstBank, we leverage both organic and inorganic growth strategies to achieve scale and deliver improved shareholder value.

FirstBank’s plan to rejuvenate its workforce was recently underscored by the employment of more than 700 fresh graduates. Can you start to count the gains of this decision?

The Bank’s Graduate Trainees programme is a highly competitive process through which the Bank identifies and selects young and dynamic individuals for proper grooming to occupy future leadership roles within the organization. Aside from this, FirstBank has several other talent development initiatives such as the FirstBank Management Associate Programme (FMAP), Leadership Acceleration Programme (LAP), and Senior Management Development Programme (SMDP) which are targeted at employees at different strata within the workforce to build a sustainable pipeline of dependable leaders for the institution.

I am glad to note that as an equal-opportunity employer, we offer very compelling employee value propositions that set us apart in the industry. This is in line with our belief that our employees are not just our greatest asset, but they represent the greatest source of strategic advantage for the Bank’s long-term success.

In 2015, FirstBank initiated a development plan that allows most vacancies in the bank to be filled internally. What is the update on this employee-friendly policy of the bank?

At FirstBank, we maintain an end-to-end view of the employee lifecycle which ensures that we focus on offering every employee a fair chance of having meaningful work experience with us. This approach ensures continuous improvements across every stage of the employee experience from recruitment to development and deployment on an ongoing basis.

Since implementing the policy on internal recruitment for vacant roles, the Bank has witnessed a significant uptick in the employees’ mobility index as most vacancies now get filled from existing employee pools. To achieve this, several initiatives such as the FirstBank Job Shadow Programme and the FirstBank Mentoring Programme enable current employees to acquire new skills even while still in their current roles. This makes them ready to take on future opportunities within the Bank.

NOTE: Read full interview in the online edition on www.thisdaylive.com

T H I S D AY • MONDAY, JANUARY 1, 2024

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NEWS

IGHODALO SELLING HIS GOVERNORSHIP ASPIRATION...

Frontline governorship aspirant of the Peoples Democratic Party (PDP) and former Chairman of Sterling Bank Plc, Dr. Asue Ighodalo, addressing PDP leaders of Edo South Senatorial District, during a meeting in Benin City, on Friday

Hold Government Accountable in 2024, Akpoti-Uduaghan Tells Nigerian Youths Sunday Aborisade in Abuja The Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan has challenged Nigerian youths to hold government accountable in the new year.

Akpoti-Uduaghan stated this in a New Year message made available to journalists in Abuja yesterday.

She said: "Nigerian youths, let 2024 be a year you take charge of your government.

"Question the numerous Memorandums of Understanding (MoUs) and contracts entered by foreign investors and the federal/ state governments.

"That’s how unqualified Shell companies are uncovered and we can avoid another SolGas, GINL Ajaokuta steel & Delta steel mishap.

"Critique our bilateral agreements and treaties. Some

are meaningless, obsolete, and sovereign traps. Help Nigeria escape from neo-colonialism.

"Demand monthly questionand-answer sessions with your president. Share your developmental ideas and public opinions.

"He is your president till 2027, so you might as well begin to make the best use of him for you," she advised.

Akpoti-Uduaghan also challenged the youths to hold the politicians accountable, stressing that Nigeria is theirs to fix.

"Remember politicians’ promises are only as real as you make them by demanding accountability and recalling the un-performing amongst us.

"In 2024, intentionally critique the budget, follow the money, monitor the contracts.

"Know that every single kobo borrowed to fund the budget is a debt on all of us

Abiodun Approves Appointment of Two New Perm. Secs.

Governor Dapo Abiodun has approved the appointment of two new permanent secretaries in the state public service.

The appointment was to fill up the existing vacancies necessitated by the retirement of two permanent secretaries recently.

According to a statement signed by the Head of Service, Mr. Kolawole Fagbohun, Prince Abiodun approved the appointment in order not to create any vacuum in the administrative structure of the state, particularly in the Ministries, Departments and Agencies of government and to ensure continuity and stability in governance at all levels.

The appointed permanent secretaries are Engr. Muritala Alabi Adekunle, Director Grade level 17 from the Ministry of Rural Development and Engr.

Olufisan Ayodele Osiyale, Director, HAPPS 17 from the Local Government Service

Commission.

Their appointment is in accordance with the provisions of section 208 (C) of the 1999 Constitution (as amended) and having considered merit, professionalism, inclusiveness and seniority in the civil/ public service of the state, according to the statement.

The statement called on the new permanent secretaries to demonstrate commitment, diligence and selflessness on their new roles and pursue excellence in service in line with the 'Building Our Future Together' agenda of the Prince Abiodun's administration.

Engr. Adekunle served as the Project Coordinator of the Ogun State Rural Access and Agricultural Marketing Project domiciled in the Ministry of Rural Development, while Engr. Osiyale was the director of Works and Housing at Ado/ Odo Ota Local Government prior to their appointments.

including the unborn children.

So treat governance seriously.

"Your democratic rights don’t end at the polls. It starts there. Be involved, we shall work with you," she added.

The senator lamented the carnage in Kaduna, the massacre in Plateau and all forms of insecurity in many parts of the country. She said

all hands must be on the deck to bring them to an end.

"Indeed, 2023 was quite a remarkable year but we can’t help but think about the suffering lot and those who died only to assume that God loves them less.

"Two recent unfortunate incidents come to mind, the Tudun Biri Kaduna drone

strike of the 3rd December 2023 where 88 innocent people were killed by an erroneous military air attack shouldn’t have happened at all.

"Then the Black Christmas for residents of Bokkos and Barkin communities in Plateau where over 150 people were killed by terrorists. The image of the crying baby strapped

on her dead mother’s back still haunts.

"Today, millions of Nigerians live in the despair of poverty and joblessness amidst the high cost of living. Quality basic education is a luxury and our women are still held hostage for want of settling maternity bills in poorly fit healthcare facilities," she lamented.

2024 Will Be Better, Mbah Encourages Nigerians Says 2024 Enugu’s year of disruptive economic growth Governor of Enugu State, Dr. Peter Mbah, has predicted a bright 2024 for Nigeria, urging citizens to keep hope alive, as the gains of some 2023 economic policies would begin to trickle in, in the new year.

Mbah also assured the people of Enugu State of disruptive economic growth in the new year, given the various projects, policies, and laws, including the state's 2024 Appropriation Law rolled out by his administration in the just ended year.

The governor stated this in his New Year message to Nigerians and the people of Enugu State on Sunday.

He said: “It is not in doubt that 2023 was a very difficult year for Nigerians, especially given the temporary hardships occasioned by some hard, but inevitable, policies of the Federal Government, such as the removal of fuel subsidy and unification of exchange rates. But I am very confident that the gales of inflation, unemployment, and general high cost of living will abate in the coming year.

