WEDNESDAY 18TH DECEMBER 2024

Senate Passes Bill on New Minimum Capital Requirement for Insurance Firms NAICOM hails passage as game-changer, says will unlock sector's growth potential, deepen penetration

Sunday Aborisade, James Emejo in Abuja and Ebere Nwoji in Lagos

The Senate yesterday passed a bill

seeking to increase the capital base of risk-based insurance companies.

It, nevertheless, reduced the figures proposed in the bill as contained

in the report of its Committee on Banking, Insurance and other Financial Institutions chaired by Senator Tokunbo Abiru.

The red chamber after a thorough consideration of the panel's report, approved N25 billion for Non-life Assurance; N15 billion for Life

Assurance and N35 billion for Reinsurance firms.

The previous provision of the bill before consideration had pegged the

minimum capital requirement for non-life insurance business at N25 Continued on page 9

Soludo: My Govt on Course to Making Anambra Africa’s Dubai, Silicon Valley... Page 9 Wednesday 18 December, 2024 Vol 29. No 10846. Price: N400

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Tinubu: Your Commitment to Nigeria’s Unity Inspiring, Salutes Buhari at 82... Page 8

CAF: Tinubu, Wife, Akpabio, Sanwo-Olu, Uzodimma Hail Lookman, Nnadozie, Others

Say athletes worthy nation’s ambassadors First Lady shares N1.85bn to elderly people

Deji Elumoye and Sunday Aborisade in Abuja

President Bola Tinubu, yesterday, led other prominent Nigerians to congratulate Super Eagles forward,

Ademola Lookman, for winning the 2024 CAF Men’s African Footballer of the Year.

Tinubu, in a release by his Adviser on Information and Strategy, Bayo Onanuga, also hailed Super Falcons

goalkeeper, Chiamaka Nnadozie, Continued on page 9

Lookman

NBS: 51.88m Crime Cases Recorded in 12 Months, N2.23trn Ransom Paid By Victims Senate seeks establishment of ranches nationwide to stem banditry, insurgency Emmanual Addeh, James Emejo and Sunday Aborisade in Abuja About 51,887,032 crime incidences were experienced by households nationally between May 2023 and April 2024, the National Bureau of Statistics (NBS) stated yesterday.

According to the Crime Experienced and Security Perception Survey (CESPS) 2024 report released by the statistical agency, the average amount paid as ransom was N2.67 million, while about N2.23 trillion was paid in total within the reference period.

The study further stated that the North-west reported the highest incidences of crime, with 14.40 million

cases, followed by North-central, with 8.77 million, while South-east recorded 6.17 million incidences.

The report also showed that crime incidence in the rural areas stood at 26.52 million, higher than 25.36 million in urban areas.

The report disclosed that 4.14 million home robbery cases were experienced in the review period.

It said less than half (about 36.3 per cent) of the households, who were victims of home robbery, reported their experience to the police.

According to the study, the most common reasons for not reporting Continued on page 9

NSIB Lists Factors Responsible for Sikorsky Helicopter Crash that Killed Eight on Board... Page 12

THE COMEBACK KID AT THE VILLA...

President Bola Tinubu (R) welcoming visiting President-elect of Ghana, John Mahama, to the Presidential Villa in Abuja…yesterday

PHOTO: GODWIN OMOIGUI.

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T H I S D AY • WEDNESDAY, DECEMBER 18, 2024

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580

PREPARATION FOR 2025 BUDGET PRESENTATION...

L-R: Senate Deputy Leader, Senator Lola Ashiru; Senator Sani Musa; President of the Senate, Godswill Akpabio; Senator Orji Kalu; and Deputy President of the Senate, Jibrin Barau, during Plenary ...yesterday

Agama: Vibrant Capital Market Key to $1trn Economy Achievement Kayode Tokede The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama yesterday stressed the need for a vibrant capital market in achieving the federal government's $1 trillion economy target.

Agama stated this at the 2024 SEC Journalists Academy in Lagos, where he spoke on the theme: "The Role of the Capital Market in Driving Nigeria's $1 Trillion Economy."

He said the journey demands collective efforts from policymakers ensuring an enabling environment, to businesses leveraging market opportunities and, importantly, to journalists who communicate the market’s value to the broader public.

"Achieving a $1 trillion economy is not merely an aspirational goal, it is a necessity for the prosperity and resilience of Nigeria.

"The capital market, as the financial backbone of our economy, is poised to drive this transformation," Agama said.

He, however, said limited investor participation, regulatory bottlenecks and macroeconomic uncertainties were constraining the capital market’s full potential to achieve a $1 trillion economy.

He said the challenges must be addressed to achieve the target.

Agama further said the capital market, in spite of these challenges, had helped in the development of the nation's economy.

He noted that the federal government had raised significant capital by issuing six Sukuk to find road projects across the six geo-political zones.

Agama explained that a significant pathway to economic transformation was in financing critical national projects, especially in infrastructure.

"Nigeria has already demonstrated how the capital market can fund these needs through innovative instruments like sovereign bonds and a number of Sukuk," he said.

The SEC DG noted that this innovative funding approach reduced the reliance on external borrowing while driving job creation, improved logistics, and regional integration.

"The issuance of green bonds has further cemented the role of the capital market in supporting Nigeria’s transition to a low-carbon economy, addressing both infrastructure and environmental sustainability," he said.

He added that the listing of firms such as Dangote Cement and BUA Group underscores how the capital market supports industrial growth and job creation.

"The total market capitalisation of the Nigerian Exchange Limited stood at N60 trillion by December 13, 2024, a testament to the growing role of the private sector in driving national economic outcomes.

"One of the most remarkable opportunities within the capital market is its ability to democratise wealth creation. Through vehicles like collective investment schemes, retail bonds, and exchange-traded funds, the market provides access to financial products for Nigerians across income levels.

"Beyond government financing, the capital market is a vital enabler of private sector growth," he said.

He added that companies in Nigeria had utilised the market to raise capital, expand operations, and

compete globally.

"A prime example is MTN Nigeria, whose public offering in 2021 attracted significant local investor participation, broadening its shareholder base while showcasing the strength of our market.

"As we navigate the complexities of Nigeria’s economic landscape, the capital market emerges as a cornerstone in the pursuit of sustainable growth and development.

"The capital market is the engine that drives economic progress by channeling resources from savers to those who need capital for productive use.

"Globally, countries that have achieved economic milestones, whether in industrialisation, infrastructure, or innovation, have relied heavily on the capital market to mobilise and allocate resources efficiently.

"However, through concerted efforts by stakeholders, including the SEC, market operators, and policymakers, we are laying the foundation for an inclusive, efficient, and globally competitive capital market," Agama said.

He noted that the rise of the retail bond market had enabled ordinary Nigerians to participate in the nation's

The federal government has unveiled a contract management and compliance manual, aimed at avoiding the repeat of the Process and Industrial Development (P&ID) contract that threatened the seizure of Nigeria's assets abroad over alleged breach of contract.

Specifically, the manual, "Federal Complex Contracts Process and Administration" (FCAS), according to the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Mrs. Beatrice Jedy-Agba, was designed to enhance operational efficiency and reduce financial risk.

Speaking yesterday, during the 2023 Manual and Workshop Engagement with legal advisors and key stakeholders in Abuja, Jedy-Agba blamed the negative contractual claims and judgment debts against the federal government on improperly drafted or negotiated contracts between government ministries, agencies and contractors.

Besides, the Permanent Secretary frowned at the ways and manners laws were being undermined in the signing of Memorandum of Understanding (MoU) and agreements, warning that "You cannot just do what you like. We expect that you have capacity, which should reflect

offering a sustainable avenue for financing projects. Sub-nationals like Lagos, and Ogun states among others have leveraged bond issuances to fund infrastructure, education, and healthcare projects.

"These bonds not only enable states to execute developmental projects but also foster accountability and transparency, as market discipline demands robust reporting and monitoring mechanisms.

Expanding this model across more states could unlock development at unprecedented scales, especially when paired with public-private partnerships.

FG, AfDB Push for Fair, Non-biased Credit Ratings for African Countries IMF urges Nigeria to exercise caution in budget planning to curtail borrowing

Nume Ekeghe Amid concerns over seeming bias in global credit rating systems, the African Development Bank (AfDB) and the Nigerian government have called for a more equitable approach to evaluating African economies.

Director General of the Debt Management Office (DMO), Patience Oniha, and AfDB Vice President and Chief Economist, Prof. Kevin Chika Urama, made this call at the recently concluded inaugural ‘Policy Dialogue on Making Debt Work for Africa: Policies, Practices and Options’ in

Abuja.

The hybrid event, which brought together debt management officers, finance ministers, and multilateral organisations from across Africa, echoed a common call for the establishment of an African credit rating agency to address systemic inequalities in the global financial landscape.

At the same forum, the International Monetary Fund (IMF) urged Nigeria to adopt more conservative and realistic budgetary planning to avoid exacerbating its debt burden amid growing economic challenges.

IMF's Resident Representative in

FG Moves to Avert Repeat of P& ID Saga, Unveils Manual on Contract Mgt, Compliance

Alex Enumah in Abuja

economic growth.

"The federal government introduced the Savings Bond in a bid to expand the retail investor base in the bond markets and this has been well received by investors in recent times.

"The introduction of fintech platforms has further simplified access to investment opportunities, driving financial literacy and inclusion. Today, numerous retail investors actively participate in the Nigerian capital market—and we are committed to growing this participation.

"The role of the capital market also extends to state governments,

in the quality of agreement you are bringing."

She therefore charged Legal Advisors to MDAs to always do their best to avert failed contracts and also mitigating the effect.

Jedy-Agba however noted that with effective collaboration with critical stakeholders, participants would be able to effectively implement the projects they deliver on behalf of the government.

Also speaking, a Deputy Director in the ministry, Mr. Augustine Uchechukwu Kalu, noted that the new move was to guide the ministry and various departments on how to navigate the FCAS platform and

get results.

Kalu disclosed that one of the fundamental objectives of the FCAS was to ensure that projects not needed are not embarked upon, adding that about 40 MDAs have been unbundled.

"We will look at the feasibility studies, Public Private Partnership arrangement, funding arrangement, due diligence both country and out country so that projects are not abandoned," he added.

The Chief Consultant to the Ministry on FCAS, Dr. Mark Osa Igiehon, expressed government's readiness to take action through the justice ministry so as to avert what happened in the case of P&ID contract.

Nigeria, Christian Ebeke, emphasised the need for an integrated approach to debt management, pointing out inefficiencies in budget processes and overly optimistic forecasts as key issues undermining fiscal sustainability.

Speaking on the need for a credit agency tailored to African realities, Oniha stressed that while creating such an institution was crucial, it must align with global standards to gain recognition from international investors.

“The credit agency that we should create for Africa, I think is a good idea. The international lending and investor committees are used to their rating agencies. That's what their law requires. Many fund managers have ratings below which they can’t go, and those ratings have to be from one of the big three,” she said.

She added: “If we're creating one for Africa, we have to ensure it aligns with those standards. It may take a while for them to be accepted, but I think we should start that journey anyway.

“It shouldn't just be branded as an African thing let it be global. It should be as good as Fitch, S&P, and Moody’s. I think that should be our aspiration.”

Oniha emphasised that while establishing such an agency would take time, African nations must begin the process and simultaneously hold existing agencies accountable for fair assessments.

For his part, Urama highlighted the deeper challenges African nations

face due to limited local footprints of global credit rating agencies. This lack of on-the-ground presence often leads to assessments that fail to capture the full economic realities of the continent.

“So, dealing with bias is not just about credit rating agencies; it’s a human phenomenon that we need to address,” Urama said.

Agreeing with Oniha, Urama explained: “It is for us to push for a footprint for credit rating agencies in Africa. If they have to get data and create ratings that affect the cost of capital, they actually need to have footprints on the ground and at the moment, this is not the case.

“We also need to build credibility and confidence in our systems, our macroeconomic governance, political stability, and the data we provide. The reason why some of our data might be questioned is that its robustness and credibility can sometimes be in doubt.

“Investing in statistics departments is crucial to ensure we have credible data that cannot be easily questioned,” Urama added.

Urama further elaborated on the rationale for the Africa Credit Rating Agency (AfCRA), noting its potential to act as a counterbalance to global agencies.

“The main reason for the African Credit Rating Agency is to create a counterfactual,” he said.

“It can provide opportunities to support African countries in areas such as capacity building, data systems, methodology, and other relevant areas.

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SIGNING OF ODONLA-ODOGUNYAN HOUSING ESTATE PROJECT, FACILITATED BY LAGOS...

L-R: Special Adviser to the Governor on Housing, Barr. Barakat Bakare-Odunuga; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; the Governor, Mr. Babajide Sanwo-Olu; Managing Director/Chief Executive Officer, Access Bank, Mr. Roosevelt Ogbonna; and Commissioner for Housing, Mr. Moruf Akinderu-Fatai, yesterday during the signing off event at the Conference room, Lagos House, Ikeja, of the Odonla-Odogunyan Housing Estate Project, facilitated by Lagos government and Access Bank

Tractor Scandal: House Launches Investigation into Failed Presidential Initiative Juliet Akoje in Abuja

The House of Representatives has mandated its Committee on Agricultural Production and Services to investigate the non-delivery of the 2,000 tractors, implements, and 100 combined harvesters within the stipulated period contained in an agreement under the Presidential Food Security Initiative and Renew Hope Agricultural Mechanisation Drive and inquire on the status of the tractor assembly plants contemplated in the agreements.

The House also resolved to investigate the procurement and distribution of farm implements within the purview of the Federal Department of Agriculture (FDA) in

the Federal Ministry of Agriculture and Food Security and report within four weeks for further legislative action.

These resolutions followed the adoption of a motion moved by Hon. Saba Ahmed Adam at plenary yesterday.

Adam, informed the house that President Bola Ahmed Tinubu shortly after his inauguration into office, had on Thursday, July 13, 2023, declared a state of emergency on food security, and a major component put forward to boost food production was massive agricultural mechanisation across the country.

He said the declaration of the state of emergency was as a result of the food inflation in the country

resulting in hunger and starvation of Nigerians.

"This ugly trend was frowned at by Mr. President, and as part of the Renewed Hope agenda of his administration, he showed great determination to revolutionise food production in Nigeria," he added.

According to the lawmaker "The Federal Ministry of Agriculture and Food Security has signed an agreement with John Deere Tractors to supply 2000 tractors implements and 100 combined harvesters annually, in line with the Renewed Hope target for increased food production and food security, the contract for a tractor assembly plant in Nigeria was agreed to cost $70,041,733.80 and N2,981,739,134.30, respectively, with

actual equipment and delivery costs, the contract includes sales, after-sales services, spare parts, and training for mechanised service providers.

"The Federal Ministry of Agriculture and Food Security, pursuant to the Presidential Food Security Initiative (PFSI), entered into another five years agreement with AFTRADE DMCC for establishment of a tractor assembly plant to produce 9,022 agricultural implements and 2,000 Belarus tractors annually, this Agreement was estimated to cost Nigeria about $684,190,433 and N138,613,486,965 as actual equipment cost and delivery/assembly cost, respectively.

"Both agreements were laden with benefits to accrue to Nigeria

Over 560,000 NYSC Members Benefit from NNPC Foundation's Entrepreneurship Initiative Organisation facilities 50% reduction in cost CAC registration

Emmanuel Addeh in Abuja About 560,065 members of the National Youth Service Corps (NYSC) benefitted from the training and empowerment programme run by the NNPC Foundation, the Corporate Social Responsibility (CSR) branch of the Nigerian National Petroleum Company Limited (NNPC) in 2024, the organisation has said.

Also this year, a total of 2,659 corps members across the country participated in the NNPC Foundation’s ‘pitching exercise’, an integral part of the organisation's financial literacy programme for Nigerian youths.

This, it said, witnessed the engagement of over 284,000 corps members, who underwent rigorous training and assessments.

The foundation also facilitated a 50 per cent reduction in the registration fees for some of the corps members to register their businesses with the Corporate Affairs Commission (CAC), thereby starting them off on their entrepreneurial journey.

Unemployment remains a major problem in Nigeria. According to the National Bureau of Statistic (NBS), unemployment rate in the first quarter of 2024 stood at 5.3 per cent with a marginal 1 per cent improvement to 4.3 per cent in the second quarter.

Over the years, there have been a series of interventions by various government agencies and non-governmental organisations to stem the tide of unemployment in the country, ranging from the introduction of entrepreneurial studies in schools to various skills acquisition programmes.

Although the programmes were

designed to transform applicants to self-employed persons and eventually employers of labour, most of the interventions ended like a drop of water in a vast desert.

Prior to its transformation into a limited liability company under the Petroleum Industry Act (PIA) 2021, NNPC said it had been involved in a series of entrepreneurial and empowerment programmes through its various subsidiaries in the form of host-community CSR programmes.

“With the transformation into a limited liability company and the establishment of the NNPC Foundation, a subsidiary dedicated to carrying out the company’s social responsibility programmes in a more focused manner, the intervention in entrepreneurial/empowerment programmes was retooled to address the root of the unemployment challenge, especially at the graduate level.

“This gave birth to the NYSC Empowerment Programme which is designed to upscale NNPC Ltd.’s intervention to the national level while at the same time addressing the factor of financial illiteracy which had been identified as the reason for the low level of success in the various interventions,” it said in a note.

Speaking on the objective of the programme, the Managing Director of NNPC Foundation, Mrs. Emmanuella Arukwe, said the objective of the programme is basically to enhance economic self-sufficiency of the young people.

“By educating corps members on financial management and entrepreneurship, the programme aims to empower them to become economically self-sufficient and to

contribute positively to society,” she added.

The wisdom in incorporating financial literacy into the youth empowerment programme by the NNPC Foundation, the organisation said, lies in the fact that one requires a dose of it to be able to establish and successfully run a business.

According to the foundation, the absence of financial literacy is believed to be the reason most of those trained and empowered with skills over the years in the various empowerment programmes often fail to establish and grow successful businesses, thereby defeating the objectives of

the programmes.

With the partnership with NYSC, NNPC Foundation said it has created a training/empowerment module targeted at young graduates mobilised for the compulsory national youth service.

Across the 37 NYSC orientation camps in the country, it stressed that interested corps members sign up for the module and are equipped with financial literacy skills to enable them manage and invest their money effectively and function as entrepreneurs. “In 2024, a total of 560,065 NYSC members benefited from the programme,” it added.

if implemented, which include increased agricultural production, technology transfer, and reduction of the foreign currency expenditure on the purchase of ready-made equipment due to the growth of local production."

The lawmaker however lamented that a year after the agreements were signed by the National Agricultural Development Fund and the Federal Ministry of Agriculture and Food

Security, no single tractor or implement has been received in Nigeria despite the huge public funds involved in these transactions.

According to him, the non-delivery of tractors and other implements was a setback to the Renewed Hope Agenda in Agricultural mechanisation which poses challenges to Nigeria's food sufficiency ambition, as two farming seasons have been lost since the signing of the agreements.

Ayodele Subair Receives Honorary Doctorate Degree The Executive Chairman, Lagos State Internal Revenue Service (LIRS), Mr. Ayodele Subair, has been conferred with a doctorate degree in Business Administration (honoris causa) by the Adekunle Ajasin University, Akungba-Akoko (AAUA).

According to a statement yesterday, Subair received the award at the institution's 13th convocation ceremony and 25th anniversary held last Saturday.

The prestigious honour given to the LIRS boss, according to the institution’s Vice Chancellor, Prof Olugbenga lge, “recognises his outstanding contributions to the development of taxation in Nigeria and his exemplary leadership in steering the agency to unprecedented success.”

Under Subair’s visionary guidance, LIRS has recorded an impressive revenue growth of 310 percent.

His dedication to innovation and operational excellence has established LIRS as a benchmark for effective

tax administration in the country.

In his acceptance speech, Subair expressed heartfelt gratitude for the recognition and emphasised the transformative power of education.

He encouraged the graduands to serve as agents of change and consistently champion the cause of education in their daily lives.

Addressing the students, he urged them to embrace lifelong learning, highlighting their vital role as future leaders, innovators, and change-makers whose contributions would profoundly impact society.

“We are incredibly proud of Dr. Subair for this well-deserved honour,” the Deputy Director of Corporate Communications, Monsurat AmasaOyelude said.

“This recognition not only celebrates his individual achievements but also reflects the values we uphold at LIRS. Together, we look forward to achieving even greater milestones and fostering community development,” she added.

UNCTAD-ISAR, FRC Partner, Empower Accountants with Modern Financial Reporting Skills Sunday Ehigiator The Financial Reporting Council of Nigeria (FRC), in collaboration with the United Nations Conference on Trade and Development – International Standards of Accounting and Reporting (UNCTAD-ISAR), yesterday held an exclusive one-day free workshop, where it trained professional accountants who are members of the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) on UNCTAD’s latest accounting training manual for MSMEs. The workshop with the theme, ‘Accounting and Financial Reporting for Small and Medium-Sized Entities (SMEs),’ was a train-the-trainer

engagement aimed at equipping them, and giving them models to train Micro Small and Medium Enterprises (MSMEs) in the area of financial reporting.

In his address, the CEO of FRC, Dr. Rabiu Olowo noted that micro, small and medium enterprises are universally recognised as the cornerstone of economic growth, as they form the backbone, especially for the Nigerian economy, driving innovation, creating jobs and serving as essential contributors to sustainable development, hence, the workshop centres on a subject of profound significance.

Olowo who was represented by FRC's Coordinating Director, Accounting Standards and Sustainability Reporting, Dr. Iheanyi Anyahara,

noted that, “Despite their undeniable importance, most MSMEs in Nigeria operate informally. This position keeps them in a disadvantaged state. It inhibits their access to critical resources, thereby undermining their long-term sustainability.

“Moreover, it limits their ability to secure financing, especially because of the lack of records, and records, particularly financial reports.

“We at the Financial Reporting Council are resolute in our mission to advance corporate governance and promote excellence in international reporting and sustainability.

“As critical players in Nigeria's economic landscape, MSMEs occupy a central place in the fission of references.

“The Council aims to empower

the MSMEs to try, expand and contribute appropriately to national development.