“The onus is, however, on us, as leaders, at every stratum of government, to intensify efforts and initiatives to not only mitigate the immediate hardships, but also take advantage of the economic policies to put the nation on the path of prosperity.”

Recalling some landmark groundworks done by his

administration since its inauguration on 29th May 2023, Mbah said he had no doubt whatsoever that Enugu was at the cusp of economic prosperity.

“In the past seven months, we had7 endeavoured to lay foundations for a new and prosperous Enugu State that would be a premier destination for business, investment, tourism and living. We equally undertook monumental tasks that broke decades-old jinxes in some sectors.

“As promised during the campaigns, we were able to deliver potable water to Enugu metropolis in 180 days. We were able to raise water production from an occasional 2 million litres to 120 million litres per day, even as we continue to address teething challenges like leakages and sabotage while also expanding reticulation.

“We took advantage of the Electricity Act, 2023, signed by President Bola Tinubu in June by immediately initiating the Enugu State Electricity Law, which I signed in September to pave the way for an Enugu electricity market to support our investment and the industrialisation drive.

“We are cashing in on the FG’s economic policies in our quest for foreign direct investment, FDI, holding the maiden Enugu State Investment and Economic Growth Plan Stakeholders Roundtable, organising or participating in

various local and international investment forums to rally investments to our state, and the results are massive.

“We have equally fought insecurity, criminality, and agent provocateurs to standstill; hence, today, Enugu is safe and ready for business.

“We are currently constructing or reconstructing 71 urban roads in Enugu metropolis and ten other major roads across the state, including the 40km Owo-Ubahu-AmankanuNeke-Ikem dual-carriage way, while the construction of the 10,000-hectare New Enugu City has begun.

“We have already begun the construction of 260 smart schools across the electoral wards to provide modern basic education to Enugu children from creche to junior secondary in addition to world-class 260 Type-2 primary healthcare centres for all the wards across the state.

“In pursuit of ease of doing business, we are automating service delivery across the MDAs, including the Ministry of Lands and Urban Development such that you will be able to process and obtain your Certificate of Occupancy in 72 hours.

“Importantly, we have proposed an ambitious, but very realisable N521.5bn 2024 budget where we earmarked N414.3bn or 79 per cent of the budget for Capital Expenditure

and N107.2bn, which is 21 per cent of the budget as Recurrent Expenditure. We equally set aside a record N134.9bn or 33 per cent of the budget to revamp education. We voted N207.8bn for the Economic Sector, N182.9 billion for the Social Sector, N82.5 billion for infrastructure, N28.9 billion for water, N25.1 billion for agriculture, and N21.7 billion for health, while also paying special attention to security and job creation.

“Instructively, borrowing constitutes an infinitesimal 12 per cent of our funding, while we will rally over N300bn domestically as IGR to fund the budget.

“In essence, Enugu State, under our watch, is set for disruptive economic growth and 2024 is our year of turnaround, as we work towards creating a $30bn economy in the next four to eight years.”

He however, assured that his administration would continue to prioritise the welfare of citizens.

“We will sustain our deliberate steps in forms of palliatives, wage awards, planned subsidised mass-transit buses, among others, to alleviate the immediate economic hardships faced by our people. So, we urge Ndi Enugu to keep the faith even as we count on their support and prayers,” he added.

Mbah, therefore, wishes the people of Enugu State and Nigeria a happy New Year and hitch-free celebration.

T H I S D AY • MONDAY, JANUARY 1, 2024

37

NEWS

EBUKA OKAFOR FOUNDATION'S 11TH CHRISTMAS OUTREACH...

L-R: Commissioner for Women Affairs and Social Welfare, Anambra State, Mrs. Ify Obinabo; Wife of Founder Ebuka Okafor Foundation, Mrs. Ginika Okafor; Wife of Anambra State Governor and First Lady, Mrs. Nonye Soludo;and Chairman,Vixa Pharmaceuticals Limited and Founder, Ebuka Okafor Foundation, Chief Ebuka Okafor, declaring open the foundation's 11th year Christmas Outreach held at the founder's residence in Nnobi Idemili South LGA, Anambra State... recently

IN NEW YEAR BROADCAST, TINUBU OFFERS HOPE DESPITE DIFFICULT CHOICES IN NATIONAL INTEREST

country and lives last year.

According to him, "Though the past year was a very challenging one, it was eventful in so many ways.

“For our country, it was a transition year that saw a peaceful, orderly and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

"It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

"The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.

"Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

"Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe.

“One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades.

"Another was the removal of the chokehold of few people on our foreign exchange system that benefitted only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses."

The President said the difficult decisions he has taken in the past seven months he assumed office have been in the best interest of the country.

He also assured that the Port Harcourt and the Dangote refineries would start refining locally this year, even as hepromised workers that his government would implement a new national minimum wage this year.

The President acknowledged the fact that the harsh economic realities has taken a toll on the people.

His words: "I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

“From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians, who work hard every day to provide for themselves and their families.

"I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking

if this is how our administration wants to renew their hope.

"Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter.

“The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation.

"Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens. Silently, we have worked to free captives from abductors.

“While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.

"Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.

“Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

"Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country."

Tinubu said his administration recognised that no meaningful economic transformation can happen without steady electricity supply, adding, "In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.

"To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops.

"We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.

“In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value."

Speaking on the foreign trips he had embarked on since assumption of office, Tinubu said, "On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

“I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.

"In my 2024 Budget presentation to the National Assembly, I listed my administration's eight priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.

"Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.

We will work diligently to make sure every Nigerian feels the impact of their government.

"The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year.

"It is not only good economics to do this, it is also a morally and politically correct thing to do.I took an oath to serve this country and give my best at all times. Like I said in the past, no excuse for poor performance from any of my appointees will be good enough.

“It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people.

"We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves."

According to him, his major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President is to build a fair and equitable society and close the widening inequality.

"While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life.

"I must add that because God didn't create us with equal talents and strengths, I can not guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.

"For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part.

The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers and government officials alone.

"Our destinies are connected as members of this household of Nigeria.

Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.

“In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country."

The president, however, told his political opponents in the last election

that the election was over.

"It’s time for all of us to work together for the sake of our country.

We must let the light each of us carries – men and women, young and old – shine bright and brighter to illuminate our path to a glorious dawn," he said.

champion a pathway to addressing the acute hardship that Nigerians are going through. The government must show a clear direction of its policy projections and desist from the subsisting behaviour of groping in the dark,” he said.

Akpabio: Let's Renew Our Hope in Nigeria

Saraki: Let’s Work Together to Make Our Situation Better

President of the Senate, Senator Godswill Akpabio, has congratulated Nigerians for making it to the New Year and advised them to renew their hope that Nigeria could be better.

Akpabio stated this in a statement by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh.

The Senate President expressed optimism that with President Bola Ahmed Tinubu on the driving seat, Nigeria was on course to regaining its enviable place in the comity of nations.

"I wish to use the occasion of this New Year to congratulate our country men and women for successfully stepping into 2024. I wish to reassure you that things will turn for the better in the year 2024. Keep believing in us and we shall surely deliver on our promises.

"The Executive arm of government and indeed members of the National Assembly are not oblivious of the sacrifices you are making. I still appeal to you not to lose faith in Nigeria but be hopeful and prayerful.

"I want to assure you that it will not be long before you will start reaping the benefits of voting the present government to power. The president is committed, the National Assembly is intentional and the Renewed Hope Agenda is real and we will not fail you."

Former President of the Senate, Dr. Abubakar Bukola Saraki, has congratulated Nigerians on the beginning of 2024 and urged his fellow citizens to work hard in their different corners towards improving the general socio-political and economic situation of the country in the new year.

Saraki, in a statement by head of his Media Office, Yusuph Olaniyonu, noted that the various indices showed that the country was facing a huge challenge on different fronts, which had negatively affected the standard of living of the majority of the people.

“However, we, the citizens are the ones who can solve the problems confronting our country. Every one of us must work hard in our various corners to improve the situation.

We must come out strongly and positively to make the situation better in the new year.

This is the time Nigerians have to give full expression to the old mantra of the 80s: ‘If you are a leader, lead well and if you are a follower, follow well.

“Every worker should work well and all of us should devote more time to working honestly, transparently, and devotedly towards putting our country in a position to defeat the negative forces arrayed against it and rise back to its old glory.”

Address Hardship of Nigerians in 2024, Atiku Tells FG

Obi: Nigeria Must Not Be Left to Transactional Politicians

Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, Atiku Abubakar, in his new year message urged the federal government to address “the acute hardship” facing the Nigerian people.

In his New Year’s message, the former vice-president described 2023 “as a challenging year,” adding that the “situation of life for Nigerians keeps getting direr.”

He said the government must “desist from the subsisting behaviour of groping in the dark” and show “a clear direction of its policy projections.”

He added that the government should also address the rising cost of living and the “degenerating state of our national and community security” with “a well-thought vision of national planning.

“Certainly, many families and businesses already know the intensity of the trying times that we are currently going through – though we could have taken a completely different pathway, had the government been smarter with their policy prescriptions.

“The Year 2024 is still new on its canvas; and so, there is ample time for the current government to

Presidential Candidate of the Labour Party in the 2023 general election, Peter Obi, has said the Nigerian politics must not be left in the hands of transactional politicians, saying the business of the nation was far too important to be left to those involved in transactional politics.

The standard bearer of the Labour Party also warned in his 2024 New Year message to Nigerians that it was dangerous to tilt Nigeria to a one-party state and wanted this resisted.

In a statement to herald the new year, Obi said, “I am involved in the struggle for a New Nigeria that is possible and works for all and will remain passionately committed to the crusade.

“I therefore implore you all who strive for a New Nigeria to remain fully engaged, committed, and resilient as it is and will be Possible.

“My Fellow Compatriots, as we thank God and enter a new year, 2024, I send my heartfelt and warmest greetings to all Nigerians: from my family and I, to you and yours. May the Almighty God bless you all richly and grant your good heart desires in the new year and beyond.

“The events of the past year are now part of our national history. As

we trudge on, we remain mindful of the State of our Nation, and that our best hopes and aspirations remain largely unfulfilled.'

“If there is one fundamental threat to our democracy, it is the undermining and weakening of our national institutions and the capture of state affairs and resources by few individuals and private interests.

This must stop for Nigeria to move forward and function as an inclusive and sustainable society and nation.”

Bago Predicts Brighter 2024 for Niger

Niger State Governor, Alhaji Mohammed Umaru Bago, has assured the people of the state that the new year 2024 wouldbe better for the people.

Bago gave the assurance in a statement in Minna by his Chief Press Secretary, Bologi Ibrahim, in which he also promised that many development Projects would be flagged off during the year.

"The year 2024 is also going to be a busy one in terms of implementation of developmental policies and programmes of the administration" the governor declared.

He added that the quick passage and signing into law of the 2024 budget was an indication that the administration meant serious business, explaining that, "It is going to be work from day one of the new year, and going forward.

"There will be lots of groundbreaking ceremonies including the Minna-Bida road, Kontagora and Suleja township roads," he said.

Sanwo-Olu to Lagos: Let’s Be Hopeful

The Lagos State Governor, Mr Babajide Sanwo-Olu, has urged Nigerians, particularly Lagos residents to be hopeful and continue to live in peace and harmony throughout the coming years.

He charged Lagos residents to remain hopeful of greater prosperity that would be recorded in the country and Lagos in particular as the current administration at the federal and state levels continue to tackle myriad challenges facing the state and the nation.

Sanwo-Olu, in his New Year message signed by his Chief Press Secretary, Mr Gboyega Akosile, said his administration was committed to making life better and more prosperous for all Lagosians in the New Year.

The Governor assured Lagos residents that bigger and greater accomplishments would happen across different sectors in line with the THEMES+ agenda of his administration in Year 2024.

“I wish every Lagosian a Happy and Prosperous New Year. We are thankful to God for the grace to see the New Year and we welcome 2024 with hope and faith. 2023 was a year of great strides for us in Lagos.

“It was indeed a significant year for our administration. We are happy and grateful to Lagos residents for coming out in large numbers to re-elect us for another four years. We will not disappoint you,” he said.

T H I S D AY • MONDAY, JANUARY 1, 2024

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NEWS 24 PEOPLE THAT WILL LIKELY SHAPE 2024 the high confidence reposed in her by the president.

The first female Managing Director of the Nigerian Ports Authority (NPA) between 2016 and 2021, Bala-Usman’s zero tolerance for sleaze and her brutal efficiency was brought to bear in that critical organisation.

Before then, she was the Chief of Staff to the Governor of Kaduna State between 2015 and 2016.

In her new office, she now oversees the performance expectations of cabinet members and bridges noticeable gaps between and among agencies of government to ensure seamlessness in government policies and programmes.

As it were, as the go-between and the hub of government activities, Bala-Usman is expected to play a key role in the success or otherwise of the Tinubu administration this year.

Betta Edu Beta Edu is the current Minister of Humanitarian Affairs and Poverty Alleviation. The relatively young medicine and surgery graduate was a former Commissioner for Health in Cross River State.