“This workshop aligns closely with the transformative agenda of President Bola Tinubu, which prioritises economic rejuvenation, inclusiveness and sustainable growth across all sectors.”

Speaking further, he said: “The empowerment of MSMEs as the bedrock of our economy is a cornerstone of this agenda, underscoring a shared commitment to building a resilient and globally competitive Nigeria.

“This workshop has been particularly designed to achieve four critical objectives that will address the unique challenges faced by MSMEs while equipping them for sustainable growth.

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FORMER PRESIDENT BUHARI MARKS 82 BIRTHDAY...

L-R: Former President, Muhammadu Buhari and former Governor of Ogun State, Senator Ibikunle Amosun, on the occasion of the former president's 82nd birthday in his Hometown Daura, Katsina State

Tinubu: Your Commitment to Nigeria’s Unity Inspiring, Salutes Buhari at 82 Northern Governors Hail ex-leader

Deji Elumoye in Abuja and Segun Awofadeji in Gombe

President Bola Tinubu, has rejoiced with his predecessor, Muhammadu Buhari, who turned 82nd years yesterday, saying his commitment

to Nigeria’s unity was inspiring.

The president, in a congratulatory letter personally signed hailed the resilience of the former President to contest the presidential poll four times before becoming victorious in 2015.

He promised to continue to build on the infrastructure legacy he left behind in May, 2023.

The letter read: "Dear President Muhammadu Buhari, On behalf of the government and people of Nigeria, I extend my warmest

Maiha: State Ministries of Livestock Will Boost Policy, Programmes Coordination, Others FG seeks to standardise domestic production to access global markets James Emejo in Abuja The Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, yesterday hailed the creation of the Ministries of Livestock Development at the subnational level.

He said the initiative will facilitate policy and programmes coordination, and accelerate the overall development of the sector.

The minister also hinted at the federal government's resolve to standardise domestic production of livestock and related products to ease access to the global markets.

Speaking at the 2024 Continuing Education Programme for Veterinary Professionals, with theme, "Veternarians as Policy Advocates; Giving Voice to Animal Health", the minister pointed out that the action was a clear demonstration of support for the presidential initiative in the establishment of the Federal Ministry of Livestock Development.

He said in the last two weeks, Borno and Yobe have added to the

list of states that have created new ministries of livestock, describing the development as encouraging.

Maiha however, appealed to states that are yet to follow suit to do so as a matter of urgency.

The minister also expressed confidence that the first National Council on Livestock Development will have representations from all state ministries of livestock development.

He noted that issues of livestock migration, animal health, food and water, as well as breed improvement would be tackled with speed.

In a statement issued by the ministry's Director, Information and Public Relations, Mr. Ben Bem Goong, Maiha said," We need to overhaul the necessary regulations for milk collection mechanisms, take inventory of the value chain establishments, livestock census and ensure strict enforcement of regulations as well as conduct nationwide vaccination of animals."

The Federal Ministry for Livestock

Development was created to boost the Nigerian economy and reduce insecurity, and is described as one of the best policy decisions taken by President Bola Tinubu to reposition the economy.

congratulations and best wishes to you on your 82nd Birthday.

"As you celebrate this remarkable milestone in Daura, we reflect on your years of dedicated service and leadership, which have significantly shaped the course of our nation.

"Your steadfast commitment to Nigeria's advancement and unity inspires many, and your enduring legacy continues to guide our nation's journey towards prosperity and stability.

"Your doggedness and resilience in contesting presidential elections in 2003, 2007, and 2011 before winning them in 2015 and 2019 also inspire us never to give up.

"I will continue to build on the infrastructure legacy you bequeathed to our nation as the leader of our country's first All Progressives Congress (APC) administration.

"On this special day, may you be surrounded by the love of your

President Bola Tinubu has appointed Aisha Garba, an international development specialist, as the Executive Secretary of Universal Basic Education (UBEC).

The President in a release issued on Tuesday by his Adviser on Information and Strategy, Bayo Onanuga, expects the new Executive Secretary of UBEC to drive the renewed hope and vision of providing and supporting quality education and ensuring that

Nigerian children become globally competitive.

Garba, a Senior Education Specialist with the World Bank, brings more than 24 years of experience driving impactful programmes in education for human and economic development, working in Nigeria, Ghana, Somalia, Kenya, the USA, and the United Kingdom.

With over 15 years of hands-on experience at the World Bank, Garba has consistently led end-to-end design and management of education

fairs), Government House, Gombe, Ismaila Uba Misilli, which was made available to journalists yesterday, commended Buhari’s leadership as a source of inspiration to many generations, describing his 82nd birthday as a celebration of a life well-lived in service to the nation.

"As you mark this remarkable milestone, Gombe State government and the NSGF join millions of Nigerians in celebrating an iconic statesman whose life and public service have been characterised by patriotism, integrity, and a steadfast commitment to the unity and progress of our great nation," the Governor stated.

While reiterating his admiration for the former President’s steadfastness in advancing Nigeria’s development, the NSGF Chairman prayed Almighty Allah to continue to bless him with good health, wisdom, and strength to contribute further to the peace and prosperity of Nigeria.

Lagos, NCDC Collaborate on Environmental Surveillance Programme

The Lagos State Government on Tuesday expressed its readiness to support the Nigeria Centre for Disease Control and Prevention (NCDC) on the launch of the Environmental Surveillance Programme (ESPN) in the state.

The Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, made this known when delegates from NCDC led by the Consultant on Needs Assessment, Prof. Olatunji

Kolawole, came on a courtesy visit to the ministry to notify that the state had been selected as a site for the surveillance initiative.

Wahab said the Health and Environment sector cannot be separated as such the multi-sectoral approach for the surveillance is a welcome development.

"I am glad we are having this collaboration at this level.

Interestingly for the THEME+ of this administration, the second leg

Tinubu Names International Devt Specialist, Aisha Garba Executive Secretary of UBEC Deji Elumoye in Abuja

family and friends and continue to enjoy good health, happiness, and fulfilment in all your endeavours, now and in the future.

"Happy Birthday, and thank you for your services to Nigeria,” he said.

Northern Governors also yesterday, greeted the former president on the occasion of his b2 second birthday.

The Chairman of the Northern States Governors' Forum (NSGF) and Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya rejoiced with former President Muhammadu Buhari.

In a goodwill message on behalf of the 19 northern governors, the NSGF Chairman described the former Nigerian leader as an iconic statesman whose life epitomises patriotism, integrity, and commitment to Nigeria’s progress.

According to a statement issued by the Director-General (Press Af-

programmes and reforms, from conceptualisation to completion and impact assessment.

Besides being actively interested in and involved in human development issues, the development specialist will share her rich network with governments, development partners, and communities, as well as the skills she acquired working in fragile, conflict, and violent settings to deliver sustainable solutions in basic education.

Garba had previously worked on the team that met the Millennium

Development Goals (MDGs) targets in Nigeria and consulted for the World Bank, Department for International Development, BOND-UK, Regent Foundation, and Muslim Aid Organization.

She is an alumna of Petra American University in Jordan, where she earned a Bachelor of Arts combined degree in English and Computer Studies in 2000. She later got a Master's in International Development at the University of Birmingham in the UK in 2007.

of that pillar is called Health and Environment. So, for those that are knowledgeable, you will all agree that you can never separate the effects of the Environment on the Health Sector," he said.

He said the government is willing to collaborate whenever the cause and effect of the Environment and Health is being discussed saying if the government fixes the basics in the environment ecosystem, it will definitely reduce the cost of the challenges that is being experienced in the health sector.

He said the programme aims to establish a robust environmental surveillance system across the state with the capacity to detect outbreak-prone pathogens, monitor endemic disease patterns, support clinical surveillance, inform vaccination strategies, and act as an early warning system for future outbreaks.

He said the Ministry of Environment and Water Resources had in recent past worked assiduously with the Ministry of Health during the cholera outbreak to proffer a lasting solution, adding that it is whatever the environment is unable to fix that ultimately becomes a challenge in the health sector.

According to him, “We welcome you to Lagos, as Lagos believes

environment is the father of all; we need to fix whatever we have to fix with the collaboration of our agencies which ranges from LASEPA, to LASWMO as well as LAWMA.” Wahab stressed that since Lagos State has been selected as one of the five phase 2 pilot states for this important initiative, the ministry is ready and willing to collaborate with NCDC to evaluate site requirements and resources critical for establishing effective environmental surveillance operations in the state.

The Consultant on Needs Assessment, Prof. Olatunji Kolawole, in his response expressed appreciation to the state for its cooperation, saying it will greatly enhance the smooth implementation of the ESPN project's objectives in Lagos State.

He added that the assessment consultant and their team will coordinate closely with relevant state officials to conduct these assessments effectively.

Also in attendance were the Permanent Secretary, Office of Drainage Services, Engr. Mahamood Adegbite, General Manager, Lagos State Environmental Protection Agency (LASEPA) Dr. Tunde Ajayi, General Manager Lagos Waste Water Management Office (LASWMO) Engr. Femi Afolabi and other directors in the ministry.

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Soludo: My Govt on Course to Making Anambra Africa’s Dubai, Silicon Valley Praises Tinubu for appointing APGA members into his administration

Emmanuel Addeh in Abuja Anambra State Governor, Prof.

Chukwuma Soludo, yesterday reiterated that his government had begun laying the foundation to transform the state into the Dubai, Taiwan and the Silicon Valley of Africa.

Speaking when he appeared on Arise Television last night, the governor also highlighted the issue of primary healthcare as a priority for his government, stressing that the vision of his administration is to build a livable and prosperous homeland.

The governor was speaking against the backdrop of the state emerging victorious at the National Primary Healthcare Leadership Challenge

where it clinched the best state in the South-east zone and the overall best state in Nigeria and winning $1.2 million.

Soludo listed the five major pillars of his administration as: Security, law and order; infrastructure and economic transformation; human capital and social agenda, governance infrastructure as well as the environment.

“It's within this ambit of the macro, our vision to have, if you like, a mantra of building or laying the foundations, to have Anambra as the African Dubai, Taiwan or Silicon Valley. The Dubai component of being a logistics, commercial, entertainment and leisure hub. Or Taiwan in terms of mining our huge human capital.

Not having much natural resources, but mining our human capital to industrialisation and so on.

“And then of course the Silicon Valley where we're also mainstreaming our tech potential and so on. And where we have also won national awards, tech and innovation. And we're building our own Silicon Valley here,” he stressed.

From primary through secondary, in all public institutions, he disclosed that the state has hired 8,115 teachers qualitatively from 18 states of Nigeria just to ensure that it delivers quality teaching and mainstreaming smart digital education.

From primary health to general hospitals and even the tertiary teaching hospitals in the state, he

said about 82,888 pregnant women have benefitted from free medical services, including free antenatal drugs.

Besides, he stated that the state was setting up some legal institutional reforms to strengthen and deepen the reforms so that they are not obliterated after his administration.

On security, Soludo stressed that before he became governor, eight local governments were under total siege by the hoodlums taking over everywhere, explaining that as candidates, none of them could campaign freely anywhere.

“In those eight local governments, in fact, a governorship candidate was abducted while he was driving. His

NBS: 51.88M CRIME CASES RECORDED IN 12 MONTHS, N2.23TRN RANSOM PAID BY VICTIMS

crimes included lack of confidence in law enforcement and the belief that police intervention would not result in meaningful action.

At the individual level, 21.4 per cent of Nigerians reported being victims of crime, the most common crime being phone theft, which accounted for 13.8 per cent.

About 90 per cent of victims of phone thefts reported to the police, and only 50 per cent of the victims expressed satisfaction with police responses, NBS added.

Nationwide, about 1.4 million experienced sexual offences, which occurred mostly in someone else's home (27.7 per cent), followed by the victim's home (22.2 per cent).

The study also showed that sexual offences were less likely to occur at a public transport station (0.9 per cent), and only 22.7 per cent of victims reported to the police.

Public perception on safety showed that 9.6 per cent of Nigerians believed they might be a victim of crime in the next 12 months.

In rural areas, 13 per cent of the population believed they could be victims of crime compared to seven per cent in urban areas.

Security agencies' average response time to emergencies was a key indicator of effective crime prevention, the study noted.

Nationally, 33.1 per cent of the population reported that the average response time to an emergency call by security agencies was less than 30 minutes. About four out of 10 households had at least one interaction with state or local security forces within the reference period.

Similarly, one out of two households had contact with the Nigeria

Police, and 25.7 per cent reported the incidence of crime to the police after experiencing a crime.

The report further revealed that satisfaction with police responses was notably low, particularly for crimes like livestock theft (42.9 per cent) and crop theft (42.4 per cent).

In rural areas, many households relied on local vigilante groups, the report added.

CESPS, a household-based survey, provided an in-depth understanding of crime in the country.

The target population comprised household members 15 years and older. The survey was carried out to produce estimates at national and zonal levels, covering both urban and rural areas, for a 12-month reference period – May 2023 to April 2024.

The findings provided crucial insights for security agencies, stakeholders, and policymakers to improve public safety and align with the Sustainable Development Goals.

To Stem Banditry, Insurgency, Senate Seeks Establishment of Ranches Across the Nation

The Senate, yesterday, urged the federal government to fund the establishment of modern ranches across the country. It said the idea would enhance safety and economic productivity for both herders and local residents.

The upper chamber also resolved to enact a law that would define the limits of economic activities under the Economic Community of West African States (ECOWAS) treaty.

The resolutions followed a motion, titled, “Urgent need to

address incessant banditry attacks/ killings and displacement of innocent Nigerians in some villages at Billiri Local Government Area of Gombe State,” moved by Senator Anthony Siyako Yaro (Gombe South).

Yaro called for urgent action to address the recurring banditry attacks in Billiri Local Government Area of Gombe State, following the killing of several residents and widespread destruction of property by suspected herders on December 11, 2024.

He decried the attacks on villages, including Sansani, Kalindi, Powishi, and Lawushi Daji, where armed assailants killed residents, burnt houses, and destroyed food supplies and livestock, leaving scores of people displaced.

Yaro cited Sections 33 and 41 of the 1999 Constitution, which guaranteed the rights to life and freedom of movement for all Nigerians, emphasising that the government has a primary obligation to protect its citizens' lives and property.

He said the attacks not only destabilised the affected communities but alao threatened the peace of neighbouring states, such as Taraba, Bauchi, and Adamawa.

Yaro added that the attacks had disrupted food sufficiency and major economic activities in the region.

Deputy President of the Senate, Senator Jibrin Barau, stressed the need to do something about the bandits, particularly in the northern parts of the country.

Barau said, “For us in the Northwest, it's nothing new. It's something we face daily. But to have it extended to some parts of the North-east, where this problem did not exist before...

“I think it's something that all those that are given the responsibility to

CAF: TINUBU, WIFE, AKPABIO, SANWO-OLU, UZODIMMA HAIL LOOKMAN, NNADOZIE, OTHERS

for clinching the CAF Women’s Goalkeeper of the Year award, and the Super Falcons for emerging Women’s National Team of the Year.

The awards were announced Monday night at the Palais des Congrès in Marrakech, Morocco.

Tinubu joined millions of Nigerians in celebrating the athletes. He described them as worthy ambassadors for showcasing their talents and bringing honour to the country on the continental and world stages.

The president believed that the recognition by Africa's highest football authority would inspire other upcoming athletes to remain steadfast in pursuing their dreams.

He affirmed that the athletes’ determination, discipline and confidence underscored his administration’s resolve to build a better Nigeria where everyone would thrive and succeed.

The president stated, “These athletes embody the essential Nigerian spirit.

They signpost the best in us as a nation. Let no one ever write us off. I am incredibly proud of them.

“Thank you for making Nigeria proud and keeping our flag flying.

Thank you for winning medals for Nigeria both at home and abroad.

You will win more in the future.”

The wife of the president, Senator Oluremi Tinubu, in her congratulatory message, stated, "I congratulate Chiamaka Nnadozie, Adekunle Lookman and the Super Falcons

for their remarkable achievements at the CAF Awards.

"This is the reward for your dedication, talent, and passion for the round leather game. You have brought pride to Nigeria and showcased the excellence of our athletes on the African stage.

"To the Super Falcons, you continue to represent the resilience and strength of Nigerian women, making us proud every step of the way. Congratulations to you all. Keep soaring to greater heights."

In another development, the first lady, yesterday, gave out N1.9 billion to elderly people aged 65 and above in all the 36 states of the federation and the Federal Capital Territory (FCT).

She urged the elderly to prioritise their heath and spend quality time with their loved ones.

Mrs Tinubu spoke in Abuja during the second edition of the renewed Hope Initiative (RHI) Elderly Support Scheme (RHEISS).

In a release by the media aide to the first lady, Busola Kukoyi, the programme took place in all the states of the federation, including the FCT, at the rate of 250 beneficiaries per state, and military veterans receiving N200,000.00 each.

The statement said, “The Governing Board of the Renewed Hope Initiative has decided to increase the grant from N100,000 to N200,000 this year to provide further support to our elderly

citizens during this festive season.

"A total of One Billion, Nine Hundred Million Naira (N1,900,000,000) will be disbursed across the nation.

“The RHI Coordinators in the 36 States of the federation, the FCT and DEPOWA have received Fifty Million Naira (N50,000,000) each, out of which N200,000 will be distributed today to each beneficiary. In addition to this, free medical check-ups and other sundry items will be provided.”

President of the Senate, Senator Godswill Akpabio, in a statement by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, also congratulated the Super Falcons goal keeper, Chiamaka Nnadozie, for emerging as the Women's Goal Keeper of the Year.

Akpabio hailed the national female team, Super Falcons, for winning the Women's National Team of the Year Award.

Extoling Lookman's exceptional skills and prowess, he said, "I wish to congratulate one of our finest footballers and an international superstar, Ademola Lookman on his well-deserved win as the CAF Men's Player of the Year.

"This prestigious award is a testament to Lookman's hard work, dedication, and exceptional skills on the football pitch.

“I would also like to celebrate our Continued on page 29

restore peace and order in that area should stand up and deal with this matter so that it doesn't get to the stage we are now in the North-west.

“I agree with the mover of the motion, and I also support that all that needs to be done should be done to make sure that it does not happen any longer.”

Barau added, “Of course, Senator Abdul Ningi raised an issue that the government should come in. Yes, the government should come in, and as was said by the senate president, the issue of security is everybody's business.

“The federal and state governments, every individual, should come in to help, to assist the people of that area, to make sure that it doesn't happen again, and to extend every assistance possible to those affected by the nefarious act of these bandits.

We shouldn't allow them to remain alone; we should support them.”

Senator Seriake Dickson, in his contribution, advocated the establishment of modern ranches funded by

convoy, they stopped him and picked him and until today he hasn't been seen. Even myself, I was attacked in my village while I was addressing youths and so on.

“I mean, they came there to take me out, killed three policemen instantly on the spot and went away with somebody that they thought was myself, as it were. So, we were, even in my own local government, the day of my campaign there, that day was hell, so to speak,” he added.

But with massive war on all the criminals, he disclosed that the eight local governments were largely liberated, but admitted that Ihiala and Orumba south remain dark spots, while serious security strategies are being mapped out.

Besides, Soludo lauded President Bola Tinubu for appointing members of the All Progressives Grand Alliance (APGA) into his administration, explaining that it showed the largeheartedness of the Nigerian leader.

the federal government.

Dickson argued that such facilities would enhance safety and economic productivity for both herders and local residents.

He urged a comprehensive approach, involving key government agencies, to develop a proposal for implementing the ranching initiative across the country.

Highlighting the economic plight of herdsmen, who trek long distances, like from Sokoto to Lagos or Bayelsa, the senator described ranching as a legitimate business opportunity.

He said they could address the challenges and boost local economies, even as he emphasised the importance of tackling the root causes of the herdsmen crisis.

Dickson, who cited the recurring nature of conflicts and the need for a sustainable solution, concluded that the initiative could transform livestock management in Nigeria, promote peace and foster economic development nationwide.

Senator Adams Oshiomhole

reminded his colleagues of the senate's prior agreement to hold a national public hearing to explore legislative solutions for addressing security challenges tied to economic activities and movement.

Oshiomhole expressed concern about criminal activities perpetrated by individuals entering Nigeria under the ECOWAS framework. He stressed the need for stricter regulations to curb such incidents.

The former governor of Edo State called for swift action to create laws that would regulate movement and economic activities, as well as safeguard the rights and safety of Nigerians.

The senate observed a minute’s silence in honour of the deceased victims of attacks by herdsmen and other bandits.

It also urged the Inspector General of Police, the Chief of Army Staff, and Director-General of the Department of State Services (DSS) to investigate the attacks, arrest the perpetrators, and prosecute them.

Soludo

SENATE PASSES BILL ON NEW MINIMUM CAPITAL REQUIREMENT FOR INSURANCE FIRMS billion and the life assurance at N15 billion while reinsurance was put at N45 billion.

This came as the National Insurance Commission (NAICOM), the apex industry regulatory body, hailed the bill's passage, adding that it would unlock the growth, prosperity, and potential of the insurance sector.

In a statement, the commission said the passage marked a significant milestone in the country's efforts to revamp the industry after nearly two decades.

It described the bill as a game changer for the industry, pointing out that it would boost the sector's contribution to GDP going forward, and provide a comprehensive framework for regulating all types of insurance businesses among others.

However, the Senate okayed the legislation after the consideration and adoption of the recommendations of the report of a bill for an Act to repeal the Insurance Act, CAP. 127 laws of the Federal Republic, 2004.

Also affected were the Marine Insurance Act, 2004; the National Insurance Corporation of Nigeria Act ,2004 and the Nigeria Reinsurance Corporation Act, 2004.

The Red Chamber enacted the Nigeria Insurance Industry Reform Act, 2024, to provide for a comprehensive legal legal and regulatory framework for insurance business in Nigeria and for related matters.

The decision followed the consideration, amendment and adoption of the panel's report The bill before the Senate had proposed that, “A person shall not carry on insurance business in Nigeria unless the insurer has and maintains, while carrying on that business, a minimum capital.”

The report of the panel had read, “In the case of non-life insurance business, the higher of N25,000,000,000.00, or risk-based capital determined from time to time by the Commission.