Regarded as an in-your-face kind of person, the energetic minister who was recently appointed as the new chairman of the ECOWAS Inter-Ministerial Committee on Social Protection in the West African sub-region, is expected to impact positively on Nigeria’s many displaced and vulnerable persons.

Along with her team and international partners, Edu currently handles the Conditional Cash Transfer (CCT) programme, the N-Power programme, and the National HomeGrown School Feeding Programme.

With over 133 million Nigerians now living in poverty, Edu’s job of lifting Nigerians from the pangs of lack and hunger is clearly cut out for her.

Doris Uzoka-Anite She is the current Minister of Industry, Trade and Investment, with a mandate to enable businesses and grow as well as diversify the economy.

Uzoka-Anite is a trained medical doctor, risk and portfolio management specialist and a former General Manager at Zenith Bank Plc. Having also served as the Commissioner for Finance in Imo State, the woman is expected to bring her wealth of experience in the private sector to debottleneck the many challenges of doing business in the country.

With dwindling foreign direct investment into Nigeria, Uzoka-Anite will be expected to tie the loose ends and build investors' confidence in the troubled Nigerian economy this year.

Bayo Adelabu An accountant by profession, Bayo Adelabu's appointment by Tinubu to head the power sector surprised many. It was even more so because the ministry was one of the few where a junior minister was not appointed.

For Adelabu, Nigeria's economic growth this year vis-a-vis its industrialisation and, by extension, the survival of the manufacturing sector will partially rest on his shoulders.

He will need to, without fail, follow up on the Siemens power deal, which aims to increase electricity supply to Nigerians to 25,000mw by 2025 from the current meagre 4,000mw.

Beyond playing to the gallery, Adelabu is also expected to take a hard look at the current chaotic nonreflective power sector tariff regime.

Will the government look beyond politics and allow this to happen?

This is one question that must be answered in 2024.

Nyesom Wike and Siminalayi Fubara

Adeniyi

Obaseki and Shaibu

appears to be no genuine peace yet, even though the duo had sheathed their swords.

With Wike’s choke on the state currently threatened and the survival of Fubara somewhat shaky, the new year has a lot to showcase from Rivers State as it begins to assume shape today.

and experience transcend his age.

His expansive mien, measured gait and intrinsic dedication to nation and humanity sum up his unalloyed commitment to his fatherland. He ensured that the Nigerian Immigration Service cleared 204,000 passport applications within two weeks and helped facilitate the release of 4,068 inmates incarcerated in custodial centres across the country for their inability to pay court-imposed fines.

Tunji-Ojo has completed an extraordinary 100 days at the helm of Nigeria's Ministry of Interior in a resounding testament to unwavering dedication and a visionary approach.

His tenure has been marked by a series of groundbreaking achievements that have reshaped the landscape of service delivery, reformed policies, and placed the welfare of Nigerian citizens at the forefront.

Spearheading revolutionary reforms, Tunji-Ojo introduced user-friendly e-platforms for visa applications, allowing passport photo uploads via the immigration portal. This initiative promises increased accessibility and convenience for Nigerians seeking visas. The unveiling of enhanced e-passport facilities in key Nigerian Embassies across Europe is a testament to his commitment to improving service capabilities for Nigerian citizens abroad, particularly in Spain, Greece, Austria, Switzerland, and Italy.

His advocacy for fair compensation for paramilitary officers and the proposal for a pension board for various security services highlight his dedication to ensuring better welfare and equity within the sector.

Kyari

Godswill Akpabio and Tajudeen Abbas Year in, year out, the National Assembly leadership is a factor in how the nation pans out, ultimately.

This refers to the disposition of her leadership in both chambers of the National Assembly.

The duo of Senator Godswill Akpabio and Tajudeen Abbas,Senate President and Speaker of the House of Representatives respectively in the 10th National Assembly, would undoubtedly shape the political economy in the New Year.

Akpabio and Abbas had since their inauguration on June 13 2023, demonstrated that they possessed the intellect, temperament, sense of humour and charisma to lead the other 467 federal lawmakers as their firsts among equals in the discharge of their legislative responsibilities and other allied functions as enshrined in the Constitution.

Even though this has not come without reservations from some quarters, their emergence as the Chairman and Co-Chairman of the apex legislative institution in the country, showed that the presidency reposed absolute confidence in their ability to lead the red and the green chambers.

While some critics may consider their relationship with the Executive arm as an aberration and sign of weakness, others had argued that country would be the loser when the executive and the legislature disagree on issues that could be resolved through diplomacy and compromise, where necessary.

Nigerians majorly tagged the 9th National Assembly, especially the Senate under the leadership of Ahmad Lawan as “rubber stamp”, it is yet to be seen much significantly different the 10th National Assembly is.

Godwin Obaseki and Philip Shaibu No love is lost between Governor Godwin Obaseki and his lieutenant, Philip Shaibu. Following their initial and brief cordial relationship, the soon duo had a bitter falling out. Their union seemed destined for failure as Shaibu's ambition to be Edo's governor put a spanner in the works of Obaseki.

Obaseki bared his fangs and relegated Shaibu to the background, humiliating him by barring him from the Government House. After protracted ill feelings between the duo, Shaibu ate his humble pie, publicly begging and apologising to the Edo governor, Obaseki.

The bone of contention is that Obaseki has a preferred individual, not Shaibu, to succeed him. Despite the reconciliation between the governor and his lieutenant, things are no longer at ease.

A divided PDP lost ground to the APC in the 2023 presidential election.

Shaibu is bent on contesting the Edo governorship poll in 2024. Labour Party won the presidential election in the state in 2023. Can Obaseki neutralise Shaibu come 2024?

The crisis in Rivers is far from being over, notwithstanding the controversial intervention by President Bola Tinubu.

As a carryover from last year, the last is yet to be heard of the feud between Governor Siminalayi Fubara of the state and the FCT Minister, Nyesom Wike. Olubunmi Tunji-Ojo Fubara and Wike have been battling At 41, the Minister of Interior, for the soul of the state for a while Olubunmi Tunji-Ojo's exposure and in spite of all entreaties, there

THE SECURITY SECTOR The total response of government to the security situation in the country in the past eight years is yet to meet the expectations of Nigerians. With the recent killing of over 100 people in Plateau State including women and children,especially the crying child strapped to her dead mother's back, an image that has horrified the world, all eyes would be focused on the security sector to change the narrative of a nation that has become a killing field and a river of blood.

Even with the activities of terrorists, ebbing in the North-east with the surrender of thousands of insurgents, the menace of armed banditry, kidnapping by armed herdsmen in North-west, North-central and other parts of the country as well secessionist agitations in the South-east and growing oil theft in the Niger Delta region have remained intractable.

As Nigeria steps into a new year, the situation, therefore, requires a deliberate and calculated policy change founded in leadership that imbibes the fear of God, requiring that when blood-letting has become the order of the day, the government and the entire nation must rise as God-fearing people to challenge the status quo.

The growing cases of oil theft in the Niger Delta region needs to be urgently addressed as the mainstay of the nation's economy. Fortunately, those put in charge of this all-important sector are up to the task.

A combined team of the Defence Ministers, Badaru Abubakar; the National Security Adviser (NSA), Mallam Nuhu Ribadu; the Chief of Defence Staff, General Christopher Musa; the Chief of Army Staff, Lt Gen Taoreed Lagbaja; the Chief of Naval Staff, Vice Admiral Ikechukwu Ogalla; the Chief of the Air Staff, Air Marshal Hasan Abubakar; and the Inspector-General of Police, Kayode Egbetokun are up to the task.

Burna Boy

THE BUSINESS LEADERS Aliko Dangote Aliko Dangote is one of the few Nigerians, who need no introduction.

As his conglomerate expands, the business magnate widens his economic frontiers to oil and gas. Nigeria is in dire need of a functional and efficient refinery. The Dangote Petroleum Refinery is seen as a game-changer because of its 650,000 barrels per day capacity.

The refinery is under construction in the Lekki Free Zone and is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility. The pipeline infrastructure at the refinery is the largest anywhere in the world, with 1,100km to handle three billion standard cubic feet of gas per day. The refinery is designed to meet 100 per cent of the Nigerian requirement of all refined products and has a surplus for export.

The billionaire businessman, Dangote, knows how to shake things up economically and financially. His refinery is a multibillion-dollar project that will create a market for $21 billion per annum of Nigerian crude. Is 2024 the year of our Lord?

Femi Otedola Sure-footed and considered the "most liquid billionaire," Femi Otedola is one of a kind. As a billionaire business magnate, Otedola signposts success and inventiveness.

Otedola, the billionaire businessman and Executive Chairman of Geregu Power Plc as well as a Non-Executive Director of FBN Holdings, has achieved numerous firsts. For instance, through his leadership and influence, FBN has added over N1.3 trillion ($1.3 billion) in shareholder wealth to investors with the rise in the holdco’s market capitalisation.

He is the largest shareholder at FBN Holdings, with major board seats. Geregu Power Plc has added N625 billion in market capitalisation this year alone making it one of the best performers on the NGX. In recent years, his philanthropic endeavours have made him akin to Robert Frederick Smith, the African-American billionaire founder and CEO of Vista Equity Partners.

Augustine University, a private Catholic institution affiliated with the Lagos Catholic Archdiocese has been receiving generous dose of Otedola’s heart. On 26th October, Otedola was inaugurated as the university’s chancellor, and he chose that moment to make yet another extraordinary and selfless gesture. The Geregu Power honcho has a larger-than-life aura and has remained largely down-toearth, illustrated by his humongous philanthropic donations to institutions and individuals. His generous donations to charity organisations, including Save the Children.

Just recently, he granted N1 million donation to each of the 750 students of the university, an act that is consistent with his ongoing commitment to promoting education and societal well-being as a whole. His total contribution to the university so far has grown to N3 billion including the N2 billion he committed to the construction of the university's Faculty of Engineering four years ago.

He is surely one of those to look up in 2024

Herbert Wigwe Wigwe has become a signature tune for success, innovation and futurism.

Asake

Focusing on changing the landscape of higher education in Nigeria and the West African sub-region, Wigwe University is providing excellent infrastructure with a readiness to provide an Ivy-League education, spending at least $500 million to set up the institution.

On June 9, 2023, the National Universities Commission approved and issued an operational licence to Wigwe University in Isiokpo, Port Harcourt, Rivers. The Wigwe University embodies Nigeria’s resilience, fearless culture, values, and entrepreneurial spirit.

The university believes that the world and Africa, especially, needs problem solvers, torchbearers and game-changers, who would form part of its learning community to create sustainable solutions for the world. It would be the most conducive environment to do this and attain their highest potential. The institution is unlike other universities in Nigeria and the West African sub-region.

Wigwe's vision and mission are unmistakable. He aims to raise a "fearless generation" of students, youths who will take charge of political and economic leadership in the future. The Group Managing Director of Access Holdings Plc, Herbert Wigwe, is channelling a $500 million investment into the new university strategically focused on cultivating skills essential for Nigeria's finance and technology sectors. The university will commence academic activities in September 2024.

Wigwe will certainly have a say in the education ecosystem in 2024.

Mele Kyari One other person expected to be critical to the survival of the oil and gas sector in Nigeria and, by extension, its economy in 2024 is the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Mele Kyari.

Having survived the recent sacking of some chief executives by the Bola Tinubu administration, Kyari should now deliver on his pledge to ensure that the Warri, Port Harcourt, and Kaduna refineries come on stream this year.

Moreover, as the head of the national oil company, he is expected to play a key role in ramping up Nigeria's crude oil production, which has faltered for over three years. For Kyari, his job is clearly cut out in 2024.

Ebenezer Onyeagwu Ebenezer Onyeagwu was appointed Group Managing Director/CEO of Zenith Bank Plc on the 1st of June 2019. He is a seasoned banker and an astute financial strategist with over three decades of banking experience.

In March 2023, the University of Nigeria, Nsukka, honoured him with the Doctor of Business Administration degree during the 50th convocation ceremony of the university.

His professionalism, competence, integrity and commitment to the bank's objectives saw him rise swiftly between 2003 and 2005, first as assistant general manager, then as deputy general manager, and eventually as general manager of the bank.

In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top-level corporate, multinationals and public institutional relationships, among others.

With a trove of awards in 2023, 2024 may be a step higher for the bank to climb with Onyeagwu at the helm.

Kizz Daniel

THE 2024 ENTERTAINERS Davido The ‘Unavailable’ crooner topped charts with his ‘Timeless’ album in 2023, as well as sold-out venues in his international tours. In 2024, Davido's impressive three Grammy nominations set the stage for a potential addition to his awards collection.

The ‘Timeless’ album secured a nomination for Best Global Music Album, while ‘Unavailable’ earned him recognition in the newly established category, Best African Music Performance. Additionally, the track ‘Feel’ from the same album garnered another nomination for Best Global Music Performance, showcasing the artist's diverse musical contributions on the global stage.

Beyond the Grammy spotlight, the intriguing question arises: Could 2024 mark Davido's entry into Nollywood?

Having expressed interest and hinting at script considerations, the year holds the possibility of seeing Davido donning the hat of a Nollywood filmmaker.

Burna Boy In 2023, Burna Boy's global influence continued to soar as he expanded into international markets with his music.