“In the case of life assurance business, the higher of N15,000,000,000.00, or risk-based capital determined from time to time by the Commission.

“In the case of reinsurance business, the higher of N45,000,000,000.00, and risk-based capital determined from time to time by the Commission.”

The new legislation stated that in determining the risk-based capital required, the Commission shall take into consideration the capital for insurance risk, market risk, credit risk, and operational risk and apply such capital charges on assets and liabilities as shall be determined from time to time.

Part of the proposed law read, “An insurer registered before the commencement of this bill shall comply with the foregoing requirement within 12 months of the commencement of this bill.

“The Commission shall cancel the registration of any insurer or reinsurer that fails to satisfy the provisions of sub-section (2) of this section as it relates to the category of operation of such insurer or reinsurer.

“Not later than 30 days after expiration of the period specified in sub-section (4) of this section, (the commission) shall publish a list of all insurers that have complied with the provisions of this section.

“In determining the risk-based capital required, the Commission shall take into consideration the capital for insurance risk, market risk, credit risk and operational risk; and apply such capital charges on assets and liabilities as shall be determined from time to time.

“The increase in minimum capital from the current capital of N2 billion to N10 billion (life), N3 billion to N15 billion (non-life), and N10 billion to N35 billion (reinsurance), is necessitated by depreciation in the value of the currency.”

The Deputy President of the Senate, Senator Jibrin Barau, commended the panel for a job well done.

He said, “When we have the concurrence by the House of Representatives and the assent of Mr. President, the law will help shape our economy for the better.

“Economies change at all times.

It is, therefore, incumbent on the

authorities of every nation to recraft their legislation to go in tandem with contemporary realities. And this is what has been done by the passage of this legislation.

“The intent is to restructure the insurance ecosystem to accommodate contemporary happenings within our economy.”

Nonetheless, NAICOM described the bill as a game changer for the industry, pointing out that it would boost the sector's contribution to GDP going forward.

It noted that the bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry, and marked a significant triumph for Nigeria's insurance industry, which is tackling the long-standing challenge of low insurance penetration.

The commission said it "believes that the bill is a game changer for the Nigeria's insurance industry, and is going to have high positive impact on the contribution of insurance sector to the country’s GDP and economy as a whole.

"By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen the Nigeria’s insurance industry."

Essentially, the bill addresses the industry's need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally, introducing several pivotal provisions aimed at fortifying Nigeria's insurance industry.

Key highlights of the legislation include enhanced capital requirements in the area of new minimum capital requirements for insurance companies, ensuring they are adequately capitalised to underwrite risks and protect policyholders.

The commission added that the bill ensures consolidation of the risk-based approach to supervision, enabling regulators to more effectively monitor and manage risks within the industry.

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NEWS

AN EVENING WITH BRITISH HIGH COMMISSIONER...

L -R: Group Head/GM Business Development BUA Group, Tajudeen Ahmed; British High Commissioner to Nigeria, Richard Montgomery; President The Bridge Club (TBC), Abdulhakeem U. Mustapha SAN, and GMD/CEO TrustBanc Financial Group, Abubakar Jimoh, at TBC's "An Evening With The British High Commissioner," held in Lagos…recently

NSIB Lists Factors Responsible for Sikorsky Helicopter Crash that Killed Eight on Board

Cites poor accurate weather reporting, inefficient communication system Pilot of crashed police Bell 429 helicopter not qualified to conduct flight operations United Nigeria Airlines' failure to probe root cause of problems led to engine flame out Chinedu Eze The Nigerian Safety Investigation Bureau (NSIB) has disclosed that crashed Sikorsky helicopter operated by Eastwind Aviation Logistics Services Limited, in which eight people onboard died, might have crashed due to many causative factors, which included poor accurate weather reporting and inefficient communication.

The tragic accident took place off the coast of Bonny Finima in the Atlantic Ocean on October 24, 2024.

NSIB also issued reports on other accidents and incidents, including the fact that the pilot of the police Bell 429 Helicopter, which crashed on January 26, 2022, was not qualified to conduct flights, being the major factor that led to the accident.

NSIB further revealed that United

Nigeria Airlines’ failure to probe root cause of snags recorded by the aircraft led to the flame out (run down) of its engine.

Speaking during the release of its preliminary report, yesterday, the Director General, NSIB, Alex Badeh, said the Sikorsky helicopter was not fitted with a Flight Data Recorder (FDR), although Part 7.8.2.2(q) of Nigeria Civil Aviation Regulations (Nig. CARs) 2023 required that FDR shall be fitted on the helicopter.

According to NSIB, the ill-fated equipment was unfortunately not fitted with a Flight Data Recorder (FDR).

Among other factors identified by NSIB during preliminary investigation of the crash, it noted use of nonstandard phraseology by the flight crew; absence of standard callouts during

various flight phases; defective radio altimeter (snagged six days prior and deferred) and incomplete weather data provided to the flight crew.

In addition to the fact that the helicopter was not equipped with a Flight Data Recorder (FDR), contrary to regulatory requirements, its radio altimeter was inoperative and deferred before the flight and the crew failed to utilise standard phraseology and callouts during critical phases of the flight in addition to the fact that there was evidence of poor communication and inadequate decision-making in adverse weather conditions.

NSIB, therefore, recommended that the Nigeria Civil Aviation Authority (NCAA) should ensure that all helicopters with a maximum take-off weight exceeding 3,175kg were equipped with functional Flight Data

Recorders (FDR) as required by the Nigeria Civil Aviation Regulations (Nig. CARs) 2023.

NSIB also recommended that NCAA should reinforce the use of standard callouts and phraseology in all flight operations through enhanced crew training and also provide comprehensive weather reports to operators and ensure accuracy in critical flight data.

NSIB stated, “The accident involving Sikorsky S76C+ (5N-BQG) highlights significant gaps in operational decisionmaking, compliance with regulations, and communication during adverse weather conditions. The NSIB’s recommendations aim to address these issues and enhance the safety of helicopter operations in Nigeria’s aviation sector.”

Further findings, according to the Director General showed that the flight

Late Vetiva Boss Honoured with End-of-Year Criterium Race Oluchi Chibuzor

Pitstop, a cycling community, has honoured the late boss of Vetiva Capital Management, Olaolu Mudasiru, with an end-of-year criterium race, the grand finale of their rides,

in recognition of his dedication and legacy to the sport he loved until his death.

According to the cycling community, this annual event has become a testament to his legacy, symbolizing his spirit and the unity he inspired.

UNIBEN VC Begins Geometric Survey of Ugbowo Campus Site B Adibe Emenyonu in Benin City Few days after unfolding his plans for the development of Site B of the Ugbowo Campus of the University of Benin, the Vice Chancellor, Professor Edoba Omoregie, SAN, has invited experts to the site to commence geometrics survey, saying, all legal encumbrances relating the Site B of the university have been cleared.

Speaking to management, staff and students of the ivory tower, the Vice Chancellor explained that the university community needed to be aware and not be alarmed when drones are deployed for the aerial assessment of the area mapped for development.

Professor Omoregie stated it was important to have a proper plan of action as there has been a lot of distortion of the master plan of Site

A of the university.

He reiterated his passion and desire, as a former student of the university, to ensure that further development of the school followed due process and appealed to friends of the institution to support the mission of spreading infrastructure to Site B as that is the only way to check further encroachment on the site.

The learned silk expressed satisfaction that the university has won all the litigations connected to the site.

Leader of the team of experts, Mr. Joseph Chidiac, expressed optimism that their assignment would be concluded in less than a week, noting that "they are expected to work with other professionals from the university’s Faculty of Environmental Sciences who have carried out some preliminary surveys of the site before now.

Tragically, his life was cut short two years ago, in a hit-and-run incident as he rode to join the Saturday morning community ride.

Speaking at the cycling race held in Lagos in his honour, Founder, Pitstop Lagos, Aminadab Adegboro, said his dedication to the sport and boundless generosity left an indelible mark on all who knew him.

“His influence extended beyond the cycling tracks to his professional life, where he made a significant impact on countless lives. That is why you are seeing these cycling enthusiasts coming out for him in the race, as we decided to dedicate our end-of-year criterium, the grand

finale of rides, to him,” she said.

In a show of love, friends and fellow cycling enthusiasts after pedaling up and down described him as kind-hearted, selfless, inspiring, and a great loss to the community.

For Ebiaho Emafo, a friend, the tragedy has led some community members to withdraw from cycling entirely.

“Some people he used to encourage have pulled back because of the risks associated with cycling, after his death. Despite this, the community rallied to ensure his memory lived on, drawing strength from his passion and determination,” he said.

crew were certified to conduct the flight and at the initial stage of the flight, the Captain was the Pilot Flying while the First Officer was the Pilot Monitoring.

"The helicopter had a valid Certificate of Airworthiness. A Visual Flight Rules (VFR) flight plan was filed," he added.

Badeh also disclosed that five bodies identified as the passengers were recovered, while the remaining three occupants of the helicopter, including the flight crew, are yet to be found.

He said the helicopter was fitted with a solid-state cockpit voice recorder.

NSIB also said the investigators were dispatched to the site the next day and commenced post-occurrence assessment under the provisions of

the Civil Aviation (Investigation of Air Accidents and Incidents) Regulations and Annex 13 to the Convention on International Civil Aviation.

In another development, NSIB has disclosed that the crashed Bell 429 helicopter owned and operated

by Nigeria Police Air Wing, which occurred at Sir Abubakar Tafawa Balewa Airport, Bauchi, January 26, 2022, was operated by a pilot not qualified to operate the flight.

Speaking during the conference in which the agency released seven investigation reports, Badeh, disclosed the pilot was licenced, certified and appropriately type-rated as Part 2 on the Bell 429 helicopter, which confered the privileges of second-in-command on the pilot.

NAMA Boss: Strict Adherence to ICAO Safety Standards Preventing Air Mishap in Nigeria Sunday Aborisade in Abuja

The Managing Director of the Nigerian Airspace Management Agency (NAMA), Engr. Farouk Ahmed Umar, has said the safety recorded in the Nigerian Airspace in the last one year was achieved through strict adherence to international standard and recommendations.

Umar made this known in a statement by the Director, Public Affairs and Consumer Protection of the agency, Dr. Abdullahi Musa, yesterday.

The statement explained that the NAMA boss spoke at the Staff Recognition Dinner for Impactful Leadership and Team Excellence.”

Umar, at the event which took place in Abuja, highlighted the agency’s milestones over the past

year, saying the hardworking staff members were honoured for their dedication and contributions.

He added, “There has been a remarkable reduction in Air Safety Reports, achieved through strict adherence to ICAO Standards and Recommended Practices, showcasing enhanced operational safety and efficiency.”

On infrastructure development, Farouk identified the refurbishment of control towers in seven major airports, including Owerri, Sokoto, and Ibadan, with plans underway to extend the effort to six more airports.

Talking on capacity building, the NAMA boss also identified investment in local and international training programmes for air traffic controllers, engineers, and other personnel to align with global best practices.

IGP Bans Arbitrary Arrests, Phone Searching by Officers at Checkpoints Sunday Ehigiator

In a bid to curb human rights abuses and restore public trust, the Inspector-General of Police, Kayode Egbetokun has yesterday, issued a directive banning arbitrary arrests, detention, and searching of phones of road users by police officers across Nigeria.

The warning was contained in a police wireless message with DTO:

111996/ and Ref: CB:0900/DOPS/ FHQ/ABJ/VOL.TIO/157, titled: Order and directives: Arbitrary Arrest and Detention’, dated December 13, 2024, and addressed to all the state commands.

In the letter signed by the Department of Operations for the Force Headquarters, Egbetokun stated that such impunity and unlawful attitudes are portraying the Nigeria Police Force in bad light.

He warned that going forward, any police personnel caught indulging in the prohibited acts would be punished including the Commissioner of Police of the command and their supervisors.

It partly read, “Arbitrary Arrest, Detention: NIGPOL DCPS Abuja Directs: Henceforth there should be no unnecessary arrest and detention of youths, collecting of phones, checking of phones, at checking points.

“These should stop. This attitude

is portraying the Nigeria Police Force in a bad image. All these culminated in End-SARs protests; destroying of properties, and killings in the past.

“NIGPOL DOPS directs you to desist from such unlawful acts.

Anyone caught will be disciplined along with Commands ComPols/ Supervisors as INGENPOL will deploy monitoring units for enforcement of these directives. Treat it as very important.”

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politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

Arise: Pressure Should Be Mounted on N’Assembly to Pass Tax Reform Bills

Renowned business man and chieftain of the ruling All Progressives Congress in Ekiti state and member of the Sixth National Assembly, Senator Ayo Arise, in this interview, speaks on salient national issues including the need for the National Assembly to speed up legislative action on the four tax reform bills before it. Deji Elumoye brings excerpts:

T

he Tax Reform Bills appear to have divided the country along ethnic lines. Lawmakers from the North are asking parliament to stay action for further consultations. Their counterpart in the Southern Senators Forum are insisting it is the best thing to happen to the economy at this crucial time. Where do you stand on this issue?

Well, thank you very much. I believe many of the problems have been captured in the public domain. It’s a question of lack of adequate education and information.

It is being concluded that it’s important that Mr. Taiwo Oyedele should do more of the selling of the tax bills to the not so enlightened in economic matters and tax matters as himself. He has been able to give account, a very good account of the policy directions of where we should go with our tax reforms and I believe that as long as he’s able to carry as many people along as possible by way of explaining most of these codes and I understand there are different parts, different components of the tax bill.

From all I’ve been able to see and the little I’ve been able to read, I think this is probably the best for Nigeria at this present time. I believe that even if there will be any question, it should be on maybe the percentage in terms of moving from 10% to 15% in a very short period.

But I believe that if even if people want to question the 7.5 to 10 percent VAT movement, and while other taxes have been cancelled, the things in terms of double taxation, I believe that it is still the best for the country. Because as we speak today, a small business will still pay about 13.5 percent in terms of the VAT, withholding tax, the 1% tax, in addition we still have to pay almost 3% of education tax, which is paid out of pocket.

So, when you aggregate and add all those things together, it goes far beyond the 10% that this tax bill has proposed for Nigeria. And of course, there are so many other areas in terms of looking at small businesses, looking at their threshold, and saying you do not have to pay any tax at all.

So maybe an organization like mine, or the people working directly with us, might be exempted from tax payments. I believe it’s a way of stimulating the economy, relieving the debt burden on those who are business owners. For example, I have employees, if they have to pay tax, or NSITF, or so many of those variables that we currently have, you’ll find out that the small business owner will have to match whatever the government is charging from their resources.

So invariably, if a person is contributing 2%, you have to add another 2% to that to make it up. There are so many areas that people need to sit down and look at and read and comprehend before they can make a very informed judgment. And I agree with some people that, okay, if the Senate says they want to go and study more, if the Northern governors say, okay, we need to study this more. And maybe the South East Caucus now says, we want to understand this more.

It’s a question of how much time we have dedicated to studying this tax bills. Do we have enough time? And what is enough time?

Because things are dragging. And of course, rather than for us to start enjoying this from early next year, the longer this drags, the more we are still stranded in the old, multiple taxation system that this government has inherited. I believe we have to give kudos to Mr. President and to Mr. Taiwo Oyedele for a fantastic job that he has done. I’ve listened to him on TV. He has explained painstakingly and I think we should give kudos to

Arise

his brilliance. He’s not ruffled, he’s not angry, he takes his time, he explains methodically what constitutes the three taxpayers, including tax administration and the rest of them. So now the VAT at 10% is much lower than we are paying now when you aggregate all those taxes together. So, I think it’s something that Nigerians should hail as a fantastic solution to the multiple taxes that Nigerian businessmen, or the small businessmen, even the big ones, have had to contend with over the years.

So, in essence, you are in full support of the four tax reform bills befote the National Assembly?

Absolutely so. There might be some areas for adjustment. Let’s listen to every other person expressing concern. Let’s address their concerns. Let’s explain what is inside this tax. That is nothing against any particular section of the country and it cannot even be against where you have a universal tax that has reduced the burden for everybody.

I think we should all embrace it. It’s

only a question of letting people understand what these things are, break it down, like Oyedele has been doing. He should continue in that effort.

And let’s push this to the National Assembly for approval. You know, I have no objection to those who want to study more. But this studying more should not be a delay strategy because it’s going to affect the wallet and the pocket of every person in this country. Those that have been exempted from paying any taxes at all, they will still continue to groan under the burden of the old system if this thing is not quickly approved. So, I support the tax bills.

You were a member of the 6th Senate, if you were to advise the Senate by extension, the National Assembly today on these four tax bills what would you tell them? In terms of how they should approach them. In terms of what the taxes are about, why the reforms are necessary, what would you tell them?

Well, invariably, I would look at every section of the bill itself. I would try as much as possible to explain in layman’s language. That you are a member of the National Assembly

And let’s push this to the National Assembly for approval. You know, I have no objection to those who want to study more. But this studying more should not be a delay strategy because it’s going to affect the wallet and the pocket of every person in this country.

Those that have been exempted from paying any taxes at all, they will still continue to groan under the burden of the old system if this thing is not quickly approved.

So, I support the tax bills.

does not make you an expert on every subject.

And so, we explain in layman’s language that these are the advantages of the bills.

This is what we were suffering in the past and of course, there is no nation that can survive without some form of taxation or the other. There’ll be no way to derive income, because of course we’ve been talking of this removal of subsidy from petroleum products.

We all know that this country can no longer live on that single product anymore. It’s very clear and of course, part of what the efforts that the president has been making, you look at it even from the excise levies, Nigerians are exporting more, more than previously experienced under any government and these are part of the achievements of this government. People are beginning to be productive.

They are exporting in the droves. They are exporting our culture, they are exporting our clothes. They are exporting our textiles, they are exporting cashew. They are exporting a number of products, you know, like never before. And so, I had an opportunity of speaking with the Comptroller-General of Customs, and I asked him that, what is the situation with our exports? In the past people used to bring this, I mean, they would bring goods here and they would return with empty ships. It is no longer the same. So, things are improving in terms of activities at the customs. So, we are exporting more. We are generating more money any way you look at it. So, some of these things would have to be broken down to members that look, it’s still part of your responsibility to sell this to your communities, that please, this is how this government wants to reduce your burden and now, make those who are making money pay their dues in the society, rather than putting the burden on the small-scale business owners or those who have relatively low income. That is what this bill has done for Nigeria. There are areas of the tax which people are saying, okay the consumption tax for example, which some people are looking at as maybe putting them at a disadvantage. I don’t think so. It’s just an encouragement for people to begin to look for avenues of generating revenue with more commitment. For example, if you look at the north versus south, apart from oil in the Niger Delta, the bulk of the mineral resources are concentrated more in the north.

So, if, for example, you start mining, and the government is saying, okay, you are producing this, you are entitled to a percentage of this as a state to form part of your revenue, I don’t think anybody would want to oppose that if they understand that that is what’s exactly happening. But in a similar vein, if the Southwest is maybe exporting cocoa or maybe some little bit of coffee and you now say, okay, we know there will be degradation of the soil at one point or the other. So, if you export this, or you produce this, or you consume that, whatever consumption that you are generating tax on, a sizable percentage of it should be held on for you to be able to utilize for the development of the region and that is beneficial to either north or south or south-south or wherever. So, it should be looked at from that perspective. It’s a question of reaching out to our people and explaining what the case is. I know it’s not easy to read those volumes, you know, but let’s make an effort before we shoot something down and say, oh, this one is anti this, it’s anti that.

By the time people study this thing critically, they will see most of the advantages that will accrue from this new tax reform policy of the government.

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

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T H I S D AY • Wednesday, December 18, 2024

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 er

S & P INDEX

1 7 ,

S & P INDEX

2 0 2 4 EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,262.85/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT Tues., May 7, 2024

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

At 157.56% Return YtD, Oil/Gas Emerge Best Performing Index on NGX

Kayode Tokede The Nigerian Exchange Limited’s Oil & Gas Index is positioned to lead the Banking, Consumer Goods among other indices as the best performing indicator on the local bourse in 2024.

The sectors’ performance in 2024 was boosted by the reforms in the Oil & Gas sector in Nigeria headlined by the removal of petroleum subsidy.

THISDAY analysis of trading numbers showed that the sector Index closed December 13, 2024 with a return of 157.56 per cent in its Year-till-Date (YtD) performance, far beyond the overall stock market return that closed the period under review at 32.9 per cent.

The companies in the NGX Oil & Gas Index are: Seplat Energy Plc,

Conoil Plc, Eterna Plc, Totalenergies Marketing Nigeria Plc and Japaul Gold & Ventures Plc. The companies have recorded significant growth in stock price amid federal government reforms in recent years to stimulate growth, increase transparency, and attract investment in the oil and gas sector.

These reforms are aimed at enhancing operational efficiencies, increasing local participation, and encouraging a shift toward cleaner energy practices.

Part of the reforms include: Petroleum Industry Act (PIA), deregulation of the downstream sector, gas infrastructure development and promotion, ease of doing business initiatives, among others.

Further analysis by THISDAY

showed that stock price of Seplat Energy closed December 13, 2024 at N5,700 per share, gaining 147 per cent YtD from N2,310.00 per share it opened for trading this year.

The stock price of Conoil closed December 13, 2024 at N387.20 per share, an increase of 361.5 per cent YtD growth from N83.90per share the stock opened this year for trading, while Eterna closed the period under review at N22.25 per share, representing an increase of 60.65 per cent fro N13.85 per share the stock opened 2024 for trading.

Totalenergies Marketing Nigeria listed among the NGX Oil & Gas stock hits N673.9 per share, representing 75 per cent YtD growth from N385 per share it closed for trading in 2023.

In addition, Japaul Gold & Ventures closed the period under review at N2.20 per share, about 29.4 per cent increase fro N1.70 per share.

The likes of Oando Plc has appreciated by 556.2 per cent to close Decemmber 13, 2024 at N68.90 per share from N10.50 per share while, MRS OIl Nigeria stood at N132 per share, up by 25.7 per cent YtD from N105 per share the stock opened for trading this year.

Amid significant increase in price of Premium Motor Spirit/ Petrol, among other products, a total of six listed oil & Gas companies on the NGX generated an estimated N626.3 billion profit before tax in nine months of 2024.

This is about 384 per cent increase from N129.43 billion reported in nine

months of 2023.

From the unaudited nine months ended September 30, 2024, Seplat Energy declared N366.7 billion profit before tax, about 483.4 per cent increase from N62.85 billion reported in corresponding period of 2023, while Aradel Holdings, a newly listed oil & gas company posted N191.5 billion profit before tax in nine months of 2024, about 412 per cent increase from N37.37billion reported in nine months of 2023.

As Total announced N41.85 billion profit before tax in nine months of 2024, up by 151.8 per cent from N16.62 billion reported in nine months o 2023, Conoil declared N15.24 billion profit before tax in nine months of 2024, representing an increase of 38 per cent from N11.05 billion in nine months of 2023.

In addition, MRS reported N9.37billion profit before tax in nine months of 2024, 89 per cent growth from N4.96 billion in nine months of 2023, while Eterna migrated from a loss of N3.4billion in nine months of 2023 to N1.68billion in nine months of 2024.

However, the oil & gas companies have benefited from these FG reforms and increase revenue in the period under review.

In terms of revenue, Seplat Energy, and five others generated N2.97 trillion in the period under review, representing an increase of 115 per cent increase from N1.39 trillion generated in corresponding period of 2023.

The story continues online on www.thisdaylive.com

NESG: Gaps in Strategy, Execution Could Hinder Nigeria’s Long-term Economic Progress Raheem Akingbolu The Nigerian Economic Summit Group (NESG), has identified lull in the Nigeria’s economic growth, which it insisted was making the country to lag behind in its targets set in its Medium-Term National Development Plan. The group has also observed that the performance of 68% of economic activities is currently a drag on the country’s growth, impeding overall economic progress.

Speaking recently at a forum organised by the Advertising Regulatory Council of Nigeria, (ARCON) the CEO of NESG, Dr. Tayo Aduloju, though admitted that

the Nigerian economy sustained GDP growth; he however pointed out that growth Lags behind MTNDP Targets because the economic performance is constrained by elevated macroeconomic instability and reluctance of various stakeholders in the Nigeria economy to deplore a cutting edge strategy and effective execution.

Speaking on the state of the Nigerian economy, Aduloju provided a context for the Advertising industry by looking at the current challenges in the Nigeria economy and the mitigating factors. He specifically spoke to the inherent opportunities of a weaker currency and advantages for export of goods and services.

He said, “The performance reflects the cumulative gains from exchange rate reform and robust financial sector growth, alongside weak growth in major sectors such as agriculture, ICT, and other key areas.

The revenue growth is motivated by subsidy removal, expansion in crude oil outputs and exchange rate depreciation. On the other hands, the rising public debt is motivated by elevated macroeconomic instability, interest rate hikes and exchange rate devaluation and new borrowing.

Currently, the performance of 68% of economic activities is currently a drag on the country’s growth, impeding overall economic progress,” Speaking further, Aduloju who

US$32.91 billion at the end of 2023.” he stated.

Looking beyond Nigeria and mixed signals for the global economy, the NESG Boss stated that the past four years have put the resilience of the global economy to the test but observed that the economy is set for soft landing and stabilisation.

“A once-in-a-century pandemic, eruption of geopolitical conflicts, and extreme weather events have disrupted supply chains, caused energy and food crises. The global economy is set for soft landing and stabilisation. Growth is projected to steady at 2.6% in 2024 and increase to 2.7% in 2025-26.

“The global risks persist amidst

recovery and are biased against emerging and developing economies: More trade and geopolitical tensions (major economies are becoming inward-looking), high interest rates, etc.” he added.

Speaking on strategies available for businesses to navigate challenges effectively, Aduloju recommended product diversification, technology for marketing, market research, consumer insight, regulatory compliance, among other strategies.

The event brings together professionals from different sectors of the industry to share ideas, network and discuss trends that are shaping the industry globally and in Nigeria.

M a r k e t d ata A s at F r i d ay, DE C e m b e r 1 7 , 2 0 2 4

BONDS

Description Price Yield Change Updated Time (%) ^13.53 23December 96.04 22.49 0.00 17, 2024 MAR-2025 December ^12.50 220.02 17, 92.31 19.33 2024 JAN-2026 ^21.00 20December 102.49 18.98 -0.01 MAR-2026 17, 2024 ^16.2884 17December 95.25 18.77 0.00 MAR-2027 17, 2024 ^19.94 20December 101.60 19.09 0.00 17, MAR-2027 2024

also stated that external position improved on the back of higher crude oil production, was quick to add that “the impacts of higher inflation is hitting harder, though decelerating at the moment.”

Looking at the 2024 economic performance, Aduloju said the Nigeria’s external trade expanded in H1-2024 by 153%, motivated by 199% and 107% rise in exports and imports, respectively.

“In Q1-2024, capital importation more than tripled (Y-o-Y) to US$3.38 billion – a 4-year high. However, the struggle with FDI continues, accounting for 3.6%. As of September 2024, the foreign reserves had increased to US$37 billion from

BILLS Maturity NTB 24-Oct24 NTB 7-Nov24 NTB 5-Dec24 NTB 23-Jan25 NTB 6-Feb25

Discount Yield

CPs

Change (%) Updated Time

Maturity

18.45

18.57

December -0.01 17, 2024

18.40

18.79

December -0.01 17, 2024

21.00

21.87

December -0.01 17, 2024

20.75

22.06

December -0.01 17, 2024

22.21

December -0.01 17, 2024

AFRI CP II 21-OCT-24 FBNQ CP XXVII 25-OCT-24 UACN CP VIII 3-DEC-24 CTIL CP XIV 20-DEC-24 CPST CP X 14-FEB-25

20.56

Discount Yield 24.12

24.51

19.69

19.99

22.46

23.42

22.71

23.96

23.26

25.53

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

December -0.01 17, 2024 December -0.01 17, 2024 December 0.02 17, 2024 December 0.03 17, 2024 December 0.00 17, 2024

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS OCT 13M – 29 2025 NGUS NOV 14M – 26 2025 NGUS DEC 15M – 31 2025 NGUS JAN 16M – 28 2026 NGUS FEB 17M – 25 2026

Updated Time

December 17, 2024 December 17, 2024 December 17, 2024 December 17, 2024 December 17, 2024

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T H I S D AY • Wednesday, December 18, 2024

BUSINESSWORLD

News

L-R: Senior Manager, Environmental, Health and Safety, Lagos Free Zone (LFZ), Kolawole Mate; Chief Sustainability Officer, Lagos Free Zone, Vishal Shah; Chief Executive Officer, Lagos Free Zone, Adesuwa Ladoja; Business Development and Marketing Manager, Lagos Free Zone, Chinju Nwankwo-Udora and Senior Environmental, Health and Safety Officer, Lagos Free Zone, Bobby-Jones Ofunne, during the 2024 SERAS Awards held in Lagos… recently

UBA to Expand SMEs Lending, Invest in Digital Technology with N239.4bn Rights Issue Kayode Tokede United Bank for Africa (UBA) Plc has said it will utilise the net proceeds of its ongoing N239.4 billion rights issue to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and half decades of impressive performance.

UBA is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

Group Chairman, United Bank for

Africa (UBA) Plc, Mr. Tony Elumelu, said the primary objective of the ongoing rights issue is to strengthen the bank’s position as a pan-African banking industry leader and a highly rewarding institution for all stakeholders.

He said the group decided on the rights issue to ensure that shareholders continue to derive undiluted benefits from a stronger, more innovative and resilient panAfrican banking group.

Elumelu said the rights issue would enable the bank to drive organic expansion and business growth within and outside Nigeria, while strengthening its international operations. UBA recently signed agreement to commence full

banking operations in France.

According to him, with presence in key global financial hubs including United Kingdom (UK), United States of America (USA), France and United Arab Emirates (UAE), the bank would deepen its global operations by investing more in these global markets and further extend its global reach.

He noted that with African subsidiaries contributing more than 50 per cent of the group’s overall performance, the bank would also make additional investments in existing African operations while exploring new opportunities. UBA currently has operations in 19 African countries outside of Nigeria.

He pointed out that the bank’s expansion plan is driven by its philosophy of developing African businesses, noting that with UBA is not only expanding its geographical reach, but also playing a strategic and pivotal role in the economic transformation of Africa as a continent.

He added that while the rights issue would enable the bank to meet the new capital requirements stipulated by the Central Bank of Nigeria (CBN), the net proceeds would put the bank in a better stead to expand lending to small and medium enterprises (SMEs).

He outlined that the bank would make substantial additional investments in technologies to

NWRI Partners Plymouth Varsity to Advance Climate-smart Agriculture Arthur Eriye The National Water Resources Institute (NWRI) and the University of Plymouth in the UK have announced a new partnership to advance research on Climate-smart Agriculture (CSA) in Nigeria and Ghana.

The announcement was made at the Soil Health for Productivity and Climate Resilience Workshop which took place in Abuja.

The Director of the Sustainable Earth Institute at the University of Plymouth, Prof. William Blake, stressed the importance of international collaboration toward tackling global challenges such as food security and climate change.

He said: “This partnership underscores the growing importance of cross-border

cooperation to address critical issues like sustainable land management and water resources.

“By focusing on Climate-Smart Agriculture, we aim to boost agricultural productivity, while adapting to and mitigating the effects of climate change.”

According to him, the workshop focuses on strategies to improve soil health and adopt sustainable water management practices to boost agricultural productivity and enhance climate resilience.

Blake also stressed the importance of research that supports CSA at both small and large scales, from farm to river basin, ensuring sustainability across different levels.

He added, “This collaboration is particularly important for West Africa, where shared climate

challenges demand locallyadaptable solutions. Our goal is to develop solutions that address food security while also building resilience to climate change.”

The Deputy Vice-Chancellor for Research and Innovation at the Plymouth University, Prof. Kevin Jones, emphasized the institution’s long-standing commitment to addressing global challenges through practical research.

Jones noted the university’s focus on environmental sustainability, particularly in relation to the UN Sustainable Development Goals (SDGs), and its ongoing work in marine and maritime sectors.

The Director of the Regional Centre for Integrated River Basin Management at NWRI, Dr Omogbemi Yaya, explained that the partnership is supported by

the UNESCO-affiliated Regional Centre for Integrated Rural Business Management.

He said the collaboration would focus on shared priorities, including rural business management, capacity building and sustainable development, with emphasis on research and teaching.

He added that “this strategic partnership between NWRI and the University of Plymouth will leverage the strength of both institutions in water resources and academic research. Our goal is to collaborate on research that addresses key challenges faced by rural communities.

The partnership reflects the institute’s commitment to global collaborations and supports the university’s mission to influence sustainable development.”

consolidate its reputation as a cutting-edge financial services group and deliver more robust customer experience.

According to him, new investments in information and communication technology (ICT)

would further strengthen the group’s digitisation and operational efficiency, thus fostering improving oordination and synchronisation amongst the various entities and delivering improved service delivery and customer satisfaction.

Jumia Ushers in New Era of Personalised Customers Experience with MoEngage Jumia, a leading pan-African E-commerce platform, has partnered with MoEngage to fulfill its mission of elevating customer experience across its diverse customer base.

In line with its vision, Jumia said its focus was to upgrade to an engagement platform that allowed it to have a comprehensive view of itscustomers, “reach them at the right time, and build an omnichannel strategy to amplify brand, product, and value offerings.

This included building a single 360-degree profile for each customer and optimizing communication across channels like Emails, Push Notifications, and their app for seamless personalisation.”

Speaking about the reasons for choosing MoEngage, Group Director - Growth, Jumia, Fatma Hamdi, stated, “We chose MoEngage because we needed a flexible partner to tackle the unique challenges of our fastpaced, technology-first brand. This partnership is empowering us to enhance our offerings by helping create a unified customer view

while respecting the data protection laws. This will enable us to build deeper brand-customer relationships and drive key business outcomes like retention and customer lifetime value. We’re excited about the growth opportunities MoEngage offers us as we continue to scale and personalize our engagement strategies.”

Commenting further on what this partnership holds, Regional Vice President - Growth and Strategy at MoEngage, Kunal Badiani, stated, “I am delighted to explore the depths of this fruitful partnership with a brand like Jumia, and I’m confident that we’ll be able to contribute meaningfully to the fast pace of growth the brand has set for itself. MoEngage has a proven track record in supporting global retail brands with personalized, omnichannel engagement capabilities and offers unparalleled customer support that aids brands in building superior customer experiences. We’re delighted that Jumia trusted MoEngage with this mission.”

Leadway Assurance Plays ‘Proposed Fly Nigeria Act to Boost Transformative Role to SMEs Indigenous Carriers, Create Competitiveness’

Kasim Sumaina in Abuja The Minister of Aviation and Aerospace Development, Festus Keyamo, has hinted that the proposed Fly Nigeria Act and Related Enabling Legislation will not only boost the capacity of the indigenous carriers in the country but, rejuvenate the Nigeria’s Aviation Sector.

To this end, he said the Act is more than just a legislative proposal noting that it is a bold vision aimed at revitalising the country’s sector .

The act, he added, seeks to foster a sense of national pride and ownership, encourage more

Nigerians to choose indigenous carriers, and ultimately, create a sustainable and thriving Aviation Industry.

Keyamo, in his keynote address in Abuja at the Stakeholders’ Engagement on the Proposal for the Fly Nigeria Act and Related Enabling Legislation, stated: “This gathering marks a pivotal moment in our collective efforts to reform and rejuvenate the Nigeria’s Aviation Sector, aligning it with global standards and ensuring it serves as a catalyst for national development.

“As you are aware, the aviation industry is a vital pillar of our economy, driving growth,

facilitating trade, and fostering connections both within our borders and beyond. As we deliberate on the Fly Nigeria Act, we are setting the stage for transformative changes that will enhance our capacity, promote competitiveness, and elevate the standard of services provided to the Nigerian populace and international travelers.”

According to him, “The Act is aimed to support infrastructure development, boost job creation, and ensure that our aviation policies are aligned with best practices and international standards. Your presence signifies the importance of this initiative and the critical role that each stakeholder plays

for the success of the event.

“I urge open dialogue, innovative ideas, and constructive feedback. It is through this collaborative effort that we will be able to craft a robust and effective legislative framework that addresses the unique challenges and opportunities within the Aviation Sector. I would like to extend my deepest gratitude to all the stakeholders, industry experts, and government officials for honoring our invitation and your commitment to this cause is highly commendable, and I look forward to the valuable insights and perspectives you will bring to our discussions.”

Ebere Nwoji

Leadway Assurance said it has chosen to go beyond risk underwriting to play the role of transformative partner for Small and Medium Enterprises(SMEs) in the country .

The underwriting firm played this role by empowering SMEs with practical strategies on how to navigate risks inherent in Yuletide season.

Leadway recently organised a webinar session for SMEs titled, “Driving Increased Sales During the Festive Season.”

Speaking on the reason for the session, the underwriting firm said it realised that as momentum into the 2024 festive season continued, businesses, especially small and medium enterprises (SMEs), face

paradoxical realities of increased sales opportunities and consequent cocktails of business risks.

It said recognising the fact that with consumer spending and holiday making increasing businesses for SMEs, there were the possibilities of risk from these spikes in commercial activities such as - theft, accidents, burglaries, fire outbreaks, frauds, and system failures.

Against this backdrop Leadway said it has reaffirmed its position as a transformative partner to SMEs by empowering businesses with practical strategies for navigating the complexities of the season.

“This aligns with the brand’s mission to deliver robust risk management and business solutions to bolster economic growth, Head of the Retail Division at Leadway, Umashime Oguzor-Doghro said.

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Apochi: Payments Service Providers Should EmbraceTechnologiesThat ServeYouth Demography Oluchi Chibuzor The Group Managing Director/CEO of Unified Payment Services Limited, Dr. Agada Apochi, has urged industry players in the payment ecosystem to embrace different options or technologies that would serve the interests of young people.

Delivering a keynote presentation at the annual conference of the Committee of e-Business Industry Heads (CeBIH) themed, “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth,” Dr. Apochi said it has become imperative for players to continue to innovate by creating products that align with the interests of digital natives. He added that delivering payment

in its current state would not attract young people either now or in the distant future.

“We need to offer solutions that speak to the lifestyle and needs of the people that we serve. We need market players to understand the demography or community better, as this would be key to defining the future of payments in Nigeria. To serve the digital natives, we must connect with them where they are. Due to the digital habits that they have cultivated, it follows that we should create solutions that are delivered digitally,” he said.

While acknowledging that using cards will remain a permanent feature in Nigeria’s payment landscape, he charged players to develop

solutions that see payments beyond plastic cards.

He disclosed that Unified Payments was already taking the lead in that direction by devising solutions that ensured that the equivalent of the card or POS was the telephone number and the telephone handset as an alternative to POS devices.

It is also for the same reason that the name of the company was changed in 2012 from ValuCard to Unified Payments because the company envisioned a payments future that is beyond cards or plastics.

He said that with most Nigerians now having means of digital identification through the BVN and NIN, it is easier for payments solutions to be delivered digitally.

The Executive Secretary/CEO Nigerian Shippers Council Barrister Akutah Pius Ukeyima presenting certificate of compliance for the proposed Papalanto Inland Dry Port to the Executive Governor Prince Dapo Abiodun at Government House,Ogun State...recently

Sterling Bank Launches New Era in African Cinema at Film Festival Sterling Bank solidified its leadership in Africa’s creative economy with its sponsorship of the 2024 S16 Film Festival, the continent’s foremost platform for cutting-edge independent filmmaking. Curated by the Surreal Collective in partnership with A Whitespace Creative Agency, the festival has earned global recognition, attracting over 2,000 attendees in its 2023 edition and forging alliances with prestigious cultural institutions such as the Dutch and French embassies.

The 2024 festival, themed “Technologics,” explored the transformative power of technology in African

storytelling.

Attendees experienced cutting-edge film screenings, immersive exhibitions, expert panel discussions, and masterclasses that highlighted how African filmmakers are leveraging technology to redefine the cinematic experience and push creative boundaries.

For Sterling Bank, this partnership is a bold declaration of its mission to reshape Africa’s creative economy through relentless innovation, funding and industry leadership. “In today’s world, where stories drive influence and economies, we recognize creativity as a force that shapes the future,” said Maurice Igugu,

Chief Marketing Officer at Sterling Bank. “The S16 Film Festival embodied this vision by merging the art of storytelling with groundbreaking technologies that redefine African cinema.

We’re proud to champion this transformative platform and empower the next wave of visionary filmmakers,” he added. Through its Creative & Entertainment Business Department, Sterling Bank actively builds deeper relationships and collaborates with industry leaders and creative professionals by providing essential resources, access to funding, mentorship as well as capacity-building opportunities.

Checkoff Finance Achieves Stellar Financial Performance Tosin Cleg Checkoff Finance, a leading entity in Nigeria’s financial solutions and credit services ecosystem, has closed its 2024 financial year on a high note, reporting impressive returns that reflect its sustained growth and innovative approach to the financial services sector.

It has been a year of strategic growth, as Checkoff Finance consciously expanded its products portfolio, leveraging technology-driven solutions to meet the increasing demand for personal and business credit.

By focusing on underserved segments and providing tailored financial products, the company has solidified its position as a leader in the Nigerian fintech space. The key highlights of

the financial year experienced highs in its revenue growth.

The company’s unaudited financial statement for the fourth quarter (eleven months) ended 31st November 2024 unaudited accounts puts revenue at N1.4 billion, declaring revenue and gross profit at N361 million for the period.

The company reported a significant increase in revenue despite headwinds in the economy, devaluation of Naira, and skyrocketing inflation amongst others.

This growth is attributed to higher loan disbursements and increased client acquisition.

Key human capital and shareholders of Checkoff Finance expressed delight at the rich returns, as the MD/CEO, Habila Musa-

Luka, and Chairman, Seyi Banigbe assured that Checkoff Finance Company Limited is well positioned to continue to succeed in the years to come, even in the face of prevalent economic challenges.

She attributed the optimism to the decisions that the financial institution has made over the past few years, especially those around leveraging new digital technology, to expand access to financial transactions.

Meanwhile, another bright window is the expansion of its customer base, as Checkoff Finance broadened its reach, as its customer base now exceeds over 25,000 customers recording a 250% jump in customer base particularly in the public sector and financial advisory services to a niche market.

Offshore Lab Partners NNPCL, Shell to Launch Technology Hub for Children The Offshore Lab has launched its second Junior Lab technology hub for disadvantaged children under its ongoing joint venture with the Nigerian National Petroleum Corporation Limited (NNPCL) and Shell Petroleum Development Company (SPDC).

The new hub will be located at Daisy’s Home for Special Children in Yenogoa, Bayelsa State and it will provide practical, hands-on technology education for children in the community.

CEO of The Offshore Lab, Emeka Obiwulu highlighted the project’s transformative impact on young Nigerians, stating: “By extending this

initiative to Daisy’s Home and ultimately to local communities across the country, we are laying the groundwork for a brighter future for Nigeria’s youth. This is about more than just education; it’s about unlocking potential, fostering innovation, and driving national development from the grassroots level.”

The Junior Lab at Badamia Home in Port Harcourt, Rivers State which launched in 2023, has already made tremendous strides in providing opportunities for the youth of Port Harcourt, particularly street boys, offering them a path towards selfdiscovery and intellectual growth.

Students at Badamia Home have transitioned from having little exposure to technology to mastering engineering design, illustrating the vast untapped potential within Nigeria’s underserved communities.

NNPC and SPDC have been instrumental in supporting this mission. Speaking on behalf of SPDC, Igo Weli, GM Corporate Relations, noted, “It’s exciting to witness the transformation in not just the technical skills of these young people but also their confidence and leadership.