His latest album, ‘I Told Them...,’ released last year, achieved this by cleverly sampling popular songs, such as Brandy's ‘Sittin' On Top of the World.’ Notably, Burna Boy earned the title of the most streamed Nigerian artist in Sub-Saharan Africa on Spotify in 2023.

As he maintains his Grammy momentum, 2024 holds promise for Burna Boy, who seeks to add more accolades to his name. Nominated in multiple categories, including Best Global Music Album for ‘Sittin' On Top of the World,’ Best African Music Performance for ‘City Boys,’ Best Global Music Performance for ‘Alone,’ and Best Melodic Rap Performance for ‘Sittin' On Top of the World’ his diverse talents will shine on the Grammy stage.

Asake In 2023, Asake's star power soared with his sophomore album ‘Work of Art,’ proving his enduring popularity compared to his debut. He became a top trending search on Google in Nigeria and garnered acclaim as one of the most streamed artists across Nigeria and other African countries. A significant highlight was his collaboration with American R&B singer H.E.R. on the infectious ‘Lonely at the Top’ hit.

Known for his fusion of fuji, house music, and amapiano, Asake's global appeal continues into 2024. His Grammy nomination in the Best African Music Performance category for the catchy single ‘Amapiano’ featuring Olamide reflects his ongoing impact on the international music scene.

Kizz Daniel Widely recognised as Mr No Bad Songs, Kizz Daniel has consistently dominated the airwaves with his melodious tracks, turning them into anthems. From the hits ‘Buga’ and ‘(Cough) Odo’ in 2022 to the catchy tunes ‘Twe Twe’ and ‘My G’ in 2023, his musical journey remains captivating.

As 2024 unfolds, anticipate new releases from Kizz Daniel that are likely to further solidify his influential presence in the music scene.

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MONDAY JANUARY 1, 2024 ˾ T H I S D AY

NEWS

CELEBRATING REV. KUNLE AYO-AKINJOLE AT 50…

L-R: The celebrant and Pastor, New Creation Baptist Church, Bogije , Lekki, Rev. Kunle Ayo-Akinjole; President, Lagos Central Baptist Conference, Rev.(Dr) Victor Akerele, and Founder, Fishermen Maximum Output Ministries, Rev.(Dr) Kehinde Babarinde, during the 50th birthday celebration of Ayo-Akinjole in Lagos…recently

EFCC Invites former Minister, Farouq, over N37bn Laundered Funds Kingsley Nwezeh in Abuja

The Economic and Financial Crimes Commission (EFCC) has invited the former Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar-Farouq, over an ongoing probe into the N37,170,855,753.44 allegedly laundered under her watch through a contractor, James

Okwete.

The former minister was asked to appear before interrogators at the EFCC headquarters, Jabbi, Abuja on Wednesday, January 3, 2024, to explain the alleged fraud.

“The commission is investigating a case of money laundering involving the Ministry of Humanitarian Affairs, Disaster Management and Social

Bauchi Gov Calls for Peace, Tranquility, Prosperity in Nigeria continue to maintain Security by Segun Awofadeji inBauchi As Nigerians celebrate the 2024 new year, Bauchi State Governor, Senator Bala Abdukadir Mohammed has appealed for the prayers, cooperation and understanding of our traditional rulers, religious leaders, stakeholders and politicians across party affiliations for peace, tranquility and prosperity to continue to reign supreme in Bauchi State and Nigeria as a whole.

Governor Mohammed, who made the appeal in goodwill message to the people of the state on the occasion of 2024 new year celebration yesterday, said his administration has resolved to

remaining vigilant against the activities of criminal elements.

According to him, “I want to assure you that criminals and their collaborators will have no safe haven in Bauchi State.

Government will continue to give security Agencies in the State the necessary support to effectively and efficiently deal with security challenges that might arise.

He called on the people to also cooperate with security personnel by reporting suspicious movements or persons to them, stressing that “I need not tell you that the fight against insecurity is a collective responsibility”.

New Year: Benue GovernorHePardons 12 Inmates explained that the aim George Okoh in Makurdi Governor Hyacinth Alia of Benue State yesterday granted pardon to 12 inmates in Correctional Centre in the state, as part of the New Year celebrations.

The release of the inmates was based on the recommendation of the Benue State Advisory Council on Prerogative of Mercy headed by the State Attorney General and Commissioner for Justice, Barr Fidelis Mnyim.

The action of the governor was in line with the powers granted him by Section 212 of the 1999 Constitution, as amended.

was to decongest the facility housing 525 of those convicted and awaiting trials.

The governor directed the Commissioner, Mr Fidelis Mnyim to increase the number of members of the advisory council, to hasten processes for effective administration of Justice.

While admonishing the released inmates to be of good behaviour as they step out of prison to integrate with the society, the governor charged them to make use of the skills acquired while in custody to better their lives.

Development during your time as minister.

“In view of the above, you are requested to kindly report for an interview with the undersigned.

Scheduled as follows: Wednesday,

3rd of January, 2024. Time: 10am”, the invitation letter, read “This request is made pursuant to Section 38 (I) of the Economic and Financial Crimes Commission (Establishment) Act,

2004 & Section 21 of the Money Laundering (Prohibition) Act, 2011”, it said.

Meanwhile, fresh facts have emerged as to why the Chairman of EFCC, Ola Olukoyede,

insisted on the account details of nine oil producing states for the return of the N52 billion recovered from a consultant that allegedly diverted their money into private hands.

Plateau Killings: ‘Use of Sophisticated Weapons Should Worry Govt, Military’ Tyessi in Abuja The President/CEO of the Para-Mallam Peace Foundation, a nongovernmental organisation, Dr. Gideon Para-Mallam, in reacting to the Christmas Eve and Christmas day killings

in Plateau state, has said the use of sophisticated weapons by the assailants should be a thing of worry for the government and the military.

In a statement issued yesterday, Para- Mallam, who noted that although the people of Bokkos tried to defend their

towns, but were overwhelmed by a fighting force who came bent on carrying out a genocidal mission, queried why deadly arms are allowed into the hands of killers who continue to kill with reckless abandon.

He said if not for the

intervention of the army, the casualties would have been more, however, he has called on the military to be more proactive than reactionary.

The statement reads in part: “It would be an error to rashly conclude that the military did nothing.”

Do Not Sell All Your Harvest, Fintiri Appeals to Farmers Daji Sani in Yola

Adamawa State, Governor Ahmadu Umaru Fintiri, has tasked traditional rulers and stakeholders to encourage farmers not to sell all their harvests, instead, they should save them against 2024.

Fintiri in his speech also tasked them to encourage dry season farming to ensure adequate food security in the state in 2024.