It’s initiatives like these that will help Nigeria thrive in the years to come.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) -- CBN Bills Held by Money Holding Sectors

1,588,771.44

Money Supply (M2)

93,968,491.96

-- Quasi Money

63,691,242.70

-- Narrow Money (M1)

30,277,249.26

---- Currency Outside Banks

3,411,735.44

---- Demand Deposits

26,865,513.82

Net Domestic Assets(NDA)

88,149,253.67

---- Credit to Government (Net)

33,925,848.79

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

0.00

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

0.00

Credit to Private Sector (CPS)

80,863,019.16

--Other Assets Net

13,319,068.99

Reserve Money (Base Money 17,537,083.47 --Special Intervention Reserves

21,230,656.70 433,229.15 • Source - CBN

Money Market Indicators (in Percentage) Month

February

Inter-Bank Call Rate

19.25

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

22.75

Treasury Bill Rate

17.03

Savings Deposit Rate

5.86

1 Month Deposit Rate

8.69

3 Months Deposit Rate

9.89

6 Months Deposit Rate

9.61

12 Months Deposit Rate

10.75

Prime Lending rate

15.06

Maximum Lending Rate

26.55

NSE

NSE MARKET INDEX % Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 4th APRIL , 2024

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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).

23

T H I S D AY •WEDNESday, DECEMBER 18, 2024

mARKET NEWS

NAHCO Commences Five-year Transformation, Projects Revenue Growth of N300bn KayodeTokede Nigerian Aviation Handling Company (NAHCO) Plc has set a N300 billion total Group revenue target within the next five years.

Group executive director, International Business & Corporate Services of NAHCO, Dr. Sola Obabori stated this at the Company ‘bell ringing and facts behind the figures’ held yesterday in Lagos.

In achieving this, Obabori said

“we are embarking on a five-year transformation journey to build a new Nahco, centered around four key pillars; accelerate growth in business, differentiate with operational excellence, lead with digital and deliver a transformed people and culture.”

He added that “we are committed to achieving specific performance goals by 2029, while simultaneously expanding our service offerings.”

On revenue projection, he stated that “the Company will

P R I C E S MaiN Board

F O R DEALS

achieved N38.49 billion at the end of 2024, N71.12 in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028 and N300 billion in 2029.”

On subsidiary target to the Group, Obabori explained that “Ground Handling will contribute N120 billion: Cargo Handling to contribute N40 billion, while NAHCO Logistics Services will contribute N36 billion.

“Others subsidiaries are NAHCO Free Zone, NAHCO Commodities, NAHCO Travel

S E C U R I T I E S Market Price

quantity traded

& Hospitality, Aviation Academy will contribute N15 billion, N80 billion, N7 billion and N2 billion.”

He added that “this projected growth trajectory compels us to prioritize operational efficiency and performance improvement.”

Obabori pointed out that the African aviation industry has shown remarkable resilience in recovering from the challenges posed by the COVID-19 pandemic, experiencing steady growth in recent year, saying

T R A D E D

value traded ( N )

MaiN Board

A S O F

that the Nigerian market has exhibited resilience and growth, even amidst a challenging economic landscape.

He added that NAHCO has consistently demonstrated its ability to capitalize on expanding markets through innovation and adaptation. He noted further that the Company is actively taking steps to enhance its performance and operations, adding that “we will prioritize a number of key initiatives aimed at enhancing operational efficiency and

D E C E M B E R DEALS

significantly improving the company’s financial position.”

The chairman of NAHCO, Seinde Fadeni stated that “as a company that has consistently paid high dividends over the years, NAHCO will continue to seek higher dividends for its shareholders.

“To do that, the Company has to increase profitability.

To increase profitability, the Company is making make huge investments in manpower and equipment.”

1 7 / 2 4

Market Price

quantity traded

value traded ( N)

24

T H I S D AY • WEDNESday DECEMBER 18, 2024

FEatures

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

How UBA Foundation has Nurtured Young Creative Minds for 14 Years through NEC For over 14 years, the United Bank for Africa (UBA) Foundation has consistently demonstrated its commitment to education, changing countless lives through its National Essay Competition (NEC).

This initiative, designed to encourage literacy, critical thinking, and academic excellence among African youth, has become a beacon of hope and a platform for nurturing creative young minds.

Chiemelie Ezeobi writes that the 2024 edition of the NEC further solidified its legacy, as 16-year-old Tehilah Oluchukwu Isimah emerged victorious, clinching the coveted N7.5 million educational grant

L-R: One of the Judges of the National Essay Competition, (NEC), Professor Ini Uko; ObinnaChukwu Chikamara Christabel, Oliver Alawuba, Isimah Tehilah Oluchukwu, Muyiwa Akinyemi, Essien Greatness Emediong and Bola Atta, at the grand finale

A

s an initiative rooted in purpose, the UBA Foundation, the Corporate Social Responsibility (CSR) arm of the UBA Group, launched the National Essay Competition (NEC) as part of its broader mission to empower young ones, while inspiring progress across Africa.

Upon its establishment, NEC focused on senior secondary school students, through which it aims to promote a reading culture, foster intellectual competition, and provide tangible support for tertiary education.

Over the years, 14 years to be precise, the NEC has evolved into a prestigious platform that not only identifies bright talents but also amplifies their voices.

This year, the competition aligned with UBA’s 75th-anniversary celebration, further highlighting its significance. A total of 75 students from across Nigeria received N75,000 each as part of the milestone celebration, while 20 finalists were awarded laptops and other materials to support their academic pursuits.

Celebrating Excellence at the Grand Finale The 2024 grand finale, held at UBA House in Lagos, was a memorable event, showcasing the brilliance of young minds. After months of rigorous evaluation of over 10,000 entries, the finalists gathered to present their ideas on the essay topic: “The Impact of Carbon Emission on Climate Change in Nigeria: Challenges and Solutions.”

Amidst the tough competition, Tehilah Oluchukwu Isimah of Everest Heights International Academy, Gwagwalada-Abuja, emerged as the overall winner. She walked away with a N7.5 million educational grant to fund her university education at any African institution of her choice.

Overwhelmed with joy, Isimah expressed her gratitude, saying: “I prayed and worked so hard for this. Even though I am a science student, I have always loved writing. This is a dream come true, and I will forever be grateful to the UBA Foundation.”

Her mother, visibly emotional, also expressed her appreciation, noting the profound impact the grant would have on their family.

The second-place prize of N5 million went to Obinna-Chukwu Chikamara Christabel of Regina Pacis College, Abuja, while the third prize of N3.5 million was awarded to Essien Greatness Emediong of the Nigerian Christian Institute, Uyo, Akwa Ibom. Notably, Essien’s achievement marked a milestone as he became the first male finalist to secure a top position in three years.

Mother of the winner, Mrs Comfort Isimah; Oliver Alawuba; Winner, 2024 UBA Foundation National Essay Competition and student of Everest Heights Int’l Academy, Gwagwalada, Abuja, Isimah Tehilah Oluchukwu; and Bola Atta, at the grand finale

Broadening Horizons Across Africa One unique aspect of the NEC is its panAfrican focus. Winners are encouraged to utilise their grants at any university on the African continent, thereby promoting the quality of education available in Africa. This stipulation aligns with the foundation’s broader vision of celebrating African talent and fostering growth within the continent.

In addition to its impact on individual winners, the competition has a ripple effect on communities, inspiring other students to aim higher and engage with pressing societal issues. This year’s topic on carbon emissions and climate change exemplifies the foundation’s commitment to addressing global challenges L-R: Group Head, Corporate Communications Marketing and Corporate Communications, Alero while equipping young minds with the tools Ladipo; Group Managing Director, United Bank for Africa, (UBA Plc) Oliver Alawuba; 1st Runner to find solutions. up, 2024 UBA Foundation National Essay Competition (NEC), Obinna-Chukwu Chikamara ChrisAs the UBA Foundation marks 14 years of tabel; Winner, 2024 UBA Foundation National Essay Competition (NEC) and student of Everest the NEC, its achievements serve as a reminder Heights Int’l Academy, Gwagwalada, Abuja, Isimah Tehilah Oluchukwu; 2nd Runner-up, Essien of the profound impact that education-focused Greatness Emediong; Managing Director/CEO, UBA Foundation, Bola Atta; Deputy Managing CSR initiatives can have. By investing in the Director, UBA, Muyiwa Akinyemi, Group Head, Retail Products and Sales, Prince Ayewoh, dur- future of young Africans, the foundation is ing the grand finale of the 2024 UBA Foundation National Essay Competition for senior school not just supporting students—it is nurturing students in Nigeria at UBA House, Lagos…recently leaders, innovators, and change-makers who will shape the continent’s destiny.

Therefore, the success of the 2024 NEC, “At the UBA Foundation, education sity of Uyo, who praised the UBA Foundation highlighted by the outstanding achievements has always been our cornerstone. By for its consistent efforts to promote reading and of its winners, sets the stage for even greater investing in education, we are not just research among students, though she cautioned accomplishments in the years to come. For teaching; we are empowering individu- against instances of plagiarism observed in thousands of students, the competition remains als to become architects of their own some entries. a beacon of hope, offering not just educational futures and catalysts for broader societal grants but a platform to dream, create, and excel. progress.”

A Platform for Lasting Impact As succinctly captured by one of the finalists, Similarly, Bola Atta, MD/CEO of UBA Since its inception, the NEC has awarded “This competition has taught me that education Foundation, lauded the growing interest millions of naira in educational grants to is the key to unlocking opportunities. UBA in the competition. She highlighted outstanding students, empowering them to Foundation is not just changing lives; it is the increased participation from the pursue higher education and achieve their building a brighter future for all of us.” northern regions, attributing this to aspirations. The competition underscores the As the NEC continues to grow in scope and the foundation’s continuous efforts to UBA Foundation’s belief in the transformative impact, its legacy as a decade-long driver of reach all corners of the nation. power of education, especially when targeted change will undoubtedly endure, inspiring “This year’s entries were not only at the youth. generations of young Africans to reach for numerous but also of exceptional quality, This year’s prizes marked a significant the stars. reflecting the brilliance and creativity improvement from previous editions, with the of Africa’s next generation,” she said. first prize increasing to N7.5 million from N2.5 About UBA Foundation The competition also benefited from million. The second and third prizes also saw Incorporated in January 2004, the UBA expert judges, including Prof. Ini Uko substantial increments, reflecting the foundation’s Foundation, which is the CSR arm of the from the Department of English, Univer- commitment to creating meaningful opportunities. United Bank for Africa (UBA) Plc, Africa’s global bank, has been committed to being a socially responsible company and role model for all businesses in Africa.

Essentially, the foundation is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of education, environment, economic empowerment and special projects.

Amongst other expression of its numerous CSR projects, the United Bank for Africa Foundation birthed the National Essay Competition, which promotes literacy and encourages healthy and intellectual competition amongst senior secondary students.

At the UBA Foundation, education has always been our cornerstone. We believe that knowledge is the most powerful catalyst for transformative change. By investing in education, we are not Inspiring the Next Generation just teaching - we are empowering individuals Speaking at the event, Oliver Alawuba, UBA Group Managing Director/CEO, reaffirmed the to become architects of their own futures and bank’s dedication to education as a catalyst catalysts for broader societal progress for societal transformation.

25

THISDAY • WEDNESDAY, DECEMBER 18, 2024

FOCUS

AITEO at 25: From Oil Fields to World Markets, Benedict Peters Charts Daring Conquests

There is a lesson to learn in AITEO’s blooming. At 25, the oil firm manifests the repute of an industry giant. Amid the sprawling expanse of Africa’s oil sector, AITEO towers impressively and quite formidably. Some have likened its growth to the proverbial defiant spark that burst into a flame, burning with the vigour of relentless enterprise - 25 years old. From the melting pot of ambition forged in 1999 to the vast energy corridors it commands today, AITEO has soared, phoenix-like, through the ashes of volatility and doubt. AITEO stands as a monolith of possibility—a steadfast testament to the audacity of a vision harnessed by the indefatigable Benedict Peters. Under the billionaire magnate’s brilliant leadership, AITEO has charted its course through a myriad of challenges to become a continental titan. It is no hyperbole to say, therefore, that AITEO’s journey mirrors the mythic: an odyssey of grit and grace, of vision that refused to be fettered by fear. At the dawn of its 25th anniversary - a significant milestone - the name, AITEO, is pronounced with reverence in the slick chambers of Africa’s oil and gas sectors and across the fertile heartlands of the Niger Delta, writes Lanre Alfred

W

ith a mind lit by ambition and a spirit forged in rigour, Benedict Peters, Founder and CEO of Aiteo Group, rose from the margins to seize the marrow of the earth, and so doing, sculpted his legacy in oil and gas.

His story is one of relentless ascent—of striking fire in the dark until it illuminated continents.

Peters is no ordinary dreamer. He wields vision like a compass and inventiveness like a hammer, crafting an empire where others can only see the barren ground. AITEO Eastern Exploration and Production Company Limited—his brainchild—rose from the dust of downstream markets to command the skies of the global energy sector. From fledgling beginnings two decades past, AITEO has blossomed into an integrated energy colossus, unearthing treasures hidden deep beneath the earth’s stubborn crust and delivering them to the world’s energy-hungry shores. Where the timid cowered, AITEO dared, charting seas of storage, and highways of delivery.

Yet it must be said that Peters sowed the seeds of AITEO at a time when the oil industry seemed impervious to new contenders. In an era dominated by monolithic corporations, he dared to dream of an African energy conglomerate—rooted in resilience, bold in its ambitions, and dynamic in its growth.

Like a skilled cartographer charting unknown lands, Peters began his journey with Sigmund Communecci in the downstream sector. It was a modest enterprise, yet its spirit was electric with potential. From this nucleus of ambition, AITEO was born in 2008, rebranded and reinvigorated to take on a continent’s energy needs.

With just a clear-cut vision and bullish ingenuity, Benedict Peters, the CEO/Founder of Aiteo Eastern Exploration and Production Company Limited, built an integrated energy group which contributes over 5% of Nigeria’s daily oil production. The company started out flaunting one of the largest private storage facilities (with a capacity of more than 320 million litres at Port Harcourt and Apapa) for refined petroleum products in sub-Saharan Africa while competently asserting its stakes in refining and production, bulk petroleum storage, trading, marketing, supply, power generation and distribution.

A conglomerate with a turnover of over $ 20 billion annually and a downstream business of bulk storage of over 300 million litres per annum, Aiteo has evolved into an integral contributor to the advancement of the African energy industry. Its integrated value chain in the upstream, downstream and power sectors is underpinned by extensive local capacity development with significant opportunities to sustain its future business. Aiteo’s major fields now include Nembe (Flowstation), Santa Barbara, Ogoroba, Oloibiri and Nembe Creek Truckline.

The story of AITEO’s inception is not one of convenience or circumstance but of calculated courage. As a young company, it faced the scalding scepticism of an industry notorious for its barriers.

Yet, like an alchemist transmuting lead to gold, Peters turned challenges into opportunities, securing loans with an unassailable track record of integrity and performance.

Growth and Grit: A Formula of Success

The metamorphosis of AITEO from a peripheral player into a colossus of oil and gas exploration is nothing short of a masterclass in strategic brilliance.

The company’s footprint extends across the spectrum of energy solutions: from production to refining, from bulk storage to power generation.

AITEO’s major fields—Nembe (Flowstation), Santa Barbara, Ogoroba, Oloibiri, and the Nembe Creek Trunkline—are not merely swathes of rich earth but chapters in a saga of exploration and excellence. The acquisition of OML 29 from Shell in 2014 was a seismic shift, a declaration that AITEO had arrived on the big stage, not as a supporting act but as a headliner.

The boldness of this acquisition was matched by its outcome: a staggering 400% increase in production, from 23,000 barrels per day to a triumphant peak of 90,000 barrels per day. These figures are not mere metrics; they are milestones carved into the annals of Africa’s energy history.

There is no gainsaying Aiteo Eastern Exploration and Production Company Limited, the succeeding

in the park. It requires consistent effort and focus to grow from just being an entrepreneur with interest in a particular business to becoming a respected and renowned empire builder. Nigeria is blessed to have such a titan in Peters, who started from the scratch, kept his thrust on the grindstone and turned seemingly insignificant ideas into behemoth industries. So doing, Peters has become the high watermark by which his contemporaries are measured.

Today, he is celebrated at home and abroad as one of Nigeria’s league of extraordinary entrepreneurs.

A Titan’s Reach: Beyond Oil and Gas

While AITEO’s core lies in oil and gas, its ambitions soar beyond. The company’s investments in power generation reflect a keen awareness of Africa’s developmental needs. With three power plants boasting a combined capacity of 2,300 megawatts, AITEO is poised to be a key player in resolving Nigeria’s energy deficit.

This is not merely corporate diversification; it is nation-building. AITEO’s strategy to harness Nigeria’s vast gas deposits for power generation is a clarion call to self-reliance. It is a reminder that energy independence is not just an industrial goal but a patriotic imperative.

Moreover, Peters’ diversification into platinum mining in Zimbabwe under Bravura Holdings speaks of a vision that transcends borders. This $1 billion investment is more than a business expansion; it is a testament to the belief that Africa’s wealth lies beneath its feet, waiting for visionaries to unearth it.

AITEO and the People: Benny Peters’ Philanthropy, Corporate Conscience

Benedict Peters entity for Sigmund Communecci, was founded with a commitment to provide responsible energy extraction and production and fuel economic growth while improving the quality of life of Nigerians through its diverse activities.

Many had expected that the change in its corporate identity would come with concern and uncertainties from banking partners and perhaps, the likelihood of withdrawal of the financial goodwill that the company used to enjoy under its former name.

Rather, the credit facilities increased as Aiteo became more audacious and ambitious.

The company’s trajectory is underscored by an unwavering commitment to financial integrity.

Where others stumbled under the weight of fiscal irresponsibility, AITEO soared on the wings of trust and transparency. From securing multimillion-dollar facilities from Ecobank, Union Bank, and First Bank to executing the largest debt-financed acquisition in Nigeria’s oil history, AITEO’s financial story is one of prudence, boldness, and credibility.

Precisely on Friday, March 6, 2009, Aiteo got a $30m Inventory Finance Facility from Ecobank “to part-finance the local purchase/importation of petroleum products under a warehousing arrangement for open market sales.” Later in the same year, Union Bank offered a $25m ITF/BA facility which it then increased to $50m while renewing an existing N2bn term loan facility to “finance the importation/local purchase of petroleum products from reputable refinery/supplier for onward sale to local off-takers.” Aiteo obtained a N1.1billion loan from First Bank on June 11, 2010, to finance the tank farms at Apapa and Abonema which gave the company considerable leverage in the sector.

Aiteo would announce its big-player status in 2013 when Shell Petroleum Development Company (SPDC) announced itsdecision to divest some onshore assets it considered ‘disposable’ in the Niger Delta.

The challenges SDPC was facing had started taking their toll on the profitability of its operations in the then troubled region. In 2014, Aiteo raised the single largest debt-financing in the Nigeria oil and gas sector from local banks to become a successful bidder for 45% per cent of OML 29 at Nembe Creek Trunkline.

Before the divestment, OML 29 was operated

by SPDC in a joint venture that had the Nigerian National Petroleum Corporation (55%), SPDC (30%), Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%).

OML 29 was the biggest of the four oil fields that

were divested by Shell with the average production of 23,000bpd at the time Aiteo acquired it. The story changed as production output experienced exponential growth between August 2015 when Shell fully exited the facility and December 2016.

Aiteo recorded an impressive 400% increment of the average production of 80,000bpd, peaking at 90,000bpd, in one year. The company’s trajectory had been appreciable ever since.

In 2019, AITEO announced plans to invest $5 billion to boost production to 250,000 barrels per day and increase gas supply to 300 million standard cubic feet per day. These are not mere projections; they are promises backed by a history of delivery.

AITEO’s achievements are not confined to extraction. It boasts some of the largest private petroleum storage facilities in sub-Saharan Africa, with a capacity exceeding 320 million litres in strategic locations like Port Harcourt and Apapa.

The company’s integrated operations reflect a holistic vision: an ecosystem where upstream exploration fuels downstream delivery, and where every barrel extracted powers progress.

A Legacy of Leadership: The Benny Peters Factor

To understand AITEO’s ascendancy is to understand its helmsman—Benny Peters. He is not merely a businessman; he is a conductor of possibilities, orchestrating symphonies of success where others hear only dissonance.

Peters embodies the rare triad of genius, modesty, and character. His leadership style is a masterclass in calculated audacity. He is the type of visionary who, if tasked with reaching Mars, would see it as a mere stepping stone to Saturn.

It is this boundless imagination, coupled with an unyielding work ethic, that has propelled AITEO to such stratospheric heights.

In Peters’ philosophy, commerce is not a ruthless pursuit but a noble endeavor. His approach counters the “mercantilist” ethos of cutthroat competition with a doctrine of altruism and impact. This ethos permeates AITEO’s corporate culture, making it not just a profit-making juggernaut but a beacon of societal good.

At top business schools in Africa and beyond, the corporate exploits of Peters offer veritable case-studies for academic researches. And this is because the manifestly self-effacing mogul has created phenomenally successful businesses that impact the world in significant ways.

No doubt, to flourish as an industrialist is no walk

A true giant is judged not by the wealth it amasses but by the lives it transforms. AITEO’s commitment to corporate social responsibility is a golden thread woven through its success. AITEO has consistently demonstrated that its vision extends beyond corporate success into societal impact. During the COVID-19 pandemic, AITEO joined 32 other industry players to contribute N11.4 billion ($30 million) to the Presidential Task Force to support federal and state efforts in combating the virus.

The company further bolstered this intervention by donating five ambulances to the task force.

But AITEO’s generosity is not episodic; it is systemic.

It’s commitment to societal welfare is woven into its operations. With a focus on environmental health, employee safety, and community wellbeing, the company upholds rigorous standards in its host communities. This dedication has resulted in a Foreign Direct Investment of about $4.5 billion and the creation of 12,000 jobs. Operating from hubs in Lagos, Abuja, Port Harcourt, Warri, London, and Geneva, AITEO ensures meaningful employment and skills development for the natives in its host regions.

The company’s Corporate Social Responsibility (CSR) initiatives are comprehensive. AITEO regularly supports local businesses, provides scholarships for engineering and technical studies, and donates to charities, religious bodies, and cultural organizations.

In May 2019, AITEO made a landmark donation of N500 million to the Bayelsa Education Development Trust Fund, reinforcing its commitment to the educational development of Bayelsa State, where many of its operations are based.

AITEO also extends humanitarian aid to Internally Displaced Persons (IDPs), notably through the State Emergency Management Agency in Adamawa.

Additionally, through the Joseph Agro Foundation, founded by Benny Peters, AITEO empowers rural farmers, promotes clean water consumption, and enhances the Nigerian educational system with targeted programs and initiatives.

The company’s impact also resonates powerfully in Nigerian sports, particularly football. In a groundbreaking move, the company signed a N2.9 billion five-year partnership with the Nigeria Football Federation (NFF), becoming the Official Optimum Partner. This deal, the most lucrative in NFF history, ensured timely payment of national coaches’ salaries, addressing a long-standing issue that had marred the careers of coaches like Stephen Keshi and Shuaibu Amodu.

Continues online

26

WEDNESDAY, DECEMBER 18, 2024 • T H I S D AY

NEWS

HONOUR FOR MR REVENUE...

L-R: Vice Chancellor, Adekunle Ajasin University, Akungba-Akoko (AAUA), Prof Olugbenga Ige; member representing Akoko South/East and South/West Federal Constituency, Asiwaju Adegboyega Adefarati; Honorary Doctorate Degree, Doctor of Political Science (DPC) awardee, Governor of Ondo State, Hon. Lucky Aiyedatiwa; awardee of Doctorate Degree in Public Administration (honoris causa), Executive Chairman, Lagos State Internal Revenue Service, LIRS, Mr. Ayodele Subair; Doctorate Degree in Business Administration (honoris causa) awardee and Pro-Chancellor and Chairman of the Governing Council, Adekunle Ajasin University, AkungbaAkoko (AAUA), Dr. Tunji Abayomi, during the investiture, 13th convocation ceremony and 25th anniversary of the institution held on Saturday 14th, December, 2024

ICPC Recovers N52b, $966,900.83 in One Year Says Chairman, Musa Aliyu Alex Enumah in Abuja Over N52 billion and $966,900.83 and other assets have been recovered in the last one year by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Chairman of the anti-graft agency, Dr Musa Aliyu, SAN, who made the disclosure attributed the significant milestone achievement to the steadfast commitment to the rule of law.

He spoke on Tuesday in Abuja at an event marking his one-year anniversary as the chairman of ICPC. The ICPC boss also tied the success of the commission to adaptation to evolving trends and equipping its workforce with digital strategies in the fight against corruption.

"The current administration's anti-corruption agenda and my own policy thrust encapsulated in the acronym “CARE” for impact, have further motivated the Commission to enhance its tools, approaches, and engagements.

“I am therefore bold and proud to reflect on the modest progress we have made and the challenges we have overcome so far", he said.

"These accomplishments include notable asset recoveries, enforcement

actions, and initiatives promoting transparency and good governance.

For instance, through its Constituency and Executive Projects Tracking Initiative (CEPTI), the Commission continues to ensure accountability in government funds and deliver tangible benefits of democracy to citizens across Nigeria", he added.

In the area of asset recovery, Aliyu stated that "N29.700 billion in cash" was recovered and presently domiciled in ICPC recovery accounts.

"N10.986 billion VAT recovered and remitted to FIRS. "N10 billion covid-19 vaccine fund meant for production of vaccine remitted to the treasury.

"Value of asset through final forfeiture – N2.5 billion".

In the area of foreign currency recoveries, the Commission stated that the sum of $966,900.83, was retrieved and kept secured in the ICPC-CBN account balance brought forward.

Similarly, the anti-graft body noted that it has just completed the tracking of 1,500 projects, valued at N610 billion, nationwide under CEPTI Phase 7.

Meanwhile, Aliyu disclosed that the Commission in the last one year processed 851 petitions, with 342 assigned for investigation, 95

fully investigated, 72 cases filed in court, and 16 convictions secured.

"In this regard, we are streamlining our processes to ensure faster and more effective prosecution of cases, leading to the resuscitation

of 10-15-year-old cases in courts", he said.

Speaking further the chairman disclosed that as part of its commitment to institutional accountability, the Commission assessed

Rule of Law and Anti-Corruption (RoLAC), Fiscal Responsibility Commission (FRC) and other stakeholders in anti-corruption drive have advocated strict adherence to the principles of fiscal responsibility in public governance, calling for the domestication of the Fiscal Responsibility Act in the sub-national levels of government to promote transparency and accountability.

The call came during the North Central Zonal Summit of Fiscal Responsibility Institutions funded by the European Union (EU) and being implemented by International Institute for Democracy and Electoral Assistance (IIDEA) held in Jos the Plateau State Capital.

The two-day engagement themed: ‘Integrating the Citizens into Fiscal Decision-Making in States and Local Governments: Insight from Fiscal Responsibility Act,’ is aimed at ensuring the dividends

of democracy reach the people as expected with prudence in financial management.

Addressing participants at the summit, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako harped on the need for citizens’ participation in fiscal decision-making, stressing that such will promote transparency and accountability which are essential components of good governance.

Represented by his Special Adviser, Chris Uwadoka, the FRC chairman said that the essence of the summit was to facilitate the domestication of the Act by subnationals.

He maintained that the theme of the summit underscores the importance of strengthening fiscal responsibility and promoting citizen participation in public finance management at the sub-national level.

He said: “Transparency and accountability are essential components

were also established across MDAs to reinforce its anti-corruption efforts, adding that "while doing these, the Commission stopped the diversion of public funds to the tune of N5.882 billion".

Danchadi: Why Sokoto Govt Prioritised Capital Expenditure in 2025 Budget Gov Aliyu’s over 186 capital projects unmatched Onuminya Innocent Governor Ahmed Aliyu’s focus on developing infrastructure that would drive Sokoto State’s economic development has been given as reason the governor allocated 66 per cent of his 202 budget to capital expenditure.

The budget estimate of N526,882,142,484.39 was presented to the Sokoto State House of Assembly

by Governor Aliyu on November 29, 2024.

Speaking at a press conference on the breakdown of the budget, Commissioner for Information

and Orientation in the State, Hon. Sambo Bello Danchadi, explained that the governor put more funds in capital projects because of his vision in building infrastructure that would accelerate the economic development of the state.

In another related development, targeting fulfilment of his campaign promises to the people of Sokoto State, the governor’s administration has executed over 186 capital projects since assuming office about eighteen months ago and this is unprecedented.

Danchadi further disclosed that over 800,000 children in the state have

RoLAC, FRC, Others Seek Domestication of Fiscal Responsibility Act to Promote Accountability Seriki Adinoyi in Jos

323 Ministries, Departments, and Agencies (MDAs) through its Ethics and Integrity Compliance Scorecard (EICS).

He added that 80 Anti-Corruption and Transparency Units (ACTUs)

of good governance. The public has the right to know how public funds are being allocated, spent, and managed. This includes information about budget proposals, expenditure reports, and audit findings.

“By promoting transparency, we can empower citizens to hold public officials accountable and ensure that public resources are used efficiently and effectively.

“Recent initiatives such as the Open Government Partnership, the Freedom of Information Act, and the Sustainable Fiscal Frameworks (SFF) have made significant strides in promoting citizen participation and accountability in public finance management.

“These reforms aim to strengthen transparency, enhance public oversight, and improve service delivery.”

The representative of RoLAC and International IDEA, Mr. Pwanakim Mantin Dala, said citizen’s participation in the management of

resources is key for any government operations across various levels especially at the grassroots.

“The Fiscal Responsibility Act looks beyond releasing budgetary information to the public; it looks at how the fund is being applied.

It also looks at what the funds were allocated for and whether the funds were properly utilized for the purposes.

“So that you're not spending so much for so little and that’s what this engagement is all about”, he explained.

On his part, Governor Caleb Mutfwang of Plateau State, represented by the Commissioner of Finance, Mrs. Grace Dongkum, assured that the state was already in the process of domesticating the fiscal responsibility Act to further strengthen government operations.

He said: “The Fiscal Responsibility is an integral part of government especially financial management because it is about transparency.

been enrolled into basic education schools marking a drastic increase in the number of enrolments into public primary schools in the state.

According to him, 66 per cent of the budget, which represents about N349,386,540,354.25, would enable the administration to pursue the development of critical economicsupportive infrastructure for growth His words: “Gentlemen of the Press, as the year 2024 draws to a close, let us take a look at the major highlights of the 2025 Budget Proposal, which is currently before the state Legislature for consideration.

“The 2025 budget proposal, tagged "Budget of Transformation and Infrastructural Sustainability," is designed to address the pressing needs of our citizens while promoting economic growth and development.

The budget allocates: “33% for recurrent expenditure, focusing on salaries, pensions, and overhead costs; and 66% for capital expenditure, prioritizing projects that drive economic growth, improve infrastructure, and enhance the quality of life for our citizens.”

The commissioner also highlighted some key areas of the budget, which he said were measured towards achieving overall growth for the state.

“Some key areas of focus for the 2025 budget include: Education: with 25% allocation; devoting substantial portion of the state’s budget to education is a significant commitment to improving the sector.

“This move will help address infrastructural deficits, fund educational programs, and ensure the effective delivery of teaching and learning.

“By surpassing UNESCO’s recommended benchmark of 15-20%, the administration is demonstrating its priority for education, which is critical to achieving sustainable development.” he said.

He also disclosed that 16% of the budget would be allocated to healthcare adding that “enhancing

healthcare infrastructure, improving medical services, and promoting health education (indicates) the state government is committed to renovate and equip the 244 healthcare centres in all the electoral wards in the state and provide them ambulances for effective health care service delivery.”

Danchadi also noted that with the 2025 budget, Sokoto would be turned into a huge construction site through massive infrastructure development stating that Governor Aliyu would invest “in roads construction, water supply, and energy projects to drive economic growth and improve living standards.”

He added: “We believe that this budget proposal will help us achieve our vision for a prosperous and developed Sokoto State. We look forward to working with all stakeholders to ensure its successful implementation.

“I want to conclude by saying that the way things are going and judging by the monumental achievements of Governor Ahmed Aliyu, within such a short period of time, in the areas of infrastructure, economy, social welfare and poverty reduction, he will rank among the best five governors in the country before the end of his first tenure.

“Governor Ahmed Aliyu has the potential, and the capacity and the will to exceed every expectation.”

The information commissioner also revealed that over 800,000 children in the state have been enrolled into basic education schools, attributing the increased enrolment to the efforts of the state governor to improve education infrastructure across the state.

While highlighting some of the achievements of the state government over the past eighteen months, the commissioner said the administration accomplished these feats without borrowing a kobo from any bank or financial institution within or outside the country.

27

T H I S D AY • WEDNESDAY, DECEMBER 18, 2024

NEWS

LAPRIGA 2024...

L-R: Global and Marketing Communications Leader, Orimolade Oluwamuyemi; PR Lead, 9mobile, Chineze Amanfo; Executive Director, Business Development, Operations and Innovation, Chenist Communications, Ekene Ajayi; and John Kokome, PR Manager, Chenist Communications at LaPriga 2024, held in Lagos ... recently

Secondus: Outside God, I and Few Other Leaders Made Nyesom Wike Lauds Fubara for peace, inclusive leadership

Olusegun Samuel in Yenagoa and Blessing Ibunge in Port Harcourt A former National Chairman, Peoples Democratic Party (PDP), Uche Secondus, yesterday, said after God,

the almighty, he was the one, who helped to make the Minister of the FCT, Nyesom Wike, who he is today.

This statement, Secondus, said Wike, too, had acknowledged at different times, either in Abuja or

Port Harcourt, Rivers State.

He, however, commended the Rivers State Governor, Siminalayi Fubara, for ending decades of frustration and fear in the state, stressing that state commissioners

and permanent secretaries were no longer facing harassment in service.

The former PDP also urged the governor to be courageous and strong, so he could be able to face and defeat his detractors.

Oando Appoints Three New Independent Non-executive Directors Emmanuel Addeh in Abuja

Oando Plc has informed its shareholders and other stakeholders that the Board of Directors has appointed Mr. Cosmas Iwueze, Mr. Ken Igbokwe and Mr. Bashir Bello as Independent Non-executive Directors of the integrated oil and gas company.

While Iwueze’s appointment was effective December 16, 2024, the other two took effect November 25, 2024, in line with Article 88 of the Company’s Articles of Association (AOA).

In a statement yesterday, Oando

described Iwueze as a seasoned petroleum engineer and business leader with over three decades of experience in the oil and gas industry.

Joining Chevron Nigeria Limited (CNL) in 1990, Iwueze, it disclosed, rose through positions of increasing responsibility across Reservoir and Asset Management, Commercial Development, Operations, Project Management, and Business Strategy.

He also gained international experience working with Chevron in California and Angola.

It said that he previously held

THISDAY's Fasogbon Wins NMMA Female Reporter of the Year Award THISDAY newspaper journalist, Omolabake Fasogbon, has been named the Female Reporter of the Year at the 2024 Nigerian Media Merit Awards (NMMA).

Fasogbon beat The Nation newspaper's Grace Obike to emerge overall winner in the category.

Her winning story, 'Inside Plateau Communities Where Incest Rages; Survivors Rebuff Justice, Groan in Silence' explores the disturbing prevalence of incest in Plateau State, Nigeria, where survivors face silence, stigma, and societal pressure to avoid seeking justice.

Through harrowing testimonies, the piece revealed how perpetrators often go unpunished, while survivors are left to grapple with trauma in a culture that normalizes such abuse.

Speaking, Chairman, Panel of Assessors, Dele Adetiba, said about 1,000 entries were received for this year’s NMMA. "The exceptional quality of entries and the rigorous judging process make the award winners truly outstanding journalists, with winning entries scoring at least 70% and upholding the prestige of their

category sponsors."

Fasogbon is a seasoned journalist with about a decade of experience in both print and electronic media, focusing on investigations, gender , human rights, accountability and finance reporting.

She holds a Bachelor's and Master's degree in Mass communication from Olabisi Onabanjo University, Ogun state and University of Lagos(UNILAG) respectively.

Fasogbon's reports have garnered multiple accolades, including being a two-time runner-up for the Wole Soyinka Award for Investigative Reporting in 2021 and 2023. She was also a nominee for the European School of Oncology’s Cancer Journalism Award, Italy and the Host Writer Award for Collaborative Reporting in Germany.

Fasogbon’s investigative pieces have been featured in international collaborations, such as with Zam Magazine in Amsterdam and Tiger Eye in Ghana. She is also a grantee of the BBC Africa Eye. She is a fellow of the Wole Soyinka Centre for Investigative Journalism( WSCIJ) Report Women.

leadership roles as Business Services Director for Chevron’s Nigeria/ Mid-Africa unit, General Manager of Operations, and General Manager of Asset Development and Exploration.

“Notable achievements include securing third-party financing for JV projects and contributing to national petroleum policy development during a secondment to the Nigerian government.

“Prior to retiring in November 2024, Cosmas served as Director of the NNPC/Chevron Joint Venture (JV), overseeing the JV asset development, major projects as well as oil and gas production with profit and loss accountability. In this role, he led strategic initiatives, managed multiple general managers, and acted as Managing Director when required,” it added.

In addition, it said that Igbokwe is a highly experienced management and consulting professional with over 35

years of expertise in various sectors, including oil & gas, financial services and the public sector.

During his career at PwC Nigeria, Oando said Igbokwe held key top leadership roles in Assurance, Tax and Consulting.

“His experience spans a wide range of areas such as statutory, financial and process audits & assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.

“In his role as Country Leader of PwC Nigeria, Ken had responsibility for driving strategic thinking and the visioning that underpinned the growth of the firm. He was in this leadership position for 10 years during which PwC Nigeria business recorded tremendous growth with PwC becoming the leading ‘Big 4’ brand.

Secondus made the assertions yesterday, while performing inauguration of the 13.985 kilometers Bori internal roads project in Khana Local Government Area.

He said, “They will no longer be harassed. There will be no longer any toxic situation where Commissioners and Permanent Secretaries will be harassed.

“Your Excellency, today, I join you and all the rest of our Khana Local Government and the entire Ogoni and our dear Senatorial District headquarters to thank God on your behalf for what the Lord is doing for you.

"All I can say is be strong and be courageous, because you will overcome your enemies. Those who are shouting in Abuja, how were they made? It is God and some of us and the leaders that are seated here today that made it possible. And I can recall during my thanksgiving service immediately I was made National Chairman, he said it clearly, that outside God, it was my humble self and other leaders that made it possible.

"Today, when he speaks, either in Abuja and here in Port Harcourt, he sounds as if he fell from Heaven down. Your Excellency, don't worry, power comes from God. The same way God gave it to him through us, God has given it to you.

“And from what we have seen, you will excel because one thing that is important in the Ten Commandments is: 'love your neighbour as yourself', and you are spreading that part of

the Ten Commandments around our State. You love everybody, you respect the leaders, you respect the elders, and all we have is to pray for you."

The former PDP chairman said the eventual completion of the Bori Town Internal Roads project was a miracle, and a facelift to the area, noting that it was something that they had yearned for over the decades, and that Fubara had made it possible under his Urban Renewal Policy to create more cities in the State.

Earlier, Fubara promised that his administration would build cottage industries and provide social amenities to create good job opportunities and sources of wealth for the people to promote peace and accelerated development in the State.

He expressed pity for supposed political leaders who, instead of working to advance their communities and the state, have become self-styled reprobate agents of destruction, and wondered why such agents found it difficult to understand the danger they caused themselves in the longrun, dancing to the dictates of the same people who once had financial muscle but never pulled them out of the woods.

He said people sugar-coat bitterness they nursed in their hearts in the guise of love and worked to undermine any effort of development, emphasising that genuine love for the people must be expressed and seen to be selfless, sacrificial and consistent in advancing the common good and not gratifying sectional interest.

Seriake Dickson: Education Develops Human Minds, Beyond Roads, Bridges Olusegun Samuel in Yenagoa

Former Bayelsa State Governor and Senator representing Bayelsa West Senatorial District, Senator Seriake Dickson, said his motivation to continue investing in education stems from the fact that building roads, bridges and other infrastructures are mere brick and mortar without the development of the human mind.

The former governor who reiterated the importance of education, said, it remains the only reliable tool in changing any human society.

Dickson, who is also the Chancellor of Hensard University, stated this in his speech at the maiden matriculation ceremony of the

institution, held at the university’s matriculation arena in Toru-Orua, Sagbama Local Government Area in Bayelsa.

He said: "The focus of Hensard University is the total development of the human being and not just academic excellence, a reason I admonish the matriculants and inductees to be focused and do their utmost, knowing the high standards the university has set.

"I urge the vice chancellor and his team to continue working together to translate the goals and vision of the university, which is combining academic excellence, skills development and industry mentorship to produce leaders, and graduate

entrepreneurs."

Dickson also announced: "I note the preparedness of the institution to start-off the second academic session, as the ball is in motion for the commencement of its professional courses in Law, Medicine, Engineering, Nursing, and Pharmacy among others.”

In his remark, the Acting Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, congratulated the matriculants and inductees of the university just as he encouraged them, "To take their studies seriously as education is the only tool to conquer the world."

Senator Ewhrudjakpo, represented

by Mr. Gentle Emelah, the State

Commissioner of Education, also lauded Senator Dickson’s long term vision in education and his concept of service to humanity that has materialized in the founding of Hensard University.

The acting governor also thanked the vice chancellor and his management team, while reiterated the state government’s commitment to continue in partnering with the university.

Earlier in his welcome address, the Vice Chancellor, Professor Dileep Kumar, expressed appreciation to Senator Dickson for bringing his big dream to fruition and also to the management team for the support in translating the vision of the founder.

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WEDNESDAY, DECEMBER 18, 2024 • T H I S D AY

NEWS

CONFERMENT OF THE HONORARY DEGREES...

LR: Dr. Olutokun Karl Toriola, Doctor of Science (D. Sc) in Engineering Honoris Causa; Dr. Akinade Akanmu Ogunbiyi, Doctor of Business Management(D B M) Honoris Causa; Senator Oluremi Tinubu, CON, Doctor of Public Administration (DP A) Honoris Causa; Dr. Daere Afonya-a Akobo, Doctor of Business Management (D B M) Honoris Causa; and Prof. Anthony Olusegun Adegbulugbe, Doctor of Science (D. Sc) in Energy Planing and Management, Honoris Causa, after the conferment of the Honorary Degrees on them at the Amphitheatre of Obafemi Awolowo University, Ile-lfe, Osun State...recently

Okpebholo Suspends LG Chairmen Amidst Restraining Order, Secures Assembly’s Nod Alex Enumah in Abuja and Adibe Emenyonu in Benin City Edo State Governor, Monday Okpebholo, has suspended the chairmen of the 18 Local Government Area (LGA) Council in the State over allegations bordering on corruption and insubordination.

The suspension which followed the approval of the State House of Assembly, came a day after a High Court in Benin City, restrained the Edo State Government, including the Edo State House of Assembly.

Justice Efe Ikponmwonba of the High Court 2, Benin City on

Monday, December 16, restrained the defendants either by themselves or their agents "from giving directives, orders, interfering with or disturbing the applicants exercise of their constitutional sovereignty and dominion over their bank accounts and all assets and funds allocated to them from the Federation Account and all other funds standing to their credit, from their internally generated revenue (IGR) or howsoever arising pending the hearing and determination of the Motion on Notice."

Justice Ikponmwonba's order was sequel to an exparte application marked: B/CD/307OS/24 and argued on behalf

INEC Obeys Court Judgment, Recognises Ezeokenwa as APGA National Chairman Adedayo Akinwale in Abuja

The Independent National Electoral Commission (INEC) has recognised Mr. Sylvester Ezeokenwa as the Chairman of the All Progressives Grand Alliance (APGA) following a Supreme Court judgment.

The Supreme Court, after recognising Ezeokenwa as the chairman of the party also awarded an N20 million fine against Edozie Njoku for filing a frivolous suit at FCT High Court, Bwari.

Justice James Omotosho, in a judgment, held that there was no valid court judgment or order, including a judgment from the Supreme Court, that recognised Njoku as APGA national chairman.

INEC National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, in a statement, yester-

day, said in compliance with the judgement of the apex court, the Commission had restored Ezeokenwa as the Chairman of APGA. “The Commission met today, Tuesday 17th December 2024.

Among other issues, the meeting discussed the leadership issue in the All Progressives Grand Alliance (APGA) which has been the subject of litigation.