The governor, who was represented by his Deputy, Professor Kaletapwa Farauta, at the ceremony of the conferment of traditional chieftaincy titles on

some illustrious sons, daughters and friends of Batta Kingdom in Demsa Local Government Area of the state over the weekend, also sued for peace.

Fintiri admonished traditional rulers, stakeholders and recipients of various titles of the kingdom to support the peaceful foundations

laid by his government that brought about the crisis between the farmers and herdsmen to it barest minimum.

The governor further explained that only in the atmosphere of peace that development can thrive in the state and the country at large.

Edo Labour Party Denies Assault on Ex-Party National Youth Leader AdibeEmenyonuinBenin-city

The Labour Party (LP) in Edo State has denied involvement in the alleged assault of the party’s National Youth Leader and others in the state.

Last Friday morning, one Anselm Eragbe and others were manhandled when they were alleged to have posed

as party officials to conduct party primary election and congress.

In a video which went viral that day, the victims were beaten mercilessly, and hospitalised.

However, a statement signed by the LP Publicity Secretary, Sam Uroupa, yesterday absorbed party members in Edo State of any involvement in

the beating of the party officials.

In the statement, which was made available to journalists in Benin-city, capital of Edo State, read: “The attention of the Edo State Labour Party (LP) has been drawn to a video circulating in some sections of the media where the former National Youth Leader and others who have

been long expelled from the party were beaten and manhandled by group of persons in Benin-city. One Mr. Abayomi Arabambi alleged that the Edo State LP members led by the state Publicity Secretary, Sam Uroupa, were responsible, and also fingered a party aspirant, Olumide Osaigbovo Akpata, in the matter.

Qatar-based Businessman in NDLEA Custody over Drug Trafficking Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted at the Murtala Muhammed International Airport, Lagos, a Qatar-based businessman, Mr. Agu Amobi, and one Mr. Uchegbu Obi with alleged

consignments of psychoactive substances.

A statement that was issued yesterday by the Spokesman of NDLEA, Mr. Femi Babafemi, alleged that Amobi was arrested last Saturday at the departure point of Terminal 2 of the MMIA on his way to Doha, Qatar on a Qatar

Airways flight while Obi was taken into custody same day following the seizure of alleged consignment of 72,000 pills of tramadol 225mg, which he attempted shipping to Kano on a local flight.

According to Babafemi, Amobi who claimed he has been living and working in

Doha, Qatar for over 10 years was allegedly caught with 1.3 kilogrammes cannabis sativa concealed in a bag of foodstuff.

He claimed he bought the substance in Enugu to deliver in Doha to enable him raise enough funds to pay his rents in Doha and Nigeria and school fees of his three children.

Cross River APC Chieftain Charges Members on Unity, Performance

party, and to ensure that unveiling ceremony of government, which is the Yuletide: Ekiti Lawmaker Sunday Okobi the party continues to gain the LGA party secretariat biggest local government Members and supporters more grounds and visibility building, which he donated in the state and also with Fetes Constituents, Others of the All Progressives in the area. to the party. massive followers in the party, Gbenga Sodeinde in Ado Ekiti

The lawmaker representing Irepodun/ Ifelodun constituency II in Ekiti State House of Assembly, Hon. Hakeem Jamiu, has feted his constituents.

Jamiu handed out many bags of rice, other food items, as well as cash gifts to the constituents in order to cushion the effects of the current economic hardship.

Speaking while presenting the bags of rice and cash gifts to the beneficiaries at the weekend, Jamiu said the primary aim of the gesture was to alleviate

hardships faced by Nigerians, especially during the yuletide period.

The former deputy Speaker stated that the beneficiaries were selected from across the 11 towns in the constituency, including Awo, Igbemo, Esure, Iworoko, Orun, Are, Afao, Iropora, Ilamo, Eyio, and Araromi Obbo.

He added that the gesture is a way for him to give back to his constituents who gave him their mandate willingly across party affiliations in the last general election.

Congress (APC) in Yakurr Local Government Area of Cross River State have been charged on unity, dedication and commitment to the

This charge was given by the state Commissioner for Special Duties and Intergovernmental Relations, Oden Ewa, during the

He said the motivation for the project was because of his public-spirited nature and the need to have a befitting party secretariat for the local

noting that it was only natural for the local government to have a functional secretariat for the members to congregate at all times.

Abike Dabiri-Erewa, Ovia, Others for Ibidapo-Obe Memorial Symposium The Ibidapo-Obe Foundation for Educational Transformation (IFFET) has announced the second edition of its Biennial Memorial Symposium in memory of the former Vice Chancellor of the University of Lagos (UNILAG), Emeritus Professor Oyewusi Ibidapo-Obe, who died on January

3, 2021. The Symposium, which is themed “Beyond Big Data,” is aimed at championing discussions around how the advent of both big data and allied analytics could be leveraged to proffer novel solutions to the diverse socio-economic challenges that plague the country.

The memorial symposium, scheduled to take place on the 5th of January, 2024, at the Rahaman Bello Hall in UNILAG, is an educational forum designed to feature lectures from erudite scholars, including business professionals, on the inherent potentials of big data in positively

positioning Nigeria as a force to be reckoned with across the global marketplace. It is on this premise that Olumide Soyombo, the Co-Founder of Bluechip Technologies, has been billed to give the keynote address on the topic entitled “Moving Beyond Data Visualisation to Data Applications.”

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MISSILE Archbishop to FG, State Govts “The increase in the pump price of Petroleum products and the drastic loss in the value of the Naira, among other factors, have grossly affected the purchasing power of most Nigerians who are finding it increasingly difficult to survive...insecurity has pushed the best brains to japa. Those of us who remain are struggling to breathe, this is unacceptable...As we begin year 2024...Government must listen to the cries of poor Nigerians" –Lagos Catholic Archbishop, Most Rev. Alfred Adewale Martins, tells the government.

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DAKUKUPETERSIDE BENEATH THE SURFACE

2023: Reflections and Future Outlooks

T

he passing 2023 was a year of significance for Nigeria's political and economic landscape. Reflecting on the year underscores the need for heightened vigilance against the emergence of small ,yet consequential political challenges that threaten our democratic fabric. Domestically, the ascent of Peter Obi and the Labour Party during the 2023 elections signals the ongoing momentum of our democracy. The rise of a populist candidate post–Buhari indicates a desire by some Nigerians to have a radical change and depart from the orthodoxy. The successful transition from the Buhari administration to the Bola Tinubu administration is a commendable milestone because the consistent adherence to periodic elections, a pivotal democratic pillar, has been sustained for five consecutive terms since 1999.

However, these achievements are marred by localised challenges. Instances in the states of Ondo, Edo, and Rivers reveal that issues were less about state development and more about upholding the rule of law, respecting democratic principles, the rise of strongmen, and the absence of consensus-building.

Politics of cronyism and clientelism is still prevalent. Leadership at the state level is crucial to the development of Nigeria. The paucity of leadership at the grassroots level in Nigeria is our bane. Furthermore, a critical concern that requires attention is the judiciary's role in fortifying democracy, with Kano State emerging as a potential litmus test. These seemingly isolated issues, though apparently benign, have the potential to converge into a more significant threat to national cohesion and democracy, with historical lessons offering stark reminders. We must pay attention to these localised "cancers" before they spread, causing national political upheaval.

Nigeria found itself confronted by deep-seated issues because of ethnic and geopolitical tensions, rendering the resolution of national problems increasingly complex and, at times, impossible. Through 2023, there are pockets of mass killings by bandits across some Northern regions and secessionist bruhaha in the South- East. Even lately, some communities in Plateau State were ravaged by suspected bandits and over one hundred people were murdered with no consequences. Kidnapping is rampant across major cities in Nigeria.

The Southeast states shot down every Monday without economic activities because of fear of reprisals from groups enforcing sit-at-home orders.

The general elections were fought along ethnic and religious lines; prominent candidates resorted to exploiting divisive narratives to secure support,

Tinubu

detrimentally impacting the overall fabric of national unity. The aftermath of the elections revealed a persistent reluctance among Nigerians to unite and a preference for clinging to ethnic identities over fostering national cohesion.

This inclination became glaringly evident in the election campaigns' content, tone, and themes, further contributing to the widening ethnic fault lines. However, Atiku Abubakar, former VP, argues that ethnicity and religion are not our main problems but symptoms of absence of leadership and negative attitude.

He posits, "Nigeria's problem is not ethnic or religious. It is systemic.

It is the leadership system. It is an attitude problem." It is only leaders that perpetuate and stoke the fire of ethnicity and religion for political gains.

On the economic front, three noteworthy events posed hurdles to the deepening of democracy: the Naira redesign amid elections, rampant inflation, and the near collapse of the Naira against the dollar, eroding the national currency's purchasing power and exacerbating poverty.

The pervasive cost-of-living crisis is disproportionately affecting most of the middle- and low-income earners, aggravating the inequalities gap .

People experiencing poverty are more economically vulnerable, with inflation reaching alarming levels, pushing staple prices up. The escalating Dollar rate is disturbing. 2023 started with $ exchanging rate of about N460/N in the parallel market. It ended with $1 exchanging at over N1200 —further compounding the issue and causing

a ripple effect on the prices of various goods. The removal of the subsidy on Premium Motor Spirit (PMS) forced an increase in fuel price to about N600 against about N190 it was earlier in the year. The rise in fuel prices and the concomitant increase in transport costs has profoundly affected commodity prices in the market, whilst the income of most Nigerians remains stagnant, and the palliative measures are proving inadequate to cushion the harsh effects.

Insecurity directly correlates with food security. The prevailing insecurity in the country worsened the already cost of living crisis Nigerians faced. Many farmers faced hindrances in cultivating and harvesting crops due to insecurity and other forces, causing disruptions in the national food-producing regions.

Addressing the national food insecurity challenge is a sine quo non. The government must find solutions to the undue pressure the farmers face nationwide due to the siege of insecurity .

On the global stage, the IsraelHamas conflict resisted international intervention, and the Russia-Ukraine war posed a substantial threat to the worldwide economy. Nigeria is not insulated from the vagaries of global economic upheavals. When the world coughs, Nigeria catches a cold. We must be prepared to deal with these global uncertainties and develop structures and systems to serve us in adverse global economic impacts. We must not allow ourselves to be docile victims at the mercy of global crisis. Instead, we must be bullish and active participants hoping to take advantage of such a global crisis presents.

Collectively, these challenges constitute unenviable markers of our current reality, carrying profound implications for Nigeria's political and economic growth. Extrapolating from these "fires," it becomes evident that substantial efforts are needed to foster deeper democracy.

Political crises in Rivers, Ondo, and Edo underscore the fragile nature of our democracy and the imperative of respecting the rule of law. In the future, eternal vigilance is the price to secure democracy. The economy, regrettably, appears even more fragile, raising questions about whether deliberate actions have led to its erosion for the benefit of the political elite. Nigeria's former President, Goodluck Jonathan, argues, "We need to correct our politics; we need to correct our economics. We need to correct everything that was wrong."

As we step into 2024, the paramount concern and developmental priority for the government should be fostering unity among Nigerians. A national peace and unity dialogue is imperative now, aiming to address the divisive lines that have emerged over the years. It is essential

to plan and convene a national meeting, engaging in discussions that focus on healing the nation and redesigning governance structures to ensure the equitable delivery of democracy's dividends to all Nigerians. Rebuilding trust among citizens and fostering complementary national growth and development actions are indispensable for the country's progress.

Amidst the backdrop of global economic volatility, the Nigerian economy is anticipated to grapple with challenges throughout 2024. Although the inflationary trend may slightly decelerate, the Naira is expected to exhibit marginal stability in the first quarter but could face a subsequent decline. The real sector is poised for subdued growth, compounded by the persistent challenge of the electricity deficit, notably impacting the manufacturing sector. A substantial obstacle lies in the need for more confidence in the management of the economy; the absence of a clear blueprint has left investors and citizens sceptical about significant changes. There is no indication that the government will make substantial investments in agriculture suggesting that food inflation will likely continue its upward trajectory.

In 2024, 18 African countries are slated to hold elections, making Africa the continent with the most electoral events.

Widespread challenges with credible elections and good governance prevail across most African nations, contributing to growing disillusionment among citizens with the democratic process.

Ineffectual leadership significantly burdens Africa, fostering an environment where corruption thrives. Military involvement in politics and governance has become more prevalent, with nine countries experiencing military rule between 2020 and 2023. Without drastic interventions to enhance governance quality and improve the economic fortunes of citizens, this trend is anticipated to persist in 2024.

President Tinubu's primary focus for 2024 is to restore macroeconomic stability. Nigerians are grappling with tangible economic hardships, and all indicators point to the continuation of a cost-of-living crisis. Political figures must actively work to mitigate the escalating risk of these more minor challenges that imperil our democracy and the nation's survival. The answer lies in upholding the rule of law, respecting democratic values, and embracing selflessness.

We can only achieve this through exemplary leadership. Ngozi-Okonjo Iwela, DG WTO, posits, "The problem of Nigeria is not a problem of ethnicity or religion. The problem in Nigeria is the problem of bad leadership. This is the problem we need to tackle." If we get our leadership right, everything will fall into place.

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