“The Commission has been served with the judgement of the Supreme Court with Appeal No. SC/CV/824/2024 APGA & ANOR vs OYE & ORS, delivered on 27th November 2024 recognising Barr.

Sylvester Ezeokenwa as the Chairman of the party.

“In compliance with the judgement of the apex court, the Commission has restored Barr. Ezeokenwa as the Chairman of APGA and restored his name on our website accordingly.”

of the 18 LGA chairmen by their lawyer, Mr Oluwole Osaza Uzzi.

The applicants had asked the court to stop the defendants from taking any action against them pending the hearing and determination of their suit, seeking to stop the government from suspending, removing or taking any measure that would hinder their operations as elected chairmen of their respective LGs. Ikponmwonba who added that, "This order is to be served on the defendants forthwith", fixed February 2, for hearing in the Motion on Notice.

But the plaintiffs had written separate letters to Edo State House of Assembly Speaker and the AttorneyGeneral of the state, warning against actions that would undermine their sovereignty as elected LG chairmen.

The two letters dated December 17,

were written by their lawyer Ogaga Ovrawah, SAN. The plaintiffs predicated their actions on the judgement of Justice Daniel Okungbowa, which had declared that the state government, and the state House of Assembly or their agents have no right to suspend or dissolve elected local government council officials.

The State Chief Judge had cited the recent judgement of the Supreme Court, which ordered that elected council members cannot be dissolved by the state government, House of Assembly, or its agents.

The letter to the AG read: "Our clients have it on good authority that His Excellency, the Executive Governor of Edo State, has written to the House of Assembly to request and demand that it should pass a

Ogun State Governor, Mr. Dapo Abiodun has said his administration conceived the Kajola Inland Dry Port project in alignment with the federal government's initiative to strengthen rail lines across the country.

Additionally, he said the move was to take pressure off the Apapa and Tin Can ports and make the clearance of raw materials seamless.

The governor said this while receiving the Outlined Business Case and Compliance Certificate for the Development and Operation of the port from a delegation of the Nigerian Shippers' Council (NSC).

This was just as the council lauded the governor for establishing the dry port, saying his vision underscored the collective dedication to improving Nigeria's trade and logistics infrastructure, as it would play a vital role in national transformation.

Receiving the delegation led by the Executive Secretary and Chief Executive Officer of the Council, Mr. Pius Akutah, in Abeokuta, Abiodun said: "Ogun State has a lot of federal roads that traverse the North, East, and other parts of the country, which explains why many manufacturers have found us a convenient location to set up their concerns.

"We have the advantage of

inconsistent with the Constitution, extant legislations and judgments.

It goes without much ado that any action founded on a non-existent law amounts to a nullity.”

Meanwhile Ovrawah warned that, “This letter serves as a formal thirty days (30) notice of our clients intention to institute legal proceedings against the House of Assembly if it acts upon any directive or demand contrary to the Constitution, extant legislations and the judgments hereinbefore referred to in this letter.

“The action shall seek declarations, orders, damages, injunctions and costs of the litigation for the truncation and usurpation of their rights.”

Nevertheless, the state chapter of the Peoples Democratic Party (PDP), has condemned the suspension of the 18 LG chairmen describing it as "illegal".

Sanwo-Olu: We're Committed to Addressing Housing Deficit State partners Access Bank on 704 housing units in Ikorodu Lagos State Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration's commitment to addressing housing deficit in the State.

Sanwo-Olu spoke yesterday, at Lagos House, Ikeja during the presentation of a Memorandum of Understanding (MOU) for the construction of 704 new housing units of two-bedroom apartments in Odo Nla, Ikorodu, facilitated by Lagos State and Access Bank Plc. According to a statement signed by the Governor’s Special Adviser, Media and Publicity, Gboyega

Akosile, the housing project, which is going to be 44 blocks of 16 units per block of two-bedroom flats, was expected to be completed in the next two years with complementing features like a cinema house, gym center, playground, and security network, among others.

Sanwo-Olu described the partnership between Lagos State Government and Access Bank as part of efforts to provide affordable, decent homes for residents of the State, especially the low-income earners.

The governor noted that addressing the housing deficit requires bold

Abiodun: Why We Established Kojola Dry Port

James Sowole in Abeokuta

resolution to direct him, as the governor, to dissolve the democratically elected 18 Local Government Councils in Edo State before the expiration/lapse of the tenure of three (3) years enshrined in the Edo State Local Government Law, 2000.”

The letter by the speaker read: “We have our clients' firm resolve to take all necessary lawful actions to protect and vindicate their constitutional rights if the House of Assembly decides to obey, comply and/or purport act under the cover, guise or coloration of any unconstitutional and illegal directives, requests and/or demands made by His Excellency, the Executive Governor of Edo State of Nigeria, to usurp, subjugate, restrict and/or limit their rights and tenure as the democratically elected Chairmen and dissolve the Local Government Councils in any manner

proximity to Lagos, Nigeria's busiest seaports and airport. We also have the advantage of extensive gas reticulation in terms of pipelines, which allows for energy and gas to power industries.

"These two factors have made us the industrial capital, and naturally, you will find that a lot of raw materials are coming in by sea, and once processed, they are coming in through Lagos to our state.

"This initiative is supported by the strong case that if we were able to establish an Inland Port here, it would align with the federal government's initiative of strengthening the rail line since this line connects Lagos to Ogun, Oyo, Osun, and Ondo states.

"The volume of traffic at Tincan and Apapa seaports is overwhelming, and these ports have become extremely inefficient as containers remain there for upwards of 30-60 days, accruing demurrage.

“By the time they are cleared and brought down to our state, a lot of demurrage and added costs have been incurred.

"In a strong business case, we say if we set up the Inland Dry Port, when the containers arrive, they don't need to be cleared in Lagos; they will be put onto trains, and all the processes will be done here. This means that containers destined for Oyo, Osun, and Ondo states will be cleared here."

steps initiatives, and partnerships with the private sector, adding that his administration has streamlined approval processes and introduced several incentives to further demonstrate the government's commitment to making Lagos an attractive destination for housing investments.

He said: "Guided by our T.H.E.M.E.S.+ Agenda, we have implemented a range of initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians.

While these achievements are commendable, we recognise that much more needs to be done.

"In collaboration with Access Bank Plc, we are embarking on a transformative housing project that will deliver the first batch of 704 units of two-bedroom apartments at Odo-Nla in Ikorodu.

“This initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years.

“This is not just about building houses; it is about creating homes, fostering communities, and laying the foundation for better lives.

"The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value

chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth.”

He added: "Our commitment to addressing the housing deficit is unwavering. Beyond the OdoNla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3.

These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians.

"I wish to express my profound appreciation to the Board and management of Access Bank Plc for believing in the viability of this project and for their innovative financing model that makes it possible. Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing."

Speaking earlier, the Group Managing Director of Access Bank, Mr. Roosevelt Ogbonna, noted that the partnership on the housing project was to ensure that every Lagosian has access to a decent home.

Ogbonna, who commended the Lagos State government for its developmental strides in different sectors, particularly in the housing sector, said Access Bank was excited about its partnership with the Lagos State Government.

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T H I S D AY • WEDNESDAY, DECEMBER 18, 2024

NEWS

PITCH2WIN COMPETITION...

L-R: Co-founder/CEO, TrendX, Nelson Elemi; Partner at Duke & Bobmanuel LLP, Genevieve Xerona Duke-Phillips ; Operations Analyst at Loftyinc Capital, Oluwatofunmi Idowu; Senior Lawyer at Duale, Ovia and Alex-Adedipe, Simisola Eyisanmi; Co-founder/ CTO at Flick, Dipo O. Gbadebo, and Reporter/ Content Writer at NODO, Caleb Nnamani, at the Pitch2Win Competition organised by innovative idea incubator, The Factory, in Calabar...recently

Humanitarian Minister: Tinubu Has Ordered Me to Ensure Digital Footprint for All Cash Transfer Beneficiaries

Only 1.4m of almost 90m persons in social register have digital identities Says president wants transparency in administration of cash transfer initiative

Emmanuel Addeh in Abuja The Minister of Humanitarian Affairs and Poverty Alleviation, Prof. Nentawe Yilwatda, yesterday said that President Bola Tinubu was prioritising transparency in the administration of the government's conditional cash transfer programme.

Speaking on Arise Television, the minister stated that the president has also instructed that each one of the over 19 million beneficiaries of the initiative must have a digital footprint, even if they do not have bank accounts.

The programme had in the past been mired in corruption, eventually leading to the sacking of a former

minister in the ministry under the current administration and the probe of another minister in the previous administration, among several officials of the ministry that were affected.

The minister said: “My job was, number one, to come and identify the issues that we have in the social register. First, the president wants transparency in the social register.

The first thing we wanted to do was to identify the key issues. The key issue in the social register is that we need digital identity for everybody who benefits from any social services that we're going to have on all our social safety nets.

And we have 19 million households.

“Multiply that by five, we have roughly about almost ninety something million people that are supposed to be beneficiaries of our social register. But out of this number, only 1.4 million have digital identity.

So the president gave a directive: Procure data capturing devices, meet with the National Identity Management Commission (NIMC), give them digital identity.

“Then harvest their account numbers where possible. If they don't have account numbers, then you create a digital wallet for them, an e-wallet for them and with e-wallet, you can pay them and trust them using their Bank Verification Number (BVN)

or using their National Identification Number (NIN).

“So these are the two key issues we're facing because you must not have an account number before being paid. But once you have a digital identity, then we can track the person who has been paid. So the issue of trustability of people who have been paid (is taken care of),” he stated.

According to the minister, it's easier for officials to go to the grassroots and create NIN than to go and create BVN, since with BVN the ministry must ask the banks to go to villages, a development he said will be almost impossible, since most beneficiaries are not bankable.

Reports: Kidnap Cases Drop in FCT in 2024 Olawale Ajimotokan in Abuja The Federal Capital Territory Administration (FCTA) has declared a drastic drop in the cases of kidnapping and other violent crimes in the territory.

The Director of the Department, Adamu Gwary, declared this yesterday.

Gwary said they noticed from their statistics that sometimesin a whole month, there would not be any cases of kidnapping in 2024, when compared to 2023 when cases of kidnapping and banditry

were rampant.

He attributed the gains to the measures in place by FCT Minister, Nyesom Wike, to support the efforts of the security department in ensuring that the security agencies were effectively supported.

He also added that the FCTA has introduced monthly statistical data on crime in the FCT, which is forwarded to the office of the National Security Adviser for further action and crackdown on criminals.

He also disclosed that the admin-

Justice for Bamise: Feb 26 Declared Tribute Day to Honour Slain BRT Passenger Mary Nnah

In a move to honour the memory of Oluwabamise Ayanwole, the 22-year-old passenger, who was brutally murdered by Mr. Andrew Nice Ominnikoron, the Lagos State Bus Rapid Transit (BRT) driver, the Larry Omodia Foundation for Justice Reform (LOFF-JR), has announced plans to establish February 26th, the day she was brutally murdered, as a day of tribute in her honour.

This move is a strong reminder of the need for safety in Lagos State and beyond. The move is also part of a broader initiative to make Bamise the face of public safety in Nigeria, to promote awareness and prevent similar incidents in the future.

Speaking during a visit to the family to mark Bamise’s posthumous

birthday recently, Larry Omodia, founder of LOFF-JR, said, “We are committed to ensuring that Bamise's death is not in vain.

“We will make sure that her name stays forever. You will see it on buses, billboards, and schools. We plan to unveil strategies to protect women and people in public transit in Lagos."

The foundation has engaged lawyers to ensure that justice is served in Bamise's case.

Bamise's family expressed their gratitude to LOFF-JR for their support.

Her eldest sister, Mrs. Oluwatoyin Omilana, said, "It has not been easy for the family since Bamise's departure. But we are grateful for the support of LOFF-JR and African Television. We hope that justice will be served, and Bamise's death will not be in vain."

istration had also profiled vigilante groups in the territory to ensure that persons with questionable characters don't gain access to communities.

Gwary said since they started to profile vigilance groups in February to ensure that people, who would provide some security at community level were people known to the community members as well as the FCT and other security agencies.

He said the local hunters profiled and adjudged by the security depart-

ment in conjunction with the education secretary to be capable of supporting the conventional security agencies, were deployed to secure schools, especially boarding schools.

"They work hand-in-hand with the police divisions at all the area council to provide effective security in our schools. So, this is another point at which the vigilante have been profiled effectively for service delivery in terms of providing effective security for the territory," he said.

On the N-Power programme, the minister noted that the initiative is being investigated by the Economic and Financial Crimes Commission (EFCC), noting that until investigation is completed, there's nothing the ministry can do.

“We can't touch N-Power now because those accounts were suspended for investigation by the EFCC and the rest. And until they tidy up their investigation, we cannot withdraw money from those accounts because those accounts are suspended and are under investigation.

“We are constrained because this case is under investigation and accounts are under investigation.

And we cannot tamper with those.

And we're waiting... And they're speeding it up. We cannot tell the agencies that are investigating that they should hurry up.

“But we're sure very soon they should tidy up. I'm very sure. From the feelers we're getting, very soon they'll tidy up that. And once that is tidied up, the president is very optimistic that we should do that,” he said.

Yilwatda further noted that the federal government has signed an agreement to develop 10,000 hectares of land for Internally Displaced Persons (IDPs), where about 100,000 persons who are internally displaced will benefit.

According to him, the president is very intentional about the programme, wherein the ministry will provide farm input for the beneficiaries from January.

According to him, the beneficiaries will be given the cash component of 70 per cent of the yield, while 30 per cent will be deployed as food component which will be used to feed them.

He also explained the process of selecting those who are poor and vulnerable enough to be selected to participate in the social investment programme, stressing that it starts from the community leaders.

“You go to a community. You engage a community. You divide them into three groups: The women, the youths, and the men. Then you help them to define in their village what is called poverty. They will define it. Then (sometimes) you define what poverty is to them, so that they will know what poverty is.

“Poverty goes beyond not having food alone. It could be education.

You don't have schools. It could be sanitation. It could be health services. So it's multidimensional poverty,” he added.

He also said a panel set up by the federal government to clean up the social investment programme had submitted its report and that it was helping to guide against the mistakes of the past under him.

CAF: TINUBU, WIFE, AKPABIO, SANWO-OLU, UZODIMMA HAIL LOOKMAN, NNADOZIE, OTHERS amiable and talented Super Falcons goalkeeper, Chiamaka Nnadozie, who has won the Women's Goalkeeper of the Year award for the second consecutive year.

“Her outstanding performance is an inspiration to young Nigerian girls who aspire to excel in sports.

Furthermore, I commend the Super Falcons for emerging as the Women's National Team of the Year.

“This achievement demonstrates the team's resilience, teamwork, and commitment to excellence.”

The senator for Kogi Central Senatorial District, Natasha AkpotiUduaghan, gifted N2 million to a gold medallist, Matthew Ovayioza, to enable her to secure financial sponsorship and access to international standard training facilities to adequately prepare for future competitions.

Ovayioza, who won two gold medals at the Weightlifting World Championship held in Manama, Bahrain, visited Akpoti-Uduaghan in her Abuja residence yesterday.

A statement yesterday by AkpotiUduaghan‘s Chief Press Secretary, Arogbonlo Israel, explained that the arm wrestler and weightlifter, during

the visit, presented her awards to the senator.

Lagos State Governor, Mr. Babajide Sanwo-Olu, also congratulated Lookman for winning the 2024 CAF Men’s African Footballer of the Year, and hailed Nnadozie for clinching the CAF Women’s Goalkeeper of the Year award.

Sanwo-Olu praised the Super Falcons for winning the Women’s National Team of the Year prize.

The governor, in a statement by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, said the awardees were worthy ambassadors. He said their talents had brought honour and pride to Nigeria on the continental stage.

He stated, "As a Nigerian and a football fan, I am glad to celebrate the remarkable achievements of our superstars, Ademola Lookman and Chiamaka Nnadozie, at the 2024 CAF Awards. They made us proud by winning the CAF Men’s African Footballer of the Year and Women’s Goalkeeper of the Year awards, respectively.

"I am also excited about the news of the Super Falcons being

named 2023 National Team of the Year (Women). The team deserved the award, having proved on many occasions to be the best female national team in Africa.

"These accomplishments make us incredibly proud and reflect the hard work, commitment and skill of these footballers. I applaud each of them for showcasing our nation on an international platform with such distinction.

"On behalf of the government and the people of Lagos State, I congratulate our superstars for emerging the best in the African continent.

This victory not only acknowledges personal excellence but also shows the vast potential of Nigerian football.”

The governor added, "I believe strongly that the recognition by Africa’s highest football authority will inspire the young generations, particularly footballers, to remain steadfast in pursuing their dreams.

"The success recorded by Ademola Lookman, Chiamaka Nnadozie and the Super Falcons is a remarkable testament to Nigeria's football prowess, and we will continue to support the round leather game."

Governor Hope Uzodimma of Imo State described Nnadozie as a true ambassador of Imo State, Nigeria and Africa, going by the way she committed herself to her craft.

Uzodimma also congratulated Lookman for winning the 2024 Africa Player of the Year award.

Taking to his social media handle, Uzodimma said of Nnadozie:, "It is with immense pride and joy that I congratulate our very own @ nnadozie_chiamaka on emerging as the Goalkeeper of the Year (Women) at the #CAFAwards2024 for the second consecutive time.

"This prestigious recognition is an attestation to her perfect saves, flawless performances, and dedication to her craft. Chiamaka’s success reflects not just talent but also the hard work, discipline, and passion that she consistently brings to the game.

"She has proven herself to be a true ambassador of Imo State, Nigeria and Africa at large, making us all proud on the global stage. As younger generations look up to her for inspiration, I encourage her to continue breaking boundaries and setting higher standards.”

WEDNESday december 18, 2024 • T H I S D AY

30

NEWS

THE PARTNER EXPERIENCE...

L-R: Founder and Chief Executive Officer, Casava, Bode Pedro; Founder of ZER Consulting, Adeolu Adewunmi-Zer; and Chief Operating Officer of Casava, Aluor Agusah, at “The Partner Experience” hosted by Casava in Lagos...recently

Pollution: Halt Divestment Process by Shell, TotalEnergies, Coalition Urges Tinubu Blessing IbungeinPortHarcourt

A coalition of civil society organisation led by Social Action Nigeria has called on President Bola Tinubu to halt the divestment process by Shell Petroleum Development Company (SPDC) and TotalEnergies E&P Limited

over degradation of Niger Delta environment. The group made the demand yesterday during a peaceful protest against the divestment moves in Port Harcourt.

Civil society groups at the protest include; Social Action, Health of Mother Earth Foundation (HEDA)

Oyo AAC Condemns Detention of 12 Persons for Protesting

Kemi OlaitaninIbadan

The Oyo State chapter of the African Action Congress (AAA) has kicked against what it described as wrongful arrest and detention of 12 people by the state government for protesting against the takeover of their property.

The party in a statement issued by its Chairman, Kayode Babayomi, while calling for the immediate release of the detainees, said it is disgraceful to punish individuals for expressing their rightful dissatisfaction on what affects them. It would be

recalled that 12 mechanics in Ibadan were last Thursday ordered to be remanded at Agodi Correctional Centre in Ibadan by an Iyaganku Chief Magistrate Court presided over

by Mrs. Olabisi Ogunkanmi, over alleged threat and defamation against the state Governor, Seyi Makinde.

However, the AAC stated that the detainees have committed no crime but only voicing their outrage over the reckless land-grabbing of the government, noting that detaining them is nothing but a dictatorial tendency.

Entrepreneurs Win Bigat TrendX’s Competition Hack 51, Decenter AI and Wear Naija emerged as the top three winners at the much-anticipated Pitch2Win competition, which held in Calabar, Cross Rivers State.

Manay innovative entrepreneurs showcased groundbreaking business ideas before a distinguished panel of judges but Hack 51, Decenter AI and Wear Naija won walking away with prizes of N5 million, N3 million, and N2 million respectively.

Additionally, ten other participants received N100,000 each for their exceptional contributions to the competition.

Pitch2Win has cemented itself as a game-changing initiative within Nigeria’s entrepreneurial ecosystem.

The event is backed by Nelson Elemi, the visionary Founder of TrendX, the one-stop blockchain platform for education and asset tokenisation.

Resource Centre, Kebetkache Women Development and Resource Centre, We The People and leaders form oil spill affected

communities in Rivers State.

Speaking on behalf of the coalition during the protest at the front of Government

House, Port Harcourt, Dr. Prince Edegbuo, demanded that the federal government should halt all divestment processes until a

transparent, comprehensive, and inclusive review is undertaken that addresses Shell’s and TotalEnergies’ environmental and social liabilities.

CSOs Present Lessons from Ghana Presidential Election Chuks OkochainAbuja

Ripples of last week’s presidential election in Ghana continued as Civil Society organisations yesterday presented lessons from the Ghana presidential election to Nigeria and other African countries to learn.

Reading the lessons from

the Ghana presidential election, Chairman of Yiaga Africa, Dr. Aisha Abdullahi an d Samson Itodo Chair, ESOM Delegation to Ghana and Executive Director, Yiaga Africa, said that the culture of respect for democratic institutions by different stakeholders strengthens democracy and promotes active

citizenship including agents of party and independent candidates in ballot printing to monitor the production deepens confidence in the electoral process.

According to Dr. Aisha Abdullahi, who read the report, ‘’Uniquely to this cycle, the electoral commission opened up the ballot printing process to the media, in

an effort to enhance transparency in the process.”

She said that the Ghana’s presidential election was based on “Campaigns focused on direct voter mobilisation through door-to-door outreach, social media, SMS, and phone calls, reducing reliance on street rallies and contributing to a more orderly campaign period.

Ebonyi Approves N5bn to Construct 126 Houses for Civil Servants Benjamin Nworie in Abakaliki

Ebonyi State Government has approved the sum of N5billion for the construction of 126 housing units for civil servants in the state.

Briefing journalists on the outcome of the State Executive Council meeting, the Commissioner for Information

and State Orientation, Jude Okpor, disclosed that each of the housing units would costs N40million.

Okpor said every category of civil servants would benefit from the housing units.

He said: “Following an earlier approval for the construction of housing units for civil servants in the state and subsequent

preliminary actions to bring this government’s desire to fruition, the council approved the sum of N 40 million as a unit cost for each of the 126 approved housing units.

“This is expected to gulp the total sum of Five Billion, Forty Million naira (₦5,040,000,000). Recall that the Exco in the meeting of November 26, 2024, had resolved

to execute this project through direct labour.”

The state government also approved the sum ₦166,922,076.25 for the procurement of water treatment chemicals, diesel, servicing of generator-sets and maintenance of distribution pipelines from Ezillo Water Scheme.

Kogi Gov Signs Law Establishing CUSTECH Teaching Hospital, Okene Ibrahim Oyewale in Lokoja

The Kogi State Governor, Usman Ododo, has signed a bill converting the Reference Hospital, Okene into the Confluence University of Science and Technology (CUSTECH) Teaching Hospital.

This was contained in a

statement signed by the State Commissioner for Information and Communications, Kingsley Fanwo and copy of which was made available to journalists in Lokoja yesterday.

Fanwo explained that the move is in line with the National Universities Commission’s

approval of a full-time Bachelor of Medicine, Bachelor of Surgery (MBBS) programme, among other medical courses at CUSTECH. According to him, the step will ensure the programme begins on a solid foundation.

“This achievement is the result of months of coordinated

engagement between the university, the State Ministry of Health, and the State Ministry of Education.

We commend the State House of Assembly for passing the bill, which has now been signed into law by Governor Ododo,” Fanwo said.

Bauchi Gov Commended for Delivering Democracy Dividends to the People Segun Awofadeji inBauchi

Bauchi State Governor, Sen Bala Mohammed, has been commended for delivering real dividends of democracy to the people of Bauchi State even beyond his campaign promises.

The commendation was made

by the Ogun State gubernatorial candidate of the Peoples Democratic Party (PDP) in the 2023 election, Otunba Segun Showunmi while fielding questions from journalists in Bauchi yesterday shortly after having a town hall meeting with stakeholders under his Alternative Movement.

He said: “Let me tell you, I never expected what I have seen on the ground in terms of developmental projects since I came in. The man had done massive development for the good of the people of the state.”

Segun Showunmi added: “I have known the Governor of this State

for a long time because I’m a PDP man from the beginning. And he knows me, I’ve never visited the state with the eye of searching for any value like that.”

According to him, “But since we started this Alternative Movement, I have started looking at all of them from the eye of value.”

Over 50,000 Osun Indigenes Benefit from Medical Outreach

Yinka Kolawole in Osogbo

More than 50,000 people of Osun State have benefitted from the Imole Free Surgical and Medical Outreach Programme under the administration of Governor Ademola Adeleke.

The governor, while flagging

off the 4th edition of the outreach at the State Specialist Hospital, Asubiaro, Osogbo, yesterday noted that restoring healthy living remains a cornerstone of his five-point agenda.

He stressed that despite prevailing economic challenges, his administration has fulfilled

its promise of delivering quality healthcare services to the people, reiterating that health is wealth.: According to him, “We are committed to delivering on this promise. We are pursuing this goal with determination and focus.”

He emphasised the

achievements of the programme, saying: “Since the inception of this administration, this programme has provided life-changing care to over 50,000 people. Many of these individuals could not afford treatment and lived with their conditions for years.

Dolly Children Foundation, Flourish Roots Empower 100 Children in Ogun Spurred by its persistent desire of empowering the underprivileged communities, the Dolly Children Foundation has partnered with Flourish Roots Foundation to empower 100 children and their families in Makogi, Ogun State.

The event, tagged: ‘Bold Christmas Project’ is aimed at spreading holiday cheer and generosity to underprivileged communities while ensuring that the true spirit of Christmas love, hope, and generosity is felt by all.

Speaking at the event ceremony, the Dolly Children Foundation’s project manager, Ms. Anuoluwapo Abraham said: “ The Dolly Children Foundation and Flourish Roots Foundation collaborated to implement the BOLD Christmas

Project to support children and their families.”

According to her, “This year marks our fifth collaboration with Flourish Roots Foundation, and it’s a testament to the power of teamwork and shared vision.

31

T H I S D AY • WEDNESDAY, DECEMBER 18, 2024

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Vinicius Jr Wins FIFA Best Awards’ Player of the Year

Real Madrid and Brazil winger Vinicius Jr has been named the men's player of the year at the Fifa Best Awards.

Spain's Euro 2024-winning midfielder Rodri finished second to Vinicius for the award, while Real's England player Jude Bellingham was third.

The 24-year-old Brazilian and his club boycotted the recent Ballon d'Or ceremony after missing out to Manchester City's Rodri - but he picked up this prize in Doha.

Vinicius played a key role in Real's Champions League and La Liga-winning campaign in 2023-24, scoring 24 goals and providing 11 assists.

Earlier in the ceremony, Barcelona midfielder Aitana Bonmati was named the women's player of the

yearfor the second year in a row.

This was the first time Vinicius has won the award and capped a happier finish to the season than October's Ballon d'Or boycott.

"It seemed impossible when I played barefoot in the streets of Sao Goncalo and now I'm here," Vinicius said.

The Ballon d'Or and FIFA Best Awards are the two most prestigious in football.

This was Vinicius' first FIFA prize, with Lionel Messi winning the previous two awards and Robert Lewandowski the two before that.

The award - for football from August 2023 to August 2024 - was decided by a mix of public vote, one journalist from each country and the captain and manager of each national team. Each group's

vote counted for 25%.

Real Madrid were already in Qatar for Wednesday's FIFA Intercontinental Cup final against Mexican side Pachuca at Lusail Stadium.

There were five Premier League players in the men's team of the year, to go with five from Real Madrid

(including the retired Toni Kroos) and one from Barcelona.

The players selected were Emiliano Martinez (Aston Villa), Ruben Dias (Manchester City), William Saliba (Arsenal), Dani Carvajal, Antonio Rudiger, Jude Bellingham, Kroos (all Real Madrid), Rodri, Erling

Haaland (both Man City), Lamine Yamal (Barcelona) and Vinicius Jr (Real Madrid).

Martinez was named goalkeeper of the year after helping Argentina win the Copa America.

While the coach of the year was Real Madrid's Carlo Ancelotti,

who led the Spanish giants to the Champions League and La Liga titles last season, the Puskas Award for the best men's goal of the year was won by Manchester United winger Alejandro Garnacho for his sensational bicycle kickin their 3-0 win at Everton in November 2023.

Lookman’s Management in Talks with Two Premier League Teams Duro Ikhazuagbe with agency report

TRANSFER NEWS

2024 African Footballer of the Year, Ademola Lookman, has reportedly expressed his desire to join a Premier League club.

The 27-year-old Nigerian international who last season claimed the UEFA Europa League trophy for his Italian Serie A side, Atalanta, is believed to be attracting interests from a number of top European clubs including Paris Saint-Germain, Manchester United and Real Madrid.

Lookman was on Monday night in Marrakech, Morocco announced as the 2024 African Footballer of the Year following a sensational campaign with Italian side Atalanta and the Nigerian senior national team, the Super Eagles.

He succeeded his national teammate, Victor Osimhen who was the 2023 winner, as Africa’s best footballer for the next 12 calendar months.

The petit forward forward who has scored eight goals and provided four assists across 13 Serie A contests for Atalanta so far this season, along with his management team, have contacted chiefs at Liverpool on the possibility of a switch to Anfield in the summer

transfer.

Anfield Watch, reported yesterday that Lookman’s management team have also approached Manchester City on the possibility of January move to Etihad.

The management team, sources close to Lookman hinted, is trying to cash out based on the current rave review their star is getting all over Europe.

It is with this in mind that Lookman is said to have kept a property in the North-West of England in the eventuality that he secures a switch to either one of the aforementioned clubs.

Lookman turned out on 48 occasions for Liverpool's local rivals Everton between 2017 and 2019, finding the net just four times for the struggling Toffees.

Lookman and his representatives have seemingly taken a forward approach to getting back onto the Premier League scene, although there are not guarantees that the player would be a starter at Anfield.

Liverpool have enjoyed a marvellous beginning to the Slot era on Merseyside and currently sit two points clear at the summit of the English topflight log.

Ikorodu City to Play Next Two Games Behind Closed Doors

The Nigeria Premier Football League (NPFL) has fined Ikorodu City FC and ordered the team to play two-match fixtures behind closed gates to their fans.

The Lagos-based Team was slammed following rowdy scenes and pitch encroachment leading to physical assault on Remo Stars Coach Sulaimon Kamil, during their Match-day 17 fixture.

In a summary jurisdiction notice, the NPFL charged Ikorodu City for failure to provide adequate security which resulted in unauthorised persons gaining access to restricted areas and assaulting Remo Stars Coach Kamil in breach of Rule B13.52 of the Frameworks and Rules.

Ikorodu City was also charged for failure to ensure proper conduct of their team and supporters in breach of Rule C9.

The club was fined a total of N3,000,000, ordered to identify and

prosecute the fan who assaulted Coach Kamil and play the next two consecutive home games without admitting fans to the stands.

In a separate development, the league body also issued a stern warning to all the NPFL club officials and their Coaches to refrain from using unsavoury expressions about the league while granting media interviews.

But it was Shooting Stars Coach, Gbenga Ogunbote who was issued a specific reprimand for his outbursts after one of the club's games against Ikorodu City FC in Lagos on Matchday 12.

The NPFL noted that during an inquest, Ogunbote expressed regrets and apologised for his outburst, and was directed to issue a public apology.

Ikorodu City was charged for breach of Rules B13.52, B13.18 and C9.

Vinicius Jr...FIFA Best Awards men’s Player of the Year

Chiamaka Nnadozie...Africa’s Best Goalkeeper for the second year back-toback

CAF Awards: First Lady Rejoices with Nnadozie, Lookman, Super Falcons Deji Elumoye in Abuja Wife of the President, Senator Oluremi Tinubu, has rejoiced with the Super Falcons goalkeeper, Chiamaka Nnadozie, Super Eagles forward, Ademola Lookman and Super Falcons for their feat at this year's Confederation of African Football (CAF) 2024 Awards.

In a congratulatory message personally signed by her on Tuesday, Mrs Tinubu stated, inter alia: "I congratulate Chiamaka Nnadozie, Ademola Lookman and the Super Falcons for their remarkable achievements at the CAF Awards.

"This is the reward for your dedication, talent, and passion for the round leather game.

“You have brought pride to Nigeria and showcased the excellence of our athletes on the African stage.

"To the Super Falcons, you continue to represent the resilience and strength of Nigerian women,

making us proud every step of the way. Congratulations to you all.

Keep soaring to greater heights",

Mrs Tinubu concluded in the congratulatory message to the winners at the 2024 CAF Awards.

...GTI Hails NFF, Lookman, Others on CAF Awards

Strategic partners of the Nigeria Football Federation (NFF), GTI Group, has congratulated the football ruling body on the achievements of the country’s footballers at the 2024 CAF Awards ceremony in Marrakech, Morocco.

Super Eagles forward, Ademola Lookman, emerged as African Player of the Year amongst other wins by Nigerian footballers.

In a press statement in Lagos yesterday, GTI’s Head of Media and Publicity, Andrew Ekejiuba, the investment banking firm expressed great hope that the efforts of the NFF at restructuring and repositioning football development in the country was yielding the desired result with

the back-to-back emergence of Super Falcons goalkeeper, Chiamaka Nnadozie as CAF Women’s Goalkeeper of the Year, while the Super Falcons carted home the Women’s National Team of the Year award.

Ekejiuba reiterated that the Ibrahim Gusau-led NFF was gradually returning the country to the glorious years when Nigeria dominated the award and was once ranked fifth best soccer-playing nation by the world football ruling body FIFA. “The achievements of our Nigerian players at the just concluded 2024 CAF Awards is a testament to the abundance of talents in the country and the clear vision of Alh Ibrahim Gusau-led NFF board to ensure that

these players realise their ambition to become the best in the continent and beyond.

“Therefore, GTI congratulates the Awardees for bringing honour to Nigeria,” he said.

“As strategic partners to the Nigeria Premier Football League, GTI’s relentless effort with the NPFL Board has helped to lay a solid foundation for a prosperous elite league that will eventually attract the best legs locally and internationally.

Also, by focusing on transparency, infrastructural development and security, GTI and NPFL are creating a sustainable environment where football can thrive,” concludes the GTI spokesman.

Cricket: Nigeria’s Yellow Greens Captain, Okpe, Relishes Continent Cup Experience Nigeria's senior male cricket team Captain, Sylvester Okpe, has said the just concluded ILT20 Continent Cup in Kigali, Rwanda has helped the team improve in different aspects of the game ahead of the final phase of the 2026 T20 World Cup qualifiers which will be played next year.

Nigeria finished second at the four-nation tournament after a six-wicket defeat to Uganda in the final of what would be their

last outing in 2024.

Despite the result, Okpe believes the tournament has shown the team different areas to improve upon ahead of subsequent tournaments in 2025.

"The tournament in Rwanda has really helped us as a team.

The guys have been able to see a lot of impacts in their game, being more confident and more expressive which are something we've been looking forward to for

a long time," Okpe said.

"So, in terms of thinking more and applying their games, it has been very impressive."

Nigeria started the competition brightly with two wins against hosts Rwanda and Botswana, but lost five consecutive games before bouncing back for a place in the final.

"Generally, our performances with the bat and the ball as well as fielding have been impressive.

Although we lost a number of games, it helped us as a team to assess where we had issues and be able to come back stronger.

The guys have been more fearless with their batting and the bowling has been more tactical.

"So, I feel the next line of action is for us to play more competitive cricket against quality teams which will help our game improve and be able to play well in subsequent tournaments."

Wednesday, December 18, 2024

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MISSILE Lagos Chamber of Commerce to CBN

“With the raging inflation rate, the unsuccessful attempt of the CBN to reduce the currency in circulation, and approaching a high-spending festive period, we are set to contend with even higher interest rates as the expected outcome from the next decisions by the CBN Monetary Policy Committee (MPC). One of the primary effects is reduced consumer spending” --Lagos Chamber of Commerce and Industry D-G, Dr. Chinyere Almona, decries the unabating high cost of living in the country.

OYETOLAATOYEBI, SAN GUEST COLUMNIST

Nigerian Tax Bill 2024 at a Glance: Highlights and Key Provisions

T

he tax regime in Nigeria is made up of a complex web of disjointed tax laws which leave much to be desired in terms of efficiency and effectiveness both in administration and in achieving the nation’s fiscal policy goals. Sequel to this, President Bola Ahmed Tinubu GCFR established the Fiscal Policy and Tax Reforms Committee in August 2023 to address the pressing need for comprehensive tax reform in Nigeria.

Recently, the President transmitted four tax reform bills to the National Assembly proposing significant changes to the face and character of the tax landscape.

The Tax Bills are: The Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB), the Nigeria Revenue Service (Establishment) Bill (NRSEB); and the Joint Revenue Board (Establishment) Bill (JRBEB).

The enactment of the NTB will lead to the repeal of 11 laws, while 13 other laws will experience consequential amendments. The NTB will also revoke one subsidiary legislation and consequential amendments on two other subsidiary legislations.

Crucially, the NTB included a supremacy clause in Section 202, which states that” this Act shall take precedence over any other law with regards to the imposition of tax,” this clause effectively elevates the NTB to be Nigeria’s supreme legislation on taxes.

This Article appraises the four Tax Bills highlighted above with particular focus on the Nigeria Tax Bill, which seeks to harmonise all the major taxes such as corporate income tax, personal income tax, and value-added tax etc., discussing key provisions and significant changes.

As a comprehensive tax legislation, the NTB harmonizes all tax laws in the country into a more simplified and manageable single piece of legislation. Section 1 of the NTB provides that the objective of the Act is to provide a unified fiscal legislation governing taxation in Nigeria.

Hence, various taxes which were previously administered under different tax legislations are by the provisions of the NTB unified and compressed into one simplified law and administered accordingly. This simplification is intended to ease compliance for businesses and individuals, making it easier for them to understand their tax obligations.

Contrary to most speculations on social media, the NTB adopts a progressive personal income tax system and provides tax relief for low-income earners. Particularly, incomes below (800,000.00) eight hundred thousand naira are completely exempted, and higher earners are taxed progressively according to their earnings. It follows, therefore, that the tax burden on low-income earners is reduced, and that the tax burden is generally spread to reflect equity and fairness in wealth distribution.

The annual tax rate, as outlined in the Fourth Schedule of the bill, is as follows: (a) First N800k – 0% (b) Next N2.2m – 15% (c) Next N9m – 18% (d) Next N13m – 21% (e) Next N25m – 23% and (f) Above N50m – 25%.

Currently, a low-income earner who earns

President Bola Tinubu

N25,000 monthly, which translates to N300,000 annually, is required to pay 7% income tax, the new rates proposed in the Nigeria Tax Bill exempt individuals who earn N800,000 or less annually from paying any income tax. In effect, every minimum wage earner in Nigeria would be exempted from personal income tax.

However, with the new provisions in Section 28 of NTAB, financial institutions are now mandated to furnish tax authorities with details of individuals whose monthly cumulative transactions amount to N25 million or more.

This would bring more high-income earners into the tax net.

Also, the Bill progressively redesigned the capital gains tax regime, for example, Section 51 of the bill exempts an individual from paying tax on the proceeds of the sale of his residential property or land adjoining his residential property up to a distance of one acre.

In Section 50, the bill exempts compensation paid to individuals for personal injuries. The current provision of the subsisting Capital Gains Tax Act is that compensation for loss of office, etc, is subject to capital gains tax on the portion of the income above N10 million at 10%.

The Bill aims to ensure ease of doing business, which has long been a hurdle in Nigeria’s economic growth. By streamlining

tax rules, the NTB 2024 simplifies compliance, enabling businesses to focus more on innovation and expansion rather than wading through bureaucratic red tape.

The Bill in Section 20(1)(a)-(l) also indirectly reduces the taxable income of companies by increasing the deductions allowed from the company’s gross earnings before ascertaining the company’s profit, which is eventually taxed. The bill also eliminates a minimum income tax of around 1% of gross earnings hitherto imposed on companies that did not declare profit.

For corporate entities, the NTB pursuant to Section 56 provides for a reduction of the current 30% rate for corporate income tax, and proposes 27.5% in 2025 and 25% in 2026, while completely exempting small companies. This significantly reduces the tax obligation of corporate bodies and is rather conservative compared to 27% and 30% rates in sister African countries like South Africa and Kenya. Additionally, the NTB raises the threshold for corporate tax emption from 25 million naira to 50 million naira in annual turnover, thereby exempting many small businesses from corporate tax. Furthermore, the NTB tackles the problem of multiplicity of taxes for corporate bodies by harmonizing multiple levels of taxes by introducing a 4% development levy which will regress to 2% by 2030.

The bill went further in Section 59 to harmonise all the special deductions on companies’ profit into a single development levy that is expected to progressively decline from a rate of 4% in 2025 and 2026 assessment years to just 2% in 2030.

Also, the NTB effectively handed over the revenue collection duty of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to the NRS (FIRS). The Seventh Schedule of the Bill prescribed the royalties all production of petroleum would be subjected to, which are to be collected on behalf of the Federation by the NRS (FIRS) with the royalties so collected by the NRS administered following provisions of the Nigeria Tax Administration Bill (Act).

The notable implication of the tax bills to the States is the changes regarding revenue sharing generated from Value Added Tax (VAT). Pursuant to Section 77 of the NTAB, the new sharing formula has the States and Local Governments receiving the bulk of the VAT revenue. Precisely, 55% and 35% of the

The tax reform bills seek to foster economic equity, encourage exportation, extend the tax net to reflect current global trends and create a businessfriendly environment to attract local and foreign investments. The bills further strengthen fiscal federalism and facilitate cooperation between taxpayers, subnational governments and MDAs for a vibrant and prosperous economy.

VAT revenue is accruable to the State and Local Governments respectively, while 10% goes to the federal government.

It is noteworthy to state that the VAT derivation model pursuant to Section 77 which potentially redistributes revenues amongst state governments equitably, incurs significant losses to some state governments.

Based on the 60% derivation model, states that contribute more in VAT revenue will earn more while states that contribute less might earn significantly less.

BENEFIT TO LAWYERS Advise on Compliance And Regulatory Services: Lawyers will be essential in guiding businesses and individuals on what the new tax bill is all about and how to navigate the tax law and structure their businesses efficiently to ensure compliance and avoid penalties.

•Tax Dispute Resolution: A unified Tax law means that lawyers can quickly identify the applicable rules when briefed on tax-related matters, helping lawyers to conduct dispute resolution more efficiently and reducing the complexity involved in representing clients in tax-related matters.

Other Notable Highlights of the Tax Reform Bills • Establishment of the Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB): Pursuant to the NRSEB the NRS replaces the FIRS and the JRBEB established the JRB to replace the current Joint Tax Board (JTB). Additionally, the bill also established the office of the tax ombudsman to protect taxpayers and ensure tax simplification.

• Promotion of Exports and International Trade: Exports of goods, services, and intellectual property will benefit from zero-rated VAT alongside additional incentives aimed at boosting Nigeria’s competitiveness in international trade.

• Simplifying and Rationalising Taxes: Over 50 nuisance taxes are to be repealed, with remaining levies harmonised into a few number of taxes.

• A Tax System Based on Equity and Fairness: the bills implement progressive rates for personal income tax, VAT, and capital gains tax, ensuring protection for low-income earners.

• Equity Among States: VAT revenue will be allocated to states using a fairer model that rewards their actual economic contributions.

• Tax Accountability and Transparency: With the establishment of the Tax Ombudsman vulnerable taxpayers are protected thereby ensuring equity and fairness in tax administration.

In conclusion, the tax reform bills seek to foster economic equity, encourage exportation, extend the tax net to reflect current global trends and create a business-friendly environment to attract local and foreign investments.

The bills further strengthen fiscal federalism and facilitate cooperation between taxpayers, subnational governments and MDAs for a vibrant and prosperous economy.

•Atoyebi is a Senior Advocate of Nigeria (SAN), FCIArb (U.K.)

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